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Comments about the EBITDA
The EBITDA reflects net profit before net financial expenses, income tax and social contribution, depreciation and amortizations. The EBITDA is used as performance measurement tool by Company management, and is not a measurement adopted by the Brazilian or by the American Accounting Principles.
The EBITDA does not represent cash flow for the relevant periods, and should not be seen as a replacement for net profit, as an indicator of ENEVA operating performance or as a replacement for cash flow, or as a liquidity indicator.
ENEVA management is convinced that the EBITDA is a practical measurement to check company operating performance, and to enable a comparison with other companies doing business in the same sector. Please note that the EBITDA is not a measurement established under the Brazilian Accounting Principles (Corporate Law or BR GAAP) or the United States Accounting Principles (US GAAP), and may be defined and calculated in different ways by different companies.
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