Navigation and query in this website are subject to the Terms and Conditions below:

Guarantees, Responsibilities and Damages

  1. T4F does not guarantee that the content, tools and materials contained, used and offered in this website are up-to-date or complete and is not liable for damages caused by errors in content or faulty equipment.
  2. T4F is not liable, expressly or tacitly, for the improper use of information, tools or materials made available and/or of the equipment used by this website, for whatever purpose, by any user, who is entirely liable for harm done to their own rights or of third parties, whether or not caused by improper use.
  3. Under no circumstances will T4F, its directors or employees be held liable for any direct or indirect, special, incidental or consequential losses or expenses arising out of the connection with this website or use of part of it or incapacity of use by any party, or with regard to any shortcoming in performance, error, omission, interruption, defect or delay in operation or transmission, computer virus or breakdown of the line or system, even if T4F for its representatives have been advised of the possibility of such damages, losses or expenses.
  4. The adequate installation of all the Internet resources is, without exception, the entire responsibility of the user of the website.
  5. T4F is not responsible for the content of other websites (a) whose addresses are available on the pages of this website or (b) which have the address of this website. T4F does not guarantee indemnification for any damage caused by the websites referred to in this item.
  6. With regard to the exchange of messages between the user and T4F through the Internet, please consult our Privacy Policy.
  7. Before making an investment decision, potential investors should carefully analyze all the information available in this website, including the Risk Factors, considering their own financial situation and investment goals.

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Confidentiality of User Information

T4F reserves the right to improve the performance of this website based on the analysis and consolidation of information and suggestions collected and from the users of the website. For further details about usage of information collected in this website, please consult our Privacy Policy.

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Copyright and Intellectual Property

Except where specified otherwise, all the content of the pages in this website like information, materials, tools, paging, graphs and designs belong to T4F or to third parties that have legally granted the right to use them.

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Comments on EBITDA

EBITDA is equal to net income before income and social contribution taxes, net financial result, depreciation and amortization expenses. EBITDA is not a measure of financial performance according to the accounting practices adopted in Brazil and IFRS, nor should it be considered separately or as an alternative to net income, as an operational measure, or alternative to operating cash flows or as a measure of liquidity. EBITDA does not have a standard definition and other companies may calculate it differently from we do. Thus, EBITDA may not be comparable with that of other companies operating in the same or different sectors.

Since the calculation of EBITDA does not take into consideration (financial) interest expenses and revenues, income and social contribution taxes, depreciation and amortization, EBITDA serves as an indicator of our general economic performance, which is not affected by interest rate fluctuations, changes in income and social contribution tax rates or depreciation and amortization levels.

As a consequence, EBITDA is as an important tool to periodically compare the operating performance, while also serving as the basis for certain administrative decisions by T4F.

However, note that since EBITDA does not consider certain intrinsic costs of T4F, which could significantly impact its profits, such as financial expenses, taxes, depreciation, capital expenditure and other corresponding charges, EBITDA has limitations that affect its use as an indicator of profitability.

Note: By accessing this website and its pages, the user automatically accepts all the Terms and Conditions here. Therefore, if you do not agree with all the above-mentioned Terms and Conditions, please stop navigation immediately.

Last Update on April 26, 2011

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