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Guarantees, Responsibilities and Damages
Although Azul S.A. ("Azul") endeavor it´s efforts to keep all data and information available at the website updated, Azul does not guarantee and is not responsible for any mistake, omission or imprecision, and is not responsible for any eventual loss or damage (including, but not limited to, ceasing profits, revenue losses, opportunity costs) referring to information and contents presented, shown and available at the website, neither by damages caused by eventual mistakes at contents or equipment failures. The complete and updated financial information can be obtained with CVM ("Comissão de Valores Mobiliários").
Azul does not accept express or tacit responsibility for the improper use of the information, instruments or materials made available and/or of the equipment used for this website, for whatever purpose made by any user, who has entire responsibility for eventual harm done to their own rights or of third parties, whether or not caused by this improper use.
Under no circumstances, will Azul, its directors or employees be held responsible for any direct or indirect, special, incidental or consequential losses or expenses arising out of the connection with this website or use on its part or incapacity of use by anyone, or with regard to any shortcoming in performance, error, omission, interruption, defect or delay in operation or transmission, computer virus or breakdown of line or of the system, even if Azul or its representatives have been advised of the possibility of such damages, losses or expenses.
The adequate provisioning of all the resources of the internet, without exception, is the entire responsibility of the user of this website.
Azul does not accept responsibility for the contents of other websites (a) whose addresses are available on the pages of this website or (b) the address of whose website is available to them. The company does not guarantee the compensation of any damage caused by the websites mentioned in this item.
Before making an investment decision, potential investors should carefully consider, in the light of their own financial situations and investment objectives, all the information available on that website, and in particular, assess the risk factors. To access the detailed and complete list of risk factors please refer to the IPO Prospectus.
Confidential Nature of the User´s Information
Author´s Copyrights and Intellectual Property
Unless there is any regulation to the contrary, all the contents of the pages of this website, such as information, materials, tools, paging, graphs and drawings belong to Azul or to third parties, who have legally ceded their rights of usage.
Comments on EBITDA/EBITDA Ajustado/ EBITDAR Ajustado
EBITDA is a non-financial performance measure elaborated by Azul in compliance with CVM Instruction No. 527 dated October 4, 2012 ("CVM Instruction 527"), defined as a net income (loss) minus interest income (comprised of interest on short-term investments), plus interest expense (comprised of interest on loans and interest on factoring credit card and travel agencies receivables), current and deferred income tax and social contributions, and depreciation and amortization
The Adjusted EBITDA is defined as EBITDA adjusted to exclude foreign currency exchange, net, derivative financial instruments, net, other financial expenses, other financial income, and result from related parties, net.
We also present herein for limited purposes Adjusted EBITDAR solely as a valuation metric. This metric is included as supplemental disclosure because (i) we believe EBITDAR is traditionally used by aviation analysts and investors to determine the equity value of airlines and (ii) EBITDAR is one of the metrics used in our material debt financing instruments for financial reporting purposes. We believe EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing in general, as well as the accounting effects of capital spending and acquisitions (primarily aircraft) which may be acquired directly subject to acquisition debt (loans and finance leases) or by operating leases, each of which is presented differently for accounting purposes and (ii) using a multiple of EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from off-balance sheet operating leases.
The Adjusted EBITDAR margin is calculated by Adjusted EBITDAR divided by net revenue.
EBITDA, Adjusted EBITDA and the valuation metric Adjusted EBTIDAR and the Adjusted EBIDTAR margin are not financial performance measures determined in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standard Board (IASB) and should not be considered in isolation or as alternatives to operating income or net income or loss, or as indications of operating performance, or as alternatives to operating cash flows, or as indicators of liquidity, or as the basis for the distribution of dividends. Other companies may calculate EBITDA, Adjusted EBITDA and Adjusted EBITDAR differently than us.