Terms of Use
The web browsing and public consultation of this website is subject to Terms and Conditions below:
Guarantees, Responsibilities and Damages
1. Valid S.A. does not guarantee that the content, tools and materials used and offered in this website are up to date or complete, and is not responsible for damages caused by errors in content or equipment failures.
2. Valid S.A. assumes no responsibility, expressed or implied, for the misuse of information, tools, materials available and/or equipment used by this website, for whatever purpose made by any user, who has entire responsibility of potential damage to himself or others, whether or not caused by this improper use.
3. In no circumstances shall Valid SA, its directors or employees be held responsible by any direct or indirect, special, incidental or consequential losses or expenses arising in connection with this website or use thereof or inability to use by any party, or relates to any failure of performance, error, omission, interruption, defect or delay in operation or transmission, computer virus or line failure or system even if Valid SA or its representatives are advised of the possibility of such damages, losses or expenses.
4. The adequate provision of all resources of the Internet, without exception is the responsibility of the user of the website.
5. Valid SA is not responsible for the content of other websites (a) whose addresses are available on this website, or (b) the address of this website is available to them. Valid SA does not guarantee reimbursement for any damage caused by the websites mentioned in this item.
6. About the exchange of messages between the user and Valid S.A. through the Internet, please see our Privacy Policy.
7. Before making an investment decision, potential investors should carefully consider in light of their own financial situation and investment objectives, all available information on this website and in particular assess the Risk Factors.
Confidentiality of User Information
Valid S.A. reserves the right to improve the functionality of this website in function of the analysis and consolidation of information and suggestions collected from these opportunities for all website users. More information about the use of information collected on this website, please see our Privacy Policy.
Copyright and Intellectual Property
Unless otherwise specified, all content of this website, such as information, materials, tools, paging, graphs and drawings belong to Valid S.A. or to third parties who have legally granted their of use.
Comments on EBITDA or EBITD
Valid reflects the gross profit before financial income and expenses, net of income tax and social contribution, depreciation and amortization of premium and other amortization according to the CVM Circular 01/2006. EBITDA is used as a performance measure by management and is not a measure adopted by the Brazilian or U.S. accounting practices does not represent the cash flow for the periods presented and should not be considered a substitute for net income as indicator of operating performance or as Valid S.A. substitute for cash flow, or an indicator of liquidity.
Valid S.A.'s management believes that EBITDA is a practical measure to assess its operating performance and allow comparison with other peer companies. Note however that EBITDA is not a measure determined in accordance with Brazilian GAAP (BR GAAP or GAAP) or U.S. Generally Accepted Accounting Principles (GAAP) and may be defined and calculated differently by other companies.
Note: By accessing this website and any pages thereof, you automatically accept all the terms and conditions set forth herein. Therefore, please cease web browsing and public pages of this website if you do not agree with all the above Terms and Conditions.