Adjusted EBITDA Adjusted EBITDA is a nonaccounting measure prepared by Lopes, consisting of net income before income tax and social contribution, net finance income/loss (financial revenue and finance costs), depreciation, amortization and non-operating income. The Adjusted EBITDA calculation is not an accounting practice adopted in Brazil, does not depict the cash flow for the reported periods and should not be considered as a substitute of net income or the cash flow as a liquidity indicator. The Adjusted EBITDA does not have a standardized meaning and the Adjusted EBITDA definition used by Lopes may not be equal or comparable with the EBITDA or Adjusted EBITDA used by other companies.
ANEEL - National Electricity Regulatory Agency A special agency that regulates and oversees the production, transmission, distribution and trading of electricity in Brazil, with a view to ensuring the quality of the service provided, the fair treatment of users and that consumer rates are reasonable, preserving the economic and financial feasibility of agents and the industry.
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CCEE - Electricity Trading Chamber A privately-owned non-profit legal entity. Operates under the auspices of the Concession Authority and is regulated and overseen by ANEEL, in order to enable the purchase and sale of electricity by CCEE agents, restricted to the National Interconnected Grid (SIN).
CDI Interbank Deposit Certificate: security issued by financial institutions to raise funds from other financial institutions.
Commodities Goods in general, and raw materials that can be standardized in terms of quantity, quality, point of delivery and lead times etc.
Derivatives Generic name for operations that benchmark a given asset known as an “underlying asset” (which are generally traded in the spot market). Derivatives usually have a maturity date. Examples of derivatives include call/put options, futures and swaps
Dividends Proceeds distributed to shareholders as profit shares.
EBITDA Operating performance indicator that eliminates the effects of financial and accounting decisions from a company’s earnings. EBITDA means earnings before interest, taxes, depreciation and amortization.
EBITDA Margin The EBITDA margin can be seen as an approximation of a company’s cash flow for every R$ 1.00 of revenue less finance costs or taxes. The EBITDA margin is calculated as the quotient between the company’s EBITDA and its net revenue.
There is no information registered
GSF - Generation Scaling Factor The percentage of energy that all MRE participants are generating in relation to the total guaranteed capacity.
Hedge A financial strategy used in derivative markets to eliminate the risk to which the economic agent is exposed in the spot market. This consists of assuming in the derivative market a position opposing that held in the spot market. This can be construed as an insurance against the market price risk.
IGP-M General Market Prices Index: calculated by FGV, this index originates from the average weighted index that measures the inflation of wholesale, consumer and civil construction prices [respectively, IPA-M (60%), IPC-M (30%) and INCC-M (10%)].
IOF Tax on Financial Transactions: payable on transactions involving loans, foreign exchange, insurance policies and securities. Redeeming investment fund shares is exempt from IOF after 30 days. IOF is not payable on private equity funds.
IPCA Broad Consumer Prices Index: calculated by IBGE, this measures the changes in the prices of products and services consumed by households with an income of between 1 and 40 minimum salaries.
There is no information registered
There is no information registered
Leverage Purchases and sales of assets and securities for settlement in the future, with advance deposit of guarantee margins. A fund is considered leveraged whenever there is the possibility (other than zero) of a loss exceeding the fund’s net assets, not including non-payment of principal and interest on fund assets.
Libor London Inter Bank Offered Rate: preferential interest rate offered on major loans between international banks operating with Eurodollar
Liquidity The ease or difficulty of trading a security, converting it into cash.
MRE - Power Reallocation Mechanism Financial mechanism that aims to share the hydrological risks affecting generation agents, seeking to guarantee optimization of the hydroelectric resources of the National Interconnected Grid (SIN).
Net assets Sum of all the investment fund’s assets less fund administration expenses (audits and fees) and the administrator’s compensation.
Net Income A company’s sales less operating expenses, depreciation, interest, taxes and other expenses.
ONS - National Electric System Operator Agency responsible for coordinating and controlling the operation of electricity generation and transmission facilities comprising the National Interconnected Grid (SIN) and for planning the operation of Brazil’s islanded systems, under the oversight and regulation of the Brazilian power sector regulator, Aneel. This consists of Free Consumers, Generators, Distributors, Traders and Transmission companies.
PLD - Difference Settlement Price Price attributed to the energy traded in the short-term market. It is used by the Electric Trading Chamber - CCEE to value the energy differences recorded between market agents.
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Rating The risk rating of a bank, country or asset determined by a specialist firm.
SIN - National Interconnected Grid System that coordinates and controls the production and transmission of electricity in Brazil. Consists of facilities and equipment that permit the sale of electricity to distributors in interconnected regions of the country. It consists of four subgrids: South, Southeast/Midwest, Northeast and North.
Swap In general terms, these instruments swap yields are generated by two different assets. The most conventional types are swaps are agreements swapping interest paid on different securities or securities denominated in different currencies.
There is no information registered
There is no information registered
There is no information registered
There is no information registered
There is no information registered
Yield The appreciation (or devaluation) of a given investment over a given period. The yield can be either nominal (see Nominal Yield) or relative, when compared to the yield of another asset or index.
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