Investor Relations


Anfavea: Associação Nacional dos Fabricantes de Veículos Automotores.

ARAC: Associação dos Industriais de Aluguer de Automóveis sem Condutor, an association that congregates vehicle rental companies acting in Portugal.

CAGR:Compound fee of annual growth.

Capex: Investment of capital (Capital Expenditure).

Covenants: items of the loan and financing agreements, created to protect the creditor’s interest. These items establish conditions that restrict the degree of leverage of a company.

Debêntures: Debentures object of the public distributions made under the Offer.

Ebitda: The EBITDA is the net result of the period, plus tax on profit, net financial expenses of financial revenues, and depreciations, amortizations, and exhaustions, as defined in ICVM 527/12.

Fleet Service: vehicle rental with manpower.

GTF: Fleet management and outsourcing. Vehicle rental without driver.

Nopat: Net operating profit after tax.

Average purchase price: calculated by dividing the total Capex in fleets by the total of cars purchased in the analyzed period.

Average selling price: calculated by dividing the gross revenue of secondhand vehicles by the total of cars sold in the analyzed period.

Roic: Return on invested capital – amount, expressed in percent, gained over the total capital of a company – equity, plus net debt, calculated by dividing the net operating profit before the payment of interests by the total capital.

Swap: Financial operations performed for the protection of risks from exchange variations and interest rates.