Terms and Conditions of Use

The browsing and public consultation of this website is subject to the following Terms and Conditions:

Guarantees, Responsibilities and Damage

1. Minerva does not guarantee that the content, instruments and materials contained, used and offered on this website are precisely updated or complete, and does not take responsibility for any damage caused by eventual content errors or equipment failures.

2. Minerva does not take responsibility, expressly or tacitly, by the improper use of the available information, instruments, materials and/or of the equipment used by this website, for any means, by any user, being of his/her entire responsibility any eventual injuries to themselves or to others, caused or not by this improper use.

3. Minerva, its Board or employees will not be taken responsible under any circumstances for any damage direct or indirect, special, incidental or of consequence, losses or expenses that may be connected to this  website or for the usage of its part or incapability of usage by any part, or in relation to any performance failure, error, omission, interruption, defect or delay of operation or transmission, computer viruses or failure on the line or the system, even if Minerva or its representatives are aware of the possibility of such damage, losses or expenses.

4. The adequate provision of all Internet resources, without exception, is the responsibility of the user of this website.

5. Minerva does not take responsibility for the content of other websites (a) that may have their addresses available on this website, or (b) that may have this website's address available on them. Minerva cannot guarantee compensation for any damage caused by the websites referred here.

6. On message exchanges between the user and Minerva on the Internet please see our Privacy Policy.

7. Before making a investment decision, the potential investors should carefully consider- taking into account their own financial situations and investment objectives- all the information available on this   website and, particularly, the Risk Factors.

User Information Confidentiality

Minerva reserves the right to improve this website's functionalities according to the analysis and consolidation of information and suggestions acquired and of the opportunities these may offer to the conjunct of users of this website. For more information on the use of the information acquired on this website, please refer to Privacy Policy 

Author and Intellectual Property Rights

Unless otherwise expressly stated, all the content of this website's pages, such as information, materials, instruments, page organization, graphs and designs, belong to Minerva or to third parties that have legally ceded rights to their use.

Comments on EBITDA

EBITDA is a non accounting measurement elaborated by Minerva's administration, calculated accordingly to the provisions of the Official Letter CVM nº 01/2006, consisting of the net profit (loss) plus income tax and social contribution, net financial result, net non-operational result, depreciation and amortization. EBITDA is used as a performance measure by the Company's administration and it is not a measure adopted either by Brazilian nor American Accounting Practices, it does not represent the cash flow of the presented periods and should not be considered a substitute of net profit, as a operational performance indicator of Minerva, as substitute of the cash flow, nor as liquidity indicator.

Minerva's administration believes that the EBITDA is a practical measure to assess its operational performance and to allow a comparison with other companies of the same segment. However, we highlight that the EBITDA is not a measure established accordingly to the Brazilian Accounting Principles (Legislação Societária or BR GAAP) or to the North-American Accounting Principles (US GAAP) and can be defined and calculated differently by other companies.

Note: Accessing this website and any of its pages, the user will have accepted automatically all of the Terms and Conditions established here. Therefore please quit browsing or public consultation of the pages of this website  if you are not in agreement with all of the Terms and Conditions above.