| Telcel business fundamentals are supported by strong demand growth and stable EBITDA margins, which result in strong cash flow generation. |
| We present EBITDA, standardized distributable cash, distributable cash and free cash flow on a consistent basis from period to period. |
| Fitch adjusts the company's reported SAC and EBITDA to account for SAC that the company capitalizes. |
| Mr Edmonds estimates that three or four times earnings before interest, taxes, depreciation and amortization, or EBITDA, is typical. |
| Given the impact of the planned real estate sale, Pinguin expects the pro forma EBITDA of the Lutosa group to amount to EUR 21.5 million in the 2007 financial year. |
| So far 10 sales of bulk carriers have already been made for a price of USD332 million, and 5 others are expected to follow by the end of the year, which will naturally affect revenues and the EBITDA of the Bulk Division. |
