Adjusted EBITDA

Adjusted EBITDA is defined as EBITDA further adjusted to exclude inventory gains, losses and foreign currency gains and losses, and certain non-recurring items. Adjusted EBITDA is not an IFRS measure.

Adjusted EBITDA is defined as EBITDA further adjusted to exclude inventory gains and losses and foreign currency gains and losses and reflects the adjustments permitted in calculating covenant compliance under the A&R Credit Facility. We believe that the inclusion of supplemental adjustments to EBITDA applied in presenting Adjusted EBITDA are appropriate to provide additional information to investors about certain material normalizing items and create a useful indicator of our ability to finance our operations, capital expenditures and other investments and our ability to incur and service debt. Funds depicted by this measure may not be available for management's discretionary use or for service of payment of interest or principle on our outstanding indebtedness. Because all companies do not calculate Adjusted EBITDA identically, the presentation of Adjusted EBITDA may not be comparable to similarly entitled measures of other companies. The figures presents a reconciliation of EBITDA to Adjusted EBITDA.

For more information please see Corral interim reports, page 14.