| 2017 | 2016 | ||
| Total borrowing and derivatives (Note 19 and 37) | 4,642,617 | 6,584,333 | |
| Lease – Liabilities (Note 15) | 1,887,172 | 1,802,238 | |
| Lease - Assets (Note 15) | (205,331) | (204,762) | |
| ANATEL debts (Note 18) | 98,451 | 147,219 | |
| Less: Cash and cash equivalents (Note 4) | (2,960,718) | (5,128,186) | |
| Foreign exchange funds (Note 5) | - | (479,953) | |
| FIC (Note 5) | (765,614) | - | |
| Net Debt - Unaudited | 2,696,577 | 2,720,889 | |
| EBITDA (1) (last 12 months) - Unaudited | 5,947,023 | 5,209,368 | |
| Financial leverage ratio (*) - Unaudited | 0.45 | 0.52 |
| (1) Reconciliation with net Income for the year |
1,234,507 |
750,427 | |
| Depreciation and amortization | 4,013,671 | 3,785,172 | |
| Net financial income | 497,836 | 410,880 | |
| Income and social contribution taxes | 201,009 | 262,889 | |
| EBITDA (Unaudited) (**) | 5,947,023 | 5,209,368 |
(*) The variation in the ratio includes the effect of the sale of towers.
(**) Earnings before interest, tax, depreciation and amortization.