Capitalization and Debt Profile

Capitalization On June 30, 2017 (R$ million)
Short-term indebtedness 199,0
Long-term indebtedness 627.8
Total indebtedness 826.8
Equity 997.4
Total Capitalization 1,824.2

Valid recorded gross debt of R$826.8 million in 2Q17, R$199.0 million of which short term and R$627.8 million long term. Net debt stood at R$515.3 million.

Again, we confirmed that the company‘s financial indicators were below the covenants of the Issues (4th issues: Net debt/EBITDA ≤ 3.00x and EBITDA/Financial expenses ≥ 1.75x).

R$ million
Gross Debt 826.8
Cash 311.5
Net Debt 515.3
Net Debt/*EBITDA 2.0
*EBITDA/** Financial expenses 7.6

* Adjusted Ebitda accumulated in the last 12 months.
** Financial expenses accumulated in the last 12 months