Capitalization and Debt Profile
| Capitalization | On December 31, 2019 (R$ million) |
| Short-term indebtedness | 257.8 |
| Long-term indebtedness | 580.3 |
| Total indebtedness | 838.1 |
| Equity | 1,117.0 |
| Total Capitalization | 1,955.1 |
Valid recorded gross debt of R$838.1 million in 2019, R$257.8 million of which short term and R$580.3 million long term. Net debt stood at R$519.6 million.
Again, we confirmed that the company‘s financial indicators were below the covenants of the Issues (7th issues: Net debt/EBITDA ≤ 3.00x and EBITDA/Financial expenses ≥ 1.75x).
| R$ million | |
| Gross Debt | 838.1 |
| Cash | 318.5 |
| Net Debt | 519.6 |
| Net Debt/*EBITDA | 1.8 |
| *EBITDA/** Financial expenses | 4.8 |
* Adjusted Ebitda accumulated in the last 12 months.
** Financial expenses accumulated in the last 12 months