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