Capitalization and Debt Profile

Capitalization On March 31, 2019 (R$ million)
Short-term indebtedness 231.0
Long-term indebtedness 608.9
Total indebtedness 839.9
Equity 1,086.5
Total Capitalization 1,926.4

Valid recorded gross debt of R$839.9 million in 1Q19, R$231.0 million of which short term and R$608.9 million long term. Net debt stood at R$549.1 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 839.9
Cash 290.8
Net Debt 549.1
Net Debt/*EBITDA 1.8
*EBITDA/** Financial expenses 11.0

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