Capitalization and Debt Profile
| Capitalization | On June 30, 2019 (R$ million) |
| Short-term indebtedness | 241.7 |
| Long-term indebtedness | 623.4 |
| Total indebtedness | 865.1 |
| Equity | 1,103.9 |
| Total Capitalization | 1,969.0 |
Valid recorded gross debt of R$865.1 million in 2Q19, R$241.1 million of which short term and R$623.4 million long term. Net debt stood at R$558.8 million.
Again, we confirmed that the company‘s financial indicators were below the covenants of the Issues (7th issues: Net debt/EBITDA ≤ 3.00x and EBITDA/Financial expenses ≥ 1.75x).
| R$ million | |
| Gross Debt | 865.1 |
| Cash | 306.3 |
| Net Debt | 558.8 |
| Net Debt/*EBITDA | 2.0 |
| *EBITDA/** Financial expenses | 10.1 |
* Adjusted Ebitda accumulated in the last 12 months.
** Financial expenses accumulated in the last 12 months