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