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