As of June 30, 2019 the gross debt totaled R$1,871 million, against R$335 million on June 30, 2018. The increase in debt refers to the 11th issuance of simple, non-convertible debentures, to pay the renewal of the concession of Porto Primavera HPP, with remuneration corresponding to 100% of the cumulative variation of the daily average DI rate, plus 1.64% per annual, payable on a semiannual basis, and with the principal maturing within 7 years, with a three-year grace period.

As of June 30, 2019, the average tenor was 4.7 years. The debt is mainly expressed in Brazilian reais and indexed to the CDI rate.

Amortization Schedule (R$ million) (1)

Gross Debt by Index

As of June 30, 2019, cash and cash equivalents totaled R$466 million, against R$508 million on June 30, 2018. Net debt totaled R$1,405 million against a net cash position of R$173 million in 2Q18, impacted by the 11th issuance of simple, non-convertible debentures made in 1Q19, held in cash with the main purpose of paying, the concession fee of Porto Primavera and dividends (R$297 million).


The leverage, measured by the ratio of net debt to adjusted EBITDA, stood at 4.0x in 2Q19, an increase compared to 2Q18, when the Company had a net cash profile.

(1) Leverage measured by Net Debt / Adjusted EBITDA LTM ratio.