As of September 30, 2018, Company’s total debt stood at Ps.3,477 million, increasing 68.4% compared to the same period 2017, mainly due to the issuance of short-term local notes carried out in the previous quarter and the outstanding balance of credit lines subscribed to settle sale & lease back operations. Total debt was composed of Ps.1,684 million in debt securities and Ps.1,793 million in bank debt.

Debt structure

Sep-18 Dec-17 Sep-17
Bank debt 1,793 1,602 1,053
Debt securities 1,684 1,000 1,012
Short-term debt 2,847 1,865 1,104
Long-term debt 629 738 961
Total debt 3,477 2,603 2,065
Net debt1 1,781 508 429
1Including restricted cash

As of September 30, 2018, the Company’s leverage ratio stood at 2.80 times.

Sep-18 Dec-17 Sep-17
Leverage ratio2 2.80x 2.76x 2.39x
Adjusted net debt / EBITDAR 5.95x 4.64x 4.84x
2Leverage ratio = Total liabilities / Shareholders' equity