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

Dec-18 Sep-18 Dec-17
Bank debt 1,637 1,793 1,496
Debt securities 1,574 1,684 1,106
Short-term debt 2,785 2,847 1,865
Long-term debt 427 629 738
Total debt 3,212 3,477 2,603
Net debt1 208 1,781 508
1Including restricted cash

As of December 31, 2018, the Company’s leverage ratio stood at 2.44 times.

Dec-18 Sep-18 Dec-17
Leverage ratio2 2.44x 2.80x 2.76x
Adjusted net debt / EBITDAR 4.58x 5.95x 4.30x
2Leverage ratio = Total liabilities / Shareholders' equity