Financial Indicators

Return on Equity

(R$ million) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net Profit(1) 59 160 38 97 70 121 16 289 405 293 511
Net Land Appreciation(2) -36 179 222 374 428 140 199 19 110 142 216
Subtotal 23 339 308 471 498 261 215 308 515 435 727
Shareholder’s Equity(3) 1,839 2,063 2,407 3,087 3,771 3,911 4,346 4,438 4,641 4,973 5.361
Return on Equity 1.3% 16.4% 12.8% 15.3% 13.2% 6.7% 4.9% 6.9% 1115% 8.7% 13.6%

(1) Even in periods that encompass net income from the land sales, in this analysis only the profit of the “agricultural operation” is considered, since the gains from appreciation of land are being considered in a specific line.
(2)Based on the independent appraisal report (Deloitte),  net of taxes, update in October 2020.
(3)Adjusted for land appreciation.

Return on Net Assets

(R$ million) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net Profit 59 160 38 97 70 121 16 289 405 293 511
Net Land Appreciation(1) -36 179 271 374 428 140 199 19 110 142 216
Subtotal 23 339 309 471 498 261 215 308 515 435 727
Invested Capital 2,598 3,196 3,635 4,276 4,859 5,005 5,026 5,097 5,443 6,551 5,964
Working Capital 395 504 626 641 733 739 561 613 603 912 1,150
Fixed Asset(2) 2,203 2,692 3,009 3,635 4,126 4,266 4,465 4,484 4.840 5,639 6,202
Return 0.9% 10.6% 8.5% 11.4% 10.6% 5.3% 4.4% 6.2% 9.5% 6.6% 9.9%

(1) Based on the independent appraisal report (Deloitte),  net of taxes , update im July 2019.
(2) Adjusted by appreciation of land.

Return on Invested Capital

(R$ million) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Operating Income 126 257 145 150 190 285 110 504 657 536 780
Taxes 30.10% 33.70% 49.80% 23.20% 21.30% 27.3% 26.3% 30.5% 24.0% (203)
Adjusted Operating Income 88 170 73 116 150 207 130 378 457 407 577
Net Land Appreciation(1) -36 179 270 374 428 140 199 19 110 142 216
Operating Result w/ Land 52 349 343 490 578 347 329 397 567 549 793
Invested Capital 2,110 2,527 2,987 3,753 4,329 4,788 4,856 5,021 5.467 5,947 6,154
Gross Debt((2) 450 640 811 1,170 1,332 1.795 1,974 1,578 1,586 1,859 2,313
Cash(2) 110 131 157 393 372 701 1,065 749 643 885 1,520
Net Debt (2) 339 509 654 777 960 1,094 909 829 943 974 793
Shareholder’s Equity  (3) 1,771 2,018 2,333 3,087 3,771 3,911 4,346 4,275 4,641 4,973 5,361
Return on Invested Capital 2.5% 13.8% 11.5% 12.7% 12.2% 6.9% 6,3% 7.8% 10.2% 9.2% 12.9%

(1) Even in periods that encompass operational results from the land sales, in this analysis only the results of the “agricultural operation” is considered, since the gains from appreciation of land are being considered in a specific item.
(2) Based on the independent appraisal report (Deloitte), updated as of October 2020, net of taxes.
(3) Adjusted by land appreciation.

 

Net Asset Value – NAV – Updated until 12/31/2020

(R$ million) 4Q20
SLC Agrícola Farms(1) 2,767
SLC LandCo Farms(1) 755
Infrastructure (excl.land) 1,114
Accounts Receivable (excl. derivates) 149
Inventories 1,225
Biological Assets 808
Cash  1,520
Subtotal 8,388
Suppliers 1,021
Adjusted Gross Debt   2,130
Outstanding debt related to land acquisitions
Subtotal 3,151
Net Asset Value 5,187
Net Asset Value per share 27.20

 (1) Based on the independent appraisal report (Deloitte), net of taxes. Update in 2020.

NOTE: All accounts are adjusted by SLC Agrícola’s interests in subsidiaries/joint ventures

Annual Limit – Covenants

  • Current Liquidity, minimum limit 1.1x
  • Third-Party Capital, maximum limit 2.0x
  • Net Debt/EBITDA, maximum limit 4.0x

Covenants Position 12/31/2020

  • Current Liquity: 1.82
  • Third-Party Capital: 1.71
  • Net Debt/EBITDA: 0.74
Last updated on March 22, 2021.
Close