Financial Indicators

Return on Equity

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

(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 im July 2019.
(3)Adjusted for land appreciation.

Return on Net Assets

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

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

(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 July 2019, net of taxes.
(3) Adjusted by land appreciation.

 

Net Asset Value – NAV – Updated until 06/30/2020

(R$ million) 1S20
SLC Agrícola Farms(1) 2,604
SLC LandCo Farms(1) 754
Infrastructure (excl.land) 1,086
Accounts Receivable (excl. derivates) 32
Inventories 912
Biological Assets 1,278
Cash  828
Subtotal 7,494
Suppliers 280
Adjusted Gross Debt   2,138
Outstanding debt related to land acquisitions
Subtotal 2,418
Net Asset Value 5,077
Net Asset Value per share 26.60

 (1) Based on the independent appraisal report (Deloitte), net of taxes. Update in 2019.

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

Changes in Working Capital

Working Capital (R$ thd) 2018 2019
Asset
Trade Account Receivable 131,549 178,405
   Advance to suppliers 8,520 32,684
Inventories 868,522 1,071,354
   Right of use amortization (inventories) -42,494
   Depreciation (inventories) -11,769
   Biological Assets + (Non-Cash) -136,829 -97,039
Recoverable Taxes 86,943 164,412
Biological Assets 705,390 779,885
    Biological Assets (Non-Cash) -65,977 -86,282
Operations with derivatives 45,336
Other accounts receivable (expenses incurred in advance + others) 5,060 33,810
Subtotal 1,603,175 2,068,302
Liabilities
Suppliers 703,564 921,999
Taxes, fees an others contributions 24,656 57,510
Social and Labor Obligations 63,007 54,572
Operations with derivatives 60,873
Others 100,905 60,860
 Advance from clients 42,163 33,289
Leases payable 58,742 225
Debts with related parties 125
Securities payable 13,685
Others accounts payables 13,536
Subtotal 892,132 1,155,814
Total 711,043 912,488
Change in WC 201,445

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 06/30/2020

  • Current Liquity: 1.58
  • Third-Party Capital: 1.50
  • Net Debt/EBITDA: 1.86
Last updated on August 17, 2020.
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