Financial Indicators

Return on Equity

(R$ million) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Net Profit(1) 59 160 38 97 70 121 16 289 405 293 511 1,131 1,336
Net Land Appreciation(2) -36 179 222 374 428 140 199 19 110 142 216 2,626 2,203
Subtotal 23 339 308 471 498 261 215 308 515 435 727 3,757 3,539
Shareholder’s Equity(3) 1,839 2,063 2,407 3,087 3,771 3,911 4,346 4,438 4,447 4,809 5.192 8,443 11,765
Return on Equity 1.3% 16.4% 12.8% 15.3% 13.2% 6.7% 4.9% 6.9% 11.5% 9.0% 14.0% 44.5% 30.1%

(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 2021.
(3)Adjusted for land appreciation.

Return on Invested Capital

(R$ million) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Operating Income 126 257 145 150 190 285 110 504 657 536 780 1,913 2,505
Taxes 30.10% 33.70% 49.80% 23.20% 21.30% 27.3% 26.3% 30.5% 24.0% (203) (528) (658)
Adjusted Operating Income 88 170 73 116 150 207 130 378 457 407 577 1,385 1,847
Net Land Appreciation(1) -36 179 270 374 428 140 199 19 110 142 216 2,626 2,203
Operating Result w/ Land 52 349 343 490 578 347 329 397 567 549 793 4,011 4,049
Invested Capital 2,110 2,527 2,987 3,753 4,329 4,788 4,856 5,021 5.420 5,783 6,154 10,908 14,179
Gross Debt((2) 450 640 811 1,170 1,332 1.795 1,974 1,578 1,586 1,859 2,313 2,573 3,574
Cash(2) 110 131 157 393 372 701 1,065 749 643 885 1,520 108 1,166
Net Debt (2) 339 509 654 777 960 1,094 909 829 943 974 793 2,465 2,408
Shareholder’s Equity  (3) 1,771 2,018 2,333 3,087 3,771 3,911 4,346 4,275 4,447 4,809 5,192 8,443 11,765
Return on Invested Capital 2.5% 13.8% 11.5% 12.7% 12.2% 6.9% 6,3% 7.8% 10.5% 9.5% 12.9% 36.8% 28.6%

(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 2021, net of taxes.
(3) Adjusted by land appreciation.

 

Net Asset Value – NAV – Updated until 12/31/2022

(R$ million) 4Q22
SLC Agrícola Farms(1) 6,559
SLC LandCo Farms(1) 1,758
Infrastructure (excl.land) 1,907
Credit related to tax loss(2) 408
Accounts Receivable (excl. derivates) 123
Inventories 3,193
Biological Assets 1,670
Cash  1,166
Subtotal 16,784
Suppliers 1,487
Adjusted Gross Debt   3,426
Outstanding debt related to land acquisitions
Advance to costumers 231
Subtotal 5,134
Net Asset Value 11,650
Net Asset Value per share 54.84

 (1) Based on the independent appraisal report (Deloitte), net of taxes. Update in 2022.

(2) Tax loss, related to a wholly-owned subsidiary – SLC Centro-Oeste

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

Annual Limit – Covenants

  • Current Liquidity, minimum limit 0.9x
  • Third-Party Capital, maximum limit 2.5x
  • Net Debt/EBITDA, maximum limit 4.0x

Covenants Position 12/31/2022

  • Current Liquity: 1.33
  • Third-Party Capital: 1.53
  • Net Debt/EBITDA: 0.77
Last updated on April 18, 2023.
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