Financial Indicators

Return on Equity

(R$ million) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Net Profit(1) 59 160 38 97 70 121 16 289 405 293 511 1,131
Net Land Appreciation(2) -36 179 222 374 428 140 199 19 110 142 216 2,626
Subtotal 23 339 308 471 498 261 215 308 515 435 727 3,757
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 7,521
Return on Equity 1.3% 16.4% 12.8% 15.3% 13.2% 6.7% 4.9% 6.9% 1115% 8.7% 13.6% 50.0%

(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
Operating Income 126 257 145 150 190 285 110 504 657 536 780 1,913
Taxes 30.10% 33.70% 49.80% 23.20% 21.30% 27.3% 26.3% 30.5% 24.0% (203) (528)
Adjusted Operating Income 88 170 73 116 150 207 130 378 457 407 577 1,385
Net Land Appreciation(1) -36 179 270 374 428 140 199 19 110 142 216 2,626
Operating Result w/ Land 52 349 343 490 578 347 329 397 567 549 793 4,011
Invested Capital 2,110 2,527 2,987 3,753 4,329 4,788 4,856 5,021 5.467 5,947 6,154 9,987
Gross Debt((2) 450 640 811 1,170 1,332 1.795 1,974 1,578 1,586 1,859 2,313 2,573
Cash(2) 110 131 157 393 372 701 1,065 749 643 885 1,520 108
Net Debt (2) 339 509 654 777 960 1,094 909 829 943 974 793 2,465
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 7,521
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% 40,2%

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

 

Net Asset Value – NAV – Updated until 12/31/2021

(R$ million) 4Q21
SLC Agrícola Farms(1) 4,800
SLC LandCo Farms(1) 1,360
Infrastructure (excl.land) 1,570
Accounts Receivable (excl. derivates) 88
Inventories 2,802
Biological Assets 1,472
Cash  108
Subtotal 12,200
Suppliers 963
Adjusted Gross Debt   2,461
Outstanding debt related to land acquisitions
Subtotal 3,424
Net Asset Value 8,776
Net Asset Value per share 41.31

 (1) Based on the independent appraisal report (Deloitte), net of taxes. Update in 2021.

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 12/31/2020

  • Current Liquity: 1.82
  • Third-Party Capital: 1.71
  • Net Debt/EBITDA: 0.74
Last updated on March 28, 2022.
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