Management Report 2020
Management Report 2020
Debt
SLC Agrícola
Adjusted Net Debt ended 2020 at R$708 million, decreasing R$265.3
million compared to 2019. The reduction is explained by the strong
free cash generation in the year, of R$415.1 million.
Of this free cash, R$147.5 million was used to pay dividends (for fiscal year
2019) and R$32.3 million to pay interest on equity (for fiscal year 2020).
Note that, in November, the Company successfully placed its third CRA
issue, in the amount of R$480 million, with interest of IPCA + 3.6726%
p.a. (with a swap operation to convert IPCA + 3.6726% p.a. to CDI +
1.85% p.a.) and amortizations in the fourth and fifth year, which length-
ened the debt maturity profile at an attractive cost.
Figure 19
R$ MM
1,600
1,400
1,448
Change in net debt/adjusted EBITDA ratio
1,460
1,226
1,200
974
1,000
800
1.93
1.86
600
1.46
1.22
0.74
400
200
о
796
750
784
dec-19
mar-20
840
960
jun-20
sep-20
5.5x
4.5x
3.5x
708
2.5x
1.5x
Adjusted EBITDA
0.5x
Adjusted net debt
Adjusted net
-0.5x
dec-20
debt X adjusted
EBITDA
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