Management Report 2020

Management Report 2020 TABLE 28. RETURN ON NET ASSETS (R$'000) Net revenue¹ Net land appreciation² Subtotal Net assets Working capital Fixed assets³ Return SLC Agrícola 2014 2015 2016 2017 2018 2019 2020 70 121 16 289 405 293 511 428 140 199 19 110 142 216 498 261 215 308 515 435 727 4.859 5.005 5.026 5.097 5.443 6.551 5.964 733 739 561 613 603 912 1.150 4,126 10.2% 4,266 5.2% 4,465 4.3% 4,484 6.0% 4,840 9.5% 5,639 6,202 6.6% 9.9% 1. Even in periods that contemplate net results from land sales, this analysis considers only the profit from the "agricultural operation", since the gains from land appreciation are being considered in a specific line. 2. Based on an independent report (Deloitte), updated in October 2020; net of tax. 3. Adjusted by land appreciation TABLE 29. RETURN ON INVESTED CAPITAL (R$'000) 2014 2015 2016 2017 2018 2019 2020 Operating result¹ 190 285 110 513 657 536 780 IRPJ tax 21.3% 27.3% 0.0% 26.3% 30.5% 24.0% 26.0% Adjusted IR (40) (78) 20 (135) (200) (129) (203) Adjusted operating income 150 207 130 378 457 407 577 Net and land appreciation² 428 140 199 19 110 142 216 Operating income with Lands 578 347 329 397 567 549 793 Invested capital 4,731 5,005 5,255 5,104 5,584 5,947 6,154 Gross debt (ST and LT) 1,332 1,795 1,974 1,578 1,586 1,859 2,313 Cash 372 701 1.065 749 643 885 1.520 Net debt 960 1.094 909 829 943 974 793 Net worth³ Returno n invested capital 3,771 12.2% 12.9% 1. Even in periods that contemplate net results from land sales, this analysis considers only the profit from the "agricultural operation", since the gains from land appreciation are being considered in a specific line. 3,911 6.9% 4,346 6.3% 4,275 4,641 4,973 5,361 7.8% 10.2% 9.2% 2. Based on an independent report (Deloitte), updated in October 2020; net of tax. 3. Adjusted by land appreciation 49

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