Management Report 2020
Management Report 2020
SLC Agrícola
Gross income by crop
To contribute to a better understanding of margins
by crop, in this section the gain (loss) from currency
hedge is allocated among cotton, soybean and corn.
Cotton lint and cotton seed | In 2020, unit gross in-
come from cotton fell 21.8% from 2019, due to the
3.1% reduction in unit price combined with the 6.4%
increase in unit cost. The latter factor reflects the in-
crease in average cost and decrease in average yield
per hectare of cotton invoiced during the year (37%
in 2018/19, 63% in 2019/20) compared to 2019 (41%
in 2017/18, 59% in 2018/19).
Cotton seed unit gross income increased significantly
in comparison with 2019. Despite the higher unit
cost, this performance is mainly due to the increase
in unit price, of 69.2%, reflecting the domestic de-
mand for animal food supplements and biodiesel pro-
duction.
TABLE 14. GROSS INCOME - COTTON LINT
Cotton lint
Volume invoiced
Net revenue
Result of FX hedge
2019
2020
HA
Ton
R$'000
R$'000
185.374
1.212.573
215.965 16,5%
1.697.671 40,0%
(61.699)
(398.374) 545,7%
1.150.874
1.299.297
12,9%
6.208
6.016
-3,1%
(945.782)
24,0%
R$/ton
R$/ton
(4.115)
2.093
(4.379)
6,4%
1.637 -21,8%
Net income adj. for the result of FX hedge R$'000
Unit price
R$/ton
Total cost
R$'000 (762.874)
Unit cost
Unit gross income
TABLE 15. GROSS INCOME - COTTON SEED
Cotton seed
Volume invoiced
Net revenue
2019
2020
HA
Ton
R$'000
R$/ton
234,986
77,154
328
281,613
156,269
19.8%
102.5%
555
69.2%
Total cost
R$'000
(61,257)
(98,128)
60.2%
Unit cost
R$/ton
(261)
(348)
33.3%
Unit gross income
R$/ton
67
207
209.0%
Unit price
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