Management Report 2020
Management Report 2020
SLC Agrícola
Financial
performance
Income statement
analysis
Adjusted EBITDA
In 2020, Adjusted EBITDA amounted to R$960.3
million, representing a record high. Considering
only EBITDA from Agricultural Operations (given
that the result for 2019 includes a land sale oper-
ation), Adjusted EBITDA grew by 34.2% on the prior
year. This performance was in large part due to the
higher prices for the soybean and corn invoiced.
Note that, with the adoption of IFRS 16, lease costs
were excluded from adjusted EBITDA. A total of
R$129.6 million was paid for leases in 2020, com-
pared to R$78.9 million paid in 2019.
TABLE 8. ADJUSTED EBITDA RECONCILIATION
(R$'000)
Net revenue
(+) Changes in fair value - biological assets
(-) Cost of products sold
Cost of products
Realization of fair value - biological assets
(=) Gross income
2019
2,535,905
2020
HA
504,751
3,097,547
775,534
22.1%
53.6%
(2,257,472)
(2,802,782)
24.2%
(1,733,206)
(2,051,786)
18.4%
(524,266)
(750,996)
43.2%
783,184
1,070,299
36.7%
(-) Sales expenses
(152,972)
(173,964) 13.7%
(-) General and administrative expenses
(89,324)
(115,452)
29.3%
General and administrative
Profit sharing
(63,236)
(70,058)
10.8%
(26,088)
(45,394)
74.0%
(-) Management compensation
(13,827)
(14,716)
6.4%
(-) Other operating revenue (expenses)
Land sale
31,651
14,763
-53.4%
24,712
6,939
558,712
105,810
-
-100.0%
14,763
780,930 39.8%
112.8%
119,686
13.1%
664,522
900,616 35.5%
(504,751)
(775,534)
53.6%
524,266
750,996
43.2%
12,228
8,067
-34.0%
425
2,455
477.6%
36,029
-100.0%
(+) IFRS 16 adjustment - retained profit5
(+) IFRS 16 adjustment - amortization5
19,466
-100.0%
43,336
73,663
70.0%
Adjusted EBITDA (agriculture operation + land sale)1 e
1e2
795,521
960,263
20.7%
Adjusted EBITDA Margin (agriculture operation + land sale) 1 e a
Adjusted EBITDA (agriculture operation) 1 e 2
2
31.4%
31.0%
-0.4p.p
Adjusted EBITDA Margin (agriculture operation) 1 e2
715,314
28.2%
960,263
34.2%
Other operating revenue (expenses)
(=) Income from activity
(+) Deprecetiation and amortization
EBITDA
(-) Changes in fair value - biological assets³
(+) Realization of fair value - biological assets4
(+) Settled fixed assets²
(+) Other transactions - fixed asset²
(+) Land sale cost
31.0%
2.8p.p
1. Excluding the effects of Biological Assets, as they do not represent a cash effect. | 2. Excluding the settled fixed assets and adjustments
to IFRS 16. | 3. Change in the fair value of Biological Assets (explanatory note DF 32). | 4. Realization of fair value Biological Assets
(explanatory note DF 31). | 5. Amortization of the right-of-use related - leases.
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