Management Report 2020
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SLC Agrícola
■■■ Management Report 2020
Income and social contribution taxes | It corresponds to the prepayments of In-
come and social contribution taxes, which will be offset with taxes of the same
nature, in addition to the negative balance of IRPJ and CSLL, which will be offset
with federal taxes and contributions.
Recoverable IRRF | Corresponds to withholding income tax on financial invest-
ments. Throughout the year they are offset against the IRPJ debt, after closure,
these credits are realizable by offsetting with federal taxes and contributions.
ICMS, PIS and COFINS to be offset/recovered | These refer to credits generated
in normal operations of the Company and its subsidiaries and may be offset with
taxes of the same nature.
The estimated realization of ICMS, PIS and COFINS sales taxes is evaluated by
management based on estimated projections of sales of agricultural products,
commercialization of ICMS tax credits and on compensation or offsetting of PIS
and COFINS with other taxes generated by the Group's operation. The estimated
terms of realization of these assets are described below. As of December 31, 2020,
a provision was made in the amount of R$ 24,904, related to ICMS tax credits
whose loss is estimated due to non-realization. The amount was recorded in Other
operating expenses in the income statement for the year.
Parent Company
Deadline
ICMS
Up to 1 year
17,021
35,802
17,048
COFINS
7,621
45
PIS
ICMS
1,693
9
21,243
46,966
Consolidated
COFINS
10,875
5,017
PIS
2,262
1,150
23,882
8,024
77,895
2,715
10,381
593
2,295
20,876
112,967
11,101
26,993
2,223
5,635
1 to 2 years
2 to 3 years
Over 3 years
10.
Securities and credits receivable
At December 31, 2020, the consolidated balance of securities receivable is com-
prised of an amount of R$ 33,907 (R$ 76,905 at December 31, 2019) as follows:
Balance at December 31, 2019
Monetary variation
Withholding income tax
Receipts
Others¹
Balance at December 31, 2020
Portion classified in current assets
Portion classified in non-current assets
1. Amount settled without cash effect.
Consolidated
76,905
2,018
(672)
(42,643)
(1,701)
33,907
31,207
2,700
Sale of land in the subsidiaries Fazenda Paiaguás and Fazenda Parceiro | The
subsidiaries Fazenda Paiaguás Empreendimentos Agrícolas Ltda. and Fazenda
Parceiro Empreendimentos Agrícolas Ltda. In February 2018, the buyer sold
11,604 hectares of land to third parties in 2017, in the total amount of R$
176,654, of which R$ 52,996 was received in that year, and the rest was depos-
ited by the buyer, in February 2018, in a guaranteed account ("Escrow Account"),
being invested in securities backed by an Interbank Deposit Certificate (CDI).
The contract provided that some documental formalizations such as transfer of
reserves, registration with the real estate registry with the unfolding of their
registration and release of mortgages, in addition to the transfer of the funds
to the Company itself, should be completed within 12 months of signing the
contract, which occurred on December 20, 2017. The contract was postponed, in
November 2018, in order to postpone the deadline for some documental formal-
izations, such as transfer of reserves, registration in real estate registries with
the unfolding of their registration and release of mortgages, in addition to
agreeing on the transfer of the funds to the Company itself, in relation to the
previous conditions already met, in the amount of R$ 63,789.
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