Financial Indicators

    Return on Equity

    (R$ million) 2010 2011 2012 2013 2014 2015 2016
    Net Profit 59 160 38 97 70 121 16
    Net Land Appreciation
    SLC Agricola(1)
    -36 179 222 313 396 108 130
    Net Land Appreciation
    LandCo (1)(2)
    - - 48 61 32 32 69
    Subtotal 23 339 308 471 498 261 163
    Shareholder’s Equity(3) 1,839 2,063 2,407 2,924 3,608 3,748 4,220
    Return on Equity 1.30% 16.40% 12.80% 16.10% 13.80% 7.00% 5.1%

    (1) Based on the independent appraisal report (Deloitte), and internal appraisal, net of taxes , update im June 2016.
    (2)Adjusted by the interest of 81.23% held by SLC Agrícola in SLC LandCo.
    (3)Adjusted by the appreciation in the value of land properties.

    Return on Net Assets

    (R$ million) 2010 2011 2012 2013 2014 2015 2016
    Net Profit 59 160 38 97 70 121 16
    Net Land Appreciation(1) -36 179 271

    373

    428 140 200
    Subtotal 23 339 309 470 498 261 216
                   
    Invested Capital 2,598 3,196 3,635 4,113 4,696

    4,906

    4,857
    Working Capital 395 504 626 641 733 628 561
    Fixed Asset(2) 2,203 2,692 3,009 3,472 3,963 4,278 4,296
    Return 0.90% 10.60% 8.50% 11.40% 10.60% 5.30% 4.4%

    (1) Based on the independent appraisal report (Deloitte), and internal appraisal, net of taxes , update im June 2016.
    (2) Adjusted by appreciation of land.

    Return on Invested Capital

    (R$ million) 2010 2011 2012 2013 2014 2015 2016
    Operating Income 126 257 145 150 190 285 110
    Taxes 30.10% 33.70% 49.80% 23.20% 21.30% 27.30% 20
    Adjusted Operating Income 88 170 73 116 150 207 130
    Net Land Appreciation(1) -36 179 270 374 428 140 200
    Operating Result 52 349 343 490 578 347 330
                   
    Invested Capital 2,110 2,527 2,987 3,753 4,329 4,788 4,856
    Gross Debt((2) 450 640 811 1.170 1.332 1.711 1,807
    Cash((2) 110 131 157 376 355 671 1,016
    Net Debt (2) 339 509 654 794 977 1.040 791
    Shareholder’s Equity  (3) 1,771 2,018 2,333 2,781 3,352 3,748 4,220
    Return on Invested Capital 2.50% 13.80% 11.50% 13.00% 13.30% 7.20% 6,6%

    (1) Based on the independent appraisal report (Deloitte), and internal appraisal, net of taxes , update im June 2016.
    (2) Adjusted by the interest held in the subsidiaries.
    (3) Adjusted by appreciation of land.

    Net Asset Value – NAV – Updated until 06/30/2017

    (R$ million) 1H17
    SLC Agrícola Farms(1) 2,704
    SLC LandCo Farms(2) 638
    Infrastructure (excl.land)(3) 770
    Accounts Receivable (excl. derivates)(3) 181
    Inventories(3) 500
    Biological Assets(3) 577
    Cash (3) 450
    Subtotal 5,820
    Suppliers(3) 139
    Adjusted Gross Debt  (3)(4) 1,371
    Outstanding debt related to land acquisitions (3) 73
    Subtotal 1,583
    Net Asset Value 4,237
    Net Asset Value per share 42.8

     (1) Based on the independent appraisal report (Deloitte), and internal appraisal, net of taxes , update im June 2016.
    (2) Based on the independent appraisal report (Deloitte), net of taxes, updated in July 2015 and adjusted by the interest held by SLC Agrícola in the subsidiary.
    (3) Adjusted by the interest held by SLC Agrícola in the subsidiaries.
    (4) Gross Debt adjusted by operations with derivative instruments and the interest held by SLC Agrícola in the subsidiaries.

    Changes in Working Capital

    Working Capital (R$ thd) 2013 2014 2015 2016 1H17
    Asset  
    Trade Account Receivable 85,334 143,759 228,024 185,538 159,777
       Hedge Accounting (Non-Cash) -5,278 -8,936 -26,639 -99.963 -79,745
    Inventories 514,819 622,101 782,192 486,425 547,436
       Biological Assets + (Non-Cash) -42,280 -20,185 -58,164 -12,093 -95,474
    Recoverable Taxes 78,361 98,566 89,321 66,727 81,231
    Biological Assets 378,481 374,372 423,705 521,174 624,355
        Biological Assets (Non-Cash) -27,009 -17,684 -31,200 -50,693 -95,679
    Expenses incurred in advance 3,793 2,712 5,469 7,721 19,957
    Subtotal 986,221 1,194,705 1,412,708 1,104,836 1,161,858
               
    Liabilities          
    Suppliers 236,217 312,759 398,860 439,735 149,912
    Tax and Social Obligations 27,480 24,270 20,465 23,303 22,741
    Others 223,444 207,794 376,498 204,675 215,968
       Land payables -126.494 -49.689 -75.564 -81,813 -79,259
       Hedge Accounting (Non-Cash) -31.433 -51.651 -120.544 -56,604 -26,931
    Provisions 16.187 17.724 34.196 15,022 27,111
    Subtotal 345.401 461.207 633.911 544,318 309,542
               
    Total 640.820 733.498 778.797 560,518 835,445
    Change in WC 10.017 92.678 45.299 (178,060) 291,798

    Annual Limit - Covenants

    • Current Liquidity maximum limit 1.2x
    • Net Debt/EBITDA, max limit 4.0x
    • Cash Liquity, minimum limit, R$75,000,000.00

    Covenants Position 06/30/2017

    • Current Liquity: 1.40
    • Net Debt/EBITDA: 2.65
    • Cash Liquity: R$474,545,000.00
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