André Maggi Participações S.A. (Amaggi)

André Maggi

Participações

S.A. (Amaggi)

Financial Statements as of

December 31, 2020

KPDS 796991

André Maggi Participações S.A. (Amaggi) Financial statements as of

December 31, 2020

Content

Management report 3

Independent auditor’s report 4

Statements of financial position 9

Statements income 10

Statements of comprehensive income 11

Statements of changes in equity 12

Statements of cash flows 13

Notes to the financial statements 14

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December 31, 2020

Shareholders,

We are pleased to submit for consideration of the financial statements of the André Maggi Participações S.A., for the financial year ended 31 December 2020, compared to 2019, with Independent Auditors ' report on the financial statements and related notes.

These documents, which were prepared in accordance with accounting practices adopted in Brazil, including the pronouncements issued by the Accounting Pronouncements Committee - CPC and the International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board - IASB by on December 31, 2020, and contains all data necessary for the analysis of activities and performance of the Company during the year.

The management is grateful to everyone who contributed to the results achieved, especially our team of employees for the commitment and dedication to the suppliers and service providers for the quality and timeliness and to customers by credibility in our work

We are at your disposal for any further clarifications that may be judged necessary.

Cuiabá - MT, March 08, 2021.

Directors.

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KPMG Auditores Independentes, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative (“KPMG International”), uma entidade suíça.

KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

KPMG Auditores Independentes

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Independent Auditor’s Report on the Individual and

Consolidated Financial Statements

To

The Board of Directors and Shareholders of

André Maggi Participações S.A. (Amaggi)

Cuiabá – MT

Opinion

We have audited the individual and consolidated financial statements of André Maggi Participações S.A. (“the Company”), respectively referred to as Parent and Consolidated, which comprise the statement of financial position as at December 31, 2020, the statements of income and other comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information.

In our opinion, the accompanying individual and consolidated financial statements present fairly, in all material respects, the individual and consolidated financial position of the André Maggi Participações S.A. as at December 31, 2020, and of its individual and consolidated financial performance and its individual and consolidated cash flows for the year then ended in accordance with Accounting Practices Adopted in Brazil and with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).

Base for opinion

We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Individual and Consolidated Financial Statements section of our report. We are independent of the Company and its subsidiaries in accordance with the relevant ethical requirements included in the Accountant Professional Code of Ethics (“Código de Ética Profissional do Contador”) and in the professional standards issued by the Brazilian Federal Accounting Council (“Conselho Federal de Contabilidade”) and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the individual and consolidated financial statements of the current period. These matters were addressed in the context of our audit of the individual and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Measuring the fair value of term commodity contracts See Notes 6.c and 25.d to the individual and consolidated financial statements. Key audit matter How our audit addressed this matter The Company and its subsidiaries maintain derivative financial instruments to hedge their exposures to the risks of changes in commodity prices. All gains or losses arising from derivative financial instruments are recognized at fair value.

The fair value for forward commodity purchase and sale contracts are estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company's forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity.

Due to the assumptions used in estimated the fair value of forward commodity purchase and sale contracts have a significant risk of resulting in a material adjustment to the financial statements, we consider this a significant matter for our audit.

.

Our audit procedures included, but were not limited to:

We evaluated the Company´s accountingpolicies and guidelines including itsmark-to-market policy and fair valuegovernance policy relating to long termcommodity contracts, and assessed thesepolicies in relation to applicableframework requirements and currentmarket practice in the applicationthereof;

We evaluate the terms of the contractsand contract amendments with theCompany’s counterparties for a sampleof contracts;

We tested the valuation of allindividually material long-term contractsand a sample of individually immaterialcontracts.

For each of the aforementioned contracts:

We tested whether the classification andaccounting adopted were based on theCompany's policies and guidelines, aswell on the applicable frameworkrequirements;

We tested the valuation of each contract,by assessing the ability of the model toaccurately capture the risks of theunderlying contract, testing theobservable market inputs to third partyderived data sources, evaluating otherassumptions in the model, and testing themathematical integrity of the model;

We also tested the consistency ofapplication of the valuationmethodologies across the portfolio;

We understood and evaluated themethodology employed to derive forward price curves for a sample of commoditiesand discount curves for a sample ofcontracts. For forward price curve, wetested the observable inputs to third partysourced data, and corroborated thereasonableness of unobservable inputs by

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comparing to available data sources, including consensus forecasts for long term prices;

We also evaluated whether the derivedcurves were internally consistent. Wetested the mathematical integrity of theprice curve models and that they wereappropriately applied to the contracts.For discount curves, we tested theobservable inputs to third party sourceddata, and corroborated thereasonableness of unobservable inputs by comparing to available data sources,including credit ratings of the contractingparties determined by external creditrating agencies. We tested whether thetenors of the discount curves wereconsistent with the underlying contracts;

We also assessed the adequacy of therelated disclosures in the notes to thefinancial statements.

Based on the audit procedures above summarized, we consider that the measurement of commodity contracts’ fair value, as well as the respective disclosures, are appropriate, in the context of the financial statements taken as a whole, for the year ended December 31, 2020.

Measurement of the fair value of biological assets See Notes 6.i and 13 to the consolidated financial statements. Key audit matter How our audit addressed this matter The Company and its subsidiaries measured their biological assets, which correspond mainly to the cultivation of agricultural products (soybeans, corn and cotton), based on their fair value less costs to sell.

The estimated fair value is based on assumptions, mainly related to the total estimated harvest area, expected productivity, average price of sales, and exchange rate.

Due to the assumptions used in estimated the fair value of biological assets have a significant risk of resulting in a material adjustment to the financial statements, we consider this a significant matter for our audit.

Our audit procedures included, but were not limited to:

Evaluation, with the assistance of our corporate finance experts, of theassumptions used to determine the fair value of biological assets based oncomparison of assumptions used to estimated the fair value withobservable data market, as well as sensitivity analysis of the significantassumptions used; and

Evaluation of the disclosures in the financial statements regarding thepresentation of relevant information related to this matter.

Based on the audit procedures above summarized, we consider that the balance of biological assets, as well as the respective disclosures, are appropriate, in the context of the financial statements taken as a whole, for the year ended December 31, 2020.

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Responsibilities of Management for the Individual and Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the individual and consolidated financial statements in accordance with Accounting Practices Adopted in Brazil and with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the individual and consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company and its subsidiaries or to cease operations, or has no realistic alternative but to do so.

Auditors’ Responsibilities for the Audit of the Individual and Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the individual and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and international standards on auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Brazilian and international standards on auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

– Identify and assess the risks of material misstatement of the individual and consolidated financial statements,whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or the override of internal control.

– Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theCompany’s internal control.

– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by management.

– Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based onthe audit evidence obtained, whether a material uncertainty exists related to events or conditions that may castsignificant doubt on the Company and its subsidiaries’ ability to continue as a going concern. If we conclude thata material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures inthe individual and consolidated financial statements or, if such disclosures are inadequate, to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report.However, future events or conditions may cause the Company and its subsidiaries to cease to continue as a goingconcern.

– Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, andwhether the individual and consolidated financial statements represent the underlying transactions and events ina manner that achieves fair presentation.

– Obtain sufficient appropriate audit evidence regarding the financial information of the entities or businessactivities within the Group to express an opinion on the consolidated financial statements. We are responsiblefor the direction, supervision and performance of group audit. We remain solely responsible for our auditopinion.

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We communicate with management among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Ribeirão Preto, March 08, 2021

KPMG Auditores Independentes CRC 2SP-027611/F

Fernando Rogério Liani Accountant CRC 1SP229193/O-2

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Statements of financial position

Years ended December 31, 2020 and 2019

(In thousands of US Dollars)

Assets Note 2020 2019 2020 2019 Liabilities Note 2020 2019 2020 2019

Cash and cash equivalents 9 472,487 180,657 11 21 Accounts payable to suppliers 21 403,258 274,421 - 2 Marketable securities 10 399,818 404,825 - - Loans and financing 22 932,123 556,414 - - Trade accounts and others receivables 11 146,916 283,465 - - Advances from customers 23 186,890 64,426 - - Leases receivable 1,817 1,212 - - Taxes payable 6,175 11,599 2 2 Inventories 12 604,826 470,168 - - Current taxes liabilities 11,023 25,939 - - Biological assets 13 187,295 189,319 - - Salaries and vacation payable 28,683 29,087 5 7 Advances to suppliers 14 541,980 345,364 - - Derivative financial instruments 25 1,129,485 148,039 - - Recoverable taxes 15 69,275 84,812 - - Securities brokerage operations 3,618 679 - - Current taxes assets 16 24,384 30,933 - - Leases payable 24 885 2,511 - - Loans granted 17 7 37,764 - - Dividends payable 30,311 25,548 30,046 25,380 Securities brokerage operations 408,332 56,479 - - Others accounts payable 22,879 9,235 250 347 Derivative financial instruments 25 1,174,011 134,921 - - Total current liabilities 2,755,330 1,147,898 30,303 25,738 Prepaid expenses 13,663 37,540 2 5 Other credits 1,776 6,846 - - Accounts payable to suppliers 21 - 46,125 - - Non-current assets held for sale 4,448 - - - Loans and financing 22 1,564,825 1,595,716 - - Total current assets 4,051,035 2,264,305 13 26 Advances from customers 23 - 181 - -

Taxes payable 510 4,213 - - Marketable securities 10 8,094 9,676 - - Derivative financial instruments 25 88,570 14,082 - - Trade accounts and others receivables 11 99,208 38,174 - - Provision for contingencies 26 2,922 3,707 - - Advances to suppliers 14 7,102 4,706 - - Deferred income and social contribution taxes 18 333,058 391,765 - - Recoverable taxes 15 8,082 17,578 - - Leases payable 24 1,869 12,113 - - Current taxes assets 16 766 34,276 - - Total non-current liabilities 1,991,754 2,067,902 - - Loans granted 17 9,644 17,007 - - Derivative financial instruments 25 81,968 38,362 - - Total liabilities 4,747,084 3,215,800 30,303 25,738 Prepaid expenses - 34 - - Other credits 18,600 28,084 - - Equity 28Deferred income and social contribution taxes 18 5,048 364 329 326 Capital 447,583 447,583 447,583 447,583 Biological assets 13 11,181 11,951 - - Legal reserve 50,362 42,455 50,362 42,455 Investments 19 208,803 211,393 1,490,237 1,334,842 Equity valuation adjustments 238,862 241,602 238,862 241,602 Investment properties 17,826 17,826 - - Cumulative translation adjustments (108,873) (85,807) (108,873) (85,807) Property, plant and equipment 20 1,858,905 1,993,882 47 64 Goodwill on capital transactions (483) (483) (483) (483) Intangible assets 19,740 20,577 - - Participation of variation in controlled capital 87,636 87,636 87,636 87,636 Total non-current assets 2,354,967 2,443,890 1,490,613 1,335,232 Profit retention reserve 745,236 576,534 745,236 576,534

Total shareholders' equity 1,460,323 1,309,520 1,460,323 1,309,520

Non-controlling interests 198,595 182,875 - -

Total equity 1,658,918 1,492,395 1,460,323 1,309,520

Total assets 6,406,002 4,708,195 1,490,626 1,335,258 Total equity and liabilities 6,406,002 4,708,195 1,490,626 1,335,258

The notes are an integral part of these financial statements.

Consolidated Company Consolidated Company

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Statements income



Consolidated CompanyNote 2020 2019 2020 2019

Net revenue 29 4,564,686 4,765,255 - - Changes in fair value of biological assets 13 61,061 25,974 - - Cost of goods and services 31 (4,000,351) (4,337,633) - - Gross profit 625,396 453,596 - -

Selling expenses 32 (101,087) (121,653) - - Administrative expenses 33 (89,627) (108,249) (274) (363) Impairment losses of receivables 34 (2,587) (4,563) - -Net other operating income (expenses) 34 (36,409) (9,806) - -Equity interest gain (loss) in subsidiaries 19 6,764 11,477 275,335 131,672 Income from operating activities 402,450 220,802 275,061 131,309

Financial revenues 35 516,383 310,408 - - Financial expenses 35 (526,886) (337,329) - - Exchange rate variation (net) 35 (60,801) 14,242 (2) 8 Net financial income (expenses) 35 (71,304) (12,679) (2) 8

Net income before taxes 331,146 208,123 275,059 131,317

Income tax and social contribution - deferred 18 63,422 (1,007) 3 7 Income tax and social contribution - current 18 (70,691) (46,734) - -

Net income for the year 323,877 160,382 275,062 131,324

Net income for the yearControlling interests 275,062 131,324 275,062 131,324 Non-controlling interests 48,815 29,058 - - Net income for the year 323,877 160,382 275,062 131,324


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Statements of comprehensive income



2020 2019 2020 2019

Net income for the year 323,877 160,382 275,062 131,324 Effect of hedge accouunting in investments (47) 39 (39) 33Cumulative translation adjusments in subsidiaries (28,289) (4,665) (23,066) (4,535)

Comprehensive income 295,541 155,756 251,957 126,822

Net income for the yearControlling interests 300,772 155,880 251,957 126,822 Non-controlling interests (5,231) (124) - -

Comprehensive income 295,541 155,756 251,957 126,822


Consolidated Company

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Statements of changes in equity



Balances at January 1, 2019 379,393 35,776 150,372 (81,272) (483) 541 500,885 - 985,212 431,048 1,416,260

Dividends distribution - - - - - - - - - (14,360) (14,360)

Unrealized dividends distribution - - - - - - 19,217 - 19,217 - 19,217

Gain (loss) on transactions with subsidiaries - - - - - - (45,778) - (45,778) (13,218) (58,996)

Deemed cost realization in subsidiaries - - (2,598) - - - - 2,598 - - -

Deemed cost realization on disposal of land, net - - (347) - - - - 347 - - -

Effect of hedge accouunting in investments - - 33 - - - - - 33 6 39

Impact of impairment provision of property, plant and equipament - - 48 - - - - - 48 18 66

Cumulative translation adjusments in subsidiaries - - - (4,535) - - - - (4,535) (130) (4,665)

Transfer of shares of subsidiaries 68,190 - 94,094 - - 87,095 - - 249,379 (249,379) -

Net income for the year - - - - - - - 131,324 131,324 29,058 160,382

Profit destination:Legal reserve constitution - 6,679 - - - - - (6,679) - - - Statutory dividends - - - - - - - (25,380) (25,380) (168) (25,548) Profit retention reserve - - - - - - 102,210 (102,210) - - -

Balances at December 31, 2019 447,583 42,455 241,602 (85,807) (483) 87,636 576,534 - 1,309,520 182,875 1,492,395

Dividends distribution - - - - - - - - - (22,474) (22,474)

Unrealized dividends distribution - - - - - - 25,380 - 25,380 - 25,380

Gain (loss) on transactions with subsidiaries - - - - - - (96,567) - (96,567) (5,155) (101,722)

Deemed cost realization in subsidiaries - - (2,780) - - - - 2,780 - - -

Effect of hedge accouunting in investments - - (39) - - - - - (39) (8) (47)

Impact of impairment provision of property, plant and equipament - - 79 - - - - - 79 31 110

Cumulative translation adjusments in subsidiaries - - - (23,066) - - - - (23,066) (5,223) (28,289)

Net income for the year - - - - - - - 275,062 275,062 48,815 323,877

Profit destination:Legal reserve constitution - 7,907 - - - - - (7,907) - - - Statutory dividends - - - - - - - (30,046) (30,046) (266) (30,312) Profit retention reserve - - - - - - 239,889 (239,889) - - -

Balances at December 31, 2020 447,583 50,362 238,862 (108,873) (483) 87,636 745,236 - 1,460,323 198,595 1,658,918


Total

Non-controlling

interests Total equityLegal reserve

Profit retention

reserveAccumulated

profitCapital

Equity valuation

adjustments

Cumulative translation

adjustments

Goodwill on capital

transactions

Participation of variation in

controlled capital

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Statements of cash flows


(In thousands of US Dollars)Company

Note 2020 2019 2020 2019Cash flows from operating activities

Net income for the year 323,877 160,382 275,062 131,324

Adjustment to:Depreciation 20 85,141 79,567 17 17 Amortization 710 1,374 - - Residual cost on disposal of property, plant and equipment 6,283 6,455 - - Residual cost on disposal of intangible 383 - - - Income from sale of property, plant and equipment (4,850) (1,437) - - Deferred taxes 18 (63,422) 1,007 (3) (7) Equity interest gain (loss) in subsidiaries 19 (6,764) (11,477) (275,335) (131,672) Provision for contingencies 64 672 - - Interest incurred on loans and financing 22 99,058 106,883 - - Other financial expenses 6,493 3,739 - - Exchange variation on loans and financing 22 (79,513) (27,943) - - Other exchange variations (18,525) (1,986) 14 (7) Changes in fair value of biological assets 13 (61,061) (25,974) - - Realization of biological assets on cost 31 30,802 24,131 - - Net income of impairment of property, plant and equipment 479 (69) - - Realization of added value on investments 2,204 2,249 - - Income from unrealized derivatives (26,717) 27,217 - - Income tax and social contribution 18 70,691 46,734 - - Credit and market risks, and impairment losses 2,587 4,564 - - Provision (reversion of) for inventory losses 12 5,660 (1,053) - - Net realizable value of inventories 12 (88,149) 9,164 - - Update on land sell receivables 34 (11,803) - - - Tax credits (2,731) (35,389) - - Gains from other investments - (1,768) - -

270,897 367,042 (245) (345) (Increase) decrease on assets

Trade accounts and others receivables 136,821 (76,770) - - Leases receivable (521) 700 - - Inventories (54,395) 103,045 - - Biological assets 33,146 (23,306) - - Advances to suppliers (202,302) 192,317 - - Recoverable taxes (32,556) (31,951) - - Current taxes assets (15,314) (3,691) - - Securities brokerage operations (351,853) (54,038) - - Prepaid expenses 23,911 (34,861) 3 (2) Other credits 4,309 (729) 338 72

Increase (decrease) on liabilitiesAccounts payable to suppliers 157,848 83,425 (2) 2 Advances from customers 122,042 (229,313) - - Taxes payable (4,221) 7,862 - - Salaries and vacation payable 1,966 (2,429) (1) - Securities brokerage operations 2,939 (15,602) - - Leases payable 607 90 - - Other accounts payable 13,990 (5,714) (103) (73)

Cash provided by (utilized in) from operations 107,314 276,077 (10) (346)

Interest paid 22 (95,101) (112,562) - - Taxes paid on profit (2,053) (2,410) - -

Net cash flow provided by (utilized in) operating activities 10,160 161,105 (10) (346)

Cash flow from investing activitiesIncrease on investments (46,299) (51,298) - - Decrease on investments - 16 - - Dividends and interests of own capital received 2,415 4,265 - 356 Proceeds from sale of property, plant and equipment 10,422 3,141 - - Acquisition of property, plant and equipment (54,918) (126,646) - (12) Acquisition of intangible (284) (530) - - Marketable securities 3,682 (16,015) - - Loans granted to related parties 17 (5,009) (17,838) - - Loans received 17 - 3,401 - - Loans received from related parties 17 46,756 17,923 - -

Net cash flow provided by (utilized in) investing activities (43,235) (183,581) - 344

Cash flows from financing activitiesFinancial funding 22 1,598,871 1,641,195 - - Payments of loans and financing 22 (1,161,289) (1,579,310) - - Payments of loans and financing to related parties 22 (936) (6,327) - -

Payments of lease liabilities (1,309) (2,294) - - Payments of lease liabilities to related parties (185) (293) - -

Transaction costs related to loans and financing 22 (2,208) (3,380) - - Dividends paid (87,554) (70,724) - -

Net cash flow provided by (utilized in) financing activities 345,390 (21,133) - -

Increase (decrease) in cash and cash equivalents 312,315 (43,609) (10) (2)

Statements of increase (decrease) in cash and cash equivalentsCash and cash equivalents on January 1 9 158,686 202,295 21 23 Increase (decrease) in cash and cash equivalents 312,315 (43,609) (10) (2)

Cash and cash equivalents on December 31 9 471,001 158,686 11 21


Consolidated

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December 31, 2020

Notes to the financial statements

(In thousands of U.S. Dollars)

1. Reporting entity

André Maggi Participações S.A., hereinafter referred to as “Company”, and its subsidiaries,jointly designated in this report as "Amaggi", is composed by many entities that act in differentsegments of the economy: commodities trading, agriculture, grains crushing, fluvialtransportation, electric power generation and administration of ports.

Company operational headquarters is located in André Antônio Maggi Avenue, 303, City ofCuiabá, State of Mato Grosso. Its operations are located in Brazil, Argentina and Paraguay.

These consolidated financial statements comprise the Company and its subsidiaries (togetherreferred to as the “Amaggi”).

André Maggi Participações S.A. is a holding and its operations consists in investing directly inAmaggi Exportação e Importação Ltda. and Agropecuária Maggi Ltda.

a. Considerations concerning COVID-19

At March 11, 2020, the World Health Organization (WHO) declared the outbreak of COVID-19 as a pandemic, leading government authorities worldwide to impose restrictions to contain the spread of the virus. Such restrictions have had significant impacts on the global economy.

In Brazil, as all over the world, the government authorities implemented several measures to prevent and contain the pandemic, as well as to mitigate the respective impacts on economy.

The Company management did not identify significant impacts on its operations, maintaining its production forecasts and sales. The agribusiness production chain is considered an essential activity and the operation was not stopped during the isolation period.

Government assistance measure

Government authorities implemented several economic and financial assistance measures to prevent and contain the pandemic, with the purpose of mitigate the respective impacts on economy. One of the measures adopted in operations was the suspension of the term for payment of taxes and federal contributions.

The Company has been monitoring and analyzing the measures taken by government to mitigate the crisis impacts.

Company’s adopted measures

The Company adopted several measures and protocols to preserve the safety of all people involved in its operational context, following the orientations of local and international health authorities.

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December 31, 2020

Also in March, the Company created the Crisis Committee for COVID-19 to continuously assess the general situation, update preventive measures and risk minimization actions, as well as to coordinate the execution of actin plans. Among the actions taken, the main ones were:

• Distribution of gel alcohol in all areas of the company;

• Intensification of hygiene and cleaning, in addition to hiring a company to perform sanitization on the Company's facilities, in case of a positive result COVID-19;

• Suspension of travel, events and training, adopting electronic means of communication;

• Work at home for administrative areas;

• Increase in the number of buses and disinfection of these vehicles with 70º alcohol;

• Temperature measurement of employees and third parties;

• Access control to the facilities, by sending a prior checklist;

• Work leave for employees over 60, pregnant women, young apprentices and interns;

• Distribution of reusable masks to employees;

• Reinforcement of communication to guide and comply with containment measures, such as posters, communicated via e-mail and guidance by the leaders;

• Acquisition of rapid tests for COVID-19.

2. Subsidiaries and affiliates relation

André Maggi Participações S.A. holds investments on the following direct subsidiaries, indirect subsidiaries, jointly controlled entities and associate entities:

Shareholding Country Functional currency 2020 2019

Direct subsidiaries Agropecuária Maggi Ltda. Brazil Dollar 100.00% 100.00% Amaggi Exportação e Importação Ltda. Brazil Dollar 82.81% 82.81%

Indirect subsidiaries - Amaggi Exportação e Importação Ltda.

Amaggi Argentina S.A. Argentina Dollar 100.00% 100.00% Amaggi Luxembourg International S.à r.l. Luxembourg Dollar 100.00% - Amaggi Paraguay S.R.L. Paraguay Dollar 100.00% 100.00% Aruanã Comercializadora de Energia Ltda. Brazil Real 55.00% 55.00% Divisa Energia Ltda. Brazil Real 98.73% 98.73% Hermasa Navegação da Amazônia Ltda. Brazil Dollar 87.52% 87.52% Ilha Comprida Energia Ltda. Brazil Real 99.99% 99.99% Jesuíta Energia S.A. Brazil Real 99.97% 99.97% Maggi Energia S.A. Brazil Real 55.00% 55.00% Segredo Energia Ltda. Brazil Real 99.99% 99.99%

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December 31, 2020

Shareholding Country Functional currency 2020 2019 Indirect subsidiaries - Agropecuária Maggi Ltda.

Amaggi Pecuária Ltda. Brazil Real 91.24% 91.24% Companhia Agrícola do Parecis - CIAPAR Brazil Dollar 100.00% 100.00%

Jointly controlled entities Amaggi Louis Dreyfus Zen-Noh Holdings S.A. Brazil Dollar 33.33% 33.33% Carguero Inovação Logística e Serviços S.A. Brazil Real 50.00% 50.00% Navegações Unidas Tapajós S.A. Brazil Dollar 50.00% 50.00% Rio Madeira Administração de Bens Ltda. Brazil Real 50.00% 50.00%

Associates Terminal de Granéis do Guarujá S.A. Brazil Real 33.00% 33.00%

Agropecuária Maggi Ltda.

It’s a limited entity domiciled in the city of Cuiabá, state of Mato Grosso, Brazil. Its activities consist on the production and commercialization of agricultural products, mainly soybean, corn and cotton and seeds production and processing.

Amaggi Exportação e Importação Ltda.

It’s a limited entity domiciled in the city of Cuiabá, state of Mato Grosso, Brazil and its main objectives are the commodities trading, mainly soybean exportation, seed processing, fertilizers importation and commercialization, extraction and commercialization of crude and degummed soybean oil and soybean meal. Substantial part of its exportation is performed through Amaggi International Ltd.

Amaggi Argentina S.A.

Headquarters and operations are located in the city of Buenos Aires, state of Buenos Aires, Argentina. Its activities consist in the trading of soybean, corn, wheat, sorghum and barley.

Amaggi Luxembourg International S.à r.l.

Headquarters and operations are located in the city of Luxembourg, Luxembourg. The constitution of the company occurred on December 2020 and its main activity consists in the issuance of representative debt securities.

Amaggi Paraguay S.R.L.

Headquarters and operations are located in the city of Ciudad del Este, state of Alto Paraná, Paraguay. Its activities consist in the trading of soybean, corn and wheat.

Aruanã Comercializadora de Energia Ltda.

Headquarters and operations are located in the city of Cuiabá, state of Mato Grosso, Brazil. Its activities consists is the trading of electric power.

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Divisa Energia Ltda.

Headquarters is located in the city of Cuiabá, state of Mato Grosso, Brazil, but its activities are located in the city of Campos de Júlio, state of Mato Grosso, Brazil. Its activities consist in the electric power generation and commercialization in Brazil’s territory, with the authorization of the competent legal authorities.

Hermasa Navegação da Amazônia Ltda.

Headquarters is located in the City of Cuiabá, state of Mato Grosso, Brazil, but its activities are located in the Brazilian states of Rondônia, Amazonas and Pará. Its activities consists, mainly, is the rendering of services of fluvial navigation, transportation, storage and transshipment of grains, substantially to related parties.

Ilha Comprida Energia Ltda.

Headquarters is located in the city of Cuiabá, state of Mato Grosso, Brazil, but its activities are located in the city of Sapezal, state of Mato Grosso, Brazil. Its activities consist in the electric power generation and commercialization in Brazil’s territory, with the authorization of the competent legal authorities.

Jesuíta Energia S.A.

Headquarters is located in the city of Cuiabá, state of Mato Grosso, Brazil. Its activities consists is the electric power generation and commercialization in Brazil’s territory, with the authorization of the competent legal authorities. The Company is on stage of review of its basic project approved.

Maggi Energia S.A.


Segredo Energia Ltda.


Amaggi Pecuária Ltda.

Headquarters is located in the city of Cuiabá, state of Mato Grosso, Brazil. Its activities consist in the activity of livestock in the purchase and resale, breeding of cattle and breeding animals in semi-confinement and confinement for cutting.

Companhia Agrícola do Parecis - CIAPAR

Headquarters is located in the city of Campo Novo do Parecis, state of Mato Grosso, has by

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purpose the production and commercialization of agricultural products, however, discontinued its activity of agricultural production, and currently leases a significant area of its arable lands to parent company Agropecuária Maggi Ltda., which has become its main source of revenue.

Carguero Inovação Logística e Serviços S.A.

It is a joint venture in conjunction with Louis Dreyfus Company Brasil S.A., headquarters are located in the city of São Paulo, state of São Paulo. Its activities consists in development and licensing of digital platforms (software’s) for control and management of multimodal transports of freight, freight’s agency and operations.

Amaggi Louis Dreyfus Zen-Noh Holdings S.A.

It’s a joint venture in conjunction with Louis Dreyfus Company Brasil S.A. and Zen-Noh Grain Brasil Holdings Ltda., headquarters and operations are located in the city of São Paulo, state of São Paulo, Brazil. Its activities consists mainly of investments in others entities with own resources.

Navegações Unidas Tapajós S.A.

It’s a joint venture with Bunge Alimentos S.A., headquarters is located Cuiabá, state of Mato Grosso, Brazil. Its activities consists mainly at rendering of services of fluvial navigation and port operations for handling dry bulk cargo.

Rio Madeira Administração de Bens Ltda.

It’s controlled in conjunction with Nilto Costa Alves, and headquarters are located in the city of São Paulo, state of São Paulo, Brazil but its operations are located in the city of Porto Velho, state of Rondônia, Brazil. Its activities consist in the trading and administration of land.

Terminal de Granéis do Guarujá S.A.

Headquarters and operations are located in the city of Guarujá, state of São Paulo, Brazil. It operates as a marine terminal to receive, store and load grains (corn, soybeans and their sub products).

3. Basis of preparation

a. Statement of compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board - IASB.

The financial statements, accompanied by the independent auditor’s report were authorized for issuance by the Board of Directors on March 05, 2021. After issuance, only shareholders may change the financial statements.

Details of the Company and its subsidiaries significant accounting policies are presented in note 6.

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All the relevant information to the financial statements, and only them, are being disclosure, and correspond to those used by Administration in its management.

b. Basis of measurement

The financial statements have been prepared based on the historical cost basis except for the following items which are measured on an alternative basis on each reporting date:

• Derivative financial instruments measured at fair value;

• Non-derivative financial instruments measured at fair value through profit or loss;

• Biological assets measured at fair value less expenses to sell; and

• Inventories of commodities of trading companies which are evaluated at marked values less selling expenses.

4. Functional currency

The Company's management after analysis of their operations and business, especially with regard to the factors to determine its functional currency, concluded that the US Dollar ("US$" or "Dollars") is its functional currency. This conclusion is based on the analysis of the following indicators:

• Currency that most influences the prices of goods and services marketed by the Company;

• Currency of the country whose competitive forces and regulations mainly determine the selling price of its products and services;

• Currency that most materially influence the material and other costs of providing goods or services; and

• Currency in which they are obtained substantially funds from financing activities.

5. Use of estimates and judgments

In the preparation of these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company and its subsidiaries accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and assumptions are reviewed on an ongoing basis. Reviews of accounting estimates are recognized prospectively.

a. Judgments

Information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are included in the following notes:

• Note 2 and 6.a - Consolidation: determining whether the Company and its subsidiaries has the control about on investee; and

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• Note 6.o - Lease: determining whether an arrangement contains a lease.

b. Assumptions and estimation uncertainties

Information about uncertainties on assumptions and estimates that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes:

• Note 6.i and 13 - Determining the fair value of biological assets on the basis of significant unobservable inputs;

• Note 18.a - Deferred tax assets: availability of future taxable profit against which tax losses carried forward can be utilized;

• Note 19 - Determining goodwill on investments: main assumptions regarding recoverable amounts;

• Note 19 - Impairment test of intangible assets and goodwill: key assumptions underlying recoverable amounts, including the recoverability;

• Note 20 - Useful life of property, plant and equipment: expected use of the asset under certain conditions of use;

• Note 25 - Determination of fair value of derivative financial instruments: sensitivity of the model to inputs and observable assumptions; and

• Note 26 - Provisions for contingencies: main assumptions about the probability and magnitude of outflows.

6. Significant accounting policies

The accounting policies set out below have been applied consistently to all periods reported in these consolidated and individual financial statements.

a. Basis of consolidation

(i) Controlled entities

The Company and its subsidiaries control another entity when is exposed, or have the rights, on the variable income if this entity and has the ability to affect this income exercising its power over the entity. The financial statements of controlled entities are included in the consolidated financial statements from the date the control begins and they are maintained until the date the control no longer exists.

In the Company's individual financial statements, the financial information of subsidiaries is recognized using the equity method.

(ii) Investments in associates and joint ventures

Associates are those entities in which the Company and its subsidiaries, directly or indirectly, has significant influence, but not control, over the financial and operating policies.

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Jointly ventures are those entities whose activities the Company and its subsidiaries have joint control, established by contractual agreements and requiring unanimous consent on the strategic financial and operating decisions.

The investments on associates and joint ventures are accounted by equity method on the consolidated and individual financial statements and are initially recognized by cost plus transaction costs. After initial recognition, consolidated financial statements include the participation on profit or loss and other comprehensive income of the investee until the date that significant influence or shared control exists.

The consolidated financial statements include the profit or loss and other comprehensive income of equity accounted investees, after adjustments to align its accounting policies with those of the Company and its subsidiaries, from the date that significant influence or joint control begins until the date that significant influence or joint control ceases.

When the Company and its subsidiaries share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the investment, including any long-term interests that form part thereof, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company and its subsidiaries have an obligation or has made payments on behalf of the investee.

(iii) Transactions eliminated on consolidation

Intragroup balances and transactions, and any unrealized profit or loss arising from intragroup transactions, are eliminated during the preparation of the consolidated financial statements.

Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment on the extent of the Company and its subsidiaries interest in the investee.

Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

(iv) Business combination

Business combinations are recorded using the acquisition method when control is transferred to the Company and its subsidiaries. The consideration transferred is generally measured at fair value, as well as identifiable net assets acquired. Any goodwill arising in the transaction is tested annually for impairment. Gains on an advantageous purchase are recognized immediately in the result. The transaction costs are recorded in the income statement as incurred, except for costs related to the issuance of debt or equity instruments.

b. Foreign currency

Foreign currency transactions

Transactions in foreign currency (other than the functional currency), are translated into the respective functional currency of the Company and its subsidiaries at exchange rates in the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency at the exchange rate at that date.

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Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences are generally recognized in profit or loss.

c. Financial instruments

(i) Recognition and initial measurement

The trade account receivable and debt securities issued are initially recognized when they are originated. All other financial assets and liabilities are recognized initially when the Company and its subsidiaries becomes part of the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable do not contain a significant financing component) or financial liability at its fair value plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. A trade receivable that does not contain a significant financing component is initial recognized by its transaction price.

(ii) Classification and subsequent measurement

Financial instrument

After initial recognition, financial asset is classified as measured: amortized cost, fair value through other comprehensive income (FVOCI) - for debt instrument, fair value through other comprehensive income (FVOCI) - for equity instrument; or fair value through profit or loss (FVTPL).

The financial assets are not subsequent reclassified to their initial recognition unless the Company changes its business model for managing financial assets, in which case all financial assets affected are reclassified on the first day of the reporting period after the change in the business model.

A financial asset is measure by amortized cost if attend both conditions below and not be designated as fair value through profit or loss (FVTPL):

• Is maintained within a business model whose purpose is to maintain financial assets to receive cash flows; and

• Their contractual terms generate, at specific dates, cash flows that are only related to the payment of principal and interest on the outstanding principal amount.

A debt instrument is measure by fair value through other comprehensive income (FVOCI) if attend both conditions below and not be designed as fair value through profit or loss (FVTPL):

• It is held within a business model whose purpose is to hold financial assets to collect contractual cash flows; and

• Their contractual terms generate, at specific dates, cash flows that are only related to the payment of principal and interest on the outstanding principal amount.

In the initial recognition of an investment in an equity instrument that is not held for trading, the

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Entity may irrevocably choose to present subsequent changes in the fair value of the investment in other comprehensive income. This option is realized investment by investment.

All financial assets not classified as measured at amortized cost or to fair value through other comprehensive income (FVOCI), as described above, are classified as fair value through profit or loss (FVTPL). This includes all derivative financial assets. On initial recognition, the Company and its subsidiaries may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost, to the fair value through other comprehensive income (FVOCI) and to the fair value through profit or loss (FVTPL) if this eliminates, or significantly reduces an accounting mismatch that would otherwise arise.

Financial instruments - Business model evaluation

The Company and its subsidiaries realize an assessment of the objectives of business's model which a financial asset is held in portfolio because it reflect the best way that the business is manage and the information are provided to the management. Information considered include:

• The policies and objectives set out for the portfolio and the practical operation of these policies. They include the question of whether management's strategy focuses on obtaining contractual interest income, maintaining a certain interest rate profile, matching the duration of financial assets with the duration of related liabilities or expected outflows of cash, or the realization of cash flows through the sale of assets;

• The form that the portfolio performance is assessed and reported to Company and its subsidiaries management;

• The risks that affect the performance of the business model (and the financial asset held in that business model) and the way those risks are managed;

• The form that the key management personnel are remunerated - for example, whether the compensation is based on the fair value of the assets managed or the contractual cash flows obtained; and

• The frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and their expectations about future sales.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales, consistent with the continued recognition of Company and its subsidiaries assets.

Financial assets held for trading or managed with performance measured at fair value are measure at fair value through profit or loss.

Financial assets - Evaluation from contract cash flow are exclusive payment of principal and interest

For the purposes of this valuation, the 'principal' is defined as the fair value of the financial asset at the initial recognition. 'Interest' is defined as a consideration for the time value of money and for the credit risk associated with the principal amount outstanding over a given period of time and for the other underlying risks and costs of borrowing (for example, liquidity risk and costs administrative costs), as well as a profit margin.

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The Company and its subsidiaries consider the contractual terms of the instrument to assess if contractual cash flows are only principal and interest payments. This includes assessing whether the financial asset contains a contractual term that could change the timing or value of the contractual cash flows so that it would not meet that condition. In making this assessment, the Company and its subsidiaries considers:

• Contingent events that modify the value or timing of cash flows;

• terms that may adjust the contractual rate, including variable rates;

• prepayment and extension of the term; and

• Terms that limit the Company and its subsidiaries access to cash flows of specific assets (for example, based on the performance of an asset).

Financial assets - Subsequent measure and gains and losses

Financial assets at fair value through profit or loss (FVTPL)

These assets are measure subsequently at fair value. Net income, including interest or dividend income, is recognized in income.

Financial assets at amortized cost

These assets are measure subsequently at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, the gains and losses of foreign exchange and impairment are recognize in the income statement. Any gain or loss on derecognition is recognized in profit or loss.

Debt instrument at fair value through other comprehensive income (FVOCI)

These assets are measure subsequently at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognize in the income statement. Other net results are recognize in other comprehensive income (OCI). In derecognition, the accumulated result in other comprehensive income (OCI) is reclassified to the result.

Equity instrument at fair value through other comprehensive income (FVOCI)

These assets are measure subsequently at fair value. Dividends are recognize as a gain in profit or loss, unless the dividend represents a clear recovery of part of the cost of the investment. Other net income is recognize in other comprehensive income (OCI) and is never reclassified to income.

Financial liabilities - Classification, subsequent measure of gains and losses

Financial liabilities were classified as measured at amortized cost or to fair value though profit or loss (FVTPL). A financial liability is classified as measured at fair value through profit or loss if it is classified as held for trading, is a derivative or is designated as such at initial recognition. Financial liabilities measured at fair value though profit or loss (FVTPL) are measure at fair value and net income, including interest, is recognize in income. Other financial liabilities are measure subsequently at amortized cost using the effective interest method. Interest expense, exchange gains and losses are recognized in income. Any gain or loss on derecognition is also recognized in profit or loss.

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(iii) Derecognition

Financial assets

The Company and its subsidiaries derecognizes a financial asset when the contractual rights to the asset's cash flows expire, or when the Company and its subsidiaries transfers contractual receivables to the contractual cash flows on a financial asset in a transaction in which substantially all the risks and benefits of ownership of the financial asset are transferred or in which the Company and its subsidiaries neither transfers nor maintains substantially all the risks and rewards of ownership of the financial asset and also does not retain control over the financial asset.

The Company and its subsidiaries carries out transactions in which it transfers recognized assets in the balance sheet, but maintains all or substantially all the risks and benefits of the transferred assets. In such cases, financial assets are not derecognized.

Financial liabilities

The Company and its subsidiaries derecognize financial liability when its contractual obligation is withdrawn, canceled or expired. The Company and its subsidiaries also derecognize a financial liability when the terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognize at fair value.

In derecognition of a financial liability, the difference between the extinct book value and the consideration paid (including transferred assets that do not transit through the cash or assumed liabilities) is recognize in the income statement.

(iv) Financial instruments

The Company and its subsidiaries hold derivative financial instruments to hedge its foreign currency, interest rate risk exposures and commodity price.

The purpose of operations involving derivatives is always related to the operation of the Company and its subsidiaries and the reduction of their exposure to currency and market risks, duly identified by established policies and guidelines. The results obtained with these operations are consistent with the policies and strategies defined by the Company and its subsidiaries. All gains or losses arising from derivative financial instruments are recognized at fair value.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss.

d. Capital

The Company share capital is composed only of common shares which are classified as shareholders' equity.

e. Earnings per share

Basic earnings per share are calculated based on the income for the year attributable to the Company's controlling shareholders and the weighted average of outstanding common shares in the respective year. The diluted earnings per share are calculated based on the mentioned average

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of outstanding shares, adjusted by instruments that can potentially be converted into shares, with a dilution effect, in the years presented, pursuant to IAS 33 - Earnings per share.

f. Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost of acquisition or construction less accumulated depreciation and accumulated losses by impairment.

The cost of certain items of property as of January 1, 2008, anticipated date of the Company and its subsidiaries transition to the pronouncements of the IFRS was determined based on its fair value at that date.

Cost includes disbursements that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the following:

• The cost of materials and direct labor;

• Any other costs directly attributable to bring the assets to a working condition for their intended use by management;

• Dismantling costs and the costs to restore the site on which the assets are located; and

• Capitalized borrowing costs on qualifying assets.

Purchased software that is an integrant part of the functionality of equipment is capitalized as part of that equipment.

When parts of an item of property, plant and equipment have different useful life, they are accounted for as separate items (major components) of property, plant and equipment.

Gains and losses on the disposal of an item of property, plant and equipment (the difference between the amount of the disposal and the carrying amount), are recognized in “net other operating income (expense)” in the “statements of comprehensive income”.

(ii) Subsequent costs

Subsequent costs are capitalized only when it is probable that the future economic benefits associated with the costs will flow to the Company and its subsidiaries. Ongoing repairs and maintenance are expensed as incurred.

(iii) Depreciation

Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component. Land is not depreciated.

Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use.

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Depreciation methods, useful lives and residual amounts are reviewed at each reporting date and eventual adjustments are recorded as changes in accounting estimates.

g. Impairment

(i) Non derivative financial assets

Financial instruments and contract assets

The Company and its subsidiaries recognize loss allowances for expected credit losses on:

• Financial assets measured at amortized cost; and

• Contract assets.

The Company and its subsidiaries measures loss allowances at an amount equal to lifetime expected credit losses, except for the following, which are measured at 12 months expected credit losses:

• Debt securities that are determined to have low credit risk at the reporting date; and

• Other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime expected credit losses.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Company and its subsidiaries considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company and its subsidiaries historical experience and informed credit assessment and including forward-looking information.

Measurement of expected credit losses

Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Company and its subsidiaries in accordance with the contract and the cash flows that the Company and its subsidiaries expects to receive). Expected credit losses are discounted at the effective interest rate of the financial asset.

Financial assets with recovery problems

At each reporting date, the Company and its subsidiaries assesses whether financial assets carried at amortized cost and debt securities at fair value through other comprehensive income (FVOCI) are credit-impaired. A financial asset is “credit-impaired” when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:

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• Significant financial difficulty of the borrower or issuer;

• A breach of contract such as a default;

• The restructuring of a loan or advance by the Company and its subsidiaries in terms that would not be accepted under normal conditions;

• It is probable that the borrower will enter bankruptcy or other financial reorganization; or

• The disappearance of an active market for a security because of financial difficulties.

Presentation of allowance for expected credit loss in the statement of financial position

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets, for debt securities at fair value through other comprehensive income (FVOCI), the loss allowance is charged to profit or loss and is recognized in other comprehensive income (OCI).

(ii) Non-financial assets

At each reporting date, the Company reviews the carrying amounts of its non-financial assets (other than biological assets, investment property, inventories, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

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h. Inventories

Commodities of trading companies are adjusted to the market value (“mark to market”) less costs to sell. In order to perform the calculation of the fair value, trading companies use as reference the quotations and rates published by public sources that are related to the products and active markets in which the Company and its subsidiaries acts. Changes in the fair value of inventories are recognized in cost.

Other inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the moving weighted average. In the case of manufactured inventories and work in progress cost includes an appropriate share of production overheads based on normal operating capacity.

The cost of biological assets transferred to inventories is its fair value less expenses to sell at the date of harvest.

i. Biological assets

Biological assets are measured at fair value less costs to sell. Changes on fair value less costs to sell are recognized in profit or loss. Costs to sell include all costs that would be necessary to sell the assets, including transportation costs.

j. Advances to suppliers

The advances to suppliers with prices to be determined are update in accordance with the rates defined in the purchase agreement. Other advances are maintained by their original amount.

k. Short-term employee benefits

Short-term employee benefits obligations are measured on an undiscounted basis and are expensed as the related service is rendered. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company and its subsidiaries has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

l. Segment information

An operating segment is a component of the business of the Company and its subsidiaries. It performs business activities from which it can obtain revenues while incurring in expenses, including revenues and expenses with transactions with other components of the Company and its subsidiaries. All operating results are reviewed by the Executive Board of the Company and its subsidiaries for decisions regarding the resources to be allocated to the segment to be taken and to assess their performance for which individual financial information is available.

The Company and its subsidiaries operated the following reportable segments during the periods: (i) Agricultural production; (ii) Commodity trading; (iii) Navigation and (iv) Electric energy. The segments are aligned with the portfolio of products and services and reflect the structure used by management to assess the performance of the Company and its subsidiaries.

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m. Revenue

(i) Agricultural goods sold

Operational revenue from sales of goods in the normal course of business is measured by the fair value of the consideration received or receivable. Revenue is recognized when there is convincing evidence that the control of assets have been transferred to the purchaser, and it is probable that the financial economic benefits will flow to the Company, that the related costs and potential return of goods can be reliably estimated, there is no continued involvement with the goods sold, and the amount of revenue can be reliably measured.

The timing of the transfer of risks and rewards varies depending on the individual terms of the sales agreement. For sales of the following products: soybean, gross and degummed soybean oil, soy meal, soybean hulls, corn, cotton, seeds and fertilizers, the transference usually occurs when the product is delivered to the client’s warehouse; however, in cases where the sells take place in foreign markets, the transferences are made when the shipment of the products occurs in the seller’s port.

(ii) Services and other revenue

Revenue from services rendered and supply of electric power is recognized in profit or loss in proportion to the stage of completion. Revenue is not recorded if there is significant uncertainty of its realization.

When two or more activities that generate revenues or when the delivery of selling products are done under the same agreement. The allocation of the revenue for the components is based on the relative fair value of each specific component.

n. Government grants

Grants that compensate the Company and its subsidiaries for expenses incurred are recognized in profit or loss as on a systematic basis in the periods that the expenses are recognized.

o. Leases

At the beginning of a contract, the Company assesses whether a contract is or contains a lease. A contract is, or contains a lease, if the contract transfers the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract transfers the right to control the use of an identified asset, the Company uses the definition of lease in IFRS 16.

(i) As lessee

The Company recognizes a right-of-use asset and a lease liability on the lease start date. The right-of-use asset is initially measured at cost, which comprises the initial measurement value of the lease liability, adjusted for any lease payments made up to that of the start date, plus any initial direct costs incurred by the lessee and an estimate of costs to be incurred by the lessee in disassembling and removing the underlying asset, restoring the location in which it is located or restoring the underlying asset to the condition required by the lease terms and conditions, less any lease incentives received.

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The right-of-use asset is subsequently depreciated using the straight-line method from the start date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, or if the cost of the right-of-use asset reflects that the lessee will exercise the purchase option. In this case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as that of property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of lease payments that are not paid on the start date, discounted at the interest rate implicit in the lease or, if that rate cannot be determined immediately, at the Company's incremental borrowing rate.

The lease payments included in the measurement of the lease liability comprise the following:

• Fixed payments, including in-substance fixed payments;

• Variable lease payments that depend on an index or a rate, initially measured using the index or rate on the start date;

• Amounts expected to be payable by the lessee under residual value guarantees; and

• The exercise price of the purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.

The lease liability is measured at amortized cost, using the effective interest method. It is remeasured when there is a change in future lease payments resulting from a change in an index or a rate, if there is a change in the amounts that are expected to be paid in accordance with the residual value guarantee, if the Company changes its valuation of a purchase option that will be exercised, extension or termination or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, an adjustment corresponding to the carrying amount of the right-of-use asset is made is recorded in the income statement if the carrying amount of the right-of-use asset has been reduced to zero.

Leasing of low value assets

The Company has chosen not to recognize right-of-use assets and leases liabilities of low value assets and short-term leases. The Company recognizes lease payments associated with these leases as an expense on a straight-line basis over the lease term.

(ii) As lessor

At the beginning or in the modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component based on its independent prices.

When the Company acts as a lessor, it determines, at the beginning of the lease, whether each lease is a financial or operational lease. In order to classify each lease, the Company makes a general assessment of whether the lease transfers substantially all the risks and benefits inherent in ownership of the underlying asset. If so, the lease is a finance lease; otherwise, it is an operating

31


December 31, 2020

lease. As part of this assessment, the Company considers certain indicators, such as whether the lease term is equivalent to most of the economic life of the underlying asset.

If an agreement contains lease and non-lease components, the Company will apply IFRS 15 to allocate the consideration in the contract.

The Company recognizes lease receivables arising from operating leases as revenue using the straight-line method over the lease term as part of 'other income'.

p. Finance income and costs

Financial income comprises interest on marketable securities, gains on hedge instruments and gains on exchange rates variation. The interest income is recognized in profit or loss using the effective interest method.

The finance cost comprises interest expense on borrowings, and related parties, losses with hedge instruments and losses with exchange rates variation.

Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method.

Exchange rate variation gains and losses are presented on a net basis.

q. Income tax

The Company is taxed by the systematic of profits through real tax regime, otherwise its controlled entities are taxed or on the real profit tax regime or on the presumed tax regime.

(i) Entities on the real profit regime

The current and deferred income tax and social contribution are calculated on the basis of the following rates: 15% with an additional of 10% over the taxable profit exceeding R$ 240 (two hundred and forty thousand Brazilian Reais) for the income tax and 9% over the taxable profit for social contribution and it takes into consideration the compensation of tax losses and the negative base of social contribution limited to 30% of the annual taxable profit.

The expenses with income tax and social contribution comprise current and deferred income taxes. The current tax and the deferred tax are recognized in the income unless they are related to items directly recognized in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized taking into consideration the aliquots that are expected to be used in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

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December 31, 2020

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be utilized.

Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be performed.

In the determination of current and deferred income taxes entities take into consideration the impact of uncertainties related to tax positions taken and if the payment of an additional income tax and interest is necessary.

(ii) Entities on the presumed profit regime

On this regime, taxable profit corresponds to 8% of operational revenue plus other operational income, to income tax, and 12% of operational revenue plus other operational income to social contribution.

Income tax is calculated based on a 15% aliquot plus 10% of the presumable taxable profit that exceeds annually R$ 240 (two hundred and forty thousand Brazilian Reais). Social contribution is calculated based on a 9% aliquot of the presumed taxable profit.

7. Determination of fair value

Management regularly reviews significant unobservable data and valuation adjustments. If the third-party information such as quotes from brokers or pricing services, is used to measure the fair value, then the Administration reviews the evidence obtained from third parties to support the conclusion that such assessments meet the IFRS requirements, including the level the fair value hierarchy in which such assessments are classified.

In measuring the fair value of an asset or a liability, the Company and its subsidiaries uses observable market data as much as possible. The fair values are classified into different levels in a hierarchy based on the information (inputs) used in the valuation techniques as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities and markets;

• Level 2: inputs, except quoted prices included in Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived from prices); and

• Level 3: inputs, for the asset or liability that are not based on observable market data (unobservable inputs).

When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

(i) Inventories

Inventories are measured at fair value less the estimated costs of completion and sale, on mark to market, according to commodities and Company and its subsidiaries market.

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December 31, 2020

8. Standards issued but not yet effective

A number of new standards are effective for annual periods beginning after January 1, 2020 and earlier application is permitted, however, the Company has not early adopted the new or amended standards in in preparing these financial statements.

The following amended standards and interpretations are not expected to have a significant impact on the Company’s consolidated financial statements:

• Rental concessions related to COVID-19 (amendments to IFRS 16/CPC 06);

• Property, plant and equipment: revenue before intended use (changes to IAS 16/CPC 27);

• Reference to the conceptual framework (changes to IFRS 3/CPC 15);

• Classification of liabilities in current or non-current (amendments to IAS 1/CPC 26).

9. Cash and cash equivalents

Consolidated Company 2020 2019 2020 2019 Cash 35 33 - - Bank deposits 366,227 64,957 11 21 Marketable securities 105,690 108,745 - - Marketable securities - related parties (note 27) 535 6,922 - - Cash and cash equivalents on the statement of financial position 472,487 180,657 11 21

Overdraft limit (a) (1,486) (21,971) - - Cash and cash equivalents on the statement of cash flows 471,001 158,686 11 21

(a) The overdraft bank balance is an integral part of the cash management of the indirect subsidiary Amaggi Argentina S.A. Contracts for the use of the bank limit are settled in up to 90 days, with an average borrowing cost of 34.00% per year.

Marketable securities refer substantially to Banking Deposits Certificate (CDB), remunerated at the percentage variation of Interbank Deposit Certificate (CDI) determined by Custody Central and Financial Settlement of Securities (CETIP). The average percentage of remuneration for such short-term investments on December 31, 2020 is 97.72% of CDI and on December 31, 2019 was 97.31% of CDI.

Details about credit risk, interest rate and other risks related to those assets are reported on note 25.

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December 31, 2020

10. Marketable securities (consolidated)

2020 2019 Capitalization bonds 485 101 Investment securities (a) 162,256 153,809 Banking deposit certificate (b) 237,265 257,795 Banking deposit certificate (b) - related parties (note 27) 7,906 2,391 National Treasury Certificates (c) - 405 407,912 414,501 Current assets 399,818 404,825 Non-current assets 8,094 9,676

(a) The investment securities refer to operations with bonds. Investments are in US public and private debt securities. Bonds are initially recorded at cost and subsequently measured at fair value through profit or loss.

(b) Banking Deposit Certificate (CDB) are remunerated at the percentage variation of Interbank Deposit Certificate (CDI) determined by the Custody Central and Financial Settlement of Securities (CETIP). The average percentage of applications that remunerates such investments on December 31, 2020 is 101.65% of CDI and on December 31, 2019 was 99.90% of CDI.

(c) National Treasury Certificates refer to public debt securities that guarantee agricultural financing - PESA.

Marketable securities classified as noncurrent assets are guaranteeing long-term financing.

Details about credit risk, interest rate and other risks related to those assets are reported on note 25.

11. Trade accounts receivable and other receivables (consolidated)

2020 2019 Domestic market 104,186 101,918 Domestic market - related parties (note 27) 1,543 2,158 Foreign market 25,148 83,272 Foreign market - related parties (note 27) 10,825 92,006 Other trade account receivable (a) 106,167 42,783 (-) Credit and market risks, and impairment losses (b) (1,745) (498) 246,124 321,639 Current assets 146,916 283,465 Non-current assets 99,208 38,174

(a) Other trade account receivable

The balance refers significantly to the following sales:

Land sale - Fazenda Santa Lúcia and Fortaleza

As of October 05, 2020, the Company sold 7,908.19 hectares of land to third parties. The farms denominated Fazenda Santa Lúcia and Fazenda Fortaleza are located in São Félix do Araguaia city, in the state of Mato Grosso, and have 3,777.62 e 4,130.57 hectares respectively. The

35


December 31, 2020

transaction price was determined in soybean bags that corresponded to US$ 65,721 in the date of the transaction. The payment must occur through annual installments until 2026. As of December 31, 2020, the balance corresponds to US$ 53,959.

Land sale - Fazenda Santa Barbara

As of June, 30, 2018, the Company sold 8,623 hectares of the Fazenda Santa Bárbara farm to third parties. The transaction price was determined in soybean bags that corresponded to US$ 44,718 in the date of the transaction. The payment must occur through annual installments until 2028. As of December 31, 2020, the balance corresponds to US$ 51,025.

Both balances of receivables for the sale of land on the Santa Lúcia, Fortaleza and Santa Bárbara farms are subject to the calculation of the present value for the installment’s receivable. The present value of receivables was updated by the amount of soybeans to be paid per year multiplied by their future harvest price for the next calendar year, thus reaching the future value of each payment. The future value was brought to present value by interpolating the future interest curve to obtain the interest rate in real terms to be discounted in a calendar year. Then, each future payment amount is discounted by the discount rates earned by calculating the interpolated interest curve and the number of business days until each due date.

A counterpart to the adjustment to fair value for the year was recognized against the income for the year. The effect of updating the fair value, despite being reflected in the income statement, will only have an effect on the Company's cash upon the maturity and settlement of future installments.

(b) Credit and market risks, and impairment losses

2020 2019 Initial balances (498) (557) Addition (1,428) (86) Reversed 74 150 Exchange rate variation 103 (5) Conversion effect 4 - Final balances (1,745) (498)

Trade accounts receivable are classified as receivables, stated at amortized cost, with the exception of the receivables of the Fazenda Santa Barbara, Santa Lúcia e Fortaleza farms selling, subsequently measured to the fair value through profit or loss. The Company and its subsidiaries sensitized the adjustment to present value (AVP) of its accounts receivable balances as of December 31, 2020 and December 31, 2019 and concluded that the amounts substantially matched the book values presented in the balance sheet.

Exposure to currency and credit risk and impairment losses related to trade accounts receivable are reported on note 25.

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December 31, 2020

12. Inventories (consolidated)

2020 2019 Barley 4,106 40 Corn 101,153 32,393 Cotton lint 175,075 97,364 Inputs 68,562 49,049 Soybean 18,359 94,881 Soybean meal - common 7,381 10,828 Soybean meal - hypro 32,974 12,200 Soybean oil 2,028 1,616 Sorghum 14 136 Storeroom materials 163,741 142,123 Wheat 4,746 14,665 Others 26,687 14,873 604,826 470,168

a. Provision for losses/leftovers of inventories

Provisions for losses or leftovers of inventories are calculated based on the technical losses estimated to incur during the transportation of commodities between farms and ports and is related to the following inventory items:

2020 2019 Corn (1,971) (1,226) Soybean (5,018) (585) Soybean meal common (190) 980 Soybean meal hypro (346) (1,481) Soybean oil (444) 3 (7,969) (2,309)

b. Net realizable value of inventories

Adjustment is calculated to bring the inventories of agricultural products to the value between its cost and net realizable market value.

2020 2019 Barley 948 (8) Corn 30,206 2,108 Cotton 70,874 31,803 Soybean 6,858 3,872 Soybean meal - common 3,723 1,834 Soybean meal - hypro 15,325 1,430 Soybean oil 771 20 Sorghum 5 (3) Wheat 499 4 129,209 41,060

Inventories of marketable products, corn, soybeans, common soybean meal, soybean meal, and soybean oil are valued at their fair value based on mark-to-market prices less costs to sell. Monthly, the cost of acquisition is compared, not including freight, warehousing and recoverable taxes, and the price, at the base date, equivalent in the market. Reference prices are public and are obtained from CBOT - Chicago Board Trading.

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December 31, 2020

13. Biological assets

The Company and its subsidiaries have seven agricultural units (farms), which are: Água Quente, Itamarati, Tucunaré, SM01, SM02, SM03 and Tanguro.

The farms are located in the state of Mato Grosso, in the cities of Sapezal, Campo Novo do Parecis, Querência, Rondonópolis, and Itiquira and its activities consists basically on the agricultural exploration, mainly related to soybean, corn and cotton.

Below are shown the changes on the biological assets of the Company and its subsidiaries:

Soybean Corn Cotton Cattle Rubber Other Total Balances as of January 31, 2019 132,385 4,241 20,337 6,605 2,266 12,995 178,829 Production costs 163,153 15,164 146,962 5,327 - 891 331,497 Harvested products, transferred to inventory (202,354) (15,232) (110,575) - - (60) (328,221) Changes in fair value 28,727 (3,363) - 610 - - 25,974 Sale of biological assets - - - (12,743) - - (12,743) Acquisition of biological assets - - - 10,251 - - 10,251 Opening of planting area - - - - (2,266) - (2,266) Others - - - (71) - (1,660) (1,731) Conversion effect - - - (320) - - (320) Balances as of December 31, 2019 121,911 810 56,724 9,659 - 12,166 201,270 Production costs 135,231 2,173 216,222 5,960 - 1,449 361,035 Harvested products, transferred to inventory (183,747) (1,785) (229,028) - - (272) (414,832) Changes in fair value 60,779 114 - 168 - - 61,061 Sale of biological assets - - - (18,106) - - (18,106) Acquisition of biological assets - - - 12,357 - - 12,357 Others - - - (171) - (2,004) (2,175) Conversion effect - - - (2,134) - - (2,134) Balances as of December 31, 2020 134,174 1,312 43,918 7,733 - 11,339 198,476

2020 2019 Current assets 187,295 189,319 Non-current assets 11,181 11,951 198,476 201,270

Biological assets comprise, substantially, the following plantations (in ha):

2020 2019 Cotton 15,330 7,604 Soybean 120,759 154,069

Fair value measurement has been categorized as level 3, based on the inputs used on the valuation technique.

Fair value of soybean and corn is based on the present value of future cash flows expected from biological assets on the most relevant market and include potential biological transformation and risks related to the assets. The biological asset of cotton is measured by cost. As cotton was planted recently, in the last days of December, there was still no transformation of the biological asset as of December 31, 2020.

Referring to corn, there is no crop in formation on the date of the financial statements. The product was harvested, transferred to stock and traded. The balance on December 31, 2020 refers, mainly, to soil preparation costs for the subsequent harvest.

Below are the main assumptions used to determine the fair value of biological assets:

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December 31, 2020

Soybean 2020 2019 Total estimated harvest area (hectares) 120,759 154,069 Expected productivity (bags per hectare) 56.26 60.41 Average price (US$/bag) 30.59 22.37 Exchange rate (US$ 1 / BRL) 5.34 4.02

Sensibility analysis

The Company assessed the impact on the fair value of the biological asset on December 31, 2020, as a sensibility analysis, considering the change to more or less of the following variables: (i) soybean bags price and (ii) soybean production volume (bag per hectare). The other calculation variables remain unchanged. In this way, a 5% (more or less) variation in the price of soybeans would result in an increase or decrease of USD 7,000.With respect to the volume of production, a variation (more or less) of 5%, would result in an increase or decrease of USD 6,280.

The model and assumptions used in determining fair value represent management's best estimate as of the date of these financial statements and are revised at each reporting period, if necessary, adjusted.

The evaluation of biological assets at their fair value considers certain estimates that are subject to uncertainties, which may have effects on future results as a result of their variations.

Regulatory and environmental risks

The Company and its subsidiaries are subject to laws and regulations in many countries in which it operates. Due to this, it was established environmental policies and procedures aimed to comply with environmental laws and regulations.

Management conducts regular analysis to identify environmental risks and to ensure that the working systems are suitable to manage these risks.

Risk of supply and demand

The Company and its subsidiaries are exposed to the risk of price and sales volume of crops fluctuations. When possible, the Company and its subsidiaries manages this risk by aligning the extraction volume with the market supply and demand.

Management conducts regular analysis of the industry trends to ensure that the price structure of the Company and its subsidiaries complies with the market and to ensure that projected volumes of extraction are consistent with the expected demand.

Weather and other risks

The Company plantations are exposed to damage from weather change, diseases, forest fires and other nature forces. The Company and its subsidiaries have extensive processes in place aimed at monitoring and reducing these risks, including regular health inspections and analyzes of forest diseases and pests in the industry.

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December 31, 2020

14. Advances to suppliers (consolidated)

2020 2019 Domestic market 490,152 358,871 Domestic market - related parties (note 27) 359 1,645 Foreign market 2,493 1,124 Foreign market - performance 75,804 3,200 (-) Advance for the purchase of property, plant and equipment (4,035) (632) (-) Credit and market risks, and impairment losses (a) (15,691) (14,138) 549,082 350,070 Current assets 541,980 345,364 Non-current assets 7,102 4,706

(a) Credit and market risks, and impairment losses

2020 2019 Initial balances (14,138) (10,483) Addition (6,204) (5,624) Reversed 1,283 1,519 Exchange rate variation 3,368 450 Final balances (15,691) (14,138)

In order to reduce credit risk on advances to suppliers, the Company and its subsidiaries adopts as a practice the detailed analysis of the financial and market situation of its suppliers, establishing a credit limit and deadlines, as well as permanently monitoring the outstanding balance. The Company and its subsidiaries have a credit committee composed of the commercial and financial board that approve or refuse such credit applications.

The analyzes basically have three parameters:

• quantitative analysis containing a careful evaluation of the economic and financial indices related to indebtedness, liquidity, profitability;

• a qualitative analysis that should include the corporate structure, consultations with tax authorities, Sintegra and Serasa, technical visit report, time in the market, commercial references, list of main suppliers, company and / or company assets; and

• analyses of guarantees, examined by the areas of Credit, Legal, Environmental Partner and requested under the criterion of the discretion of its management.

The Credit and Origination area monitors the relationship between credit granted to suppliers, against their volume of product delivery and the respective mark-to-market of contracts still outstanding. This monitoring aims to ensure the monitoring of the credit limits available and to suggest, when feasible, possible revaluations of such limits.

Advances with prices to be fixed and fixed prices are secured by commercial pledge represented by ballot farmer and guarantees provided by third parties.

The balance of advances granted will be substantially realized in the next crop year through the delivery of agricultural products, soybeans and corn, by partner suppliers.

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December 31, 2020

Provision for credit risk and calculation of estimates of valuation risk performed by the Company and its subsidiaries credit department, with the main premise being the non-receipt of the products that originated the advance.

15. Recoverable taxes (consolidated)

2020 2019 Contribution for social security funding - COFINS 40,827 44,144 Social integration program - PIS 9,661 11,887 Value-added tax - ICMS 15,191 23,803 Value-added tax - VAT 7,619 18,634 Other taxes 4,059 3,922 77,357 102,390 Current assets 69,275 84,812 Non-current assets 8,082 17,578

The recoverable tax balances derive from the commercial transactions of the Company and its subsidiaries. The realization of tax credits occurs, mainly, by offsetting with own debts.

The expectation of realization of tax credits classified in non-current assets is that they will occur in a period not exceeding twelve months from January 1, 2022.

16. Current taxes assets (consolidated)

2020 2019 Income tax - IRPJ 21,088 48,790 Social contribution taxes - CSLL 4,062 16,419 25,150 65,209 Current assets 24,384 30,933 Non-current assets 766 34,276

The expectation of realization of the IRPJ and CSLL classified in non-current assets is that it will occur in a period not exceeding twelve months from January 1, 2022, through offsetting with taxable profits and through the use in offsetting other managed taxes by the Federal Revenue.

17. Loans granted (consolidated)

Currency

Weighted rate on

12/31/2020 Maturity

Carrying amount

2020 2019

Related parties (note 27) Amaggi Europe B.V. USD - - - 32,060 Navegações Unidas Tapajós S.A. BRL 80% CDI December-2022 7,694 20,202 Rio Madeira Administração de Bens Ltda. BRL 80% CDI 2021-2023 105 122 7,799 52,384 Third parties ERIN - Estaleiros Rio Negro Ltda. BRL - Indeterminate 1,852 2,387 1,852 2,387 Total 9,651 54,771 Current assets 7 37,764 Non-current assets 9,644 17,007

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December 31, 2020

a. Changes on loans granted

The movement in the loans granted during the period was as follows:

2020 2019 Initial balances 54,771 57,845 Loans granted to related parties 5,009 17,838 Loans paid by third parties - (3,087) Loans paid by related parties (44,255) (17,919) Incurred interests 651 2,339 Interest received (2,501) (318) Exchange variation (4,241) (959) (-) Credit and market risks, and impairment losses 217 (968) Final Balances 9,651 54,771

b. Credit and market risks, and impairment losses

2020 2019 Initial balances (968) - Addition - (1,179) Exchange rate variation 217 211 Final balances (751) (968)

18. Income and social contribution taxes

a. Deferred assets and liabilities

Deferred tax assets and liabilities are recorded to reflect future tax effects related to temporary differences between the tax bases and their respective carrying amount.

Deferred assets and liabilities are originated from:

Consolidated Company 2020 2019 2020 2019 Deemed cost (246,652) (248,379) - - Employees' profit sharing 6,522 5,899 - - Exchange rate variation 60,428 254 - - Fair value of biological assets (21,341) (11,116) - - Fair value of derivatives (7,937) (2,661) - - Functional currency adjustments 41,261 14,274 329 326 Impairment losses of receivables 5,795 4,688 - - Incentivized depreciation (88,717) (107,759) - - Market to market of inventories (43,382) (13,100) - - Negative goodwill on investment (2,702) (2,702) - - Sale of property, plant and equipment (23,056) (14,298) - - Tax depreciation against book depreciation (30,060) (27,737) - - Tax losses carry forward 23,315 10,478 - - Update on land sell receivables (4,013) - - - Others 2,529 758 - - (328,010) (391,401) 329 326 Assets 5,048 364 329 326 Liabilities (333,058) (391,765) - -

The changes in deferred tax assets and liabilities, including the effect on result and equity of this period are disclosure as below:

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December 31, 2020

Consolidated

January 1,

2019 Effect on

result Effect on

equity


adjustments

December 31,

2019 Deemed cost (250,406) 2,021 6 - (248,379) Employees' profit sharing 7,375 (1,476) - - 5,899 Exchange rate variation (692) 946 - - 254 Fair value of biological assets (10,497) (627) - 8 (11,116) Fair value of derivatives (13,194) 10,533 - - (2,661) Functional currency adjustments 7,059 7,215 - - 14,274 Impairment losses of receivables 3,508 1,180 - - 4,688 Incentivized depreciation (103,893) (3,866) - - (107,759) Market to market of inventories (17,181) 4,081 - - (13,100) Negative goodwill on investment (2,702) - - - (2,702) Sale of property, plant and equipment (14,899) 601 - - (14,298) Tax depreciation against book depreciation (24,882) (2,855) - - (27,737) Tax losses carry forward 29,155 (18,660) - (17) 10,478 Others 856 (100) - 2 758 (390,393) (1,007) 6 (7) (391,401)

January 1,

2020 Effect on

result Effect on

equity


adjustments

December 31,

2020 Deemed cost (248,379) 1,767 (40) - (246,652) Employees' profit sharing 5,899 623 - - 6,522 Exchange rate variation 254 60,174 - - 60,428 Fair value of biological assets (11,116) (10,288) - 63 (21,341) Fair value of derivatives (2,661) (5,276) - - (7,937) Functional currency adjustments 14,274 26,987 - - 41,261 Impairment losses of receivables 4,688 1,107 - - 5,795 Incentivized depreciation (107,759) 19,042 - - (88,717) Market to market of inventories (13,100) (30,282) - - (43,382) Negative goodwill on investment (2,702) - - - (2,702) Sale of property, plant and equipment (14,298) (8,758) - - (23,056) Tax depreciation against book depreciation (27,737) (2,323) - - (30,060) Tax losses carry forward 10,478 12,890 - (53) 23,315 Update on land sell receivables - (4,013) - - (4,013) Others 758 1,772 - (1) 2,529 (391,401) 63,422 (40) 9 (328,010)

Company

January 1, 2019 Effect on result December 31, 2019 Functional currency adjustments 319 7 326 319 7 326

January 1, 2020 Effect on result December 31, 2020 Functional currency adjustments 326 3 329 326 3 329

Deferred tax assets were recognized. The management reviewed its estimates of future results and considered it probable that future taxable income would be available and could be used against such expenses.

b. Income tax and social contribution

In view of the tax base of assets and liabilities being kept in real for their historical value and the accounting basis in US dollars (functional currency), fluctuations in the exchange rate impacted the tax base.

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December 31, 2020

Consolidated

2020 2019 Income before income tax and social contribution 331,146 208,123 (*) Combined tax rate 34% 34% (=) Income tax and social contribution at combined tax rates (112,590) (70,762) (+/-) Adjustments of tax related Depreciation by deemed cost 622 873 Difference between tax basis (Real) and functional currency measurement basis (US dollar)

(7,154) (68,536)

Equity income 79,524 73,103 Incentivized depreciation 11,601 1,779 Investments abroad results (5,665) (1,767) Losses on settlement - net assets (476) (634) Non-deductible fines (35) (3,687) Government grant (c) 18,647 16,912 Provisions / reversals revenue (56) (304) Revenue from dividends received 71 683 Tax credits (reversal and tax credit) 1,263 1,288 Tax depreciation against book depreciation 553 429 Tax losses carry forward (91) (121) Taxation differences from deemed profits companies 6,039 4,829 Other additions / exclusions 478 (1,826) (=) Total (7,269) (47,741) (+/-) Income tax and social contribution - deferred 63,422 (1,007) (-) Income tax and social contribution - current (70,691) (46,734) (=) Income tax and contribution on income (7,269) (47,741)

Company

2020 2019 Income before income tax and social contribution 275,059 131,317 (*) Combined tax rate 34% 34% (=) Income tax and social contribution at combined tax rates (93,520) (44,648) (+/-) Adjustments of tax related Difference between tax basis (Real) and functional currency measurement basis (US dollar) 39,278 (1,763) Equity income 54,336 46,539 Tax losses carry forward (91) (121) (=) Total 3 7 (+/-) Income tax and social contribution - deferred 3 7 (=) Income tax and contribution on income 3 7

c. Income tax reduction

The indirect subsidiary Hermasa Navegação da Amazônia Ltda. and the direct subsidiary Amaggi Exportação e Importação Ltda. are beneficiary of income tax incentives. The incentives were granted by the Superintendency for the Development of Amazonia (SUDAM) until 2028. It consists of the right to a 75% reduction in income tax and non-refundable additional calculated

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December 31, 2020

on the tax profit in the activities of transport and transshipment of grains, storage, port services, import and commercialization of fertilizers, extraction and commercialization of crude and degummed soybean oil and soybean meal. The incentive promotes investments in installation, expansion, modernization or diversification projects in the region.

The income tax due is determined in accordance with the present legislation and the portion related to tax incentive was recognized directly in the statement of income.

19. Investments

The Company recorded a gain of US$ 275,335 in the parent company and a gain of US$ 6,764 in the consolidated on December 31, 2020; and a gain of US$ 131,672 in the parent company and a gain of US$ 11,477 in the consolidated on December 31, 2019, resultant from the equity income of its affiliates, subsidiaries and jointly-controlled ventures in the financial statements.

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December 31, 2020

a. Changes on investments

Consolidated

Balances on January 1,

2019 Equity

method


adjustments Effects

on equity

Receipt of dividends and interest equity

Disposal/ Transfer Addition

Realization of added value on

investments

Balances on December 31,

2019 Amaggi Louis Dreyfus Zen-Noh Holdings S.A. 29,138 3,787 (259) 39 - - - - 32,705 Carguero Inovação Logística e Serviços S.A. 525 123 (54) - - (16) 281 - 859 Navegações Unidas Tapajós S.A. 19,245 (978) - - - - 142,380 (358) 160,289 Rio Madeira Administração de Bens Ltda. 487 (12) (18) - - - - - 457 Terminal de Granéis do Guarujá S.A. 15,288 3,653 (624) - (4,715) - - - 13,602 Terminal Fronteira Norte - Logística S.A. 139,264 4,904 - - - (142,380) - (1,788) - Unisoja S.A. 1,593 - - - - - 1,768 - 3,361 Other 119 - - - - - 1 - 120

Total 205,659 11,477 (955) 39 (4,715) (142,396) 144,430 (2,146) 211,393


2020 Equity

method


adjustments Effects

on equity

Receipt of dividends and interest equity

Disposal/ Transfer Addit ion

Realization of added value on

investments


2020 Amaggi Louis Dreyfus Zen-Noh Holdings S.A. 32,705 5,929 (1,849) (47) - - - - 36,738 Carguero Inovação Logística e Serviços S.A. 859 (611) (187) - - - - - 61 Navegações Unidas Tapajós S.A. 160,289 (1,200) - - - - 335 (2,146) 157,278 Rio Madeira Administração de Bens Ltda. 457 (6) (102) - - - - - 349 Terminal de Granéis do Guarujá S.A. 13,602 2,652 (3,149) - (2,209) - - - 10,896 Unisoja S.A. 3,361 - - - - - - - 3,361 Other 120 - - - - - - - 120

Total 211,393 6,764 (5,287) (47) (2,209) - 335 (2,146) 208,803

Company


2019 Equity

method


adjustments Effects on

equity Receipt of dividends

and interest equity

Losses on transactions with

subsidiaries Addition


2019

Agropecuária Maggi Ltda. 357,125 34,952 (1,167) - - - 248,530 639,440

Amaggi Exportação e Importação Ltda. 647,225 96,755 (3,368) 81 (400) (45,778) 849 695,364

Amaggi Paraguay S.R.L. 73 (35) - - - - - 38

Total 1,004,423 131,672 (4,535) 81 (400) (45,778) 249,379 1,334,842

46


December 31, 2020

Balances on

January 1, 2020 Equity

method


adjustments Effects on

equity Receipt of dividends

and interest equity Disposal/transfer Addition


2020

Agropecuária Maggi Ltda. 639,440 80,467 (3,674) - - - - 716,233

Amaggi Exportação e Importação Ltda. 695,364 194,839 (19,392) 40 (347) (101,722) 5,155 773,937

Amaggi Paraguay S.R.L. 38 29 - - - - - 67

Total 1,334,842 275,335 (23,066) 40 (347) (101,722) 5,155 1,490,237

b. Information concerning the jointly-controlled ventures and associates

2019

Share % Current assets Non-current

assets Current

liabilities Non-current

liabilities Total equity

Net income for

the year Amaggi Louis Dreyfus Zen-Noh Holdings S.A. 33,33% - 98,115 - - 98,115 11,362 Carguero Inov. Logíst. e Serv. S.A. 50,00% 410 1,599 292 - 1,717 260 Navegações Unidas Tapajós Ltda. 50,00% 30,346 256,317 24,450 100,925 161,288 (1,956) Rio Madeira Administração de Bens Ltda. 50,00% 400 637 122 - 915 (23) Terminal de Granéis do Guarujá S.A. 33,00% 4,342 58,480 6,566 15,037 41,219 11,070 Terminal Fronteira Norte - Logística S.A. 50,00% 20,035 108,444 870 2,854 124,755 9,808

30,521

2020


assets Current



Net income for

the year Amaggi Louis Dreyfus Zen-Noh Holdings S.A. 33,33% - 110,213 - - 110,213 17,786 Carguero Inov. Logíst. e Serv. S.A. 50,00% 56 2,027 1,961 - 122 (1,221) Navegações Unidas Tapajós Ltda. 50,00% 12,050 240,045 11,494 81,042 159,559 (2,398) Rio Madeira Administração de Bens Ltda. 50,00% 322 481 7 99 697 (12) Terminal de Granéis do Guarujá S.A. 33,00% 5,971 44,067 5,959 11,061 33,018 8,036 22,191

47


December 31, 2020

c. Information concerning the direct subsidiaries

2019


assets Current



Net income for

the year Agropecuária Maggi Ltda. 100,00% 593,040 1,343,031 342,879 952,184 641,008 35,069 Amaggi Exportação e Importação Ltda. 82,81% 1,792,652 1,097,858 897,268 1,115,719 877,523 124,898 159,967

2020


assets Current



Net income for

the year Agropecuária Maggi Ltda. 100,00% 690,043 1,303,373 519,686 756,141 717,589 80,608 Amaggi Exportação e Importação Ltda. 82,81% 3,498,457 1,052,974 2,342,817 1,235,611 973,003 244,400 325,008

d. Goodwill and added value on investments

Balances on

January 1, 2019

Realization Incorporation

Balances on

January 1, 2020 Realization


2020 Navegações Unidas Tapajós S.A. Goodwill - - 39,336 39,336 - 39,336 Added value - (358) 40,667 40,309 (2,146) 38,163 - (358) 80,003 79,645 (2,146) 77,499 Terminal Fronteira Norte - Logística S.A. Goodwill 39,336 - (39,336) - - - Added value 42,455 (1,788) (40,667) - - - 81,791 (1,788) (80,003) - - - 81,791 (2,146) - 79,645 (2,146) 77,499

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December 31, 2020

20. Property, plant and equipment Consolidated

Cost Useful life (in years)

Balances on January

1, 2019 Addition Disposals Transfers

Transfer to investment

property Conversion

effect


2019 Lands - 927,273 1,391 (86) 1,164 (17,826) (9) 911,907 Reservoirs, dams and aqueducts 50.00 18,413 - - - - (711) 17,702 Buildings 46.66 359,059 3 (2,123) 7,664 - (2,548) 362,055 Machine and equipment 14.87 492,094 32,851 (19,479) 9,108 - (1,375) 513,199 Facilities 24.67 51,694 - (302) 2,747 - - 54,139 Vehicles 5.87 17,768 47,134 (1,659) 11 - (13) 63,241 Fluvial fleet 21.33 374,162 6 - 12,503 - - 386,671 Aircraft 20.00 35,492 - - - - - 35,492 Right-of-use 5.48 - 14,865 - - - - 14,865 Soil correction 1.26 25,225 5,038 - - - - 30,263 Work in progress (a) - 18,182 20,364 - (13,548) - (328) 24,670 Advances to suppliers - 6,915 - (6,283) - - - 632 Equipment for mounting - 10,976 22,923 - (20,271) - - 13,628 Other 7.55 83,626 3,219 (756) 3,963 - (33) 90,019 2,420,879 147,794 (30,688) 3,341 (17,826) (5,017) 2,518,483 Depreciation Reservoirs, dams and aqueducts (2,187) (362) - - - 92 (2,457) Buildings (65,253) (7,283) 919 (179) - 393 (71,403) Machine and equipment (168,991) (32,502) 12,924 10 - 352 (188,207) Facilities (11,030) (2,164) 70 (8) - - (13,132) Vehicles (12,249) (6,023) 1,461 (2) - 8 (16,805) Fluvial fleet (154,818) (16,198) - (3,162) - - (174,178) Aircraft (7,675) (1,774) - - - - (9,449) Right-of-use - (2,803) - - - - (2,803) Soil correction (14,733) (4,895) - - - - (19,628) Other (20,707) (5,563) 690 - - 6 (25,574) (457,643) (79,567) 16,064 (3,341) - 851 (523,636) Impairment provision (b) (1,134) - 169 - - - (965) Net carrying amount 1,962,102 (4,166) 1,993,882

49


December 31, 2020


Balances on January

1, 2020 Addition Disposals Transfers

Transfer to asset held for

sale Conversion

effect


2020 Lands - 911,907 549 (36,485) 82 - (53) 876,000 Reservoirs, dams and aqueducts 50.00 17,702 - - - - (3,972) 13,730 Buildings 46.28 362,055 2,644 (11,420) 5,873 (511) (14,207) 344,434 Machine and equipment 14.59 513,199 16,363 (29,177) 21,506 - (7,672) 514,219 Facilities 24.68 54,139 84 (1,747) 2,961 - - 55,437 Vehicles 5.89 63,241 1,119 (3,227) 1 - (73) 61,061 Fluvial fleet 21.79 386,671 70 (3) 3,159 - - 389,897 Aircraft 20.00 35,492 - - - - - 35,492 Right-of-use 5.05 14,865 7,492 (18,658) - - - 3,699 Soil correction 1.26 30,263 5,800 (3,660) - - - 32,403 Work in progress (a) - 24,670 21,302 (32) (24,999) (3,977) (1,882) 15,082 Advances to suppliers - 632 3,405 - - - (2) 4,035 Equipment for mounting - 13,628 2,876 (8) (11,816) - - 4,680 Other 10.20 90,019 706 (15,870) 3,233 - (195) 77,893 2,518,483 62,410 (120,287) - (4,488) (28,056) 2,428,062 Depreciation Reservoirs, dams and aqueducts (2,457) (277) - - - 554 (2,180) Buildings (71,403) (6,881) 759 - - 2,342 (75,183) Machine and equipment (188,207) (33,376) 16,629 (7) - 2,095 (202,866) Facilities (13,132) (2,230) 170 6 - - (15,186) Vehicles (16,805) (9,107) 2,965 - - 46 (22,901) Fluvial fleet (174,178) (15,328) - - - - (189,506) Aircraft (9,449) (1,775) - - - - (11,224) Right-of-use (2,803) (3,223) 4,792 - - - (1,234) Soil correction (19,628) (7,403) 2,685 - - - (24,346) Other (25,574) (5,541) 7,827 1 - 34 (23,253) (523,636) (85,141) 35,827 - - 5,071 (567,879) Impairment provision (b) (965) (313) - (1,278) Net carrying amount 1,993,882 (22,985) 1,858,905

50


December 31, 2020

Company


Balances on January 1, 2019 Addition Disposals Transfers


2019 Machine and equipment 10.00 16 - - 9 25 Furniture and fixtures 10.00 99 - - - 99 Hardware 5.00 25 3 - - 28 Equipment for mounting - 9 - (9) - 140 12 - - 152 Depreciation Machine and equipment (8) (1) - - (9) Furniture and fixtures (49) (11) - - (60) Hardware (14) (5) - - (19) (71) (17) - - (88) Net carrying amount 69 64


Balances on January 1, 2020 Addition Disposals Transfers


2020 Machine and equipment 10.00 25 - - - 25 Furniture and fixtures 10.00 99 - - - 99 Hardware 5.00 28 - - - 28 152 - - - 152 Depreciation Machine and equipment (9) (3) - - (12) Furniture and fixtures (60) (10) - - (70) Hardware (19) (4) - - (23) (88) (17) - - (105) Net carrying amount 64 47

(a) On December 31, 2020, the balance of work in progress refers mainly to:

i. PCH Jesuíta 23 MW (winner of Energy Generation Auction A-6/2019, which building works are expected to begin in 2021), in Sapezal city, state of Mato Grosso (U$ 3,166);

ii. Structure to receive fertilizers in the city of Porto Velho, Rondônia (US$ 702);

iii. Construction of a logistic center, in the city of Vilhena, state of Rondônia (U$ 1,073);

iv. Improvements in the cotton ginning units on Itamarati, Tanguro, Água Quente and Tucunaré farms, located respectively in the cities of Campo Novo dos Parecis, Querência and Sapezal, in the state of Mato Grosso (U$ 3,649);

v. Expansion and renovation of the CGHs in SM01 in the city of Itiquira, state of Mato Grosso (1,382);

vi. Construction of a pre-mixer of agricultural inputs on SM01, Tanguro, Água Quente e Itamarati farms, located respectively in the cities of Itiquira, Querência, Sapezal and Campo Novo dos Parecis, in the state of Mato Grosso (U$ 1,414).

(b) Impairment amounts are related to property, plant and equipment acquired by the indirect subsidiary Hermasa Navegação da Amazônia Ltda. to transport minerals in Brazilian north region, whose contracts were terminated. Most part of the vessels were put in operation in 2020 and 2019 generating cash flow to the Company.

51


December 31, 2020

a. Right-of-use assets

This caption includes the amounts corresponding to the right-of-use asset the lease agreements in force, due to the adoption of IFRS 16 on January 1, 2019. The amount is equivalent to the present value of the obligations assumed with the counterparties and their balances will be amortized according to the terms defined in each contract. The discount rate applied was 6.75% per year to agricultural land lease contracts and 5.51% per year to warehouse lease contract.

The movement of the right-of-use asset in 2020 was as follows:

Agricultural land Warehouse Total Balances on January 01, 2019 - - - Initial adoption (note 24.a) 11,633 567 12,200 Addition of new contracts (note 24.a) 1,119 - 1,119 Remeasurement of contracts (note 24.a) 1,546 - 1,546 Depreciation (2,614) (189) (2,803) Balances on December 31, 2019 11,684 378 12,062 Addition of new contracts (note 24.a) 478 - 478 Remeasurement of contracts (note 24.a) 7,014 - 7,014 Depreciation (3,034) (189) (3,223) Write-off of contracts (13,866) - (13,866) Balances on December 31, 2020 2,276 189 2,465

b. Sale of Santa Lucia and Fortaleza farms

On October 5, 2020, the Company sold the areas denominated Fazenda Santa Lúcia and Fazenda Fortaleza (note 11.a). Revenue from the sale of land, as well as the write-off of the cost of assets, was recognized under "Other operating income (expenses)" in the income statement, resulting in a gain of US$ 4,850 in the transaction. The movement of impacts is shown below:

Sale amount, on the transaction date 65,721 Residual value of assets (60,871) Income from sale 4,850

c. Additional information to the cash flow statement

2020 2019 Non-cash transactions Right-of-use assets: adoption of IFRS 16 7,492 14,865 7,492 14,865

21. Accounts payable to suppliers and other payables

Consolidated Company 2020 2019 2020 2019 Domestic market (a) 390,383 293,945 - 2 Domestic market - related parties (note 27) 3,536 5,555 - - Foreign market 8,232 4,866 - - Foreign market - related parties (note 27) 1,107 16,180 - - 403,258 320,546 - 2 Current liabilities 403,258 274,421 - 2 Non-current liabilities - 46,125 - -

52


December 31, 2020

(a) Part of the balance refers to the value of the acquisition of subsidiary Companhia Agrícola do Parecis - CIAPAR (US$ 92,250 on December 31, 2019 and US$ 46,125 on December 31, 2020). Payment must occur through annual installments until 2021.

The Company and its subsidiaries exposure to currency and liquidity risks related to suppliers is disclosed in note 25.

22. Loans and financing (consolidated)

Currency Weighted average rate on 12/31/2020 Maturity

Carrying amount 2020 2019

ACC - Advances on exchange contracts USD 5.01% p. y. 2021 254,778 129,671 ACC - Advances on exchange contracts EUR 3.32% p. y. 2021 12,551 - CPR - Rural product note BRL 7.93% p. y. 2021-2022 58,629 75,526 CPR - Rural product note BRL 2.17% p.y. + CDI 2021 40,429 - FCO - Constitutional funds of Midwest (b) BRL 7.11% p. y. 2021-2031 38,304 61,825 FINAME - Financing of machinery and equipment BRL 7.03% p. y. 2021-2027 13,855 25,742 FINAME - Financing of machinery and equipment USD 4.80% p. y. 2021-2027 1,551 1,806 FINIMP - Importation financing USD 3.30% p.y. + Libor 2021 3,001 6,227 FMM - Merchant marine fund (c) USD 3.30% p. y. 2021-2035 64,344 67,568 FNO - Constitutional funds of North BRL 3.34% p. y. 2021-2032 66,062 90,115 NCE - Export notes BRL 2.80% p. y. + CDI 2021-2023 129,116 9,942 NCE - Export notes USD 4.90% p. y. 2021-2022 142,601 50,926 NCE - Export notes USD 2.23% p. y. + Libor 2021-2022 38,414 59,143 NCE - Export notes EUR - - - 45,953 Offshore Loan BRL 6.26% p. y. 2021-2022 39,920 51,485 PESA - Special asset reorganization program BRL - - - 411 PPE - Prepayment (d) USD 5.38% p. y. 2021-2026 78,010 55,409 PPE - Prepayment (d) USD 2.53% p. y. + Libor 2021-2027 1,507,985 1,406,636 PPE - Prepayment (d) ARS 36.38% p.y. 2021-2022 12,145 - Overdraft limit ARS 34.00% p. y. 2021 1,489 23,007 Related parties loans (note 27) BRL - - - 1,188 (-) Financial charges to be appropriated USD - 2021-2029 (6,236) (10,450) 2,496,948 2,152,130 Current liabilities 932,123 556,414 Non-current liabilities 1,564,825 1,595,716

The maturity of maturities for loans and financing and other risks related to these financial liabilities are presented in note 25.

The flow of realization of the loans and financing installments as of December 31, 2020 is shown below: Maturity 2021 932,123 2022 755,523 2023 349,056 2024 224,137 2025 95,408 2026 to 2035 140,701 2,496,948

53


December 31, 2020

a. Segment information 2020 Currency Agricultural Commodities Navigation Energy Eliminations Total ACC - Advances on exchange contracts USD - 254,778 - - - 254,778 ACC - Advances on exchange contracts EUR - 12,551 - - - 12,551 CPR - Rural product note BRL 99,058 - - - - 99,058 FCO - Constitutional funds of Midwest BRL - 22,577 - 15,728 - 38,305 FINAME - Financing of machinery and equipment BRL 13,283 571 - - - 13,854 FINAME - Financing of machinery and equipment USD - 1,551 - - - 1,551 FINIMP - Importation financing USD - 3,001 - - - 3,001 FMM - Merchant marine fund USD - - 64,344 - - 64,344 FNO - Constitutional funds of North BRL - 42,347 23,715 - - 66,062 NCE - Export notes BRL - 129,116 - - - 129,116 NCE - Export notes USD - 181,016 - - - 181,016 Offshore loan BRL - 39,920 - - - 39,920 PPE - Prepayment USD 486,875 1,099,119 - - - 1,585,994 PPE - Prepayment ARS - 12,145 - - - 12,145 Overdraft limit ARS - 1,489 - - - 1,489 Related parties loans USD - 50 - - (50) - (-) Financial charges to be appropriated USD (1,951) (4,285) - - - (6,236) 597,265 1,795,946 88,059 15,728 (50) 2,496,948

2019 Currency Agricultural Commodities Navigation Energy Total ACC - Advances on exchange contracts USD - 129,671 - - 129,671 CPR - Rural product note BRL 75,526 - - - 75,526 FCO - Constitutional funds of Midwest BRL - 29,424 - 32,401 61,825 FINAME - Financing of machinery and equipment BRL 24,882 860 - - 25,742 FINAME - Financing of machinery and equipment USD - 1,806 - - 1,806 FINIMP - Importation financing USD - 6,227 - - 6,227 FMM - Merchant marine fund USD - - 67,568 - 67,568 FNO - Constitutional funds of North BRL - 56,780 33,335 - 90,115 NCE - Export notes BRL 9,942 - - - 9,942 NCE - Export notes USD - 110,069 - - 110,069 NCE - Export notes EUR - 45,953 - - 45,953 Offshore loan BRL - 51,485 - - 51,485 PESA - Special asset reorganization program BRL 411 - - - 411 PPE - Prepayment USD 601,016 861,029 - - 1,462,045 Overdraft limit ARS - 23,007 - - 23,007 Related parties loans BRL - - - 1,188 1,188 (-) Financial charges to be appropriated USD (3,789) (6,661) - - (10,450) 707,988 1,309,650 100,903 33,589 2,152,130

54


December 31, 2020

b. Changes on loans and financing

The movement in the loans and financing during the period was as follows:

2020 2019 Initial balances 2,152,130 2,106,316 Financial funding 1,598,871 1,641,195 Payments of loans and financing (1,161,289) (1,579,310) Payments of loans and financing- related parties (936) (6,327) Incurred interests 99,058 106,883 Interest paid (95,101) (112,562) Transaction costs related to loans and financing (2,208) (3,380) Appropriation of financial charges 6,421 5,287 Overdraft for cash management purposes (20,485) 21,971 Exchange variation (79,513) (27,943) Final balances 2,496,948 2,152,130

c. Guarantees

On December 31, 2020 and December 31, 2019, the loans are guaranteed by promissory notes endorsed by quota holders, chattel mortgage of rural properties and commercial pledge.

The Company and its subsidiaries offered the following guarantees for loans and financing:

2020 2019 Endorsement 116,794 144,376 Endorsement + Marketable securities + Pledge + Credit rights 15,728 32,401 Endorsement + Property 39,940 53,442 Endorsement + Property + Marketable securities 34,677 45,723 Endorsement + Property + Marketable securities + Credit rights 41,893 47,130 Endorsement + Property + Mortgage 17,982 22,572 Endorsement + Property + Mortgage + Marketable securities 24,992 32,542 Endorsement + Property + Promissory note - 675 Endorsement + Mortgage 3,680 5,651 Endorsement + Promissory note 1,300,863 1,040,010 Endorsement + Promissory notes + Mortgage 346,101 388,721 Endorsement + Promissory notes + Pledge 219,296 225,973 Endorsement + Guarantee grant 3,001 6,227 Bank guarantee - 35,028 Mortgage - 411 Promissory notes 83,759 80,508 Promissory notes + Bank guarantee 100,529 - Unguaranteed 153,949 1,190 2,503,184 2,162,580 (-) Financial charges to be appropriated (6,236) (10,450) Balance of loans and financing 2,496,948 2,152,130

d. Constitutional Funds of Midwest

The financing operations of Constitutional Funds Midwest (FCO) include credits given to the investment on small hydroelectric plants on the state of Mato Grosso.

55


December 31, 2020

(i) Interest rate

The interest rate agreed on the contract is 10% p.y., however, if the installments are paid until its maturity date it is given a discount of 15% of the interest amounts.

(ii) Covenants

All covenants related to financial ratios, such as limits to the coverage obtained debt service of EBITDA/net financial expense ratio, and also normal restrictions on creation of new liens on the assets, significant changes in the Company and its subsidiaries control, sale of property, plant and payment of dividends in excess of the minimum required by law in cases of default on loans and transactions with subsidiaries have been complied with by the Company and its subsidiaries on December 31, 2020 of these financial statements.

(iii) Guarantees

Guaranteeing the financing operations, shareholders committed:

• 100% of Maggi Energia S.A., Segredo Energia Ltda. and Ilha Comprida Energia Ltda. shares/quotas;

• The rights arising from authorizations of ANEEL to the following entities: Segredo Energia Ltda. and Ilha Comprida Energia Ltda.; and

• The revenues earned through the energy sell of Segredo Energia Ltda., Ilha Comprida Energia Ltda. and Maggi Energia S.A.

It was also constituted chattel mortgages of the assets financed and offered guarantees of the direct controlling entity Amaggi Exportação e Importação Ltda.

e. Merchant Marine Fund

The indirect controlled entity Hermasa Navegação da Amazônia Ltda. is part in financing contracts under the modality of Merchant Marine Fund (FMM), through its agents, Banco do Brasil S.A. and Banco da Amazônia S.A., used to river fleet acquisition.

(i) Covenants

The Company and its subsidiaries need to attend to many restrictive clauses related to these contracts, between them, the entity needs:

• To respect all clauses of the agreements;

• To constitute reserve accounts;

• To maintain a minimum level, during all the duration of the contract, of Ratio of Coverage of Debit Service;

• To maintain a minimum level, during all the duration of the contract, of Ratio of Coverage of Debit; and

56


December 31, 2020

• Not to distribute dividends beyond the minimum mandatory dividends without the previous written authorization of the bank.

The required covenants were fully complied with.

(ii) Guarantees

The shareholders have given, as guarantees:

• 100% of the financed assets;

• The credit rights of the services provided with the use of the assets financed;

• Guarantees provided by André Maggi Participações S.A.; and

• Guarantees provided by Amaggi Exportação e Importação Ltda.

f. Prepayment

The Company and its subsidiaries have prepayment contracts which provide compliance with financial indicators (covenants).

The covenants required, common to loans and financing, have been fully achieved by the Company and its subsidiaries and are presented as follows: Current Ratio, Debt Equity Ratio and Interest Coverage Ratio.

23. Advances from customers (consolidated)

2020 2019 Domestic market (a) 110,977 18,078 Domestic market - related parties (note 27) 4,005 2,183 Foreign market 71,908 25,278 Foreign market - related parties (note 27) - 19,068 186,890 64,607 Current liabilities 186,890 64,426 Non-current liabilities - 181

(a) Advances from customers balances refer mainly to the performance of operations. Balance at December 31, 2020 is US$ 76,727 and December 31, 2019 was US$ 3,300.

24. Lease liabilities (consolidated)

The Company’s main contracts refer to agricultural land lease operations. The contracts signed by the Company with third parties provide for the payment of an amount, on a certain date, indexed to a fixed number of soybeans. Fluctuations in the prices of this commodity are recognized in the right-of-use asset and lease liabilities.

As of December 31, 2020, the Company has 60,121 hectares (77,114 hectares on December 31, 2019) under operating lease contracts, maturing until 2033, located in the cities of Rondonópolis, Sapezal, Sorriso and Campo Novo do Parecis, state of Mato Grosso.

57


December 31, 2020

As of December 31, 2020, the Company also has a warehouse lease contract, located in the city of Campos de Júlio, state of Mato Grosso, maturing until 2021.

2020 2019 Agricultural land lease 2,620 16,220 Agricultural land lease - related parties (note 27) 321 357 Warehouse lease 154 396 (-) Interest to be appropriated - agricultural land lease (336) (2,320) (-) Interest to be appropriated - agricultural land lease - related parties (note 27) - (5) (-) Interest to be appropriated - warehouse lease (5) (24) 2,754 14,624 Current liabilities 885 2,511 Non-current liabilities 1,869 12,113

The realization flow of the installments recorded in liabilities is shown below: Year 2021 885 2022 427 2023 440 2024 455 2025 50 2026 to 2033 497 2,754

a. Changes in lease liabilities

Agricultural

land Warehouse Total Balances on December 31, 2018 - Standard current at the time 1,813 - 1,813 Initial adoption - IFRS 16 11,633 567 12,200 Addition of new contracts 1,119 - 1,119 Remeasurement of contracts 1,546 - 1,546 Appropriate interest 765 26 791 Lease expense 89 - 89 Payments (2,709) (204) (2,913) Exchange variation (4) (17) (21) Balances on December 31, 2019 14,252 372 14,624 Addition of new contracts 478 - 478 Remeasurement of contracts 7,014 - 7,014 Appropriate interest 704 18 722 Lease expense 370 - 370 Payments (1,321) (206) (1,527) Exchange variation (1,969) (35) (2,004) Write-off of contracts (i) (16,923) - (16,923) Balances on December 31, 2020 2,605 149 2,754

(i) As of October 05, 2020, the Company terminated two operating lease contracts in the city of São Félix do Araguaia, state of Mato Grosso. The returned area totalizes 17,281 hectares of arable land.

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December 31, 2020

25. Financial instruments

The Company and its subsidiaries have exposure to the following risks arising from financial instruments:

• Credit risk; • Liquidity risk; and • Market risk.

This note presents information about exposure to each of the above risks, the Company and its subsidiaries objectives, polices and processes for measuring risks, risk management and capital management.

a. Risk management framework

The CEO - Chief Executive Officer has overall responsibility for the establishment and oversight Company and its subsidiaries risk management structure and is assisted on this function by the Department of Risk Management, which is responsible for monitor and analyze with the objective of identify risks the Company and its subsidiaries is exposed, as well as to map possible impacts due to economic and financial variables, like exchange and interest fluctuations and other.

These analyzes are also used as a management tool to set commercial and hedge strategies, reducing exposures.

Policies of risk management were established to identify and analyze exposure risks and define acceptable risk limits. It was also created an appropriate structure of controls to monitor risks and the utilization of limits set. Policies and limits are revised in a regular base.

b. Credit risk

Credit risk is the risk of financial losses to the Company and its subsidiaries due to a customer or counterparty in a financial instrument and arises from a fail of them to meet their contractual obligations.

(i) Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was the follows:

Consolidated Company Note 2020 2019 2020 2019

Bank deposits (a) 9 366,227 64,957 11 21 Derivative financial instruments 1,255,979 173,283 - - Leases receivable 1,817 1,212 - - Loans granted 17 9,651 54,771 - - Marketable securities (b) 9 and 10 514,137 530,168 - - Securities brokerage operations 408,332 56,479 - - Trade accounts receivable (c) 11 246,124 321,639 - - Other credits 20,376 34,930 - - 2,822,643 1,237,439 11 21

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December 31, 2020

(a) Bank deposits

Amounts maintained in first line financial institutions to minimize credit risk of these operations.

(b) Marketable securities

Amounts maintained in first line financial institutions to minimize credit risk of these operations.

(c) Trade accounts receivable

Management seeks to mitigate credit of trade accounts receivable through monitoring and periodic individual evaluation of its customers.

Criteria for accepting new customers include an analysis of potential customer’s financial condition and socio-economic profile, defining credit limits and payment terms. The analysis of this information by the Company and its subsidiaries may include external ratings, where available, and bank references.

Credit limits are established to each customer, in an individual basis, and represent the maximum amount of exposure accepted to each customer. Credit limits are reviewed when considered necessary or when it is required. Transactions with customers with no approved credit limits are only performed through advances.

The segment where the Company and its subsidiaries operates rarely presents losses by default, however, when necessary, it is recorded a provision for doubtful accounts, analyzing each customer individually.

The composition by class of maturity at the end of the reporting period of the balances was as follows:

Consolidated

2020 2019 To overcome 215,997 288,036 Overdue up to 30 days 2,263 8,200 Overdue 31 to 60 days 1,063 1,530 Overdue 61 to 90 days 3,632 5,678 Overdue 91 to 120 days 2,324 6,365 Overdue 121 to 150 days 16,383 1,217 Overdue 151 to 180 days 2,342 1,423 Overdue 181 to 210 days 1,214 4,284 Overdue 211 to 240 days 1,004 2,493 Overdue 241 to 360 days 487 2,413 Overdue by more than 360 days 1,160 498

247,869 322,137

Management believes that amounts that have not been impaired due to impairment and which are overdue up to 360 days are still fully chargeable, based on historical payment behavior and detailed analyzes of the credit risk of the respective customers.

Amounts of impairment related to trade accounts receivable are reported on note 11.

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December 31, 2020

c. Liquidity risk

Liquidity risk is the risk of difficulties to meet the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. Company and its subsidiaries approach to manage liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when it is due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company and its subsidiaries reputation.

Below, the contractual maturities of financial liabilities are presented, including estimated interest payments:

Consolidated

December 31, 2020 Note Total

amount Contractual

Cash flow Until 1

year 1 - 2

years 2 - 5

years More than

5 years Non-derivative financial liabilities Accounts payable to suppliers and other payables

21 403,258 403,258 403,258 - - -

Loans and financing 22 2,496,948 2,680,989 997,327 815,180 733,867 134,615 Advances from customers 23 186,890 186,890 186,890 - - - Securities brokerage operations 3,618 3,618 3,618 - - - Lease liabilities 24 2,754 3,094 961 487 1,047 599 Others accounts payable 22,879 22,879 22,879 - - - 3,116,347 3,300,728 1,614,933 815,667 734,914 135,214 Derivative financial liabilities Derivative financial liabilities 1,218,055 1,218,055 1,129,485 80,036 6,847 1,687 1,218,055 1,218,055 1,129,485 80,036 6,847 1,687 Net 4,334,402 4,518,783 2,744,418 895,703 741,761 136,901


amount Contractual

Cash flow Until 1

year 1 - 2

years 2 - 5

years More than

5 years Non-derivative financial liabilities Accounts payable to suppliers and other payables

21 320,546 320,546 274,421 46,125 - -

Loans and financing 22 2,152,130 2,426,786 630,416 514,799 1,045,189 236,382 Advances from customers 23 64,607 64,607 64,426 181 - - Securities brokerage operations 679 679 679 - - - Lease liabilities 24 14,624 16,973 3,234 2,948 8,250 2,541 Others accounts payable 9,235 9,235 9,235 - - - 2,561,821 2,838,826 982,411 564,053 1,053,439 238,923 Derivative financial liabilities Derivative financial liabilities 162,121 162,121 148,039 4,348 7,938 1,796 162,121 162,121 148,039 4,348 7,938 1,796 Net 2,723,942 3,000,947 1,130,450 568,401 1,061,377 240,719

Company


amount Contractual

Cash flow Until 1

year 1 - 2

years 2 - 5

years More than

5 years Non-derivative financial liabilities Others accounts payable 250 250 250 - - - Net 250 250 250 - - -


amount Contractual

Cash flow Until 1

year 1 - 2

years 2 - 5

years More than

5 years Non-derivative financial liabilities Accounts payable to suppliers 21 2 2 2 - - - Others accounts payable 347 347 347 - - - Net 349 349 349 - - -

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Amounts stated above represent cash flows related to derivative and non-derivative financial instruments recorded as liabilities maintained to risk management and normally, not liquidated before their contractual maturity.

As disclosed on note 22, Company and its subsidiaries maintains loans with covenants.

d. Market risk

Market risk is the risk that changes on market prices, such as foreign exchange rates, interest rates and commodity prices will affect the Company and its subsidiaries income or the value of its investments in financial instruments.

The objective of market risk management is to manage and control market risk exposures, within acceptable parameters, while optimizing returns.

The Company and its subsidiaries also operate with derivative financial instruments and complies with financial obligations to manage market risks. All these operations are conducted within the Department of Risk Management requirements.

(i) Exchange rate risk

The exchange rate risk is related to market risk and to the possibility of oscillations of exchange rates that may cause losses to the Company and its subsidiaries, reducing its assets or increasing its obligations.

The main exposure to exchange variation for the Company and its subsidiaries refers to the fluctuation of the US Dollar against the Real, since the greater portion of its liabilities, such as financing and balances payable for the supply of raw materials, is linked to the Dollar.

The Company and its subsidiaries contracts derivative transactions (NDF, swap and foreign exchange contracts), with financial institutions as instruments of protection (hedge).

Follows, below, the composition of these financial instruments:

Consolidated

Currency options

2020 2019

Position Kind of asset Notional Maturity Fair value Effect on

profit/loss Notional Maturity Fair value Effect on

profit/loss Short Dollar 11,438 2021 (1,364) (1,364) - - - -

(1,364) (1,364) - -

Foreign exchange contracts

2020 2019



profit/loss Short Dollar - - - - 445,000 2020 10,963 10,963 Short Dollar 255,000 2021 (8,328) (8,328) - - - -

(8,328) (8,328) 10,963 10,963

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Non-deliverable of currency

2020 2019



profit/loss Long Dollar - - - - 672,866 2020 (15,409) (15,409) Long Dollar 508,005 2021 3,489 3,489 - - - - Short Dollar - - - - 1,438,402 2020 41,484 41,484 Short Dollar 1,837,149 2021 4,446 4,446 150,617 2021 6,343 6,343 Short Dollar 120,300 2022 6,984 6,984 - - - -

14,919 14,919 32,418 32,418

SWAP of currency and interest rates

2020 2019

Position Kind of asset Notional Maturity Fair

value Effect on


profit/loss Active Dollar + pre fixed rate - - - - 559,811 2020 574,506 574,506 Active Dollar + pre fixed rate 465,534 2021 470,412 470,412 179,690 2021 190,064 190,064 Active Dollar + pre fixed rate 200,167 2022 197,475 197,475 200,167 2022 211,965 211,965 Active Dollar + pre fixed rate 23,034 2023 33,153 33,153 20,000 2023 21,765 21,765 Passive %CDI - - - - 559,811 2020 (580,673) (580,673) Passive %CDI 465,534 2021 (465,969) (465,969) 179,690 2021 (181,575) (181,575) Passive %CDI 200,167 2022 (183,518) (183,518) 200,167 2022 (199,375) (199,375) Passive %CDI 23,034 2023 (24,000) (24,000) 20,000 2023 (17,825) (17,825)

27,553 27,553 18,852 18,852

Exchange rate sensitivity analysis

The Company and its subsidiaries have three scenarios for sensitivity analysis, a probable, shown below, and two that can affect the deterioration of the fair value of financial instruments of the Company and its subsidiaries.

Scenarios Risk Remote Possible

Probable Possible Remote

(-50%) (-25%) (+25%) (+50%) Currency options Variation of Dollar (682) (1,023) (1,364) (1,705) (2,046) Foreign exchange contracts Variation of Dollar (4,164) (6,246) (8,328) (10,410) (12,492) Non-deliverable of currency Variation of Dollar 22,379 18,649 14,919 11,189 7,460 SWAP of currency Variation of Dollar 41,330 34,441 27,553 20,665 13,777 58,863 45,821 32,780 19,739 6,699

Exposure to foreign exchange risk

The summary of the quantitative data on the Company and its subsidiaries exchange risk exposure, as reported to management is demonstrated below:

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December 31, 2020

Consolidated Company Note 2020 2019 2020 2019 Trade accounts and other receivables Dollar (*) 137,887 244,228 - - Real 108,237 77,411 - - 11 246,124 321,639 - - Accounts payable to suppliers and other payables

Dollar (*) (89,947) (149,444) - - Real (313,311) (171,102) - (2) 21 (403,258) (320,546) - (2) Loans and financing Dollar (*) (2,084,448) (1,766,936) - - Real (386,315) (316,234) - - Euro (12,551) (45,953) - - Argentinian peso (13,634) (23,007) - - 22 (2,496,948) (2,152,130) - - Net exposures of the balance sheet Dollar (*) (2,036,508) (1,672,152) - - Real (591,389) (409,925) - (2) Euro (12,551) (45,953) - - Argentinian peso (13,634) (23,007) - -

(*) There is no exposure to exchange variation in the Dollar, which is the Company's functional currency.

(ii) Interest rate risk

The Company and its subsidiaries seek to maintain its exposure to interest rates at acceptable levels. Exposure to this risk is substantially related to loans and financing and financial investments.

On the date of these financial statements, the profile of financial investments remunerated through interests was, without any interference of hedge instruments, as follows:

Consolidated

Note 2020 2019 Variable rate financial instruments Marketable securities 9 and 10 511,042 348,796 Loans granted 17 7,799 20,324 Loans and financing 22 (1,718,945) (1,483,136) (1,200,104) (1,114,016) Fixed rate financial instruments Marketable securities 9 and 10 3,095 181,372 Loans granted 17 1,852 34,447 Loans and financing 22 (778,003) (668,994) (773,056) (453,175) Net (1,973,160) (1,567,191)

The Company and its subsidiaries do not account for any financial assets or liabilities indexed to fixed rates at fair value through profit or loss and does not designate derivatives (swap of interest rates) as fair value hedges. This results that any variation on interest rates at the date of financial statements would not change profit or loss.

Hedge instruments contracted to mitigate this risk that prevails on the date of these financial statements are presented below:

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December 31, 2020

Consolidated

SWAP of interest rates

2020 2019

Position Kind of asset Notional Maturity Fair

value Effect on

profit/loss Notional Maturity Fair

value Effect on

profit/loss Active CDI + Pre fixed rate - - - - 181,241 2020 30,066 30,066 Active CDI + Pre fixed rate 37,779 2021 40,798 40,798 - - - - Active Libor 6M - - - - 305,000 2020 277,200 277,200 Active Libor 6M 200,000 2021 199,028 199,028 200,000 2021 165,724 165,724 Active Libor 6M 75,519 2022 61,962 61,962 75,519 2022 79,623 79,623 Active Pre fixed rate - - - - 390,264 2020 (69,877) (69,877) Active Pre fixed rate 4,302 2021 1,538 1,538 4,302 2021 (58,213) (58,213) Active Pre fixed rate 4,302 2022 1,450 1,450 4,302 2022 (46,351) (46,351) Active Pre fixed rate 14,324 2023 3,607 3,607 14,324 2023 (35,542) (35,542) Active Pre fixed rate 5,154 2024 2,429 2,429 5,154 2024 (11,846) (11,846) Active Pre fixed rate 1,394 2025 31 31 1,394 2025 37 37 Active Pre fixed rate 1,394 2026 18 18 1,394 2026 21 21 Active Pre fixed rate 1,394 2027 6 6 1,394 2027 7 7 Passive Dollar + Pre fixed rate - - - - 876,505 2020 (252,288) (252,288) Passive Dollar + Pre fixed rate 242,081 2021 (244,252) (244,252) 204,302 2021 (109,775) (109,775) Passive Dollar + Pre fixed rate 79,821 2022 (79,244) (79,244) 79,820 2022 (32,842) (32,842) Passive Dollar + Pre fixed rate 14,324 2023 (7,141) (7,141) 14,324 2023 32,120 32,120 Passive Dollar + Pre fixed rate 5,154 2024 (3,859) (3,859) 5,154 2024 11,116 11,116 Passive Dollar + Pre fixed rate 1,394 2025 (802) (802) 1,394 2025 (598) (598) Passive Dollar + Pre fixed rate 1,394 2026 (839) (839) 1,394 2026 (621) (621) Passive Dollar + Pre fixed rate 1,394 2027 (871) (871) 1,394 2027 (641) (641)

(26,141) (26,141) (22,680) (22,680)

Interest rate sensitivity analysis


Scenarios Risk Remote Possible

Probable Possible Remote

(-50%) (-25%) (+25%) (+50%) SWAP of interest rates Variation of interest rates (13,071) (19,606) (26,141) (32,676) (39,212) (13,071) (19,606) (26,141) (32,676) (39,212)

(iii) Commodities price risk

The Company and its subsidiaries sale soybean and corn, products and sale soybean meal and soybean oil, products characterized as agricultural commodities, originating from own production and third parties.

The Company and its subsidiaries acquire the grains in the domestic market and sells industrialized products and grains in the domestic or foreign market.

As commodities are traded, in Brazil (BM&FBOVESPA) and abroad (CBOT) it is able to adopt some hedge tools. Between the most common practices adopted, we can see the use of future contracts and options as the main hedge tools to mitigate the risk of price variations.

Buy and sell operation of grains and industrialized products are done simultaneously, using hedge tools to protect prices when clients are not immediately available in the moment of grains acquisition.

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The Company and its subsidiaries may incur in physical position open, in acquisitions and sells, on the following situations:

• Purchase long position: if the quantity of products acquired or contracted exceeds the quantity of products sold or contracted so, the difference is protected through hedge tools; and

• Sell short position: if the quantity of products acquired or contracted is lower than the quantity of products sold or contracted so, the difference is protected through hedge tools.

Hedge instruments contracted to mitigate this risk that prevails on the date of these financial statements are presented below:

Consolidated

Commodity options

2020 2019

Position Kind of asset Notional

(Ton.) Maturity Fair

value Effect on

profit/loss Notional


value Effect on

profit/loss Short Soybean 67,494 2021 (1,126) (1,126) 59,874 2020 986 986

(1,126) (1,126) 986 986

Future of commodities

2020 2019



value Effect on



value Effect on

profit/loss Long Corn - - - - 825,034 2020 7,462 7,462 Long Corn 784,226 2021 10,961 10,961 - - - - Long Corn 10,161 2022 51 51 - - - - Long Soybean - - - - 3,592,914 2020 (20,046) (20,046) Long Soybean 1,373,369 2021 184,311 184,311 20,683 2021 (124) (124) Long Soybean 131,037 2022 6,980 6,980 - - - - Long Soybean meal - - - - 224,168 2020 882 882 Long Soybean meal 13,336 2021 884 884 - - - - Long Soybean oil - - - - 127,641 2020 (5,073) (5,073) Long Soybean oil 31,570 2021 3,929 3,929 - - - - Long Wheat - - - - 55,932 2020 520 520 Short Corn 1,371,183 2021 (44,016) (44,016) - - - - Short Corn 359,558 2022 (5,289) (5,289) - - - - Short Soybean - - - - 284,525 2020 (1,853) (1,853) Short Soybean 3,488,399 2021 (451,851) (451,851) - - - - Short Soybean 481,965 2022 (24,504) (24,504) - - - - Short Soybean meal 353,080 2021 (42,163) (42,163) - - - - Short Soybean meal 544 2022 (26) (26) - - - - Short Soybean oil 106,930 2021 (24,204) (24,204) - - - - Short Soybean oil 163 2022 (19) (19) - - - - Short Wheat 7,952 2021 (68) (68) - - - -

(385,024) (385,024) (18,232) (18,232)

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Term of commodities

2020 2019


(Ton.) Maturity Fair value Effect on


(Ton.) Maturity Fair value Effect on

profit/loss Long Barley - - - - 4,407 2020 (13) (13) Long Barley 530.632 2021 508 508 - - - - Long Corn - - - - 1,316,662 2020 2,270 2,270 Long Corn 1,965,539 2021 71,046 71,046 - - - - Long Corn 223,200 2022 3,664 3,664 - - - - Long Sorghum - - - - 41,022 2020 791 791 Long Sorghum 1,936,324 2021 27,894 27,894 - - - - Long Soybean - - - - 3,625,758 2020 16,489 16,489 Long Soybean 4,961,726 2021 712,216 712,216 20,717 2021 824 824 Long Soybean 280,975 2022 12,455 12,455 - - - - Long Sunflower 85,713 2021 3,542 3,542 - - - - Long Wheat - - - - 129,074 2020 950 950 Long Wheat 166,443 2021 87 87 - - - - Short Corn - - - - 1,125,259 2020 (4,708) (4,708) Short Corn 1,632,785 2021 (50,012) (50,012) - - - - Short Corn 152,000 2022 290 290 - - - - Short Sorghum - - - - 17,500 2020 (385) (385) Short Sorghum 416,015 2021 (9,169) (9,169) - - - - Short Soybean - - - - 2,813,499 2020 (34,725) (34,725) Short Soybean 2,495,757 2021 (334,088) (334,088) - - - - Short Soybean 196,000 2022 (7,046) (7,046) - - - - Short Soybean meal - - - - 344,758 2020 2,077 2,077 Short Soybean meal 432,719 2021 (10,407) (10,407) - - - - Short Soybean oil - - - - 45,460 2020 5,694 5,694 Short Soybean oil 54,704 2021 (4,027) (4,027) - - - - Short Sunflower 30,000 2021 630 630 Short Wheat - - - - 214,000 2020 (628) (628) Short Wheat 5,066 2021 88 88

417,671 417,671 (11,364) (11,364)

Commodity price risk sensitivity analysis


Scenarios Risk Remote Possible Possible Remote (-50%) (-25%) Probable (+25%) (+50%)

Commodity options Short position Price decrease (563) (845) (1,126) (1,408) (1,689) (563) (845) (1,126) (1,408) (1,689) Future of commodities Long position Price decrease 310,674 258,895 207,116 155,337 103,558 Short position Price increase (296,070) (444,105) (592,140) (740,175) (888,210) 14,604 (185,210) (385,024) (584,838) (784,652) Term of commodities Long position Price decrease 1,247,118 1,039,265 831,412 623,559 415,706 Short position Price increase (206,871) (310,306) (413,741) (517,176) (620,612) 1,040,247 728,959 417,671 106,383 (204,906)

1,054,288 542,904 31,521 (479,863) (991,247)

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December 31, 2020

e. Reconciliation of net effects of fair value of derivatives with balance sheet

The fair value of derivative financial instruments is recorded as an asset or a liability on financial statements.

Follows, below, the reconciliation of net effects of fair value recorded on the balance sheet:

(i) Amounts on the balance sheet

2020 2019 Derivatives financial instruments (assets) 1,255,979 173,283 Derivatives financial instruments (liabilities) (1,218,055) (162,121)

37,924 11,162

Current net carrying amount 44,526 (13,118) Non-current net carrying amount (6,602) 24,280

(ii) Amounts by kind of operation

2020 2019 Currency options (1,600) 219 Foreign exchange contracts (8,328) 10,963 NDF of currency 14,919 32,418 SWAP of currency 27,553 18,852 SWAP of interest rates (26,141) (22,680) Commodity options (1,126) 986 Future of commodities (385,024) (18,232) Term of commodities 417,671 (11,364)

37,924 11,162

f. Capital management

The Board’s policy is to maintain a strong capital base to maintain investors, creditors and market confidence and to sustain future development of the business. The Board of Directors monitors capital returns that Company and its subsidiaries defines as result of operational activities divided by total equity, excluding non-redeemable preference quotes, and non-controlling interests. The Board of Directors also monitors the level of dividends to ordinary shareholders.

The Board of Directors tries to maintain a good relation between high returns and adequate level of loans, advantages and security, provided by a healthy position of capital.

g. Accounting classifications and fair value

Fair value versus carrying amounts

The fair value of financial assets and liabilities, together with the carrying amounts presented in financial statements, are as follows:

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December 31, 2020

Consolidated

December 31, 2020 Note

Fair value through profit or

loss

Financial assets at

amortized cost

Financial liabilities at

amortized cost

Carrying amount Fair value

Fair value hierarchy

Non-derivative financial instruments Cash 9 - 35 - 35 35 - Bank deposits 9 - 366,227 - 366,227 366,227 - Marketable securities 9 and 10 162,256 351,881 - 514,137 514,137 Level 2 Trade accounts and other receivables

11 104,984 141,140 - 246,124 246,124 Level 2

Leases receivable - 1,817 - 1,817 1,817 Level 2 Loans granted 17 - 9,651 - 9,651 9,651 - Securities brokerage operations - 408,332 - 408,332 408,332 - Others credits - 20,376 - 20,376 20,376 - Accounts payable to suppliers and other payables

21 - - (403,258) (403,258) (403,258) -

Loans and financing 22 - - (2,496,948) (2,496,948) (2,463,205) Level 2 Lease liabilities 24 - - (2,754) (2,754) (2,754) Level 2 Securities brokerage operations - - (3,618) (3,618) (3,618) - Other accounts payable - - (22,879) (22,879) (22,879) - 267,240 1,299,459 (2,929,457) (1,362,758) (1,329,015) Derivative financial instruments Assets 1,255,979 - - 1,255,979 1,255,979 Level 2 Liabilities (1,218,055) - - (1,218,055) (1,218,055) Level 2 37,924 - - 37,924 37,924 Net 305,164 1,299,459 (2,929,457) (1,324,834) (1,291,091)

December 31, 2019 Note

Fair value through profit or

loss

Financial assets at

amortized cost


amortized cost

Carrying amount Fair value

Fair value hierarchy

Non-derivative financial instruments Cash 9 - 33 - 33 33 - Bank deposits 9 - 64,957 - 64,957 64,957 - Marketable securities 9 and 10 153,809 376,359 - 530,168 530,168 Level 2 Trade accounts and other receivables

11 40,526 281,113 - 321,639 321,639 Level 2

Leases receivable - 1,212 - 1,212 1,212 Level 2 Loans granted 17 - 54,771 - 54,771 54,771 - Securities brokerage operations - 56,479 - 56,479 56,479 - Others credits - 34,930 - 34,930 34,930 - Accounts payable to suppliers and other payables

21 - - (320,546) (320,546) (320,546) -

Loans and financing 22 - - (2,152,130) (2,152,130) (2,291,388) Level 2 Lease liabilities 24 - - (14,624) (14,624) (14,624) Level 2 Securities brokerage operations - - (679) (679) (679) - Other accounts payable - - (9,235) (9,235) (9,235) - 194,335 869,854 (2,497,214) (1,433,025) (1,572,283) Derivative financial instruments Assets 173,283 - - 173,283 173,283 Level 2 Liabilities (162,121) - - (162,121) (162,121) Level 2 11,162 - - 11,162 11,162 Net 205,497 869,854 (2,497,214) (1,421,863) (1,561,121)

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December 31, 2020

Company

December 31, 2020 Note Financial assets

at amortized cost


amortized cost Carrying amount Fair value Non-derivative financial instruments Bank deposits 9 11 - 11 11 Other accounts payable - (250) (250) (250) 11 (250) (239) (239)

December 31, 2019 Note Financial assets

at amortized cost


amortized cost Carrying amount Fair value Non-derivative financial instruments Bank deposits 9 21 - 21 21 Accounts payable to suppliers 21 - (2) (2) (2) Other accounts payable - (347) (347) (347) 21 (349) (328) (328)

h. Fair value hierarchy

The fair value of the Company's financial assets and liabilities was determined based on information available on the market and the application of methodologies to better assess each type of instrument.

The methods below were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value.

The Company’s marketable securities are comprised bank deposits certificate and investments securities, are classified in Level 2.

The balances of “trade accounts and other receivables” related to sale of lands (see note 11), to which ones the value receivable is contractually determined in reais and equivalent to a number of soy bags, are initially designated at financial assets and measured by fair value by the result. In such cases, the value of accounts receivable is subsequently measured on each balance sheet date, applying the amount of soybeans to the soybean quotation for future delivery on the maturity date of each installment (or based on estimates and broker quotes when there is no quotation of soybeans for future delivery on a specific maturity date) and multiplying the resulting dollar amount by the exchange rate from US$ to R$ for future delivery also on the same maturity date (considering that future soybean quotations denominated in dollars) and the resulting amount in reais is discounted to present value. The gain (or loss) on the subsequent measurement of receivables is recognized in “Net other operating income (expenses)” in “Update on land sell receivables” (see note 34). Thus, the transaction are classified as Level 2.

The measurement of the fair value of loans and financing is estimated by discounting future contractual cash flows at the current market interest rate, which is available for similar financial instruments, which are also linked to quoted prices.

Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and over the counter instruments related primarily to agricultural commodities, interest rates, and foreign currencies. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 2. The majority of the Company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables. Fair value for forward

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December 31, 2020

commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company's forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from broker or dealer quotations or market transactions in either the listed or over the counter markets and are considered observable. Changes in the fair value of commodity-related derivatives are recognized in the statements of earnings as a component of cost of products sold. Changes in the fair value of foreign currency-related derivatives are recognized in the statements of earnings as a component of cost of products sold, other operating income (expenses) and net financial expenses, depending upon the purpose of the contract.

Estimated fair values for inventories carried at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from broker or dealer quotations or market transactions in either the listed or over the counter markets and are considered observable. Changes in the fair value of inventories are recognized in the statements of earnings as a component of cost of products sold.

26. Provision for contingencies (consolidated)

The Company and its subsidiaries are part (defendant) in judicial lawsuits and administrative proceedings in several courts and government agencies, arising from the normal course of operations, including tax, labor, civil and other proceedings.

Management, based on information from its legal advisors, review of pending legal proceedings, and previous experience with regards to amounts claimed, recorded the following provisions in amounts considered sufficient to cover probable estimated losses from the current actions:

Balances at: Civil Labor Tax Total January 01, 2019 108 1,987 1,069 3,164 Addition 48 681 - 729 Reversed (11) (46) - (57) Exchange rate variation (5) (78) (41) (124) Conversion effect - (5) - (5) December 31, 2019 140 2,539 1,028 3,707 Addition 24 486 - 510 Reversed (35) (411) - (446) Exchange rate variation (36) (549) (231) (816) Conversion effect - (33) - (33) December 31, 2020 93 2,032 797 2,922

The Company and its subsidiaries are part in other lawsuits related to labor, civil and tax issues in which the risk loss are classified as “possible” and on December 31, 2020 corresponds nearly to US$ 25,955 (December 31, 2019 in the amount of US$ 64,228). In these lawsuits, management, supported by its consultants and according to accounting practices, understand that no provision is necessary.

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27. Related parties transactions

The main balances of assets and liabilities, as well as transactions that influence profit or loss related to transactions with the Company and its subsidiaries and related parties, arising from operations between the Company and its subsidiaries and its related parties. The ultimate beneficiary is Maggi family.

a. Impact on balance sheet

Consolidated Company Note 2020 2019 2020 2019 Cash and cash equivalents AL5 S.A. Crédito, Financiamento e Investimento (i) 535 6,922 - - 9 535 6,922 - - Marketable securities AL5 S.A. Crédito, Financiamento e Investimento (i) 7,906 2,391 - - 10 7,906 2,391 - - Trade accounts receivable and other receivables AL5 S.A. Crédito, Financiamento e Investimento (i) 3 3 - - Amaggi Europe B.V. (ii ) 289 21,985 - - Amaggi S.A. (iii ) 10,536 69,762 - - Denofa A.S. (iv) - 259 - - Navegações Unidas Tapajós S.A. 16 34 - - Shareholders 1,524 2,121 - - 11 12,368 94,164 - - Leases receivable Shareholders 1,817 1,212 - - 1,817 1,212 - - Advances to suppliers Navegações Unidas Tapajós S.A. - 1,610 - - Shareholders 359 35 - - 14 359 1,645 - - Loans granted (*) Amaggi Europe B.V. (ii) - 32,060 - - Navegações Unidas Tapajós S.A. 7,694 20,202 - - Rio Madeira Administração de Bens Ltda. 105 122 - -

17 7,799 52,384 - - Dividends receivable Terminal de Granéis do Guarujá S.A. 655 849 - -

655 849 - - Accounts payable to suppliers and other payables Amaggi Europe B.V. (ii) 12 - - - Amaggi Louis Dreyfus Zen-Noh Terminais Portuários S.A. 48 - - - Amaggi S.A. (iii) 1,047 15,859 - - Denofa A.S. (iv) - 110 - - Navegações Unidas Tapajós S.A. 379 15 - - Rio Madeira Administração de Bens Ltda. 10 13 - - Terminal de Granéis do Guarujá S.A. - 196 - - Shareholders 3,147 5,542 - - 21 4,643 21,735 - - Loans and financing Shareholders - 1,188 - - 22 - 1,188 - - Advances from customers Amaggi S.A. (iii) - 19,068 - - Shareholders 4,005 2,183 - - 23 4,005 21,251 - - Lease liabilities Shareholders 321 352 - - 24 321 352 - -

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Consolidated Company Note 2020 2019 2020 2019 Dividends payable BBM Administração e Participações Ltda. 5,008 4,230 5,008 4,230 HFLC Administração e Participações Ltda. 5,008 4,230 5,008 4,230 MP Administração e Participações Ltda. 5,008 4,230 5,008 4,230 MS Administração e Participações Ltda. 5,008 4,230 5,008 4,230 VIP Administração e Participações Ltda. 5,007 4,230 5,007 4,230 Shareholders 5,272 4,398 5,007 4,230 30,311 25,548 30,046 25,380

(*) Loans granted to related parties were made in accordance with conditions set forth in the contract in accordance with note 19.

b. Impact on income statement Note 2020 2019 Revenue Amaggi Europe B.V. (ii) 147,394 307,273 Amaggi Louis Dreyfus Zen-Noh International Ltd. 40,693 71,837 Amaggi Louis Dreyfus Zen-Noh Terminais Portuários S.A. 261 563 Amaggi S.A. (iii) 753,204 955,870 Denofa A.S. (iv) 1,754 21,594 Shareholders 13,796 14,479 29 957,102 1,371,616 Port services Amaggi Europe B.V. (ii) - (4) Amaggi Louis Dreyfus Zen-Noh Terminais Portuários S.A. (3,890) (3,775) Amaggi S.A. (iii) (14) (18) Navegações Unidas Tapajós S.A. (11,399) (15) Terminal de Granéis do Guarujá S.A. (11,693) (17,874) Terminal Fronteira Norte - Logística S.A. - (15,490) 32 (26,996) (37,176) Brokerage and commissions Amaggi S.A. (iii) (965) (360) 32 (965) (360) Freights Amaggi S.A. (iii) (831) - 32 (831) - Storage Amaggi Europe B.V. (ii) (677) (1,801) 32 (677) (1,801) Rent and leases Cidezal Agrícola Ltda. (vi) (7) (9) Shareholders (333) (13) 33 (340) (22) Consultancy services Shareholders - (6) 33 - (6) Corporate revenues AL5 S.A. Crédito, Financiamento e Investimento (i) 31 36 Navegações Unidas Tapajós S.A. 376 299 Terminal Fronteira Norte - Logística S.A. - 164 33 407 499 Carrying charges Amaggi Europe B.V. (ii) - 99 Amaggi S.A. (iii) (134) (99) 34 (134) - Demurrage Amaggi Europe B.V. (ii) - (45) Amaggi Louis Dreyfus Zen-Noh International Ltd. 628 (113) Amaggi S.A. (iii) (1,986) (1,127) Denofa A.S. (iv) (265) (241) 34 (1,623) (1,526)

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Note 2020 2019 Despatch Amaggi Louis Dreyfus Zen-Noh International Ltd. 13 58 Amaggi S.A. (iii) 1,022 1,694 Denofa A.S. (iv) 178 125 34 1,213 1,877 Detention Amaggi Europe B.V. (ii) (30) (55) Amaggi S.A. (iii) (1,075) - 34 (1,105) (55) Rural lease revenue Shareholders 2,221 1,674 34 2,221 1,674 Other revenue Amaggi Europe B.V. (ii) 227 - 34 227 - Financial income AL5 S.A. Crédito, Financiamento e Investimento (i) 224 519 Amaggi Europe B.V. (ii) 514 1,472 Amaggi Louis Dreyfus Zen-Noh International Ltd. - 1 Amaggi Luxembourg S. à r.l. (v) - 3 Denofa A.S. (iv) 3 4 Jesuíta Energia S.A. 4 44 Navegações Unidas Tapajós S.A. 244 938 Rio Madeira Administração de Bens Ltda. 2 5 Shareholders 708 421 35 1,699 3,407 Financial expenses Shareholders (396) (598) 35 (396) (598)

(i) AL5 S.A. Crédito, Financiamento e Investimento and André Maggi Participações S.A. have final controlling shareholders in common. The transactions with Amaggi S.A. - Crédito, Financiamento e Investimento refers to financial investments.

(ii) Amaggi Europe B.V. and André Maggi Participações S.A. have final controlling shareholders in commom. The transactions with Amaggi Europe B.V. refers to commodities selling following conditions determined in the contract.

(iii) Amaggi S.A. and André Maggi Participações S.A. have final controlling shareholders in commom. The transactions with Amaggi S.A. refers to commodities selling with conditions specified in contracts. Following conditions determined in the contract.

(iv) Denofa A.S. and André Maggi Participações S.A. have final controlling shareholders in commom. The transactions with Denofa A.S. refers to commodities selling following conditions determined in the contract.

(v) Amaggi Luxembourg S. à r.l. and André Maggi Participações S.A. have final controlling shareholders in common. Transactions with Amaggi Luxembourg S. à r.l. refers to loans granted following conditions determined in the contract.

(vi) Cidezal Agrícola Ltda. and André Maggi Participações S.A. have common controlling shareholders in common. Transactions with Cidezal Agrícola Ltda. refer to rent expense following the conditions established in the contract.

Compensation of the Company’s key management personnel for the year ended December 31, 2020 constitutes the value of US$ 1,525 and the value of US$ 2,403 on December 31, 2019.

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28. Equity (company)

a. Capital

On December 31, 2020 and December 31, 2019, the subscribed and paid-up capital was represented by the amount of U$ 447,583, represented by 879,755,350 common shares, all nominative without par value.

b. Legal reserve

It consists by 5% of net income according to art, 193 of Law 6.404/76, up to the limit of 20% of the capital.

c. Equity valuation adjustments

It consists substantially of the effect of the adoption of deemed cost for fixed assets of its own assets and its subsidiaries due to the application of IAS 27, net of related income tax and social contribution, and that has been realized through depreciation, sale or disposal of assets from which it originated.

The Company and its subsidiaries recognize in this account increases or decreases in value assigned to assets and liabilities as a result of its evaluation at fair value, while not recorded in profit or loss according to the accrual basis.

d. Cumulative translation adjustments

Differences generated on the conversion of financial statements from the local currencies of the entities to the currency presented on these financial statements.

e. Goodwill on capital transaction

Records the amount of goodwill paid in acquisition of additional participation of non-controlling shareholders of subsidiary.

f. Participation of variation in controlled capital

Records the amount by cancellation of non-controlling interest in subsidiaries. The amount is presented as an increase on the controlling equity.

g. Profit retention reserve

Retained earnings up to December 31, 2020 have been reclassified in stockholders' equity from retained earnings to profit reserves, and are available to shareholders. In accordance with art. 199 of Law 6.404/76, on December 31, 2020 the Company has excess reserves over capital. The management's proposal is to resolve the allocation at the next Shareholders' General Meeting.

h. Dividends

Shareholders’ are guaranteed a minimum dividend of 20% of annual net income, adjusted according to Brazilian Corporate Law.

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i. Earnings per share

Basic and diluted earnings per share were calculated based on the result attributable to the controlling shareholders divided by the weighted average number of common shares existing during the period, as shown in the table below.

(amounts expressed in thousands, except earnings per share)

2020 2019 Income for the period available to controlling shareholders 275,062 131,324 Weighted average number of common shares outstanding 879,755 782,782 Basic and diluted earnings per common share 0.3127 0.1678

The Company does not have outstanding common shares that may cause dilution or debt convertible into common shares. As such, the basic and diluted profit per share are equivalent.

29. Net revenue (consolidated)

a. Reconciliation of net revenue 2020 2019 Sale to related parties - domestic market (note 27) 13,651 14,479 Sale to related parties - foreign market (note 27) 943,045 1,356,574 Sale to third parties - domestic market 877,784 961,594 Sale to third parties - foreign market 2,779,850 2,504,274 Services rendered to related parties (note 27) 406 563 Services rendered to third parties 19,595 25,121 (=) Gross revenue 4,634,331 4,862,605 (-) Sale returns (4,361) (7,171) (-) Tax on sales (65,284) (90,179) (=) Net revenue 4,564,686 4,765,255

b. Gross revenue by kind of product/service sold Reportable segments Agricultural Commodities Navigation Energy Eliminations 2020 Agrochemicals 2,362 62,796 - - (2,194) 62,964 Barley - 10,304 - - - 10,304 Cattle 23,082 - - - - 23,082 Corn 8,888 529,814 - - (5,610) 533,092 Cotton 239,429 11,041 - - - 250,470 Cottonseed kernel 18,223 - - - - 18,223 Electric power - - - 23,228 (4,511) 18,717 Fertilizers 44 272,871 - - (5,995) 266,920 Fluvial transportation services - - 119,117 - (106,100) 13,017 Port services - - 15,365 - (12,426) 2,939 Soybean 255,679 2,728,646 - - (270,990) 2,713,335 Soybean meal - common - 154,175 - - (149) 154,026 Soybean meal - hypro - 215,685 - - - 215,685 Soybean oil - 215,390 - - (440) 214,950 Soybean seed 2,003 27,882 - - (4,836) 25,049 Storage and transshipment - 2,297 7,039 - (7,154) 2,182 Wheat - 47,369 - - - 47,369 Others 3,952 65,117 94,652 - (101,714) 62,007 553,662 4,343,387 236,173 23,228 (522,119) 4,634,331

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Reportable segments Agricultural Commodities Navigation Energy Eliminations 2019 Agrochemicals 2,707 76,983 - - (3,020) 76,670 Barley - 20,525 - - - 20,525 Cattle 13,716 - - - - 13,716 Corn 20,437 838,918 - - (18,079) 841,276 Cotton 217,706 1,447 - - - 219,153 Cottonseed kernel 12,281 - - - - 12,281 Electric power - 39 - 28,761 (4,799) 24,001 Fertilizers - 277,115 - - (11,918) 265,197 Fluvial transportation services - - 117,980 - (106,266) 11,714 Port services - - 17,341 - (14,210) 3,131 Soybean 213,598 2,590,034 - - (218,273) 2,585,359 Soybean meal - common - 126,702 - - (119) 126,583 Soybean meal - hypro - 334,452 - - (23) 334,429 Soybean oil - 228,343 - - (671) 227,672 Soybean seed 305 31,910 - - (3,633) 28,582 Storage and transshipment - 2,428 8,071 - (8,304) 2,195 Wheat - 26,601 - - - 26,601 Others 3,260 46,511 - - (6,251) 43,520 484,010 4,602,008 143,392 28,761 (395,566) 4,862,605

c. Gross revenue by month

2020 2019 January 194,873 251,189 February 317,648 433,397 March 468,480 457,576 April 490,017 465,447 May 591,992 466,286 June 515,860 528,762 July 518,556 471,286 August 449,021 416,536 September 334,992 334,731 October 303,477 485,438 November 217,739 277,572 December 231,676 274,385 4,634,331 4,862,605

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30. Costs and expenses by nature

The Company's income statements are presented by function. The composition of costs and expenses by nature is shown below.

Consolidated Company 2020 2019 2020 2019

Expenses by function Cost of goods and services (note 31) (4,000,351) (4,337,633) - - Selling expenses (note 32) (101,087) (121,653) - - Administrative expenses (note 33) (89,627) (108,249) (274) (363) (4,191,065) (4,567,535) (274) (363) Expenses by nature Acquisition cost of resold products (2,896,055) (3,333,574) - - Benefits (14,309) (16,086) (2) (4) Brokerage and commissions - related parties (note 27) (965) (360) - - Consultancy and audit services (4,387) (5,813) (128) (162) Consultancy and audit services - related parties (note 27) - (6) - - Corporate revenue 407 499 - - Depreciation and amortization (63,351) (60,630) (17) (17) Electric power (21,554) (22,786) - - Employees’ profit sharing (19,180) (17,349) - - Freight (547,800) (603,339) - - Freight - related parties (note 27) (831) - - - Fuels and lubricants (26,615) (31,090) - - Gains (losses) on non-realized derivatives 88,637 (32,691) - - Gains (losses) on realized derivatives (281,688) 49,842 - - Inputs (184,777) (171,001) - - Maintenance (40,016) (41,224) - (5) Market to market of inventories 88,149 (9,164) - - Other services (21,660) (23,217) - - Port services (33,802) (38,605) - - Port services - related parties (note 27) (26,996) (37,176) - - Realization of biological assets (30,802) (24,131) - - Rents and leases - related parties (note 27) (340) (22) - - Salaries (57,239) (72,548) (77) (101) Social charges (14,162) (17,035) (17) (23) Storage and transshipment - related parties (note 27) (677) (1,801) - - Other costs and expenses (81,052) (58,228) (33) (51) (4,191,065) (4,567,535) (274) (363)

31. Cost of goods and services (consolidated)

2020 2019 Acquisition cost of resold products (2,896,055) (3,333,574) Depreciation and amortization (53,590) (49,747) Freight (532,772) (587,450) Fuels and lubricants (25,748) (29,753) Gains (losses) on non-realized derivatives 88,637 (32,691) Gains (losses) on realized derivatives (281,688) 49,842 Realization of biological assets (30,802) (24,131) Inputs (184,666) (170,878) Maintenance (34,274) (35,650) Market to market of inventories 88,149 (9,164) Salaries (36,150) (39,698) Other cost (101,392) (74,739) (4,000,351) (4,337,633)

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32. Selling expenses (consolidated)

2020 2019 Brokerage and commissions (5,214) (5,692) Brokerage and commissions - related parties (note 27) (965) (360) Freight (14,867) (15,655) Freight - related parties (note 27) (831) - Other services (5,700) (7,922) Port services (32,222) (36,891) Port services - related parties (note 27) (26,996) (37,176) Salaries (1,833) (2,215) Storage and transshipment (2,892) (3,859) Storage - related parties (note 27) (677) (1,801) Other selling expenses (8,890) (10,082) (101,087) (121,653)

33. Administrative expenses

Consolidated Company 2020 2019 2020 2019 Benefits (4,125) (5,085) (2) (4) Consultancy and audit services (3,587) (4,688) (128) (162) Consultancy services - related parties (note 27) - (6) - - Corporate revenues (note 27) 407 499 - - Depreciation and amortization (9,692) (10,792) (17) (17) Electric power (2,241) (2,868) - - Employees’ profit sharing (19,180) (17,349) - - Fuels and lubricants (867) (1,256) - - General expenses (5,365) (3,577) (8) (11) Insurance (1,367) (540) (25) (30) Maintenance (5,725) (5,507) - (5) Other services (2,789) (3,831) - - Rents and leases - related parties (note 27) (340) (22) - - Salaries (19,256) (30,635) (77) (101) Social charges (6,179) (7,639) (17) (23) Taxes (5,168) (5,886) - (2) Other administrative expenses (4,153) (9,067) - (8) (89,627) (108,249) (274) (363)

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34. Net other operating income/expenses (consolidated)

2020 2019

Impairment losses of receivables (2,587) (4,563) Carrying charges 219 415 Carrying charges - related parties (note 27) (134) - Demurrage (4,777) (4,554) Demurrage - related parties (note 27) (1,623) (1,526) Despatch 3,882 3,587 Despatch - related parties (note 27) 1,213 1,877 Detention 8 (232) Detention - related parties (note 27) (1,105) (55) Dividends revenue 210 338 Gains from other investments - 1,768 Gains (losses) on disposal of property, plant and equipment 3,093 (2,585) Gains (losses) on non-realized derivatives (23,511) 7,815 Indemnity revenues 840 638 Inventory differences (2,119) (6,782) Losses on realized derivatives (36,578) (679) Public sales revenues - CONAB 16 1,463 Realization of added value on investments (2,204) (2,249) Rural lease revenue - related parties (note 27) 2,221 1,674 Taxes on other operating income and expenses 9,977 (10,296) Update on land sell receivables 11,803 - Other revenues - related parties (note 27) 227 - Other revenues (expenses) 1,933 (423) Other operating income (expenses) (36,409) (9,806) Net (38,996) (14,369)

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35. Net financial income (expenses)

Consolidated Company 2020 2019 2020 2019

Financial revenues Gains on non-realized derivatives 110,951 141,406 - - Gains on realized derivatives 353,889 85,577 - - Interest on advances 13,500 17,687 - - Interest on marketable securities 19,063 30,222 - - Interest on marketable securities - related parties (note 27) 224 519 - - Interest on related parties transactions (note 27) 767 2,470 - - Price index variation - related parties (note 27) 708 418 - - Update of tax credits based on SELIC rate 2,811 17,494 - - Other 14,470 14,615 - - 516,383 310,408 - - Financial expenses Brokerage and commissions (435) (119) - - Financial charges on loans and financing (7,261) (7,547) - - Interest on loans and financing (104,967) (109,693) - - Interest on related parties transactions (note 27) (8) (297) - - Losses on non-realized derivatives (148,860) (143,958) - - Losses on realized derivatives (254,632) (58,420) - - Price index variation - related parties (note 27) (383) (284) - - Taxes on financial transactions (4,659) (4,519) - - Interest on lease - related parties (note 27) (5) (17) - - Other (5,676) (12,475) - - (526,886) (337,329) - - Exchange rate variation Exchange rate variation (net) (60,801) 14,242 (2) 8 (60,801) 14,242 (2) 8 Net (71,304) (12,679) (2) 8

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36. Operating segments

The Group segments its operational structure taking into consideration the way management manages the business. These information are used by the Group's high administration to assess the development of the operational segments and make strategical decisions about resources allocation. These information are consistently prepared with the accounting policies utilized in the preparation of the financial statements.

The Group is composed of four reportable segments: agricultural, commodities, navigation and energy. The operational assets related to these segments are located in Brazil, Argentina and Paraguay.

Segment Main operations

Agricultural Production and commercialization of agricultural products, mainly soybean, corn and cotton, and production and processing of seeds

Commodities Grains trading, mainly soybean exportation, seed processing, fertilizers importation and commercialization, extraction and commercialization of gross and degummed soybean oil and soybean meal

Navigation Rendering services of fluvial navigation, transportation, storage and transshipment

Energy Generation and commercialization of electric power

a. Result per segment

The information about the results of each reportable segment are presented as follows. The Group assess the development of its operational segments by taking as basis of valuation the earnings before interest, taxes, depreciation, and amortization - EBITDA.

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2020

Agricultural Commodities Navigation Energy Operating segments Financial Holding Eliminations Consolidated

Gross revenue 553,663 4,343,388 236,173 23,228 5,156,452 - - (522,121) 4,634,331 Domestic market 130,959 851,552 - 23,228 1,005,739 - - (114,304) 891,435 Foreign market 422,291 3,483,503 - - 3,905,794 - - (182,899) 3,722,895 Services rendered 413 8,333 236,173 - 244,919 - - (224,918) 20,001

Net revenue 529,051 4,284,176 230,339 21,770 5,065,336 - - (500,650) 4,564,686 Changes in fair value of biological assets 61,061 - - - 61,061 - - - 61,061 Costs of goods and services (443,672) (3,881,587) (157,722) (5,593) (4,488,574) - - 488,223 (4,000,351) Gross profit (loss) 146,440 402,589 72,617 16,177 637,823 - - (12,427) 625,396 Operational expenses (38,340) (187,326) (14,643) (1,544) (241,853) (10) (274) 12,427 (229,710) Equity interest gain (loss) in subsidiaries 857 64,486 - - 65,343 - 275,335 (333,914) 6,764 Income before net financial income (expenses) 108,957 279,749 57,974 14,633 461,313 (10) 275,061 (333,914) 402,450 Net financial income (expenses) (47,823) (20,738) (1,587) (1,154) (71,302) - (2) - (71,304)

Net income before taxes 61,134 259,011 56,387 13,479 390,011 (10) 275,059 (333,914) 331,146 Income tax and social contribution - deferred 21,973 34,825 6,622 (1) 63,419 - 3 - 63,422 Income tax and social contribution - current (2,499) (57,679) (9,594) (919) (70,691) - - - (70,691)

Net income for the year 80,608 236,157 53,415 12,559 382,739 (10) 275,062 (333,914) 323,877

Other information: Depreciation and amortization 39,762 22,463 21,280 2,329 85,834 - 17 - 85,851 EBITDA 148,719 302,212 79,254 16,962 547,147 (10) 275,078 (333,914) 488,301

EBITDA reconciliation Net income for the year 80,608 236,157 53,415 12,559 382,739 (10) 275,062 (333,914) 323,877 Income tax and social contribution (19,474) 22,854 2,972 920 7,272 - (3) - 7,269 Net financial income 47,823 20,738 1,587 1,154 71,302 - 2 - 71,304 Depreciation and amortization 39,762 22,463 21,280 2,329 85,834 - 17 - 85,851 EBITDA 148,719 302,212 79,254 16,962 547,147 (10) 275,078 (333,914) 488,301

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2019

Agricultural Commodities Navigation Energy Operating segments Holding Eliminations Consolidated

Gross revenue 484,010 4,602,008 143,392 28,761 5,258,171 - (395,566) 4,862,605 Domestic market 42,551 943,364 - 28,761 1,014,676 - (38,603) 976,073 Foreign market 441,261 3,643,261 - - 4,084,522 - (223,674) 3,860,848 Services rendered 198 15,383 143,392 - 158,973 - (133,289) 25,684 Net revenue 472,622 4,516,550 139,949 27,431 5,156,552 - (391,297) 4,765,255 Changes in fair value of biological assets 25,974 - - - 25,974 - - 25,974 Costs of goods and services (403,077) (4,235,516) (68,870) (7,257) (4,714,720) - 377,087 (4,337,633) Gross profit (loss) 95,519 281,034 71,079 20,174 467,806 - (14,210) 453,596 Operational expenses (13,155) (239,109) (4,315) (1,541) (258,120) (363) 14,212 (244,271) Equity interest gain (loss) in subsidiaries (762) 74,723 - - 73,961 131,672 (194,156) 11,477 Income before net financial income (expenses) 81,602 116,648 66,764 18,633 283,647 131,309 (194,154) 220,802 Net financial income (expenses) (37,229) 28,074 (1,260) (2,272) (12,687) 8 - (12,679) Net income before taxes 44,373 144,722 65,504 16,361 270,960 131,317 (194,154) 208,123 Income tax and social contribution - deferred (7,902) 3,897 2,986 5 (1,014) 7 - (1,007) Income tax and social contribution - current (1,402) (32,584) (11,596) (1,152) (46,734) - - (46,734) Net income for the year 35,069 116,035 56,894 15,214 223,212 131,324 (194,154) 160,382

Other information: Depreciation and amortization 31,816 19,806 21,370 3,037 76,029 17 - 76,046 EBITDA 113,418 136,454 88,134 21,670 359,676 131,326 (194,154) 296,848 EBITDA reconciliation Net income for the year 35,069 116,035 56,894 15,214 223,212 131,324 (194,154) 160,382 Income tax and social contribution 9,304 28,687 8,610 1,147 47,748 (7) - 47,741 Net financial income 37,229 (28,074) 1,260 2,272 12,687 (8) - 12,679 Depreciation and amortization 31,816 19,806 21,370 3,037 76,029 17 - 76,046 EBITDA 113,418 136,454 88,134 21,670 359,676 131,326 (194,154) 296,848

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b. Assets and liabilities by segment 2020

Agricultural Commodities Navigation Energy Operating segments Financial Holding

Eliminations/ Adjustments Consolidated

Cash and cash equivalents 59,934 368,519 26,667 17,357 472,477 - 11 (1) 472,487 Marketable securities - 360,487 39,332 - 399,819 - - (1) 399,818 Trade accounts receivable 23,238 138,463 14,081 1,733 177,515 - - (30,599) 146,916 Inventories 333,392 255,291 15,789 354 604,826 - - - 604,826 Biological assets 187,295 - - - 187,295 - - - 187,295 Advances to suppliers 12,154 646,377 2,303 - 660,834 - - (118,854) 541,980 Derivative financial instruments 1,899 1,171,793 319 - 1,174,011 - - - 1,174,011 Other current assets 72,131 441,080 6,561 4,581 524,353 52 2 (705) 523,702 Current assets 690,043 3,382,010 105,052 24,025 4,201,130 52 13 (150,160) 4,051,035 Marketable securities - 3,977 3,300 817 8,094 - - - 8,094 Advances to suppliers 315 6,787 - - 7,102 - - - 7,102 Derivative financial instruments - 80,626 1,342 - 81,968 - - - 81,968 Biological assets 1,864 9,317 - - 11,181 - - - 11,181 Investments 5,120 506,585 - - 511,705 - 1,490,237 (1,793,139) 208,803 Property, plant and equipment 1,158,839 339,558 286,851 73,610 1,858,858 - 47 - 1,858,905 Intangible assets 18,472 1,199 66 3 19,740 - - - 19,740 Other non-current assets 118,763 36,889 2,866 327 158,845 - 329 - 159,174 Non-current assets 1,303,373 984,938 294,425 74,757 2,657,493 - 1,490,613 (1,793,139) 2,354,967 Total assets 1,993,416 4,366,948 399,477 98,782 6,858,623 52 1,490,626 (1,943,299) 6,406,002

Accounts payable to suppliers and other payables 73,280 357,161 3,267 138 433,846 11 - (30,599) 403,258 Loans and financing 151,308 769,793 9,531 1,541 932,173 - - (50) 932,123 Advances from customers 195,082 106,813 - 3,849 305,744 - - (118,854) 186,890 Derivative financial instruments 76,347 1,051,315 1,823 - 1,129,485 - - - 1,129,485 Other current liabilities 23,669 45,597 3,372 1,287 73,925 - 30,303 (654) 103,574 Current liabilities 519,686 2,330,679 17,993 6,815 2,875,173 11 30,303 (150,157) 2,755,330 Loans and financing 445,957 1,026,153 78,528 14,187 1,564,825 - - - 1,564,825 Derivative financial instruments 14,621 70,510 3,439 - 88,570 - - - 88,570 Deferred income and social contribution taxes 293,464 1,966 37,627 - 333,057 - - 1 333,058 Other non-current liabilities 2,099 1,277 1,811 113 5,300 - - 1 5,301 Non-current liabilities 756,141 1,099,906 121,405 14,300 1,991,752 - - 2 1,991,754 Total liabilities 1,275,827 3,430,585 139,398 21,115 4,866,925 11 30,303 (150,155) 4,747,084

Total assets (net of liabilities) by segment 717,589 936,363 260,079 77,667 1,991,698 41 1,460,323 (1,793,144) 1,658,918

Equity attributable to: Controlling 716,235 934,539 260,079 77,667 1,988,520 41 1,460,323 (1,988,561) 1,460,323 Non-controlling 1,354 1,824 - - 3,178 - - 195,417 198,595 Total equity 717,589 936,363 260,079 77,667 1,991,698 41 1,460,323 (1,793,144) 1,658,918

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2019

Agricultural Commodities Navigation Energy Operating segments Holding

Eliminations/ Adjustments Consolidated

Cash and cash equivalents 38,129 115,761 13,173 13,573 180,636 21 - 180,657 Marketable securities 18,780 339,732 46,313 - 404,825 - - 404,825 Trade accounts receivable 21,539 280,161 11,368 2,788 315,856 - (32,391) 283,465 Inventories 250,390 202,162 17,267 349 470,168 - - 470,168 Biological assets 189,319 - - - 189,319 - - 189,319 Advances to suppliers 37,022 405,418 142 - 442,582 - (97,218) 345,364 Derivative financial instruments 5,877 126,960 2,084 - 134,921 - - 134,921 Other current assets 28,561 217,740 13,584 135 260,020 5 (4,439) 255,586 Current assets 589,617 1,687,934 103,931 16,845 2,398,327 26 (134,048) 2,264,305 Marketable securities - 4,598 3,415 1,664 9,677 - (1) 9,676 Advances to suppliers 514 4,191 - - 4,705 - 1 4,706 Derivative financial instruments 5,960 32,402 - - 38,362 - - 38,362 Biological assets 1,868 10,084 - - 11,952 - (1) 11,951 Investments 4,175 513,279 - - 517,454 1,334,842 (1,640,903) 211,393 Property, plant and equipment 1,242,731 345,880 303,341 101,866 1,993,818 64 - 1,993,882 Intangible assets 18,957 1,590 25 5 20,577 - - 20,577 Other non-current assets 72,249 76,872 3,713 182 153,016 326 1 153,343 Non-current assets 1,346,454 988,896 310,494 103,717 2,749,561 1,335,232 (1,640,903) 2,443,890 Total assets 1,936,071 2,676,830 414,425 120,562 5,147,888 1,335,258 (1,774,951) 4,708,195 Accounts payable to suppliers and other payables 80,973 224,080 1,678 79 306,810 2 (32,391) 274,421 Loans and financing 131,868 413,939 9,923 4,522 560,252 - (3,838) 556,414 Advances from customers 108,587 53,044 12 - 161,643 - (97,217) 64,426 Derivative financial instruments 9,521 137,722 795 - 148,038 - 1 148,039 Other current liabilities 11,930 61,107 5,518 908 79,463 25,736 (601) 104,598 Current liabilities 342,879 889,892 17,926 5,509 1,256,206 25,738 (134,046) 1,147,898 Loans and financing 576,120 899,551 90,979 29,067 1,595,717 - (1) 1,595,716 Derivative financial instruments 1,571 9,816 2,696 - 14,083 - (1) 14,082 Deferred income and social contribution taxes 315,056 32,517 44,193 - 391,766 - (1) 391,765 Other non-current liabilities 59,437 4,543 2,210 146 66,336 - 3 66,339 Non-current liabilities 952,184 946,427 140,078 29,213 2,067,902 - - 2,067,902 Total liabilities 1,295,063 1,836,319 158,004 34,722 3,324,108 25,738 (134,046) 3,215,800 Total assets (net of liabilities) by segment 641,008 840,511 256,421 85,840 1,823,780 1,309,520 (1,640,905) 1,492,395 Equity attributable to: Controlling 639,442 839,661 256,421 85,840 1,821,364 1,309,520 (1,821,364) 1,309,520 Non-controlling 1,566 850 - - 2,416 - 180,459 182,875 Total equity 641,008 840,511 256,421 85,840 1,823,780 1,309,520 (1,640,905) 1,492,395

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c. Sales by geographical region

The gross revenue information by geographical segment were elaborated taking into consideration the revenue destiny country and are presented below:

2020 2019 US$ % US$ %

Domestic market Brazil 799,532 17.33% 940,775 19.45% Argentina 90,570 1.96% 25,023 0.52% Paraguay 1,333 0.03% 10,275 0.21% 891,435 19.32% 976,073 20.18% Foreign market China 1,396,992 30.27% 1,505,735 31.13% Netherlands 473,281 10.25% 398,007 8.23% Spain 235,000 5.09% 149,519 3.09% Turkey 193,213 4.19% 218,943 4.53% Egypt 135,188 2.93% 110,243 2.28% Vietnam 128,740 2.79% 186,824 3.86% Thailand 127,200 2.76% 75,693 1.56% Argentina 89,196 1.93% 58,938 1.22% Japan 86,765 1.88% 129,402 2.68% Algeria 77,900 1.69% 113,567 2.35% Indonesia 61,938 1.34% 62,710 1.30% Portugal 60,757 1.32% 3,021 0.06% Taiwan 60,357 1.31% 50,546 1.05% South Korea 59,461 1.29% 64,670 1.34% Germany 53,994 1.17% 74,100 1.53% Pakistan 45,073 0.98% 10,351 0.21% Bangladesh 41,518 0.90% 26,826 0.55% France 38,385 0.83% 47,616 0.98% Malaysia 38,272 0.83% 17,699 0.37% Mexico 33,157 0.72% 128,324 2.65% United Kindgom 32,645 0.71% 23,166 0.48% Italy 29,474 0.64% 46,314 0.96% Others 224,389 4.86% 358,634 7.41% 3,722,895 80.68% 3,860,848 79.82% Gross sales revenue 4,614,330 100.00% 4,836,921 100.00%

d. Main customers

In 2020 the revenue of three customers in the Agricultural and Commodities segments individually represented 10% or more of consolidated revenues, totaling US$ 1,878,249 of the Group's total gross revenue.

In 2019 the revenue from one customer of Commodities segment individually represented 10% or more of consolidated revenues, totaling US$ 955,870 of the Group's total gross revenue.

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37. Subsequent events

Sustainability Bonds issuance

As of January 21, 2021, the Company, through its indirect subsidiary Amaggi Luxembourg International S.àr.l., issued US$ 750 million of Sustainability Bonds - representative debt securities in the international market listed on the Singapore Stock Exchange (SGX) with issue type Senior Unsecured Notes 144A/Reg S.

The resources are intended for use in financing projects with positive impacts on both environmental and social aspects. About US$ 500 million will be used in new enterprises, while US$ 250 million will be used to refinance the Group’s debts.

The bonds mature in 2028 and were issued at a rate of 5.25% per year. Interest will be paid semiannually, with the first maturity on July 28, 2021. The principal will mature on January 28, 2028.

Acquisition of assets

The Company is in an advanced stage of a transaction for the acquisition of assets related to agricultural properties. Until the end of these financial statements, the respective transaction had not been concluded.

Judiney Carvalho de Souza CEO - Chief Executive Officer Dante Pozzi CFO - Chief Financial Officer Derli Teobaldo Halberstadt Accountant - CRC-PR-042073/O-6 CPF: 561.425.280-00

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André Maggi Participações S.A. (Amaggi)