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Biological assets (Tables) | 12 Months Ended
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Dec. 31, 2017
Agriculture1 [Abstract] |
Disclosure of reconciliation of changes in biological assets | Cost of production as of December 31, 2017:
| Crops |  | Rice |  | Dairy |  | All other segments |  | Sugar, Ethanol and Energy |  | Total
Salaries, social security expenses and employee benefits | 3,999 |  |  | 7,312 |  |  | 4,762 |  |  | 386 |  |  | 12,224 |  |  | 28,683 |
Depreciation and amortization | 413 |  |  | — |  |  | — |  |  | — |  |  | 5,989 |  |  | 6,402 |
Fertilizers, agrochemicals and seeds | 35,715 |  |  | 10,647 |  |  | 9 |  |  | — |  |  | 31,144 |  |  | 77,515 |
Fuel, lubricants and others | 1,075 |  |  | 666 |  |  | 741 |  |  | 64 |  |  | 3,220 |  |  | 5,766 |
Maintenance and repairs | 1,303 |  |  | 2,419 |  |  | 1,912 |  |  | 220 |  |  | 2,329 |  |  | 8,183 |
Freights | 234 |  |  | 500 |  |  | 128 |  |  | 77 |  |  | — |  |  | 939 |
Contractors and services | 29,738 |  |  | 14,706 |  |  | — |  |  | 30 |  |  | 4,232 |  |  | 48,706 |
Feeding expenses | — |  |  | — |  |  | 9,585 |  |  | 174 |  |  | — |  |  | 9,759 |
Veterinary expenses | — |  |  | — |  |  | 1,783 |  |  | 148 |  |  | — |  |  | 1,931 |
Energy power | 123 |  |  | 1,954 |  |  | 698 |  |  | — |  |  | — |  |  | 2,775 |
Professional fees | 180 |  |  | 173 |  |  | 220 |  |  | 19 |  |  | 84 |  |  | 676 |
Other taxes | 1,621 |  |  | 156 |  |  | 7 |  |  | 129 |  |  | 91 |  |  | 2,004 |
Lease expense and similar arrangements | 13,057 |  |  | 138 |  |  | — |  |  | — |  |  | 40,757 |  |  | 53,952 |
Others | 4,576 |  |  | 876 |  |  | 368 |  |  | 122 |  |  | 1,207 |  |  | 7,149 |
Subtotal | 92,034 |  |  | 39,547 |  |  | 20,213 |  |  | 1,369 |  |  | 101,277 |  |  | 254,440 |
Own agricultural produce consumed | — |  |  | — |  |  | 5,789 |  |  | 109 |  |  | — |  |  | 5,898 |
Total | 92,034 |  |  | 39,547 |  |  | 26,002 |  |  | 1,478 |  |  | 101,277 |  |  | 260,338 |
Cost of production as of December 31, 2016:
| Crops |  | Rice |  | Dairy |  | All other segments |  | Sugar, Ethanol and Energy |  | Total
Salaries, social security expenses and employee benefits | 3,786 |  |  | 5,820 |  |  | 3,849 |  |  | 214 |  |  | 12,610 |  |  | 26,279 |
Depreciation and amortization | 395 |  |  | — |  |  | — |  |  | — |  |  | 5,880 |  |  | 6,275 |
Fertilizers, agrochemicals and seeds | 24,774 |  |  | 8,047 |  |  | 80 |  |  | — |  |  | 24,087 |  |  | 56,988 |
Fuel, lubricants and others | 971 |  |  | 1,527 |  |  | 772 |  |  | 17 |  |  | 3,385 |  |  | 6,672 |
Maintenance and repairs | 1,253 |  |  | 2,811 |  |  | 1,787 |  |  | 92 |  |  | 2,519 |  |  | 8,462 |
Freights | 1,421 |  |  | 479 |  |  | 127 |  |  | 19 |  |  | — |  |  | 2,046 |
Contractors and services | 23,769 |  |  | 13,248 |  |  | — |  |  | — |  |  | 2,651 |  |  | 39,668 |
Feeding expenses | — |  |  | — |  |  | 9,053 |  |  | 21 |  |  | — |  |  | 9,074 |
Veterinary expenses | — |  |  | — |  |  | 1,624 |  |  | 69 |  |  | — |  |  | 1,693 |
Energy power | 119 |  |  | 853 |  |  | 492 |  |  | — |  |  | — |  |  | 1,464 |
Professional fees | 131 |  |  | 85 |  |  | 169 |  |  | — |  |  | 145 |  |  | 530 |
Other taxes | 1,561 |  |  | 131 |  |  | 8 |  |  | 100 |  |  | 116 |  |  | 1,916 |
Lease expense and similar arrangements | 6,965 |  |  | 97 |  |  | 8 |  |  | — |  |  | 38,555 |  |  | 45,625 |
Others | 3,462 |  |  | 741 |  |  | 563 |  |  | 26 |  |  | 1,287 |  |  | 6,079 |
Subtotal | 68,607 |  |  | 33,839 |  |  | 18,532 |  |  | 558 |  |  | 91,235 |  |  | 212,771 |
Own agricultural produce consumed | — |  |  | — |  |  | 5,353 |  |  | — |  |  | — |  |  | 5,353 |
Total | 68,607 |  |  | 33,839 |  |  | 23,885 |  |  | 558 |  |  | 91,235 |  |  | 218,124 |
Changes in the Group’s biological assets in 2017 and 2016 were as follows:
| 2017
| Crops (ii) |  | Rice (ii) |  | Dairy |  | All other segments |  | Sugarcane (ii) |  | Total
Beginning of the year | 28,189 |  |  | 25,575 |  |  | 6,827 |  |  | 2,433 |  |  | 82,380 |  |  | 145,404 |
Increase due to purchases | — |  |  | — |  |  | 610 |  |  | 1,084 |  |  | — |  |  | 1,694 |
Initial recognition and changes in fair value of biological assets (i) | 17,158 |  |  | 10,236 |  |  | 11,769 |  |  | 267 |  |  | 23,790 |  |  | 63,220 |
Decrease due to harvest / disposals | (102,734 | ) |  | (43,842 | ) |  | (34,569 | ) |  | (616 | ) |  | (113,184 | ) |  | (294,945 | )
Costs incurred during the year | 92,034 |  |  | 39,547 |  |  | 26,002 |  |  | 1,478 |  |  | 101,277 |  |  | 260,338 |
Exchange differences | (2,902 | ) |  | (1,799 | ) |  | (1,301 | ) |  | (630 | ) |  | (1,085 | ) |  | (7,717 | )
End of the year | 31,745 |  |  | 29,717 |  |  | 9,338 |  |  | 4,016 |  |  | 93,178 |  |  | 167,994 |
| 2016
| Crops (ii) |  | Rice (ii) |  | Dairy |  | All other segments |  | Sugarcane (ii) |  | Total
Beginning of the year | 22,536 |  |  | 23,131 |  |  | 6,786 |  |  | 288 |  |  | 59,077 |  |  | 111,818 |
Increase due to purchases | — |  |  | — |  |  | — |  |  | 1,713 |  |  | — |  |  | 1,713 |
Initial recognition and changes in fair value of biological assets (i) | 48,790 |  |  | 10,498 |  |  | 5,476 |  |  | (13 | ) |  | 60,705 |  |  | 125,456 |
Decrease due to harvest / disposals | (110,252 | ) |  | (38,508 | ) |  | (27,946 | ) |  | — |  |  | (141,645 | ) |  | (318,351 | )
Costs incurred during the year | 68,607 |  |  | 33,839 |  |  | 23,885 |  |  | 558 |  |  | 91,235 |  |  | 218,124 |
Exchange differences | (1,492 | ) |  | (3,385 | ) |  | (1,374 | ) |  | (113 | ) |  | 13,008 |  |  | 6,644 |
End of the year | 28,189 |  |  | 25,575 |  |  | 6,827 |  |  | 2,433 |  |  | 82,380 |  |  | 145,404 |
(i) Biological asset with a production cycle of more than one year (that is dairy and cattle) generated “Initial recognition and changes in fair value of biological assets” amounting to US$ 12,036 for the year ended December 31, 2017 (2016: US$ 5,463). In 2017, an amount of US$ 2,830 (2016: US$ 1,019) was attributable to price changes, and an amount of US$ 9,206 (2016: US$ 4,444) was attributable to physical changes. (ii)Biological assets that are measured at fair value within level 3 of the hierarchy.
Disclosure of detailed information about biological assets | Biological assets in December 31, 2017 and 2016 were as follows:
| 2017 |  | 2016
Non-current |  |  |  |  |
Cattle for dairy production (i) | 8,989 |  |  | 6,584 |
Breeding cattle (ii) | 1,984 |  |  | 1,533 |
Other cattle (ii) | 303 |  |  | 399 |
| 11,276 |  |  | 8,516 |
Current |  |  |  |  |
Breeding cattle (iii) | 1,729 |  |  | 501 |
Other cattle (iii) | 349 |  |  | 243 |
Sown land – crops (ii) | 31,745 |  |  | 28,189 |
Sown land – rice (ii) | 29,717 |  |  | 25,575 |
Sown land – sugarcane (ii) | 93,178 |  |  | 82,380 |
| 156,718 |  |  | 136,888 |
Total biological assets | 167,994 |  |  | 145,404 |
(i) | Classified as bearer and mature biological assets.
(ii) | Classified as consumable and immature biological assets.
(iii) | Classified as consumable and mature biological assets.
Disclosure of fair value measurement of assets | The following significant unobservable inputs were used to measure the Group´s biological assets using the discounted cash flow valuation technique:
Description |  | Unobservable inputs |  | Range of unobservable inputs |  | Relationship of unobservable inputs to fair value
|  |  |  | 2017 |  | 2016 |  |
Sown land – sugarcane |  | Sugarcane yield – tonnes per hectare; Sugarcane TRS (kg of sugar per ton of cane) Production Costs – US$ per hectare. (Include maintenance, harvest and leasing costs) |  | -Sugarcane yield: 60-100 tn/ha -Sugarcane TRS: 120-140 kg of sugar/ton of cane -Maintenance costs: 500-700 US$/ha -Harvest costs: 9.0 -14.0 US$/ton of cane -Leasing costs: 11.4-14.4 tn/ha |  | -Sugarcane yield: 60-100 tn/ha -Sugarcane TRS: 120-140 kg of sugar/ton of cane -Maintenance costs: 500-600 US$/ha -Harvest costs: 9.0 -14.0 US$/ton of cane -Leasing costs: 12.0-14.4 tn/ha |  | The higher the sugarcane yield, the higher the fair value. The higher the maintenance, harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher the fair value.
Sown land – crops |  | Crops yield – tonnes per hectare; Commercial Costs – usd per hectare; Production Costs – US$ per hectare. |  | - Crops yield: 1.5 – 5.1 tn/ha for Wheat, 4.0 – 8.0 tn/ha for Corn, 1.4 - 3.4 tn/ha for Soybean and 2.1-3.5 for Sunflower - Commercial Costs: 50-110 US$/ha for Wheat, 107-300 US$/ha for Corn, 172-176 US$/ha for Soybean and 10-37 US$/ha for Sunflower - Production Costs: 200-540 US$/ha for Wheat, 230-500 US$/ha for Corn, 250-350 US$/ha for Soybean and 230-350 US$/ha for Sunflower |  | - Crops yield: 2.0 – 2.8 tn/ha for Wheat, 5.4 – 7.7 tn/ha for Corn, 2.7 - 3.8 tn/ha for Soybean and 1.5-2.1 for Sunflower - Commercial Costs: 66-97 US$/ha for Wheat, 150-225 US$/ha for Corn, 70-110 US$/ha for Soybean and 65-90 US$/ha for Sunflower - Production Costs: 170-250 US$/ha for Wheat, 350-550 US$/ha for Corn, 270-400 US$/ha for Soybean and 200-300 US$/ha for Sunflower |  | The higher the crops yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value.
Sown land – rice |  | Rice yield – tonnes per hectare; Commercial Costs – usd per hectare; Production Costs – US$ per hectare. |  | -Rice yield: 5.0 -5.9 tn/ha -Commercial Costs: 3-9 US$/ha -Production Costs: 750-1,000 US$/ha |  | -Rice yield: 5.1 -6.1 tn/ha -Commercial Costs: 8-15 US$/ha -Production Costs: 750-1,000 US$/ha |  | The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value.
The following table presents the Group´s biological assets that are measured at fair value at December 31, 2017 and 2016 (see Note 17 to see the description of each fair value level):
| 2017 |  | 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cattle for dairy production | — |  |  | 8,989 |  |  | — |  |  | 8,989 |  |  | — |  |  | 6,584 |  |  | — |  |  | 6,584 |
Breeding cattle | 3,713 |  |  | — |  |  | — |  |  | 3,713 |  |  | 2,034 |  |  | — |  |  | — |  |  | 2,034 |
Other cattle | — |  |  | 652 |  |  | — |  |  | 652 |  |  | — |  |  | 642 |  |  | — |  |  | 642 |
Sown land – sugarcane | — |  |  | — |  |  | 93,178 |  |  | 93,178 |  |  | — |  |  | — |  |  | 82,380 |  |  | 82,380 |
Sown land – crops | — |  |  | — |  |  | 31,745 |  |  | 31,745 |  |  | — |  |  | — |  |  | 28,189 |  |  | 28,189 |
Sown land – rice | — |  |  | — |  |  | 29,717 |  |  | 29,717 |  |  | — |  |  | — |  |  | 25,575 |  |  | 25,575 |
When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for this purpose, details of which may be obtained from the following table:
Class |  | Pricing Method |  | Parameters |  | Pricing Model |  | Level |  | Total
Futures |  | Quoted price |  | — |  | — |  | 1 |  | 3,911 |
Options |  | Quoted price |  | — |  | — |  | 1 |  | 54 |
Foreign-currency interest-rate swaps |  | Theoretical price |  | Swap curve; Money market interest-rate curve; Foreign-exchange curve. |  | Present value method |  | 2 |  | (34 | )
|  |  |  |  |  |  |  |  |  | 3,931 |
The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2017 and 2016 and their allocation to the fair value hierarchy:
|  |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | 2017 |  | 4,463 |  |  | 20 |  |  | 4,483 |
Derivative financial instruments | 2016 |  | 2,789 |  |  | 609 |  |  | 3,398 |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | 2017 |  | (498 | ) |  | (54 | ) |  | (552 | )
Derivative financial instruments | 2016 |  | (1,196 | ) |  | (5,872 | ) |  | (7,068 | )

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