XML 33 R10.htm IDEA: XBRL DOCUMENT
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Segment information | 12 Months Ended
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Dec. 31, 2017
Operating Segments [Abstract] |
Segment information | Segment information According to IFRS 8, operating segments are identified based on the ‘management approach’. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance (the Management committee in the case of the Company). This classification is based on the differences in the nature of its operations, products and services. This approach stipulates external segment reporting based on the Group’s internal organizational and management structure and on internal financial reporting to the chief operating decision maker. The Group operates in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation. The Coffee and Cattle businesses are presented within “Farming – All Other Segments” because they not meet the quantitive threshold for disclosure.
• | The Group’s ‘Farming’ is further comprised of five reportable segments:
▪ | The Group’s ‘Crops’ Segment consists of planting, harvesting and sale of grains, oilseeds and fibers (including wheat, corn, soybeans, cotton and sunflowers, among others), and to a lesser extent the provision of grain warehousing/conditioning and handling and drying services to third parties. Each underlying crop in this segment does not represent a separate operating segment. Management seeks to maximize the use of the land through the cultivation of one or more type of crops. Types and surface amount of crops cultivated may vary from harvest year
to harvest year depending on several factors, some of them out of the Group´s control. Management is focused on the long-term performance of the productive land, and to that extent, the performance is assessed considering the aggregated combination, if any, of crops planted in the land. A single manager is responsible for the management of operating activity of all crops rather than for each individual crop.
▪ | The Group’s ‘Rice’ Segment consists of planting, harvesting, processing and marketing of rice.
▪ | The Group’s ‘Dairy’ Segment consists of the production and sale of raw milk and other dairy products.
▪ | The Group’s ‘All Other Segments’ consists of the aggregation of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for disclosure, namely, Coffee and Cattle.
• | The Group’s ‘Sugar, Ethanol and Energy’ Segment consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and marketed;
• | The Group’s ‘Land Transformation’ Segment comprises the (i) identification and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition of assets (generating profits).
The measurement principles for the Group’s segment reporting structure are based on the IFRS principles adopted in the consolidated financial statements. The following table presents information with respect to the Group’s reportable segments. Certain other activities of a holding function nature not allocable to the segments are disclosed in the column ‘Corporate’. Segment analysis for the year ended December 31, 2017
| Farming |  | Sugar, Ethanol and Energy |  | Land Transformation |  | Corporate |  | Total
| Crops |  | Rice |  | Dairy |  | All other segments |  | Farming subtotal |  |  |  |
Sales of goods and services rendered | 197,222 |  |  | 86,478 |  |  | 37,523 |  |  | 1,336 |  |  | 322,559 |  |  | 610,619 |  |  | — |  |  | — |  |  | 933,178 |
Cost of goods sold and services rendered | (196,302 | ) |  | (71,087 | ) |  | (36,979 | ) |  | (853 | ) |  | (305,221 | ) |  | (461,506 | ) |  | — |  |  | — |  |  | (766,727 | )
Initial recognition and changes in fair value of biological assets and agricultural produce | 17,158 |  |  | 10,236 |  |  | 11,769 |  |  | 267 |  |  | 39,430 |  |  | 23,790 |  |  | — |  |  | — |  |  | 63,220 |
Changes in net realizable value of agricultural produce after harvest | 8,852 |  |  | — |  |  | — |  |  | — |  |  | 8,852 |  |  | — |  |  | — |  |  | — |  |  | 8,852 |
Margin on manufacturing and agricultural activities before operating expenses | 26,930 |  |  | 25,627 |  |  | 12,313 |  |  | 750 |  |  | 65,620 |  |  | 172,903 |  |  | — |  |  | — |  |  | 238,523 |
General and administrative expenses | (2,981 | ) |  | (4,699 | ) |  | (1,058 | ) |  | (174 | ) |  | (8,912 | ) |  | (26,806 | ) |  | — |  |  | (21,581 | ) |  | (57,299 | )
Selling expenses | (7,501 | ) |  | (13,324 | ) |  | (711 | ) |  | (156 | ) |  | (21,692 | ) |  | (73,664 | ) |  | — |  |  | (43 | ) |  | (95,399 | )
Other operating income, net | 7,719 |  |  | 724 |  |  | 662 |  |  | (23 | ) |  | 9,082 |  |  | 30,419 |  |  | — |  |  | (40 | ) |  | 39,461 |
Share of loss of joint ventures | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Profit / (loss) from operations before financing and taxation | 24,167 |  |  | 8,328 |  |  | 11,206 |  |  | 397 |  |  | 44,098 |  |  | 102,852 |  |  | — |  |  | (21,664 | ) |  | 125,286 |
Depreciation and amortization | (1,511 | ) |  | (3,851 | ) |  | (1,037 | ) |  | (159 | ) |  | (6,558 | ) |  | (144,449 | ) |  | — |  |  | — |  |  | (151,007 | )
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 4,366 |  |  | 5,346 |  |  | 1,849 |  |  | 159 |  |  | 11,720 |  |  | 2,925 |  |  | — |  |  | — |  |  | 14,645 |
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 12,792 |  |  | 4,890 |  |  | 9,920 |  |  | 108 |  |  | 27,710 |  |  | 20,865 |  |  | — |  |  | — |  |  | 48,575 |
Changes in net realizable value of agricultural produce after harvest (unrealized) | 2,371 |  |  | — |  |  | — |  |  | — |  |  | 2,371 |  |  | — |  |  | — |  |  | — |  |  | 2,371 |
Changes in net realizable value of agricultural produce after harvest (realized) | 6,481 |  |  | — |  |  | — |  |  | — |  |  | 6,481 |  |  | — |  |  | — |  |  | — |  |  | 6,481 |
Farmlands and farmland improvements, net | 59,680 |  |  | 13,688 |  |  | 248 |  |  | 9,346 |  |  | 82,962 |  |  | 26,342 |  |  | — |  |  | — |  |  | 109,304 |
Machinery, equipment and other fixed assets, net | 21,365 |  |  | 18,851 |  |  | 12,175 |  |  | 341 |  |  | 52,732 |  |  | 390,350 |  |  | — |  |  | — |  |  | 443,082 |
Bearer plants, net | 252 |  |  | — |  |  | — |  |  | 1,832 |  |  | 2,084 |  |  | 236,826 |  |  | — |  |  | — |  |  | 238,910 |
Work in progress | 714 |  |  | 1,940 |  |  | 5,659 |  |  | — |  |  | 8,313 |  |  | 21,322 |  |  | — |  |  | — |  |  | 29,635 |
Investment property | — |  |  | — |  |  | — |  |  | 2,271 |  |  | 2,271 |  |  | — |  |  | — |  |  | — |  |  | 2,271 |
Goodwill | 3,221 |  |  | 1,480 |  |  | — |  |  | 1,110 |  |  | 5,811 |  |  | 6,601 |  |  | — |  |  | — |  |  | 12,412 |
Biological assets | 31,745 |  |  | 29,717 |  |  | 9,338 |  |  | 4,016 |  |  | 74,816 |  |  | 93,178 |  |  | — |  |  | — |  |  | 167,994 |
Finished goods | 21,146 |  |  | 8,476 |  |  | — |  |  | — |  |  | 29,622 |  |  | 32,266 |  |  | — |  |  | — |  |  | 61,888 |
Raw materials, stocks held by third parties and others | 17,958 |  |  | 9,927 |  |  | 1,726 |  |  | 364 |  |  | 29,975 |  |  | 17,056 |  |  | — |  |  | — |  |  | 47,031 |
Total segment assets | 156,081 |  |  | 84,079 |  |  | 29,146 |  |  | 19,280 |  |  | 288,586 |  |  | 823,941 |  |  | — |  |  | — |  |  | 1,112,527 |
Borrowings | 69,789 |  |  | 62,790 |  |  | 2,384 |  |  | 3,829 |  |  | 138,792 |  |  | 633,638 |  |  | — |  |  | 45,528 |  |  | 817,958 |
Total segment liabilities | 69,789 |  |  | 62,790 |  |  | 2,384 |  |  | 3,829 |  |  | 138,792 |  |  | 633,638 |  |  | — |  |  | 45,528 |  |  | 817,958 |
Segment analysis for the year ended December 31, 2016
| Farming |  | Sugar, Ethanol and Energy |  | Land Transformation |  | Corporate |  | Total
| Crops |  | Rice |  | Dairy |  | All other segments |  | Farming subtotal |  |  |  |
Sales of goods and services rendered | 142,124 |  |  | 96,562 |  |  | 32,897 |  |  | 960 |  |  | 272,543 |  |  | 596,692 |  |  | — |  |  | — |  |  | 869,235 |
Cost of goods sold and services rendered | (141,731 | ) |  | (83,574 | ) |  | (32,571 | ) |  | (212 | ) |  | (258,088 | ) |  | (420,493 | ) |  | — |  |  | — |  |  | (678,581 | )
Initial recognition and changes in fair value of biological assets and agricultural produce | 48,790 |  |  | 10,498 |  |  | 5,476 |  |  | (13 | ) |  | 64,751 |  |  | 60,705 |  |  | — |  |  | — |  |  | 125,456 |
Changes in net realizable value of agricultural produce after harvest | (5,841 | ) |  | — |  |  | — |  |  | — |  |  | (5,841 | ) |  | — |  |  | — |  |  | — |  |  | (5,841 | )
Margin on manufacturing and agricultural activities before operating expenses | 43,342 |  |  | 23,486 |  |  | 5,802 |  |  | 735 |  |  | 73,365 |  |  | 236,904 |  |  | — |  |  | — |  |  | 310,269 |
General and administrative expenses | (2,770 | ) |  | (3,373 | ) |  | (983 | ) |  | (290 | ) |  | (7,416 | ) |  | (22,648 | ) |  | — |  |  | (20,686 | ) |  | (50,750 | )
Selling expenses | (5,692 | ) |  | (11,583 | ) |  | (752 | ) |  | (49 | ) |  | (18,076 | ) |  | (62,518 | ) |  | — |  |  | (79 | ) |  | (80,673 | )
Other operating income, net | (8,787 | ) |  | 402 |  |  | 686 |  |  | 8,497 |  |  | 798 |  |  | (8,903 | ) |  | — |  |  | (192 | ) |  | (8,297 | )
Share of loss of joint ventures | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Profit / (loss) from operations before financing and taxation | 26,093 |  |  | 8,932 |  |  | 4,753 |  |  | 8,893 |  |  | 48,671 |  |  | 142,835 |  |  | — |  |  | (20,957 | ) |  | 170,549 |
Depreciation and amortization | (1,369 | ) |  | (2,766 | ) |  | (964 | ) |  | (192 | ) |  | (5,291 | ) |  | (122,209 | ) |  | — |  |  | — |  |  | (127,500 | )
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 5,790 |  |  | 2,316 |  |  | 1,319 |  |  | 107 |  |  | 9,532 |  |  | 279 |  |  | — |  |  | — |  |  | 9,811 |
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 43,000 |  |  | 8,182 |  |  | 4,157 |  |  | (120 | ) |  | 55,219 |  |  | 60,426 |  |  | — |  |  | — |  |  | 115,645 |
Changes in net realizable value of agricultural produce after harvest (unrealized) | (90 | ) |  | — |  |  | — |  |  | — |  |  | (90 | ) |  | — |  |  | — |  |  | — |  |  | (90 | )
Changes in net realizable value of agricultural produce after harvest (realized) | (5,751 | ) |  | — |  |  | — |  |  | — |  |  | (5,751 | ) |  | — |  |  | — |  |  | — |  |  | (5,751 | )
Farmlands and farmland improvements, net | 68,224 |  |  | 18,868 |  |  | 168 |  |  | 5,504 |  |  | 92,764 |  |  | 26,734 |  |  | — |  |  | — |  |  | 119,498 |
Machinery, equipment and other fixed assets, net | 3,892 |  |  | 14,949 |  |  | 7,449 |  |  | 467 |  |  | 26,757 |  |  | 418,543 |  |  | — |  |  | — |  |  | 445,300 |
Bearer plants, net | — |  |  | — |  |  | — |  |  | 1,860 |  |  | 1,860 |  |  | 214,309 |  |  | — |  |  | — |  |  | 216,169 |
Work in progress | 1,100 |  |  | 3,274 |  |  | 2,727 |  |  | — |  |  | 7,101 |  |  | 14,540 |  |  | — |  |  | — |  |  | 21,641 |
Investment property | — |  |  | — |  |  | — |  |  | 2,666 |  |  | 2,666 |  |  | — |  |  | — |  |  | — |  |  | 2,666 |
Goodwill | 3,782 |  |  | 1,737 |  |  | — |  |  | 1,186 |  |  | 6,705 |  |  | 6,700 |  |  | — |  |  | — |  |  | 13,405 |
Biological assets | 28,189 |  |  | 25,575 |  |  | 6,827 |  |  | 2,433 |  |  | 63,024 |  |  | 82,380 |  |  | — |  |  | — |  |  | 145,404 |
Finished goods | 13,415 |  |  | 5,474 |  |  | — |  |  | — |  |  | 18,889 |  |  | 49,302 |  |  | — |  |  | — |  |  | 68,191 |
Raw materials,Stocks held by third parties and others | 16,147 |  |  | 6,628 |  |  | 2,060 |  |  | — |  |  | 24,835 |  |  | 18,728 |  |  | — |  |  | — |  |  | 43,563 |
Total segment assets | 134,749 |  |  | 76,505 |  |  | 19,231 |  |  | 14,116 |  |  | 244,601 |  |  | 831,236 |  |  | — |  |  | — |  |  | 1,075,837 |
Borrowings | 43,878 |  |  | 47,156 |  |  | 616 |  |  | 10,449 |  |  | 102,099 |  |  | 533,297 |  |  | — |  |  | — |  |  | 635,396 |
Total segment liabilities | 43,878 |  |  | 47,156 |  |  | 616 |  |  | 10,449 |  |  | 102,099 |  |  | 533,297 |  |  | — |  |  | — |  |  | 635,396 |
Segment analysis for the year ended December 31, 2015
| Farming |  | Sugar, Ethanol and Energy |  | Land Transformation |  | Corporate |  | Total
| Crops |  | Rice |  | Dairy |  | All other segments |  | Farming subtotal |  |  |  |
Sales of goods and services rendered | 154,741 |  |  | 84,668 |  |  | 32,981 |  |  | 1,302 |  |  | 273,692 |  |  | 400,622 |  |  | — |  |  | — |  |  | 674,314 |
Cost of goods sold and services rendered | (154,287 | ) |  | (69,075 | ) |  | (33,030 | ) |  | (603 | ) |  | (256,995 | ) |  | (300,791 | ) |  | — |  |  | — |  |  | (557,786 | )
Initial recognition and changes in fair value of biological assets and agricultural produce | 11,561 |  |  | 2,822 |  |  | 7,542 |  |  | (181 | ) |  | 21,744 |  |  | 32,784 |  |  | — |  |  | — |  |  | 54,528 |
Changes in net realizable value of agricultural produce after harvest | 14,691 |  |  | — |  |  | — |  |  | — |  |  | 14,691 |  |  | — |  |  | — |  |  | — |  |  | 14,691 |
Margin on manufacturing and agricultural activities before operating expenses | 26,706 |  |  | 18,415 |  |  | 7,493 |  |  | 518 |  |  | 53,132 |  |  | 132,615 |  |  | — |  |  | — |  |  | 185,747 |
General and administrative expenses | (3,987 | ) |  | (3,136 | ) |  | (1,451 | ) |  | (74 | ) |  | (8,648 | ) |  | (18,301 | ) |  | — |  |  | (21,476 | ) |  | (48,425 | )
Selling expenses | (5,672 | ) |  | (12,592 | ) |  | (663 | ) |  | (49 | ) |  | (18,976 | ) |  | (50,729 | ) |  | — |  |  | (563 | ) |  | (70,268 | )
Other operating income, net | 16,422 |  |  | 600 |  |  | (479 | ) |  | 6 |  |  | 16,549 |  |  | 6,340 |  |  | 7,914 |  |  | 263 |  |  | 31,066 |
Share of loss of joint ventures | (2,685 | ) |  | — |  |  | — |  |  | — |  |  | (2,685 | ) |  | — |  |  | — |  |  | — |  |  | (2,685 | )
Profit / (loss) from operations before financing and taxation | 30,784 |  |  | 3,287 |  |  | 4,900 |  |  | 401 |  |  | 39,372 |  |  | 69,925 |  |  | 7,914 |  |  | (21,776 | ) |  | 95,435 |
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,066 |  |  | — |  |  | 16,066 |
Depreciation and amortization | (2,427 | ) |  | (2,987 | ) |  | (1,456 | ) |  | (276 | ) |  | (7,146 | ) |  | (97,255 | ) |  | — |  |  | — |  |  | (104,401 | )
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 2,234 |  |  | 587 |  |  | — |  |  | 207 |  |  | 3,028 |  |  | 8,298 |  |  | — |  |  | — |  |  | 11,326 |
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 9,327 |  |  | 2,235 |  |  | 7,542 |  |  | (388 | ) |  | 18,716 |  |  | 24,486 |  |  | — |  |  | — |  |  | 43,202 |
Changes in net realizable value of agricultural produce after harvest (unrealized) | 4,406 |  |  | — |  |  | — |  |  | — |  |  | 4,406 |  |  | — |  |  | — |  |  | — |  |  | 4,406 |
Changes in net realizable value of agricultural produce after harvest (realized) | 10,285 |  |  | — |  |  | — |  |  | — |  |  | 10,285 |  |  | — |  |  | — |  |  | — |  |  | 10,285 |
Total segment assets and liabilities are measured in a manner consistent with that of the consolidated financial statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset. The Group’s investment in CHS Agro S.A. is allocated to the ‘Crops’ segment. Therefore, the Group’s share of profit or loss after income taxes and its carrying amount are reported in this segment. Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows:
| 2017 |  | 2016
Total reportable assets as per segment information | 1,112,527 |  |  | 1,075,837 |
Intangible assets (excluding goodwill) | 4,780 |  |  | 3,847 |
Deferred income tax assets | 43,437 |  |  | 38,586 |
Trade and other receivables | 172,214 |  |  | 174,940 |
Other assets | 565 |  |  | 590 |
Derivative financial instruments | 4,483 |  |  | 3,398 |
Cash and cash equivalents | 269,195 |  |  | 158,568 |
Total assets as per the statement of financial position | 1,607,201 |  |  | 1,455,766 |
| 2017 |  | 2016
Total reportable liabilities as per segment information | 817,958 |  |  | 635,396 |
Trade and other payables | 99,250 |  |  | 93,585 |
Deferred income tax liabilities | 10,457 |  |  | 14,689 |
Payroll and social liabilities | 28,507 |  |  | 28,079 |
Provisions for other liabilities | 4,843 |  |  | 3,889 |
Current income tax liabilities | 503 |  |  | 1,387 |
Derivative financial instruments | 552 |  |  | 7,068 |
Total liabilities as per the statement of financial position | 962,070 |  |  | 784,093 |
Non-current assets and revenues and fair value gains and losses are shown by geographic region. These are the regions in which the Group is active: Argentina, Brazil and Uruguay. As of and for the year ended December 31, 2017:
| Argentina |  | Brazil |  | Uruguay |  | Total
Property, plant and equipment | 103,312 |  |  | 710,523 |  |  | 7,096 |  |  | 820,931 |
Investment property | 2,271 |  |  | — |  |  | — |  |  | 2,271 |
Goodwill | 5,095 |  |  | 7,317 |  |  | — |  |  | 12,412 |
Non-current portion of biological assets | 11,276 |  |  | — |  |  | — |  |  | 11,276 |
Sales of goods and services rendered | 214,888 |  |  | 545,859 |  |  | 172,431 |  |  | 933,178 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 36,341 |  |  | 26,326 |  |  | 553 |  |  | 63,220 |
(Loss) from changes in net realizable value of agricultural produce after harvest | 5,705 |  |  | 1,346 |  |  | 1,801 |  |  | 8,852 |
As of and for the year ended December 31, 2016:
| Argentina |  | Brazil |  | Uruguay |  | Total
Property, plant and equipment | 101,513 |  |  | 694,137 |  |  | 6,958 |  |  | 802,608 |
Investment property | 2,666 |  |  | — |  |  | — |  |  | 2,666 |
Goodwill | 5,980 |  |  | 7,425 |  |  | — |  |  | 13,405 |
Non-current portion of biological assets | 8,516 |  |  | — |  |  | — |  |  | 8,516 |
Sales of goods and services rendered | 164,264 |  |  | 432,468 |  |  | 272,503 |  |  | 869,235 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 62,970 |  |  | 62,556 |  |  | (70 | ) |  | 125,456 |
(Loss) from changes in net realizable value of agricultural produce after harvest | (4,491 | ) |  | (958 | ) |  | (392 | ) |  | (5,841 | )
As of and for the year ended December 31, 2015:
| Argentina |  | Brazil |  | Uruguay |  | Total
Sales of goods and services rendered | 166,447 |  |  | 295,456 |  |  | 212,411 |  |  | 674,314 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 16,637 |  |  | 37,097 |  |  | 794 |  |  | 54,528 |
Gain / (Loss) from changes in net realizable value of agricultural produce after harvest | 16,139 |  |  | (32 | ) |  | (1,416 | ) |  | 14,691 |

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