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v3.21.1

Biological assets (Tables) | 12 Months Ended
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Dec. 31, 2020
Agriculture1 [Abstract] |
Schedule of Reconciliation of Changes in Biological Assets | Changes in the Group’s biological assets in 2020 and 2019 were as follows:
| 2020
| Crops (ii) |  | Rice (ii) |  | Dairy |  | All other segments |  | Sugarcane (ii) |  | Total
Beginning of the year | 38,404 |  |  | 21,484 |  |  | 11,521 |  |  | 3,673 |  |  | 55,354 |  |  | 130,436 |
Increase due to purchases | — |  |  | — |  |  | — |  |  | 580 |  |  | — |  |  | 580 |
Initial recognition and changes in fair value of biological assets (i) | 40,843 |  |  | 18,677 |  |  | 12,344 |  |  | 1,256 |  |  | 49,609 |  |  | 122,729 |
Decrease due to harvest / disposals | (137,204) |  |  | (51,673) |  |  | (42,641) |  |  | (2,760) |  |  | (101,967) |  |  | (336,245) |
Costs incurred during the year | 106,889 |  |  | 41,243 |  |  | 32,043 |  |  | 2,003 |  |  | 81,193 |  |  | 263,371 |
Exchange differences | (1,443) |  |  | (669) |  |  | (334) |  |  | (49) |  |  | (12,683) |  |  | (15,178) |
End of the year | 47,489 |  |  | 29,062 |  |  | 12,933 |  |  | 4,703 |  |  | 71,506 |  |  | 165,693 |
| 2019
| Crops (ii) |  | Rice (ii) |  | Dairy |  | All other segments |  | Sugarcane (ii) |  | Total
Beginning of the year | 27,347 |  |  | 17,173 |  |  | 10,298 |  |  | 3,094 |  |  | 47,475 |  |  | 105,387 |
Increase due to purchases | — |  |  | — |  |  | — |  |  | 1,080 |  |  | — |  |  | 1,080 |
Initial recognition and changes in fair value of biological assets (i) | 29,741 |  |  | 12,215 |  |  | 13,510 |  |  | 13 |  |  | 13,110 |  |  | 68,589 |
Decrease due to harvest / disposals | (108,732) |  |  | (39,331) |  |  | (38,828) |  |  | (3,452) |  |  | (103,551) |  |  | (293,894) |
Costs incurred during the year | 93,715 |  |  | 32,802 |  |  | 26,735 |  |  | 3,035 |  |  | 100,775 |  |  | 257,062 |
Exchange differences | (3,667) |  |  | (1,375) |  |  | (194) |  |  | (97) |  |  | (2,455) |  |  | (7,788) |
End of the year | 38,404 |  |  | 21,484 |  |  | 11,521 |  |  | 3,673 |  |  | 55,354 |  |  | 130,436 |
(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$ 13,600 for the year ended December 31, 2020 (2019: US$ 4,257). In 2020, an amount of US$ 966 (2019: US$ 2,414) was attributable to price changes, and an amount of US$ 12,634 (2019: US$ 1,843) was attributable to physical changes. (ii) Biological assets that are measured at fair value within level 3 of the hierarchy. Cost of production as of December 31, 2020:
| Crops |  | Rice |  | Dairy |  | All other segments |  | Sugar, Ethanol and Energy |  | Total
Salaries, social security expenses and employee benefits | 2,739 |  |  | 5,822 |  |  | 4,215 |  |  | 672 |  |  | 9,084 |  |  | 22,532 |
Depreciation and amortization | 40 |  |  | — |  |  | — |  |  | — |  |  | 3,852 |  |  | 3,892 |
Depreciation of right of use assets | — |  |  | — |  |  | — |  |  | — |  |  | 27,862 |  |  | 27,862 |
Fertilizers, agrochemicals and seeds | 46,406 |  |  | 9,655 |  |  | 10 |  |  | — |  |  | 29,416 |  |  | 85,487 |
Fuel, lubricants and others | 716 |  |  | 534 |  |  | 754 |  |  | 51 |  |  | 2,053 |  |  | 4,108 |
Maintenance and repairs | 1,040 |  |  | 4,451 |  |  | 1,820 |  |  | 229 |  |  | 1,921 |  |  | 9,461 |
Freights | 1,832 |  |  | 453 |  |  | 118 |  |  | 49 |  |  | — |  |  | 2,452 |
Contractors and services | 30,819 |  |  | 15,681 |  |  | — |  |  | 19 |  |  | 4,951 |  |  | 51,470 |
Feeding expenses | — |  |  | — |  |  | 13,092 |  |  | 285 |  |  | — |  |  | 13,377 |
Veterinary expenses | — |  |  | — |  |  | 2,395 |  |  | 189 |  |  | — |  |  | 2,584 |
Energy power | 51 |  |  | 2,138 |  |  | 863 |  |  | 6 |  |  | — |  |  | 3,058 |
Professional fees | 565 |  |  | 1,838 |  |  | 162 |  |  | 4 |  |  | 343 |  |  | 2,912 |
Other taxes | 1,185 |  |  | 100 |  |  | 8 |  |  | 83 |  |  | 51 |  |  | 1,427 |
Lease expense and similar arrangements | 19,694 |  |  | 109 |  |  | 3 |  |  | 2 |  |  | 1,004 |  |  | 20,812 |
Others | 1,802 |  |  | 462 |  |  | 460 |  |  | 9 |  |  | 656 |  |  | 3,389 |
Subtotal | 106,889 |  |  | 41,243 |  |  | 23,900 |  |  | 1,598 |  |  | 81,193 |  |  | 254,823 |
Own agricultural produce consumed | — |  |  | — |  |  | 8,143 |  |  | 405 |  |  | — |  |  | 8,548 |
Total | 106,889 |  |  | 41,243 |  |  | 32,043 |  |  | 2,003 |  |  | 81,193 |  |  | 263,371 |
Cost of production as of December 31, 2019:
| Crops |  | Rice |  | Dairy |  | All other segments |  | Sugar, Ethanol and Energy |  | Total
Salaries, social security expenses and employee benefits | 2,600 |  |  | 5,192 |  |  | 3,776 |  |  | 582 |  |  | 10,657 |  |  | 22,807 |
Depreciation and amortization | 3 |  |  | — |  |  | — |  |  | — |  |  | 5,465 |  |  | 5,468 |
Depreciation of right of use assets | — |  |  | — |  |  | — |  |  | — |  |  | 31,190 |  |  | 31,190 |
Fertilizers, agrochemicals and seeds | 40,767 |  |  | 9,924 |  |  | — |  |  | 33 |  |  | 40,355 |  |  | 91,079 |
Fuel, lubricants and others | 886 |  |  | 678 |  |  | 889 |  |  | 77 |  |  | 3,031 |  |  | 5,561 |
Maintenance and repairs | 996 |  |  | 2,648 |  |  | 1,582 |  |  | 253 |  |  | 2,254 |  |  | 7,733 |
Freights | 1,446 |  |  | 318 |  |  | 89 |  |  | 151 |  |  | — |  |  | 2,004 |
Contractors and services | 27,782 |  |  | 10,745 |  |  | 3 |  |  | 96 |  |  | 5,161 |  |  | 43,787 |
Feeding expenses | 3 |  |  | — |  |  | 10,538 |  |  | 810 |  |  | — |  |  | 11,351 |
Veterinary expenses | — |  |  | — |  |  | 2,020 |  |  | 209 |  |  | — |  |  | 2,229 |
Energy power | 69 |  |  | 2,310 |  |  | 979 |  |  | 10 |  |  | — |  |  | 3,368 |
Professional fees | 196 |  |  | 74 |  |  | 138 |  |  | 4 |  |  | 214 |  |  | 626 |
Other taxes | 1,182 |  |  | 105 |  |  | 8 |  |  | 96 |  |  | 43 |  |  | 1,434 |
Lease expense and similar arrangements | 14,767 |  |  | 53 |  |  | 3 |  |  | 8 |  |  | 1,417 |  |  | 16,248 |
Others | 3,018 |  |  | 755 |  |  | 307 |  |  | 28 |  |  | 988 |  |  | 5,096 |
Subtotal | 93,715 |  |  | 32,802 |  |  | 20,332 |  |  | 2,357 |  |  | 100,775 |  |  | 249,981 |
Own agricultural produce consumed | — |  |  | — |  |  | 6,403 |  |  | 678 |  |  | — |  |  | 7,081 |
Total | 93,715 |  |  | 32,802 |  |  | 26,735 |  |  | 3,035 |  |  | 100,775 |  |  | 257,062 |
Schedule of Detailed Information about Biological Assets | Biological assets in December 31, 2020 and 2019 were as follows:
| 2020 |  | 2019
Non-current |  |  |
Cattle for dairy production (i) | 12,600 |  |  | 11,397 |
Breeding cattle (ii) | 2,003 |  |  | 1,783 |
Other cattle (ii) | 122 |  |  | 123 |
| 14,725 |  |  | 13,303 |
Current |  |  |
Breeding cattle (iii) | 2,578 |  |  | 1,677 |
Other cattle (iii) | 333 |  |  | 214 |
Sown land – crops (ii) | 47,489 |  |  | 38,404 |
Sown land – rice (ii) | 29,062 |  |  | 21,484 |
Sown land – sugarcane (ii) | 71,506 |  |  | 55,354 |
| 150,968 |  |  | 117,133 |
Total biological assets | 165,693 |  |  | 130,436 |
(i)Classified as bearer and mature biological assets. (ii)Classified as consumable and immature biological assets. (iii)Classified as consumable and mature biological assets.
Schedule of Fair Value Measurement of Assets | The following table presents the Group´s biological assets that are measured at fair value at December 31, 2020 and 2019 (see Note 18 to see the description of each fair value level):
| 2020 |  | 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cattle for dairy production | — |  |  | 12,600 |  |  | — |  |  | 12,600 |  |  | — |  |  | 11,397 |  |  | — |  |  | 11,397 |
Breeding cattle | 4,581 |  |  | — |  |  | — |  |  | 4,581 |  |  | 3,460 |  |  | — |  |  | — |  |  | 3,460 |
Other cattle | — |  |  | 455 |  |  | — |  |  | 455 |  |  | — |  |  | 337 |  |  | — |  |  | 337 |
Sown land – sugarcane | — |  |  | — |  |  | 71,506 |  |  | 71,506 |  |  | — |  |  | — |  |  | 55,354 |  |  | 55,354 |
Sown land – crops | — |  |  | — |  |  | 47,489 |  |  | 47,489 |  |  | — |  |  | — |  |  | 38,404 |  |  | 38,404 |
Sown land – rice | — |  |  | — |  |  | 29,062 |  |  | 29,062 |  |  | — |  |  | — |  |  | 21,484 |  |  | 21,484 |
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
|  |  |  | 2020 |  | 2019 |  |
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: 400-600 US$/ha -Harvest costs: 6.0-12.0 US$/ton of cane -Leasing costs: 12.0-14.4 tn/ha |  | '-Sugarcane yield: 60-100tn/ha - Sugarcane TRS: 120-140kg of sugar/ton of cane - Maintenance costs: 500-700 US$/ha - Harvest costs: 9.0-15.0 US$/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 – US$ per hectare; Production Costs – US$ per hectare. |  | '- Crops yield: 0.95 – 5.5 tn/ha for Wheat, 2.5 – 11 tn/ha for Corn, 0.8 - 3.8 tn/ha for Soybean, 0.6 - 3 for Sunflower and 2.5 - 3.5 tn/ha for Peanut - Commercial Costs: 6-43 US$/tn for Wheat, 2-51 US$/ton for Corn, 7-59 US$/ton for Soybean, 1-71 US$/ton for Sunflower and 22-31 US$/ha for Peanut - Production Costs: 115-612 US$/ha for Wheat, 198-990 US$/ha for Corn, 159-750 US$/ha for Soybean, 233-641 US$/ha for Sunflower and 695-1400 US$/ha for Peanut |  | '- Crops yield: 0.95 – 4.69 tn/ha for Wheat, 2.5 – 10 tn/ha for Corn, 1.19 - 3.8 tn/ha for Soybean and 1.6-3 for Sunflower - Commercial Costs: 6-43 US$/ha for Wheat, 2-51 US$/ha for Corn, 7-59 US$/ha for Soybean and 2-71 US$/ha for Sunflower - Production Costs: 115-574 US$/ha for Wheat, 198-859 US$/ha for Corn, 159-679 US$/ha for Soybean and 233-641 US$/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 – US$ per hectare; Production Costs – US$ per hectare. |  | '-Rice yield: 6.5 -7.5 tn/ha -Commercial Costs: 8-16 US$/ha -Production Costs: 750-950 US$/ha |  | '-Rice yield: 6.5 -7.5 tn/ha -Commercial Costs: 8-12 US$/ha -Production Costs: 750-950 US$/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 tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2020 and 2019 and their allocation to the fair value hierarchy:
|  |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |
Derivative financial instruments | 2020 |  | 151 |  |  | 1,951 |  |  | 2,102 |
Derivative financial instruments | 2019 |  | 1,257 |  |  | 178 |  |  | 1,435 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments | 2020 |  | (12,984) |  |  | (157) |  |  | (13,141) |
Derivative financial instruments | 2019 |  | (1,423) |  |  | — |  |  | (1,423) |
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 |  | (12,833) |
NDF |  | Quoted price |  | Swap curve |  | Present value method |  | 2 |  | (30) |
Interest-rate swaps |  | Theoretical price |  | Money market interest-rate curve |  | Present value method |  | 2 |  | 1,824 |
|  |  |  |  |  |  |  |  |  | (11,039) |

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