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Segment information (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of operating segments [abstract]

Schedule of Operating Segments

Segment reconciliation for the year ended December 31, 2020:

			2020
			Crops																		Rice																		Dairy
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Sales of goods sold and services rendered			170,114						(1,653)						168,461						102,886						(1,024)						101,862						135,471						(1,997)						133,474
Cost of goods and services rendered			(150,745)						1,495						(149,250)						(74,395)						565						(73,830)						(117,754)						1,747						(116,007)
Initial recognition and changes in fair value of biological assets and agricultural produce			41,777						(934)						40,843						19,449						(772)						18,677						12,638						(294)						12,344
Gain from changes in net realizable value of agricultural produce after harvest			7,078						(71)						7,007						—						—						—						(2)						—						(2)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			68,224						(1,163)						67,061						47,940						(1,231)						46,709						30,353						(544)						29,809
General and administrative expenses			(6,816)						122						(6,694)						(7,045)						146						(6,899)						(4,896)						108						(4,788)
Selling expenses			(18,265)						267						(17,998)						(14,170)						247						(13,923)						(13,824)						284						(13,540)
Other operating income, net			(12,846)						(7)						(12,853)						731						(18)						713						(189)						3						(186)
Profit from Operations Before Financing and Taxation			30,297						(781)						29,516						27,456						(856)						26,600						11,444						(149)						11,295
Depreciation and amortization			(5,397)						111						(5,286)						(6,652)						147						(6,505)						(6,709)						141						(6,568)
Net (loss) / gain from Fair value adjustment of investment property			—						—						—						—						—						—						—						—						—

			2020
			All other segments																		Land transformation																		Corporate																		Total
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Sales of goods sold and services rendered			2,545						(37)						2,508						—						—						—						—						—						—						822,475						(4,711)						817,764
Cost of goods and services rendered			(1,984)						22						(1,962)						—						—						—						—						—						—						(615,775)						3,829						(611,946)
Initial recognition and changes in fair value of biological assets and agricultural produce			1,269						(13)						1,256						—						—						—						—						—						—						124,742						(2,013)						122,729
Gain from changes in net realizable value of agricultural produce after harvest			—						—						—						—						—						—						—						—						—						7,076						(71)						7,005
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			1,830						(28)						1,802						—						—						—						—						—						—						338,518						(2,966)						335,552
General and administrative expenses			(120)						2						(118)						—						(4)						(4)						(19,319)						336						(18,983)						(54,138)						710						(53,428)
Selling expenses			(217)						3						(214)						—						—						—						(202)						7						(195)						(95,866)						808						(95,058)
Other operating income, net			1,069						(2)						1,067						7,934						(14)						7,920						(161)						(8)						(169)						2,033						(46)						1,987
Profit from Operations Before Financing and Taxation			2,562						(25)						2,537						7,934						(18)						7,916						(19,682)						335						(19,347)						190,547						(1,494)						189,053
Depreciation and amortization			(138)						3						(135)						—						—						—						(876)						14						(862)						(142,288)						416						(141,872)
Net (loss) / gain from Fair value adjustment of investment property			1,080						(3)						1,077						—						—						—						—						—						—						1,080						(3)						1,077

Segment reconciliation for the year ended December 31, 2019:

			2019
			Crops																		Rice																		Dairy
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Sales of goods sold and services rendered			168,938						(2,492)						166,446						102,162						(1,006)						101,156						84,767						(945)						83,822
Cost of goods and services rendered			(159,197)						2,687						(156,510)						(74,480)						529						(73,951)						(77,532)						838						(76,694)
Initial recognition and changes in fair value of biological assets and agricultural produce			30,290						(549)						29,741						13,194						(979)						12,215						13,741						(231)						13,510
Gain from changes in net realizable value of agricultural produce after harvest			1,542						283						1,825						—						—						—						—						—						—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			41,573						(71)						41,502						40,876						(1,456)						39,420						20,976						(338)						20,638
General and administrative expenses			(5,446)						(87)						(5,533)						(6,752)						147						(6,605)						(4,188)						90						(4,098)
Selling expenses			(12,852)						128						(12,724)						(21,072)						498						(20,574)						(6,252)						18						(6,234)
Other operating income, net			(2,283)						(225)						(2,508)						282						(15)						267						(635)						(68)						(703)
Profit from Operations Before Financing and Taxation			20,992						(255)						20,737						13,334						(826)						12,508						9,901						(298)						9,603
Depreciation and amortization			(4,662)						(137)						(4,799)						(6,994)						171						(6,823)						(5,064)						98						(4,966)
Net (loss) / gain from Fair value adjustment of investment property			—						—						—						—						—						—						—						—						—

			2019
			All other segments																		Corporate																		Total
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Sales of goods sold and services rendered			3,904						27						3,931						—						—						—						891,554						(4,416)						887,138
Cost of goods and services rendered			(3,412)						(40)						(3,452)						—						—						—						(675,187)						4,014						(671,173)
Initial recognition and changes in fair value of biological assets and agricultural produce			(40)						53						13						—						—						—						70,295						(1,706)						68,589
Gain from changes in net realizable value of agricultural produce after harvest			—						—						—						—						—						—						1,542						283						1,825
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			452						40						492						—						—						—						288,204						(1,825)						286,379
General and administrative expenses			(167)						17						(150)						(19,319)						428						(18,891)						(57,797)						595						(57,202)
Selling expenses			(171)						(11)						(182)						(165)						23						(142)						(107,628)						656						(106,972)
Other operating income, net			(956)						602						(354)						(175)						23						(152)						(1,137)						315						(822)
Profit from Operations Before Financing and Taxation			(842)						648						(194)						(19,659)						474						(19,185)						121,642						(259)						121,383
Depreciation and amortization			(181)						4						(177)						(20)						20						—						(174,578)						337						(174,241)
Net (loss) / gain from Fair value adjustment of investment property			(927)						602						(325)						—						—						—						(927)						602						(325)

Segment reconciliation for the year ended December 31, 2018:

			2018
			Crops																		Rice																		Dairy
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Sales of goods sold and services rendered			164,538						(9,120)						155,418						100,013						(4,610)						95,403						33,201						(3,491)						29,710
Cost of goods and services rendered			(165,988)						9,052						(156,936)						(75,739)						766						(74,973)						(31,488)						3,361						(28,127)
Initial recognition and changes in fair value of biological assets and agricultural produce			36,422						(7,755)						28,667						8,967						(4,842)						4,125						7,295						(1,840)						5,455
Gain from changes in net realizable value of agricultural produce after harvest			2,704						(3,613)						(909)						—						—						—						—						—						—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			37,676						(11,436)						26,240						33,241						(8,686)						24,555						9,008						(1,970)						7,038
General and administrative expenses			(4,239)						37						(4,202)						(5,070)						(869)						(5,939)						(2,034)						(246)						(2,280)
Selling expenses			(5,921)						474						(5,447)						(15,465)						1,375						(14,090)						(983)						41						(942)
Other operating income, net			4,799						1,741						6,540						275						(58)						217						(1,055)						58						(997)
Profit from Operations Before Financing and Taxation			32,315						(9,184)						23,131						12,981						(8,238)						4,743						4,936						(2,117)						2,819
Depreciation and amortization			(1,697)						(329)						(2,026)						(5,846)						(470)						(6,316)						(2,253)						(280)						(2,533)
Net (loss) / gain from Fair value adjustment of investment property			—						—						—						—						—						—						—						—						—

			2018
			All other segments																		Corporate																		Total
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Sales of goods sold and services rendered			1,919						(149)						1,770						—						—						—						810,609						(17,370)						793,239
Cost of goods and services rendered			(1,412)						99						(1,313)						—						—						—						(623,243)						13,278						(609,965)
Initial recognition and changes in fair value of biological assets and agricultural produce			(806)						(393)						(1,199)						—						—						—						31,025						(14,830)						16,195
Gain from changes in net realizable value of agricultural produce after harvest			—						—						—						—						—						—						2,704						(3,613)						(909)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			(299)						(443)						(742)						—						—						—						221,095						(22,535)						198,560
General and administrative expenses			(155)						(9)						(164)						(19,626)						1,433						(18,193)						(56,426)						346						(56,080)
Selling expenses			(165)						16						(149)						(178)						33						(145)						(92,154)						1,939						(90,215)
Other operating income, net			10,668						2,728						13,396						(167)						36						(131)						99,727						4,505						104,232
Profit from Operations Before Financing and Taxation			10,049						2,292						12,341						(19,971)						1,502						(18,469)						172,242						(15,745)						156,497
Depreciation and amortization			(171)						(6)						(177)						—						—						—						(153,169)						(1,085)						(154,254)
Net (loss) / gain from Fair value adjustment of investment property			10,680						2,729						13,409						—						—						—						10,680						2,729						13,409

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, 2020:

			Farming																														Sugar, Ethanol and Energy						Land Transformation						Corporate						Total
			Crops						Rice						Dairy						All other segments						Farming subtotal
Sales of goods and services rendered			170,114						102,886						135,471						2,545						411,016						411,459						—						—						822,475
Cost of goods sold and services rendered			(150,745)						(74,395)						(117,754)						(1,984)						(344,878)						(270,897)						—						—						(615,775)
Initial recognition and changes in fair value of biological assets and agricultural produce			41,777						19,449						12,638						1,269						75,133						49,609						—						—						124,742
Changes in net realizable value of agricultural produce after harvest			7,078						—						(2)						—						7,076						—						—						—						7,076
Margin on manufacturing and agricultural activities before operating expenses			68,224						47,940						30,353						1,830						148,347						190,171						—						—						338,518
General and administrative expenses			(6,816)						(7,045)						(4,896)						(120)						(18,877)						(15,942)						—						(19,319)						(54,138)
Selling expenses			(18,265)						(14,170)						(13,824)						(217)						(46,476)						(49,188)						—						(202)						(95,866)
Other operating income, net			(12,846)						731						(189)						1,069						(11,235)						5,495						7,934						(161)						2,033
Profit / (loss) from operations before financing and taxation			30,297						27,456						11,444						2,562						71,759						130,536						7,934						(19,682)						190,547
Depreciation and amortization			(5,397)						(6,652)						(6,709)						(138)						(18,896)						(122,516)						—						(876)						(142,288)
Net (loss) / gain from Fair value adjustment of investment property			—						—						—						1,080						1,080						—						—						—						1,080
Reverse of revaluation surplus derived from the disposals of assets before taxes			—						—						—						—						—						—						10,198						—						10,198
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)			12,211						3,975						(5,151)						2,258						13,293						19,682						—						—						32,975
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)			29,566						15,474						17,789						(989)						61,840						29,927						—						—						91,767
Changes in net realizable value of agricultural produce after harvest (unrealized)			(481)						—						—						—						(481)						—						—						—						(481)
Changes in net realizable value of agricultural produce after harvest (realized)			7,559						—						(2)						—						7,557						—						—						—						7,557
Farmlands and farmland improvements, net			454,212						141,661						1,911						53,902						651,686						64,065						—						—						715,751
Machinery, equipment and other fixed assets, net			39,517						18,567						67,859						539						126,482						153,490						—						—						279,972
Bearer plants, net			685						—						—						—						685						304,144						—						—						304,829
Work in progress			820						23,381						18,365						1,178						43,744						13,996						—						—						57,740
Right of use assest			4,275						2,472						1,288						—						8,035						201,365						—						294						209,694
Investment property			—						—						—						31,179						31,179						—						—						—						31,179
Goodwill			5,720						792						3,769						—						10,281						4,201						—						—						14,482
Biological assets			47,489						29,062						12,933						4,703						94,187						71,506						—						—						165,693
Finished goods			30,267						5,970						6,489						—						42,726						34,315						—						—						77,041
Raw materials, stocks held by third parties and others			21,893						4,519						7,377						318						34,107						22,313						—						—						56,420
Total segment assets			604,878						226,424						119,991						91,819						1,043,112						869,395						—						294						1,912,801
Borrowings			37,111						39,686						103,742						—						180,539						632,985						—						157,566						971,090
Lease liabilities			5,920						3,063						1,311						—						10,294						185,155						—						323						195,772
Total segment liabilities			43,031						42,749						105,053						—						190,833						818,140						—						157,889						1,166,862

Segment analysis for the year ended December 31, 2019

			Farming																														Sugar, Ethanol and Energy						Land Transformation						Corporate						Total
			Crops						Rice						Dairy						All other segments						Farming subtotal
Sales of goods and services rendered			168,938						102,162						84,767						3,904						359,771						531,783						—						—						891,554
Cost of goods sold and services rendered			(159,197)						(74,480)						(77,532)						(3,412)						(314,621)						(360,566)						—						—						(675,187)
Initial recognition and changes in fair value of biological assets and agricultural produce			30,290						13,194						13,741						(40)						57,185						13,110						—						—						70,295
Changes in net realizable value of agricultural produce after harvest			1,542						—						—						—						1,542						—						—						—						1,542
Margin on manufacturing and agricultural activities before operating expenses			41,573						40,876						20,976						452						103,877						184,327						—						—						288,204
General and administrative expenses			(5,446)						(6,752)						(4,188)						(167)						(16,553)						(21,925)						—						(19,319)						(57,797)
Selling expenses			(12,852)						(21,072)						(6,252)						(171)						(40,347)						(67,116)						—						(165)						(107,628)
Other operating income, net			(2,283)						282						(635)						(956)						(3,592)						126						2,504						(175)						(1,137)
Profit / (loss) from operations before financing and taxation			20,992						13,334						9,901						(842)						43,385						95,412						2,504						(19,659)						121,642
Depreciation and amortization			(4,662)						(6,994)						(5,064)						(181)						(16,901)						(157,657)						—						(20)						(174,578)
Net (loss) / gain from Fair value adjustment of investment property			—						—						—						(927)						(927)						—						—						—						(927)
Reverse of revaluation surplus derived from the disposals of assets before taxes			—						—						—						—						—						—						8,022						—						8,022
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)			6,091						509						(3,957)						(72)						2,571						(851)						—						—						1,720
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)			24,199						12,685						17,698						32						54,614						13,961						—						—						68,575
Changes in net realizable value of agricultural produce after harvest (unrealized)			(481)						—						—						—						(481)						—						—						—						(481)
Changes in net realizable value of agricultural produce after harvest (realized)			2,023						—						—						—						2,023						—						—						—						2,023
Farmlands and farmland improvements, net			474,922						142,864						611						52,874						671,271						63,594						—						—						734,865
Machinery, equipment and other fixed assets, net			29,038						25,425						74,403						507						129,373						316,304						—						—						445,677
Bearer plants, net			592						—						—						—						592						252,928						—						—						253,520
Work in progress			11,457						15,669						15,394						1,214						43,734						15,424						—						—						59,158
Right of use assets			4,378						567						371						—						5,316						231,832						—						905						238,053
Investment property			—						—						—						34,295						34,295						—						—						—						34,295
Goodwill			9,896						3,890						—						817						14,603						5,417						—						—						20,020
Biological assets			38,404						21,484						11,521						3,673						75,082						55,354						—						—						130,436
Finished goods			17,830						5,805						4,779						—						28,414						36,864						—						—						65,278
Raw materials,Stocks held by third parties and others			17,187						4,876						5,156						90						27,309						20,203						—						—						47,512
Total segment assets			603,704						220,580						112,235						93,470						1,029,989						997,920						—						905						2,028,814
Borrowings			28,045						45,602						100,262						—						173,909						612,329						—						182,042						968,280
Lease liabilities			4,857						490						378						—						5,725						209,700						—						959						216,384
Total segment liabilities			32,902						46,092						100,640						—						179,634						822,029						—						183,001						1,184,664

Segment analysis for the year ended December 31, 2018

			Farming																														Sugar, Ethanol and Energy						Land Transformation						Corporate						Total
			Crops						Rice						Dairy						All other segments						Farming subtotal
Sales of goods and services rendered			164,538						100,013						33,201						1,919						299,671						510,938						—						—						810,609
Cost of goods sold and services rendered			(165,988)						(75,739)						(31,488)						(1,412)						(274,627)						(348,616)						—						—						(623,243)
Initial recognition and changes in fair value of biological assets and agricultural produce			36,422						8,967						7,295						(806)						51,878						(20,853)						—						—						31,025
Changes in net realizable value of agricultural produce after harvest			2,704						—						—						—						2,704						—						—						—						2,704
Margin on manufacturing and agricultural activities before operating expenses			37,676						33,241						9,008						(299)						79,626						141,469						—						—						221,095
General and administrative expenses			(4,239)						(5,070)						(2,034)						(155)						(11,498)						(25,302)						—						(19,626)						(56,426)
Selling expenses			(5,921)						(15,465)						(983)						(165)						(22,534)						(69,442)						—						(178)						(92,154)
Other operating income, net			4,799						275						(1,055)						10,668						14,687						48,357						36,850						(167)						99,727
Profit / (loss) from operations before financing and taxation			32,315						12,981						4,936						10,049						60,281						95,082						36,850						(19,971)						172,242
Depreciation and amortization			(1,697)						(5,846)						(2,253)						(171)						(9,967)						(143,202)						—						—						(153,169)
Net (loss) / gain from Fair value adjustment of investment property			—						—						—						10,680						10,680						—						—						—						10,680
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)			8,205						(181)						(599)						102						7,527						(37,808)						—						—						(30,281)
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)			28,217						9,148						7,894						(908)						44,351						16,955						—						—						61,306
Changes in net realizable value of agricultural produce after harvest (unrealized)			(647)						—						—						—						(647)						—						—						—						(647)
Changes in net realizable value of agricultural produce after harvest (realized)			3,351						—						—						—						3,351						—						—						—						3,351

Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows:

			2020						2019
Total reportable assets as per segment information			1,912,801						2,028,814
Intangible assets (excluding goodwill)			12,448						13,659
Deferred income tax assets			19,821						13,664
Trade and other receivables			197,928						172,331
Other assets			854						1,128
Derivative financial instruments			2,102						1,435
Cash and cash equivalents			336,282						290,276
Total assets as per the statement of financial position			2,482,236						2,521,307

			2020						2019
Total reportable liabilities as per segment information			1,166,862						1,184,664
Trade and other payables			126,605						110,486
Deferred income tax liabilities			182,377						165,508
Payroll and social liabilities			24,408						26,417
Provisions for other liabilities			4,359						3,172
Current income tax liabilities			760						754
Derivative financial instruments			13,141						1,423
Total liabilities as per the statement of financial position			1,518,512						1,492,424

Schedule of Geographical Areas

As of and for the year ended December 31, 2020:

			Argentina						Brazil						Uruguay						Total
Property, plant and equipment			811,653						535,857						10,782						1,358,292
Investment property			31,179						—						—						31,179
Goodwill			10,280						4,202						—						14,482
Non-current portion of biological assets			14,725						—						—						14,725
Sales of goods and services rendered			389,018						411,779						21,678						822,475
Initial recognition and changes in fair value of biological assets and agricultural produce			72,391						50,348						2,003						124,742
Changes in net realizable value of agricultural produce after harvest			6,770						(88)						394						7,076

As of and for the year ended December 31, 2019:

			Argentina						Brazil						Uruguay						Total
Property, plant and equipment			834,248						648,471						10,501						1,493,220
Investment property			34,295						—						—						34,295
Goodwill			14,603						5,417						—						20,020
Non-current portion of biological assets			13,303						—						—						13,303
Sales of goods and services rendered			229,547						462,174						199,833						891,554
Initial recognition and changes in fair value of biological assets and agricultural produce			55,760						13,167						1,368						70,295
Changes in net realizable value of agricultural produce after harvest			2,682						(8)						(1,132)						1,542

As of and for the year ended December 31, 2018:

			Argentina						Brazil						Uruguay						Total
Sales of goods and services rendered			207,480						496,966						106,163						810,609
Initial recognition and changes in fair value of biological assets and agricultural produce			45,985						(13,541)						(1,419)						31,025
Changes in net realizable value of agricultural produce after harvest			1,148						1,436						120						2,704

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- Definition

The disclosure of geographical information.

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The disclosure of operating segments. [Refer: Operating segments [member]]

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-Number 8
-IssueDate 2020-01-01
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