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Biological assets | 12 Months Ended
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Dec. 31, 2021
Agriculture1 [Abstract] |
Biological assets | Biological assets Changes in the Group’s biological assets in 2021 and 2020 were as follows:
| 2021
| Crops (ii) |  | Rice (ii) |  | Dairy |  | All other segments |  | Sugarcane (ii) |  | Total
Beginning of the year | 43,787 |  |  | 29,062 |  |  | 12,933 |  |  | 4,703 |  |  | 75,208 |  |  | 165,693 |
Increase due to purchases | — |  |  | — |  |  | — |  |  | 1,559 |  |  | — |  |  | 1,559 |
Initial recognition and changes in fair value of biological assets (i) | 73,990 |  |  | 43,834 |  |  | 19,895 |  |  | 1,362 |  |  | 88,659 |  |  | 227,740 |
Decrease due to harvest / disposals | (224,788) |  |  | (99,517) |  |  | (67,230) |  |  | (4,322) |  |  | (208,175) |  |  | (604,032) |
Costs incurred during the year | 151,971 |  |  | 62,477 |  |  | 50,323 |  |  | 2,842 |  |  | 116,252 |  |  | 383,865 |
Exchange differences | 9,926 |  |  | 6,873 |  |  | 3,058 |  |  | 1,113 |  |  | (617) |  |  | 20,353 |
End of the year | 54,886 |  |  | 42,729 |  |  | 18,979 |  |  | 7,257 |  |  | 71,327 |  |  | 195,178 |
| 2020
| Crops (ii) |  | Rice (ii) |  | Dairy |  | All other segments |  | Sugarcane (ii) |  | Total
Beginning of the year | 38,117 |  |  | 21,484 |  |  | 11,521 |  |  | 3,673 |  |  | 55,641 |  |  | 130,436 |
Increase due to purchases | — |  |  | — |  |  | — |  |  | 580 |  |  | — |  |  | 580 |
Initial recognition and changes in fair value of biological assets (i) | 40,104 |  |  | 18,677 |  |  | 12,344 |  |  | 1,256 |  |  | 50,348 |  |  | 122,729 |
Decrease due to harvest / disposals | (136,161) |  |  | (51,673) |  |  | (42,641) |  |  | (2,760) |  |  | (103,010) |  |  | (336,245) |
Costs incurred during the year | 103,076 |  |  | 41,243 |  |  | 32,043 |  |  | 2,003 |  |  | 85,006 |  |  | 263,371 |
Exchange differences | (1,349) |  |  | (669) |  |  | (334) |  |  | (49) |  |  | (12,777) |  |  | (15,178) |
End of the year | 43,787 |  |  | 29,062 |  |  | 12,933 |  |  | 4,703 |  |  | 75,208 |  |  | 165,693 |
(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, 2021 (2020: US$4,257). In 2021, an amount of US$966 (2020: US$2,414) was attributable to price changes, and an amount of US$12,634 (2020: 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, 2021:
| Crops |  | Rice |  | Dairy |  | All other segments |  | Sugar, Ethanol and Energy |  | Total
Salaries, social security expenses and employee benefits | 3,622 |  |  | 8,554 |  |  | 5,978 |  |  | 800 |  |  | 9,681 |  |  | 28,635 |
Depreciation and amortization | — |  |  | — |  |  | — |  |  | — |  |  | 4,288 |  |  | 4,288 |
Depreciation of right of use assets | — |  |  | — |  |  | — |  |  | — |  |  | 34,312 |  |  | 34,312 |
Fertilizers, agrochemicals and seeds | 55,223 |  |  | 15,549 |  |  | — |  |  | — |  |  | 45,053 |  |  | 115,825 |
Fuel, lubricants and others | 691 |  |  | 745 |  |  | 1,061 |  |  | 60 |  |  | 3,298 |  |  | 5,855 |
Maintenance and repairs | 1,021 |  |  | 7,489 |  |  | 3,106 |  |  | 345 |  |  | 2,287 |  |  | 14,248 |
Freights | 3,752 |  |  | 950 |  |  | 179 |  |  | 76 |  |  | — |  |  | 4,957 |
Contractors and services | 49,213 |  |  | 23,602 |  |  | — |  |  | 10 |  |  | 7,072 |  |  | 79,897 |
Feeding expenses | — |  |  | — |  |  | 20,534 |  |  | 373 |  |  | — |  |  | 20,907 |
Veterinary expenses | — |  |  | — |  |  | 3,485 |  |  | 217 |  |  | — |  |  | 3,702 |
Energy power | 36 |  |  | 3,666 |  |  | 1,092 |  |  | 6 |  |  | — |  |  | 4,800 |
Professional fees | 430 |  |  | 187 |  |  | 104 |  |  | 6 |  |  | 408 |  |  | 1,135 |
Other taxes | 1,339 |  |  | 118 |  |  | 10 |  |  | 97 |  |  | 53 |  |  | 1,617 |
Lease expense and similar arrangements | 34,122 |  |  | — |  |  | 1 |  |  | 2 |  |  | 9,024 |  |  | 43,149 |
Others | 2,522 |  |  | 1,617 |  |  | 762 |  |  | 29 |  |  | 776 |  |  | 5,706 |
Subtotal | 151,971 |  |  | 62,477 |  |  | 36,312 |  |  | 2,021 |  |  | 116,252 |  |  | 369,033 |
Own agricultural produce consumed | — |  |  | — |  |  | 14,011 |  |  | 821 |  |  | — |  |  | 14,832 |
Total | 151,971 |  |  | 62,477 |  |  | 50,323 |  |  | 2,842 |  |  | 116,252 |  |  | 383,865 |
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 | 2,662 |  |  | 5,822 |  |  | 4,215 |  |  | 672 |  |  | 9,161 |  |  | 22,532 |
Depreciation and amortization | — |  |  | — |  |  | — |  |  | — |  |  | 3,892 |  |  | 3,892 |
Depreciation of right of use assets | — |  |  | — |  |  | — |  |  | — |  |  | 27,862 |  |  | 27,862 |
Fertilizers, agrochemicals and seeds | 43,446 |  |  | 9,655 |  |  | 10 |  |  | — |  |  | 32,376 |  |  | 85,487 |
Fuel, lubricants and others | 672 |  |  | 534 |  |  | 754 |  |  | 51 |  |  | 2,097 |  |  | 4,108 |
Maintenance and repairs | 1,018 |  |  | 4,451 |  |  | 1,820 |  |  | 229 |  |  | 1,943 |  |  | 9,461 |
Freights | 1,832 |  |  | 453 |  |  | 118 |  |  | 49 |  |  | — |  |  | 2,452 |
Contractors and services | 30,170 |  |  | 15,681 |  |  | — |  |  | 19 |  |  | 5,600 |  |  | 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 | 564 |  |  | 1,838 |  |  | 162 |  |  | 4 |  |  | 344 |  |  | 2,912 |
Other taxes | 1,185 |  |  | 100 |  |  | 8 |  |  | 83 |  |  | 51 |  |  | 1,427 |
Lease expense and similar arrangements | 19,693 |  |  | 109 |  |  | 3 |  |  | 2 |  |  | 1,005 |  |  | 20,812 |
Others | 1,783 |  |  | 462 |  |  | 460 |  |  | 9 |  |  | 675 |  |  | 3,389 |
Subtotal | 103,076 |  |  | 41,243 |  |  | 23,900 |  |  | 1,598 |  |  | 85,006 |  |  | 254,823 |
Own agricultural produce consumed | — |  |  | — |  |  | 8,143 |  |  | 405 |  |  | — |  |  | 8,548 |
Total | 103,076 |  |  | 41,243 |  |  | 32,043 |  |  | 2,003 |  |  | 85,006 |  |  | 263,371 |
Biological assets in December 31, 2021 and 2020 were as follows:
| 2021 |  | 2020
Non-current |  |  |
Cattle for dairy production (i) | 18,428 |  |  | 12,600 |
Breeding cattle (ii) | 707 |  |  | 2,003 |
Other cattle (ii) | 220 |  |  | 122 |
| 19,355 |  |  | 14,725 |
Current |  |  |
Breeding cattle (iii) | 6,330 |  |  | 2,578 |
Other cattle (iii) | 551 |  |  | 333 |
Sown land – crops (ii) | 54,886 |  |  | 43,787 |
Sown land – rice (ii) | 42,729 |  |  | 29,062 |
Sown land – sugarcane (ii) (iv) | 71,327 |  |  | 75,208 |
| 175,823 |  |  | 150,968 |
Total biological assets | 195,178 |  |  | 165,693 |
(i)Classified as bearer and mature biological assets. (ii)Classified as consumable and immature biological assets. (iii)Classified as consumable and mature biological assets. (iv)It includes 6,969 and 3,702 of crops planted in sugarcane farms. The fair value less estimated point of sale costs of agricultural produce at the point of harvest amounted to US$532,480 for the year ended December 31, 2021 (2020: US$290,844). The following table presents the Group’s biological assets that are measured at fair value at December 31, 2021 and 2020 (see Note 17 to see the description of each fair value level):
| 2021 |  | 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cattle for dairy production | — |  |  | 18,428 |  |  | — |  |  | 18,428 |  |  | — |  |  | 12,600 |  |  | — |  |  | 12,600 |
Breeding cattle | 7,037 |  |  | — |  |  | — |  |  | 7,037 |  |  | 4,581 |  |  | — |  |  | — |  |  | 4,581 |
Other cattle | — |  |  | 771 |  |  | — |  |  | 771 |  |  | — |  |  | 455 |  |  | — |  |  | 455 |
Sown land – sugarcane | — |  |  | — |  |  | 71,327 |  |  | 71,327 |  |  | — |  |  | — |  |  | 75,208 |  |  | 75,208 |
Sown land – crops | — |  |  | — |  |  | 54,886 |  |  | 54,886 |  |  | — |  |  | — |  |  | 43,787 |  |  | 43,787 |
Sown land – rice | — |  |  | — |  |  | 42,729 |  |  | 42,729 |  |  | — |  |  | — |  |  | 29,062 |  |  | 29,062 |
There were no transfers between any levels during the year. The following significant unobservable inputs were used to measure the Group’s biological assets using the discounted cash flow valuation technique:
Description |  | Unobservable inputs |  | Range of unobservable inputs |  | Relationship of unobservable inputs to fair value
|  |  |  | 2021 |  | 2020 |  |
Sown land – sugarcane |  | Sugarcane yield – tonnes per hectare; Sugarcane TRS (kg of sugar per ton of cane) Production Costs – US$ per hectare. (Include maintenance, harvest and leasing costs) |  | '-Sugarcane yield: 50-100 tn/ha -Sugarcane TRS: 120-140 kg of sugar/ton of cane -Maintenance costs: 500-800 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: 400-600 US$/ha - Harvest costs: 6.0-12.0 US$/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: 0.85 – 5.6 tn/ha for Wheat, 3.0 – 10 tn/ha for Corn, 1.1 - 4.0 tn/ha for Soybean, 1.7 - 2.5 for Sunflower and 2.5 - 3.6 tn/ha for Peanut - Commercial Costs: 17-54 US$/tn for Wheat, 14-62 US$/ton for Corn, 19-65 US$/ton for Soybean, 18-49 US$/ton for Sunflower and 36-69 US$/ha for Peanut - Production Costs: 166-899 US$/ha for Wheat, 334-1449 US$/ha for Corn, 214-1096 US$/ha for Soybean, 308-1005 US$/ha for Sunflower and 802-2060 US$/ha for Peanut |  | '- 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, 0.6-3.0 for Sunflower and 2.5 - 3.5 tn/ha for Peanut - Commercial Costs: 6-43 US$/ha for Wheat, 2-51 US$/ha for Corn, 7-59 US$/ha for Soybean, 1-71 US$/ha for Sunflower and 22.0 - 31.0 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$/ha for Sunflower and 695.0 - 1,400.0 US$/ha for Peanut |  | 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: 3.2 -10.1 tn/ha -Commercial Costs: 8-25 US$/ha -Production Costs: 810-1300 US$/ha |  | '-Rice yield: 6.5 -7.5 tn/ha -Commercial Costs: 8-16 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.
As of December 31, 2021, the impact of a reasonable 10% increase (decrease) in estimated costs, with all other variables held constant, would result in a decrease (increase) in the fair value of the Group’s plantations less cost to sell of US$14.8 million for sugarcane, US$5.4 million for crops and US$4.9 million for rice. As of December 31, 2020, the impact of a reasonable 10% increase (decrease) in estimated costs, with all other variables held constant, would result in a decrease (increase) in the fair value of the Group’s plantations less cost to sell of US$14.7 million for sugarcane, US$3.7 million for crops and US$3.7 million for rice.

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