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Segment information (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of operating segments [abstract]

Schedule of Operating Segments

Segment reconciliation for the year ended December 31, 2021:

			2021
			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			228,894						11,836						240,730						130,526						4,343						134,869						172,803						10,251						183,054
Cost of goods and services rendered			(203,148)						(10,083)						(213,231)						(109,709)						(2,336)						(112,045)						(149,738)						(8,339)						(158,077)
Initial recognition and changes in fair value of biological assets and agricultural produce			65,704						8,286						73,990						37,119						6,715						43,834						18,336						1,559						19,895
Gain from changes in net realizable value of agricultural produce after harvest			(10,163)						(1,221)						(11,384)						—						—						—						—						—						—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			81,287						8,818						90,105						57,936						8,722						66,658						41,401						3,471						44,872
General and administrative expenses			(10,273)						(827)						(11,100)						(8,891)						(869)						(9,760)						(4,715)						(541)						(5,256)
Selling expenses			(21,925)						(1,494)						(23,419)						(16,618)						(1,490)						(18,108)						(20,779)						(1,793)						(22,572)
Other operating income, net			(3,538)						(185)						(3,723)						239						46						285						(150)						(20)						(170)
Profit from Operations Before Financing and Taxation			45,551						6,312						51,863						32,666						6,409						39,075						15,757						1,117						16,874
Depreciation and amortization			(6,501)						(634)						(7,135)						(8,080)						(814)						(8,894)						(7,144)						(797)						(7,941)
Net (loss) / gain from Fair value adjustment of investment property			—						—						—						—						—						—						—						—						—

			2021
			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			3,490						199						3,689						—						—						—						—						—						—						1,097,723						26,629						1,124,352
Cost of goods and services rendered			(2,966)						(145)						(3,111)						—						—						—						—						—						—						(834,062)						(20,903)						(854,965)
Initial recognition and changes in fair value of biological assets and agricultural produce			1,380						(18)						1,362						—						—						—						—						—						—						211,198						16,542						227,740
Gain from changes in net realizable value of agricultural produce after harvest			—						—						—						—						—						—						—						—						—						(11,658)						(1,221)						(12,879)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			1,904						36						1,940						—						—						—						—						—						—						463,201						21,047						484,248
General and administrative expenses			(173)						(14)						(187)						—						—						—						(22,119)						(1,908)						(24,027)						(65,635)						(4,159)						(69,794)
Selling expenses			(273)						(17)						(290)						—						—						—						(306)						(21)						(327)						(112,847)						(4,815)						(117,662)
Other operating income, net			(3,995)						(470)						(4,465)						6,613						—						6,613						103						(21)						82						(18,118)						(650)						(18,768)
Profit from Operations Before Financing and Taxation			(2,537)						(465)						(3,002)						6,613						—						6,613						(22,322)						(1,950)						(24,272)						266,601						11,423						278,024
Depreciation and amortization			(175)						(15)						(190)						—						—						—						(738)						(49)						(787)						(166,619)						(2,309)						(168,928)
Net (loss) / gain from Fair value adjustment of investment property			(3,884)						(447)						(4,331)						—						—						—						—						—						—						(3,884)						(447)						(4,331)

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			41,038						(934)						40,104						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			67,485						(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			29,558						(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)						21						(154)						(1,137)						315						(822)
Profit from Operations Before Financing and Taxation			(842)						648						(194)						(19,659)						472						(19,187)						121,642						(259)						121,383
Depreciation and amortization			(181)						4						(177)						(20)						3						(17)						(174,578)						139						(174,439)
Net (loss) / gain from Fair value adjustment of investment property			(927)						602						(325)						—						—						—						(927)						602						(325)

Sugar, Ethanol and Energy, and Land Transformation segments have not been reconciled due to the lack of differences.

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, 2021:

			Farming																														Sugar, Ethanol and Energy						Land Transformation						Corporate						Total
			Crops						Rice						Dairy						All other segments						Farming subtotal
Sales of goods and services rendered			228,894						130,526						172,803						3,490						535,713						562,010						—						—						1,097,723
Cost of goods sold and services rendered			(203,148)						(109,709)						(149,738)						(2,966)						(465,561)						(368,501)						—						—						(834,062)
Initial recognition and changes in fair value of biological assets and agricultural produce			65,704						37,119						18,336						1,380						122,539						88,659						—						—						211,198
Changes in net realizable value of agricultural produce after harvest			(10,163)						—						—						—						(10,163)						(1,495)						—						—						(11,658)
Margin on manufacturing and agricultural activities before operating expenses			81,287						57,936						41,401						1,904						182,528						280,673						—						—						463,201
General and administrative expenses			(10,273)						(8,891)						(4,715)						(173)						(24,052)						(19,464)						—						(22,119)						(65,635)
Selling expenses			(21,925)						(16,618)						(20,779)						(273)						(59,595)						(52,946)						—						(306)						(112,847)
Other operating income, net			(3,538)						239						(150)						(3,995)						(7,444)						(17,390)						6,613						103						(18,118)
Profit / (loss) from operations before financing and taxation			45,551						32,666						15,757						(2,537)						91,437						190,873						6,613						(22,322)						266,601
Depreciation and amortization			(6,501)						(8,080)						(7,144)						(175)						(21,900)						(143,981)						—						(738)						(166,619)
Net (loss) / gain from Fair value adjustment of investment property			—						—						—						(3,884)						(3,884)						—						—						—						(3,884)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)			14,399						4,117						(6,271)						8,904						21,149						(16,294)						—						—						4,855
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)			51,305						33,002						24,607						(7,524)						101,390						104,953						—						—						206,343
Changes in net realizable value of agricultural produce after harvest (unrealized)			(4,001)						—						—						—						(4,001)						—						—						—						(4,001)
Changes in net realizable value of agricultural produce after harvest (realized)			(6,162)						—						—						—						(6,162)						(1,495)						—						—						(7,657)
Farmlands and farmland improvements, net			448,608						146,795						2,143						56,315						653,861						73,979						—						—						727,840
Machinery, equipment and other fixed assets, net			47,122						29,543						81,516						1,641						159,822						158,611						—						—						318,433
Bearer plants, net			892						—						—						—						892						294,090						—						—						294,982
Work in progress			3,444						33,200						27,341						1,496						65,481						15,887						—						—						81,368
Right of use assest			13,005						3,361						930						—						17,296						243,469						—						11						260,776
Investment property			—						—						—						32,132						32,132						—						—						—						32,132
Goodwill			7,074						979						4,660						—						12,713						3,913						—						—						16,626
Biological assets			54,886						42,729						18,979						7,257						123,851						71,327						—						—						195,178
Finished goods			37,225						5,015						15,157						—						57,397						80,857						—						—						138,254
Raw materials, stocks held by third parties and others			42,253						14,797						10,416						579						68,045						33,225						—						—						101,270
Total segment assets			654,509						276,419						161,142						99,420						1,191,490						975,358						—						11						2,166,859
Borrowings			31,755						34,230						62,061						—						128,046						524,461						—						165,144						817,651
Lease liabilities			14,106						4,157						924						—						19,187						227,585						—						82						246,854
Total segment liabilities			45,861						38,387						62,985						—						147,233						752,046						—						165,226						1,064,505

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			41,038						19,449						12,638						1,269						74,394						50,348						—						—						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			67,485						47,940						30,353						1,830						147,608						190,910						—						—						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			29,558						27,456						11,444						2,562						71,020						131,275						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 assets			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			43,787						29,062						12,933						4,703						90,485						75,208						—						—						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			601,176						226,424						119,991						91,819						1,039,410						873,097						—						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)
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

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

			2021						2020
Total reportable assets as per segment information			2,166,859						1,912,801
Intangible assets (excluding goodwill)			14,711						12,448
Deferred income tax assets			10,321						19,821
Trade and other receivables			188,080						197,928
Other assets			1,079						854
Derivative financial instruments			1,585						2,102
Cash and cash equivalents			199,766						336,282
Total assets as per the statement of financial position			2,582,401						2,482,236

			2021						2020
Total reportable liabilities as per segment information			1,064,505						1,166,862
Trade and other payables			169,030						126,605
Deferred income tax liabilities			265,848						182,377
Payroll and social liabilities			26,294						24,408
Provisions for other liabilities			5,986						4,359
Current income tax liabilities			1,625						760
Derivative financial instruments			1,283						13,141
Total liabilities as per the statement of financial position			1,534,571						1,518,512

Schedule of Geographical Areas

As of and for the year ended December 31, 2021:

			Argentina						Brazil						Uruguay						Others (*)						Total
Property, plant and equipment			868,527						542,710						11,386						—						1,422,623
Investment property			32,132						—						—						—						32,132
Goodwill			12,713						3,913						—						—						16,626
Non-current portion of biological assets			19,355						—						—						—						19,355
																											—
Sales of goods and services rendered			284,026						385,959						427,661						77						1,097,723
Initial recognition and changes in fair value of biological assets and agricultural produce			120,255						88,659						2,284						—						211,198
Changes in net realizable value of agricultural produce after harvest			(9,679)						(1,496)						(483)						—						(11,658)

(*) It includes the initial operations in Chile which are not disclosed separately due to its non significance.

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
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

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The disclosure of geographical information.

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