XML 107 R85.htm IDEA: XBRL DOCUMENT v3.22.1
Segment information - Segment Analysis (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Disclosure of operating segments [line items]        
Sales of goods and services rendered $ 1,124,352 $ 817,764 $ 887,138  
Cost of goods sold and services rendered (854,965) (611,946) (671,173)  
Initial recognition and changes in fair value of biological assets and agricultural produce 227,740 122,729 68,589  
Changes in net realizable value of agricultural produce after harvest (12,879) 7,005 1,825  
Margin on manufacturing and agricultural activities before operating expenses 484,248 335,552 286,379  
General and administrative expenses (69,794) (53,428) (57,202)  
Selling expenses (117,662) (95,058) (106,972)  
Other operating (expense)/ income, net (18,768) 1,987 (822)  
Profit from operations 278,024 189,053 121,383  
Depreciation and amortization (168,928) (141,872) (174,439)  
Net (loss) / gain from Fair value adjustment of investment property (4,331) 1,077 (325)  
Reserve of the revaluation surplus derived from the disposals of assets   0 [1] 0 [2]  
Right of use assets 260,776 209,694 238,053  
Investment property 32,132 31,179 34,295  
Biological assets 195,178 165,693 130,436  
Finished goods 138,254 77,041 65,278 $ 79,758
Borrowings 817,651 971,090 968,280  
Lease liabilities 246,854 195,772    
Operating segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 1,097,723 822,475 891,554  
Cost of goods sold and services rendered (834,062) (615,775) (675,187)  
Initial recognition and changes in fair value of biological assets and agricultural produce 211,198 124,742 70,295  
Changes in net realizable value of agricultural produce after harvest (11,658) 7,076 1,542  
Margin on manufacturing and agricultural activities before operating expenses 463,201 338,518 288,204  
General and administrative expenses (65,635) (54,138) (57,797)  
Selling expenses (112,847) (95,866) (107,628)  
Other operating (expense)/ income, net (18,118) 2,033 (1,137)  
Profit from operations 266,601 190,547 121,642  
Depreciation and amortization (166,619) (142,288) (174,578)  
Net (loss) / gain from Fair value adjustment of investment property (3,884) 1,080 (927)  
Reserve of the revaluation surplus derived from the disposals of assets   10,198    
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 4,855 32,975 1,720  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 206,343 91,767 68,575  
Changes in net realizable value of agricultural produce after harvest (unrealized) (4,001) (481) (481)  
Changes in net realizable value of agricultural produce after harvest (realized) (7,657) 7,557 2,023  
Farmlands and farmland improvements, net 727,840 715,751    
Machinery, equipment and other fixed assets, net 318,433 279,972    
Bearer plants, net 294,982 304,829    
Work in progress 81,368 57,740    
Right of use assets 260,776 209,694    
Investment property 32,132 31,179    
Goodwill 16,626 14,482    
Biological assets 195,178 165,693    
Finished goods 138,254 77,041    
Raw materials, stocks held by third parties and others 101,270 56,420    
Total segment assets 2,166,859 1,912,801    
Borrowings 817,651 971,090    
Lease liabilities 246,854 195,772    
Total segment liabilities 1,064,505 1,166,862    
Farming | Crops        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 240,730 168,461 166,446  
Cost of goods sold and services rendered (213,231) (149,250) (156,510)  
Initial recognition and changes in fair value of biological assets and agricultural produce 73,990 40,104 29,741  
Changes in net realizable value of agricultural produce after harvest (11,384) 7,007 1,825  
Margin on manufacturing and agricultural activities before operating expenses 90,105 67,061 41,502  
General and administrative expenses (11,100) (6,694) (5,533)  
Selling expenses (23,419) (17,998) (12,724)  
Other operating (expense)/ income, net (3,723) (12,853) (2,508)  
Profit from operations 51,863 29,516 20,737  
Depreciation and amortization (7,135) (5,286) (4,799)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Biological assets 54,886 43,787 38,117  
Farming | Rice        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 134,869 101,862 101,156  
Cost of goods sold and services rendered (112,045) (73,830) (73,951)  
Initial recognition and changes in fair value of biological assets and agricultural produce 43,834 18,677 12,215  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 66,658 46,709 39,420  
General and administrative expenses (9,760) (6,899) (6,605)  
Selling expenses (18,108) (13,923) (20,574)  
Other operating (expense)/ income, net 285 713 267  
Profit from operations 39,075 26,600 12,508  
Depreciation and amortization (8,894) (6,505) (6,823)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Biological assets 42,729 29,062 21,484  
Farming | Dairy        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 183,054 133,474 83,822  
Cost of goods sold and services rendered (158,077) (116,007) (76,694)  
Initial recognition and changes in fair value of biological assets and agricultural produce 19,895 12,344 13,510  
Changes in net realizable value of agricultural produce after harvest 0 (2) 0  
Margin on manufacturing and agricultural activities before operating expenses 44,872 29,809 20,638  
General and administrative expenses (5,256) (4,788) (4,098)  
Selling expenses (22,572) (13,540) (6,234)  
Other operating (expense)/ income, net (170) (186) (703)  
Profit from operations 16,874 11,295 9,603  
Depreciation and amortization (7,941) (6,568) (4,966)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Biological assets 18,979 12,933 11,521  
Farming | All other segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 3,689 2,508 3,931  
Cost of goods sold and services rendered (3,111) (1,962) (3,452)  
Initial recognition and changes in fair value of biological assets and agricultural produce 1,362 1,256 13  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 1,940 1,802 492  
General and administrative expenses (187) (118) (150)  
Selling expenses (290) (214) (182)  
Other operating (expense)/ income, net (4,465) 1,067 (354)  
Profit from operations (3,002) 2,537 (194)  
Depreciation and amortization (190) (135) (177)  
Net (loss) / gain from Fair value adjustment of investment property (4,331) 1,077 (325)  
Biological assets 7,257 4,703 3,673  
Farming | Operating segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 535,713 411,016 359,771  
Cost of goods sold and services rendered (465,561) (344,878) (314,621)  
Initial recognition and changes in fair value of biological assets and agricultural produce 122,539 74,394 57,185  
Changes in net realizable value of agricultural produce after harvest (10,163) 7,076 1,542  
Margin on manufacturing and agricultural activities before operating expenses 182,528 147,608 103,877  
General and administrative expenses (24,052) (18,877) (16,553)  
Selling expenses (59,595) (46,476) (40,347)  
Other operating (expense)/ income, net (7,444) (11,235) (3,592)  
Profit from operations 91,437 71,020 43,385  
Depreciation and amortization (21,900) (18,896) (16,901)  
Net (loss) / gain from Fair value adjustment of investment property (3,884) 1,080 (927)  
Reserve of the revaluation surplus derived from the disposals of assets   0    
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 21,149 13,293 2,571  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 101,390 61,840 54,614  
Changes in net realizable value of agricultural produce after harvest (unrealized) (4,001) (481) (481)  
Changes in net realizable value of agricultural produce after harvest (realized) (6,162) 7,557 2,023  
Farmlands and farmland improvements, net 653,861 651,686    
Machinery, equipment and other fixed assets, net 159,822 126,482    
Bearer plants, net 892 685    
Work in progress 65,481 43,744    
Right of use assets 17,296 8,035    
Investment property 32,132 31,179    
Goodwill 12,713 10,281    
Biological assets 123,851 90,485    
Finished goods 57,397 42,726    
Raw materials, stocks held by third parties and others 68,045 34,107    
Total segment assets 1,191,490 1,039,410    
Borrowings 128,046 180,539    
Lease liabilities 19,187 10,294    
Total segment liabilities 147,233 190,833    
Farming | Operating segments | Crops        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 228,894 170,114 168,938  
Cost of goods sold and services rendered (203,148) (150,745) (159,197)  
Initial recognition and changes in fair value of biological assets and agricultural produce 65,704 41,038 30,290  
Changes in net realizable value of agricultural produce after harvest (10,163) 7,078 1,542  
Margin on manufacturing and agricultural activities before operating expenses 81,287 67,485 41,573  
General and administrative expenses (10,273) (6,816) (5,446)  
Selling expenses (21,925) (18,265) (12,852)  
Other operating (expense)/ income, net (3,538) (12,846) (2,283)  
Profit from operations 45,551 29,558 20,992  
Depreciation and amortization (6,501) (5,397) (4,662)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Reserve of the revaluation surplus derived from the disposals of assets   0    
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 14,399 12,211 6,091  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 51,305 29,566 24,199  
Changes in net realizable value of agricultural produce after harvest (unrealized) (4,001) (481) (481)  
Changes in net realizable value of agricultural produce after harvest (realized) (6,162) 7,559 2,023  
Farmlands and farmland improvements, net 448,608 454,212    
Machinery, equipment and other fixed assets, net 47,122 39,517    
Bearer plants, net 892 685    
Work in progress 3,444 820    
Right of use assets 13,005 4,275    
Investment property 0 0    
Goodwill 7,074 5,720    
Biological assets 54,886 43,787    
Finished goods 37,225 30,267    
Raw materials, stocks held by third parties and others 42,253 21,893    
Total segment assets 654,509 601,176    
Borrowings 31,755 37,111    
Lease liabilities 14,106 5,920    
Total segment liabilities 45,861 43,031    
Farming | Operating segments | Rice        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 130,526 102,886 102,162  
Cost of goods sold and services rendered (109,709) (74,395) (74,480)  
Initial recognition and changes in fair value of biological assets and agricultural produce 37,119 19,449 13,194  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 57,936 47,940 40,876  
General and administrative expenses (8,891) (7,045) (6,752)  
Selling expenses (16,618) (14,170) (21,072)  
Other operating (expense)/ income, net 239 731 282  
Profit from operations 32,666 27,456 13,334  
Depreciation and amortization (8,080) (6,652) (6,994)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Reserve of the revaluation surplus derived from the disposals of assets   0    
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 4,117 3,975 509  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 33,002 15,474 12,685  
Changes in net realizable value of agricultural produce after harvest (unrealized) 0 0 0  
Changes in net realizable value of agricultural produce after harvest (realized) 0 0 0  
Farmlands and farmland improvements, net 146,795 141,661    
Machinery, equipment and other fixed assets, net 29,543 18,567    
Bearer plants, net 0 0    
Work in progress 33,200 23,381    
Right of use assets 3,361 2,472    
Investment property 0 0    
Goodwill 979 792    
Biological assets 42,729 29,062    
Finished goods 5,015 5,970    
Raw materials, stocks held by third parties and others 14,797 4,519    
Total segment assets 276,419 226,424    
Borrowings 34,230 39,686    
Lease liabilities 4,157 3,063    
Total segment liabilities 38,387 42,749    
Farming | Operating segments | Dairy        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 172,803 135,471 84,767  
Cost of goods sold and services rendered (149,738) (117,754) (77,532)  
Initial recognition and changes in fair value of biological assets and agricultural produce 18,336 12,638 13,741  
Changes in net realizable value of agricultural produce after harvest 0 (2) 0  
Margin on manufacturing and agricultural activities before operating expenses 41,401 30,353 20,976  
General and administrative expenses (4,715) (4,896) (4,188)  
Selling expenses (20,779) (13,824) (6,252)  
Other operating (expense)/ income, net (150) (189) (635)  
Profit from operations 15,757 11,444 9,901  
Depreciation and amortization (7,144) (6,709) (5,064)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Reserve of the revaluation surplus derived from the disposals of assets   0    
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) (6,271) (5,151) (3,957)  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 24,607 17,789 17,698  
Changes in net realizable value of agricultural produce after harvest (unrealized) 0 0 0  
Changes in net realizable value of agricultural produce after harvest (realized) 0 (2) 0  
Farmlands and farmland improvements, net 2,143 1,911    
Machinery, equipment and other fixed assets, net 81,516 67,859    
Bearer plants, net 0 0    
Work in progress 27,341 18,365    
Right of use assets 930 1,288    
Investment property 0 0    
Goodwill 4,660 3,769    
Biological assets 18,979 12,933    
Finished goods 15,157 6,489    
Raw materials, stocks held by third parties and others 10,416 7,377    
Total segment assets 161,142 119,991    
Borrowings 62,061 103,742    
Lease liabilities 924 1,311    
Total segment liabilities 62,985 105,053    
Farming | Operating segments | All other segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 3,490 2,545 3,904  
Cost of goods sold and services rendered (2,966) (1,984) (3,412)  
Initial recognition and changes in fair value of biological assets and agricultural produce 1,380 1,269 (40)  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 1,904 1,830 452  
General and administrative expenses (173) (120) (167)  
Selling expenses (273) (217) (171)  
Other operating (expense)/ income, net (3,995) 1,069 (956)  
Profit from operations (2,537) 2,562 (842)  
Depreciation and amortization (175) (138) (181)  
Net (loss) / gain from Fair value adjustment of investment property (3,884) 1,080 (927)  
Reserve of the revaluation surplus derived from the disposals of assets   0    
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 8,904 2,258 (72)  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) (7,524) (989) 32  
Changes in net realizable value of agricultural produce after harvest (unrealized) 0 0 0  
Changes in net realizable value of agricultural produce after harvest (realized) 0 0 0  
Farmlands and farmland improvements, net 56,315 53,902    
Machinery, equipment and other fixed assets, net 1,641 539    
Bearer plants, net 0 0    
Work in progress 1,496 1,178    
Right of use assets 0 0    
Investment property 32,132 31,179    
Goodwill 0 0    
Biological assets 7,257 4,703    
Finished goods 0 0    
Raw materials, stocks held by third parties and others 579 318    
Total segment assets 99,420 91,819    
Borrowings 0 0    
Lease liabilities 0 0    
Total segment liabilities 0 0    
Sugar, Ethanol and Energy        
Disclosure of operating segments [line items]        
Cost of goods sold and services rendered (368,501) (270,897) (360,566)  
Biological assets 71,327 75,208 55,641  
Finished goods 80,857 34,315 36,864 $ 39,937
Sugar, Ethanol and Energy | Operating segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 562,010 411,459 531,783  
Cost of goods sold and services rendered (368,501) (270,897) (360,566)  
Initial recognition and changes in fair value of biological assets and agricultural produce 88,659 50,348 13,110  
Changes in net realizable value of agricultural produce after harvest (1,495) 0 0  
Margin on manufacturing and agricultural activities before operating expenses 280,673 190,910 184,327  
General and administrative expenses (19,464) (15,942) (21,925)  
Selling expenses (52,946) (49,188) (67,116)  
Other operating (expense)/ income, net (17,390) 5,495 126  
Profit from operations 190,873 131,275 95,412  
Depreciation and amortization (143,981) (122,516) (157,657)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Reserve of the revaluation surplus derived from the disposals of assets   0    
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) (16,294) 19,682 (851)  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 104,953 29,927 13,961  
Changes in net realizable value of agricultural produce after harvest (unrealized) 0 0 0  
Changes in net realizable value of agricultural produce after harvest (realized) (1,495) 0 0  
Farmlands and farmland improvements, net 73,979 64,065    
Machinery, equipment and other fixed assets, net 158,611 153,490    
Bearer plants, net 294,090 304,144    
Work in progress 15,887 13,996    
Right of use assets 243,469 201,365    
Investment property 0 0    
Goodwill 3,913 4,201    
Biological assets 71,327 75,208    
Finished goods 80,857 34,315    
Raw materials, stocks held by third parties and others 33,225 22,313    
Total segment assets 975,358 873,097    
Borrowings 524,461 632,985    
Lease liabilities 227,585 185,155    
Total segment liabilities 752,046 818,140    
 Land Transformation        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 0 0    
Cost of goods sold and services rendered 0 0    
Initial recognition and changes in fair value of biological assets and agricultural produce 0 0    
Changes in net realizable value of agricultural produce after harvest 0 0    
Margin on manufacturing and agricultural activities before operating expenses 0 0    
General and administrative expenses 0 (4)    
Selling expenses 0 0    
Other operating (expense)/ income, net 6,613 7,920    
Profit from operations 6,613 7,916    
Depreciation and amortization 0 0    
Net (loss) / gain from Fair value adjustment of investment property 0 0    
 Land Transformation | Operating segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 0 0 0  
Cost of goods sold and services rendered 0 0 0  
Initial recognition and changes in fair value of biological assets and agricultural produce 0 0 0  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 0 0 0  
General and administrative expenses 0 0 0  
Selling expenses 0 0 0  
Other operating (expense)/ income, net 6,613 7,934 2,504  
Profit from operations 6,613 7,934 2,504  
Depreciation and amortization 0 0 0  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Reserve of the revaluation surplus derived from the disposals of assets   10,198    
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 0 0 0  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 0 0 0  
Changes in net realizable value of agricultural produce after harvest (unrealized) 0 0 0  
Changes in net realizable value of agricultural produce after harvest (realized) 0 0 0  
Farmlands and farmland improvements, net 0 0    
Machinery, equipment and other fixed assets, net 0 0    
Bearer plants, net 0 0    
Work in progress 0 0    
Right of use assets 0 0    
Investment property 0 0    
Goodwill 0 0    
Biological assets 0 0    
Finished goods 0 0    
Raw materials, stocks held by third parties and others 0 0    
Total segment assets 0 0    
Borrowings 0 0    
Lease liabilities 0 0    
Total segment liabilities 0 0    
Corporate | Operating segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 0 0 0  
Cost of goods sold and services rendered 0 0 0  
Initial recognition and changes in fair value of biological assets and agricultural produce 0 0 0  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 0 0 0  
General and administrative expenses (22,119) (19,319) (19,319)  
Selling expenses (306) (202) (165)  
Other operating (expense)/ income, net 103 (161) (175)  
Profit from operations (22,322) (19,682) (19,659)  
Depreciation and amortization (738) (876) (20)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Reserve of the revaluation surplus derived from the disposals of assets   0    
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 0 0 0  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 0 0 0  
Changes in net realizable value of agricultural produce after harvest (unrealized) 0 0 0  
Changes in net realizable value of agricultural produce after harvest (realized) 0 0 $ 0  
Farmlands and farmland improvements, net 0 0    
Machinery, equipment and other fixed assets, net 0 0    
Bearer plants, net 0 0    
Work in progress 0 0    
Right of use assets 11 294    
Investment property 0 0    
Goodwill 0 0    
Biological assets 0 0    
Finished goods 0 0    
Raw materials, stocks held by third parties and others 0 0    
Total segment assets 11 294    
Borrowings 165,144 157,566    
Lease liabilities 82 323    
Total segment liabilities $ 165,226 $ 157,889    
[1] Net of 3,458 of Income tax
[2] Net of 2,978 of Income tax