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Biological assets | 12 Months Ended
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Dec. 31, 2022
Agriculture1 [Abstract] |
Biological assets | Biological assets Changes in the Group’s biological assets in 2022 and 2021 were as follows:
| 2022
| Crops (ii) |  | Rice (ii) |  | Dairy |  | All other segments |  | Sugarcane (ii) |  | Total
Beginning of the year | 54,886 |  |  | 42,729 |  |  | 18,979 |  |  | 7,257 |  |  | 71,327 |  |  | 195,178 |
Increase due to purchases | — |  |  | — |  |  | — |  |  | 3,732 |  |  | — |  |  | 3,732 |
Acquisition of subsidiaries (Note 21) | — |  |  | 1,676 |  |  | — |  |  | — |  |  | — |  |  | 1,676 |
Initial recognition and changes in fair value of biological assets (i) | 65,574 |  |  | 15,323 |  |  | 27,257 |  |  | (279) |  |  | 108,066 |  |  | 215,941 |
Decrease due to harvest / disposals | (240,469) |  |  | (80,127) |  |  | (79,474) |  |  | (6,487) |  |  | (202,298) |  |  | (608,855) |
Costs incurred during the year | 178,922 |  |  | 67,621 |  |  | 60,826 |  |  | 3,052 |  |  | 128,308 |  |  | 438,729 |
Exchange differences | 7,089 |  |  | 5,530 |  |  | 2,457 |  |  | 939 |  |  | 4,028 |  |  | 20,043 |
End of the year | 66,002 |  |  | 52,752 |  |  | 30,045 |  |  | 8,214 |  |  | 109,431 |  |  | 266,444 |
| 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 |
(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$26,978 for the year ended December 31, 2022 (2021: US$21,527). In 2022, an amount of US$4,653 (2021: US$1,824) was attributable to price changes, and an amount of US$22,325 (2021: US$19,433) was attributable to physical changes. (ii) Biological assets that are measured at fair value within level 3 of the hierarchy. Cost of production for the year ended December 31, 2022:
| Crops |  | Rice |  | Dairy |  | All other segments |  | Sugar, Ethanol and Energy |  | Total
Salaries, social security expenses and employee benefits | 5,098 |  |  | 11,132 |  |  | 7,592 |  |  | 624 |  |  | 11,795 |  |  | 36,241 |
Depreciation and amortization | — |  |  | — |  |  | — |  |  | — |  |  | 5,024 |  |  | 5,024 |
Depreciation of right of use assets | — |  |  | — |  |  | — |  |  | — |  |  | 42,166 |  |  | 42,166 |
Fertilizers, agrochemicals and seeds | 68,963 |  |  | 17,220 |  |  | — |  |  | 9 |  |  | 46,020 |  |  | 132,212 |
Fuel, lubricants and others | 1,043 |  |  | 1,452 |  |  | 1,419 |  |  | 51 |  |  | 4,636 |  |  | 8,601 |
Maintenance and repairs | 1,678 |  |  | 6,585 |  |  | 3,979 |  |  | 342 |  |  | 3,172 |  |  | 15,756 |
Freights | 4,085 |  |  | 546 |  |  | 202 |  |  | 223 |  |  | — |  |  | 5,056 |
Contractors and services | 49,521 |  |  | 22,317 |  |  | — |  |  | 17 |  |  | 8,620 |  |  | 80,475 |
Feeding expenses | — |  |  | — |  |  | 24,940 |  |  | 372 |  |  | — |  |  | 25,312 |
Veterinary expenses | — |  |  | — |  |  | 3,715 |  |  | 301 |  |  | — |  |  | 4,016 |
Energy power | 39 |  |  | 5,447 |  |  | 1,286 |  |  | 8 |  |  | — |  |  | 6,780 |
Professional fees | 551 |  |  | 403 |  |  | 309 |  |  | 2 |  |  | 489 |  |  | 1,754 |
Other taxes | 1,270 |  |  | 184 |  |  | 14 |  |  | 69 |  |  | 128 |  |  | 1,665 |
Lease expense and similar arrangements | 45,790 |  |  | 967 |  |  | — |  |  | 5 |  |  | 4,978 |  |  | 51,740 |
Others | 884 |  |  | 1,368 |  |  | 386 |  |  | 64 |  |  | 1,280 |  |  | 3,982 |
Subtotal | 178,922 |  |  | 67,621 |  |  | 43,842 |  |  | 2,087 |  |  | 128,308 |  |  | 420,780 |
Own agricultural produce consumed | — |  |  | — |  |  | 16,984 |  |  | 965 |  |  | — |  |  | 17,949 |
Total | 178,922 |  |  | 67,621 |  |  | 60,826 |  |  | 3,052 |  |  | 128,308 |  |  | 438,729 |
Cost of production for the year ended 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 |
Biological assets in December 31, 2022 and 2021 were as follows:
| 2022 |  | 2021
Non-current |  |  |
Cattle for dairy production (i) | 29,483 |  |  | 18,428 |
Breeding cattle (ii) | 821 |  |  | 707 |
Other cattle (ii) | 318 |  |  | 220 |
| 30,622 |  |  | 19,355 |
Current |  |  |
Breeding cattle (iii) | 7,075 |  |  | 6,330 |
Other cattle (iii) | 562 |  |  | 551 |
Sown land – crops (ii) | 66,002 |  |  | 54,886 |
Sown land – rice (ii) | 52,752 |  |  | 42,729 |
Sown land – sugarcane (ii) (iv) | 109,431 |  |  | 71,327 |
| 235,822 |  |  | 175,823 |
Total biological assets | 266,444 |  |  | 195,178 |
(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 4,849 and 6,969 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$522,894 for the year ended December 31, 2022 (2021: US$532,480). The following table presents the Group’s biological assets that are measured at fair value at December 31, 2022 and 2021 (See Note 17 for a the description of each fair value level):
| 2022 |  | 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cattle for dairy production | — |  |  | 29,483 |  |  | — |  |  | 29,483 |  |  | — |  |  | 18,428 |  |  | — |  |  | 18,428 |
Breeding cattle | 7,896 |  |  | — |  |  | — |  |  | 7,896 |  |  | 7,037 |  |  | — |  |  | — |  |  | 7,037 |
Other cattle | — |  |  | 880 |  |  | — |  |  | 880 |  |  | — |  |  | 771 |  |  | — |  |  | 771 |
Sown land – sugarcane | — |  |  | — |  |  | 109,431 |  |  | 109,431 |  |  | — |  |  | — |  |  | 71,327 |  |  | 71,327 |
Sown land – crops | — |  |  | — |  |  | 66,002 |  |  | 66,002 |  |  | — |  |  | — |  |  | 54,886 |  |  | 54,886 |
Sown land – rice | — |  |  | — |  |  | 52,752 |  |  | 52,752 |  |  | — |  |  | — |  |  | 42,729 |  |  | 42,729 |
There were no transfers between any levels during the year. The following significant unobservable inputs were used to measure the Group’s biological assets using the discounted cash flow valuation technique:
Description |  | Unobservable inputs |  | Range of unobservable inputs |  | Relationship of unobservable inputs to fair value
|  |  |  | 2022 |  | 2021 |  |
Sown land – sugarcane |  | Sugarcane yield – tonnes per hectare; Sugarcane TRS (kg of sugar per ton of cane) Production Costs – US$ per hectare. (Include maintenance, harvest and leasing costs) |  | '-Sugarcane yield: 50-100 tonnes/ha -Sugarcane TRS: 120-140 kg of sugar/tonnes of cane -Maintenance costs: 500-800 US$/ha -Harvest costs: 6.0-12.0 US$/tonnes of cane -Leasing costs: 12.0-14.4 tonnes/ha |  | '-Sugarcane yield: 50-100 tonnes/ha - Sugarcane TRS: 120-140kg of sugar/tonnes of cane - Maintenance costs: 500-800 US$/ha - Harvest costs: 6.0-12.0 US$/ tonnes of cane - Leasing costs: 12.0-14.4 tonnes/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: 1.00 – 5.6 tonnes/ha for Wheat, 1.6 – 13 tonnes/ha for Corn, 0.4 - 5.0 tonnes/ha for Soybean, 0.9 - 2.2 for Sunflower and 1.8 - 5.1 tonnes/ha for Peanut - Commercial Costs: 13-45 US$/tonnes for Wheat, 16-65 US$/tonnes for Corn, 21-65 US$/tonnes for Soybean, 17-36 US$/tonnes for Sunflower and 28-46 US$/ha for Peanut - Production Costs: 200-840 US$/ha for Wheat, 325-1500 US$/ha for Corn, 260-1100 US$/ha for Soybean, 280-890 US$/ha for Sunflower and 756-2000 US$/ha for Peanut |  | '- Crops yield: 0.85 – 5.6 tonnes/ha for Wheat, 3.0 – 10 tonnes/ha for Corn, 1.1 - 4.0 tonnes/ha for Soybean, 1.7-2.5 for Sunflower and 2.5 - 3.6 tonnes/ha for Peanut - Commercial Costs: 17-54 US$/ha for Wheat, 14-62 US$/ha for Corn, 19-65 US$/ha for Soybean, 18-49 US$/ha for Sunflower and 36.0 - 69.0 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$/ha for Sunflower and 802.0 - 2,060.0 US$/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: 1.4 -9.2 tonnes/ha -Commercial Costs: 3-23 US$/ha -Production Costs: 760-1250 US$/ha |  | '-Rice yield: 3.2 -10.1 tonnes/ha -Commercial Costs: 8-25 US$/ha -Production Costs: 810-1300 US$/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, 2022, 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 biological asset less cost to sell of US$18.5 million for sugarcane, US$3.8 million for crops and US$6.0 million for rice. 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 biological asse less cost to sell of US$14.8 million for sugarcane, US$5.4 million for crops and US$4.9 million for rice. “La Niña” weather event “La Niña” is a weather phenomenon caused by the fluctuation of the ocean temperatures in the central and eastern equatorial Pacific due to changes in the atmosphere, which affects the climate of several regions worldwide. When the temperature of the ocean decreases by 0.5°C below the five-quarter average, a so called “La Niña” weather pattern begins. This whether phenomenon is characterized by below average precipitations during spring and summertime in South America. We have experienced this weather pattern in Argentina and Uruguay, where most of our Farming operations are based, throughout the last three consecutive years and it has extended its effects during the beginning of 2023 and continue affecting production as of today, resulting in a severe drought in almost all productive regions in Argentina and Uruguay. Our diversification in terms of geographic footprint and crops planted (soybean, peanut, corn, wheat, sunflower, among others), acts as a natural hedge against weather risk, and enables us to adopt defensive strategies such as delaying planting activities and switching between crops which are either more resilient to dry weather or have a later development stage. However, and despite our ability to partially mitigate this effect, this year, as a consequence of the La Niña weather event, we foresee that the yields of our different crops will see a reduction ranging from 18% to 60%, depending on the crop, thus significantly affecting our results of operations.

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