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Segment information | 12 Months Ended
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Dec. 31, 2022
Disclosure of operating segments [abstract] |
Segment information | Segment information According to IFRS 8, operating segments are identified based on the ‘management approach’. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Management Committee. IFRS 8 stipulates external segment reporting based on the Group’s internal organizational and management structure and on internal financial reporting to the chief operating decision maker. The Group operates in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation. •The ‘Farming’ is further comprised of three reportable segments: •‘Crops’ Segment which consists of planting, harvesting and sale of grains, oilseeds and fibers (including wheat, corn, soybeans, peanuts, cotton and sunflowers, among others), and to a lesser extent the provision of grain warehousing/conditioning and handling and drying services to third parties. Each underlying crop in this segment does not represent a separate operating segment. Management seeks to maximize the use of the land through the cultivation of one or more type of crops. Types and surface amount of crops cultivated may vary from harvest year to harvest year depending on several factors, some of them out of the Group’s control. Management is focused on the long-term performance of the productive land, and to that extent, the performance is assessed considering the aggregated combination, if any, of crops planted in the land. A single manager is responsible for the management of operating activity of all crops rather than for each individual crop. •‘Rice’ Segment which consists of planting, harvesting, processing and marketing of rice. •‘Dairy’ Segment which consists of the production and sale of raw milk and industrialized products, including UHT, cheese and powder milk among others. •‘All Other Segments’ which consists of the aggregation of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for disclosure, namely, Coffee and Cattle. •‘Sugar, Ethanol and Energy’ Segment which consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and then marketed; •‘Land Transformation’ Segment comprises the (i) identification and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition of assets (generating profits). Total segment assets and liabilities are measured in a manner consistent with that of the Consolidated Financial Statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset. Effective July 1, 2018, the Group applied IAS 29 “Financial Reporting in Hyperinflationary Economies” (“IAS 29”) to its operations in Argentina. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy be adjusted for the effects of changes in the general price index and be expressed in terms of the current unit of measurement at the closing date of the reporting period (“inflation accounting”). In order to determine whether an economy is classified as hyperinflationary, IAS 29 sets forth a series of factors to be considered, including whether the amount of cumulative inflation nears or exceeds a threshold of 100 % accumulated in three years. Argentina has been classified as a hyperinflationary economy under the terms of IAS 29 from July 1, 2018. (Please see Note 33 - Basis of preparation and presentations). According to IAS 29, all Argentine Peso-denominated non-monetary items in the statement of financial position are adjusted by applying a general price index from the date they were initially recognized to the end of the reporting period. Likewise, all Argentine Peso-denominated items in the statement of income should be expressed in terms of the measuring unit current at the end of the reporting period, consequently, income statement items are adjusted by applying a general price index on a monthly basis from the dates they were initially recognized in the financial statements to the end of the reporting period. This process is called “re-measurement”. Once the re-measurement process is completed, all Argentine Peso denominated accounts are translated into U.S. Dollars, the Group’s reporting currency, applying the guidelines in IAS 21 “The Effects of Changes in Foreign Exchange Rates”(“IAS 21”). IAS 21 requires that amounts be translated at the closing rate at the date of the most recent statement of financial position. This process is called “translation”. The re-measurement and translation processes are applied on a monthly basis until year-end. Due to these processes, the re-measured and translated results of operations for a given month are subject to change until year-end, affecting comparison and analysis. Following the adoption of IAS 29 to the Argentine operations of the Group, management changed the information reviewed by the CODM. Accordingly, as from July 1, 2018, (commencement of hyper-inflation accounting in Argentina), the information provided to the CODM departs from the application of IAS 29 and IAS 21 re-measurement and translation processes as follows. For segment reporting purposes, the segment results of the Argentine operations for each reporting period were adjusted for inflation and translated into the Group’s reporting currency using the reporting period average exchange rate. The translated amounts were not subsequently re-measured and translated in accordance with the IAS 29 and IAS 21 procedures outlined above. In order to evaluate the segment’s performance on a monthly basis, results of operations in Argentina are based on monthly data adjusted for inflation and converted into the average exchange rate of the U.S. Dollar each month. These already converted figures are subsequently not readjusted and reconverted as described above under IAS 29 and IAS 21. It should be noted that this translation methodology for evaluating segment information is the same that the Group uses to translate results of operation from its other subsidiaries from other countries that have not been designated hyperinflationary economies because it allows for a more accurate analysis of the economic performance of its business as a whole. The Group’s CODM believes that the exclusion of the re-measurement and translation processes from the segment reporting structure allows for a more useful presentation and facilitates period-to-period comparison and performance analysis. The following tables show a reconciliation of the reportable segments where the information reviewed by the CODM differs from the reportable segment information measured in accordance with IAS 29 and IAS 21 as per the Consolidated Financial Statements for all years presented. These tables do not include information for the Sugar, Ethanol and Energy reportable segment since this information is not affected by the application of IAS 29 and therefore there is no difference between the information reviewed by the CODM and the information included in the Consolidated Financial Statements: Segment reconciliation for the year ended December 31, 2022:
| 2022
| 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 | 275,200 |  |  | (2,463) |  |  | 272,737 |  |  | 203,686 |  |  | (197) |  |  | 203,489 |  |  | 236,222 |  |  | (1,210) |  |  | 235,012 |
Cost of goods and services rendered | (252,879) |  |  | 2,217 |  |  | (250,662) |  |  | (159,940) |  |  | (380) |  |  | (160,320) |  |  | (204,924) |  |  | 1,039 |  |  | (203,885) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 64,133 |  |  | 1,441 |  |  | 65,574 |  |  | 14,802 |  |  | 521 |  |  | 15,323 |  |  | 27,523 |  |  | (266) |  |  | 27,257 |
Gain from changes in net realizable value of agricultural produce after harvest | (21,495) |  |  | 136 |  |  | (21,359) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Margin on Manufacturing and Agricultural Activities Before Operating Expenses | 64,959 |  |  | 1,331 |  |  | 66,290 |  |  | 58,548 |  |  | (56) |  |  | 58,492 |  |  | 58,821 |  |  | (437) |  |  | 58,384 |
General and administrative expenses | (13,175) |  |  | 5 |  |  | (13,170) |  |  | (15,404) |  |  | 169 |  |  | (15,235) |  |  | (10,378) |  |  | 181 |  |  | (10,197) |
Selling expenses | (31,672) |  |  | 208 |  |  | (31,464) |  |  | (34,630) |  |  | 229 |  |  | (34,401) |  |  | (27,050) |  |  | 76 |  |  | (26,974) |
Other operating income, net | (1,021) |  |  | (653) |  |  | (1,674) |  |  | 79 |  |  | 1 |  |  | 80 |  |  | (8) |  |  | (3) |  |  | (11) |
Bargain purchase gain on acquisition | — |  |  | — |  |  | — |  |  | 10,070 |  |  | 37 |  |  | 10,107 |  |  | — |  |  | — |  |  | — |
Profit from Operations | 19,091 |  |  | 891 |  |  | 19,982 |  |  | 18,663 |  |  | 380 |  |  | 19,043 |  |  | 21,385 |  |  | (183) |  |  | 21,202 |
Depreciation and amortization | (7,908) |  |  | 40 |  |  | (7,868) |  |  | (12,112) |  |  | 97 |  |  | (12,015) |  |  | (10,075) |  |  | 57 |  |  | (10,018) |
Net (loss) / gain from Fair value adjustment of investment property | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2022
| 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 | 5,839 |  |  | (113) |  |  | 5,726 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,351,707 |  |  | (3,983) |  |  | 1,347,724 |
Cost of goods and services rendered | (5,153) |  |  | 114 |  |  | (5,039) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,078,737) |  |  | 2,990 |  |  | (1,075,747) |
Initial recognition and changes in fair value of biological assets and agricultural produce | (336) |  |  | 57 |  |  | (279) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 214,188 |  |  | 1,753 |  |  | 215,941 |
Gain from changes in net realizable value of agricultural produce after harvest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22,429) |  |  | 136 |  |  | (22,293) |
Margin on Manufacturing and Agricultural Activities Before Operating Expenses | 350 |  |  | 58 |  |  | 408 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 464,729 |  |  | 896 |  |  | 465,625 |
General and administrative expenses | (220) |  |  | 1 |  |  | (219) |  |  | — |  |  | — |  |  | — |  |  | (23,413) |  |  | (136) |  |  | (23,549) |  |  | (84,507) |  |  | 220 |  |  | (84,287) |
Selling expenses | (257) |  |  | 4 |  |  | (253) |  |  | — |  |  | — |  |  | — |  |  | (257) |  |  | (1) |  |  | (258) |  |  | (144,031) |  |  | 516 |  |  | (143,515) |
Other operating income, net | (2,801) |  |  | (195) |  |  | (2,996) |  |  | 3,699 |  |  | 6 |  |  | 3,705 |  |  | (136) |  |  | 21 |  |  | (115) |  |  | 2,693 |  |  | (823) |  |  | 1,870 |
Bargain purchase gain on acquisition | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,070 |  |  | 37 |  |  | 10,107 |
Profit from Operations | (2,928) |  |  | (132) |  |  | (3,060) |  |  | 3,699 |  |  | 6 |  |  | 3,705 |  |  | (23,806) |  |  | (116) |  |  | (23,922) |  |  | 248,954 |  |  | 846 |  |  | 249,800 |
Depreciation and amortization | (212) |  |  | — |  |  | (212) |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | (29) |  |  | (7) |  |  | (191,205) |  |  | 165 |  |  | (191,040) |
Net (loss) / gain from Fair value adjustment of investment property | (2,764) |  |  | (197) |  |  | (2,961) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,764) |  |  | (197) |  |  | (2,961) |
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 | 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 | (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 | 41,777 |  |  | (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 | 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 |  | 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 | 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) |  |  | (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 |  |  | (161) |  |  | (8) |  |  | (169) |  |  | 2,033 |  |  | (46) |  |  | 1,987 |
Profit from Operations | 2,562 |  |  | (25) |  |  | 2,537 |  |  | (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 |
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, 2022:
| Farming |  | Sugar, Ethanol and Energy |  | Land Transformation |  | Corporate |  | Total
| Crops |  | Rice |  | Dairy |  | All other segments |  | Farming subtotal |  |  |  |
Sales of goods and services rendered | 275,200 |  |  | 203,686 |  |  | 236,222 |  |  | 5,839 |  |  | 720,947 |  |  | 630,760 |  |  | — |  |  | — |  |  | 1,351,707 |
Cost of goods sold and services rendered | (252,879) |  |  | (159,940) |  |  | (204,924) |  |  | (5,153) |  |  | (622,896) |  |  | (455,841) |  |  | — |  |  | — |  |  | (1,078,737) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 64,133 |  |  | 14,802 |  |  | 27,523 |  |  | (336) |  |  | 106,122 |  |  | 108,066 |  |  | — |  |  | — |  |  | 214,188 |
Changes in net realizable value of agricultural produce after harvest | (21,495) |  |  | — |  |  | — |  |  | — |  |  | (21,495) |  |  | (934) |  |  | — |  |  | — |  |  | (22,429) |
Margin on manufacturing and agricultural activities before operating expenses | 64,959 |  |  | 58,548 |  |  | 58,821 |  |  | 350 |  |  | 182,678 |  |  | 282,051 |  |  | — |  |  | — |  |  | 464,729 |
General and administrative expenses | (13,175) |  |  | (15,404) |  |  | (10,378) |  |  | (220) |  |  | (39,177) |  |  | (21,917) |  |  | — |  |  | (23,413) |  |  | (84,507) |
Selling expenses | (31,672) |  |  | (34,630) |  |  | (27,050) |  |  | (257) |  |  | (93,609) |  |  | (50,165) |  |  | — |  |  | (257) |  |  | (144,031) |
Other operating income, net | (1,021) |  |  | 79 |  |  | (8) |  |  | (2,801) |  |  | (3,751) |  |  | 2,881 |  |  | 3,699 |  |  | (136) |  |  | 2,693 |
Bargain purchase gain on acquisition | — |  |  | 10,070 |  |  | — |  |  | — |  |  | 10,070 |  |  | — |  |  | — |  |  | — |  |  | 10,070 |
Profit / (loss) from operations | 19,091 |  |  | 18,663 |  |  | 21,385 |  |  | (2,928) |  |  | 56,211 |  |  | 212,850 |  |  | 3,699 |  |  | (23,806) |  |  | 248,954 |
Depreciation and amortization | (7,908) |  |  | (12,112) |  |  | (10,075) |  |  | (212) |  |  | (30,307) |  |  | (160,920) |  |  | — |  |  | 22 |  |  | (191,205) |
Net (loss) / gain from Fair value adjustment of investment property | — |  |  | — |  |  | — |  |  | (2,764) |  |  | (2,764) |  |  | — |  |  | — |  |  | — |  |  | (2,764) |
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 3,929 |  |  | 3,701 |  |  | (2,276) |  |  | (2,231) |  |  | 3,123 |  |  | 35,232 |  |  | — |  |  | — |  |  | 38,355 |
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 60,204 |  |  | 11,101 |  |  | 29,799 |  |  | 1,895 |  |  | 102,999 |  |  | 72,834 |  |  | — |  |  | — |  |  | 175,833 |
Changes in net realizable value of agricultural produce after harvest (unrealized) | 72 |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | 72 |
Changes in net realizable value of agricultural produce after harvest (realized) | (21,567) |  |  | — |  |  | — |  |  | — |  |  | (21,567) |  |  | (934) |  |  | — |  |  | — |  |  | (22,501) |
Farmlands and farmland improvements, net | 457,286 |  |  | 149,251 |  |  | 2,221 |  |  | 56,928 |  |  | 665,686 |  |  | 78,647 |  |  | — |  |  | — |  |  | 744,333 |
Machinery, equipment and other fixed assets, net | 48,691 |  |  | 58,827 |  |  | 108,589 |  |  | 1,792 |  |  | 217,899 |  |  | 171,307 |  |  | — |  |  | — |  |  | 389,206 |
Bearer plants, net | 1,057 |  |  | — |  |  | — |  |  | — |  |  | 1,057 |  |  | 351,670 |  |  | — |  |  | — |  |  | 352,727 |
Work in progress | 7,021 |  |  | 29,061 |  |  | 22,325 |  |  | 2,399 |  |  | 60,806 |  |  | 18,283 |  |  | — |  |  | — |  |  | 79,089 |
Right of use assest | 18,952 |  |  | 8,594 |  |  | 711 |  |  | — |  |  | 28,257 |  |  | 330,681 |  |  | — |  |  | 1,243 |  |  | 360,181 |
Investment property | — |  |  | — |  |  | — |  |  | 33,330 |  |  | 33,330 |  |  | — |  |  | — |  |  | — |  |  | 33,330 |
Goodwill | 7,990 |  |  | 1,106 |  |  | 5,263 |  |  | — |  |  | 14,359 |  |  | 4,185 |  |  | — |  |  | — |  |  | 18,544 |
Biological assets | 66,002 |  |  | 52,752 |  |  | 30,045 |  |  | 8,214 |  |  | 157,013 |  |  | 109,431 |  |  | — |  |  | — |  |  | 266,444 |
Finished goods | 37,539 |  |  | 13,659 |  |  | 12,825 |  |  | — |  |  | 64,023 |  |  | 88,693 |  |  | — |  |  | — |  |  | 152,716 |
Raw materials, stocks held by third parties and others | 62,911 |  |  | 22,129 |  |  | 8,700 |  |  | 291 |  |  | 94,031 |  |  | 27,275 |  |  | — |  |  | — |  |  | 121,306 |
Total segment assets | 707,449 |  |  | 335,379 |  |  | 190,679 |  |  | 102,954 |  |  | 1,336,461 |  |  | 1,180,172 |  |  | — |  |  | 1,243 |  |  | 2,517,876 |
Borrowings | 41,493 |  |  | 113,133 |  |  | 138,241 |  |  | — |  |  | 292,867 |  |  | 587,865 |  |  | — |  |  | 127,020 |  |  | 1,007,752 |
Lease liabilities | 18,234 |  |  | 8,281 |  |  | 623 |  |  | — |  |  | 27,138 |  |  | 310,162 |  |  | — |  |  | 680 |  |  | 337,980 |
Total segment liabilities | 59,727 |  |  | 121,414 |  |  | 138,864 |  |  | — |  |  | 320,005 |  |  | 898,027 |  |  | — |  |  | 127,700 |  |  | 1,345,732 |
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 | 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 assets | 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 | 41,777 |  |  | 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 | 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 |
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 |
Total segment assets and liabilities are measured in a manner consistent with that of the Consolidated Financial Statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset. Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows:
| 2022 |  | 2021
Total reportable assets as per segment information | 2,517,876 |  |  | 2,166,859 |
Intangible assets (excluding goodwill) | 17,576 |  |  | 14,711 |
Deferred income tax assets | 8,758 |  |  | 10,321 |
Trade and other receivables | 228,378 |  |  | 188,080 |
Other assets | 1,701 |  |  | 1,079 |
Derivative financial instruments | 5,342 |  |  | 1,585 |
Restricted short-term investment | 98,571 |  |  | — |
Cash and cash equivalents | 230,653 |  |  | 199,766 |
Total assets as per the statement of financial position | 3,108,855 |  |  | 2,582,401 |
| 2022 |  | 2021
Total reportable liabilities as per segment information | 1,345,732 |  |  | 1,064,505 |
Trade and other payables | 259,607 |  |  | 169,030 |
Deferred income tax liabilities | 301,414 |  |  | 265,848 |
Payroll and social liabilities | 31,545 |  |  | 26,294 |
Provisions for other liabilities | 3,435 |  |  | 5,986 |
Current income tax liabilities | 422 |  |  | 1,625 |
Derivative financial instruments | 3,057 |  |  | 1,283 |
Total liabilities as per the statement of financial position | 1,945,212 |  |  | 1,534,571 |
Non-current assets and revenues and fair value gains and losses are shown by geographic region. These are the regions in which the Group is active: Argentina, Brazil, Uruguay and others. As of and for the year ended December 31, 2022:
| Argentina |  | Brazil |  | Uruguay |  | Others (*) |  | Total
Property, plant and equipment | 914,444 |  |  | 620,065 |  |  | 30,846 |  |  | — |  |  | 1,565,355 |
Investment property | 33,330 |  |  | — |  |  | — |  |  | — |  |  | 33,330 |
Goodwill | 14,359 |  |  | 4,185 |  |  | — |  |  | — |  |  | 18,544 |
Non-current portion of biological assets | 30,622 |  |  | — |  |  | — |  |  | — |  |  | 30,622 |
Sales of goods and services rendered | 373,746 |  |  | 494,215 |  |  | 472,538 |  |  | 11,208 |  |  | 1,351,707 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 102,656 |  |  | 108,066 |  |  | 3,466 |  |  | — |  |  | 214,188 |
Changes in net realizable value of agricultural produce after harvest | (21,482) |  |  | (934) |  |  | (13) |  |  | — |  |  | (22,429) |
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 on materiality grounds. As of and for the year ended December 31, 2020:
| Argentina |  | Brazil |  | Uruguay |  | Total
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 |

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