XML 109 R86.htm IDEA: XBRL DOCUMENT v3.23.1
Segment information - Segment Analysis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disclosure of operating segments [line items]        
Sales of goods and services rendered $ 1,347,724 $ 1,124,352 $ 817,764  
Cost of goods sold and services rendered (1,075,747) (854,965) (611,946)  
Initial recognition and changes in fair value of biological assets and agricultural produce 215,941 227,740 122,729  
Changes in net realizable value of agricultural produce after harvest (22,293) (12,879) 7,005  
Margin on manufacturing and agricultural activities before operating expenses 465,625 484,248 335,552  
General and administrative expenses (84,287) (69,794) (53,428)  
Selling expenses (143,515) (117,662) (95,058)  
Other operating income / (expense), net 1,870 (18,768) 1,987  
Bargain purchase gain on acquisition 10,107 0 0  
Profit from operations 249,800 278,024 189,053  
Depreciation and amortization (191,040) (168,928) (141,872)  
Net (loss) / gain from Fair value adjustment of investment property (2,961) (4,331) 1,077  
Reserve of the revaluation surplus derived from the disposals of assets [1]   0 0  
Right of use assets 360,181 260,776 209,694  
Investment property 33,330 32,132 31,179  
Biological assets 266,444 195,178 165,693  
Finished goods 152,716 138,254 77,041 $ 65,278
Borrowings 1,007,752 817,651 971,090  
Lease liabilities 337,980 246,854 195,772  
Operating segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 1,351,707 1,097,723 822,475  
Cost of goods sold and services rendered (1,078,737) (834,062) (615,775)  
Initial recognition and changes in fair value of biological assets and agricultural produce 214,188 211,198 124,742  
Changes in net realizable value of agricultural produce after harvest (22,429) (11,658) 7,076  
Margin on manufacturing and agricultural activities before operating expenses 464,729 463,201 338,518  
General and administrative expenses (84,507) (65,635) (54,138)  
Selling expenses (144,031) (112,847) (95,866)  
Other operating income / (expense), net 2,693 (18,118) 2,033  
Bargain purchase gain on acquisition 10,070      
Profit from operations 248,954 266,601 190,547  
Depreciation and amortization (191,205) (166,619) (142,288)  
Net (loss) / gain from Fair value adjustment of investment property (2,764) (3,884) 1,080  
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 38,355 4,855 32,975  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 175,833 206,343 91,767  
Changes in net realizable value of agricultural produce after harvest (unrealized) 72 (4,001) (481)  
Changes in net realizable value of agricultural produce after harvest (realized) (22,501) (7,657) 7,557  
Farmlands and farmland improvements, net 744,333 727,840    
Machinery, equipment and other fixed assets, net 389,206 318,433    
Bearer plants, net 352,727 294,982    
Work in progress 79,089 81,368    
Right of use assets 360,181 260,776    
Investment property 33,330 32,132    
Goodwill 18,544 16,626    
Biological assets 266,444 195,178    
Finished goods 152,716 138,254    
Raw materials, stocks held by third parties and others 121,306 101,270    
Total segment assets 2,517,876 2,166,859    
Borrowings 1,007,752 817,651    
Lease liabilities 337,980 246,854    
Total segment liabilities 1,345,732 1,064,505    
Farming | Crops        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 272,737 240,730 168,461  
Cost of goods sold and services rendered (250,662) (213,231) (149,250)  
Initial recognition and changes in fair value of biological assets and agricultural produce 65,574 73,990 40,843  
Changes in net realizable value of agricultural produce after harvest (21,359) (11,384) 7,007  
Margin on manufacturing and agricultural activities before operating expenses 66,290 90,105 67,061  
General and administrative expenses (13,170) (11,100) (6,694)  
Selling expenses (31,464) (23,419) (17,998)  
Other operating income / (expense), net (1,674) (3,723) (12,853)  
Bargain purchase gain on acquisition 0      
Profit from operations 19,982 51,863 29,516  
Depreciation and amortization (7,868) (7,135) (5,286)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Biological assets 66,002 54,886 43,787  
Farming | Rice        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 203,489 134,869 101,862  
Cost of goods sold and services rendered (160,320) (112,045) (73,830)  
Initial recognition and changes in fair value of biological assets and agricultural produce 15,323 43,834 18,677  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 58,492 66,658 46,709  
General and administrative expenses (15,235) (9,760) (6,899)  
Selling expenses (34,401) (18,108) (13,923)  
Other operating income / (expense), net 80 285 713  
Bargain purchase gain on acquisition 10,107      
Profit from operations 19,043 39,075 26,600  
Depreciation and amortization (12,015) (8,894) (6,505)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Biological assets 52,752 42,729 29,062  
Farming | Dairy        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 235,012 183,054 133,474  
Cost of goods sold and services rendered (203,885) (158,077) (116,007)  
Initial recognition and changes in fair value of biological assets and agricultural produce 27,257 19,895 12,344  
Changes in net realizable value of agricultural produce after harvest 0 0 (2)  
Margin on manufacturing and agricultural activities before operating expenses 58,384 44,872 29,809  
General and administrative expenses (10,197) (5,256) (4,788)  
Selling expenses (26,974) (22,572) (13,540)  
Other operating income / (expense), net (11) (170) (186)  
Bargain purchase gain on acquisition 0      
Profit from operations 21,202 16,874 11,295  
Depreciation and amortization (10,018) (7,941) (6,568)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Biological assets 30,045 18,979 12,933  
Farming | All other segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 5,726 3,689 2,508  
Cost of goods sold and services rendered (5,039) (3,111) (1,962)  
Initial recognition and changes in fair value of biological assets and agricultural produce (279) 1,362 1,256  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 408 1,940 1,802  
General and administrative expenses (219) (187) (118)  
Selling expenses (253) (290) (214)  
Other operating income / (expense), net (2,996) (4,465) 1,067  
Bargain purchase gain on acquisition 0      
Profit from operations (3,060) (3,002) 2,537  
Depreciation and amortization (212) (190) (135)  
Net (loss) / gain from Fair value adjustment of investment property (2,961) (4,331) 1,077  
Biological assets 8,214 7,257 4,703  
Farming | Operating segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 720,947 535,713 411,016  
Cost of goods sold and services rendered (622,896) (465,561) (344,878)  
Initial recognition and changes in fair value of biological assets and agricultural produce 106,122 122,539 75,133  
Changes in net realizable value of agricultural produce after harvest (21,495) (10,163) 7,076  
Margin on manufacturing and agricultural activities before operating expenses 182,678 182,528 148,347  
General and administrative expenses (39,177) (24,052) (18,877)  
Selling expenses (93,609) (59,595) (46,476)  
Other operating income / (expense), net (3,751) (7,444) (11,235)  
Bargain purchase gain on acquisition 10,070      
Profit from operations 56,211 91,437 71,759  
Depreciation and amortization (30,307) (21,900) (18,896)  
Net (loss) / gain from Fair value adjustment of investment property (2,764) (3,884) 1,080  
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 3,123 21,149 13,293  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 102,999 101,390 61,840  
Changes in net realizable value of agricultural produce after harvest (unrealized) 72 (4,001) (481)  
Changes in net realizable value of agricultural produce after harvest (realized) (21,567) (6,162) 7,557  
Farmlands and farmland improvements, net 665,686 653,861    
Machinery, equipment and other fixed assets, net 217,899 159,822    
Bearer plants, net 1,057 892    
Work in progress 60,806 65,481    
Right of use assets 28,257 17,296    
Investment property 33,330 32,132    
Goodwill 14,359 12,713    
Biological assets 157,013 123,851    
Finished goods 64,023 57,397    
Raw materials, stocks held by third parties and others 94,031 68,045    
Total segment assets 1,336,461 1,191,490    
Borrowings 292,867 128,046    
Lease liabilities 27,138 19,187    
Total segment liabilities 320,005 147,233    
Farming | Operating segments | Crops        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 275,200 228,894 170,114  
Cost of goods sold and services rendered (252,879) (203,148) (150,745)  
Initial recognition and changes in fair value of biological assets and agricultural produce 64,133 65,704 41,777  
Changes in net realizable value of agricultural produce after harvest (21,495) (10,163) 7,078  
Margin on manufacturing and agricultural activities before operating expenses 64,959 81,287 68,224  
General and administrative expenses (13,175) (10,273) (6,816)  
Selling expenses (31,672) (21,925) (18,265)  
Other operating income / (expense), net (1,021) (3,538) (12,846)  
Bargain purchase gain on acquisition 0      
Profit from operations 19,091 45,551 30,297  
Depreciation and amortization (7,908) (6,501) (5,397)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 3,929 14,399 12,211  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 60,204 51,305 29,566  
Changes in net realizable value of agricultural produce after harvest (unrealized) 72 (4,001) (481)  
Changes in net realizable value of agricultural produce after harvest (realized) (21,567) (6,162) 7,559  
Farmlands and farmland improvements, net 457,286 448,608    
Machinery, equipment and other fixed assets, net 48,691 47,122    
Bearer plants, net 1,057 892    
Work in progress 7,021 3,444    
Right of use assets 18,952 13,005    
Investment property 0 0    
Goodwill 7,990 7,074    
Biological assets 66,002 54,886    
Finished goods 37,539 37,225    
Raw materials, stocks held by third parties and others 62,911 42,253    
Total segment assets 707,449 654,509    
Borrowings 41,493 31,755    
Lease liabilities 18,234 14,106    
Total segment liabilities 59,727 45,861    
Farming | Operating segments | Rice        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 203,686 130,526 102,886  
Cost of goods sold and services rendered (159,940) (109,709) (74,395)  
Initial recognition and changes in fair value of biological assets and agricultural produce 14,802 37,119 19,449  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 58,548 57,936 47,940  
General and administrative expenses (15,404) (8,891) (7,045)  
Selling expenses (34,630) (16,618) (14,170)  
Other operating income / (expense), net 79 239 731  
Bargain purchase gain on acquisition 10,070      
Profit from operations 18,663 32,666 27,456  
Depreciation and amortization (12,112) (8,080) (6,652)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 3,701 4,117 3,975  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 11,101 33,002 15,474  
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 149,251 146,795    
Machinery, equipment and other fixed assets, net 58,827 29,543    
Bearer plants, net 0 0    
Work in progress 29,061 33,200    
Right of use assets 8,594 3,361    
Investment property 0 0    
Goodwill 1,106 979    
Biological assets 52,752 42,729    
Finished goods 13,659 5,015    
Raw materials, stocks held by third parties and others 22,129 14,797    
Total segment assets 335,379 276,419    
Borrowings 113,133 34,230    
Lease liabilities 8,281 4,157    
Total segment liabilities 121,414 38,387    
Farming | Operating segments | Dairy        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 236,222 172,803 135,471  
Cost of goods sold and services rendered (204,924) (149,738) (117,754)  
Initial recognition and changes in fair value of biological assets and agricultural produce 27,523 18,336 12,638  
Changes in net realizable value of agricultural produce after harvest 0 0 (2)  
Margin on manufacturing and agricultural activities before operating expenses 58,821 41,401 30,353  
General and administrative expenses (10,378) (4,715) (4,896)  
Selling expenses (27,050) (20,779) (13,824)  
Other operating income / (expense), net (8) (150) (189)  
Bargain purchase gain on acquisition 0      
Profit from operations 21,385 15,757 11,444  
Depreciation and amortization (10,075) (7,144) (6,709)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) (2,276) (6,271) (5,151)  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 29,799 24,607 17,789  
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 (2)  
Farmlands and farmland improvements, net 2,221 2,143    
Machinery, equipment and other fixed assets, net 108,589 81,516    
Bearer plants, net 0 0    
Work in progress 22,325 27,341    
Right of use assets 711 930    
Investment property 0 0    
Goodwill 5,263 4,660    
Biological assets 30,045 18,979    
Finished goods 12,825 15,157    
Raw materials, stocks held by third parties and others 8,700 10,416    
Total segment assets 190,679 161,142    
Borrowings 138,241 62,061    
Lease liabilities 623 924    
Total segment liabilities 138,864 62,985    
Farming | Operating segments | All other segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 5,839 3,490 2,545  
Cost of goods sold and services rendered (5,153) (2,966) (1,984)  
Initial recognition and changes in fair value of biological assets and agricultural produce (336) 1,380 1,269  
Changes in net realizable value of agricultural produce after harvest 0 0 0  
Margin on manufacturing and agricultural activities before operating expenses 350 1,904 1,830  
General and administrative expenses (220) (173) (120)  
Selling expenses (257) (273) (217)  
Other operating income / (expense), net (2,801) (3,995) 1,069  
Bargain purchase gain on acquisition 0      
Profit from operations (2,928) (2,537) 2,562  
Depreciation and amortization (212) (175) (138)  
Net (loss) / gain from Fair value adjustment of investment property (2,764) (3,884) 1,080  
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) (2,231) 8,904 2,258  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 1,895 (7,524) (989)  
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 56,928 56,315    
Machinery, equipment and other fixed assets, net 1,792 1,641    
Bearer plants, net 0 0    
Work in progress 2,399 1,496    
Right of use assets 0 0    
Investment property 33,330 32,132    
Goodwill 0 0    
Biological assets 8,214 7,257    
Finished goods 0 0    
Raw materials, stocks held by third parties and others 291 579    
Total segment assets 102,954 99,420    
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 (455,841) (368,501) (270,897)  
Biological assets 109,431 71,327 75,208  
Finished goods 88,693 80,857 34,315 $ 36,864
Sugar, Ethanol and Energy | Operating segments        
Disclosure of operating segments [line items]        
Sales of goods and services rendered 630,760 562,010 411,459  
Cost of goods sold and services rendered (455,841) (368,501) (270,897)  
Initial recognition and changes in fair value of biological assets and agricultural produce 108,066 88,659 49,609  
Changes in net realizable value of agricultural produce after harvest (934) (1,495) 0  
Margin on manufacturing and agricultural activities before operating expenses 282,051 280,673 190,171  
General and administrative expenses (21,917) (19,464) (15,942)  
Selling expenses (50,165) (52,946) (49,188)  
Other operating income / (expense), net 2,881 (17,390) 5,495  
Bargain purchase gain on acquisition 0      
Profit from operations 212,850 190,873 130,536  
Depreciation and amortization (160,920) (143,981) (122,516)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 0  
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 35,232 (16,294) 19,682  
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 72,834 104,953 29,927  
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) (934) (1,495) 0  
Farmlands and farmland improvements, net 78,647 73,979    
Machinery, equipment and other fixed assets, net 171,307 158,611    
Bearer plants, net 351,670 294,090    
Work in progress 18,283 15,887    
Right of use assets 330,681 243,469    
Investment property 0 0    
Goodwill 4,185 3,913    
Biological assets 109,431 71,327    
Finished goods 88,693 80,857    
Raw materials, stocks held by third parties and others 27,275 33,225    
Total segment assets 1,180,172 975,358    
Borrowings 587,865 524,461    
Lease liabilities 310,162 227,585    
Total segment liabilities 898,027 752,046    
 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 0    
Selling expenses 0 0    
Other operating income / (expense), net 3,705 6,613    
Bargain purchase gain on acquisition 0      
Profit from operations 3,705 6,613    
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 income / (expense), net 3,699 6,613 7,934  
Bargain purchase gain on acquisition 0      
Profit from operations 3,699 6,613 7,934  
Depreciation and amortization 0 0 0  
Net (loss) / gain from Fair value adjustment of investment property 0 0 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 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 (23,413) (22,119) (19,319)  
Selling expenses (257) (306) (202)  
Other operating income / (expense), net (136) 103 (161)  
Bargain purchase gain on acquisition 0      
Profit from operations (23,806) (22,322) (19,682)  
Depreciation and amortization 22 (738) (876)  
Net (loss) / gain from Fair value adjustment of investment property 0 0 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 1,243 11    
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 1,243 11    
Borrowings 127,020 165,144    
Lease liabilities 680 82    
Total segment liabilities $ 127,700 $ 165,226    
[1] Net of $3,458 of Income tax