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Segment information | 12 Months Ended
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Dec. 31, 2023
Disclosure of operating segments [abstract] |
Segment information | Segment information The Group is engaged in agricultural, manufacturing and land transformation activities. Our agricultural activities consist of harvesting certain agricultural products, including crops, rough rice, and sugarcane, for sale to third parties and for internal use as inputs in its various manufacturing processes, and producing fluid milk. The manufacturing activities consist of (i) selling manufactured products, including processed peanuts, sunflower rice, sugar, ethanol and energy, among others, (ii) in our milk facilities we produce UHT and UP milk, powder milk and semi-hard cheese, among others; and (iii) providing services, such as grain warehousing and conditioning and handling and drying services, among others. The land transformation activities consist of the acquisition of farmlands or businesses with underdeveloped or underutilized agricultural land and implementing production technology and agricultural best practices on the Group’s farmlands to enhance yields and increase their value for potential realization through sale. 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. Effective for our year ended December 31, 2023, The Group’s CODM changed its internal reporting mainly to refine the way it views our farming business and its interaction with our overarching land transformation activities embedded within such farming business. Previously, The Group’s CODM reviewed the results of our land transformation strategy as a separate activity upon disposition of transformed farmlands and/or other rural properties, or the acquisition of an under-utilized land. As from the fourth quarter of 2023, The Group’s CODM started allocating any profit from disposition of a farmland or, a bargain purchase gain, as part of the farming activity where such farmland belongs. The CODM believes that this allocation better aligns the activities which were conducted to achieve the full growth potential of the land through the years with its ultimate realization of incremental value. Therefore, any profit on the realization of land transformation activities is now included in the respective farming business operating segment to which the disposed/acquired land belongs. Also, The Group’s CODM started allocating the results of our minor cattle activities – which were previously reported as part of “all other segments” since they did not meet the quantitative thresholds for disclosure – to the farmland where the cattle is assigned. The Group maintains cattle as complementary to the farming activities rather than as a separate business itself. Cattle helps preserve the value and productive capacity of the farmlands, avoiding the growth of undesired weed. These changes resulted in revisions to the financial information provided to The Group’s CODM on a recurring basis in their evaluation of our financial performance and the decision-making process. The Group’s CODM believes these changes better reflect the performance of our reportable segments. Accordingly, the Group changed the segment reporting under IFRS 8 as further described below. Previously reported segment financial information was recast for the years ended December 31, 2022 and 2021 to reflect the new reportable segments’ structure. Based on the foregoing, the Group operates in two major lines of business, namely, Farming and Sugar, Ethanol and Energy •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, and the genetic development of seeds. •‘Dairy’ Segment which consists of the production and sale of raw milk and industrialized products, including UHT, cheese and powder milk among others. •‘Sugar, Ethanol and Energy’ Segment which consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity, in addition to biomethane and then marketed; As further discussed in Note 32, the Group applies IAS 29 to its operations in Argentina. 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 are 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, which is our 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. However, the internal reporting reviewed by the CODM departs from the application of IAS 29 and IAS 21 re-measurement and translation processes discussed above. For segment reporting purposes, the segment results of Argentine operations for each reporting period were adjusted for inflation and translated into the 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 guidelines. In order to evaluate the segment’s performance, results of operations in Argentina are based on monthly data adjusted for inflation and converted into the monthly US dollar average exchange rate. These converted amounts are not subsequently readjusted and reconverted as described 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 operations 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 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. For all the Group’s segments, the primary operating performance measure is “Profit or Loss from Operations” measured in accordance with the procedure outlined above. 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. The following tables show a reconciliation of the reportable segments information reviewed by our CODM with 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 our CODM and the information included in the Consolidated Financial Statements: Segment reconciliation for the year ended December 31, 2023:
| 2023
| 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 | 216,912 |  |  | (50,659) |  |  | 166,253 |  |  | 256,347 |  |  | (26,155) |  |  | 230,192 |  |  | 246,875 |  |  | (66,756) |  |  | 180,119 |
Cost of goods and services rendered | (188,954) |  |  | 45,075 |  |  | (143,879) |  |  | (178,322) |  |  | 8,064 |  |  | (170,258) |  |  | (209,362) |  |  | 54,889 |  |  | (154,473) |
Initial recognition and changes in fair value of biological assets and agricultural produce | (4,862) |  |  | (5,465) |  |  | (10,327) |  |  | (2,488) |  |  | (1,813) |  |  | (4,301) |  |  | 14,086 |  |  | (6,036) |  |  | 8,050 |
Gain from changes in net realizable value of agricultural produce after harvest | 2,730 |  |  | (736) |  |  | 1,994 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Margin on Manufacturing and Agricultural Activities Before Operating Expenses | 25,826 |  |  | (11,785) |  |  | 14,041 |  |  | 75,537 |  |  | (19,904) |  |  | 55,633 |  |  | 51,599 |  |  | (17,903) |  |  | 33,696 |
General and administrative expenses | (14,779) |  |  | 4,866 |  |  | (9,913) |  |  | (15,709) |  |  | 4,436 |  |  | (11,273) |  |  | (10,411) |  |  | 3,456 |  |  | (6,955) |
Selling expenses | (22,450) |  |  | 6,336 |  |  | (16,114) |  |  | (33,407) |  |  | 6,958 |  |  | (26,449) |  |  | (25,488) |  |  | 8,312 |  |  | (17,176) |
Other operating income / (expense), net | 20,006 |  |  | (4,721) |  |  | 15,285 |  |  | 7,470 |  |  | (252) |  |  | 7,218 |  |  | 1,872 |  |  | (960) |  |  | 912 |
Profit from Operations | 8,603 |  |  | (5,304) |  |  | 3,299 |  |  | 33,891 |  |  | (8,762) |  |  | 25,129 |  |  | 17,572 |  |  | (7,095) |  |  | 10,477 |
Depreciation and amortization | (8,330) |  |  | 2,909 |  |  | (5,421) |  |  | (15,154) |  |  | 4,342 |  |  | (10,812) |  |  | (10,913) |  |  | 3,852 |  |  | (7,061) |
Net (loss) / gain from Fair value adjustment of investment property | 10,199 |  |  | (650) |  |  | 9,549 |  |  | 1,176 |  |  | (105) |  |  | 1,071 |  |  | — |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 2023
|  |  |  |  | Corporate |  | Total
|  |  |  |  |  |  |  |  |  |  |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 1,442,441 |  |  | (143,570) |  |  | 1,298,871 |
Cost of goods and services rendered |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (1,081,208) |  |  | 108,028 |  |  | (973,180) |
Initial recognition and changes in fair value of biological assets and agricultural produce |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 101,172 |  |  | (13,314) |  |  | 87,858 |
Gain from changes in net realizable value of agricultural produce after harvest |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 2,574 |  |  | (736) |  |  | 1,838 |
Margin on Manufacturing and Agricultural Activities Before Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 464,979 |  |  | (49,592) |  |  | 415,387 |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  | (23,061) |  |  | 6,473 |  |  | (16,588) |  |  | (89,551) |  |  | 19,231 |  |  | (70,320) |
Selling expenses |  |  |  |  |  |  |  |  |  |  |  |  | (305) |  |  | 107 |  |  | (198) |  |  | (150,805) |  |  | 21,713 |  |  | (129,092) |
Other operating income / (expense), net |  |  |  |  |  |  |  |  |  |  |  |  | (309) |  |  | 21 |  |  | (288) |  |  | 31,502 |  |  | (5,912) |  |  | 25,590 |
Profit from Operations |  |  |  |  |  |  |  |  |  |  |  |  | (23,675) |  |  | 6,601 |  |  | (17,074) |  |  | 256,125 |  |  | (14,560) |  |  | 241,565 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (1,275) |  |  | 454 |  |  | (821) |  |  | (211,575) |  |  | 11,557 |  |  | (200,018) |
Net gain / (loss) from Fair value adjustment of investment property |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 11,375 |  |  | (755) |  |  | 10,620 |
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 | 280,329 |  |  | (2,578) |  |  | 277,751 |  |  | 204,396 |  |  | (195) |  |  | 204,201 |  |  | 236,222 |  |  | (1,210) |  |  | 235,012 |
Cost of goods and services rendered | (257,925) |  |  | 2,330 |  |  | (255,595) |  |  | (160,047) |  |  | (379) |  |  | (160,426) |  |  | (204,924) |  |  | 1,039 |  |  | (203,885) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 62,567 |  |  | 1,494 |  |  | 64,061 |  |  | 16,032 |  |  | 525 |  |  | 16,557 |  |  | 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 | 63,476 |  |  | 1,382 |  |  | 64,858 |  |  | 60,381 |  |  | (49) |  |  | 60,332 |  |  | 58,821 |  |  | (437) |  |  | 58,384 |
General and administrative expenses | (13,312) |  |  | 2 |  |  | (13,310) |  |  | (15,487) |  |  | 173 |  |  | (15,314) |  |  | (10,378) |  |  | 181 |  |  | (10,197) |
Selling expenses | (31,894) |  |  | 212 |  |  | (31,682) |  |  | (34,665) |  |  | 229 |  |  | (34,436) |  |  | (27,050) |  |  | 76 |  |  | (26,974) |
Other operating income / (expense), net | 463 |  |  | (804) |  |  | (341) |  |  | (507) |  |  | (37) |  |  | (544) |  |  | (8) |  |  | (3) |  |  | (11) |
Bargain purchase gain on acquisition | — |  |  | — |  |  | — |  |  | 10,070 |  |  | 37 |  |  | 10,107 |  |  | — |  |  | — |  |  | — |
Profit from Operations | 18,733 |  |  | 792 |  |  | 19,525 |  |  | 19,792 |  |  | 353 |  |  | 20,145 |  |  | 21,385 |  |  | (183) |  |  | 21,202 |
Depreciation and amortization | (8,017) |  |  | 39 |  |  | (7,978) |  |  | (12,215) |  |  | 98 |  |  | (12,117) |  |  | (10,075) |  |  | 57 |  |  | (10,018) |
Net (loss) / gain from Fair value adjustment of investment property | (2,184) |  |  | (158) |  |  | (2,342) |  |  | (580) |  |  | (39) |  |  | (619) |  |  | — |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 2022
|  |  |  |  | Corporate |  | Total
|  |  |  |  |  |  |  |  |  |  |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 1,351,707 |  |  | (3,983) |  |  | 1,347,724 |
Cost of goods and services rendered |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (1,078,737) |  |  | 2,990 |  |  | (1,075,747) |
Initial recognition and changes in fair value of biological assets and agricultural produce |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 464,729 |  |  | 896 |  |  | 465,625 |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  | (23,413) |  |  | (136) |  |  | (23,549) |  |  | (84,507) |  |  | 220 |  |  | (84,287) |
Selling expenses |  |  |  |  |  |  |  |  |  |  |  |  | (257) |  |  | (1) |  |  | (258) |  |  | (144,031) |  |  | 516 |  |  | (143,515) |
Other operating income / (expense), net |  |  |  |  |  |  |  |  |  |  |  |  | (136) |  |  | 21 |  |  | (115) |  |  | 2,693 |  |  | (823) |  |  | 1,870 |
Bargain purchase gain on acquisition |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 10,070 |  |  | 37 |  |  | 10,107 |
Profit from Operations |  |  |  |  |  |  |  |  |  |  |  |  | (23,806) |  |  | (116) |  |  | (23,922) |  |  | 248,954 |  |  | 846 |  |  | 249,800 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | 22 |  |  | (29) |  |  | (7) |  |  | (191,205) |  |  | 165 |  |  | (191,040) |
Net (loss) / gain from Fair value adjustment of investment property |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (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 | 231,817 |  |  | 11,975 |  |  | 243,792 |  |  | 131,093 |  |  | 4,403 |  |  | 135,496 |  |  | 172,803 |  |  | 10,251 |  |  | 183,054 |
Cost of goods and services rendered | (206,018) |  |  | (10,216) |  |  | (216,234) |  |  | (109,805) |  |  | (2,348) |  |  | (112,153) |  |  | (149,738) |  |  | (8,339) |  |  | (158,077) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 65,907 |  |  | 8,185 |  |  | 74,092 |  |  | 38,296 |  |  | 6,798 |  |  | 45,094 |  |  | 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 | 81,543 |  |  | 8,723 |  |  | 90,266 |  |  | 59,584 |  |  | 8,853 |  |  | 68,437 |  |  | 41,401 |  |  | 3,471 |  |  | 44,872 |
General and administrative expenses | (10,356) |  |  | (834) |  |  | (11,190) |  |  | (8,981) |  |  | (876) |  |  | (9,857) |  |  | (4,715) |  |  | (541) |  |  | (5,256) |
Selling expenses | (22,107) |  |  | (1,506) |  |  | (23,613) |  |  | (16,709) |  |  | (1,495) |  |  | (18,204) |  |  | (20,779) |  |  | (1,793) |  |  | (22,572) |
Other operating income / (expense), net | 237 |  |  | (536) |  |  | (299) |  |  | (918) |  |  | (73) |  |  | (991) |  |  | (150) |  |  | (20) |  |  | (170) |
Profit from Operations | 49,317 |  |  | 5,847 |  |  | 55,164 |  |  | 32,976 |  |  | 6,409 |  |  | 39,385 |  |  | 15,757 |  |  | 1,117 |  |  | 16,874 |
Depreciation and amortization | (6,583) |  |  | (643) |  |  | (7,226) |  |  | (8,173) |  |  | (820) |  |  | (8,993) |  |  | (7,144) |  |  | (797) |  |  | (7,941) |
Net (loss) / gain from Fair value adjustment of investment property | (2,832) |  |  | (350) |  |  | (3,182) |  |  | (1,052) |  |  | (97) |  |  | (1,149) |  |  | — |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 2021
|  |  |  |  | Corporate |  | Total
|  |  |  |  |  |  |  |  |  |  |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 1,097,723 |  |  | 26,629 |  |  | 1,124,352 |
Cost of goods and services rendered |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (834,062) |  |  | (20,903) |  |  | (854,965) |
Initial recognition and changes in fair value of biological assets and agricultural produce |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 463,201 |  |  | 21,047 |  |  | 484,248 |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  | (22,119) |  |  | (1,908) |  |  | (24,027) |  |  | (65,635) |  |  | (4,159) |  |  | (69,794) |
Selling expenses |  |  |  |  |  |  |  |  |  |  |  |  | (306) |  |  | (21) |  |  | (327) |  |  | (112,847) |  |  | (4,815) |  |  | (117,662) |
Other operating income / (expense), net |  |  |  |  |  |  |  |  |  |  |  |  | 103 |  |  | (21) |  |  | 82 |  |  | (18,118) |  |  | (650) |  |  | (18,768) |
Profit from Operations |  |  |  |  |  |  |  |  |  |  |  |  | (22,322) |  |  | (1,950) |  |  | (24,272) |  |  | 266,601 |  |  | 11,423 |  |  | 278,024 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (738) |  |  | (49) |  |  | (787) |  |  | (166,619) |  |  | (2,309) |  |  | (168,928) |
Net (loss) / gain from Fair value adjustment of investment property |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (3,884) |  |  | (447) |  |  | (4,331) |
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, 2023:
| Farming |  | Sugar, Ethanol and Energy |  |  |  | Corporate |  | Total
| Crops |  | Rice |  | Dairy |  |  |  | Farming subtotal |  |  |  |
Sales of goods and services rendered | 216,912 |  |  | 256,347 |  |  | 246,875 |  |  |  |  | 720,134 |  |  | 722,307 |  |  |  |  | — |  |  | 1,442,441 |
Cost of goods sold and services rendered | (188,954) |  |  | (178,322) |  |  | (209,362) |  |  |  |  | (576,638) |  |  | (504,570) |  |  |  |  | — |  |  | (1,081,208) |
Initial recognition and changes in fair value of biological assets and agricultural produce | (4,862) |  |  | (2,488) |  |  | 14,086 |  |  |  |  | 6,736 |  |  | 94,436 |  |  |  |  | — |  |  | 101,172 |
Changes in net realizable value of agricultural produce after harvest | 2,730 |  |  | — |  |  | — |  |  |  |  | 2,730 |  |  | (156) |  |  |  |  | — |  |  | 2,574 |
Margin on manufacturing and agricultural activities before operating expenses | 25,826 |  |  | 75,537 |  |  | 51,599 |  |  |  |  | 152,962 |  |  | 312,017 |  |  |  |  | — |  |  | 464,979 |
General and administrative expenses | (14,779) |  |  | (15,709) |  |  | (10,411) |  |  |  |  | (40,899) |  |  | (25,591) |  |  |  |  | (23,061) |  |  | (89,551) |
Selling expenses | (22,450) |  |  | (33,407) |  |  | (25,488) |  |  |  |  | (81,345) |  |  | (69,155) |  |  |  |  | (305) |  |  | (150,805) |
Other operating income / (expense), net | 20,006 |  |  | 7,470 |  |  | 1,872 |  |  |  |  | 29,348 |  |  | 2,463 |  |  |  |  | (309) |  |  | 31,502 |
Profit / (loss) from operations | 8,603 |  |  | 33,891 |  |  | 17,572 |  |  |  |  | 60,066 |  |  | 219,734 |  |  |  |  | (23,675) |  |  | 256,125 |
Depreciation and amortization | (8,330) |  |  | (15,154) |  |  | (10,913) |  |  |  |  | (34,397) |  |  | (175,903) |  |  |  |  | (1,275) |  |  | (211,575) |
Net gain from Fair value adjustment of investment property | 10,199 |  |  | 1,176 |  |  | — |  |  |  |  | 11,375 |  |  | — |  |  |  |  | — |  |  | 11,375 |
Reverse of revaluation surplus derived from the disposals of assets before taxes | 20,245 |  |  | — |  |  | — |  |  |  |  | 20,245 |  |  | — |  |  |  |  | — |  |  | 20,245 |
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 4,171 |  |  | (1,002) |  |  | (12,655) |  |  |  |  | (9,486) |  |  | (15,393) |  |  |  |  | — |  |  | (24,879) |
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | (9,033) |  |  | (1,486) |  |  | 26,741 |  |  |  |  | 16,222 |  |  | 109,829 |  |  |  |  | — |  |  | 126,051 |
Changes in net realizable value of agricultural produce after harvest (unrealized) | 2,599 |  |  | — |  |  | — |  |  |  |  | 2,599 |  |  | — |  |  |  |  | — |  |  | 2,599 |
Changes in net realizable value of agricultural produce after harvest (realized) | 131 |  |  | — |  |  | — |  |  |  |  | 131 |  |  | (156) |  |  |  |  | — |  |  | (25) |
Farmlands and farmland improvements, net | 447,772 |  |  | 178,291 |  |  | 1,462 |  |  |  |  | 627,525 |  |  | 78,322 |  |  |  |  | — |  |  | 705,847 |
Machinery, equipment and other fixed assets, net | 24,250 |  |  | 71,584 |  |  | 86,670 |  |  |  |  | 182,504 |  |  | 264,561 |  |  |  |  | — |  |  | 447,065 |
Bearer plants, net | 753 |  |  | — |  |  | — |  |  |  |  | 753 |  |  | 375,089 |  |  |  |  | — |  |  | 375,842 |
Work in progress | 10 |  |  | 291 |  |  | 5,584 |  |  |  |  | 5,885 |  |  | 14,926 |  |  |  |  | — |  |  | 20,811 |
Right of use assets | 13,608 |  |  | 15,076 |  |  | 29 |  |  |  |  | 28,713 |  |  | 377,420 |  |  |  |  | 580 |  |  | 406,713 |
Investment property | 29,192 |  |  | 4,172 |  |  | — |  |  |  |  | 33,364 |  |  | — |  |  |  |  | — |  |  | 33,364 |
Goodwill | 6,095 |  |  | 3,704 |  |  | — |  |  |  |  | 9,799 |  |  | 4,510 |  |  |  |  | — |  |  | 14,309 |
Biological assets | 55,545 |  |  | 32,843 |  |  | 23,191 |  |  |  |  | 111,579 |  |  | 116,458 |  |  |  |  | — |  |  | 228,037 |
Finished goods | 33,407 |  |  | 9,306 |  |  | 9,927 |  |  |  |  | 52,640 |  |  | 126,971 |  |  |  |  | — |  |  | 179,611 |
Raw materials, stocks held by third parties and others | 26,779 |  |  | 16,577 |  |  | 11,230 |  |  |  |  | 54,586 |  |  | 21,854 |  |  |  |  | — |  |  | 76,440 |
Total segment assets | 637,411 |  |  | 331,844 |  |  | 138,093 |  |  |  |  | 1,107,348 |  |  | 1,380,111 |  |  |  |  | 580 |  |  | 2,488,039 |
Borrowings | 44,692 |  |  | (9,207) |  |  | 84,557 |  |  |  |  | 120,042 |  |  | 604,827 |  |  |  |  | 180,080 |  |  | 904,949 |
Lease liabilities | 12,341 |  |  | 13,475 |  |  | 57 |  |  |  |  | 25,873 |  |  | 352,238 |  |  |  |  | 399 |  |  | 378,510 |
Total segment liabilities | 57,033 |  |  | 4,268 |  |  | 84,614 |  |  |  |  | 145,915 |  |  | 957,065 |  |  |  |  | 180,479 |  |  | 1,283,459 |
Segment analysis for the year ended December 31, 2022
| Farming |  | Sugar, Ethanol and Energy |  |  |  | Corporate |  | Total
| Crops |  | Rice |  | Dairy |  |  |  | Farming subtotal |  |  |  |
Sales of goods and services rendered | 280,329 |  |  | 204,396 |  |  | 236,222 |  |  |  |  | 720,947 |  |  | 630,760 |  |  |  |  | — |  |  | 1,351,707 |
Cost of goods sold and services rendered | (257,925) |  |  | (160,047) |  |  | (204,924) |  |  |  |  | (622,896) |  |  | (455,841) |  |  |  |  | — |  |  | (1,078,737) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 62,567 |  |  | 16,032 |  |  | 27,523 |  |  |  |  | 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 | 63,476 |  |  | 60,381 |  |  | 58,821 |  |  |  |  | 182,678 |  |  | 282,051 |  |  |  |  | — |  |  | 464,729 |
General and administrative expenses | (13,312) |  |  | (15,487) |  |  | (10,378) |  |  |  |  | (39,177) |  |  | (21,917) |  |  |  |  | (23,413) |  |  | (84,507) |
Selling expenses | (31,894) |  |  | (34,665) |  |  | (27,050) |  |  |  |  | (93,609) |  |  | (50,165) |  |  |  |  | (257) |  |  | (144,031) |
Other operating income / (expense), net | 463 |  |  | (507) |  |  | (8) |  |  |  |  | (52) |  |  | 2,881 |  |  |  |  | (136) |  |  | 2,693 |
Bargain purchase gain on acquisition | — |  |  | 10,070 |  |  | — |  |  |  |  | 10,070 |  |  | — |  |  |  |  | — |  |  | 10,070 |
Profit / (loss) from operations | 18,733 |  |  | 19,792 |  |  | 21,385 |  |  |  |  | 59,910 |  |  | 212,850 |  |  |  |  | (23,806) |  |  | 248,954 |
Depreciation and amortization | (8,017) |  |  | (12,215) |  |  | (10,075) |  |  |  |  | (30,307) |  |  | (160,920) |  |  |  |  | 22 |  |  | (191,205) |
Net loss from Fair value adjustment of investment property | (2,184) |  |  | (580) |  |  | — |  |  |  |  | (2,764) |  |  | — |  |  |  |  | — |  |  | (2,764) |
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 2,071 |  |  | 3,327 |  |  | (2,276) |  |  |  |  | 3,122 |  |  | 35,232 |  |  |  |  | — |  |  | 38,354 |
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 60,496 |  |  | 12,705 |  |  | 29,799 |  |  |  |  | 103,000 |  |  | 72,834 |  |  |  |  | — |  |  | 175,834 |
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 | 504,695 |  |  | 158,769 |  |  | 2,221 |  |  |  |  | 665,685 |  |  | 78,648 |  |  |  |  | — |  |  | 744,333 |
Machinery, equipment and other fixed assets, net | 50,183 |  |  | 59,126 |  |  | 108,589 |  |  |  |  | 217,898 |  |  | 171,308 |  |  |  |  | — |  |  | 389,206 |
Bearer plants, net | 1,057 |  |  | — |  |  | — |  |  |  |  | 1,057 |  |  | 351,670 |  |  |  |  | — |  |  | 352,727 |
Work in progress | 9,018 |  |  | 29,462 |  |  | 22,325 |  |  |  |  | 60,805 |  |  | 18,284 |  |  |  |  | — |  |  | 79,089 |
Right of use assets | 18,952 |  |  | 8,594 |  |  | 711 |  |  |  |  | 28,257 |  |  | 330,681 |  |  |  |  | 1,243 |  |  | 360,181 |
Investment property | 27,757 |  |  | 5,573 |  |  | — |  |  |  |  | 33,330 |  |  | — |  |  |  |  | — |  |  | 33,330 |
Goodwill | 8,932 |  |  | 5,427 |  |  | — |  |  |  |  | 14,359 |  |  | 4,185 |  |  |  |  | — |  |  | 18,544 |
Biological assets | 72,843 |  |  | 54,125 |  |  | 30,045 |  |  |  |  | 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 | 63,153 |  |  | 22,178 |  |  | 8,700 |  |  |  |  | 94,031 |  |  | 27,275 |  |  |  |  | — |  |  | 121,306 |
Total segment assets | 794,129 |  |  | 356,913 |  |  | 185,416 |  |  |  |  | 1,336,458 |  |  | 1,180,175 |  |  |  |  | 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 |  |  |  | Corporate |  | Total
| Crops |  | Rice |  | Dairy |  |  |  | Farming subtotal |  |  |  |
Sales of goods and services rendered | 231,817 |  |  | 131,093 |  |  | 172,803 |  |  |  |  | 535,713 |  |  | 562,010 |  |  |  |  | — |  |  | 1,097,723 |
Cost of goods sold and services rendered | (206,018) |  |  | (109,805) |  |  | (149,738) |  |  |  |  | (465,561) |  |  | (368,501) |  |  |  |  | — |  |  | (834,062) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 65,907 |  |  | 38,296 |  |  | 18,336 |  |  |  |  | 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 | 81,543 |  |  | 59,584 |  |  | 41,401 |  |  |  |  | 182,528 |  |  | 280,673 |  |  |  |  | — |  |  | 463,201 |
General and administrative expenses | (10,356) |  |  | (8,981) |  |  | (4,715) |  |  |  |  | (24,052) |  |  | (19,464) |  |  |  |  | (22,119) |  |  | (65,635) |
Selling expenses | (22,107) |  |  | (16,709) |  |  | (20,779) |  |  |  |  | (59,595) |  |  | (52,946) |  |  |  |  | (306) |  |  | (112,847) |
Other operating income / (expense), net | 237 |  |  | (918) |  |  | (150) |  |  |  |  | (831) |  |  | (17,390) |  |  |  |  | 103 |  |  | (18,118) |
Profit / (loss) from operations | 49,317 |  |  | 32,976 |  |  | 15,757 |  |  |  |  | 98,050 |  |  | 190,873 |  |  |  |  | (22,322) |  |  | 266,601 |
Depreciation and amortization | (6,583) |  |  | (8,173) |  |  | (7,144) |  |  |  |  | (21,900) |  |  | (143,981) |  |  |  |  | (738) |  |  | (166,619) |
Net loss from Fair value adjustment of investment property | (2,832) |  |  | (1,052) |  |  | — |  |  |  |  | (3,884) |  |  | — |  |  |  |  | — |  |  | (3,884) |
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 21,428 |  |  | 5,992 |  |  | (6,271) |  |  |  |  | 21,149 |  |  | (16,294) |  |  |  |  | — |  |  | 4,855 |
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 44,479 |  |  | 32,304 |  |  | 24,607 |  |  |  |  | 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) |
Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows:
| 2023 |  | 2022
Total reportable assets as per segment information | 2,488,039 |  |  | 2,517,876 |
Intangible assets (excluding goodwill) | 13,210 |  |  | 17,576 |
Deferred income tax assets | 9,777 |  |  | 8,758 |
Trade and other receivables | 218,115 |  |  | 228,378 |
Other assets | 1,515 |  |  | 1,701 |
Derivative financial instruments | 31,820 |  |  | 5,342 |
Short-term investment | 62,637 |  |  | 98,571 |
Cash and cash equivalents | 339,781 |  |  | 230,653 |
Total assets as per the statement of financial position | 3,164,894 |  |  | 3,108,855 |
| 2023 |  | 2022
Total reportable liabilities as per segment information | 1,283,459 |  |  | 1,345,732 |
Trade and other payables | 191,738 |  |  | 259,607 |
Deferred income tax liabilities | 376,331 |  |  | 301,414 |
Payroll and social liabilities | 38,927 |  |  | 31,545 |
Provisions for other liabilities | 3,599 |  |  | 3,435 |
Current income tax liabilities | 5,023 |  |  | 422 |
Derivative financial instruments | 169 |  |  | 3,057 |
Total liabilities as per the statement of financial position | 1,899,246 |  |  | 1,945,212 |
. 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, 2023:
| Argentina |  | Brazil |  | Uruguay |  | Chile |  | Total
Property, plant and equipment | 786,201 |  |  | 733,055 |  |  | 30,309 |  |  | — |  |  | 1,549,565 |
Investment property | 33,364 |  |  | — |  |  | — |  |  | — |  |  | 33,364 |
Goodwill | 9,799 |  |  | 4,510 |  |  | — |  |  | — |  |  | 14,309 |
Non-current portion of biological assets | 23,706 |  |  | — |  |  | — |  |  | — |  |  | 23,706 |
Sales of goods and services rendered | 402,205 |  |  | 401,051 |  |  | 632,165 |  |  | 7,020 |  |  | 1,442,441 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 6,469 |  |  | 94,436 |  |  | 267 |  |  | — |  |  | 101,172 |
Changes in net realizable value of agricultural produce after harvest | 3,341 |  |  | (156) |  |  | (611) |  |  | — |  |  | 2,574 |
As of and for the year ended December 31, 2022:
| Argentina |  | Brazil |  | Uruguay |  | Chile |  | 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 |  | Chile |  | Total
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) |

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