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Biological assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Agriculture1 [Abstract] |
Schedule of Reconciliation of Changes in Biological Assets | Changes in the Group’s biological assets in 2023 and 2022 were as follows:
| 2023
| Crops (ii) |  | Rice (ii) |  | Dairy |  |  |  | Sugarcane (ii) |  | Total
Beginning of the year | 72,843 |  |  | 54,125 |  |  | 30,045 |  |  |  |  | 109,431 |  |  | 266,444 |
Increase due to purchases | 369 |  |  | 142 |  |  | — |  |  |  |  | — |  |  | 511 |
Initial recognition and changes in fair value of biological assets (i) | (10,327) |  |  | (4,301) |  |  | 8,050 |  |  |  |  | 94,436 |  |  | 87,858 |
Decrease due to harvest / disposals | (116,007) |  |  | (58,110) |  |  | (57,262) |  |  |  |  | (245,325) |  |  | (476,704) |
Costs incurred during the year | 130,965 |  |  | 57,990 |  |  | 51,901 |  |  |  |  | 146,592 |  |  | 387,448 |
Exchange differences | (22,298) |  |  | (17,003) |  |  | (9,543) |  |  |  |  | 11,324 |  |  | (37,520) |
End of the year | 55,545 |  |  | 32,843 |  |  | 23,191 |  |  |  |  | 116,458 |  |  | 228,037 |
| 2022
| Crops (ii) |  | Rice (ii) |  | Dairy |  |  |  | Sugarcane (ii) |  | Total
Beginning of the year | 60,615 |  |  | 44,257 |  |  | 18,979 |  |  |  |  | 71,327 |  |  | 195,178 |
Increase due to purchases | 3,028 |  |  | 704 |  |  | — |  |  |  |  | — |  |  | 3,732 |
Acquisition of subsidiary | — |  |  | 1,676 |  |  | — |  |  |  |  | — |  |  | 1,676 |
Initial recognition and changes in fair value of biological assets (i) | 64,061 |  |  | 16,557 |  |  | 27,257 |  |  |  |  | 108,066 |  |  | 215,941 |
Decrease due to harvest / disposals | (245,660) |  |  | (81,424) |  |  | (79,474) |  |  |  |  | (202,298) |  |  | (608,856) |
Costs incurred during the year | 181,163 |  |  | 68,432 |  |  | 60,826 |  |  |  |  | 128,308 |  |  | 438,729 |
Exchange differences | 9,636 |  |  | 3,923 |  |  | 2,457 |  |  |  |  | 4,028 |  |  | 20,044 |
End of the year | 72,843 |  |  | 54,125 |  |  | 30,045 |  |  |  |  | 109,431 |  |  | 266,444 |
(i) Biological asset with a production cycle of more than one year (that is dairy and cattle) generated “Initial recognition and changes in fair value of biological assets” amounting to US$15,795 for the year ended December 31, 2023 (2022: US$26,978). In 2023, an amount of US$3,999 (2022: US$4,653) was attributable to price changes, and an amount of US$11,796 (2022: US$22,325) was attributable to physical changes. (ii) Biological assets that are measured at fair value within level 3 of the hierarchy. Cost of production for the year ended December 31, 2023:
| Crops |  | Rice |  | Dairy |  |  |  | Sugar, Ethanol and Energy |  | Total
Salaries, social security expenses and employee benefits | 3,572 |  |  | 10,333 |  |  | 7,280 |  |  |  |  | 13,553 |  |  | 34,738 |
Depreciation and amortization | — |  |  | — |  |  | — |  |  |  |  | 5,192 |  |  | 5,192 |
Depreciation of right of use assets | — |  |  | — |  |  | — |  |  |  |  | 56,256 |  |  | 56,256 |
Fertilizers, agrochemicals and seeds | 63,742 |  |  | 17,333 |  |  | — |  |  |  |  | 49,125 |  |  | 130,200 |
Fuel, lubricants and others | 860 |  |  | 979 |  |  | 903 |  |  |  |  | 3,924 |  |  | 6,666 |
Maintenance and repairs | 1,958 |  |  | 6,351 |  |  | 3,175 |  |  |  |  | 3,494 |  |  | 14,978 |
Freights | 1,534 |  |  | 473 |  |  | 109 |  |  |  |  | — |  |  | 2,116 |
Contractors and services | 30,694 |  |  | 17,447 |  |  | — |  |  |  |  | 10,731 |  |  | 58,872 |
Feeding expenses | 1,578 |  |  | 189 |  |  | 23,711 |  |  |  |  | — |  |  | 25,478 |
Veterinary expenses | 126 |  |  | 65 |  |  | 2,334 |  |  |  |  | — |  |  | 2,525 |
Energy power | 29 |  |  | 1,847 |  |  | 1,339 |  |  |  |  | — |  |  | 3,215 |
Professional fees | 282 |  |  | 287 |  |  | 219 |  |  |  |  | 393 |  |  | 1,181 |
Other taxes | 480 |  |  | 142 |  |  | 148 |  |  |  |  | 52 |  |  | 822 |
Lease expense and similar arrangements | 24,536 |  |  | 1,547 |  |  | — |  |  |  |  | 2,100 |  |  | 28,183 |
Others | 867 |  |  | 925 |  |  | 487 |  |  |  |  | 1,772 |  |  | 4,051 |
Subtotal | 130,258 |  |  | 57,918 |  |  | 39,705 |  |  |  |  | 146,592 |  |  | 374,473 |
Own agricultural produce consumed | 707 |  |  | 72 |  |  | 12,196 |  |  |  |  | — |  |  | 12,975 |
Total | 130,965 |  |  | 57,990 |  |  | 51,901 |  |  |  |  | 146,592 |  |  | 387,448 |
Cost of production for the year ended December 31, 2022:
| Crops |  | Rice |  | Dairy |  |  |  | Sugar, Ethanol and Energy |  | Total
Salaries, social security expenses and employee benefits | 5,534 |  |  | 11,319 |  |  | 7,592 |  |  |  |  | 11,795 |  |  | 36,240 |
Depreciation and amortization | — |  |  | — |  |  | — |  |  |  |  | 5,024 |  |  | 5,024 |
Depreciation of right of use assets | — |  |  | — |  |  | — |  |  |  |  | 42,166 |  |  | 42,166 |
Fertilizers, agrochemicals and seeds | 68,971 |  |  | 17,220 |  |  | — |  |  |  |  | 46,020 |  |  | 132,211 |
Fuel, lubricants and others | 1,078 |  |  | 1,468 |  |  | 1,419 |  |  |  |  | 4,636 |  |  | 8,601 |
Maintenance and repairs | 1,913 |  |  | 6,693 |  |  | 3,979 |  |  |  |  | 3,172 |  |  | 15,757 |
Freights | 4,245 |  |  | 609 |  |  | 202 |  |  |  |  | — |  |  | 5,056 |
Contractors and services | 49,533 |  |  | 22,321 |  |  | — |  |  |  |  | 8,620 |  |  | 80,474 |
Feeding expenses | 271 |  |  | 101 |  |  | 24,940 |  |  |  |  | — |  |  | 25,312 |
Veterinary expenses | 217 |  |  | 84 |  |  | 3,715 |  |  |  |  | — |  |  | 4,016 |
Energy power | 47 |  |  | 5,447 |  |  | 1,286 |  |  |  |  | — |  |  | 6,780 |
Professional fees | 552 |  |  | 404 |  |  | 309 |  |  |  |  | 489 |  |  | 1,754 |
Other taxes | 1,273 |  |  | 249 |  |  | 14 |  |  |  |  | 128 |  |  | 1,664 |
Lease expense and similar arrangements | 45,794 |  |  | 968 |  |  | — |  |  |  |  | 4,978 |  |  | 51,740 |
Others | 925 |  |  | 1,394 |  |  | 386 |  |  |  |  | 1,280 |  |  | 3,985 |
Subtotal | 180,353 |  |  | 68,277 |  |  | 43,842 |  |  |  |  | 128,308 |  |  | 420,780 |
Own agricultural produce consumed | 810 |  |  | 155 |  |  | 16,984 |  |  |  |  | — |  |  | 17,949 |
Total | 181,163 |  |  | 68,432 |  |  | 60,826 |  |  |  |  | 128,308 |  |  | 438,729 |
Schedule of Detailed Information about Biological Assets | Biological assets in December 31, 2023 and 2022 were as follows:
| 2023 |  | 2022
Non-current |  |  |
Cattle for dairy production (i) | 23,191 |  |  | 29,483 |
Breeding cattle (ii) | 371 |  |  | 821 |
Other cattle (ii) | 144 |  |  | 318 |
| 23,706 |  |  | 30,622 |
Current |  |  |
Breeding cattle (iii) | 6,037 |  |  | 7,075 |
Other cattle (iii) | — |  |  | 562 |
Sown land – crops (ii) | 49,813 |  |  | 66,002 |
Sown land – rice (ii) | 32,023 |  |  | 52,752 |
Sown land – sugarcane (ii) (iv) | 116,458 |  |  | 109,431 |
| 204,331 |  |  | 235,822 |
Total biological assets | 228,037 |  |  | 266,444 |
(i)Classified as bearer and mature biological assets. (ii)Classified as consumable and immature biological assets. (iii)Classified as consumable and mature biological assets. (iv)It include s 3,833 and 4,849 of crops planted in sugarcane farms.
Schedule of Biological Assets | The following table presents the Group’s biological assets that are measured at fair value at December 31, 2023 and 2022 (See Note 17 for a the description of each fair value level):
| 2023 |  | 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cattle for dairy production | — |  |  | 23,191 |  |  | — |  |  | 23,191 |  |  | — |  |  | 29,483 |  |  | — |  |  | 29,483 |
Breeding cattle | 6,408 |  |  | — |  |  | — |  |  | 6,408 |  |  | 7,896 |  |  | — |  |  | — |  |  | 7,896 |
Other cattle | — |  |  | 144 |  |  | — |  |  | 144 |  |  | — |  |  | 880 |  |  | — |  |  | 880 |
Sown land – sugarcane | — |  |  | — |  |  | 116,458 |  |  | 116,458 |  |  | — |  |  | — |  |  | 109,431 |  |  | 109,431 |
Sown land – crops | — |  |  | — |  |  | 49,813 |  |  | 49,813 |  |  | — |  |  | — |  |  | 66,002 |  |  | 66,002 |
Sown land – rice | — |  |  | — |  |  | 32,023 |  |  | 32,023 |  |  | — |  |  | — |  |  | 52,752 |  |  | 52,752 |
The following significant unobservable inputs were used to measure the Group’s biological assets using the discounted cash flow valuation technique:
Description |  | Unobservable inputs |  | Range of unobservable inputs |  | Relationship of unobservable inputs to fair value
|  |  |  | 2023 |  | 2022 |  |
Sown land – sugarcane |  | Sugarcane yield – tonnes per hectare; Sugarcane TRS (kg of sugar per ton of cane) Production Costs – US$ per hectare. (Include maintenance, harvest and leasing costs) |  | '-Sugarcane yield: 50-100 tonnes/ha -Sugarcane TRS: 120-140 kg of sugar/tonnes of cane -Maintenance costs: 550-850 US$/ha -Harvest costs: 7.0-13.0 US$/tonnes of cane -Leasing costs: 12.0-14.4 tonnes/ha-Discount rate: 14.44% in Brazilian real. |  | '-Sugarcane yield: 50-100 tonnes/ha - Sugarcane TRS: 120-140kg of sugar/tonnes of cane - Maintenance costs: 500-800 US$/ha - Harvest costs: 6.0-12.0 US$/ tonnes of cane - Leasing costs: 12.0-14.4 tonnes/ha-Discount rate: 16.49% in Brazilian real. |  | The higher the sugarcane yield, the higher the fair value. The higher the maintenance, harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher the fair value.
Sown land – crops |  | Crops yield – tonnes per hectare; Commercial Costs – US$ per hectare; Production Costs – US$ per hectare. |  | '- Crops yield: 0.37 – 4.6 tonnes/ha for Wheat, 3.6 – 11 tonnes/ha for Corn, 0.9 - 3.7 tonnes/ha for Soybean, 0.8 - 2.2 for Sunflower and 2.4 - 3.6 tonnes/ha for Peanut - Commercial Costs: 14-39 US$/tonnes for Wheat, 16-65 US$/tonnes for Corn, 21-48 US$/tonnes for Soybean, 22-65 US$/tonnes for Sunflower and 25-56 US$/ha for Peanut - Production Costs: 143-823 US$/ha for Wheat, 231-1318 US$/ha for Corn, 193-776 US$/ha for Soybean, 215-1000 US$/ha for Sunflower and 861-1866 US$/ha for Peanut-Discount rate: 6% in US$. |  | '- Crops yield: 1.00 – 5.6 tonnes/ha for Wheat, 1.6 – 13 tonnes/ha for Corn, 0.4 - 5.0 tonnes/ha for Soybean, 0.9-2.2 for Sunflower and 1.8 - 5.1 tonnes/ha for Peanut - Commercial Costs: 13-45 US$/ha for Wheat, 16-65 US$/ha for Corn, 21-65 US$/ha for Soybean, 17-36 US$/ha for Sunflower and 28.0 - 46.0 US$/ha for Peanut - Production Costs: 200-840 US$/ha for Wheat, 325-1500 US$/ha for Corn, 260-1100 US$/ha for Soybean, 280-890 US$/ha for Sunflower and 756.0 - 2,000.0 US$/ha for Peanut-Discount rate: 6% in US$. |  | The higher the crops yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value.
Sown land – rice |  | Rice yield – tonnes per hectare; Commercial Costs – US$ per hectare; Production Costs – US$ per hectare. |  | '-Rice yield: 4.7 -6.4 tonnes/ha -Commercial Costs: 2-5 US$/ha -Production Costs: 1033-3121 US$/ha-Discount rate: 6% in US$. |  | '-Rice yield: 1.4 -9.2 tonnes/ha -Commercial Costs: 3-23 US$/ha -Production Costs: 760-1250 US$/ha-Discount rate: 6% in US$. |  | The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value.

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