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Segment information (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of operating segments [abstract]

Schedule of Operating Segments

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

Schedule of Geographical Areas

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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The disclosure of geographical information.

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-IssueDate 2023-01-01
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