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Segment information (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of operating segments [abstract]

Schedule of Operating Segments

Segment reconciliation for the year ended December 31, 2024:

			2024
			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
Revenue			236,128						13,068						249,196						248,198						12,242						260,440						284,098						17,219						301,317
Cost of revenue			(213,909)						(12,424)						(226,333)						(208,266)						(10,029)						(218,295)						(241,770)						(13,477)						(255,247)
Initial recognition and changes in fair value of biological assets and agricultural produce			28,347						4,703						33,050						45,780						7,656						53,436						14,539						890						15,429
Loss from changes in net realizable value of agricultural produce after harvest			(19,780)						(2,656)						(22,436)						(6,614)						59						(6,555)						—						—						—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			30,786						2,691						33,477						79,098						9,928						89,026						56,867						4,632						61,499
General and administrative expenses			(18,622)						(1,517)						(20,139)						(17,025)						(1,255)						(18,280)						(11,769)						(918)						(12,687)
Selling expenses			(17,240)						(1,060)						(18,300)						(30,771)						(1,735)						(32,506)						(27,678)						(1,915)						(29,593)
Other operating income / (expense), net			(5,304)						252						(5,052)						(14,052)						(4,288)						(18,340)						4,084						530						4,614
Profit / (loss) from Operations			(10,380)						366						(10,014)						17,250						2,650						19,900						21,504						2,329						23,833
Depreciation and amortization			(5,698)						(701)						(6,399)						(14,798)						(1,057)						(15,855)						(12,219)						(1,028)						(13,247)
Net loss from Fair value adjustment of investment property			(588)						(50)						(638)						(18,137)						(4,600)						(22,737)						—						—						—
Impairment of assets destroyed by fire			(14,162)						(97)						(14,259)						—						—						—						—						—						—

			2024
			Corporate																		Total
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Revenue			—						—						—						1,476,378						42,529						1,518,907
Cost of revenue			—						—						—						(1,162,785)						(35,930)						(1,198,715)
Initial recognition and changes in fair value of biological assets and agricultural produce			—						—						—						129,832						13,249						143,081
Loss from changes in net realizable value of agricultural produce after harvest			—						—						—						(25,840)						(2,597)						(28,437)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			—						—						—						417,585						17,251						434,836
General and administrative expenses			(25,452)						(2,143)						(27,595)						(98,047)						(5,833)						(103,880)
Selling expenses			736						(15)						721						(148,757)						(4,725)						(153,482)
Other operating income / (expense), net			294						5						299						8,325						(3,501)						4,824
Profit / (loss) from Operations			(24,422)						(2,153)						(26,575)						179,106						3,192						182,298
Depreciation and amortization			(1,523)						(127)						(1,650)						(223,244)						(2,913)						(226,157)
Net loss from Fair value adjustment of investment property			—						—						—						(18,725)						(4,650)						(23,375)
Impairment of assets destroyed by fire			—						—						—						(14,162)						(97)						(14,259)

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
Revenue			216,912						(50,659)						166,253						256,347						(26,155)						230,192						246,875						(66,756)						180,119
Cost of revenue			(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 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
Revenue																																							—						—						—						1,442,441						(143,570)						1,298,871
Cost of revenue																																							—						—						—						(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 / (loss) 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 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
Revenue			280,329						(2,578)						277,751						204,396						(195)						204,201						236,222						(1,210)						235,012
Cost of revenue			(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
Loss 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 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
Revenue																																							—						—						—						1,351,707						(3,983)						1,347,724
Cost of revenue																																							—						—						—						(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
Loss 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 / (loss) 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 from Fair value adjustment of investment property																																							—						—						—						(2,764)						(197)						(2,961)

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, 2024:

			Farming																								Sugar, Ethanol and Energy						Corporate						Total
			Crops						Rice						Dairy						Farming subtotal
Revenue			236,128						248,198						284,098						768,424						707,954						—						1,476,378
Cost of revenue			(213,909)						(208,266)						(241,770)						(663,945)						(498,840)						—						(1,162,785)
Initial recognition and changes in fair value of biological assets and agricultural produce			28,347						45,780						14,539						88,666						41,166						—						129,832
Changes in net realizable value of agricultural produce after harvest			(19,780)						(6,614)						—						(26,394)						554						—						(25,840)
Margin on manufacturing and agricultural activities before operating expenses			30,786						79,098						56,867						166,751						250,834						—						417,585
General and administrative expenses			(18,622)						(17,025)						(11,769)						(47,416)						(25,179)						(25,452)						(98,047)
Selling expenses			(17,240)						(30,771)						(27,678)						(75,689)						(73,804)						736						(148,757)
Other operating income / (expense), net			(5,304)						(14,052)						4,084						(15,272)						(*)	23,303					294						8,325
Profit / (loss) from operations			(10,380)						17,250						21,504						28,374						175,154						(24,422)						179,106
Depreciation and amortization			(5,698)						(14,798)						(12,219)						(32,715)						(189,006)						(1,523)						(223,244)
Net loss from Fair value adjustment of investment property			(588)						(18,137)						—						(18,725)						—						—						(18,725)
Reverse of revaluation surplus derived from the disposals of assets before taxes			9,024						—						—						9,024						—						—						9,024
Impairment of assets destroyed by fire			(14,162)						—						—						(14,162)						—						—						(14,162)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)			10,197						18,669						(30,487)						(1,621)						(23,937)						—						(25,558)
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)			18,150						27,111						45,026						90,287						65,103						—						155,390
Changes in net realizable value of agricultural produce after harvest (unrealized)			(775)						(6,552)						—						(7,327)						—						—						(7,327)
Changes in net realizable value of agricultural produce after harvest (realized)			(19,005)						(62)						—						(19,067)						554						—						(18,513)
Farmlands and farmland improvements, net			432,826						176,516						2,454						611,796						80,357						—						692,153
Machinery, equipment and other fixed assets, net			41,770						112,849						143,640						298,259						203,679						—						501,938
Bearer plants, net			1,292						—						—						1,292						326,278						—						327,570
Work in progress			468						6,276						4,009						10,753						16,175						—						26,928
Right of use assets			20,850						15,234						474						36,558						336,521						767						373,846
Investment property			28,193						5,349						—						33,542						—						—						33,542
Goodwill			10,397						6,319						—						16,716						3,526						—						20,242
Biological assets			79,363						102,098						42,864						224,325						69,620						—						293,945
Finished goods			40,345						32,623						20,553						93,521						94,633						—						188,154
Raw materials, stocks held by third parties and others			44,809						18,446						16,390						79,645						21,865						—						101,510
Total segment assets			700,313						475,710						230,384						1,406,407						1,152,654						767						2,559,828
Borrowings			36,573						15,270						69,199						121,042						532,230						126,284						779,556
Lease liabilities			17,385						12,549						538						30,472						310,769						789						342,030
Total segment liabilities			53,958						27,819						69,737						151,514						842,999						127,073						1,121,586

(*) This amount includes US$ 11.3 million related to tax credits resulting from a judicial decision regarding the exclusion of ICMS from the calculation base for PIS and COFINS, as well as US$ 8.1 million related to federal grant credits.

Segment analysis for the year ended December 31, 2023

			Farming																								Sugar, Ethanol and Energy												Corporate						Total
			Crops						Rice						Dairy															Farming subtotal
Revenue			216,912						256,347						246,875												720,134						722,307												—						1,442,441
Cost of revenue			(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			30,326						32,340						57,376												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			42,667						45,815						57,433												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
Revenue			280,329						204,396						236,222												720,947						630,760												—						1,351,707
Cost of revenue			(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)

Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows:

			2024						2023
Total reportable assets as per segment information			2,559,828						2,488,039
Intangible assets (excluding goodwill)			16,989						13,210
Deferred income tax assets			15,507						9,777
Trade and other receivables			251,866						218,115
Other assets			3,761						1,515
Derivative financial instruments			9,596						31,820
Short-term investment			46,097						62,637
Cash and cash equivalents			211,244						339,781
Total assets as per the statement of financial position			3,114,888						3,164,894

			2024						2023
Total reportable liabilities as per segment information			1,121,586						1,283,459
Trade and other payables			207,674						191,738
Deferred income tax liabilities			330,336						376,331
Payroll and social liabilities			34,189						38,927
Provisions for other liabilities			3,752						3,599
Current income tax liabilities			3,471						5,023
Derivative financial instruments			5,779						169
Total liabilities as per the statement of financial position			1,706,787						1,899,246

Schedule of Geographical Areas

As of and for the year ended December 31, 2024:

			Argentina						Brazil						Uruguay						Chile						Total
Property, plant and equipment			904,340						626,606						17,643						—						1,548,589
Investment property			33,542						—						—						—						33,542
Goodwill			16,716						3,526						—						—						20,242
Non-current portion of biological assets			43,418						—						—						—						43,418
Revenue			480,662						435,719						551,179						8,818						1,476,378
Initial recognition and changes in fair value of biological assets and agricultural produce			83,400						41,166						5,266						—						129,832
Changes in net realizable value of agricultural produce after harvest			(22,045)						554						(4,349)						—						(25,840)

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
Revenue			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
Revenue			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)

X

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The disclosure of geographical information.

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-Number 8
-IssueDate 2024-01-01
-Paragraph 23
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