Adecoagro (AGRO) 20-F26 Apr 232022 FY Annual report (foreign)Financial data

Company Profile

Cover Page

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-35052
Entity Registrant Name	Adecoagro S.A.
Entity Incorporation, State or Country Code	N4
Entity Address, Country	LU
Entity Address, Address Line Two	Vertigo Naos Building
Entity Address, Address Line One	6, Rue Eugène Ruppert,
Entity Address, Postal Zip Code	L - 2453
Entity Address, City or Town	Luxembourg
Title of 12(b) Security	Common Shares
Trading Symbol	AGRO
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	108,191,218
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Central Index Key	0001499505
Current Fiscal Year End Date	--12-31
Business Contact
Document Information [Line Items]
Entity Address, Country	LU
Entity Address, Address Line Two	Vertigo Naos Building
Entity Address, Address Line One	6, Rue Eugène Ruppert,
Entity Address, Postal Zip Code	L - 2453
Entity Address, City or Town	Luxembourg
Contact Personnel Name	Manuela Lamellari
Contact Personnel Email Address	manuela.lamellari@intertrustgroup.com
City Area Code	352
Local Phone Number	26449.494

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Name	PRICE WATERHOUSE & CO. S.R.L.
Auditor Firm ID	1349
Auditor Location	Buenos Aires, Argentina

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Sales of goods and services rendered	$ 1,347,724	$ 1,124,352	$ 817,764
Cost of goods sold and services rendered	(1,075,747)	(854,965)	(611,946)
Initial recognition and changes in fair value of biological assets and agricultural produce	215,941	227,740	122,729
Changes in net realizable value of agricultural produce after harvest	(22,293)	(12,879)	7,005
Margin on manufacturing and agricultural activities before operating expenses	465,625	484,248	335,552
General and administrative expenses	(84,287)	(69,794)	(53,428)
Selling expenses	(143,515)	(117,662)	(95,058)
Other operating income / (expense), net	1,870	(18,768)	1,987
Bargain purchase gain on acquisition	10,107	0	0
Profit from operations	249,800	278,024	189,053
Finance income	25,308	36,670	26,054
Finance costs	(137,600)	(151,681)	(213,776)
Other financial results - Net (loss) / gain of inflation effects on monetary items	(2,144)	11,541	12,064
Financial results, net	(114,436)	(103,470)	(175,658)
Profit before income tax	135,364	174,554	13,395
Income tax (expense)	(26,758)	(43,837)	(12,325)
Profit for the year	108,606	130,717	1,070
Attributable to:
Equity holders of the parent	108,138	130,669	412
Non-controlling interest	$ 468	$ 48	$ 658
Earnings per share attributable to the equity holders of the parent during the year:
Basic earnings per share (USD per share)	$ 0.982	$ 1.135	$ 0.003
Diluted earnings per share (USD per share)	$ 0.979	$ 1.130	$ 0.003

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Statement of comprehensive income [abstract]
Profit for the year	$ 108,606		$ 130,717		$ 1,070
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	98,741		121,146		(78,961)
Cash flow hedge, net of income tax	16,060	[1]	29,758	[2]	(14,386)	[3]
- Items that will not be reclassified to profit or loss:
Revaluation surplus net of income tax (Note 12)	(46,903)		(136,622)		29,453
Other comprehensive income / (loss) for the year	67,898		14,282		(63,894)
Total comprehensive income / (loss) for the year	176,504		144,999		(62,824)
Attributable to:
Equity holders of the parent	174,705		147,273		(63,353)
Non-controlling interest	$ 1,799		$ (2,274)		$ 529

[1]Net of $7,337 of Income tax.[2]Net of $2,526 of Income tax[3]Net of $5,729 of income tax.

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-Current Assets
Property, plant and equipment, net	$ 1,565,355	$ 1,422,623
Right of use assets	360,181	260,776
Investment property	33,330	32,132
Intangible assets, net	36,120	31,337
Biological assets	30,622	19,355
Deferred income tax assets	8,758	10,321
Trade and other receivables, net	44,558	42,231
Derivative financial instruments	5,208	757
Other assets	1,701	1,071
Total Non-Current Assets	2,085,833	1,820,603
Current Assets
Biological assets	235,822	175,823
Inventories	274,022	239,524
Trade and other receivables, net	183,820	145,849
Derivative financial instruments	134	828
Other assets	0	8
Restricted short-term investment	98,571	0
Cash and cash equivalents	230,653	199,766
Total Current Assets	1,023,022	761,798
TOTAL ASSETS	3,108,855	2,582,401
Capital and reserves attributable to equity holders of the parent
Share capital	167,073	183,573
Share premium	793,169	851,060
Cumulative translation adjustment	(456,029)	(514,609)
Equity-settled compensation	18,792	16,073
Cash flow hedge	(44,872)	(60,932)
Other reserves	126,925	106,172
Treasury shares	(4,792)	(16,909)
Revaluation surplus	281,909	289,982
Reserve from the sale of non-controlling interests in subsidiaries	41,574	41,574
Retained earnings	202,342	115,735
Equity attributable to equity holders of the parent	1,126,091	1,011,719
Non-controlling interest	37,552	36,111
TOTAL SHAREHOLDERS EQUITY	1,163,643	1,047,830
Non-Current Liabilities
Trade and other payables	17,210	284
Borrowings	727,983	705,487
Lease liabilities	283,549	201,718
Deferred income tax liabilities	301,414	265,848
Payroll and social security liabilities	1,581	1,243
Derivatives financial instruments	96	0
Provisions for other liabilities	2,526	2,565
Total Non-Current Liabilities	1,334,359	1,177,145
Current Liabilities
Trade and other payables	242,397	168,746
Current income tax liabilities	422	1,625
Payroll and social security liabilities	29,964	25,051
Borrowings	279,769	112,164
Lease liabilities	54,431	45,136
Derivative financial instruments	2,961	1,283
Provisions for other liabilities	909	3,421
Total Current Liabilities	610,853	357,426
TOTAL LIABILITIES	1,945,212	1,534,571
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES	$ 3,108,855	$ 2,582,401

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands		Total	Subtotal	Share capital (Note 22)	Share premium (Note 22)	Cumulative translation adjustment	Equity-settled compensation	Cash flow hedge	Other reserves	Treasury shares	Revaluation surplus	Reserve from the sale of non-controlling interests in subsidiaries	Retained earnings	Non- controlling interest
Balance at beginning of period at Dec. 31, 2019		$ 1,028,883	$ 988,269	$ 183,573	$ 901,739	$ (492,374)	$ 15,354	$ (76,303)	$ 66,047	$ (7,946)	$ 337,877	$ 41,574	$ 18,728	$ 40,614
Profit for the year		1,070	412										412	658
Exchange differences on translation of foreign operations		(78,961)	(77,843)			(62,670)					(15,173)			(1,118)
Cash flow hedge, net of tax	[1]	(14,386)	(14,386)					(14,386)						0
Revaluation surplus	[2]	29,453	28,464								28,464			989
Reserve of the revaluation surplus derived from the disposals of assets	[3]	0									(7,598)		7,598
Other comprehensive income / (loss) for the year		(63,894)	(63,765)			(62,670)		(14,386)			5,693		7,598	(129)
Total comprehensive income / (loss) for the year		(62,824)	(63,353)			(62,670)		(14,386)			5,693		8,010	529
Reserves for the benefit of government grants	[4]	0							18,067				(18,067)
Value of employee services		3,266	3,266				3,266
Restricted shares, vested		1,224	1,224		4,182		(3,825)		383	484
Restricted shares, forfeited		0							36	(36)
Restricted shares, granted		0							(1,127)	1,127
Purchase of own shares		(4,365)	(4,365)		(3,106)					(1,259)
Dividends to non-controlling interest		(2,460)												(2,460)
Balance at end of period at Dec. 31, 2020		963,724	925,041	183,573	902,815	(555,044)	14,795	(90,689)	83,406	(7,630)	343,570	41,574	8,671	38,683
Profit for the year		130,717	130,669										130,669	48
Exchange differences on translation of foreign operations		121,146	112,166			40,435					71,731			8,980
Cash flow hedge, net of tax	[5]	29,758	29,757					29,757
Revaluation surplus	[6]	(136,622)	(125,319)								(125,319)			(11,303)
Reserve of the revaluation surplus derived from the disposals of assets	[3]	0									0		0
Other comprehensive income / (loss) for the year		14,282	16,604			40,435		29,757			(53,588)		0	(2,322)
Total comprehensive income / (loss) for the year		144,999	147,273			40,435		29,757			(53,588)		130,669	(2,274)
Reserves for the benefit of government grants	[7]	0							23,605				(23,605)
Value of employee services		5,420	5,420				5,420
Restricted shares, vested		448	448		3,594		(4,142)		734	262
Restricted shares, forfeited		0							27	(27)
Restricted shares, granted		0							(1,600)	1,600
Purchase of own shares		(66,463)	(66,463)		(55,349)					(11,114)
Dividends to non-controlling interest		(298)												(298)
Balance at end of period at Dec. 31, 2021		1,047,830	1,011,719	183,573	851,060	(514,609)	16,073	(60,932)	106,172	(16,909)	289,982	41,574	115,735	36,111
Profit for the year		108,606	108,138										108,138	468
Exchange differences on translation of foreign operations		98,741	93,947			58,580					35,367			4,794
Cash flow hedge, net of tax	[8]	16,060	16,060					16,060						0
Revaluation surplus	[9]	(46,903)	(43,440)								(43,440)			(3,463)
Other comprehensive income / (loss) for the year		67,898	66,567			58,580		16,060			(8,073)		0	1,331
Total comprehensive income / (loss) for the year		176,504	174,705			58,580		16,060			(8,073)		108,138	1,799
Reduction of issued share capital of the company		0		(16,500)						16,500
Reserves for the benefit of government grants	[10]	0							21,531				(21,531)
Employee shares, exercised		2,124	2,124		2,432		(778)			470
Value of employee services		7,563	7,563				7,563
Restricted shares, vested		1,824	1,824		4,647		(4,066)		1,243	0
Restricted shares, forfeited		0							85	(85)
Restricted shares, granted		0							(2,106)	2,106
Purchase of own shares		(36,844)	(36,844)		(29,970)					(6,874)
Dividends to shareholders		(35,000)	(35,000)		(35,000)
Dividends to non-controlling interest														(358)
Balance at end of period at Dec. 31, 2022		$ 1,163,643	$ 1,126,091	$ 167,073	$ 793,169	$ (456,029)	$ 18,792	$ (44,872)	$ 126,925	$ (4,792)	$ 281,909	$ 41,574	$ 202,342	$ 37,552

[1]Net of $5,729 of income tax.[2]Net of $11,790 of Income tax.[3]Net of $3,458 of Income tax[4]Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business. (please see Note 24).[5]Net of $2,526 of Income tax[6]Net of $9,953 of Income tax.[7]Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business. (please see Note 24).[8]Net of $7,337 of Income tax.[9]Net of $25,307 of Income tax.[10]Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business. (please see Note 24).

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Statement of changes in equity [abstract]
Tax credit relating to cash flow hedge	$ 5,729
Changes of fair value valuation for farmlands	11,790
Income tax relating to changes in revaluation surplus derived from disposal of assets included in other comprehensive income	$ 3,458

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Profit for the year		$ 108,606	$ 130,717	$ 1,070
Adjustments for:
Income tax expense		26,758	43,837	12,325
Depreciation		188,775	167,297	140,579
Amortization		2,265	1,631	1,293
Depreciation of right of use assets		63,339	49,199	40,820
(Gain) / loss from the disposal of other property items		(3,718)	397	(2,198)
Gain from the sale of farmland and other assets		0	0	(2,064)
(Gain) / loss from the sale of subsidiary		0	(10)	554
Bargain purchase gain on acquisition		(10,107)	0	0
Net loss/(gain)from the fair value adjustment of Investment properties		2,961	4,331	(1,077)
Equity settled share-based compensation granted		10,227	6,406	4,316
Loss from derivative financial instruments and forwards		13,685	17,276	10,058
Interest, finance cost related to lease liabilities and other financial expense, net		83,130	75,610	47,686
Initial recognition and changes in fair value of non-harvested biological assets (unrealized)		(44,935)	(11,310)	(32,975)
Changes in net realizable value of agricultural produce after harvest (unrealized)		(72)	4,001	481
Provision and allowances		999	1,146	1,940
Net loss / (gain) of inflation effects on the monetary items		2,144	(11,541)	(12,064)
Foreign exchange (gains)/ losses, net		(19,278)	(18,939)	109,266
Cash flow hedge – transfer from equity		40,195	52,650	24,363
Subtotal		464,974	512,698	344,373
Changes in operating assets and liabilities:
Increase in trade and other receivables		(60,753)	(40,449)	(55,233)
Decrease / (increase) in inventories		45,437	(102,815)	(30,165)
(Increase) / decrease in biological assets		(3,686)	7,597	(10,290)
Increase in other assets		(1,056)	(303)	(35)
(Increase) / Decrease in derivative financial instruments		(9,661)	(29,319)	5,234
(Decrease) / Increase in trade and other payables		(64,502)	(1,499)	828
Increase in payroll and social security liabilities		7,681	4,874	4,120
(Decrease) / increase in provisions for other liabilities		(290)	74	380
Net cash generated from operating activities before taxes paid		378,144	350,858	259,212
Income tax paid		(8,118)	(2,196)	(2,087)
Net cash generated from operating activities	[1]	370,026	348,662	257,125
Cash flows from investing activities:
Acquisition of business, net of cash and cash equivalents acquired		1,120	0	0
Purchases of property, plant and equipment		(217,776)	(199,295)	(168,529)
Purchase of cattle and non-current biological assets		(9,096)	(11,776)	(7,339)
Purchases of intangible assets		(3,350)	(1,934)	(1,122)
Interest received and others		5,199	16,729	25,421
Proceeds from disposal of other property items		2,770	2,946	3,482
Proceeds from the sale of farmland and other assets		9,879	8,099	16,022
Proceeds from the sale of subsidiary		10,000	10,010	10,149
Acquisition of short-term investment		(98,010)	0	0
Net cash used in investing activities	[2]	(299,264)	(175,221)	(121,916)
Cash flows from financing activities:
Proceeds from long-term borrowings		41,082	30,972	116,015
Payments of long-term borrowings		(14,012)	(108,425)	(34,750)
Proceeds from short-term borrowings		347,928	286,115	207,217
Payments of short-term borrowings		(192,648)	(328,463)	(233,540)
Interest paid	[3]	(44,788)	(53,587)	(60,026)
Borrowings prepayment related expenses		0	(3,068)	0
Proceeds from exercise of employee share options		2,124	0	0
Collections / (Payments) of derivatives financial instruments		118	2,370	(1,687)
Lease payments		(91,175)	(62,273)	(40,336)
Purchase of own shares		(36,844)	(66,463)	(4,365)
Dividends paid to non-controlling interest		(358)	(311)	(2,447)
Dividends paid to shareholders		(35,000)	0	0
Net cash used from financing activities	[4]	(23,573)	(303,133)	(53,919)
Net increase / (decrease) in cash and cash equivalents		47,189	(129,692)	81,290
Cash and cash equivalents at beginning of year		199,766	336,282	290,276
Effect of exchange rate changes and inflation on cash and cash equivalents	[5]	(16,302)	(6,824)	(35,284)
Cash and cash equivalents at end of year		$ 230,653	$ 199,766	$ 336,282

[1]Includes (38,043), (30,666) and (14,956) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.[2]Includes (83), (4,694) and (429) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.[3]Includes 77, (1,109) and (1,639) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.[4]Includes 45,359, 41,238 and 15,694 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.[5]Includes (7,233), (5,878) and (309) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021	Dec. 31, 2020
Entity Information [Line Items]
Net cash generated from operating activities	[1]	$ 370,026		$ 348,662	$ 257,125
Net cash used in investing activities	[2]	(299,264)		(175,221)	(121,916)
Interest paid, classified as financing activities	[3]	44,788		53,587	60,026
Net cash (used) / generated from financing activities	[4]	(23,573)		(303,133)	(53,919)
Effect of exchange rate changes and inflation on cash and cash equivalents	[5]	(16,302)		(6,824)	(35,284)
Argentine subsidiaries
Entity Information [Line Items]
Net cash generated from operating activities		(38,043)	[1]	(30,666)	(14,956)
Net cash used in investing activities		(83)	[2]	(4,694)	(429)
Interest paid, classified as financing activities		(77)		1,109	1,639
Net cash (used) / generated from financing activities		45,359	[4]	41,238	15,694
Effect of exchange rate changes and inflation on cash and cash equivalents		$ (7,233)	[5]	$ (5,878)	$ (309)

[1]Includes (38,043), (30,666) and (14,956) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.[2]Includes (83), (4,694) and (429) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.[3]Includes 77, (1,109) and (1,639) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.[4]Includes 45,359, 41,238 and 15,694 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.[5]Includes (7,233), (5,878) and (309) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2022, 2021 and 2020, respectively.

General information

General information	12 Months Ended
General information	Dec. 31, 2022
Disclosure of General Information About Financial Statements [Abstract]
General information	General information Adecoagro S.A. (the "Company" or "Adecoagro") is the Group’s ultimate parent company and is a société anonyme (stock corporation) organized under the laws of the Grand Duchy of Luxembourg. Adecoagro is a holding company primarily engaged through its operating subsidiaries in agricultural and agro-industrial activities. The Company and its operating subsidiaries are collectively referred to hereinafter as the "Group." The Group’s activities are carried out through three major lines of business, namely, Farming; Sugar, Ethanol and Energy and Land Transformation. The Farming line of business is further comprised of three reportable segments, which are described in detail in Note 3 to these Consolidated Financial Statements. Adecoagro is a Public Company listed in the New York Stock Exchange (NYSE) as a foreign registered company under the ticker symbol of AGRO. These Consolidated Financial Statements have been approved for issue by the Board of Directors on April 26, 2023.

Financial risk management

Financial risk management	12 Months Ended
Financial risk management	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Financial risk management	Financial risk management Risk management principles and processes The Group’s activities are exposed to a variety of financial risks. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize the Group’s capital costs by using suitable means of financing and to manage and control the Group’s financial risks effectively. The Group uses financial instruments to hedge certain risk exposures. The Group’s approach to the identification, assessment and mitigation of risk is carried out by a Risk and Commercial Committee, which focuses on timely and appropriate risk management. The principal financial risks are related to raw material price, end-product price, exchange rate, interest rate, liquidity and credit risk. This section provides a description of the principal risks and uncertainties that could have a material adverse effect on the Group’s strategy, performance, results of operations and financial condition. These risks do not appear in any particular order of materiality or probability of occurrence. Argentina status: Since the second half of 2019, the Argentine government instituted certain foreign currency exchange controls, which may restrict or partially restrict access to foreign currency, like the U.S. dollars, to make payments abroad, either for foreign debt or the importation of goods or services, dividend payments and others, without prior authorization. Other restrictions also comprise the deferral of payment of certain public debt instruments and fuel price controls. Those regulations have continued to evolve, sometimes making them more or less stringent depending on the Argentine government’s perception of availability of sufficient national foreign currency reserves. The above has led to the existence of an informal foreign currency market where foreign currencies quote at levels significantly higher than the official exchange rate. However, the only exchange rate available for external commerce is the official exchange rate, which as of December 31, 2022 was Pesos 177 per dollar. • Exchange rate risk The Group’s cash flows, statement of income and statement of financial position are presented in U.S. Dollars and may be affected by fluctuations in exchange rates. Currency risks, as defined by IFRS 7, arise on account of monetary assets and liabilities being denominated in a currency that is not the functional currency. A significant majority of the Group’s business activities is conducted in the functional currencies of the respective subsidiaries (primarily the Brazilian Reais and the Argentine Peso). However, the Group may transact in currencies other than the respective functional currencies, mainly the U.S. Dollar. As such, these subsidiaries may hold U.S. Dollar denominated monetary balances at each year-end as indicated in the tables below. The Group’s net financial position exposure to the U.S. Dollar is managed on a case-by-case basis, partly by hedging certain expected cash flows with foreign exchange derivative contracts. The following tables show the net monetary position of the respective subsidiaries within the Group categorized by functional currency. Non-U.S. Dollar amounts are presented in U.S. Dollars for purpose of these tables. 2022 Subsidiaries’ functional currency Net monetary position Argentine Brazilian Uruguayan U.S. Dollar Total Argentine Peso (217,659) — — — (217,659) Brazilian Reais — (481,232) — — (481,232) U.S. Dollar (179,319) (290,366) 22,810 26,745 (420,130) Uruguayan Peso — — (2,167) — (2,167) Total (396,978) (771,598) 20,643 26,745 (1,121,188) 2021 Subsidiaries’ functional currency Net monetary position Argentine Brazilian Uruguayan U.S. Dollar Total Argentine Peso (33,002) — — — (33,002) Brazilian Reais — (396,288) — — (396,288) U.S. Dollar (267,448) (270,213) 21,773 30,490 (485,398) Uruguayan Peso — — (1,837) — (1,837) Total (300,450) (666,501) 19,936 30,490 (916,525) The Group’s analysis shown on the tables below is carried out based on the exposure of each functional currency subsidiary against the U.S. Dollar. The Group estimated that, other factors being constant, a hypothetical 10% appreciation/(depreciation) of the U.S. Dollar against the respective functional currencies for the years ended December 31, 2022 and 2021 would have (decreased)/increased the Group’s Profit before income tax for the year. A portion of this effect would have been recognized as other comprehensive income since a portion of the Company’s borrowings was used as cash flow hedge of the foreign exchange rate risk of a portion of its highly probable future sales in U.S. Dollars (see Hedge Accounting - Cash Flow Hedge below for details). Functional currency Net monetary position Argentine Brazilian Uruguayan Total 2022 U.S. Dollar (17,932) (29,037) 2,281 (44,688) 2021 U.S. Dollar (26,745) (27,021) 2,177 (51,589) The tables above only consider the effect of a hypothetical appreciation / depreciation of the U.S. Dollars on the Group’s net financial position. A hypothetical appreciation / depreciation of the U.S. Dollar against the functional currencies of the Group’s subsidiaries has historically had a positive / negative effect, respectively, on the fair value of the Group’s biological assets and the end prices of the Group’s agriculture produce, both of which are generally linked to the U.S. Dollar. Hedge Accounting Cash Flow Hedge The Group formally documents and designates cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps, as needed. Generally, the principal amounts of long-term borrowings (non-derivative financial instruments) and notional values of foreign currency forward contracts (derivative financial instruments) are designated as hedging instruments. These instruments are exposed to foreign currency risks, mainly Brazilian Reais/ U.S. Dollar related to operations in Brazil and Argentine Peso/U.S. Dollar in Argentina related to operations in Argentina. As of December 31, 2022, and 2021, approximately 10% of projected sales within those countries qualify as highly probable forecast transactions for hedge accounting purposes and are designated as hedged items. The Group prepares formal documentation to support hedge designation, including an explanation of how the designation of the hedging relationship is aligned with the Group’s Risk Management Policy, identification of the hedging instrument, the hedged transactions, the nature of the risk being hedged and an analysis which demonstrates that the hedge is expected to be highly effective. The Group reassesses the prospective and retrospective effectiveness of the hedge on an ongoing basis comparing the foreign currency component of the carrying amount of the hedging instruments and of the highly probable future sales. Under cash flow hedge accounting, the effect of changes in foreign currency exchange rates on derivative and non-derivative hedging instruments are not immediately recognized in profit or loss but are reclassified from equity to profit or loss in the periods when the future sales occur, thus allowing for a more appropriate presentation of the results for the period reflecting the strategy in the Group’s Risk Management Policy. Currently, based on the Group’s plans, it is expected that the cash flows will occur and affect profit or loss between 2023 and 2027. For the year ended December 31, 2022, a pre-tax loss of US$15,621 (US$10,565 pre-tax loss in 2021 and US$ 46,145 loss in 2020) was recognized in other comprehensive income and an amount of US$41,371 loss (US$54,650 loss in 2021 and US$26,031 loss in 2020) was reclassified from equity to profit or loss within “Financial results, net”. • Raw material price risk Inflation in the costs of raw materials and goods and services from industry suppliers and manufacturers presents risks to project economics. A significant portion of the Group’s cost structure includes the cost of raw materials primarily seeds, fertilizers and agrochemicals, among others. Prices for these raw materials may vary significantly. • End-product price risk Prices for commodity products have historically been cyclical, reflecting overall economic conditions and changes in capacity within the industry, which affect the profitability of entities engaged in the agribusiness industry. The Group combines different actions to minimize price risk. A percentage of crops are to be sold during and post-harvest period. The Group manages minimum and maximum prices for each commodity as well as gross margin per each crop as to decide when and how to sell. End-product price risks are hedged if economically viable and possible by entering into forward contracts with major trading houses or by using derivative financial instruments, consisting mainly of crops and sugar future contracts, but also includes occasionally put and call options. A movement in end-product futures prices would result in a change in the fair value of the end product hedging contracts. These fair value changes, after taxes, are recorded in the consolidated statement of income. Contract positions are designed to ensure that the Group would receive a defined minimum price for certain quantities of its production. The counterparties to these instruments generally are major financial institutions. In entering into these contracts, the Group has assumed the risk that might arise from the possible inability of counterparties to meet the terms of their contracts. The Group does not expect any material losses as a result of counterparty defaults. The Group is also obliged to pay margin deposits and premiums for these instruments. These estimates represent only the sensitivity of the financial instruments to market risk and not the Group exposure to end product price risks as a whole, since the crops and cattle products sales are not financial instruments within the scope of IFRS 7 disclosure requirements. Liquidity risk The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature, and that borrowing facilities are not available to meet cash requirements. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and statement of financial position. Prudent liquidity risk management includes managing the profile of debt maturities and funding sources close oversight of cash flows projections, maintaining sufficient cash, and ensuring the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. The Group's ability to fund its existing and prospective debt requirements is managed by maintaining diversified funding sources with adequate available funding lines from high quality lenders; and reaching to have long-term financial facilities. As of December 31, 2022, cash and cash equivalents of the Group totaled US$230.7 million, which are available for use. The tables below analyzes the Group’s non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and as a result they do not reconcile to the amounts disclosed on the statement of financial position except for short-term payables where discounting is not applied. At December 31, 2022 Less than Between Between 2 Over Total Trade and other payables 197,780 16,843 31 336 214,990 Borrowings 322,923 103,844 772,634 383 1,199,784 Leases Liabilities 67,181 80,986 168,565 185,910 502,642 Derivative financial instruments 2,961 96 — — 3,057 Total 590,845 201,769 941,230 186,629 1,920,473 At December 31, 2021 Less than Between Between 2 Over Total Trade and other payables 153,175 15 22 247 153,459 Borrowings 153,311 57,849 245,538 577,178 1,033,876 Leases Liabilities 53,384 53,172 122,625 123,180 352,361 Derivative financial instruments 1,283 — — — 1,283 Total 361,153 111,036 368,185 700,605 1,540,979 • Interest rate risk The Group’s interest rate risk arises from long-term borrowings at floating rates, which expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The interest rate profile of the Group's borrowings is set out in Note 26. The Group occasionally manages its cash flow interest rate risk exposure by using floating-to-fixed interest rate swaps. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. The following tables show a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary debt holder. These analyses are performed after giving effect to interest rate swaps. The analysis for the year ended December 31, 2022 and 2021 is as follows: 2022 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Fixed rate: Argentine Peso 195,982 — — — 195,982 Brazilian Reais — 4,476 — — 4,476 U.S. Dollar 62,051 388,350 — 149,884 600,285 Subtotal fixed-rate borrowings 258,033 392,826 — 149,884 800,743 Variable rate: Brazilian Reais — 188,801 — — 188,801 U.S. Dollar 18,096 112 — — 18,208 Subtotal variable-rate borrowings 18,096 188,913 — — 207,009 Total borrowings as per statement of financial position 276,129 581,739 — 149,884 1,007,752 2021 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Fixed rate: Argentine Peso 11,769 — — — 11,769 Brazilian Reais — 10,887 — — 10,887 U.S. Dollar 96,456 342,522 — 165,173 604,151 Subtotal fixed-rate borrowings 108,225 353,409 — 165,173 626,807 Variable rate: Brazilian Reais — 169,597 — — 169,597 U.S. Dollar 19,793 1,454 — — 21,247 Subtotal variable-rate borrowings 19,793 171,051 — — 190,844 Total borrowings as per statement of financial position 128,018 524,460 — 165,173 817,651 For the years ended December 31, 2022 and 2021, if interest rates on floating-rate borrowings had been 1% higher with all other variables held constant, the Group’s Profit before income tax for the years would have decreased as shown below. A 1% decrease in interest rates would have an equal and opposite effect on the income statement. 2022 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Variable rate: Brazilian Reais — (1,888) — — (1,888) U.S. Dollar (181) (1) — — (182) Total effects on profit before income tax (181) (1,889) — — (2,070) 2021 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Variable rate: Brazilian Reais — (1,696) — — (1,696) U.S. Dollar (198) (15) — — (213) Total effects on profit before income tax (198) (1,711) — — (1,909) The sensitivity analysis has been determined assuming that the change in interest rates had occurred at the date of the statement of financial position and had been applied to the exposure to interest rate risk for financial instruments in existence at that date. The 100 basis point increase or decrease represents management's assessment of a reasonable possible change in those interest rates, which have the most impact on the Group, specifically the United States and Brazilian rates over the period until the next annual statement of financial position date. The Group is currently negotiating with its contractual counterparts a replacement of the LIBOR-related contracts. Although the negotiations are not finalized yet, the Group expects that it will obtain similar interest rates as replacements. However, there can be no assurance that all negotiations will be favorable to the Group. • Credit risk The Group’s exposure to credit risk mainly arise from the potential non-performance of contractual obligations by the parties, in relation to amounts owed for physical product sales, the use of derivative instruments, and the investment of surplus cash balances. The Group is also exposed to political and economic risk events, which may cause non-payment of foreign currency obligations to the Group. The Group’s policy is to manage credit exposure to trading counterparties within defined trading limits. All of the Group’s significant counterparties are assigned internal credit limits. The Group regularly sells to a large base of customers. The type and class of customers may differ depending on the Group’s business segments. For the years ended December 31, 2022 and 2021, more than 71% and 73%, respectively, of the Group’s sales of crops were sold to 34 and 27 well-known customers (both multinational and local) with a good credit history with the Group. In the rice segment 74% and 68% of sales were sold to 79 and 28 well-known customers for the years ended December 31, 2022 and 2021, respectively. In the Sugar, Ethanol and Energy segment, sales of ethanol were concentrated in 66 and 39 customers, which represented 100% of total sales of ethanol for the years ended December 31, 2022 and 2021, respectively. Approximately 100% and 86% of the Group’s sales of sugar were concentrated in 158 and 124 well-known traders for the years ended December 31, 2022 and 2021, respectively. For the years ended December 31, 2022 and 2021, 94% and 95% of energy sales were concentrated in 59 and 72 major customers, respectively. In the dairy segment, 62% and 67% of the sales were concentrated in 53 and 18 well-known customers for the years ended December 31, 2022 and 2021, respectively. No credit limits were exceeded during the reporting periods and management does not expect any losses from non-performance by these counterparties. If any of the Group’s customers are independently rated, these ratings are used. Otherwise, the Group assesses the credit quality of the customer taking into account its financial position, past experience and other factors (see Note 17 for details). The Group may seek cash collateral, letter of credit or parent company guarantees, as considered appropriate. Sales to customers are primarily made by credit with customary payment terms. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position after deducting any impairment allowance. The Group’s exposure of credit risk arising from trade receivables is set out in Note 18. The Group is exposed to counterparty credit risk on cash and cash equivalent balances. The Group holds cash on deposit with a number of financial institutions. The Group manages its credit risk exposure by limiting individual deposits to clearly defined limits. The Group only deposits with high quality banks and financial institutions. As of December 31, 2022 and 2021, the total amount of cash and cash equivalents mainly comprise cash in banks and short-term bank deposits. The Group is authorized to transact with banks rated “BBB+” or higher. As of both December 31, 2022 and 2021, 4 banks (primarily JP Morgan, Banco do Brasil, Credit Agricole and Banco Itaú) accounted for more than 86% and 81%, respectively, of the total cash deposited. The remaining amount of cash and cash equivalents relates to cash in hand. Additionally, during the year ended December 31, 2022, the Group invested in fixed-term bank deposits with mainly two banks (FCI and ING), treasury bills and also entered into derivative contracts (currency forward). The Group’s exposure of credit risk arising from cash and cash equivalents is set out in Note 20. The Group’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk, interest rate risk and commodity price risk. The Group generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits the amount of credit exposure to any one counterparty based on an analysis of that counterparty's relative credit standing. The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty's obligations exceed the obligations with that counterparty. The Group also entered into crop commodity futures traded in the established trading markets of Argentina and Brazil through well-rated brokers. Management does not expect any counterparty to fail to meet its obligations. • Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, it may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or buy own shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total debt (including current and non-current borrowings as shown in the consolidated statement of financial position, if applicable) divided by total capital. Total capital is calculated as equity, as shown in the consolidated statement of financial position, plus total borrowings. During the year ended December 31, 2022, the strategy was to maintain the gearing ratio within 0.40 to 0.60, as follows: 2022 2021 Total borrowings 1,007,752 817,651 Total equity 1,163,643 1,047,830 Total capital 2,171,395 1,865,481 Gearing ratio 0.46 0.44 • Derivative financial instruments As part of its business operations, the Group may uses a variety of derivative financial instruments to manage its exposure to the financial risks discussed above. As part of its strategy, the Group may enter into derivatives of (i) interest rate to manage the composition of floating and fixed rate debt; (ii) currency to manage exchange rate risk, and (iii) crop (future contracts and put and call options) to manage its exposure to price volatility stemming from its integrated crop production activities. The Group’s policy is not to use derivatives for speculative purposes. Derivative financial instruments involve, to a varying degree, elements of market and credit risk not recognized in the financial statements. The market risk associated with these instruments resulting from price movements is expected to offset the market risk of the underlying transactions, assets and liabilities, being hedged. The counterparties to the agreements relating to the Group’s contracts generally are large institutions with credit ratings equal to or higher than BBB+. The Group continually monitors the credit rating of such counterparties and seeks to limit its financial exposure to any one financial institution. While the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions, they do not represent the amount of the Group’s exposure to credit risk. The amounts potentially subject to credit risk (arising from the possible inability of counterparties to meet the terms of their contracts) are generally limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Group’s obligations to the counterparties. The following tables show the outstanding positions for each type of derivative contract as of the date of each statement of financial position: ▪ Futures / options As of December 31, 2022: 2022 Type of Quantities Notional Fair (Loss)/Gain Futures: Sale Corn 5 992 (193) (193) Soybean 34 12,696 (1,081) (1,085) Wheat 9 2,956 111 115 Sugar 99 3,437 (1,526) (1,778) Total 147 20,081 (2,689) (2,941) As of December 31, 2021: 2021 Type of Quantities Notional Fair (Loss)/Gain Futures: Sale Corn 6 935 157 157 Soybean 55 17,782 (1,283) (1,283) Sugar 87 35,922 671 292 Total 148 54,639 (455) (834) () Included in the line item “(loss) / gain from commodity derivative financial instruments” of Note 8. (*) All quantities expressed either in tons or cubic meters, as applicable. Commodity future contract fair values are computed with reference to quoted market prices on future exchanges. ▪ Floating-to-fixed interest rate swaps In April 2022, one of the Group's subsidiaries in Brazil, Usina Monte Alegre (“UMA”) entered into a R$ 20 million loan with Itaú BBA. The loan bears interest at a fixed rate of 13.23% p.a. Concurrently, UMA entered into a swap agreement, to effectively convert the fixed-interest-rate loan into a variable-interest-rate loan denominated in CDI (an interbank floating interest rate in Reais), plus a fixed rate of 1.29%. The swap matures on March 24, 2024, mirroring the loan’s maturity date, and resulted in a recognition of a loss of US$ 90 thousand in 2022. In December 2020, one of the Group's subsidiaries in Brazil, Adecoagro Vale do Ivinhema entered into an interest rate swap agreement with Itaú BBA for an aggregate amount of US$400 million. Pursuant to this agreement, Adecoagro Vale do Ivinhema receives IPCA (Extended National Consumer Price Index) plus 4.24% per year and pays CDI (an interbank floating interest rate in Reais) plus 1.85% per year. This swap agreement expires semiannually until December, 2026. This agreement resulted in a recognition of a loss of US$2.2 million in 2022 and a gain of US$2.1 million in 2021. ▪ Currency forward During the year ended December 31, 2022 the Group entered into several currency forward contracts with Brazilian banks, in order to hedge the fluctuation of the Brazilian Reais against the U.S. Dollar, for a total aggregate amount of US$ 4 million. It resulted in the recognition of non-significant gain or losses in 2022. Also, the Group entered into several currency forward contracts to hedge the fluctuation of the U.S. Dollar against the Euro for a total notional amount of US$ 2.2 million. The currency forward contracts maturity date is March 2023. The outstanding contracts resulted in the recognition of a loss amounting to US$ 0.16 million in 2022. (2021:nil) Gains and losses on currency forward contracts are included within “Financial results, net” in the statement of income.

Segment information

Segment information	12 Months Ended
Segment information	Dec. 31, 2022
Disclosure of operating segments [abstract]
Segment information	Segment information 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. The Group operates in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation. • 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. • ‘Dairy’ Segment which consists of the production and sale of raw milk and industrialized products, including UHT, cheese and powder milk among others. • ‘All Other Segments’ which consists of the aggregation of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for disclosure, namely, Coffee and Cattle. • ‘Sugar, Ethanol and Energy’ Segment which consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and then marketed; • ‘Land Transformation’ Segment comprises the (i) identification and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition of assets (generating profits). 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. Effective July 1, 2018, the Group applied IAS 29 “Financial Reporting in Hyperinflationary Economies” (“IAS 29”) to its operations in Argentina. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy be adjusted for the effects of changes in the general price index and be expressed in terms of the current unit of measurement at the closing date of the reporting period (“inflation accounting”). In order to determine whether an economy is classified as hyperinflationary, IAS 29 sets forth a series of factors to be considered, including whether the amount of cumulative inflation nears or exceeds a threshold of 100 % accumulated in three years. Argentina has been classified as a hyperinflationary economy under the terms of IAS 29 from July 1, 2018. (Please see Note 33 - Basis of preparation and presentations). 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 should be 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, the Group’s 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. Following the adoption of IAS 29 to the Argentine operations of the Group, management changed the information reviewed by the CODM. Accordingly, as from July 1, 2018, (commencement of hyper-inflation accounting in Argentina), the information provided to the CODM departs from the application of IAS 29 and IAS 21 re-measurement and translation processes as follows. For segment reporting purposes, the segment results of the Argentine operations for each reporting period were adjusted for inflation and translated into the Group’s 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 procedures outlined above. In order to evaluate the segment’s performance on a monthly basis, results of operations in Argentina are based on monthly data adjusted for inflation and converted into the average exchange rate of the U.S. Dollar each month. These already converted figures are subsequently not readjusted and reconverted as described above 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 operation 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 Group’s 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. The following tables show a reconciliation of the reportable segments where the information reviewed by the CODM differs from 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 the CODM and the information included in the Consolidated Financial Statements: 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 275,200 (2,463) 272,737 203,686 (197) 203,489 236,222 (1,210) 235,012 Cost of goods and services rendered (252,879) 2,217 (250,662) (159,940) (380) (160,320) (204,924) 1,039 (203,885) Initial recognition and changes in fair value of biological assets and agricultural produce 64,133 1,441 65,574 14,802 521 15,323 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 64,959 1,331 66,290 58,548 (56) 58,492 58,821 (437) 58,384 General and administrative expenses (13,175) 5 (13,170) (15,404) 169 (15,235) (10,378) 181 (10,197) Selling expenses (31,672) 208 (31,464) (34,630) 229 (34,401) (27,050) 76 (26,974) Other operating income, net (1,021) (653) (1,674) 79 1 80 (8) (3) (11) Bargain purchase gain on acquisition — — — 10,070 37 10,107 — — — Profit from Operations 19,091 891 19,982 18,663 380 19,043 21,385 (183) 21,202 Depreciation and amortization (7,908) 40 (7,868) (12,112) 97 (12,015) (10,075) 57 (10,018) Net (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2022 All other segments Land transformation Corporate Total 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 Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 5,839 (113) 5,726 — — — — — — 1,351,707 (3,983) 1,347,724 Cost of goods and services rendered (5,153) 114 (5,039) — — — — — — (1,078,737) 2,990 (1,075,747) Initial recognition and changes in fair value of biological assets and agricultural produce (336) 57 (279) — — — — — — 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 350 58 408 — — — — — — 464,729 896 465,625 General and administrative expenses (220) 1 (219) — — — (23,413) (136) (23,549) (84,507) 220 (84,287) Selling expenses (257) 4 (253) — — — (257) (1) (258) (144,031) 516 (143,515) Other operating income, net (2,801) (195) (2,996) 3,699 6 3,705 (136) 21 (115) 2,693 (823) 1,870 Bargain purchase gain on acquisition — — — — — — — — — 10,070 37 10,107 Profit from Operations (2,928) (132) (3,060) 3,699 6 3,705 (23,806) (116) (23,922) 248,954 846 249,800 Depreciation and amortization (212) — (212) — — — 22 (29) (7) (191,205) 165 (191,040) Net (loss) / gain from Fair value adjustment of investment property (2,764) (197) (2,961) — — — — — — (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 228,894 11,836 240,730 130,526 4,343 134,869 172,803 10,251 183,054 Cost of goods and services rendered (203,148) (10,083) (213,231) (109,709) (2,336) (112,045) (149,738) (8,339) (158,077) Initial recognition and changes in fair value of biological assets and agricultural produce 65,704 8,286 73,990 37,119 6,715 43,834 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 81,287 8,818 90,105 57,936 8,722 66,658 41,401 3,471 44,872 General and administrative expenses (10,273) (827) (11,100) (8,891) (869) (9,760) (4,715) (541) (5,256) Selling expenses (21,925) (1,494) (23,419) (16,618) (1,490) (18,108) (20,779) (1,793) (22,572) Other operating income, net (3,538) (185) (3,723) 239 46 285 (150) (20) (170) Profit from Operations 45,551 6,312 51,863 32,666 6,409 39,075 15,757 1,117 16,874 Depreciation and amortization (6,501) (634) (7,135) (8,080) (814) (8,894) (7,144) (797) (7,941) Net (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2021 All other segments Land transformation Corporate Total 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 Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 3,490 199 3,689 — — — — — — 1,097,723 26,629 1,124,352 Cost of goods and services rendered (2,966) (145) (3,111) — — — — — — (834,062) (20,903) (854,965) Initial recognition and changes in fair value of biological assets and agricultural produce 1,380 (18) 1,362 — — — — — — 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 1,904 36 1,940 — — — — — — 463,201 21,047 484,248 General and administrative expenses (173) (14) (187) — — — (22,119) (1,908) (24,027) (65,635) (4,159) (69,794) Selling expenses (273) (17) (290) — — — (306) (21) (327) (112,847) (4,815) (117,662) Other operating income, net (3,995) (470) (4,465) 6,613 — 6,613 103 (21) 82 (18,118) (650) (18,768) Profit from Operations (2,537) (465) (3,002) 6,613 — 6,613 (22,322) (1,950) (24,272) 266,601 11,423 278,024 Depreciation and amortization (175) (15) (190) — — — (738) (49) (787) (166,619) (2,309) (168,928) Net (loss) / gain from Fair value adjustment of investment property (3,884) (447) (4,331) — — — — — — (3,884) (447) (4,331) Segment reconciliation for the year ended December 31, 2020: 2020 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 170,114 (1,653) 168,461 102,886 (1,024) 101,862 135,471 (1,997) 133,474 Cost of goods and services rendered (150,745) 1,495 (149,250) (74,395) 565 (73,830) (117,754) 1,747 (116,007) Initial recognition and changes in fair value of biological assets and agricultural produce 41,777 (934) 40,843 19,449 (772) 18,677 12,638 (294) 12,344 Gain from changes in net realizable value of agricultural produce after harvest 7,078 (71) 7,007 — — — (2) — (2) Margin on Manufacturing and Agricultural Activities Before Operating Expenses 68,224 (1,163) 67,061 47,940 (1,231) 46,709 30,353 (544) 29,809 General and administrative expenses (6,816) 122 (6,694) (7,045) 146 (6,899) (4,896) 108 (4,788) Selling expenses (18,265) 267 (17,998) (14,170) 247 (13,923) (13,824) 284 (13,540) Other operating income, net (12,846) (7) (12,853) 731 (18) 713 (189) 3 (186) Profit from Operations 30,297 (781) 29,516 27,456 (856) 26,600 11,444 (149) 11,295 Depreciation and amortization (5,397) 111 (5,286) (6,652) 147 (6,505) (6,709) 141 (6,568) Net (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2020 All other segments Corporate Total 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 2,545 (37) 2,508 — — — 822,475 (4,711) 817,764 Cost of goods and services rendered (1,984) 22 (1,962) — — — (615,775) 3,829 (611,946) Initial recognition and changes in fair value of biological assets and agricultural produce 1,269 (13) 1,256 — — — 124,742 (2,013) 122,729 Gain from changes in net realizable value of agricultural produce after harvest — — — — — — 7,076 (71) 7,005 Margin on Manufacturing and Agricultural Activities Before Operating Expenses 1,830 (28) 1,802 — — — 338,518 (2,966) 335,552 General and administrative expenses (120) 2 (118) (19,319) 336 (18,983) (54,138) 710 (53,428) Selling expenses (217) 3 (214) (202) 7 (195) (95,866) 808 (95,058) Other operating income, net 1,069 (2) 1,067 (161) (8) (169) 2,033 (46) 1,987 Profit from Operations 2,562 (25) 2,537 (19,682) 335 (19,347) 190,547 (1,494) 189,053 Depreciation and amortization (138) 3 (135) (876) 14 (862) (142,288) 416 (141,872) Net (loss) / gain from Fair value adjustment of investment property 1,080 (3) 1,077 — — — 1,080 (3) 1,077 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, 2022: Farming Sugar, Land Transformation Corporate Total Crops Rice Dairy All other Farming Sales of goods and services rendered 275,200 203,686 236,222 5,839 720,947 630,760 — — 1,351,707 Cost of goods sold and services rendered (252,879) (159,940) (204,924) (5,153) (622,896) (455,841) — — (1,078,737) Initial recognition and changes in fair value of biological assets and agricultural produce 64,133 14,802 27,523 (336) 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 64,959 58,548 58,821 350 182,678 282,051 — — 464,729 General and administrative expenses (13,175) (15,404) (10,378) (220) (39,177) (21,917) — (23,413) (84,507) Selling expenses (31,672) (34,630) (27,050) (257) (93,609) (50,165) — (257) (144,031) Other operating income, net (1,021) 79 (8) (2,801) (3,751) 2,881 3,699 (136) 2,693 Bargain purchase gain on acquisition — 10,070 — — 10,070 — — — 10,070 Profit / (loss) from operations 19,091 18,663 21,385 (2,928) 56,211 212,850 3,699 (23,806) 248,954 Depreciation and amortization (7,908) (12,112) (10,075) (212) (30,307) (160,920) — 22 (191,205) Net (loss) / gain from Fair value adjustment of investment property — — — (2,764) (2,764) — — — (2,764) Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 3,929 3,701 (2,276) (2,231) 3,123 35,232 — — 38,355 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 60,204 11,101 29,799 1,895 102,999 72,834 — — 175,833 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 457,286 149,251 2,221 56,928 665,686 78,647 — — 744,333 Machinery, equipment and other fixed assets, net 48,691 58,827 108,589 1,792 217,899 171,307 — — 389,206 Bearer plants, net 1,057 — — — 1,057 351,670 — — 352,727 Work in progress 7,021 29,061 22,325 2,399 60,806 18,283 — — 79,089 Right of use assest 18,952 8,594 711 — 28,257 330,681 — 1,243 360,181 Investment property — — — 33,330 33,330 — — — 33,330 Goodwill 7,990 1,106 5,263 — 14,359 4,185 — — 18,544 Biological assets 66,002 52,752 30,045 8,214 157,013 109,431 — — 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 62,911 22,129 8,700 291 94,031 27,275 — — 121,306 Total segment assets 707,449 335,379 190,679 102,954 1,336,461 1,180,172 — 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, Land Transformation Corporate Total Crops Rice Dairy All other Farming Sales of goods and services rendered 228,894 130,526 172,803 3,490 535,713 562,010 — — 1,097,723 Cost of goods sold and services rendered (203,148) (109,709) (149,738) (2,966) (465,561) (368,501) — — (834,062) Initial recognition and changes in fair value of biological assets and agricultural produce 65,704 37,119 18,336 1,380 122,539 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 81,287 57,936 41,401 1,904 182,528 280,673 — — 463,201 General and administrative expenses (10,273) (8,891) (4,715) (173) (24,052) (19,464) — (22,119) (65,635) Selling expenses (21,925) (16,618) (20,779) (273) (59,595) (52,946) — (306) (112,847) Other operating income, net (3,538) 239 (150) (3,995) (7,444) (17,390) 6,613 103 (18,118) Profit / (loss) from operations 45,551 32,666 15,757 (2,537) 91,437 190,873 6,613 (22,322) 266,601 Depreciation and amortization (6,501) (8,080) (7,144) (175) (21,900) (143,981) — (738) (166,619) Net (loss) / gain from Fair value adjustment of investment property — — — (3,884) (3,884) — — — (3,884) Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 14,399 4,117 (6,271) 8,904 21,149 (16,294) — — 4,855 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 51,305 33,002 24,607 (7,524) 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) Farmlands and farmland improvements, net 448,608 146,795 2,143 56,315 653,861 73,979 — — 727,840 Machinery, equipment and other fixed assets, net 47,122 29,543 81,516 1,641 159,822 158,611 — — 318,433 Bearer plants, net 892 — — — 892 294,090 — — 294,982 Work in progress 3,444 33,200 27,341 1,496 65,481 15,887 — — 81,368 Right of use assets 13,005 3,361 930 — 17,296 243,469 — 11 260,776 Investment property — — — 32,132 32,132 — — — 32,132 Goodwill 7,074 979 4,660 — 12,713 3,913 — — 16,626 Biological assets 54,886 42,729 18,979 7,257 123,851 71,327 — — 195,178 Finished goods 37,225 5,015 15,157 — 57,397 80,857 — — 138,254 Raw materials, stocks held by third parties and others 42,253 14,797 10,416 579 68,045 33,225 — — 101,270 Total segment assets 654,509 276,419 161,142 99,420 1,191,490 975,358 — 11 2,166,859 Borrowings 31,755 34,230 62,061 — 128,046 524,461 — 165,144 817,651 Lease liabilities 14,106 4,157 924 — 19,187 227,585 — 82 246,854 Total segment liabilities 45,861 38,387 62,985 — 147,233 752,046 — 165,226 1,064,505 Segment analysis for the year ended December 31, 2020 Farming Sugar, Land Transformation Corporate Total Crops Rice Dairy All other Farming Sales of goods and services rendered 170,114 102,886 135,471 2,545 411,016 411,459 — — 822,475 Cost of goods sold and services rendered (150,745) (74,395) (117,754) (1,984) (344,878) (270,897) — — (615,775) Initial recognition and changes in fair value of biological assets and agricultural produce 41,777 19,449 12,638 1,269 75,133 49,609 — — 124,742 Changes in net realizable value of agricultural produce after harvest 7,078 — (2) — 7,076 — — — 7,076 Margin on manufacturing and agricultural activities before operating expenses 68,224 47,940 30,353 1,830 148,347 190,171 — — 338,518 General and administrative expenses (6,816) (7,045) (4,896) (120) (18,877) (15,942) — (19,319) (54,138) Selling expenses (18,265) (14,170) (13,824) (217) (46,476) (49,188) — (202) (95,866) Other operating income, net (12,846) 731 (189) 1,069 (11,235) 5,495 7,934 (161) 2,033 Profit / (loss) from operations 30,297 27,456 11,444 2,562 71,759 130,536 7,934 (19,682) 190,547 Depreciation and amortization (5,397) (6,652) (6,709) (138) (18,896) (122,516) — (876) (142,288) Net (loss) / gain from Fair value adjustment of investment property — — — 1,080 1,080 — — — 1,080 Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 12,211 3,975 (5,151) 2,258 13,293 19,682 — — 32,975 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 29,566 15,474 17,789 (989) 61,840 29,927 — — 91,767 Changes in net realizable value of agricultural produce after harvest (unrealized) (481) — — — (481) — — — (481) Changes in net realizable value of agricultural produce after harvest (realized) 7,559 — (2) — 7,557 — — — 7,557 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. Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows: 2022 2021 Total reportable assets as per segment information 2,517,876 2,166,859 Intangible assets (excluding goodwill) 17,576 14,711 Deferred income tax assets 8,758 10,321 Trade and other receivables 228,378 188,080 Other assets 1,701 1,079 Derivative financial instruments 5,342 1,585 Restricted short-term investment 98,571 — Cash and cash equivalents 230,653 199,766 Total assets as per the statement of financial position 3,108,855 2,582,401 2022 2021 Total reportable liabilities as per segment information 1,345,732 1,064,505 Trade and other payables 259,607 169,030 Deferred income tax liabilities 301,414 265,848 Payroll and social liabilities 31,545 26,294 Provisions for other liabilities 3,435 5,986 Current income tax liabilities 422 1,625 Derivative financial instruments 3,057 1,283 Total liabilities as per the statement of financial position 1,945,212 1,534,571 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, 2022: Argentina Brazil Uruguay Others () 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 Others () Total Property, plant and equipment 868,527 542,710 11,386 — 1,422,623 Investment property 32,132 — — — 32,132 Goodwill 12,713 3,913 — — 16,626 Non-current portion of biological assets 19,355 — — — 19,355 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) (*) It includes the initial operations in Chile which are not disclosed separately on materiality grounds. As of and for the year ended December 31, 2020: Argentina Brazil Uruguay Total Sales of goods and services rendered 389,018 411,779 21,678 822,475 Initial recognition and changes in fair value of biological assets and agricultural produce 72,391 50,348 2,003 124,742 Changes in net realizable value of agricultural produce after harvest 6,770 (88) 394 7,076

Sales

Sales	12 Months Ended
Sales	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Sales	Sales 2022 2021 2020 Manufactured products and services rendered: Ethanol 387,124 291,883 199,062 Sugar 188,769 208,365 171,102 Energy () 34,919 50,321 42,756 Peanut 63,041 60,939 46,708 Sunflower 14,948 11,282 10,433 Cotton 6,780 2,540 1,969 Rice () 188,263 127,272 96,397 Fluid milk (UHT) 76,596 62,875 54,380 Powder milk () 84,257 62,728 40,500 Other diary products 37,648 28,834 17,205 Services 10,987 7,309 4,774 Rental income 841 615 584 Others 24,199 13,069 5,623 1,118,372 928,032 691,493 Agricultural produce and biological assets: Soybean 81,757 71,687 44,271 Corn 71,188 59,803 44,475 Wheat 19,915 27,349 14,457 Rice 3,994 — — Sunflower 9,885 6,167 633 Barley 4,175 1,684 275 Seeds 1,940 1,559 1,732 Raw milk 21,623 16,468 12,817 Cattle 5,039 3,111 1,959 Cattle for dairy 7,543 4,994 2,729 Others 2,293 3,498 2,923 229,352 196,320 126,271 Total sales 1,347,724 1,124,352 817,764 () Includes sales of energy, rice and powder milk produced by third parties for an amount of US$ 4.5 million. (sales of rice, energy and butter for an amount of US$ 11.5 million and US$ 13.9 million for the years 2021 and 2020 respectively). Commitments to sell commodities at a future date The Group entered into contracts to sell non-financial instruments, mainly sugar, soybean and corn through sales forward contracts. Those contracts are held for purposes of delivery of the non-financial instrument in accordance with the Group’s expected sales. Accordingly, as the own use exception criteria are met, those contracts are not recorded as derivatives. The notional amount of these contracts is US$89.9 million as of December 31, 2022 (2021: US$75.9 million; 2020: US$42.2 million) and comprised primarily of 34,879 thousand tons of sugar (US$ 26.1 million), 34,905 thousand m3 of ethanol (US$21.5 million), 543,795 thousand mwh of energy (US$28.8 million), 5,498 thousand tons of soybean (US$2.0 million), 15,051 thousand tons of wheat (US$5.1 million), and 16,112 thousand tons of corn (US$3.5 million) which expire between January and December 2023.

Cost of goods sold and services

Cost of goods sold and services rendered	12 Months Ended
Cost of goods sold and services rendered	Dec. 31, 2022
Analysis of income and expense [abstract]
Cost of goods sold and services rendered	Cost of goods sold and services rendered For the year ended December 31: 2022 Crops Rice Dairy All other Sugar, Total Finished goods at the beginning of year (Note 19) 37,225 5,015 15,157 — 80,857 138,254 Cost of production of manufactured products (Note 6) 68,510 165,330 180,723 — 455,336 869,899 Purchases 10,528 1,866 1,285 — 856 14,535 Acquisition of subsidiaries — 8,413 — — — 8,413 Agricultural produce 240,469 — 21,647 5,039 11,571 278,726 Transfer to raw material (75,158) (6,549) — — — (81,707) Direct agricultural selling expenses 25,623 — — — — 25,623 Tax recoveries (i) — — — — (17,800) (17,800) Changes in net realizable value of agricultural produce after harvest (21,359) — — — (934) (22,293) Loss of idle capacity — — — — 7,507 7,507 Finished goods at the end of the year (Note 19) (37,539) (13,659) (12,825) — (88,693) (152,716) Exchange differences 2,363 (96) (2,102) — 7,141 7,306 Cost of goods sold and services rendered 250,662 160,320 203,885 5,039 455,841 1,075,747 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values. For the year ended December 31: 2021 Crops Rice Dairy All other Sugar, Total Finished goods at the beginning of year 30,267 5,970 6,489 — 34,315 77,041 Cost of production of manufactured products (Note 6) 59,590 124,304 158,083 — 415,408 757,385 Purchases 26,880 569 — — 4,860 32,309 Agricultural produce 224,788 — 16,468 3,111 10,944 255,311 Transfer to raw material (73,068) (7,240) — — — (80,308) Direct agricultural selling expenses 22,642 — — — — 22,642 Tax recoveries (i) — — — — (19,423) (19,423) Changes in net realizable value of agricultural produce after harvest (11,384) — — — (1,495) (12,879) Loss of idle capacity — — — — 14,270 14,270 Finished goods at the end of the year (Note 19) (37,225) (5,015) (15,157) — (80,857) (138,254) Exchange differences (29,259) (6,543) (7,806) — (9,521) (53,129) Cost of goods sold and services rendered 213,231 112,045 158,077 3,111 368,501 854,965 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values. For the year ended December 31: 2020 Crops Rice Dairy All other Sugar, Total Finished goods at the beginning of year 17,830 5,805 4,779 — 36,864 65,278 Cost of production of manufactured products (Note 6) 44,074 79,507 102,933 — 285,627 512,141 Purchases 3,648 — — — 6,088 9,736 Agricultural produce 137,204 — 15,546 1,962 — 154,712 Transfer to raw material (46,192) (4,256) — — — (50,448) Direct agricultural selling expenses 16,467 — — — — 16,467 Tax recoveries (i) — — — — (21,765) (21,765) Changes in net realizable value of agricultural produce after harvest 7,007 — (2) — — 7,005 Finished goods at the end of the year (Note 19) (30,267) (5,970) (6,489) — (34,315) (77,041) Exchange differences (521) (1,256) (760) — (1,602) (4,139) Cost of goods sold and services rendered 149,250 73,830 116,007 1,962 270,897 611,946 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

Expenses by nature

Expenses by nature	12 Months Ended
Expenses by nature	Dec. 31, 2022
Analysis of income and expense [abstract]
Expenses by nature	Expenses by nature The statement of income is presented under the function of expense method. Under this method, expenses are classified according to their function as “cost of goods sold and services rendered," “general and administrative expenses” and “selling expenses”. The following table provides the additional disclosure required on the nature of expenses and their relationship to the function within the Group: Expenses by nature for the year ended December 31, 2022: Cost of production of manufactured products (Note 5) General and Selling Total Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 4,216 12,362 11,627 35,890 64,095 39,347 9,472 112,914 Raw materials and consumables 367 367 29,317 14,094 44,145 — — 44,145 Depreciation and amortization 4,463 3,814 4,007 123,960 136,244 18,109 1,408 155,761 Depreciation of right of use assets — 115 971 7,475 8,561 7,702 99 16,362 Fuel, lubricants and others 239 249 1,886 38,813 41,187 712 340 42,239 Maintenance and repairs 1,264 3,320 1,856 22,674 29,114 1,718 741 31,573 Freights 519 9,319 2,862 75 12,775 — 57,913 70,688 Export taxes / selling taxes — — — — — — 39,202 39,202 Export expenses — — — — — — 17,963 17,963 Contractors and services 2,218 720 569 7,044 10,551 — — 10,551 Energy transmission — — — — — — 3,053 3,053 Energy power 1,577 3,172 3,189 733 8,671 373 89 9,133 Professional fees 59 86 110 837 1,092 8,337 802 10,231 Other taxes 25 117 110 2,775 3,027 852 63 3,942 Contingencies — — — — — 568 — 568 Lease expense and similar arrangements 178 682 197 — 1,057 1,153 271 2,481 Third parties raw materials 8,270 23,934 75,674 13,693 121,571 — — 121,571 Tax recoveries — — — (556) (556) — — (556) Others 1,335 2,736 1,269 4,322 9,662 5,416 12,099 27,177 Subtotal 24,730 60,993 133,644 271,829 491,196 84,287 143,515 718,998 Own agricultural produce consumed 43,780 104,337 47,079 183,507 378,703 — — 378,703 Total 68,510 165,330 180,723 455,336 869,899 84,287 143,515 1,097,701 Expenses by nature for the year ended December 31, 2021: Cost of production of manufactured products (Note 5) General and Selling Total Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 3,651 6,841 9,268 27,072 46,832 30,727 7,221 84,780 Raw materials and consumables 578 373 24,755 13,036 38,742 — — 38,742 Depreciation and amortization 3,930 2,692 3,590 108,709 118,921 14,280 1,304 134,505 Depreciation of right of use assets — 102 602 5,700 6,404 7,173 49 13,626 Fuel, lubricants and others 336 89 1,730 24,747 26,902 854 279 28,035 Maintenance and repairs 1,341 1,851 1,779 16,797 21,768 1,956 800 24,524 Freights 644 8,154 2,377 607 11,782 — 38,970 50,752 Export taxes / selling taxes — — — — — — 43,509 43,509 Export expenses — — — — — — 11,745 11,745 Contractors and services 2,587 235 260 6,758 9,840 — — 9,840 Energy transmission — — — — — — 2,347 2,347 Energy power 1,276 1,501 2,544 839 6,160 335 85 6,580 Professional fees 78 84 140 692 994 7,600 815 9,409 Other taxes 23 92 118 3,049 3,282 582 62 3,926 Contingencies — — — — — 855 — 855 Lease expense and similar arrangements 162 319 257 — 738 1,863 251 2,852 Third parties raw materials 2,804 2,852 62,737 15,240 83,633 — — 83,633 Tax recoveries — — — (1,546) (1,546) — — (1,546) Others 962 5,273 2,166 2,636 11,037 3,569 10,225 24,831 Subtotal 18,372 30,458 112,323 224,336 385,489 69,794 117,662 572,945 Own agricultural produce consumed 41,218 93,846 45,760 191,072 371,896 — — 371,896 Total 59,590 124,304 158,083 415,408 757,385 69,794 117,662 944,841 Expenses by nature for the year ended December 31, 2020: Cost of production of manufactured products (Note 5) Crops Rice Dairy Sugar, Total General and Selling Total Salaries, social security expenses and employee benefits 2,348 4,466 7,452 26,341 40,607 25,519 5,206 71,332 Raw materials and consumables 448 3,072 14,486 8,743 26,749 — — 26,749 Depreciation and amortization 2,929 2,016 2,812 93,211 100,968 12,490 985 114,443 Depreciation right-of-use and other leases — 19 461 6,208 6,688 3,557 24 10,269 Fuel, lubricants and others 131 68 2,030 16,543 18,772 428 187 19,387 Maintenance and repairs 639 1,492 1,141 12,581 15,853 954 476 17,283 Freights 172 4,617 1,708 649 7,146 — 33,111 40,257 Export taxes / selling taxes — — — — — — 35,966 35,966 Export expenses — — — — — — 8,801 8,801 Contractors and services 1,358 116 54 5,086 6,614 — — 6,614 Energy transmission — — — — — — 2,231 2,231 Energy power 803 1,015 1,879 764 4,461 137 114 4,712 Professional fees 32 35 103 447 617 6,261 1,060 7,938 Other taxes 20 76 97 2,312 2,505 376 21 2,902 Contingencies — — — — — 703 — 703 Lease expense and similar arrangements 111 182 137 — 430 283 226 939 Third parties raw materials 3,257 6,578 42,051 13,547 65,433 — — 65,433 Tax recoveries — — — (1,087) (1,087) — — (1,087) Others 524 1,219 1,975 1,613 5,331 2,720 6,650 14,701 Subtotal 12,772 24,971 76,386 186,958 301,087 53,428 95,058 449,573 Own agricultural produce consumed 31,302 54,536 26,547 98,669 211,054 — — 211,054 Total 44,074 79,507 102,933 285,627 512,141 53,428 95,058 660,627

Salaries and social security ex

Salaries and social security expenses	12 Months Ended
Salaries and social security expenses	Dec. 31, 2022
Analysis of income and expense [abstract]
Salaries and social security expenses	Salaries and social security expenses 2022 2021 2020 Wages and salaries (i) 132,010 101,818 89,662 Social security costs 36,932 30,296 27,430 Equity-settled share-based compensation 10,227 6,406 4,316 179,169 138,520 121,408 (i) Includes US$30,014, US$25,105 and US$32,714, capitalized in Property, Plant and Equipment for the years 2022, 2021 and 2020, respectively.

Other operating (expense) _ inc

Other operating (expense) / income, net	12 Months Ended
Other operating (expense) / income, net	Dec. 31, 2022
Analysis of income and expense [abstract]
Other operating (expense) / income, net	Other operating (expense) / income, net 2022 2021 2020 Loss from commodity derivative financial instrument (6,842) (15,990) (8,320) Gain / (loss) from disposal of other property items 3,718 (397) 2,198 Net (loss) / gain from fair value adjustment of investment property (2,961) (4,331) 1,077 Gain from disposal of farmland and other assets (Note 21) — — 2,064 Gain / (loss) from the sale of subsidiaries (Note 21) — 10 (554) Others 7,955 1,940 5,522 1,870 (18,768) 1,987

Financial results, net

Financial results, net	12 Months Ended
Financial results, net	Dec. 31, 2022
Analysis of income and expense [abstract]
Financial results, net	Financial results, net 2022 2021 2020 Finance income: - Interest income 5,781 4,081 4,084 -Foreign exchange gains, net 19,278 18,939 — - Gain from interest rate/foreign exchange rate derivative financial instruments — 512 92 - Other income 249 13,138 21,878 Finance income 25,308 36,670 26,054 Finance costs: - Interest expense (50,037) (62,536) (58,282) - Finance cost related to lease liabilities (31,113) (16,502) (12,532) - Cash flow hedge – transfer from equity (Note 2) (40,195) (52,650) (24,363) - Foreign exchange losses, net — — (109,266) - Taxes (4,862) (7,073) (4,559) - Loss from interest rate/foreign exchange rate derivative financial instruments (2,384) — — - Borrowings prepayment related expenses (Brazilian subsidiaries) — (3,068) — -Finance discount — (3,741) — - Other expenses (9,009) (6,111) (4,774) Finance costs (137,600) (151,681) (213,776) Other financial results - Net (loss) / gain of inflation effects on monetary items (2,144) 11,541 12,064 Total financial results, net (114,436) (103,470) (175,658)

Taxation

Taxation	12 Months Ended
Taxation	Dec. 31, 2022
Income Taxes [Abstract]
Taxation	Taxation Adecoagro is subject to the applicable general tax regulations in Luxembourg. The Group’s income tax has been calculated on the estimated assessable taxable results for the year at the rates prevailing in the respective foreign tax jurisdictions. The subsidiaries of the Group are required to calculate their income taxes on a separate basis according to the rules and regulations of the jurisdictions where they operate. Therefore, the Group is not legally permitted to compensate subsidiaries’ losses against subsidiaries’ income. The details of the provision for the Group’s consolidated income tax are as follows: 2022 2021 2020 Current income tax (4,655) (4,338) (2,840) Deferred income tax (22,103) (39,499) (9,485) Income tax expense (26,758) (43,837) (12,325) The statutory tax rate in the countries where the Group operates for all of the years presented are: Tax Jurisdiction Income Tax Rate Argentina (i) 35 % Brazil 34 % Uruguay 25 % Spain 25 % Luxembourg 24.94 % Chile 27 % (i) In June 2021, the Argentine Government introduced changes to the income tax laws whereby it established an increasing rate scheme starting at 25% up to 35% for income tax gains over Pesos 76 million (0.4 million US$). The revised scheme was effective as from fiscal year 2021. It also established a 7% withholding tax for dividends. Deferred tax assets and liabilities of the Group as of December 31, 2022 and 2021, without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2022 2021 Deferred income tax asset to be recovered after more than 12 months 127,878 107,552 Deferred income tax asset to be recovered within 12 months 17,862 21,976 Deferred income tax assets 145,740 129,528 Deferred income tax liability to be settled after more than 12 months (371,047) (367,292) Deferred income tax liability to be settled within 12 months (67,349) (17,763) Deferred income tax liability (438,396) (385,055) Deferred income tax liability, net (292,656) (255,527) The gross movement on the deferred income tax account is as follows: 2022 2021 Beginning of year (255,527) (162,556) Exchange differences (30,187) (40,644) Changes of fair value valuation for farmlands 25,307 (9,953) Acquisition of subsidiary (Note 21) (1,562) — Others (1,247) (349) Tax credit relating to cash flow hedge (i) (7,337) (2,526) Income tax expense (22,103) (39,499) End of year (292,656) (255,527) (i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$15,621 for the year ended December 31, 2022 (2021: US$46,145; 2020: US$75,822); net of the reclassification from Equity to the Income Statement of US$ 40,388 for the year ended December 31, 2022 (2021: US$ 26,031; 2020: US$32,305). The movement in the deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: Deferred income tax Property, Investment property Biological Others Total At January 1, 2021 268,252 9,878 10,217 8,555 296,902 Charged / (credited) to the statement of income 43,270 (817) (755) (1,811) 39,887 Farmlands revaluation 11,469 (1,516) — — 9,953 Exchange differences 32,167 2,336 1,797 2,013 38,313 At December 31, 2021 355,158 9,881 11,259 8,757 385,055 Charged / (credited) to the statement of income 19,318 (1,145) 18,105 232 36,510 Farmlands revaluation (24,271) (1,036) — — (25,307) Acquisition of subsidiaries 1,562 — — — 1,562 Exchange differences 37,379 1,279 1,097 821 40,576 At December 31, 2022 389,146 8,979 30,461 9,810 438,396 Deferred income tax Provisions Tax loss Equity-settled Borrowings Biological Others Total At January 1, 2021 7,281 67,817 5,171 51,338 — 2,739 134,346 Charged / (credited) to the statement of income 1,978 13,108 — (13,589) 452 (1,561) 388 Tax charge relating to cash flow hedge — (2,526) — — — — (2,526) Exchange differences 20 3,158 — (2,952) (386) (2,171) (2,331) Others — — (349) — — — (349) At December 31, 2021 9,279 81,557 4,822 34,797 66 (993) 129,528 (Credited) / charged to the statement of income (3,900) 29,087 — (11,115) (66) 401 14,407 Tax charge relating to cash flow hedge — (7,337) — — — — (7,337) Exchange differences 1,243 6,888 — 2,250 — 8 10,389 Others — — (1,247) — — — (1,247) At December 31, 2022 6,622 110,195 3,575 25,932 — (584) 145,740 Tax loss carry forwards in Argentina and Uruguay generally expire within 5 years. Tax loss carry forwards in Brazil and Luxembourg do not expire. However, in Brazil, the taxable profit for each year can only be reduced by tax loss carry forward up to a maximum of 30%. In order to fully realize the deferred tax asset, the Group will need to generate future taxable income in the countries where the tax loss carry forward were incurred. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible . As of December 31, 2022, the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina (1) 175,658 5 years Brazil 127,838 No expiration date. Uruguay 1,546 5 years Luxembourg 23,677 No expiration date. (1) As of December 31, 2022, the aging of the determination tax loss carry forward in Argentina is as follows: Year of generation Amount 2018 26,606 2019 72,768 2020 15,288 2021 113 2022 60,883 The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the tax rates applicable to profits in the respective countries as follows: 2022 2021 2020 Tax calculated at the tax rates applicable to profits in the respective countries (43,827) (54,291) (4,184) Non-deductible items (1,921) (3,459) (7,642) Effect of the changes in the statutory income tax rate in Argentina (2,237) (31,962) 6,324 Unused tax losses — 482 (710) Tax losses where no deferred tax asset was recognized (107) — — Non-taxable income 16,879 13,604 11,060 Previously unrecognized tax losses now recouped to reduce tax expenses (1) 19,419 38,121 1,529 Effect of IAS 29 and tax adjustment per inflation in Argentina (18,195) (6,402) (19,239) Others 3,231 70 537 Income tax expense (26,758) (43,837) (12,325) (1) 2022 includes 16,044 of adjustment by inflation of tax loss carryforwards in Argentina (37,175 in 2021). Tax Inflation Adjustment in Argentina Laws 27,430, 27,468 and 27,541 introduced several amendments to the income tax inflation adjustments provided by t.he Income Tax Law. According to these provisions, and effective as from fiscal years beginning on or after January 1, 2018, the inflation adjustment procedure set out in Title VI of the Income Tax Law shall be applicable in fiscal years in which the variation of IPC price index, accumulated in the 36 months immediately preceding the end of the relevant fiscal year, is higher than 100%. As from its effectiveness, this procedure is applicable because the variation of the IPC reached the prescribed limits. However, Section 39 of Law No. 24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April 1, 1992 to certain items, such as, fixed assets, inventory, and tax loss carryforwards, among others. After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its verdict in the "Candy" case July 3, 2009 in which it stated that particularly for fiscal year 2002 and considering the serious state of disturbance of that year, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates. More recently, the Argentine Supreme Court of Justice applied a similar criterion to the 2010, 2011, 2012 and 2014 fiscal years in the cases brought by “Distribuidora Gas del Centro” (10/14/14, 06/02/15, 10/04/16 and 06/25/19), among others, enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis such as 2002. The Company believes that the lack of application of the income tax inflation adjustment is confiscatory. Accordingly, based on the precedents and the opinion of external and internal tax advisors, the Company has adjusted all items for inflation including those suspended by Section 39 of Law 24, 073 as described above. The net effect of the inflation adjustment resulted in a deferred tax asset of US$53.2 million as of December 31, 2022. The application of local tax laws require interpretation, and accordingly involves the application of judgement and is open to challenge by the relevant tax authorities. This gives rise to a level of uncertainty. Provisions for uncertain tax positions are established in accordance with IFRIC 23 based on an assessment of the range of likely tax outcomes in open years and reflecting the strength of technical arguments. Amounts are provided for individual tax uncertainties based on management’s assessment of whether the most likely amount or an expected amount based on a probability weighted methodology is the more appropriate predicter of amounts that the Company is ultimately expected to settle. When making this assessment, the Company utilizes specialist in-house tax knowledge and experience and takes into consideration specialist tax advice from third party advisers on specific items. The Company has not provided any amount in this case based on its belief that it has solid arguments to support its position.

Earnings per share

Earnings per share	12 Months Ended
Earnings per share	Dec. 31, 2022
Earnings per share [abstract]
Earnings per share	Earnings per share (a) Basic Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of shares in issue during the period excluding ordinary shares held as treasury shares (Note 23). 2022 2021 2020 Profit from operations attributable to equity holders of the Group 108,138 130,669 412 Weighted average number of shares in issue (thousands) 110,079 115,148 117,453 Basic earnings per share 0.982 1.135 0.003 (b) Diluted Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. The Group has two categories of dilutive potential shares: equity-settled share options and restricted units. For these instruments, a calculation is done to determine the number of shares that could have been acquired at fair value, based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the equity-settled share options. During 2022, the share options outstanding average were 361 thousands (2021: 466 thousands; 2020: 261 thousands) share options outstanding. 2022 2021 2020 Profit from operations attributable to equity holders of the Group 108,138 130,669 412 Weighted average number of shares in issue (thousands) 110,079 115,148 117,453 Adjustments for: - Employee share options and restricted units (thousands) 361 466 261 Weighted average number of shares for diluted earnings per share (thousands) 110,440 115,614 117,714 Diluted earnings per share 0.979 1.130 0.003

Property, plant and equipment

Property, plant and equipment	12 Months Ended
Property, plant and equipment	Dec. 31, 2022
Property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment, net Changes in the Group’s property, plant and equipment, net in 2022 and 2021 were as follows: Farmlands Farmland Buildings and Machinery, Bearer plants Others Work in Total At January 1, 2021 Fair value for farmlands / Cost 694,166 44,278 379,666 743,444 676,516 25,189 57,740 2,620,999 Accumulated depreciation — (22,693) (202,062) (647,539) (371,687) (18,726) — (1,262,707) Net book amount 694,166 21,585 177,604 95,905 304,829 6,463 57,740 1,358,292 At December 31, 2021 Opening net book amount 694,166 21,585 177,604 95,905 304,829 6,463 57,740 1,358,292 Exchange differences 142,390 2,772 20,923 (4,804) (34,433) 20,567 9,299 156,714 Additions — 169 11,681 55,463 88,530 2,615 46,371 204,829 Revaluation surplus (126,675) — — — — — — (126,675) Reclassification from investment property 1,380 — — — — — — 1,380 Transfers — (4,773) 23,049 13,471 149 104 (32,000) — Disposals — (8) (126) (4,078) — (63) (42) (4,317) Reclassification to non-income tax credits () — — — (303) — — — (303) Depreciation — (3,166) (25,452) (72,471) (64,093) (2,115) — (167,297) Closing net book amount 711,261 16,579 207,679 83,183 294,982 27,571 81,368 1,422,623 Farmlands Farmland Buildings and Machinery, Bearer plants Others Work in Total At December 31, 2021 Fair value for farmlands / Cost 711,261 42,438 435,193 803,193 730,762 48,412 81,368 2,852,627 Accumulated depreciation — (25,859) (227,514) (720,010) (435,780) (20,841) — (1,430,004) Net book amount 711,261 16,579 207,679 83,183 294,982 27,571 81,368 1,422,623 Year ended December 31, 2022 Opening net book amount 711,261 16,579 207,679 83,183 294,982 27,571 81,368 1,422,623 Exchange differences 88,546 1,518 16,237 19,580 15,447 1,389 9,149 151,866 Additions — — 13,489 62,637 112,614 3,318 41,960 234,018 Revaluation surplus (72,216) — — — — — — (72,216) Acquisition of subsidiaries — — 21,331 — — — — 21,331 Transfers — 2,192 41,167 10,198 — (169) (53,388) — Disposals — — (953) (2,278) — (103) — (3,334) Reclassification to non-income tax credits () — — — (158) — — — (158) Depreciation — (3,547) (30,570) (81,950) (70,316) (2,392) — (188,775) Closing net book amount 727,591 16,742 268,380 91,212 352,727 29,614 79,089 1,565,355 At December 31, 2022 Fair value for farmlands / Cost 727,591 46,148 526,464 893,172 858,823 52,846 79,089 3,184,133 Accumulated depreciation — (29,406) (258,084) (801,960) (506,096) (23,232) — (1,618,778) Net book amount 727,591 16,742 268,380 91,212 352,727 29,614 79,089 1,565,355 (*) Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of December 31, 2022 and 2021, ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) tax credits were reclassified to trade and other receivables. Depreciation is calculated using the straight-line method to allocate their cost over the estimated useful lives. Farmlands are not depreciated. Farmland improvements 5-25 years Buildings and facilities 20 years Furniture and fittings 10 years Computer equipment 3-5 years Machinery and equipment 4-10 years Vehicles 4-5 years Bearer plants 6 years - based on productivity The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date. Farmlands are measured at fair value using a sales comparison approach. prepared by an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant assumption being the price per hectare (Level 3). The Group estimated that, other factors being constant, a 10% reduction on the sales price for the year ended December 31, 2022 would have reduced the value of the farmlands on US$72.8 million (2021: US$71 million), which would impact, net of its tax effect on the "Revaluation surplus" item in the statement of Changes in Shareholders' Equity. Should farmlands be carried at historical cost, the net book value as of December 31, 2022 would have been US$294.8 million. Depreciation charges are included in “Cost of production of Biological Assets," “Cost of production of manufactures products,”“General and administrative expenses,”“Selling expenses” and capitalized in “Property, plant and equipment” for the years ended December 31, 2022, 2021 and 2020. During the year ended December 31, 2022, borrowing costs of US$3.3 million (2021:US$2.8 million) were capitalized as components of the cost of acquisition or construction for qualifying assets. Certain of the Group’s assets have been pledged as collateral to secure the Group’s borrowings and other payables. The net book value of the pledged assets amounts to US$129.3 million as of December 31, 2022 (2021: US$124.6 million).

Right of use assets, net

Right of use assets, net	12 Months Ended
Right of use assets, net	Dec. 31, 2022
Rights of Use [Abstract]
Right of use assets, net	Right of use assets, net Changes in the Group’s right of use assets, net in 2022 and 2021 were as follows: Agricultural partnerships () Others Total At January 1, 2021 Opening net book amount 192,270 17,424 209,694 Exchange differences (10,191) (55) (10,246) Additions and re-measurements 95,030 15,497 110,527 Depreciation (41,138) (8,061) (49,199) Closing net book amount 235,971 24,805 260,776 At December 31, 2022 Opening net book amount 235,971 24,805 260,776 Exchange differences 13,223 1,593 14,816 Additions and re-measurements 140,724 7,204 147,928 Depreciation (56,356) (6,983) (63,339) Closing net book amount 333,562 26,619 360,181 () Agricultural partnership has an average term of 6 years. Depreciation charges are included in “Cost of production of Biological Assets,”“Cost of production of manufactures products,”“General and administrative expenses,”“Selling expenses” and capitalized in “Property, plant and equipment” for the year ended December 31, 2022, 2021 and 2020.

Investment property

Investment property	12 Months Ended
Investment property	Dec. 31, 2022
Investment property [abstract]
Investment property	Investment property Changes in the Group’s investment property in 2022 and 2021 were as follows: 2022 2021 Beginning of the year 32,132 31,179 Net loss from fair value adjustment (Note 8) (2,961) (4,331) Reclassification to property, plant and equipment (i) — (1,380) Exchange difference 4,159 6,664 End of the year 33,330 32,132 Fair value 33,330 32,132 Net book amount 33,330 32,132 (i) Relates with the expiration of contracts with third parties.

Intangible assets, net

Intangible assets, net	12 Months Ended
Intangible assets, net	Dec. 31, 2022
Disclosure of detailed information about intangible assets [abstract]
Intangible assets, net	Intangible assets, net Changes in the Group’s intangible assets, net in 2022 and 2021 were as follows: Goodwill Software Trademarks Others Total At January 1, 2021 Cost 14,482 11,799 9,118 441 35,840 Accumulated amortization — (6,535) (1,968) (407) (8,910) Net book amount 14,482 5,264 7,150 34 26,930 Year ended December 31, 2021 Opening net book amount 14,482 5,264 7,150 34 26,930 Exchange differences 2,144 595 1,407 (4) 4,142 Additions — 1,823 — 73 1,896 Amortization charge (i) — (1,197) (366) (68) (1,631) Closing net book amount 16,626 6,485 8,191 35 31,337 At December 31, 2021 Cost 16,626 14,217 10,525 510 41,878 Accumulated amortization — (7,732) (2,334) (475) (10,541) Net book amount 16,626 6,485 8,191 35 31,337 Year ended December 31, 2022 Opening net book amount 16,626 6,485 8,191 35 31,337 Exchange differences 1,918 732 900 1 3,551 Additions — 2,306 423 768 3,497 Amortization charge (i) — (1,781) (413) (71) (2,265) Closing net book amount 18,544 7,742 9,101 733 36,120 At December 31, 2022 Cost 18,544 17,255 11,848 1,279 48,926 Accumulated amortization — (9,513) (2,747) (546) (12,806) Net book amount 18,544 7,742 9,101 733 36,120 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2022 and 2021, respectively. There were no impairment charges for any of the years presented (see Note 32 (a)).

Biological assets

Biological assets	12 Months Ended
Biological assets	Dec. 31, 2022
Agriculture1 [Abstract]
Biological assets	Biological assets Changes in the Group’s biological assets in 2022 and 2021 were as follows: 2022 Crops Rice Dairy All other Sugarcane Total Beginning of the year 54,886 42,729 18,979 7,257 71,327 195,178 Increase due to purchases — — — 3,732 — 3,732 Acquisition of subsidiaries (Note 21) — 1,676 — — — 1,676 Initial recognition and changes in fair value of biological assets (i) 65,574 15,323 27,257 (279) 108,066 215,941 Decrease due to harvest / disposals (240,469) (80,127) (79,474) (6,487) (202,298) (608,855) Costs incurred during the year 178,922 67,621 60,826 3,052 128,308 438,729 Exchange differences 7,089 5,530 2,457 939 4,028 20,043 End of the year 66,002 52,752 30,045 8,214 109,431 266,444 2021 Crops Rice Dairy All other Sugarcane Total Beginning of the year 43,787 29,062 12,933 4,703 75,208 165,693 Increase due to purchases — — — 1,559 — 1,559 Initial recognition and changes in fair value of biological assets (i) 73,990 43,834 19,895 1,362 88,659 227,740 Decrease due to harvest / disposals (224,788) (99,517) (67,230) (4,322) (208,175) (604,032) Costs incurred during the year 151,971 62,477 50,323 2,842 116,252 383,865 Exchange differences 9,926 6,873 3,058 1,113 (617) 20,353 End of the year 54,886 42,729 18,979 7,257 71,327 195,178 (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$26,978 for the year ended December 31, 2022 (2021: US$21,527). In 2022, an amount of US$4,653 (2021: US$1,824) was attributable to price changes, and an amount of US$22,325 ( 2021: US$19,433) 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, 2022: Crops Rice Dairy All other Sugar, Total Salaries, social security expenses and employee benefits 5,098 11,132 7,592 624 11,795 36,241 Depreciation and amortization — — — — 5,024 5,024 Depreciation of right of use assets — — — — 42,166 42,166 Fertilizers, agrochemicals and seeds 68,963 17,220 — 9 46,020 132,212 Fuel, lubricants and others 1,043 1,452 1,419 51 4,636 8,601 Maintenance and repairs 1,678 6,585 3,979 342 3,172 15,756 Freights 4,085 546 202 223 — 5,056 Contractors and services 49,521 22,317 — 17 8,620 80,475 Feeding expenses — — 24,940 372 — 25,312 Veterinary expenses — — 3,715 301 — 4,016 Energy power 39 5,447 1,286 8 — 6,780 Professional fees 551 403 309 2 489 1,754 Other taxes 1,270 184 14 69 128 1,665 Lease expense and similar arrangements 45,790 967 — 5 4,978 51,740 Others 884 1,368 386 64 1,280 3,982 Subtotal 178,922 67,621 43,842 2,087 128,308 420,780 Own agricultural produce consumed — — 16,984 965 — 17,949 Total 178,922 67,621 60,826 3,052 128,308 438,729 Cost of production for the year ended December 31, 2021: Crops Rice Dairy All other Sugar, Total Salaries, social security expenses and employee benefits 3,622 8,554 5,978 800 9,681 28,635 Depreciation and amortization — — — — 4,288 4,288 Depreciation of right of use assets — — — — 34,312 34,312 Fertilizers, agrochemicals and seeds 55,223 15,549 — — 45,053 115,825 Fuel, lubricants and others 691 745 1,061 60 3,298 5,855 Maintenance and repairs 1,021 7,489 3,106 345 2,287 14,248 Freights 3,752 950 179 76 — 4,957 Contractors and services 49,213 23,602 — 10 7,072 79,897 Feeding expenses — — 20,534 373 — 20,907 Veterinary expenses — — 3,485 217 — 3,702 Energy power 36 3,666 1,092 6 — 4,800 Professional fees 430 187 104 6 408 1,135 Other taxes 1,339 118 10 97 53 1,617 Lease expense and similar arrangements 34,122 — 1 2 9,024 43,149 Others 2,522 1,617 762 29 776 5,706 Subtotal 151,971 62,477 36,312 2,021 116,252 369,033 Own agricultural produce consumed — — 14,011 821 — 14,832 Total 151,971 62,477 50,323 2,842 116,252 383,865 Biological assets in December 31, 2022 and 2021 were as follows: 2022 2021 Non-current Cattle for dairy production (i) 29,483 18,428 Breeding cattle (ii) 821 707 Other cattle (ii) 318 220 30,622 19,355 Current Breeding cattle (iii) 7,075 6,330 Other cattle (iii) 562 551 Sown land – crops (ii) 66,002 54,886 Sown land – rice (ii) 52,752 42,729 Sown land – sugarcane (ii) (iv) 109,431 71,327 235,822 175,823 Total biological assets 266,444 195,178 (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 includes 4,849 and 6,969 of crops planted in sugarcane farms. The fair value less estimated point of sale costs of agricultural produce at the point of harvest amounted to US$522,894 for the year ended December 31, 2022 (2021: US$532,480). The following table presents the Group’s biological assets that are measured at fair value at December 31, 2022 and 2021 (See Note 17 for a the description of each fair value level): 2022 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 29,483 — 29,483 — 18,428 — 18,428 Breeding cattle 7,896 — — 7,896 7,037 — — 7,037 Other cattle — 880 — 880 — 771 — 771 Sown land – sugarcane — — 109,431 109,431 — — 71,327 71,327 Sown land – crops — — 66,002 66,002 — — 54,886 54,886 Sown land – rice — — 52,752 52,752 — — 42,729 42,729 There were no transfers between any levels during the year. The following significant unobservable inputs were used to measure the Group’s biological assets using the discounted cash flow valuation technique: Description Unobservable Range of unobservable inputs Relationship of unobservable 2022 2021 Sown land – sugarcane Sugarcane yield – tonnes per hectare; Sugarcane TRS (kg of sugar per ton of cane) Production Costs – US$ 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: 500-800 US$/ha -Harvest costs: 6.0-12.0 US$/tonnes of cane -Leasing costs: 12.0-14.4 tonnes/ha '-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 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; '- 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$/tonnes for Wheat, 16-65 US$/tonnes for Corn, 21-65 US$/tonnes for Soybean, 17-36 US$/tonnes for Sunflower and 28-46 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$/ha for Sunflower and 756-2000 US$/ha for Peanut '- Crops yield: 0.85 – 5.6 tonnes/ha for Wheat, 3.0 – 10 tonnes/ha for Corn, 1.1 - 4.0 tonnes/ha for Soybean, 1.7-2.5 for Sunflower and 2.5 - 3.6 tonnes/ha for Peanut - Commercial Costs: 17-54 US$/ha for Wheat, 14-62 US$/ha for Corn, 19-65 US$/ha for Soybean, 18-49 US$/ha for Sunflower and 36.0 - 69.0 US$/ha for Peanut - Production Costs: 166-899 US$/ha for Wheat, 334-1449 US$/ha for Corn, 214-1096 US$/ha for Soybean, 308-1005 US$/ha for Sunflower and 802.0 - 2,060.0 US$/ha for Peanut 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; '-Rice yield: 1.4 -9.2 tonnes/ha -Commercial Costs: 3-23 US$/ha -Production Costs: 760-1250 US$/ha '-Rice yield: 3.2 -10.1 tonnes/ha -Commercial Costs: 8-25 US$/ha -Production Costs: 810-1300 US$/ha The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value. As of December 31, 2022, the impact of a reasonable 10% increase (decrease) in estimated costs, with all other variables held constant, would result in a decrease (increase) in the fair value of the Group’s biological asset less cost to sell of US$18.5 million for sugarcane, US$3.8 million for crops and US$6.0 million for rice. As of December 31, 2021, the impact of a reasonable 10% increase (decrease) in estimated costs, with all other variables held constant, would result in a decrease (increase) in the fair value of the Group’s biological asse less cost to sell of US$ 14.8 million for sugarcane, US$5.4 million for crops and US$4.9 million for rice. “ La Niña” weather event

Financial instruments by catego

Financial instruments by category	12 Months Ended
Financial instruments by category	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Financial instruments by category	Financial instruments by category The Group classified its financial assets in the following categories: (a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorized as held for trading unless they are designated as hedges. For all years presented, the Group’s financial assets at fair value through profit or loss comprise mainly short-term investment and derivative financial instruments. (b) Financial assets at amortized cost. Financial assets at amortized cost, namely loans and receivables, are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables comprise “trade and other receivables” and “cash and cash equivalents” in the statement of financial position. The following tables show the carrying amounts of financial assets and financial liabilities by category of financial instrument and reconciliation to the corresponding line item in the statements of financial position, as appropriate. Since the line items “Trade and other receivables, net” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as other tax receivables or advance payments for services to be received in the future), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”. Financial assets at amortized cost Financial assets at fair Subtotal Non- Total December 31, 2022 Assets as per statement of financial position Trade and other receivables 108,025 — 108,025 120,353 228,378 Derivative financial instruments — 5,342 5,342 — 5,342 Restricted short term investment — 98,571 98,571 — 98,571 Cash and cash equivalents 230,653 — 230,653 — 230,653 Total 338,678 103,913 442,591 120,353 562,944 Financial Liabilities at Subtotal Non- Total Liabilities as per statement of financial position Trade and other payables 214,990 — 214,990 44,617 259,607 Borrowings (i) 1,007,752 — 1,007,752 — 1,007,752 Leases Liabilities 337,980 — 337,980 — 337,980 Derivative financial instruments (i) — 3,057 3,057 — 3,057 Total 1,560,722 3,057 1,563,779 44,617 1,608,396 Financial assets at amortized cost Financial assets at fair Subtotal Non- Total December 31, 2021 Assets as per statement of financial position Trade and other receivables 101,371 — 101,371 86,709 188,080 Derivative financial instruments — 1,585 1,585 — 1,585 Cash and cash equivalents 199,766 — 199,766 — 199,766 Total 301,137 1,585 302,722 86,709 389,431 Financial Liabilities at Subtotal Non- Total Liabilities as per statement of financial position Trade and other payables 153,459 — 153,459 15,571 169,030 Borrowings (i) 817,651 — 817,651 — 817,651 Leases Liabilities 246,854 — 246,854 — 246,854 Derivative financial instruments (i) — 1,283 1,283 — 1,283 Total 1,217,964 1,283 1,219,247 15,571 1,234,818 (i) The Group formally documents and designates cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (See Note 2 for details). Because of the short maturities of most trade accounts receivable and payable, other receivables and liabilities, and cash and cash equivalents, their carrying amounts at the closing date do not differ significantly from their respective fair values. The fair value of long-term borrowings is disclosed in Note 26. Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial asset / liabilities at amortized cost Assets/ liabilities Total December 31, 2022 Interest income (i) 5,117 664 5,781 Interest expense (i) (50,037) — (50,037) Foreign exchange gain (i) 19,278 — 19,278 Loss from derivative financial instruments (ii) (4,472) (4,754) (9,226) Finance cost related to lease liabilities (31,113) — (31,113) Financial assets / liabilities at amortized cost Assets/ liabilities Total December 31, 2021 Interest income (i) 4,081 — 4,081 Interest expense (i) (62,536) — (62,536) Foreign exchange gains losses (i) 18,939 — 18,939 Loss from derivative financial instruments (ii) — (15,478) (15,478) Finance cost related to lease liabilities (16,502) — (16,502) (i) Included in “Financial Results, net” in the consolidated statement of income. (ii) Included in “Other operating income, net” and “Financial Results, net” in the consolidated statement of income. Determining fair values IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 13. This valuation hierarchy provides for three levels. The allocation reflects which of the fair values derive from transactions in the market and where valuation is based on models because market transactions are lacking. The level in the fair value hierarchy is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. As of December 31, 2022 and 2021, the financial instruments recognized at fair value on the statement of financial position comprise derivative financial instruments. In the case of Level 1, valuation is based on unadjusted quoted prices in active markets for identical financial assets that the Group can refer to at the date of the statement of financial position. The financial instruments the Group has allocated to this level mainly comprise crop futures and options traded on the stock market. Derivatives not traded on the stock market allocated to Level 2 are valued using models based on observable market data. The financial instruments the Group has allocated to this level mainly comprise interest-rate swaps and foreign-currency interest-rate swaps. In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no observable market data are available. The Group does not have financial instruments allocated to this level for any of the years presented. The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2022 and 2021 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2022 134 5,208 5,342 Restricted short-term investment (1) 2022 98,571 — 98,571 Derivative financial instruments 2021 828 757 1,585 Liabilities Derivative financial instruments 2022 (2,800) (257) (3,057) Derivative financial instruments 2021 (1,283) — (1,283) (1) US-Treasury Bills with maturity from the date of acquisition longer than 90 days used as collateral for short-term borrowings. These investments are not available for use by other entities of the Group. See Note 26. There were no transfers within level 1 and 2 during the years ended December 31, 2022 and 2021. When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for this purpose, details of which may be obtained from the following table: Class Pricing Method Parameters Pricing Model Level Total Futures Quoted price — — 1 (2,689) Non derivable future (“NDF”) Quoted price Swap curve Present value method 2 (160) NDF Quoted price Foreign-exchange curve Present value method 1 23 Interest-rate swaps Theoretical price Money market interest-rate curve Present value method 2 5,111 US-Treasury Bills Quoted price — — 1 98,571

Trade and other receivables, ne

Trade and other receivables, net	12 Months Ended
Trade and other receivables, net	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables, net	Trade and other receivables, net 2022 2021 Non-current Advances to suppliers 3,680 952 Income tax credits 9,119 6,862 Non-income tax credits (i) 18,688 19,156 Judicial deposits 1,831 1,674 Receivable from disposal of subsidiary (Note 21) 8,478 9,830 Other receivables 2,762 3,757 Non-current portion 44,558 42,231 Current Trade receivables 81,707 63,726 Less: Allowance for trade receivables (4,266) (3,023) Trade receivables – net 77,441 60,703 Prepaid expenses 6,875 9,405 Advances to suppliers 42,966 19,074 Income tax credits 1,089 1,846 Non-income tax credits (i) 37,936 29,414 Receivable from disposal of subsidiary (Note 21) 4,664 17,259 Cash collateral 1,365 21 Other receivables 11,484 8,127 Subtotal 106,379 85,146 Current portion 183,820 145,849 Total trade and other receivables, net 228,378 188,080 (i) Includes US$158 (2021: US$303) reclassified from property, plant and equipment. The fair values of current trade and other receivables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current trade and other receivables approximate their carrying amount, as the impact of discounting is not significant. The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies (expressed in U.S. Dollars): 2022 2021 Currency U.S. Dollar 89,760 62,604 Argentine Peso 54,801 55,260 Uruguayan Peso 2,229 460 Brazilian Reais 81,588 69,756 228,378 188,080 As of December 31, 2022 trade receivables of US$22,933 (2021: US$11,224) were past due but not impaired. The aging analysis of these receivables indicates that US$741 and US$717 are over 6 months in December 31, 2022 and 2021, respectively. Effective January 1, 2018, for trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables. Delinquency in payments is an indicator that a receivable may be impaired. However, management considers all available evidence in determining when a receivable is impaired. Generally, trade receivables, which are more than 180 days past due are fully provided for. However, certain receivables 180+ days overdue are not provided for based on a case-by-case analysis of credit quality analysis. Furthermore, receivables, which are not 180+ days overdue, may be provided for if specific analysis indicates a potential impairment. Movements on the Group’s allowance for trade receivables are as follows: 2022 2021 2020 At January 1 3,023 3,965 3,773 Charge of the year 3,570 2,022 2,192 Unused amounts reversed (661) (970) (769) Used during the year (100) (1,456) (446) Exchange differences (1,566) (538) (785) At December 31 4,266 3,023 3,965 The creation and release of allowance for trade receivables have been included in “Selling expenses” in the statement of income. Amounts charged to the allowance account are generally written off, when there is no expectation of recovering additional cash. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. As of December 31, 2022, approximately 72% (2021: 53%) of the outstanding unimpaired trade receivables (neither past due not impaired) relate to sales to 20 well-known multinational companies with good credit quality standing, including but not limited to CDA Alimentos S.A., Intersnack Procurement BV, YPF S.A., Taurus Distribuidora de Petroleo Ltda., Cargill S.A.C.I., Schettino hermanos S.R.L., among others. Most of these entities or their parent companies are externally credit-rated. The Group reviews these external ratings from credit agencies. The remaining percentage as of December 31, 2022 and 2021 of the outstanding unimpaired trade receivables (neither past due nor impaired) relate to sales to a dispersed large quantity of customers for which external credit ratings may not be available. However, the total base of customers without an external credit rating is relatively stable. New customers with less than six months of history with the Group are closely monitored. The Group has not experienced credit problems with these new customers to date. The majority of the customers for which an external credit rating is not available are existing customers with more than six months of history with the Group and with no defaults in the past. A minor percentage of customers may have experienced some non-significant defaults in the past but fully recovered.

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2022
Disclosure of Inventories [Abstract]
Inventories	Inventories 2022 2021 Raw materials 121,306 101,270 Finished goods (Note 5) 152,716 138,254 274,022 239,524

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
Cash and cash equivalents	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents 2022 2021 Cash at bank and on hand 146,242 152,721 Short-term bank deposits 84,411 47,045 230,653 199,766

Acquisitions and disposals

Acquisitions and disposals	12 Months Ended
Acquisitions and disposals	Dec. 31, 2022
Disclosure of detailed information about business combination [abstract]
Acquisitions and disposals	Acquisitions and disposals Acquisitions Acquisition of subsidiaries of Viterra Group in Argentina and Uruguay On May 3, 2022, (the “Closing Date”) the Group, through certain subsidiaries consummated the acquisition of the rice operations in Uruguay and Argentina of the Viterra Group, comprising a 100% ownership of Molinos Libres S.A. (Argentina), Viterra Uruguay S.A. (Uruguay) and Paso Dragón S.A. (Uruguay). The transaction also included the acquisition of certain leasing agreements. All of the acquired subsidiaries form part of the Rice Business Segment. The terms and conditions of the agreement contemplate the payment, subject to adjustments, of a purchase price of approximately US$ 17.8 million payable in three annual installments and the assumption of the existing financial debt for an amount of US$ 17.9 million. At Closing Date, the Group paid the first installments of US$ 2 million and US$ 8 million of the assumed debt. In addition, the agreement provides for a cash contingent payment of US$ 1,215, which will be payable only if certain conditions are met. The Company has made an allocation of the estimated purchase price to the identifiable assets acquired and liabilities assumed based on their fair values at acquisition date. The Company has made significant assumptions and estimates in determining the purchase price, including the contingent payment and the allocation of the estimated purchase price in these consolidated financial statements. As the fair value of the identifiable net assets acquired was greater than the total consideration paid, negative goodwill arises on the acquisition. The negative goodwill is recognized as “Bargain purchase gain on acquisition” in the income statement for the year end December 31, 2022 reflecting the opportunity to acquire the rice operations in Argentina and Uruguay from an outgoing market player. The following table summarizes the purchase price: Purchase consideration: Amount paid in cash 1,512 Amounts to be paid in installments () 16,242 Total purchase consideration 17,754 Fair value of net assets acquired 27,507 Bargain purchase on acquisition over the total purchase consideration 9,753 During 2022, an amount of US$ 634 of the installments was paid. () Amounts to be paid in installments were discounted at present value as of the date of acquisition at a 6.5% discount rate. The assets and liabilities at the date of acquisition are as follows: Cash and cash equivalents 3,266 Trade and other receivables 21,068 Inventories 50,891 Biological assets 1,676 Property, plant and equipment 21,479 Total Assets 98,380 Trade and other payables (50,062) Payroll and other liabilities (961) Borrowings (17,738) Deferred income tax liabilities (1,812) Provision for other liabilities (300) Total Liabilities (70,873) Fair value of Net Assets Acquired 27,507 The Company used a replacement cost method or a market approach, as appropriate, to measure the fair value of property, plant and equipment. All other net tangible assets were valued at their respective carrying amounts, as the Company believes that these amounts approximate their current fair values. A decrease in the fair value of assets acquired, or an increase in the fair value of liabilities assumed, from those preliminary valuations would result in a dollar-for-dollar corresponding decrease in the “Bargain purchase on acquisition”. Acquisition-related costs of US$ 193 are included in General and administrative expenses in the Consolidated Statement of Income. The following table summarizes the sales of goods and services rendered and profit from operations of the subsidiaries acquired included in the consolidated financial statements of income for the year end December 31, 2022 as from the date of acquisition: Period from the date of acquisition to December 31 2022 Sales of goods and services rendered 61,363 Profit from operations 6,131 If the acquisition had occurred on January 1, 2022 consolidated pro-forma sales of goods and services rendered, profit from operations and profit for the year, for the year ended 31 December 2022 would have been US$ 1,369,462, US$ 249,462 and US$ 106,950. Disposals In December 2020, the Group completed the sale of its wholly owned subsidiaries Global Seward S.L.U. and Peak City S.L.U., which main underlying asset was the Huelen Farm at a sale price of US$30.1 million. The balance was fully collected by the end of 2022. This transaction resulted in a loss before tax of US$ 0.6 million included in the line item “Other operating income”, and also in the reclassification of Revaluation surplus to retained earnings of US$2.2 million.

Shareholders' contributions

Shareholders' contributions	12 Months Ended
Shareholders' contributions	Dec. 31, 2022
Statement of changes in equity [abstract]
Shareholders' contributions	Shareholders' contributions The share capital of the Group is represented by common shares with a nominal value of US$1.5 per share and one vote each. Number of shares Share capital and At January 1, 2020 122,382 1,085,312 Restricted shares granted and units vested (Note 23) — 4,182 Purchase of own shares — (3,106) At December 31, 2020 122,382 1,086,388 Restricted shares granted and units vested (Note 23) — 3,594 Purchase of own shares — (55,349) At December 31, 2021 122,382 1,034,633 Reduction of issued share capital of the company (11,000) (16,500) Employee share options exercised (Note 22) (1) — 2,432 Restricted shares granted (Note 23) — 4,647 Purchase of own shares — (29,970) Dividends paid to shareholders — (35,000) At December 31, 2022 111,382 960,242 (1) Treasury shares were used to settle these options, units and grants. Decision of the Extraordinary General Shareholders’ meeting On April 20, 2022 the extraordinary general meeting of the shareholders of the Company resolved to reduce the issued share capital of the Company by an amount of $16,500,000 by the cancellation of 11,000,000 shares with a nominal value of $1.50 each held in treasury by the Company so that, as from April 20, 2022, the issued share capital amounts to $167,072,722.50, represented by 111,381,815 shares in issue (of which 52,254 are treasury shares) with a nominal value of $1.50 each. Share Repurchase Program On September 24, 2013, the Board of Directors of the Company has authorized a share repurchase program for up to 5% of its outstanding shares. The repurchase program has commenced on September 24, 2013 and is reviewed by the Board of Directors after each 12-month period. On August 9, 2022, the Board of Directors approved the extension of the program for an additional twelve-month period, ending September 23, 2023. Repurchases of shares under the program are made from time to time in open market transactions in compliance with the trading conditions of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and applicable rules and regulations. The share repurchase program does not require Adecoagro to acquire any specific number or amount of shares and may be modified, suspended, reinstated or terminated at any time in the Company’s discretion and without prior notice. As of December 31, 2022, the Company repurchased 21,948,707 shares under this program, of which 7,862,922 have been applied to some exercise of the Company’s stock option plan and restricted stock units and the grant of restricted shares. In 2022, 2021 and 2020 the Company repurchased shares for an amount of US$36.8 million; US$66.5 million and US$4.4 million respectively. The outstanding treasury shares as of December 31, 2022 totaled 3,190,597 common shares. Dividend distribution On April 20, 2022 the general meeting of the shareholders of the Company resolved the payment of an annual dividend of US$ 35 million to be paid to outstanding shares in two installments in May and November. The first payment, of US$ 17.5 million (0.1572 per share) was made on May 17, 2022 and the second also US$ 17.5 million (0.1602 per share) installment was made on November 17, 2022. Annual Dividend Proposal On March 7, 2023 the Company’s Board of Directors proposed, for the approval of the Annual General Shareholders' meeting, the payment of an annual dividend of $35 million to be paid to outstanding shares in two installments in May and November of 2023. This proposal was approved by the Shareholders’ meeting held on April 19, 2023. These Consolidated Financial Statements do not reflect this dividend payable.

Equity-settled share-based paym

Equity-settled share-based payments	12 Months Ended
Equity-settled share-based payments	Dec. 31, 2022
Share-Based Payment Arrangements [Abstract]
Equity-settled share-based payments	Equity-settled share-based payments The Group has set a “2004 Incentive Option Plan” (collectively referred to as “Option Schemes”) under which the Group granted equity-settled options to senior managers and selected employees of the Group's subsidiaries with a term of ten years. Additionally, in 2010 the Group has set a “Adecoagro Restricted Share and Restricted Stock Unit Plan” (referred to as “Restricted Share Plan”) under which the Group grants restricted stock units and restricted shares to senior and medium management and key employees of the Group’s subsidiaries. (a) Option Schemes The fair value of the options under the Option Schemes was measured at the date of grant using the Black-Scholes valuation technique. As of the date of these financial statements all options has already been vested and expensed. The Adecoagro/ IFH 2004 Stock Incentive Option Plan was effectively established in 2004 and is administered by the Compensation Committee of the Company. Options are exercisable over a ten-year period. In May 2014 this period was extended for another ten year-period. Movements in the number of equity-settled options outstanding and their related weighted average exercise prices under the Adecoagro/ IFH 2004 Stock Incentive Option Plan are as follows: 2022 2021 2020 Average Options Average Options Average Options At January 1 6.66 1,634 6.66 1,634 6.66 1,634 Exercised 6.77 (313) — — — — At December 31 6.66 1,321 6.66 1,634 6.66 1,634 Options outstanding at year end under this Plan have the following expiry date and exercise prices: Exercise Shares (in thousands) Expiry date (i): 2022 2021 2020 May 1, 2024 5.83 400 496 496 May 1, 2025 5.83 369 452 452 January 1, 2026 5.83 124 142 142 February 16, 2026 7.11 84 103 103 October 1, 2026 8.62 344 441 441 (i) On May 2014, the Board of Directors decided to extend the expired date of the Plan. (b) Restricted Share / Restricted Stock Unit Plan The Restricted Share and Restricted Stock Unit Plan was effectively established in 2010 and amended in November 2011. It is administered by the Compensation Committee of the Company. Restricted shares or units under these Plan vest over a 3-year period from the date of grant at 33% on each anniversary of the grant date. Participants are entitled to receive one common share of the Company for each restricted share or restricted unit granted. There are no performance requirements for the delivery of common shares, except that a participant’s employment with the Group must not have been terminated prior to the relevant vesting date. If the participant ceases to be an employee for any reason, any unvested restricted share or unit shall not be converted into common shares. The maximum number of ordinary shares with respect to which awards may be made under the Plan is 8,115,495, of which 7,889,063 have already been vested. The maximum numbers of ordinary shares are revised annually. At December 31, 2022, the Group recognized compensation expense US$10.9 million related to the restricted stock units granted under the Restricted Share Plan (2021: US$6.6 million and 2020: US$4.4 million). The restricted shares under the Restricted Share Plan were measured at fair value at the date of grant. Key grant-date fair value and other assumptions under the Restricted Share Plan are detailed below: Grant Date Apr 1, May 12, Apr 1, May 13, Apr 1, Apr 20, Fair value 5.65 7.45 7.84 9.54 10.87 12.60 Movements in the number of restricted shares outstanding under the Restricted Share Plan are as follows: Restricted shares (thousand) Restricted stock units (thousands) 2022 2021 2020 2021 2020 At January 1 1,766 1,222 750 174 508 Granted (1) 1,406 1,067 751 — — Forfeited (43) (32) (24) — (10) Vested (828) (491) (255) (174) (324) At December 31 2,301 1,766 1,222 — 174 (1) Approved by the Board of Directors of March 11, 2022 and the Shareholders Meeting of April 20, 2022.

Legal and other reserves

Legal and other reserves	12 Months Ended
Legal and other reserves	Dec. 31, 2022
Disclosure of reserves within equity [abstract]
Legal and other reserves	Legal and other reserves According to the laws of certain of the countries in which the Group operates, a portion of the profit of the year (5%) is separated to constitute legal reserves until they reach legal capped amounts. These legal reserves are not available for dividend distribution and can only be released to absorb losses. The legal limit of these reserves has not been met. Legal and other reserves amount to US$22,187 as of December 31, 2022 (2021: US$14,643) and are included within the balance of retained earnings in the statement of changes in shareholders’ equity. The Company may make distributions in the form of dividends or otherwise to the extent that it has distributable retained earnings or available distributable reserves (including share premium) that result from the Stand Alone Financial Statements prepared in accordance with Luxembourg GAAP. No distributable retained earning result from the Stand Alone Financial Statements of the Company as of December 31, 2022, but the Company has distributable reserves in excess of US$824,114.

Trade and other payables

Trade and other payables	12 Months Ended
Trade and other payables	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables 2022 2021 Non-current Trade payables 4,175 — Payable from acquisition of subsidiary (Note 21) 12,646 — Other payables 389 284 17,210 284 Current Trade payables 193,127 151,979 Advances from customers 35,749 8,705 Taxes payable 8,868 6,866 Payable from acquisition of subsidiary (Note 21) 3,575 — Other payables 1,078 1,196 242,397 168,746 Total trade and other payables 259,607 169,030 The fair values of current trade and other payables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current trade and other payables approximate their carrying amounts, as the impact of discounting is not significant.

Borrowings

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2022
Financial Instruments [Abstract]
Borrowings	Borrowings 2022 2021 Non-current Senior Notes 497,901 497,455 Bank borrowings 230,082 208,032 727,983 705,487 Current Senior Notes 8,250 8,250 Bank overdrafts 48,058 11,768 Bank borrowings 223,461 92,146 279,769 112,164 Total borrowings 1,007,752 817,651 As of December 31, 2022, total bank borrowings include collateralized liabilities of US$188,058 (2021: US$70,221). These loans are mainly collateralized by property, plant and equipment, sugarcane plantations, sugar export contracts, shares of certain subsidiaries of the Group and US Treasury Bills. Notes 2027 On September 21, 2017, the Company issued senior notes (the “Notes”) for a total amount of US$500 million, at an annual fixed rate of 6%. The Notes will mature on September 21, 2027. Interest on the Notes are payable semi-annually in arrears on March 21 and September 21 of each year. The total proceeds nets of expenses was US$495.7 million. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of our current and future subsidiaries. As of December 31, 2022, Adeco Agropecuaria S.A., Adecoagro Brasil Participações S.A., Adecoagro Vale do Ivinhema S.A., Pilagá S.A. and Usina Monte Alegre Ltda. are the only Subsidiary Guarantors. The Notes contain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions. As of December 31, 2022 and 2021 the Group was in compliance with these financial covenants. Debt maturity breakdown The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows: 2022 2021 Fixed rate: Less than 1 year 272,900 104,349 Between 1 and 2 years 27,720 12,503 Between 2 and 3 years 2,222 12,500 Between 3 and 4 years — — More than 5 years 497,901 497,455 800,743 626,807 Variable rate: Less than 1 year 6,869 7,815 Between 1 and 2 years 35,355 5,075 Between 2 and 3 years 32,851 31,754 Between 3 and 4 years 80,115 29,255 Between 4 and 5 years 50,211 71,045 More than 5 years 1,608 45,900 207,009 190,844 1,007,752 817,651 Borrowings incurred by the Group’s subsidiaries in Brazil are repayable at various dates between January 2023 and November 2027 and bear either fixed interest rates ranging from 2.00% to 13.23% per annum or variable rates based on base-rates plus spreads ranging from 8.54% to 16.29% per annum. As of December 31, 2022 and 2021 there are no borrowings subject to LIBOR (six months). Borrowings incurred by the Group’s subsidiaries in Argentina are repayable at various dates between December 2022 and June 2028 and bear either fixed interest rates ranging from 0.0% and 9.2% per annum or variable rates based on LIBOR or other specific base-rates plus spreads of 4.0% for those borrowings denominated in U.S. Dollar, and a fixed interest rates ranging from 64.0% to 71.15% per annum for those borrowings denominated in Argentine pesos. Brazilian Subsidiaries The main loans of the Group’s Brazilian Subsidiaries are: Bank Grant date Nominal amount Capital outstanding as of December 31 Maturity date Annual interest rate 2022 2021 (In millions) Millions of Millions of equivalent Dollars Millions of Banco do Brasil / Itaú BBA (FINEM) (1) September 2013 R$ 273.0 R$ 273.0 52.32 4.75 January 2023 4.68% Certificados Recebíveis do Agronegócio (CRA) December 2019 R$ 400.0 R$ 400.0 76.66 83.68 November 2027 3.80% + IPCA Debênture December 2020 R$ 400.0 R$ 400.0 76.66 80.10 December 2026 4.24% + IPCA Banco do Brasil (CCB) December 2020 R$ 30.0 R$ 30.0 5.75 5.48 January 2024 CDI + 2.32% Banco Itaú BBA (NCR) April 2022 R$ 20.0 R$ 20.0 3.83 — March 2024 13.23% (1) Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts. In December 2019, Adecoagro Vale do Ivinhema placed R$400.0 million in Certificados de Recebíveis do Agronegócio (CRA) adjustable by the IPCA (Brazilian official inflation rate), maturing in November 2027 and bearing an interest 3.80% per annum. This debt was issued with no guarantee. The above mentioned loans, except the CRA, contain certain customary financial covenants and restrictions which require the Brazilian subsidiaries to meet pre-defined financial ratios, among other restrictions, as well as restrictions on the payment of dividends. These financial ratios are measured considering the statutory financial statements of the Brazilian Subsidiaries. As of December 31, 2022 and 2021 the Group was in compliance with all financial covenants. Argentinian Subsidiaries The main loans of the Group’s Argentinian Subsidiaries are: Bank Grant date Nominal Capital outstanding as of Maturity date Annual interest rate 2022 2021 (In millions) (In millions) (In millions) Rabobank (1) 2018 US$50.0 25.00 37.50 June, 2024 6.17% IFC Tranche A (2) 2020 US$12.6 10.66 12.35 June, 2028 4% plus LIBOR IFC Tranche B (2) 2020 US$9.4 7.96 9.22 June, 2028 4% plus LIBOR (1) Collateralized by the pledged of the shares of Dinaluca S.A., Compañía Agroforestal S.M.S.A. and Girasoles del Plata S.A. (2) Collateralized by a US$241.8 million mortgage over Carmen, Abolengo, San Carlos, Las Horquetas, and La Rosa farms, which are property of Adeco Agropecuaria S.A. A US$35.7 million mortgage over El Meridiano farm, which is property of Pilaga S.A. and a US$44.3 million mortgage over Santa Lucia farm, which is property of Bañados del Salado S.A. Loan with International Finance Corporation (IFC) In June 2020, our Argentine subsidiaries, Adeco Agropecuaria S.A., Pilagá S.A. and L3N S.A. entered into a US$100 million loan agreement with International Finance Corporation (IFC), member of the World Bank Group. The loan's tenor is eight years, including a two-year grace period, with a rate of LIBOR + 4%. In October 2020, US$22 million has been received. In December 2021, we entered into an amendment reducing the total amount to US$ 60 million, that the group could request the withdrawal until June, 2022. If the Company withdraw the full amount, the rate would be reduced to LIBOR + 3%. The loan contains customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions. Publication of LIBOR would be ceased at the end of June 2023. During April 2023, it was agreed with IFC to use Secured Overnight Financing Rate (SOFR), replacing the LIBOR since July 1 st , 2023. All the other provisions of the loan agreement continue in full force and effect. The above mentioned loans contain certain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions, as well as restrictions on the payment of dividends. These financial ratios are measured considering the statutory financial statements of the Argentinian Subsidiaries. As of December 31, 2022 and 2021 the Group was in compliance with all financial covenants. The carrying amount of short-term borrowings is approximate its fair value due to the short-term maturity. Long term borrowings subject to variable rate approximate their fair value.The fair value of long-term subject to fix rate do not significant differ from their fair value. The fair value (level 2) of the notes as of December 31, 2022 and 2021 equals US$474.3 million and US$517.5 million, 94.86% and 103.49% of the nominal amount, respectively. The breakdown of the Group’s borrowing by currency is included in Note 2 - Interest rate risk. Evolution of the Group's borrowings as December 31, 2022 and 2021 is as follow: 2022 2021 Amount at the beginning of the year 817,651 971,090 Proceeds from long term borrowings 41,082 30,972 Payments of long term borrowings (14,012) (108,425) Proceeds from short term borrowings 347,928 286,115 Payments of short term borrowings (192,648) (328,463) Payments of interest (1) (33,189) (49,592) Accrued interest 51,596 48,791 Acquisition of subsidiaries (Note 21) 17,738 — Exchange differences, inflation and translation, net (30,489) (52,693) Others 2,095 19,856 Amount at the end of the year 1,007,752 817,651 (1) Excludes payment of interest related to trade and other payables.

Lease liabilities

Lease liabilities	12 Months Ended
Lease liabilities	Dec. 31, 2022
Disclosure of leases [Abstract]
Lease liabilities	Lease liabilities 2022 2021 Lease liabilities Non-current 283,549 201,718 Current 54,431 45,136 337,980 246,854 The maturity of the Group’s lease liabilities is as follows: 2022 2021 Less than 1 year 54,431 45,136 Between 1 and 2 years 61,931 44,847 Between 2 and 3 years 50,839 38,745 Between 3 and 4 years 41,781 30,085 Between 4 and 5 years 31,231 24,072 More than 5 years 97,767 63,969 337,980 246,854 Changes in the Group’s lease liabilities, net in 2022 and 2021 were as follows: Agricultural "partnerships" Others Total Amount at the beginning of the year 2021 178,423 17,349 195,772 Exchange differences (11,698) 51 (11,647) Additions and re-measurement 93,091 15,409 108,500 Payments (53,206) (9,067) (62,273) Finance cost related to lease liabilities 15,403 1,099 16,502 Closing net book amount 222,013 24,841 246,854 Amount at the beginning of the year 2022 222,013 24,841 246,854 Exchange differences 10,230 4,433 14,663 Additions and re-measurement 143,952 9,898 153,850 Disposal (3,277) (2,644) (5,921) Payments (89,806) (12,773) (102,579) Finance cost related to lease liabilities 28,954 2,159 31,113 Closing net book amount 312,066 25,914 337,980

Payroll and social security lia

Payroll and social security liabilities	12 Months Ended
Payroll and social security liabilities	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Payroll and social security liabilities	Payroll and social security liabilities 2022 2021 Non-current Social security payable 1,581 1,243 1,581 1,243 Current Salaries payable 4,050 2,617 Social security payable 4,693 3,499 Provision for vacations 11,487 8,136 Provision for bonuses 9,734 10,799 29,964 25,051 Total payroll and social security liabilities 31,545 26,294

Provisions for other liabilitie

Provisions for other liabilities	12 Months Ended
Provisions for other liabilities	Dec. 31, 2022
Disclosure of other provisions [abstract]
Provisions for other liabilities	Provisions for other liabilities The Group is subject to several laws, regulations and business practices of the countries where it operates. In the ordinary course of business, the Group is subject to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings, including those involving tax, labor and social security, administrative and civil and other matters. The Group accrues liabilities when it is probable that future costs will be incurred and it can reasonably estimate them. The Group bases its accruals on up-to-date developments, estimates of the outcomes of the matters and legal counsel experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material effect on its results of operations and financial condition or liquidity. The table below shows the movements in the Group's provisions for other liabilities categorized by type of provision: Labor, legal and Others Total At January 1, 2021 2,864 1,495 4,359 Additions 917 3,475 4,392 Used during year (1,028) (1,455) (2,483) Exchange differences (226) (56) (282) At December 31, 2021 2,527 3,459 5,986 Additions 1,347 400 1,747 Acquisition of subsidiaries 300 — 300 Used during year (1,237) (3,416) (4,653) Exchange differences 92 (37) 55 At December 31, 2022 3,029 406 3,435 Analysis of total provisions: 2022 2021 Non current 2,526 2,565 Current 909 3,421 3,435 5,986 The Group is engaged in several legal proceedings, including tax, labor, civil, administrative and other proceedings in Brazil, which qualified as contingent liabilities for an aggregate claimed nominal amount of US$78.5 million and US$72.1 million as of December 31, 2022 and 2021, respectively. These amounts refers to a claim of the tax authorities in Brazil of the

Group companies

Group companies	12 Months Ended
Group companies	Dec. 31, 2022
Disclosure of subsidiaries [abstract]
Group companies	Group companies The following table details the subsidiaries that comprised the Group as of December 31, 2022 and 2021: 2022 2021 Activities Country of Ownership Ownership Details of principal subsidiary undertakings: Operating companies (unless otherwise stated): Adeco Agropecuaria S.A. (a) Argentina — — Pilagá S.A. (a) Argentina 99.94 % 99.94 % Cavok S.A. (a) Argentina 51 % 51 % Establecimientos El Orden S.A. (a) Argentina 51 % 51 % Bañado del Salado S.A. (a) Argentina — — Agro Invest S.A. (a) Argentina 51 % 51 % Forsalta S.A. (a) Argentina 51 % 51 % Dinaluca S.A. (a) Argentina — — Compañía Agroforestal S.M.S.A. (a) Argentina — — Energía Agro S.A.U. (a) Argentina — — L3N S.A. (d) Argentina — — Maní del Plata S.A. (a) Argentina — — Girasoles del Plata S.A. (a) Argentina — — Molinos Libres S.A.U. (a) Argentina — — Adeco Agropecuaria Brasil Ltda. (b) Brazil — — Adecoagro Vale do Ivinhema S.A. ("AVI") (b) Brazil — — Usina Monte Alegre Ltda. ("UMA") (b) Brazil — — Adecoagro GD LTDA. (b) Brazil — — Monte Alegre Combustiveis Ltda. (b) Brazil — — Adecoagro Energia Ltda. (b) Brazil — — Adecoagro Agricultura e Participação Ltda. (b) Brazil — — Methanum Engenharia Ambiental Ltda. (b) Brazil — — Angelica Energia Ltda. (b) Brazil — — Ivinhema Energia Ltda. (b) Brazil — — Kelizer S.A. (a) Uruguay — — Adecoagro Uruguay S.A. (a) Uruguay — — Arroz del Plata S.A. (ex Viterra Uruguay S.A.) (a) Uruguay — — Paso Dragón S.A. (a) Uruguay — — Adecoagro Chile S.P.A (a) Chile — — Holdings companies: Adecoagro Brasil Participações S.A. — Brazil — — Adecoagro LP S.C.S. — Luxembourg — — Adecoagro GP S.a.r.l. — Luxembourg — — Ladelux S.A. — Uruguay — — Spain Holding Companies (c) Spain — — (a) Mainly crops, rice, cattle and others. (b) Mainly sugarcane, ethanol and energy. (c) Comprised by (1) wholly owned subsidiaries: Kadesh Hispania S.L.U.; Leterton España S.L.U.; Global Asterion S.L.U.; Global Acasto S.L.U.; Global Laertes S.L.U.; Global Pindaro S.L.U.; Global Pileo S.L.U.; Peak Texas S.L.U.; Global Neimoidia S.L.U. and 51% controlled subsidiaries; Global Acamante S.L.U.; Global Carelio S.L.U.; Global Calidon S.L.U.; Global Mirabilis S.L.U. Global Anceo S.L.U.Global Hisingen S.L.U. (d) Mainly dairy. The percentage voting right for each principal subsidiary is the same as the percentage of capital stock held. Issued share capital represents only ordinary shares/ quotas, units or their equivalent. There are no preference shares or units issued in any subsidiary undertaking.

Related-party transactions

Related-party transactions	12 Months Ended
Related-party transactions	Dec. 31, 2022
Related Party [Abstract]
Related-party transactions	Related-party transactions The following is a summary of the balances and transactions with related parties: Related party Relationship Description of transaction Income (loss) included in the Balance receivable 2022 2021 2020 2022 2021 Management and selected employees Employment Compensation selected employees (11,497) (7,883) (5,232) (18,917) (16,198)

Critical accounting estimates a

Critical accounting estimates and judgments	12 Months Ended
Critical accounting estimates and judgments	Dec. 31, 2022
Disclosure of Changes in Accounting Policies, Accounting Estimates and Errors [Abstract]
Critical accounting estimates and judgments	Critical accounting estimates and judgments Critical accounting policies are those that are most important to the portrayal of the Group’s financial condition, results of operations and cash flows, and require management to make difficult, subjective or complex judgments and estimates about matters that are inherently uncertain. Management bases its estimates on historical experience and other assumptions that it believes are reasonable. The Group’s critical accounting policies are discussed below. Actual results could differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group’s results of operations. The Group also has other policies that are considered key accounting policies, such as the policy for revenue recognition. However, these other policies, which are discussed in the notes to the Group’s financial statements, do not meet the definition of critical accounting estimates, because they do not generally require estimates to be made or judgments that are difficult or subjective. (a) Impairment of non-financial assets At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets could have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The Group’s property, plant and equipment items generally do not generate independent cash flows. In the case of goodwill, any goodwill acquired is allocated to the cash-generating unit (‘CGU’) expected to benefit from the business combination. CGU to which goodwill is allocated is tested for impairment annually (every September), or more frequently if events or changes in circumstances indicate that the carrying amount of the CGU may be impaired. The carrying amount of the CGU is compared to its recoverable amount, which is the higher of fair value less costs to sell and the value in use. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. The impairment review requires management to undertake certain significant judgments, including estimating the recoverable value of the CGU to which goodwill is allocated, based on either fair value less costs-to-sell or the value-in-use, as appropriate, in order to reach a conclusion on whether it deems the goodwill is impaired or not. For purposes of the impairment testing, each CGU represents the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or group of assets. Farmlands may be used for different activities that may generate independent cash flows. For those farmlands that are used for more than one segment activity (i.e. crops and cattle or rental income), the farmland is further subdivided into two or more CGUs, as appropriate, for purposes of impairment testing. For its properties in Brazil, management identified a farmland together with its related mill as separate CGUs. Most of the farmlands in Argentina and Uruguay are treated as single CGUs. Based on these criteria, management identified a total amount of 42 CGUs as of September 30, 2022 and 39 CGUs as of September 30, 2021. As of September 30, 2022 and 2021, due to the fact that there were no impairment indicators, the Group only tested those CGUs with allocated goodwill in Argentina and Brazil. CGUs tested based on a fair-value-less-costs-to-sell model at September 30, 2022 and 2021: As of September 30, 2022, the Group identified 10 CGUs in Argentina (2021: 10 CGUs) to be tested based on this model (all CGUs with allocated goodwill). Estimating the fair value less costs-to-sell is based on the best information available, and refers to the amount at which the CGU could be bought or sold in a current transaction between willing parties. Management may be assisted by the work of independent experts. When using this model, the Group applies the “sales comparison approach” as its method of valuing most properties, which relies on results of sales of similar agricultural properties to estimate the value of the CGU. This approach is based on the theory that the fair value of a property is directly related to the selling prices of similar properties. Fair values are determined by extensive analysis which includes current and potential soil productivity of the land (the ability to produce crops and maintain livestock) projected margins derived from soil use, rental value obtained for soil use, if applicable, and other factors such as climate and location. Farmland ratings are established by considering such factors as soil texture and quality, yields, topography, drainage and rain levels. Farmland may contain farm outbuildings. A farm outbuilding is any improvement or structure that is used for farming operations. Outbuildings are valued based on their size, age and design. Based on the factors described above, each farm property is assigned different soil classifications for the purposes of establishing a value, Soil classifications quantify the factors that contribute to the agricultural capability of the soil. Soil classifications range from the most productive to the least productive. The first step to establishing an assessment for a farm property is a sales investigation that identifies the valid farm sales in the area where the farm is located. A price per hectare is assigned for each soil class within each farm property. This price per hectare is determined based on the quantitative and qualitative analysis mainly described above. The results are then tested against actual sales, if any, and current market conditions to ensure the values produced are accurate, consistent and fair. The following table shows only the 10 CGUs (2021: 10 CGUs) where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one: CGU / Operating segment / Country September 30, 2022 September 30, 2021 La Carolina / Crops / Argentina 242 197 La Carolina / Cattle / Argentina 39 32 El Orden / Crops / Argentina 260 212 El Orden / Cattle / Argentina 9 8 La Guarida / Crops / Argentina 1,726 1,407 La Guarida / Cattle / Argentina 889 725 Los Guayacanes / Crops / Argentina 3,196 2,606 Doña Marina / Rice / Argentina 5,565 4,536 El Colorado / Crops / Argentina 2,768 2,256 El Colorado / Cattle / Argentina 27 22 Closing net book value of goodwill allocated to CGUs tested (Note 15) 14,721 12,001 Closing net book value of PPE items allocated to CGUs tested 143,585 143,064 Total assets allocated to CGUs tested 158,306 155,065 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2022 and 2021. CGUs tested based on a value-in-use model at September 30, 2022 and 2021: As of September 30, 2022, the Group identified 2 CGUs (2021: 2 CGUs) in Brazil to be tested based on this model (all CGUs with allocated goodwill). The determination of the value-in-use calculation required the use of significant estimates and assumptions related to management’s cash flow projections. In performing the value-in-use calculation, the Group applied pre-tax rates to discount the future pre-tax cash flows. In each case, these key assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information, such as appropriate market data. In calculating value-in-use, management may be assisted by the work of external advisors. The key assumptions used by management in the value-in-use calculations which are considered to be most sensitive to the calculation are: Key Assumptions September 30, 2022 September 30, 2021 Financial projections Covers 5 years for UMA () Covers 5 years for UMA () Covers 5 years for AVI () Covers 5 years for AVI () Yield average growth rates 0-1% 0-1% Future pricing increases 1.21% per annum 1.76% per annum Future cost decrease 0.25% per annum 0.33% per annum Discount rates 5% 4% Perpetuity growth rate 1% 1% () UMA stands for Usina Monte Alegre LTDA. (*) AVI stands for Adecoagro Vale Do Ivinhema S.A. Discount rates are based on the risk-free rate for U. S. government bonds, adjusted for a risk premium to reflect the increased risk of investing in South America and Brazil in particular. The risk premium adjustment is assessed for factors specific to the respective CGUs and reflects the countries that the CGUs operate in. The following table shows only the 2 CGUs where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one: CGU/ Operating segment September 30, 2022 September 30, 2021 AVI / Sugar, Ethanol and Energy 2,937 2,919 UMA / Sugar, Ethanol and Energy 1,102 1,095 Closing net book value of goodwill allocated to CGUs tested (Note 15) 4,039 4,014 Closing net book value of PPE items allocated to CGUs tested 518,814 469,434 Total assets allocated to 2 CGUs tested 522,853 473,448 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2022 and 2021. Management views these assumptions are conservative and does not believe that any reasonable change in the assumptions would cause the carrying value of these CGU’s to exceed the recoverable amount. The Group’s goodwill and property, plant and equipment balances allocated to the cash generating units with allocated goodwill in Argentina were US$ 14.3 million and US$ 143.9 million, respectively, and goodwill and property, plant and equipment allocated to the cash generating units with allocated goodwill in Brazil were US$ 4.2 million and U$S 534 million, respectively as of December 31, 2022. As of December 31, 2022, the Group determined that there are no indicators of impairment. (b) Biological assets The nature of the Group’s biological assets and the basis of determination of their fair value are explained under Note 33.11. The discounted cash flow model requires the input of highly subjective assumptions including observable and unobservable data. Generally the estimation of the fair value of biological assets is based on models or inputs that are not observable in the market and the use of such unobservable inputs is significant to the overall valuation of the assets. These inputs are determined based on the best information available, for example by reference to historical information of past practices and results, statistical and agronomic information, and other analytical techniques. The discounted cash flow model includes significant assumptions relating to the cash flow projections including future market prices, estimated yields at the point of harvest, estimated production cycle, future costs of harvesting and other costs, and estimated discount rate. Market prices are generally determined by reference to observable data in the principal market for the agricultural produce. Harvesting costs and other costs are estimated based on historical and statistical data. Yields are estimated based on several factors including the location of the farmland and soil type, environmental conditions, infrastructure and other restrictions and growth at the time of measurement. Yields are subject to a high degree of uncertainty and may be affected by several factors out of the Group’s control including but not limited to extreme or unusual weather conditions, plagues and other crop diseases, among other factors. The significant assumptions discussed above are highly sensitive. Reasonable shifts in assumptions including but not limited to increases or decreases in prices, costs and discount factors used would result in a significant increase or decrease to the fair value of biological assets. In addition, cash flows are projected over a number of years and based on estimated production. Estimates of production in themselves are dependent on various assumptions, in addition to those described above, including but not limited to several factors such as location, environmental conditions and other restrictions. Changes in these estimates could materially impact on estimated production, and could therefore affect estimates of future cash flows used in the assessment of fair value (see Note 16). (c) Income taxes The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. Deferred tax assets are reviewed each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be settled. Deferred tax assets and liabilities are not discounted. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment (see Note 10). (d) Fair value for farmlands and investment property Property, plant and equipment Farmlands are recognized at fair value based on periodic, but at least annual, valuations prepared by an external independent expert. A revaluation reserve is credited in shareholders’ equity. The valuation is determined using sales comparison approach. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare (Level 3) (see Note 12). Investment property Investment property consists of farmland for rental or for capital appreciation and not used in production or for sale in the ordinary course of business, and it is measured at fair value. The changes in the fair value, which is based on an independent external expert, impacts the profit and loss of the period, in the line item Other operating income, net (see Note 14). (e) Purchase price allocation The acquisition method of accounting is used to account for all acquisitions. Under this method, assets acquired and liabilities assumed of the Company are measured at fair value for financial reporting purposes. In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Company estimates the fair value of an asset or a liability by converting future amounts (e.g. cash flows or income and expenses) to a single current (i.e. discounted) amount. Management applied judgement in estimating the fair value of certain identifiable assets acquired, which involved the use of estimates and assumptions, including the timing and amounts of cash flow projections and discount rates, as applicable.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
Summary of significant accounting policies	Dec. 31, 2022
Corporate Information and Statement of IFRS Compliance [Abstract]
Summary of significant accounting policies	The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Financial reporting in a hyperinflation economy IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items. In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the Standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceeds 100 %. Since 2018, when cumulative inflation rate in three years exceeded the 100% threshold, Argentina’s operations are considered to be under hyperinflationary economy for accounting purposes under the terms of IAS 29 and since then, it has been applied IAS 29 in the financial reporting of its subsidiaries and associates with Argentine peso as functional currency. Financial statements of a foreign entity with a functional currency of a country that has a highly inflationary economy, are restated to reflect changes in the general price level or index in that country before translation into U.S. Dollars. In adjusting for hyperinflation, a general price index is applied to all non-monetary items in the financial statements (including equity) and the resulting gain or loss, which is the gain or loss on the entity's net monetary position, is recognized in the income statement. Monetary items in the closing statement of financial position are not adjusted. The Group treated all Argentine subsidiaries as a hyperinflationary economy as all of them have argentine peso as functional currency. The results and financial position of all foreign entities with a functional currency of a country that has a highly inflationary economy are translated at closing rates after the restatement for changes in the general purchasing power argentine peso. The inflation adjustment on the years 2022, 2021 and 2020 was calculated by means of conversion factor derived from the Argentine price indexes published by the National Institute of Statistics and the year-over-year change in the index was 1.9479; 1.509 and 1.361, respectively. The main procedures for the above-mentioned adjustment are as follows: • Monetary assets and liabilities which are carried at amounts current at the balance sheet date are not restated because they are already expressed in terms of the monetary unit current at the balance sheet date. • Non-monetary assets and liabilities which are not carried at amounts current at the balance sheet date, and components of shareholders' equity are adjusted by applying the relevant conversion factors. • All items in the income statement are restated by applying the relevant conversion factors. • The effect of inflation on the Company’s net monetary position is included in the income statement, in "Other financial results" (Note 9). • The ongoing application of the re-translation of comparative amounts to closing exchanges rates under IAS 21 and the hyperinflation adjustments required by IAS 29 will lead to a difference in addition to the difference arising on the application of hyperinflation accounting. The comparative figures in these Consolidated Financial Statements presented in a stable currency are not adjusted for subsequent changes in the price level or exchange rates. This resulted in a difference between the closing equity of the previous year and the opening equity of the current year. The Company recognized this initial difference directly in equity. The Consolidated Financial Statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC). All IFRS issued by the IASB, effective at the time of preparing these Consolidated Financial Statements have been applied. The Consolidated Financial Statements have been prepared under the historical cost convention as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss, biological assets and agricultural produce at the point of harvest and farmlands measured at fair value. The preparation of Consolidated Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in Note 33. New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2021 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. 33.2 Scope of consolidation The Consolidated Financial Statements include the results of the Company and all of its subsidiaries from the date that control commences to the date that control ceases. They also include the Group’s share of the net income of its jointly-controlled entities on an equity-accounted basis from the point at which joint control commences, to the date that it ceases. (a) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date that control commences and deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. The excess of consideration over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the statement of income under the line item “Bargain purchase gain on acquisition”. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (b) Disposal of subsidiaries When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amount previously recognized in other comprehensive income in respect of that entity is accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss, except for the related revaluation surplus which is reclassified to retained earnings. 33.3 Segment reporting According to IFRS 8, operating segments are identified based on the ‘management approach’. This approach 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 (the Management Committee in the case of the Company) 33.4 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in US dollars, which is the Group’s presentation currency. Argentine currency status Since the second half of 2019, the Argentine government instituted certain foreign currency exchange controls, which may restrict or partially restrict access to foreign currency, like the U.S. dollars, to make payments abroad, either for foreign debt or the importation of goods or services, dividend payments and others, without prior authorization. Those regulations have continued to evolve, sometimes making them more or less stringent depending on the Argentine government’s perception of availability of sufficient national foreign currency reserves. The above has led to the existence of an informal foreign currency market where foreign currencies quote at levels significantly higher than the official exchange rate. However, the only exchange rate available for external commerce is the official exchange rate, which as of December 31, 2022 was Pesos 177 per dollar. We use Argentina’s official exchange rate to record the accounts of Argentine subsidiaries. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, in the line Item “Finance income” or “Finance cost,”as appropriate. (c) Group companies The results and financial position of Group entities (except those that has the currency of a hyper-inflationary economy - Argentine subsidiaries) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; • income and expenses for each statement of income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and • all resulting exchange differences are recognized as a separate component of equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the statement of income as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. 33.5 Property, plant and equipment Farmlands are initially recorded at fair value and subsequently under the revaluation model based on periodic, but at least annual, valuations prepared by an external independent expert. A revaluation reserve is credited in shareholders’ equity. All other property, plant and equipment is recorded at cost, less accumulated depreciation and impairment losses, if any. Historical cost comprises the purchase price and any costs directly attributable to the acquisition. Under the definition of Property plant and equipment is included the bearer plants, such as sugarcane and coffee trees. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the statement of income when they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within “Other operating income, net” in the consolidated statement of income. 33.6 Investment property Investment property consists of farmland for rental or for capital appreciation and not used in production or for sale in the ordinary course of business, and it is measured at fair value. Changes of the fair value, which is based on an independent external expert, impacts the profit and loss of the period, in the line item Other operating income, net. 33.7 Leases Leases are recognized as a right-of-use asset and corresponding liability at the date of which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In determining the lease term, the Company considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Short term leases are recognized on a straight line basis as an expense in the income statement. Accounting as lessee The Company recognizes a right-of-use asset and a lease liability at the commencement date of each lease contract that grants the right to control the use of an identified asset during a period of time. The commencement date is the date in which the lessor makes an underlying asset available for use by the lessee. The Company applied exemptions for leases with a duration lower than 12 months, with a value lower than thirty thousand dollars and/or with clauses related to variable payments. These leases have been considered as short-term leases and, accordingly, no right-of-use asset or lease liability have been recognized. At initial recognition, the right-of-use asset is measured considering: • The value of the initial measurement of the lease liability; • Any lease payments made at or before the commencement date, less any lease incentives; and • Any initial direct costs incurred by the lessee; and After initial recognition, the right-of-use assets are measured at cost, less any accumulated depreciation and/or impairment losses, and adjusted for any re-measurement of the lease liability. Depreciation of the right-of-use asset is calculated using the straight-line method over the estimated duration of the lease contract. The lease liability is initially measured at the present value of the lease payments that are not paid at such date, including the following concepts: • Variable lease payments that depend on an index or rate, initially measured using the index or rate as of the commencement date; • Amounts expected to be payable by the lessee under residual value guarantees; • The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and • Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease; • Fixed payments, less any lease incentives receivable; After the commencement date, the Company measures the lease liability by: • Increasing the carrying amount to reflect interest on the lease liability; • Reducing the carrying amount to reflect lease payments made; and • Re-measuring the carrying amount to reflect any reassessment or lease modifications. The above mentioned inputs for the valuation of the right of use assets and lease liabilities including the determination of the contracts within the scope of the standard, the contract term ant interest rate used in the discounted cash flow involved a high degree of management’s estimations. 33.8 Goodwill Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill on acquisition is initially measured at cost. being the excess of the consideration over the fair value of the Group’s share of net assets of the acquired subsidiary undertaking at the acquisition date. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. It is allocated to those cash generating units expected to benefit from the acquisition for the purpose of impairment testing. Goodwill ais included within “Intangible assets” on the statement of financial position. Goodwill arising on the acquisition of foreign entities is treated as an asset of the foreign entity denominated in the local currency and translated at the closing rate. Goodwill is not amortized but tested for impairment on an annual basis, or more frequently if there is an indication of impairment (see Note 33 (a)). Gains and losses on the disposal of a Group entity include any goodwill relating to the entity sold (see Note 33.10). 33.9 Other intangible assets Other intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortization and impairment losses, if any. These intangible assets comprise mainly trademarks and computer software and are amortized in the statement of income on a straight-line basis over their estimated useful lives estimated to be 10 to 20 years and 3 to 5 years, respectively. 33.10 Impairment of assets Goodwill The Company conducts an impairment test annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the cash generating unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset may in the unit. Impairment losses recognized for goodwill cannot be reversed in a subsequent period. Recoverable amount is the higher of the fair value less costs to sell and value in use. In determining the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted (see Note 33 (a) for details). Property, plant and equipment and finite lived intangible assets At each statement of financial position date, the Group reviews the carrying amounts of its property, plant and equipment and other intangible assets which have finite lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, that carrying amount is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of income. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in the statement of income. 33.11 Biological assets Biological assets comprise growing crops (mainly corn, wheat, soybeans, sunflower peanuts and rice), sugarcane, coffee and livestock (growing herd and cattle for dairy production). The Group distinguishes between consumable and bearer biological assets, and between mature and immature biological assets. “Consumable” biological assets are those assets that may be harvested as agriculture produce or sold as biological assets, for example livestock intended for dairy production. “Bearer” biological assets are those assets capable of producing more than one harvest, for example sugarcane or livestock from which raw milk is produced. “Mature” biological assets are those that have attained harvestable specifications (for consumable biological assets) or are able to sustain regular harvests (for bearer biological assets). “Immature” biological assets are those assets other than mature biological assets. Costs are capitalized as biological assets if, and only if, (a) it is probable that future economic benefits will flow to the entity, and (b) the cost can be measured reliably. The Group capitalizes costs such as: planting, harvesting, weeding, seedlings, irrigation, agrochemicals, fertilizers and a systematic allocation of fixed and variable production overheads that are directly attributable to the management of biological assets, among others. Costs that are expensed as incurred include administration and other general overhead and unallocated production overhead, among others. Biological assets, both at initial recognition and at each subsequent reporting date, are measured at fair value less costs to sell, except where fair value cannot be reliably measured. Cost approximates fair value when little biological transformation has taken place since the costs were originally incurred or the impact of biological transformation on price is not expected to be material. Gains and losses that arise on measuring biological assets at fair value less costs to sell and measuring agricultural produce at the point of harvest at fair value less costs to sell are recognized in the statement of income in the period in which they arise in the line item “Initial recognition and changes in fair value of biological assets and agricultural produce”. Where there is an active market for a biological asset or agricultural produce, quoted market prices in the most relevant market are used as a basis to determine the fair value. Otherwise, when there is no active market or market-determined prices are not available, fair value of biological assets is determined through the use of valuation techniques. Therefore, the fair value of biological assets is generally derived from the expected discounted cash flows of the related agricultural produce. The fair value of the agricultural produce at the point of harvest is generally derived from market determined prices. A general description of the determination of fair values based on the Company’s business segments follow: • Growing crops including rice: Growing crops, for which biological growth is not significant, are measured at cost, which approximates fair value. Expenditure on growing crops includes land preparation expenses and other direct expenses incurred during the sowing period including labor, seedlings, agrochemicals and fertilizers among others. Otherwise, biological assets are measured at fair value less estimated point-of-sale costs at initial recognition and at any subsequent period. Point-of-sale costs include all costs that would be necessary to sell the assets The fair value of growing crops including rice is measured based on a formula, which takes into consideration the estimate of crop yields, estimated market prices and costs, and discount rates. Estimated yields are determined based on several factors including location of farmland, environmental conditions and other restrictions and growth at the time of measurement. Yields are multiplied by sown hectares to determine the estimated tons of crops including rice to be obtained. The tons are then multiplied by a net cash flow determined at the future crop prices less the direct costs to be incurred. This amount is discounted at a discount rate, which reflects current market assessments of the assets involved and the time value of money. • Growing herd and cattle: Livestock are measured at fair value less estimated point-of-sale costs, with any changes therein recognized in the statement of income, on initial recognition as well as subsequently at each reporting period. The fair value of livestock is determined based on the actual selling prices less estimated point-of-sale costs in the markets where the Group operates. • Sugarcane: Sugarcane planting costs form part of Property plant and equipment. The agricultural produce growing on sugarcane is classified as biological assets and are measured at fair value less cost to sell. The fair value of agricultural produce growing on sugarcane depends on the variety, location and maturity of the plantation. Agricultural produce growing in the Sugarcane, for which biological growth is not significant, is valued at cost, which approximates fair value. Expenditure on the agricultural produce growing in the sugarcane consists mainly of labor, 33.12 Inventories Inventories comprise of raw materials, finished goods (including harvested agricultural produce and manufactured goods) and others. Harvested agricultural produce (except for rice and milk) are measured at net realizable value until the point of sale because there is an active market in the produce, there is a negligible risk that the produce will not be sold and there is a well-established practice in the industry carrying the inventories at net realizable value. Changes in net realizable value are recognized in the statement of income in the period in which they arise under the line item “Changes in net realizable value of agricultural produce after harvest”. All other inventories (including rice and milk) are measured at the lower of cost and net realizable value. Cost is determined using the weighted average method. 33.13 Financial assets Financial assets are classified in the following categories: at fair value through profit or loss and at amortized cost, namely loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition (see Note 17). (a) Recognition and measurement Regular purchases and sales of financial assets are recognized on the trade-date – the date on which the Group commits to purchase or sell the asset. Financial assets not carried at fair value through profit or loss are initially recognized at fair value plus transaction costs. Financial assets carried at fair value through profit or loss are initially recognized at fair value and transaction costs are expensed in the statement of income. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortized cost using the effective interest method. Gains or losses arising from changes in the fair value of the “financial assets at fair value through profit or loss” category are presented in the statement of income within “Other operating income, net” in the period in which they arise. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets is impaired. Impairment testing of trade receivables is described in Note 33.15. (b) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. This right must not be contingent on future events and must be enforceable in any case. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Commodity future contract fair values are computed with reference to quoted market prices on future exchanges markets. The fair values of commodity options are calculated using year-end market rates together with common option pricing models. The fair value of interest rate swaps has been calculated using a discounted cash flow analysis. The Group manages exposures to financial and commodity risks using hedging instruments that provide the appropriate economic outcome. The principal hedging instruments used may include commodity future contracts, put and call options, foreign exchange forward contracts and interest rate swaps. The Group does not use derivative financial instruments for speculative purposes. The Group’s policy is to apply hedge accounting to hedging relationships where it is both permissible under IFRS 9, practical to do so and its application reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9. Any derivatives that the Group holds to hedge these exposures are classified as “held for trading” and are shown in a separate line on the face of the statement of financial position. The method of recognizing gains or losses on derivatives depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Gains and losses on commodity derivatives are classified within “Other operating income, net”. Gains and losses on interest rate and foreign exchange rate derivatives are classified within ‘Financial results, net’. The Group designates certain derivatives as hedges of the foreign currency risk associated with highly probable forecast transactions (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk mana

Information related to COVID-19

Information related to COVID-19 pandemic	12 Months Ended
Information related to COVID-19 pandemic	Dec. 31, 2022
Disclosure of events after reporting period [Abstract]
Information related to COVID-19 pandemic	Information related to COVID-19 pandemicIn response to the outbreak of COVID-19 and subsequent new variants of the virus (the "COVID-19 pandemic"), governments and businesses around the world have implemented a variety of restrictive measures to reduce the spread of COVID-19 . These measures have had a significant adverse effect on economic activities worldwide. The Company put in place several measures to preserve the safety of its employees and the communities where it operates, while maintaining its business operations running. The Company’s activities in Argentina, Uruguay and Brazil were considered essential activities by the respective governments and consequently the Company was allowed to continue operating its businesses normally. Thus, the COVID-19 pandemic did not have a significant adverse impact on the business. However, the spread of new variants of COVID-19 pandemic has caused uncertainty as to when restrictions will be finally lifted, if additional restrictions may be initiated or reimposed, if there will be permanent changes to consumer behavior patterns, and the timing of distribution and administration of COVID-19 vaccines and other medical interventions globally. The Company cannot predict the long-term effects of the COVID-19 pandemic on its business and will continue monitoring the situation until the COVID-19 pandemic is over.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
Summary of significant accounting policies (Policies)	Dec. 31, 2022
Corporate Information and Statement of IFRS Compliance [Abstract]
Financial reporting in a hyperinflation economy	Financial reporting in a hyperinflation economy IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items. In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the Standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceeds 100 %. Since 2018, when cumulative inflation rate in three years exceeded the 100% threshold, Argentina’s operations are considered to be under hyperinflationary economy for accounting purposes under the terms of IAS 29 and since then, it has been applied IAS 29 in the financial reporting of its subsidiaries and associates with Argentine peso as functional currency. Financial statements of a foreign entity with a functional currency of a country that has a highly inflationary economy, are restated to reflect changes in the general price level or index in that country before translation into U.S. Dollars. In adjusting for hyperinflation, a general price index is applied to all non-monetary items in the financial statements (including equity) and the resulting gain or loss, which is the gain or loss on the entity's net monetary position, is recognized in the income statement. Monetary items in the closing statement of financial position are not adjusted. The Group treated all Argentine subsidiaries as a hyperinflationary economy as all of them have argentine peso as functional currency. The results and financial position of all foreign entities with a functional currency of a country that has a highly inflationary economy are translated at closing rates after the restatement for changes in the general purchasing power argentine peso. The inflation adjustment on the years 2022, 2021 and 2020 was calculated by means of conversion factor derived from the Argentine price indexes published by the National Institute of Statistics and the year-over-year change in the index was 1.9479; 1.509 and 1.361, respectively. The main procedures for the above-mentioned adjustment are as follows: • Monetary assets and liabilities which are carried at amounts current at the balance sheet date are not restated because they are already expressed in terms of the monetary unit current at the balance sheet date. • Non-monetary assets and liabilities which are not carried at amounts current at the balance sheet date, and components of shareholders' equity are adjusted by applying the relevant conversion factors. • All items in the income statement are restated by applying the relevant conversion factors. • The effect of inflation on the Company’s net monetary position is included in the income statement, in "Other financial results" (Note 9). • The ongoing application of the re-translation of comparative amounts to closing exchanges rates under IAS 21 and the hyperinflation adjustments required by IAS 29 will lead to a difference in addition to the difference arising on the application of hyperinflation accounting. The comparative figures in these Consolidated Financial Statements presented in a stable currency are not adjusted for subsequent changes in the price level or exchange rates. This resulted in a difference between the closing equity of the previous year and the opening equity of the current year. The Company recognized this initial difference directly in equity.
Basis of preparation and presentation	The Consolidated Financial Statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC). All IFRS issued by the IASB, effective at the time of preparing these Consolidated Financial Statements have been applied. The Consolidated Financial Statements have been prepared under the historical cost convention as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss, biological assets and agricultural produce at the point of harvest and farmlands measured at fair value. The preparation of Consolidated Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in Note 33. New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2021 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
Scope of consolidation	Scope of consolidation The Consolidated Financial Statements include the results of the Company and all of its subsidiaries from the date that control commences to the date that control ceases. They also include the Group’s share of the net income of its jointly-controlled entities on an equity-accounted basis from the point at which joint control commences, to the date that it ceases. (a) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date that control commences and deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. The excess of consideration over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the statement of income under the line item “Bargain purchase gain on acquisition”. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (b) Disposal of subsidiaries When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amount previously recognized in other comprehensive income in respect of that entity is accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss, except for the related revaluation surplus which is reclassified to retained earnings.
Segment reporting	Segment reporting According to IFRS 8, operating segments are identified based on the ‘management approach’. This approach 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 (the Management Committee in the case of the Company)
Foreign currency translation	Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in US dollars, which is the Group’s presentation currency. Argentine currency status Since the second half of 2019, the Argentine government instituted certain foreign currency exchange controls, which may restrict or partially restrict access to foreign currency, like the U.S. dollars, to make payments abroad, either for foreign debt or the importation of goods or services, dividend payments and others, without prior authorization. Those regulations have continued to evolve, sometimes making them more or less stringent depending on the Argentine government’s perception of availability of sufficient national foreign currency reserves. The above has led to the existence of an informal foreign currency market where foreign currencies quote at levels significantly higher than the official exchange rate. However, the only exchange rate available for external commerce is the official exchange rate, which as of December 31, 2022 was Pesos 177 per dollar. We use Argentina’s official exchange rate to record the accounts of Argentine subsidiaries. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, in the line Item “Finance income” or “Finance cost,”as appropriate. (c) Group companies The results and financial position of Group entities (except those that has the currency of a hyper-inflationary economy - Argentine subsidiaries) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; • income and expenses for each statement of income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and • all resulting exchange differences are recognized as a separate component of equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the statement of income as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
Property, plant and equipment	33.5 Property, plant and equipment Farmlands are initially recorded at fair value and subsequently under the revaluation model based on periodic, but at least annual, valuations prepared by an external independent expert. A revaluation reserve is credited in shareholders’ equity. All other property, plant and equipment is recorded at cost, less accumulated depreciation and impairment losses, if any. Historical cost comprises the purchase price and any costs directly attributable to the acquisition. Under the definition of Property plant and equipment is included the bearer plants, such as sugarcane and coffee trees. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the statement of income when they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within “Other operating income, net” in the consolidated statement of income.
Investment property	Investment property Investment property consists of farmland for rental or for capital appreciation and not used in production or for sale in the ordinary course of business, and it is measured at fair value. Changes of the fair value, which is based on an independent external expert, impacts the profit and loss of the period, in the line item Other operating income, net.
Leases	Leases Leases are recognized as a right-of-use asset and corresponding liability at the date of which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In determining the lease term, the Company considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Short term leases are recognized on a straight line basis as an expense in the income statement. Accounting as lessee The Company recognizes a right-of-use asset and a lease liability at the commencement date of each lease contract that grants the right to control the use of an identified asset during a period of time. The commencement date is the date in which the lessor makes an underlying asset available for use by the lessee. The Company applied exemptions for leases with a duration lower than 12 months, with a value lower than thirty thousand dollars and/or with clauses related to variable payments. These leases have been considered as short-term leases and, accordingly, no right-of-use asset or lease liability have been recognized. At initial recognition, the right-of-use asset is measured considering: • The value of the initial measurement of the lease liability; • Any lease payments made at or before the commencement date, less any lease incentives; and • Any initial direct costs incurred by the lessee; and After initial recognition, the right-of-use assets are measured at cost, less any accumulated depreciation and/or impairment losses, and adjusted for any re-measurement of the lease liability. Depreciation of the right-of-use asset is calculated using the straight-line method over the estimated duration of the lease contract. The lease liability is initially measured at the present value of the lease payments that are not paid at such date, including the following concepts: • Variable lease payments that depend on an index or rate, initially measured using the index or rate as of the commencement date; • Amounts expected to be payable by the lessee under residual value guarantees; • The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and • Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease; • Fixed payments, less any lease incentives receivable; After the commencement date, the Company measures the lease liability by: • Increasing the carrying amount to reflect interest on the lease liability; • Reducing the carrying amount to reflect lease payments made; and • Re-measuring the carrying amount to reflect any reassessment or lease modifications. The above mentioned inputs for the valuation of the right of use assets and lease liabilities including the determination of the contracts within the scope of the standard, the contract term ant interest rate used in the discounted cash flow involved a high degree of management’s estimations.
Goodwill	Goodwill Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill on acquisition is initially measured at cost. being the excess of the consideration over the fair value of the Group’s share of net assets of the acquired subsidiary undertaking at the acquisition date. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. It is allocated to those cash generating units expected to benefit from the acquisition for the purpose of impairment testing. Goodwill ais included within “Intangible assets” on the statement of financial position. Goodwill arising on the acquisition of foreign entities is treated as an asset of the foreign entity denominated in the local currency and translated at the closing rate.
Other intangible assets	Other intangible assets Other intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortization and impairment losses, if any. These intangible assets comprise mainly trademarks and computer software and are amortized in the statement of income on a straight-line basis over their estimated useful lives estimated to be 10 to 20 years and 3 to 5 years, respectively.
Impairment of assets	Impairment of assets Goodwill The Company conducts an impairment test annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the cash generating unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset may in the unit. Impairment losses recognized for goodwill cannot be reversed in a subsequent period. Recoverable amount is the higher of the fair value less costs to sell and value in use. In determining the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted (see Note 33 (a) for details). Property, plant and equipment and finite lived intangible assets At each statement of financial position date, the Group reviews the carrying amounts of its property, plant and equipment and other intangible assets which have finite lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, that carrying amount is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of income. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in the statement of income.
Biological assets	Biological assets Biological assets comprise growing crops (mainly corn, wheat, soybeans, sunflower peanuts and rice), sugarcane, coffee and livestock (growing herd and cattle for dairy production). The Group distinguishes between consumable and bearer biological assets, and between mature and immature biological assets. “Consumable” biological assets are those assets that may be harvested as agriculture produce or sold as biological assets, for example livestock intended for dairy production. “Bearer” biological assets are those assets capable of producing more than one harvest, for example sugarcane or livestock from which raw milk is produced. “Mature” biological assets are those that have attained harvestable specifications (for consumable biological assets) or are able to sustain regular harvests (for bearer biological assets). “Immature” biological assets are those assets other than mature biological assets. Costs are capitalized as biological assets if, and only if, (a) it is probable that future economic benefits will flow to the entity, and (b) the cost can be measured reliably. The Group capitalizes costs such as: planting, harvesting, weeding, seedlings, irrigation, agrochemicals, fertilizers and a systematic allocation of fixed and variable production overheads that are directly attributable to the management of biological assets, among others. Costs that are expensed as incurred include administration and other general overhead and unallocated production overhead, among others. Biological assets, both at initial recognition and at each subsequent reporting date, are measured at fair value less costs to sell, except where fair value cannot be reliably measured. Cost approximates fair value when little biological transformation has taken place since the costs were originally incurred or the impact of biological transformation on price is not expected to be material. Gains and losses that arise on measuring biological assets at fair value less costs to sell and measuring agricultural produce at the point of harvest at fair value less costs to sell are recognized in the statement of income in the period in which they arise in the line item “Initial recognition and changes in fair value of biological assets and agricultural produce”. Where there is an active market for a biological asset or agricultural produce, quoted market prices in the most relevant market are used as a basis to determine the fair value. Otherwise, when there is no active market or market-determined prices are not available, fair value of biological assets is determined through the use of valuation techniques. Therefore, the fair value of biological assets is generally derived from the expected discounted cash flows of the related agricultural produce. The fair value of the agricultural produce at the point of harvest is generally derived from market determined prices. A general description of the determination of fair values based on the Company’s business segments follow: • Growing crops including rice: Growing crops, for which biological growth is not significant, are measured at cost, which approximates fair value. Expenditure on growing crops includes land preparation expenses and other direct expenses incurred during the sowing period including labor, seedlings, agrochemicals and fertilizers among others. Otherwise, biological assets are measured at fair value less estimated point-of-sale costs at initial recognition and at any subsequent period. Point-of-sale costs include all costs that would be necessary to sell the assets The fair value of growing crops including rice is measured based on a formula, which takes into consideration the estimate of crop yields, estimated market prices and costs, and discount rates. Estimated yields are determined based on several factors including location of farmland, environmental conditions and other restrictions and growth at the time of measurement. Yields are multiplied by sown hectares to determine the estimated tons of crops including rice to be obtained. The tons are then multiplied by a net cash flow determined at the future crop prices less the direct costs to be incurred. This amount is discounted at a discount rate, which reflects current market assessments of the assets involved and the time value of money. • Growing herd and cattle: Livestock are measured at fair value less estimated point-of-sale costs, with any changes therein recognized in the statement of income, on initial recognition as well as subsequently at each reporting period. The fair value of livestock is determined based on the actual selling prices less estimated point-of-sale costs in the markets where the Group operates. • Sugarcane: Sugarcane planting costs form part of Property plant and equipment. The agricultural produce growing on sugarcane is classified as biological assets and are measured at fair value less cost to sell. The fair value of agricultural produce growing on sugarcane depends on the variety, location and maturity of the plantation. Agricultural produce growing in the Sugarcane, for which biological growth is not significant, is valued at cost, which approximates fair value. Expenditure on the agricultural produce growing in the sugarcane consists mainly of labor,
Inventories	Inventories Inventories comprise of raw materials, finished goods (including harvested agricultural produce and manufactured goods) and others. Harvested agricultural produce (except for rice and milk) are measured at net realizable value until the point of sale because there is an active market in the produce, there is a negligible risk that the produce will not be sold and there is a well-established practice in the industry carrying the inventories at net realizable value. Changes in net realizable value are recognized in the statement of income in the period in which they arise under the line item “Changes in net realizable value of agricultural produce after harvest”. All other inventories (including rice and milk) are measured at the lower of cost and net realizable value. Cost is determined using the weighted average method.
Financial assets	Financial assets Financial assets are classified in the following categories: at fair value through profit or loss and at amortized cost, namely loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition (see Note 17). (a) Recognition and measurement Regular purchases and sales of financial assets are recognized on the trade-date – the date on which the Group commits to purchase or sell the asset. Financial assets not carried at fair value through profit or loss are initially recognized at fair value plus transaction costs. Financial assets carried at fair value through profit or loss are initially recognized at fair value and transaction costs are expensed in the statement of income. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortized cost using the effective interest method. Gains or losses arising from changes in the fair value of the “financial assets at fair value through profit or loss” category are presented in the statement of income within “Other operating income, net” in the period in which they arise. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets is impaired. Impairment testing of trade receivables is described in Note 33.15. (b) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. This right must not be contingent on future events and must be enforceable in any case.
Derivative financial instruments and hedging activities	Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Commodity future contract fair values are computed with reference to quoted market prices on future exchanges markets. The fair values of commodity options are calculated using year-end market rates together with common option pricing models. The fair value of interest rate swaps has been calculated using a discounted cash flow analysis. The Group manages exposures to financial and commodity risks using hedging instruments that provide the appropriate economic outcome. The principal hedging instruments used may include commodity future contracts, put and call options, foreign exchange forward contracts and interest rate swaps. The Group does not use derivative financial instruments for speculative purposes. The Group’s policy is to apply hedge accounting to hedging relationships where it is both permissible under IFRS 9, practical to do so and its application reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9. Any derivatives that the Group holds to hedge these exposures are classified as “held for trading” and are shown in a separate line on the face of the statement of financial position. The method of recognizing gains or losses on derivatives depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Gains and losses on commodity derivatives are classified within “Other operating income, net”. Gains and losses on interest rate and foreign exchange rate derivatives are classified within ‘Financial results, net’. The Group designates certain derivatives as hedges of the foreign currency risk associated with highly probable forecast transactions (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the instruments that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flows of hedged items. Cash flow hedge The effective portion of the gain or loss on the instruments that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of income within "Finance income” or “Finance cost,”as appropriate. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. The gain or loss relating to the effective portion is recognized in the statement of income within "Finance income” or “Finance cost”, as appropriate. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the statement of income. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the statement of income.
Trade and other receivables and trade and other payables	Trade and other receivables and trade and other payables Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. In the case of receivables, less allowance for trade receivables.
Short-term investment	33.16 Short-term investment Financial assets at fair value through profit or loss are valued at the initial recognition and subsequently at fair value and recognizing the variation in the Statement of income in the line Financial results.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. In the statements of cash flows, interest paid is presented within financing cash flows and interest received is presented within investing activities.
Borrowings	Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost using the effective interest method. Borrowing costs are capitalized during the period of time that is required to complete and prepare the asset for its intended use.
Provisions	Provisions Provisions are recognized when (i) the Group has a present legal or constructive obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
Onerous contracts	Onerous contractsThe Group enters into contracts, which require the Group to sell commodities in accordance with the Group's expected sales. These contracts do not qualify as derivatives. These contracts are not recognized until at least one of the parties has performed under the agreement. However, when the contracts are onerous, the Group recognizes the present obligation under the contracts as a provision included within “Provision and other liabilities” in the statement of financial position. Losses under these onerous contracts are recognized within “Other operating income, net” in the statement of income.
Current and deferred income tax	Current and deferred income tax The Group’s tax benefit or expense for each year comprises the charge for current tax payable and deferred taxation attributable to the Group’s operating subsidiaries. Tax is recognized in the statement of income, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity. The current income tax charge is calculated on the basis of the tax laws enacted at the date of the statement of financial position in the countries where the Group’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) effective in the countries where the Group’s subsidiaries operate and generate taxable income. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. The Group is able to control the timing of dividends from its subsidiaries and hence does not expect to remit overseas earnings in the foreseeable future in a way that would result in a charge to taxable profit. Hence deferred tax is recognized in respect of the retained earnings of overseas subsidiaries only to the extent that, at the date of the statement of financial position, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future has been entered into by the subsidiary.
Revenue Recognition	Revenue Recognition The Group’s primary activities comprise agricultural and agro-industrial activities. The Group’s agricultural activities comprise growing and selling agricultural produce. In accordance with IAS 41 “Agriculture”, cattle are measured at fair value with changes therein recognized in the statement of income as they arise. Agricultural produce is measured at net realizable value with changes therein recognized in the statement of income as they arise. Therefore, sales of agricultural produce and cattle generally do not generate any separate gains or losses in the statement of income. The Group’s agro-industrial activities comprise the selling of manufactured products (i.e. industrialized rice, milk-related products, ethanol, sugar, energy, among others). These sales are measured at the fair value of the consideration received or receivable, net of returns and allowances, trade and other discounts, and sales taxes, as applicable. Revenue is recognized when the full control have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, and there is no continuing management involvement with the goods. Transfers of control vary depending on the individual terms of the contract of sale. Revenues are recognised when control of the products has transferred, being when the products are delivered to the customer, having this full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. The Group also provides certain agricultural-related services such as grain warehousing/conditioning and other services, e.g. handling and drying services. Revenue from services is recognized as services are provided. The Group leases owned farmland property to third parties under operating lease agreements. Rental income is recognized on a straight-line basis over the period of the lease. The Group is a party to a 25-year power agreement for the sale of electricity which expires in 2042. The delivery period starts in April and ends in November of each year. The Group is also a party to two 15-year power agreements which delivery period starts in March and ends in December of each year, these two agreements will expire in 2024 and 2025, respectively. Prices under all the agreements are adjusted annually for inflation. Revenue related to the sale of electricity under these two agreements is recorded based upon output delivered.
Farmlands sales	Farmlands sales The Group’s strategy is to profit from land appreciation value generated through the transformation of its productive capabilities. Therefore, the Group may seek to realize value from the sale of farmland assets and businesses. Farmland sales are not recognized until (i) the sale is completed, (ii) the Group has determined that it is probable the buyer will pay, (iii) the amount of revenue can be measured reliably, and (iv) the Group has transferred to the buyer the risk of ownership, and does not have a continuing involvement. Gains from “farmland sales” are included in the statement of income under the line item “Other operating income, net”.
Assets held for sale and discontinued operations	Assets held for sale and discontinued operations When the Group intends to dispose of, or classify as held for sale, a business component that represents a separate major line of business or geographical area of operations, or a subsidiary acquired exclusively with a view to resale, it classifies such operations as discontinued. The post tax profit or loss of the discontinued operations is shown as a single amount on the face of the statement of income, separate from the other results of the Group. Assets and liabilities classified as held for sale are measured at the lower of carrying value and fair value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a disposal rather than through continuing use. This condition is regarded as met only when management is committed to the sale (disposal), the sale (disposal) is highly probable and expected to be completed within one year from classification and the asset is available for immediate sale (disposal) in its present condition. The statements of income for the comparative periods are represented to show the discontinued operations separate from the continuing operations.
Earnings per share	Earnings per share Basic earnings per share is calculated by dividing the net income for the year attributable to equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted net earnings per share is computed by dividing the net income for the period by the weighted average number of ordinary shares outstanding, and when dilutive, adjusted for the effect of all potentially dilutive shares, including share options, on an as-if converted basis.
Equity-settled share-based payments	Equity-settled share-based payments The Group issues equity settled share-based payments to certain directors, senior management and employees. Options under the awards were measured at fair value at the date of grant. An expense is recognized to spread the fair value of each award over the vesting period on a straight-line basis, after allowing for an estimate of the awards that will eventually vest. The estimate of the level of vesting is reviewed at least annually, with any impact on the cumulative charge being recognized immediately.
Research and development	Research and development Research phase expenditure is expensed as incurred. Development expenditure is capitalized as an internally generated intangible asset only if it meets strict criteria, relating in particular to technical feasibility and generation of future economic benefits. Research expenses have been immaterial to date. The Group has not capitalized any development expenses to date.

Financial risk management (Tabl

Financial risk management (Tables)	12 Months Ended
Financial risk management (Tables)	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Schedule of Nature and Extent of Risks Arising from Financial Instruments	The following tables show the net monetary position of the respective subsidiaries within the Group categorized by functional currency. Non-U.S. Dollar amounts are presented in U.S. Dollars for purpose of these tables. 2022 Subsidiaries’ functional currency Net monetary position Argentine Brazilian Uruguayan U.S. Dollar Total Argentine Peso (217,659) — — — (217,659) Brazilian Reais — (481,232) — — (481,232) U.S. Dollar (179,319) (290,366) 22,810 26,745 (420,130) Uruguayan Peso — — (2,167) — (2,167) Total (396,978) (771,598) 20,643 26,745 (1,121,188) 2021 Subsidiaries’ functional currency Net monetary position Argentine Brazilian Uruguayan U.S. Dollar Total Argentine Peso (33,002) — — — (33,002) Brazilian Reais — (396,288) — — (396,288) U.S. Dollar (267,448) (270,213) 21,773 30,490 (485,398) Uruguayan Peso — — (1,837) — (1,837) Total (300,450) (666,501) 19,936 30,490 (916,525) Functional currency Net monetary position Argentine Brazilian Uruguayan Total 2022 U.S. Dollar (17,932) (29,037) 2,281 (44,688) 2021 U.S. Dollar (26,745) (27,021) 2,177 (51,589)
Schedule of Maturity Analysis for Derivative and Non-Derivative Financial Liabilities	The tables below analyzes the Group’s non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and as a result they do not reconcile to the amounts disclosed on the statement of financial position except for short-term payables where discounting is not applied. At December 31, 2022 Less than Between Between 2 Over Total Trade and other payables 197,780 16,843 31 336 214,990 Borrowings 322,923 103,844 772,634 383 1,199,784 Leases Liabilities 67,181 80,986 168,565 185,910 502,642 Derivative financial instruments 2,961 96 — — 3,057 Total 590,845 201,769 941,230 186,629 1,920,473 At December 31, 2021 Less than Between Between 2 Over Total Trade and other payables 153,175 15 22 247 153,459 Borrowings 153,311 57,849 245,538 577,178 1,033,876 Leases Liabilities 53,384 53,172 122,625 123,180 352,361 Derivative financial instruments 1,283 — — — 1,283 Total 361,153 111,036 368,185 700,605 1,540,979
Schedule of Financial Instruments by Type of Interest Rate	The following tables show a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary debt holder. These analyses are performed after giving effect to interest rate swaps. The analysis for the year ended December 31, 2022 and 2021 is as follows: 2022 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Fixed rate: Argentine Peso 195,982 — — — 195,982 Brazilian Reais — 4,476 — — 4,476 U.S. Dollar 62,051 388,350 — 149,884 600,285 Subtotal fixed-rate borrowings 258,033 392,826 — 149,884 800,743 Variable rate: Brazilian Reais — 188,801 — — 188,801 U.S. Dollar 18,096 112 — — 18,208 Subtotal variable-rate borrowings 18,096 188,913 — — 207,009 Total borrowings as per statement of financial position 276,129 581,739 — 149,884 1,007,752 2021 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Fixed rate: Argentine Peso 11,769 — — — 11,769 Brazilian Reais — 10,887 — — 10,887 U.S. Dollar 96,456 342,522 — 165,173 604,151 Subtotal fixed-rate borrowings 108,225 353,409 — 165,173 626,807 Variable rate: Brazilian Reais — 169,597 — — 169,597 U.S. Dollar 19,793 1,454 — — 21,247 Subtotal variable-rate borrowings 19,793 171,051 — — 190,844 Total borrowings as per statement of financial position 128,018 524,460 — 165,173 817,651 For the years ended December 31, 2022 and 2021, if interest rates on floating-rate borrowings had been 1% higher with all other variables held constant, the Group’s Profit before income tax for the years would have decreased as shown below. A 1% decrease in interest rates would have an equal and opposite effect on the income statement. 2022 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Variable rate: Brazilian Reais — (1,888) — — (1,888) U.S. Dollar (181) (1) — — (182) Total effects on profit before income tax (181) (1,889) — — (2,070) 2021 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Variable rate: Brazilian Reais — (1,696) — — (1,696) U.S. Dollar (198) (15) — — (213) Total effects on profit before income tax (198) (1,711) — — (1,909)
Schedule of Capital Risk Management	During the year ended December 31, 2022, the strategy was to maintain the gearing ratio within 0.40 to 0.60, as follows: 2022 2021 Total borrowings 1,007,752 817,651 Total equity 1,163,643 1,047,830 Total capital 2,171,395 1,865,481 Gearing ratio 0.46 0.44
Schedule of Financial Instruments	The following tables show the outstanding positions for each type of derivative contract as of the date of each statement of financial position: ▪ Futures / options As of December 31, 2022: 2022 Type of Quantities Notional Fair (Loss)/Gain Futures: Sale Corn 5 992 (193) (193) Soybean 34 12,696 (1,081) (1,085) Wheat 9 2,956 111 115 Sugar 99 3,437 (1,526) (1,778) Total 147 20,081 (2,689) (2,941) As of December 31, 2021: 2021 Type of Quantities Notional Fair (Loss)/Gain Futures: Sale Corn 6 935 157 157 Soybean 55 17,782 (1,283) (1,283) Sugar 87 35,922 671 292 Total 148 54,639 (455) (834) () Included in the line item “(loss) / gain from commodity derivative financial instruments” of Note 8. (*) All quantities expressed either in tons or cubic meters, as applicable. Commodity future contract fair values are computed with reference to quoted market prices on future exchanges.

Segment information (Tables)

Segment information (Tables)	12 Months Ended
Segment information (Tables)	Dec. 31, 2022
Disclosure of operating segments [abstract]
Schedule of Operating Segments	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 275,200 (2,463) 272,737 203,686 (197) 203,489 236,222 (1,210) 235,012 Cost of goods and services rendered (252,879) 2,217 (250,662) (159,940) (380) (160,320) (204,924) 1,039 (203,885) Initial recognition and changes in fair value of biological assets and agricultural produce 64,133 1,441 65,574 14,802 521 15,323 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 64,959 1,331 66,290 58,548 (56) 58,492 58,821 (437) 58,384 General and administrative expenses (13,175) 5 (13,170) (15,404) 169 (15,235) (10,378) 181 (10,197) Selling expenses (31,672) 208 (31,464) (34,630) 229 (34,401) (27,050) 76 (26,974) Other operating income, net (1,021) (653) (1,674) 79 1 80 (8) (3) (11) Bargain purchase gain on acquisition — — — 10,070 37 10,107 — — — Profit from Operations 19,091 891 19,982 18,663 380 19,043 21,385 (183) 21,202 Depreciation and amortization (7,908) 40 (7,868) (12,112) 97 (12,015) (10,075) 57 (10,018) Net (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2022 All other segments Land transformation Corporate Total 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 Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 5,839 (113) 5,726 — — — — — — 1,351,707 (3,983) 1,347,724 Cost of goods and services rendered (5,153) 114 (5,039) — — — — — — (1,078,737) 2,990 (1,075,747) Initial recognition and changes in fair value of biological assets and agricultural produce (336) 57 (279) — — — — — — 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 350 58 408 — — — — — — 464,729 896 465,625 General and administrative expenses (220) 1 (219) — — — (23,413) (136) (23,549) (84,507) 220 (84,287) Selling expenses (257) 4 (253) — — — (257) (1) (258) (144,031) 516 (143,515) Other operating income, net (2,801) (195) (2,996) 3,699 6 3,705 (136) 21 (115) 2,693 (823) 1,870 Bargain purchase gain on acquisition — — — — — — — — — 10,070 37 10,107 Profit from Operations (2,928) (132) (3,060) 3,699 6 3,705 (23,806) (116) (23,922) 248,954 846 249,800 Depreciation and amortization (212) — (212) — — — 22 (29) (7) (191,205) 165 (191,040) Net (loss) / gain from Fair value adjustment of investment property (2,764) (197) (2,961) — — — — — — (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 228,894 11,836 240,730 130,526 4,343 134,869 172,803 10,251 183,054 Cost of goods and services rendered (203,148) (10,083) (213,231) (109,709) (2,336) (112,045) (149,738) (8,339) (158,077) Initial recognition and changes in fair value of biological assets and agricultural produce 65,704 8,286 73,990 37,119 6,715 43,834 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 81,287 8,818 90,105 57,936 8,722 66,658 41,401 3,471 44,872 General and administrative expenses (10,273) (827) (11,100) (8,891) (869) (9,760) (4,715) (541) (5,256) Selling expenses (21,925) (1,494) (23,419) (16,618) (1,490) (18,108) (20,779) (1,793) (22,572) Other operating income, net (3,538) (185) (3,723) 239 46 285 (150) (20) (170) Profit from Operations 45,551 6,312 51,863 32,666 6,409 39,075 15,757 1,117 16,874 Depreciation and amortization (6,501) (634) (7,135) (8,080) (814) (8,894) (7,144) (797) (7,941) Net (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2021 All other segments Land transformation Corporate Total 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 Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 3,490 199 3,689 — — — — — — 1,097,723 26,629 1,124,352 Cost of goods and services rendered (2,966) (145) (3,111) — — — — — — (834,062) (20,903) (854,965) Initial recognition and changes in fair value of biological assets and agricultural produce 1,380 (18) 1,362 — — — — — — 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 1,904 36 1,940 — — — — — — 463,201 21,047 484,248 General and administrative expenses (173) (14) (187) — — — (22,119) (1,908) (24,027) (65,635) (4,159) (69,794) Selling expenses (273) (17) (290) — — — (306) (21) (327) (112,847) (4,815) (117,662) Other operating income, net (3,995) (470) (4,465) 6,613 — 6,613 103 (21) 82 (18,118) (650) (18,768) Profit from Operations (2,537) (465) (3,002) 6,613 — 6,613 (22,322) (1,950) (24,272) 266,601 11,423 278,024 Depreciation and amortization (175) (15) (190) — — — (738) (49) (787) (166,619) (2,309) (168,928) Net (loss) / gain from Fair value adjustment of investment property (3,884) (447) (4,331) — — — — — — (3,884) (447) (4,331) Segment reconciliation for the year ended December 31, 2020: 2020 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 170,114 (1,653) 168,461 102,886 (1,024) 101,862 135,471 (1,997) 133,474 Cost of goods and services rendered (150,745) 1,495 (149,250) (74,395) 565 (73,830) (117,754) 1,747 (116,007) Initial recognition and changes in fair value of biological assets and agricultural produce 41,777 (934) 40,843 19,449 (772) 18,677 12,638 (294) 12,344 Gain from changes in net realizable value of agricultural produce after harvest 7,078 (71) 7,007 — — — (2) — (2) Margin on Manufacturing and Agricultural Activities Before Operating Expenses 68,224 (1,163) 67,061 47,940 (1,231) 46,709 30,353 (544) 29,809 General and administrative expenses (6,816) 122 (6,694) (7,045) 146 (6,899) (4,896) 108 (4,788) Selling expenses (18,265) 267 (17,998) (14,170) 247 (13,923) (13,824) 284 (13,540) Other operating income, net (12,846) (7) (12,853) 731 (18) 713 (189) 3 (186) Profit from Operations 30,297 (781) 29,516 27,456 (856) 26,600 11,444 (149) 11,295 Depreciation and amortization (5,397) 111 (5,286) (6,652) 147 (6,505) (6,709) 141 (6,568) Net (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2020 All other segments Corporate Total 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 2,545 (37) 2,508 — — — 822,475 (4,711) 817,764 Cost of goods and services rendered (1,984) 22 (1,962) — — — (615,775) 3,829 (611,946) Initial recognition and changes in fair value of biological assets and agricultural produce 1,269 (13) 1,256 — — — 124,742 (2,013) 122,729 Gain from changes in net realizable value of agricultural produce after harvest — — — — — — 7,076 (71) 7,005 Margin on Manufacturing and Agricultural Activities Before Operating Expenses 1,830 (28) 1,802 — — — 338,518 (2,966) 335,552 General and administrative expenses (120) 2 (118) (19,319) 336 (18,983) (54,138) 710 (53,428) Selling expenses (217) 3 (214) (202) 7 (195) (95,866) 808 (95,058) Other operating income, net 1,069 (2) 1,067 (161) (8) (169) 2,033 (46) 1,987 Profit from Operations 2,562 (25) 2,537 (19,682) 335 (19,347) 190,547 (1,494) 189,053 Depreciation and amortization (138) 3 (135) (876) 14 (862) (142,288) 416 (141,872) Net (loss) / gain from Fair value adjustment of investment property 1,080 (3) 1,077 — — — 1,080 (3) 1,077 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, 2022: Farming Sugar, Land Transformation Corporate Total Crops Rice Dairy All other Farming Sales of goods and services rendered 275,200 203,686 236,222 5,839 720,947 630,760 — — 1,351,707 Cost of goods sold and services rendered (252,879) (159,940) (204,924) (5,153) (622,896) (455,841) — — (1,078,737) Initial recognition and changes in fair value of biological assets and agricultural produce 64,133 14,802 27,523 (336) 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 64,959 58,548 58,821 350 182,678 282,051 — — 464,729 General and administrative expenses (13,175) (15,404) (10,378) (220) (39,177) (21,917) — (23,413) (84,507) Selling expenses (31,672) (34,630) (27,050) (257) (93,609) (50,165) — (257) (144,031) Other operating income, net (1,021) 79 (8) (2,801) (3,751) 2,881 3,699 (136) 2,693 Bargain purchase gain on acquisition — 10,070 — — 10,070 — — — 10,070 Profit / (loss) from operations 19,091 18,663 21,385 (2,928) 56,211 212,850 3,699 (23,806) 248,954 Depreciation and amortization (7,908) (12,112) (10,075) (212) (30,307) (160,920) — 22 (191,205) Net (loss) / gain from Fair value adjustment of investment property — — — (2,764) (2,764) — — — (2,764) Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 3,929 3,701 (2,276) (2,231) 3,123 35,232 — — 38,355 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 60,204 11,101 29,799 1,895 102,999 72,834 — — 175,833 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 457,286 149,251 2,221 56,928 665,686 78,647 — — 744,333 Machinery, equipment and other fixed assets, net 48,691 58,827 108,589 1,792 217,899 171,307 — — 389,206 Bearer plants, net 1,057 — — — 1,057 351,670 — — 352,727 Work in progress 7,021 29,061 22,325 2,399 60,806 18,283 — — 79,089 Right of use assest 18,952 8,594 711 — 28,257 330,681 — 1,243 360,181 Investment property — — — 33,330 33,330 — — — 33,330 Goodwill 7,990 1,106 5,263 — 14,359 4,185 — — 18,544 Biological assets 66,002 52,752 30,045 8,214 157,013 109,431 — — 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 62,911 22,129 8,700 291 94,031 27,275 — — 121,306 Total segment assets 707,449 335,379 190,679 102,954 1,336,461 1,180,172 — 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, Land Transformation Corporate Total Crops Rice Dairy All other Farming Sales of goods and services rendered 228,894 130,526 172,803 3,490 535,713 562,010 — — 1,097,723 Cost of goods sold and services rendered (203,148) (109,709) (149,738) (2,966) (465,561) (368,501) — — (834,062) Initial recognition and changes in fair value of biological assets and agricultural produce 65,704 37,119 18,336 1,380 122,539 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 81,287 57,936 41,401 1,904 182,528 280,673 — — 463,201 General and administrative expenses (10,273) (8,891) (4,715) (173) (24,052) (19,464) — (22,119) (65,635) Selling expenses (21,925) (16,618) (20,779) (273) (59,595) (52,946) — (306) (112,847) Other operating income, net (3,538) 239 (150) (3,995) (7,444) (17,390) 6,613 103 (18,118) Profit / (loss) from operations 45,551 32,666 15,757 (2,537) 91,437 190,873 6,613 (22,322) 266,601 Depreciation and amortization (6,501) (8,080) (7,144) (175) (21,900) (143,981) — (738) (166,619) Net (loss) / gain from Fair value adjustment of investment property — — — (3,884) (3,884) — — — (3,884) Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 14,399 4,117 (6,271) 8,904 21,149 (16,294) — — 4,855 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 51,305 33,002 24,607 (7,524) 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) Farmlands and farmland improvements, net 448,608 146,795 2,143 56,315 653,861 73,979 — — 727,840 Machinery, equipment and other fixed assets, net 47,122 29,543 81,516 1,641 159,822 158,611 — — 318,433 Bearer plants, net 892 — — — 892 294,090 — — 294,982 Work in progress 3,444 33,200 27,341 1,496 65,481 15,887 — — 81,368 Right of use assets 13,005 3,361 930 — 17,296 243,469 — 11 260,776 Investment property — — — 32,132 32,132 — — — 32,132 Goodwill 7,074 979 4,660 — 12,713 3,913 — — 16,626 Biological assets 54,886 42,729 18,979 7,257 123,851 71,327 — — 195,178 Finished goods 37,225 5,015 15,157 — 57,397 80,857 — — 138,254 Raw materials, stocks held by third parties and others 42,253 14,797 10,416 579 68,045 33,225 — — 101,270 Total segment assets 654,509 276,419 161,142 99,420 1,191,490 975,358 — 11 2,166,859 Borrowings 31,755 34,230 62,061 — 128,046 524,461 — 165,144 817,651 Lease liabilities 14,106 4,157 924 — 19,187 227,585 — 82 246,854 Total segment liabilities 45,861 38,387 62,985 — 147,233 752,046 — 165,226 1,064,505 Segment analysis for the year ended December 31, 2020 Farming Sugar, Land Transformation Corporate Total Crops Rice Dairy All other Farming Sales of goods and services rendered 170,114 102,886 135,471 2,545 411,016 411,459 — — 822,475 Cost of goods sold and services rendered (150,745) (74,395) (117,754) (1,984) (344,878) (270,897) — — (615,775) Initial recognition and changes in fair value of biological assets and agricultural produce 41,777 19,449 12,638 1,269 75,133 49,609 — — 124,742 Changes in net realizable value of agricultural produce after harvest 7,078 — (2) — 7,076 — — — 7,076 Margin on manufacturing and agricultural activities before operating expenses 68,224 47,940 30,353 1,830 148,347 190,171 — — 338,518 General and administrative expenses (6,816) (7,045) (4,896) (120) (18,877) (15,942) — (19,319) (54,138) Selling expenses (18,265) (14,170) (13,824) (217) (46,476) (49,188) — (202) (95,866) Other operating income, net (12,846) 731 (189) 1,069 (11,235) 5,495 7,934 (161) 2,033 Profit / (loss) from operations 30,297 27,456 11,444 2,562 71,759 130,536 7,934 (19,682) 190,547 Depreciation and amortization (5,397) (6,652) (6,709) (138) (18,896) (122,516) — (876) (142,288) Net (loss) / gain from Fair value adjustment of investment property — — — 1,080 1,080 — — — 1,080 Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 12,211 3,975 (5,151) 2,258 13,293 19,682 — — 32,975 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 29,566 15,474 17,789 (989) 61,840 29,927 — — 91,767 Changes in net realizable value of agricultural produce after harvest (unrealized) (481) — — — (481) — — — (481) Changes in net realizable value of agricultural produce after harvest (realized) 7,559 — (2) — 7,557 — — — 7,557 Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows: 2022 2021 Total reportable assets as per segment information 2,517,876 2,166,859 Intangible assets (excluding goodwill) 17,576 14,711 Deferred income tax assets 8,758 10,321 Trade and other receivables 228,378 188,080 Other assets 1,701 1,079 Derivative financial instruments 5,342 1,585 Restricted short-term investment 98,571 — Cash and cash equivalents 230,653 199,766 Total assets as per the statement of financial position 3,108,855 2,582,401 2022 2021 Total reportable liabilities as per segment information 1,345,732 1,064,505 Trade and other payables 259,607 169,030 Deferred income tax liabilities 301,414 265,848 Payroll and social liabilities 31,545 26,294 Provisions for other liabilities 3,435 5,986 Current income tax liabilities 422 1,625 Derivative financial instruments 3,057 1,283 Total liabilities as per the statement of financial position 1,945,212 1,534,571
Schedule of Geographical Areas	As of and for the year ended December 31, 2022: Argentina Brazil Uruguay Others () 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 Others () Total Property, plant and equipment 868,527 542,710 11,386 — 1,422,623 Investment property 32,132 — — — 32,132 Goodwill 12,713 3,913 — — 16,626 Non-current portion of biological assets 19,355 — — — 19,355 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) (*) It includes the initial operations in Chile which are not disclosed separately on materiality grounds. As of and for the year ended December 31, 2020: Argentina Brazil Uruguay Total Sales of goods and services rendered 389,018 411,779 21,678 822,475 Initial recognition and changes in fair value of biological assets and agricultural produce 72,391 50,348 2,003 124,742 Changes in net realizable value of agricultural produce after harvest 6,770 (88) 394 7,076

Sales (Tables)

Sales (Tables)	12 Months Ended
Sales (Tables)	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Schedule of Sales	2022 2021 2020 Manufactured products and services rendered: Ethanol 387,124 291,883 199,062 Sugar 188,769 208,365 171,102 Energy () 34,919 50,321 42,756 Peanut 63,041 60,939 46,708 Sunflower 14,948 11,282 10,433 Cotton 6,780 2,540 1,969 Rice () 188,263 127,272 96,397 Fluid milk (UHT) 76,596 62,875 54,380 Powder milk () 84,257 62,728 40,500 Other diary products 37,648 28,834 17,205 Services 10,987 7,309 4,774 Rental income 841 615 584 Others 24,199 13,069 5,623 1,118,372 928,032 691,493 Agricultural produce and biological assets: Soybean 81,757 71,687 44,271 Corn 71,188 59,803 44,475 Wheat 19,915 27,349 14,457 Rice 3,994 — — Sunflower 9,885 6,167 633 Barley 4,175 1,684 275 Seeds 1,940 1,559 1,732 Raw milk 21,623 16,468 12,817 Cattle 5,039 3,111 1,959 Cattle for dairy 7,543 4,994 2,729 Others 2,293 3,498 2,923 229,352 196,320 126,271 Total sales 1,347,724 1,124,352 817,764 () Includes sales of energy, rice and powder milk produced by third parties for an amount of US$ 4.5 million. (sales of rice, energy and butter for an amount of US$ 11.5 million and US$ 13.9 million for the years 2021 and 2020 respectively).

Cost of goods sold and servic_2

Cost of goods sold and services rendered (Tables)	12 Months Ended
Cost of goods sold and services rendered (Tables)	Dec. 31, 2022
Analysis of income and expense [abstract]
Cost of goods sold and services rendered	For the year ended December 31: 2022 Crops Rice Dairy All other Sugar, Total Finished goods at the beginning of year (Note 19) 37,225 5,015 15,157 — 80,857 138,254 Cost of production of manufactured products (Note 6) 68,510 165,330 180,723 — 455,336 869,899 Purchases 10,528 1,866 1,285 — 856 14,535 Acquisition of subsidiaries — 8,413 — — — 8,413 Agricultural produce 240,469 — 21,647 5,039 11,571 278,726 Transfer to raw material (75,158) (6,549) — — — (81,707) Direct agricultural selling expenses 25,623 — — — — 25,623 Tax recoveries (i) — — — — (17,800) (17,800) Changes in net realizable value of agricultural produce after harvest (21,359) — — — (934) (22,293) Loss of idle capacity — — — — 7,507 7,507 Finished goods at the end of the year (Note 19) (37,539) (13,659) (12,825) — (88,693) (152,716) Exchange differences 2,363 (96) (2,102) — 7,141 7,306 Cost of goods sold and services rendered 250,662 160,320 203,885 5,039 455,841 1,075,747 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values. For the year ended December 31: 2021 Crops Rice Dairy All other Sugar, Total Finished goods at the beginning of year 30,267 5,970 6,489 — 34,315 77,041 Cost of production of manufactured products (Note 6) 59,590 124,304 158,083 — 415,408 757,385 Purchases 26,880 569 — — 4,860 32,309 Agricultural produce 224,788 — 16,468 3,111 10,944 255,311 Transfer to raw material (73,068) (7,240) — — — (80,308) Direct agricultural selling expenses 22,642 — — — — 22,642 Tax recoveries (i) — — — — (19,423) (19,423) Changes in net realizable value of agricultural produce after harvest (11,384) — — — (1,495) (12,879) Loss of idle capacity — — — — 14,270 14,270 Finished goods at the end of the year (Note 19) (37,225) (5,015) (15,157) — (80,857) (138,254) Exchange differences (29,259) (6,543) (7,806) — (9,521) (53,129) Cost of goods sold and services rendered 213,231 112,045 158,077 3,111 368,501 854,965 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values. For the year ended December 31: 2020 Crops Rice Dairy All other Sugar, Total Finished goods at the beginning of year 17,830 5,805 4,779 — 36,864 65,278 Cost of production of manufactured products (Note 6) 44,074 79,507 102,933 — 285,627 512,141 Purchases 3,648 — — — 6,088 9,736 Agricultural produce 137,204 — 15,546 1,962 — 154,712 Transfer to raw material (46,192) (4,256) — — — (50,448) Direct agricultural selling expenses 16,467 — — — — 16,467 Tax recoveries (i) — — — — (21,765) (21,765) Changes in net realizable value of agricultural produce after harvest 7,007 — (2) — — 7,005 Finished goods at the end of the year (Note 19) (30,267) (5,970) (6,489) — (34,315) (77,041) Exchange differences (521) (1,256) (760) — (1,602) (4,139) Cost of goods sold and services rendered 149,250 73,830 116,007 1,962 270,897 611,946 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

Expenses by nature (Tables)

Expenses by nature (Tables)	12 Months Ended
Expenses by nature (Tables)	Dec. 31, 2022
Analysis of income and expense [abstract]
Schedule of Expenses by Nature	The following table provides the additional disclosure required on the nature of expenses and their relationship to the function within the Group: Expenses by nature for the year ended December 31, 2022: Cost of production of manufactured products (Note 5) General and Selling Total Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 4,216 12,362 11,627 35,890 64,095 39,347 9,472 112,914 Raw materials and consumables 367 367 29,317 14,094 44,145 — — 44,145 Depreciation and amortization 4,463 3,814 4,007 123,960 136,244 18,109 1,408 155,761 Depreciation of right of use assets — 115 971 7,475 8,561 7,702 99 16,362 Fuel, lubricants and others 239 249 1,886 38,813 41,187 712 340 42,239 Maintenance and repairs 1,264 3,320 1,856 22,674 29,114 1,718 741 31,573 Freights 519 9,319 2,862 75 12,775 — 57,913 70,688 Export taxes / selling taxes — — — — — — 39,202 39,202 Export expenses — — — — — — 17,963 17,963 Contractors and services 2,218 720 569 7,044 10,551 — — 10,551 Energy transmission — — — — — — 3,053 3,053 Energy power 1,577 3,172 3,189 733 8,671 373 89 9,133 Professional fees 59 86 110 837 1,092 8,337 802 10,231 Other taxes 25 117 110 2,775 3,027 852 63 3,942 Contingencies — — — — — 568 — 568 Lease expense and similar arrangements 178 682 197 — 1,057 1,153 271 2,481 Third parties raw materials 8,270 23,934 75,674 13,693 121,571 — — 121,571 Tax recoveries — — — (556) (556) — — (556) Others 1,335 2,736 1,269 4,322 9,662 5,416 12,099 27,177 Subtotal 24,730 60,993 133,644 271,829 491,196 84,287 143,515 718,998 Own agricultural produce consumed 43,780 104,337 47,079 183,507 378,703 — — 378,703 Total 68,510 165,330 180,723 455,336 869,899 84,287 143,515 1,097,701 Expenses by nature for the year ended December 31, 2021: Cost of production of manufactured products (Note 5) General and Selling Total Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 3,651 6,841 9,268 27,072 46,832 30,727 7,221 84,780 Raw materials and consumables 578 373 24,755 13,036 38,742 — — 38,742 Depreciation and amortization 3,930 2,692 3,590 108,709 118,921 14,280 1,304 134,505 Depreciation of right of use assets — 102 602 5,700 6,404 7,173 49 13,626 Fuel, lubricants and others 336 89 1,730 24,747 26,902 854 279 28,035 Maintenance and repairs 1,341 1,851 1,779 16,797 21,768 1,956 800 24,524 Freights 644 8,154 2,377 607 11,782 — 38,970 50,752 Export taxes / selling taxes — — — — — — 43,509 43,509 Export expenses — — — — — — 11,745 11,745 Contractors and services 2,587 235 260 6,758 9,840 — — 9,840 Energy transmission — — — — — — 2,347 2,347 Energy power 1,276 1,501 2,544 839 6,160 335 85 6,580 Professional fees 78 84 140 692 994 7,600 815 9,409 Other taxes 23 92 118 3,049 3,282 582 62 3,926 Contingencies — — — — — 855 — 855 Lease expense and similar arrangements 162 319 257 — 738 1,863 251 2,852 Third parties raw materials 2,804 2,852 62,737 15,240 83,633 — — 83,633 Tax recoveries — — — (1,546) (1,546) — — (1,546) Others 962 5,273 2,166 2,636 11,037 3,569 10,225 24,831 Subtotal 18,372 30,458 112,323 224,336 385,489 69,794 117,662 572,945 Own agricultural produce consumed 41,218 93,846 45,760 191,072 371,896 — — 371,896 Total 59,590 124,304 158,083 415,408 757,385 69,794 117,662 944,841 Expenses by nature for the year ended December 31, 2020: Cost of production of manufactured products (Note 5) Crops Rice Dairy Sugar, Total General and Selling Total Salaries, social security expenses and employee benefits 2,348 4,466 7,452 26,341 40,607 25,519 5,206 71,332 Raw materials and consumables 448 3,072 14,486 8,743 26,749 — — 26,749 Depreciation and amortization 2,929 2,016 2,812 93,211 100,968 12,490 985 114,443 Depreciation right-of-use and other leases — 19 461 6,208 6,688 3,557 24 10,269 Fuel, lubricants and others 131 68 2,030 16,543 18,772 428 187 19,387 Maintenance and repairs 639 1,492 1,141 12,581 15,853 954 476 17,283 Freights 172 4,617 1,708 649 7,146 — 33,111 40,257 Export taxes / selling taxes — — — — — — 35,966 35,966 Export expenses — — — — — — 8,801 8,801 Contractors and services 1,358 116 54 5,086 6,614 — — 6,614 Energy transmission — — — — — — 2,231 2,231 Energy power 803 1,015 1,879 764 4,461 137 114 4,712 Professional fees 32 35 103 447 617 6,261 1,060 7,938 Other taxes 20 76 97 2,312 2,505 376 21 2,902 Contingencies — — — — — 703 — 703 Lease expense and similar arrangements 111 182 137 — 430 283 226 939 Third parties raw materials 3,257 6,578 42,051 13,547 65,433 — — 65,433 Tax recoveries — — — (1,087) (1,087) — — (1,087) Others 524 1,219 1,975 1,613 5,331 2,720 6,650 14,701 Subtotal 12,772 24,971 76,386 186,958 301,087 53,428 95,058 449,573 Own agricultural produce consumed 31,302 54,536 26,547 98,669 211,054 — — 211,054 Total 44,074 79,507 102,933 285,627 512,141 53,428 95,058 660,627

Salaries and social security _2

Salaries and social security expenses (Tables)	12 Months Ended
Salaries and social security expenses (Tables)	Dec. 31, 2022
Analysis of income and expense [abstract]
Schedule of Salaries and Social Security Expenses	2022 2021 2020 Wages and salaries (i) 132,010 101,818 89,662 Social security costs 36,932 30,296 27,430 Equity-settled share-based compensation 10,227 6,406 4,316 179,169 138,520 121,408 (i) Includes US$30,014, US$25,105 and US$32,714, capitalized in Property, Plant and Equipment for the years 2022, 2021 and 2020, respectively.

Other operating (expense) _ i_2

Other operating (expense) / income, net (Tables)	12 Months Ended
Other operating (expense) / income, net (Tables)	Dec. 31, 2022
Analysis of income and expense [abstract]
Schedule of Other Operating Income (Expense)	2022 2021 2020 Loss from commodity derivative financial instrument (6,842) (15,990) (8,320) Gain / (loss) from disposal of other property items 3,718 (397) 2,198 Net (loss) / gain from fair value adjustment of investment property (2,961) (4,331) 1,077 Gain from disposal of farmland and other assets (Note 21) — — 2,064 Gain / (loss) from the sale of subsidiaries (Note 21) — 10 (554) Others 7,955 1,940 5,522 1,870 (18,768) 1,987

Financial results, net (Tables)

Financial results, net (Tables)	12 Months Ended
Financial results, net (Tables)	Dec. 31, 2022
Analysis of income and expense [abstract]
Schedule of Finance Income (Cost)	2022 2021 2020 Finance income: - Interest income 5,781 4,081 4,084 -Foreign exchange gains, net 19,278 18,939 — - Gain from interest rate/foreign exchange rate derivative financial instruments — 512 92 - Other income 249 13,138 21,878 Finance income 25,308 36,670 26,054 Finance costs: - Interest expense (50,037) (62,536) (58,282) - Finance cost related to lease liabilities (31,113) (16,502) (12,532) - Cash flow hedge – transfer from equity (Note 2) (40,195) (52,650) (24,363) - Foreign exchange losses, net — — (109,266) - Taxes (4,862) (7,073) (4,559) - Loss from interest rate/foreign exchange rate derivative financial instruments (2,384) — — - Borrowings prepayment related expenses (Brazilian subsidiaries) — (3,068) — -Finance discount — (3,741) — - Other expenses (9,009) (6,111) (4,774) Finance costs (137,600) (151,681) (213,776) Other financial results - Net (loss) / gain of inflation effects on monetary items (2,144) 11,541 12,064 Total financial results, net (114,436) (103,470) (175,658)

Taxation (Tables)

Taxation (Tables)	12 Months Ended
Taxation (Tables)	Dec. 31, 2022
Income Taxes [Abstract]
Schedule of Major Components of Tax Expense (Income)	The details of the provision for the Group’s consolidated income tax are as follows: 2022 2021 2020 Current income tax (4,655) (4,338) (2,840) Deferred income tax (22,103) (39,499) (9,485) Income tax expense (26,758) (43,837) (12,325)
Schedule of Applicable Tax Rate by Tax Jurisdiction	The statutory tax rate in the countries where the Group operates for all of the years presented are: Tax Jurisdiction Income Tax Rate Argentina (i) 35 % Brazil 34 % Uruguay 25 % Spain 25 % Luxembourg 24.94 % Chile 27 % (i) In June 2021, the Argentine Government introduced changes to the income tax laws whereby it established an increasing rate scheme starting at 25% up to 35% for income tax gains over Pesos 76 million (0.4 million US$). The revised scheme was effective as from fiscal year 2021. It also established a 7% withholding tax for dividends.
Schedule of Temporary Difference, Unused Tax Losses and Unused Tax Credits	Deferred tax assets and liabilities of the Group as of December 31, 2022 and 2021, without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2022 2021 Deferred income tax asset to be recovered after more than 12 months 127,878 107,552 Deferred income tax asset to be recovered within 12 months 17,862 21,976 Deferred income tax assets 145,740 129,528 Deferred income tax liability to be settled after more than 12 months (371,047) (367,292) Deferred income tax liability to be settled within 12 months (67,349) (17,763) Deferred income tax liability (438,396) (385,055) Deferred income tax liability, net (292,656) (255,527) The gross movement on the deferred income tax account is as follows: 2022 2021 Beginning of year (255,527) (162,556) Exchange differences (30,187) (40,644) Changes of fair value valuation for farmlands 25,307 (9,953) Acquisition of subsidiary (Note 21) (1,562) — Others (1,247) (349) Tax credit relating to cash flow hedge (i) (7,337) (2,526) Income tax expense (22,103) (39,499) End of year (292,656) (255,527) (i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$15,621 for the year ended December 31, 2022 (2021: US$46,145; 2020: US$75,822); net of the reclassification from Equity to the Income Statement of US$ 40,388 for the year ended December 31, 2022 (2021: US$ 26,031; 2020: US$32,305). The movement in the deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: Deferred income tax Property, Investment property Biological Others Total At January 1, 2021 268,252 9,878 10,217 8,555 296,902 Charged / (credited) to the statement of income 43,270 (817) (755) (1,811) 39,887 Farmlands revaluation 11,469 (1,516) — — 9,953 Exchange differences 32,167 2,336 1,797 2,013 38,313 At December 31, 2021 355,158 9,881 11,259 8,757 385,055 Charged / (credited) to the statement of income 19,318 (1,145) 18,105 232 36,510 Farmlands revaluation (24,271) (1,036) — — (25,307) Acquisition of subsidiaries 1,562 — — — 1,562 Exchange differences 37,379 1,279 1,097 821 40,576 At December 31, 2022 389,146 8,979 30,461 9,810 438,396 Deferred income tax Provisions Tax loss Equity-settled Borrowings Biological Others Total At January 1, 2021 7,281 67,817 5,171 51,338 — 2,739 134,346 Charged / (credited) to the statement of income 1,978 13,108 — (13,589) 452 (1,561) 388 Tax charge relating to cash flow hedge — (2,526) — — — — (2,526) Exchange differences 20 3,158 — (2,952) (386) (2,171) (2,331) Others — — (349) — — — (349) At December 31, 2021 9,279 81,557 4,822 34,797 66 (993) 129,528 (Credited) / charged to the statement of income (3,900) 29,087 — (11,115) (66) 401 14,407 Tax charge relating to cash flow hedge — (7,337) — — — — (7,337) Exchange differences 1,243 6,888 — 2,250 — 8 10,389 Others — — (1,247) — — — (1,247) At December 31, 2022 6,622 110,195 3,575 25,932 — (584) 145,740
Schedule of Tax Loss Carryforwards	As of December 31, 2022, the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina (1) 175,658 5 years Brazil 127,838 No expiration date. Uruguay 1,546 5 years Luxembourg 23,677 No expiration date. (1) As of December 31, 2022, the aging of the determination tax loss carry forward in Argentina is as follows: Year of generation Amount 2018 26,606 2019 72,768 2020 15,288 2021 113 2022 60,883
Schedule of Reconciliation of Accounting Profit by Applicable Tax Rate and Average Effective Tax Rate	The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the tax rates applicable to profits in the respective countries as follows: 2022 2021 2020 Tax calculated at the tax rates applicable to profits in the respective countries (43,827) (54,291) (4,184) Non-deductible items (1,921) (3,459) (7,642) Effect of the changes in the statutory income tax rate in Argentina (2,237) (31,962) 6,324 Unused tax losses — 482 (710) Tax losses where no deferred tax asset was recognized (107) — — Non-taxable income 16,879 13,604 11,060 Previously unrecognized tax losses now recouped to reduce tax expenses (1) 19,419 38,121 1,529 Effect of IAS 29 and tax adjustment per inflation in Argentina (18,195) (6,402) (19,239) Others 3,231 70 537 Income tax expense (26,758) (43,837) (12,325) (1) 2022 includes 16,044 of adjustment by inflation of tax loss carryforwards in Argentina (37,175 in 2021).

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
Earnings per share (Tables)	Dec. 31, 2022
Earnings per share [abstract]
Schedule of Earnings per Share	2022 2021 2020 Profit from operations attributable to equity holders of the Group 108,138 130,669 412 Weighted average number of shares in issue (thousands) 110,079 115,148 117,453 Basic earnings per share 0.982 1.135 0.003 2022 2021 2020 Profit from operations attributable to equity holders of the Group 108,138 130,669 412 Weighted average number of shares in issue (thousands) 110,079 115,148 117,453 Adjustments for: - Employee share options and restricted units (thousands) 361 466 261 Weighted average number of shares for diluted earnings per share (thousands) 110,440 115,614 117,714 Diluted earnings per share 0.979 1.130 0.003

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
Property, plant and equipment (Tables)	Dec. 31, 2022
Property, plant and equipment [abstract]
Schedule of Detailed Information about Property, Plant and Equipment	Changes in the Group’s property, plant and equipment, net in 2022 and 2021 were as follows: Farmlands Farmland Buildings and Machinery, Bearer plants Others Work in Total At January 1, 2021 Fair value for farmlands / Cost 694,166 44,278 379,666 743,444 676,516 25,189 57,740 2,620,999 Accumulated depreciation — (22,693) (202,062) (647,539) (371,687) (18,726) — (1,262,707) Net book amount 694,166 21,585 177,604 95,905 304,829 6,463 57,740 1,358,292 At December 31, 2021 Opening net book amount 694,166 21,585 177,604 95,905 304,829 6,463 57,740 1,358,292 Exchange differences 142,390 2,772 20,923 (4,804) (34,433) 20,567 9,299 156,714 Additions — 169 11,681 55,463 88,530 2,615 46,371 204,829 Revaluation surplus (126,675) — — — — — — (126,675) Reclassification from investment property 1,380 — — — — — — 1,380 Transfers — (4,773) 23,049 13,471 149 104 (32,000) — Disposals — (8) (126) (4,078) — (63) (42) (4,317) Reclassification to non-income tax credits () — — — (303) — — — (303) Depreciation — (3,166) (25,452) (72,471) (64,093) (2,115) — (167,297) Closing net book amount 711,261 16,579 207,679 83,183 294,982 27,571 81,368 1,422,623 Farmlands Farmland Buildings and Machinery, Bearer plants Others Work in Total At December 31, 2021 Fair value for farmlands / Cost 711,261 42,438 435,193 803,193 730,762 48,412 81,368 2,852,627 Accumulated depreciation — (25,859) (227,514) (720,010) (435,780) (20,841) — (1,430,004) Net book amount 711,261 16,579 207,679 83,183 294,982 27,571 81,368 1,422,623 Year ended December 31, 2022 Opening net book amount 711,261 16,579 207,679 83,183 294,982 27,571 81,368 1,422,623 Exchange differences 88,546 1,518 16,237 19,580 15,447 1,389 9,149 151,866 Additions — — 13,489 62,637 112,614 3,318 41,960 234,018 Revaluation surplus (72,216) — — — — — — (72,216) Acquisition of subsidiaries — — 21,331 — — — — 21,331 Transfers — 2,192 41,167 10,198 — (169) (53,388) — Disposals — — (953) (2,278) — (103) — (3,334) Reclassification to non-income tax credits () — — — (158) — — — (158) Depreciation — (3,547) (30,570) (81,950) (70,316) (2,392) — (188,775) Closing net book amount 727,591 16,742 268,380 91,212 352,727 29,614 79,089 1,565,355 At December 31, 2022 Fair value for farmlands / Cost 727,591 46,148 526,464 893,172 858,823 52,846 79,089 3,184,133 Accumulated depreciation — (29,406) (258,084) (801,960) (506,096) (23,232) — (1,618,778) Net book amount 727,591 16,742 268,380 91,212 352,727 29,614 79,089 1,565,355 (*) Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of December 31, 2022 and 2021, ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) tax credits were reclassified to trade and other receivables. Depreciation is calculated using the straight-line method to allocate their cost over the estimated useful lives. Farmlands are not depreciated. Farmland improvements 5-25 years Buildings and facilities 20 years Furniture and fittings 10 years Computer equipment 3-5 years Machinery and equipment 4-10 years Vehicles 4-5 years Bearer plants 6 years - based on productivity

Right of use assets, net (Table

Right of use assets, net (Tables)	12 Months Ended
Right of use assets, net (Tables)	Dec. 31, 2022
Rights of Use [Abstract]
Schedule of Changes in Right of Use Assets	Changes in the Group’s right of use assets, net in 2022 and 2021 were as follows: Agricultural partnerships () Others Total At January 1, 2021 Opening net book amount 192,270 17,424 209,694 Exchange differences (10,191) (55) (10,246) Additions and re-measurements 95,030 15,497 110,527 Depreciation (41,138) (8,061) (49,199) Closing net book amount 235,971 24,805 260,776 At December 31, 2022 Opening net book amount 235,971 24,805 260,776 Exchange differences 13,223 1,593 14,816 Additions and re-measurements 140,724 7,204 147,928 Depreciation (56,356) (6,983) (63,339) Closing net book amount 333,562 26,619 360,181 ()

Investment property (Tables)

Investment property (Tables)	12 Months Ended
Investment property (Tables)	Dec. 31, 2022
Investment property [abstract]
Schedule of Detailed Information about Investment Property	Changes in the Group’s investment property in 2022 and 2021 were as follows: 2022 2021 Beginning of the year 32,132 31,179 Net loss from fair value adjustment (Note 8) (2,961) (4,331) Reclassification to property, plant and equipment (i) — (1,380) Exchange difference 4,159 6,664 End of the year 33,330 32,132 Fair value 33,330 32,132 Net book amount 33,330 32,132 (i) Relates with the expiration of contracts with third parties.

Intangible assets, net (Tables)

Intangible assets, net (Tables)	12 Months Ended
Intangible assets, net (Tables)	Dec. 31, 2022
Disclosure of detailed information about intangible assets [abstract]
Schedule of Change in Intangible Assets	Changes in the Group’s intangible assets, net in 2022 and 2021 were as follows: Goodwill Software Trademarks Others Total At January 1, 2021 Cost 14,482 11,799 9,118 441 35,840 Accumulated amortization — (6,535) (1,968) (407) (8,910) Net book amount 14,482 5,264 7,150 34 26,930 Year ended December 31, 2021 Opening net book amount 14,482 5,264 7,150 34 26,930 Exchange differences 2,144 595 1,407 (4) 4,142 Additions — 1,823 — 73 1,896 Amortization charge (i) — (1,197) (366) (68) (1,631) Closing net book amount 16,626 6,485 8,191 35 31,337 At December 31, 2021 Cost 16,626 14,217 10,525 510 41,878 Accumulated amortization — (7,732) (2,334) (475) (10,541) Net book amount 16,626 6,485 8,191 35 31,337 Year ended December 31, 2022 Opening net book amount 16,626 6,485 8,191 35 31,337 Exchange differences 1,918 732 900 1 3,551 Additions — 2,306 423 768 3,497 Amortization charge (i) — (1,781) (413) (71) (2,265) Closing net book amount 18,544 7,742 9,101 733 36,120 At December 31, 2022 Cost 18,544 17,255 11,848 1,279 48,926 Accumulated amortization — (9,513) (2,747) (546) (12,806) Net book amount 18,544 7,742 9,101 733 36,120 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2022 and 2021, respectively. There were no impairment charges for any of the years presented (see Note 32 (a)).

Biological assets (Tables)

Biological assets (Tables)	12 Months Ended
Biological assets (Tables)	Dec. 31, 2022
Agriculture1 [Abstract]
Schedule of Reconciliation of Changes in Biological Assets	Changes in the Group’s biological assets in 2022 and 2021 were as follows: 2022 Crops Rice Dairy All other Sugarcane Total Beginning of the year 54,886 42,729 18,979 7,257 71,327 195,178 Increase due to purchases — — — 3,732 — 3,732 Acquisition of subsidiaries (Note 21) — 1,676 — — — 1,676 Initial recognition and changes in fair value of biological assets (i) 65,574 15,323 27,257 (279) 108,066 215,941 Decrease due to harvest / disposals (240,469) (80,127) (79,474) (6,487) (202,298) (608,855) Costs incurred during the year 178,922 67,621 60,826 3,052 128,308 438,729 Exchange differences 7,089 5,530 2,457 939 4,028 20,043 End of the year 66,002 52,752 30,045 8,214 109,431 266,444 2021 Crops Rice Dairy All other Sugarcane Total Beginning of the year 43,787 29,062 12,933 4,703 75,208 165,693 Increase due to purchases — — — 1,559 — 1,559 Initial recognition and changes in fair value of biological assets (i) 73,990 43,834 19,895 1,362 88,659 227,740 Decrease due to harvest / disposals (224,788) (99,517) (67,230) (4,322) (208,175) (604,032) Costs incurred during the year 151,971 62,477 50,323 2,842 116,252 383,865 Exchange differences 9,926 6,873 3,058 1,113 (617) 20,353 End of the year 54,886 42,729 18,979 7,257 71,327 195,178 (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$26,978 for the year ended December 31, 2022 (2021: US$21,527). In 2022, an amount of US$4,653 (2021: US$1,824) was attributable to price changes, and an amount of US$22,325 ( 2021: US$19,433) 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, 2022: Crops Rice Dairy All other Sugar, Total Salaries, social security expenses and employee benefits 5,098 11,132 7,592 624 11,795 36,241 Depreciation and amortization — — — — 5,024 5,024 Depreciation of right of use assets — — — — 42,166 42,166 Fertilizers, agrochemicals and seeds 68,963 17,220 — 9 46,020 132,212 Fuel, lubricants and others 1,043 1,452 1,419 51 4,636 8,601 Maintenance and repairs 1,678 6,585 3,979 342 3,172 15,756 Freights 4,085 546 202 223 — 5,056 Contractors and services 49,521 22,317 — 17 8,620 80,475 Feeding expenses — — 24,940 372 — 25,312 Veterinary expenses — — 3,715 301 — 4,016 Energy power 39 5,447 1,286 8 — 6,780 Professional fees 551 403 309 2 489 1,754 Other taxes 1,270 184 14 69 128 1,665 Lease expense and similar arrangements 45,790 967 — 5 4,978 51,740 Others 884 1,368 386 64 1,280 3,982 Subtotal 178,922 67,621 43,842 2,087 128,308 420,780 Own agricultural produce consumed — — 16,984 965 — 17,949 Total 178,922 67,621 60,826 3,052 128,308 438,729 Cost of production for the year ended December 31, 2021: Crops Rice Dairy All other Sugar, Total Salaries, social security expenses and employee benefits 3,622 8,554 5,978 800 9,681 28,635 Depreciation and amortization — — — — 4,288 4,288 Depreciation of right of use assets — — — — 34,312 34,312 Fertilizers, agrochemicals and seeds 55,223 15,549 — — 45,053 115,825 Fuel, lubricants and others 691 745 1,061 60 3,298 5,855 Maintenance and repairs 1,021 7,489 3,106 345 2,287 14,248 Freights 3,752 950 179 76 — 4,957 Contractors and services 49,213 23,602 — 10 7,072 79,897 Feeding expenses — — 20,534 373 — 20,907 Veterinary expenses — — 3,485 217 — 3,702 Energy power 36 3,666 1,092 6 — 4,800 Professional fees 430 187 104 6 408 1,135 Other taxes 1,339 118 10 97 53 1,617 Lease expense and similar arrangements 34,122 — 1 2 9,024 43,149 Others 2,522 1,617 762 29 776 5,706 Subtotal 151,971 62,477 36,312 2,021 116,252 369,033 Own agricultural produce consumed — — 14,011 821 — 14,832 Total 151,971 62,477 50,323 2,842 116,252 383,865
Schedule of Detailed Information about Biological Assets	Biological assets in December 31, 2022 and 2021 were as follows: 2022 2021 Non-current Cattle for dairy production (i) 29,483 18,428 Breeding cattle (ii) 821 707 Other cattle (ii) 318 220 30,622 19,355 Current Breeding cattle (iii) 7,075 6,330 Other cattle (iii) 562 551 Sown land – crops (ii) 66,002 54,886 Sown land – rice (ii) 52,752 42,729 Sown land – sugarcane (ii) (iv) 109,431 71,327 235,822 175,823 Total biological assets 266,444 195,178 (i) Classified as bearer and mature biological assets. (ii) Classified as consumable and immature biological assets. (iii) Classified as consumable and mature biological assets.
Schedule of Biological Assets	The following table presents the Group’s biological assets that are measured at fair value at December 31, 2022 and 2021 (See Note 17 for a the description of each fair value level): 2022 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 29,483 — 29,483 — 18,428 — 18,428 Breeding cattle 7,896 — — 7,896 7,037 — — 7,037 Other cattle — 880 — 880 — 771 — 771 Sown land – sugarcane — — 109,431 109,431 — — 71,327 71,327 Sown land – crops — — 66,002 66,002 — — 54,886 54,886 Sown land – rice — — 52,752 52,752 — — 42,729 42,729 The following significant unobservable inputs were used to measure the Group’s biological assets using the discounted cash flow valuation technique: Description Unobservable Range of unobservable inputs Relationship of unobservable 2022 2021 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: 500-800 US$/ha -Harvest costs: 6.0-12.0 US$/tonnes of cane -Leasing costs: 12.0-14.4 tonnes/ha '-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 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; '- 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$/tonnes for Wheat, 16-65 US$/tonnes for Corn, 21-65 US$/tonnes for Soybean, 17-36 US$/tonnes for Sunflower and 28-46 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$/ha for Sunflower and 756-2000 US$/ha for Peanut '- Crops yield: 0.85 – 5.6 tonnes/ha for Wheat, 3.0 – 10 tonnes/ha for Corn, 1.1 - 4.0 tonnes/ha for Soybean, 1.7-2.5 for Sunflower and 2.5 - 3.6 tonnes/ha for Peanut - Commercial Costs: 17-54 US$/ha for Wheat, 14-62 US$/ha for Corn, 19-65 US$/ha for Soybean, 18-49 US$/ha for Sunflower and 36.0 - 69.0 US$/ha for Peanut - Production Costs: 166-899 US$/ha for Wheat, 334-1449 US$/ha for Corn, 214-1096 US$/ha for Soybean, 308-1005 US$/ha for Sunflower and 802.0 - 2,060.0 US$/ha for Peanut 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; '-Rice yield: 1.4 -9.2 tonnes/ha -Commercial Costs: 3-23 US$/ha -Production Costs: 760-1250 US$/ha '-Rice yield: 3.2 -10.1 tonnes/ha -Commercial Costs: 8-25 US$/ha -Production Costs: 810-1300 US$/ha The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value.

Financial instruments by cate_2

Financial instruments by category (Tables)	12 Months Ended
Financial instruments by category (Tables)	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Schedule of Financial Assets and Liabilities	The following tables show the carrying amounts of financial assets and financial liabilities by category of financial instrument and reconciliation to the corresponding line item in the statements of financial position, as appropriate. Since the line items “Trade and other receivables, net” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as other tax receivables or advance payments for services to be received in the future), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”. Financial assets at amortized cost Financial assets at fair Subtotal Non- Total December 31, 2022 Assets as per statement of financial position Trade and other receivables 108,025 — 108,025 120,353 228,378 Derivative financial instruments — 5,342 5,342 — 5,342 Restricted short term investment — 98,571 98,571 — 98,571 Cash and cash equivalents 230,653 — 230,653 — 230,653 Total 338,678 103,913 442,591 120,353 562,944 Financial Liabilities at Subtotal Non- Total Liabilities as per statement of financial position Trade and other payables 214,990 — 214,990 44,617 259,607 Borrowings (i) 1,007,752 — 1,007,752 — 1,007,752 Leases Liabilities 337,980 — 337,980 — 337,980 Derivative financial instruments (i) — 3,057 3,057 — 3,057 Total 1,560,722 3,057 1,563,779 44,617 1,608,396 Financial assets at amortized cost Financial assets at fair Subtotal Non- Total December 31, 2021 Assets as per statement of financial position Trade and other receivables 101,371 — 101,371 86,709 188,080 Derivative financial instruments — 1,585 1,585 — 1,585 Cash and cash equivalents 199,766 — 199,766 — 199,766 Total 301,137 1,585 302,722 86,709 389,431 Financial Liabilities at Subtotal Non- Total Liabilities as per statement of financial position Trade and other payables 153,459 — 153,459 15,571 169,030 Borrowings (i) 817,651 — 817,651 — 817,651 Leases Liabilities 246,854 — 246,854 — 246,854 Derivative financial instruments (i) — 1,283 1,283 — 1,283 Total 1,217,964 1,283 1,219,247 15,571 1,234,818
Schedule of Income, Expense, Gains and Losses on Financial Instruments	Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial asset / liabilities at amortized cost Assets/ liabilities Total December 31, 2022 Interest income (i) 5,117 664 5,781 Interest expense (i) (50,037) — (50,037) Foreign exchange gain (i) 19,278 — 19,278 Loss from derivative financial instruments (ii) (4,472) (4,754) (9,226) Finance cost related to lease liabilities (31,113) — (31,113) Financial assets / liabilities at amortized cost Assets/ liabilities Total December 31, 2021 Interest income (i) 4,081 — 4,081 Interest expense (i) (62,536) — (62,536) Foreign exchange gains losses (i) 18,939 — 18,939 Loss from derivative financial instruments (ii) — (15,478) (15,478) Finance cost related to lease liabilities (16,502) — (16,502) (i) Included in “Financial Results, net” in the consolidated statement of income. (ii) Included in “Other operating income, net” and “Financial Results, net” in the consolidated statement of income.
Schedule of Fair Value Measurement of Assets and Liabilities	The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2022 and 2021 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2022 134 5,208 5,342 Restricted short-term investment (1) 2022 98,571 — 98,571 Derivative financial instruments 2021 828 757 1,585 Liabilities Derivative financial instruments 2022 (2,800) (257) (3,057) Derivative financial instruments 2021 (1,283) — (1,283) (1) US-Treasury Bills with maturity from the date of acquisition longer than 90 days used as collateral for short-term borrowings. These investments are not available for use by other entities of the Group. See Note 26. When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for this purpose, details of which may be obtained from the following table: Class Pricing Method Parameters Pricing Model Level Total Futures Quoted price — — 1 (2,689) Non derivable future (“NDF”) Quoted price Swap curve Present value method 2 (160) NDF Quoted price Foreign-exchange curve Present value method 1 23 Interest-rate swaps Theoretical price Money market interest-rate curve Present value method 2 5,111 US-Treasury Bills Quoted price — — 1 98,571

Trade and other receivables, _2

Trade and other receivables, net (Tables)	12 Months Ended
Trade and other receivables, net (Tables)	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Current and Non-Current Trade and Other Receivables	2022 2021 Non-current Advances to suppliers 3,680 952 Income tax credits 9,119 6,862 Non-income tax credits (i) 18,688 19,156 Judicial deposits 1,831 1,674 Receivable from disposal of subsidiary (Note 21) 8,478 9,830 Other receivables 2,762 3,757 Non-current portion 44,558 42,231 Current Trade receivables 81,707 63,726 Less: Allowance for trade receivables (4,266) (3,023) Trade receivables – net 77,441 60,703 Prepaid expenses 6,875 9,405 Advances to suppliers 42,966 19,074 Income tax credits 1,089 1,846 Non-income tax credits (i) 37,936 29,414 Receivable from disposal of subsidiary (Note 21) 4,664 17,259 Cash collateral 1,365 21 Other receivables 11,484 8,127 Subtotal 106,379 85,146 Current portion 183,820 145,849 Total trade and other receivables, net 228,378 188,080 (i) Includes US$158 (2021: US$303) reclassified from property, plant and equipment.
Schedule of Carrying Amounts of Trade and Other Receivables by Currency	The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies (expressed in U.S. Dollars): 2022 2021 Currency U.S. Dollar 89,760 62,604 Argentine Peso 54,801 55,260 Uruguayan Peso 2,229 460 Brazilian Reais 81,588 69,756 228,378 188,080
Schedule of Reconciliation of Changes in Allowance for Trade Receivables	Movements on the Group’s allowance for trade receivables are as follows: 2022 2021 2020 At January 1 3,023 3,965 3,773 Charge of the year 3,570 2,022 2,192 Unused amounts reversed (661) (970) (769) Used during the year (100) (1,456) (446) Exchange differences (1,566) (538) (785) At December 31 4,266 3,023 3,965

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2022
Disclosure of Inventories [Abstract]
Schedule of Current Inventories	2022 2021 Raw materials 121,306 101,270 Finished goods (Note 5) 152,716 138,254 274,022 239,524

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
Cash and cash equivalents (Tables)	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Cash and Cash Equivalents	2022 2021 Cash at bank and on hand 146,242 152,721 Short-term bank deposits 84,411 47,045 230,653 199,766

Acquisitions and disposals (Tab

Acquisitions and disposals (Tables)	12 Months Ended
Acquisitions and disposals (Tables)	Dec. 31, 2022
Disclosure of detailed information about business combination [abstract]
Disclosure of business combinations	The following table summarizes the purchase price: Purchase consideration: Amount paid in cash 1,512 Amounts to be paid in installments () 16,242 Total purchase consideration 17,754 Fair value of net assets acquired 27,507 Bargain purchase on acquisition over the total purchase consideration 9,753 During 2022, an amount of US$ 634 of the installments was paid. () Amounts to be paid in installments were discounted at present value as of the date of acquisition at a 6.5% discount rate. The assets and liabilities at the date of acquisition are as follows: Cash and cash equivalents 3,266 Trade and other receivables 21,068 Inventories 50,891 Biological assets 1,676 Property, plant and equipment 21,479 Total Assets 98,380 Trade and other payables (50,062) Payroll and other liabilities (961) Borrowings (17,738) Deferred income tax liabilities (1,812) Provision for other liabilities (300) Total Liabilities (70,873) Fair value of Net Assets Acquired 27,507 The following table summarizes the sales of goods and services rendered and profit from operations of the subsidiaries acquired included in the consolidated financial statements of income for the year end December 31, 2022 as from the date of acquisition: Period from the date of acquisition to December 31 2022 Sales of goods and services rendered 61,363 Profit from operations 6,131

Shareholders' contributions (Ta

Shareholders' contributions (Tables)	12 Months Ended
Shareholders' contributions (Tables)	Dec. 31, 2022
Statement of changes in equity [abstract]
Schedule of Share Capital	Number of shares Share capital and At January 1, 2020 122,382 1,085,312 Restricted shares granted and units vested (Note 23) — 4,182 Purchase of own shares — (3,106) At December 31, 2020 122,382 1,086,388 Restricted shares granted and units vested (Note 23) — 3,594 Purchase of own shares — (55,349) At December 31, 2021 122,382 1,034,633 Reduction of issued share capital of the company (11,000) (16,500) Employee share options exercised (Note 22) (1) — 2,432 Restricted shares granted (Note 23) — 4,647 Purchase of own shares — (29,970) Dividends paid to shareholders — (35,000) At December 31, 2022 111,382 960,242 (1) Treasury shares were used to settle these options, units and grants.

Equity-settled share-based pa_2

Equity-settled share-based payments (Tables)	12 Months Ended
Equity-settled share-based payments (Tables)	Dec. 31, 2022
Share-Based Payment Arrangements [Abstract]
Schedule of Share Options	Movements in the number of equity-settled options outstanding and their related weighted average exercise prices under the Adecoagro/ IFH 2004 Stock Incentive Option Plan are as follows: 2022 2021 2020 Average Options Average Options Average Options At January 1 6.66 1,634 6.66 1,634 6.66 1,634 Exercised 6.77 (313) — — — — At December 31 6.66 1,321 6.66 1,634 6.66 1,634 Options outstanding at year end under this Plan have the following expiry date and exercise prices: Exercise Shares (in thousands) Expiry date (i): 2022 2021 2020 May 1, 2024 5.83 400 496 496 May 1, 2025 5.83 369 452 452 January 1, 2026 5.83 124 142 142 February 16, 2026 7.11 84 103 103 October 1, 2026 8.62 344 441 441 (i) On May 2014, the Board of Directors decided to extend the expired date of the Plan.
Schedule of Indirect Measurement of Fair Value of Goods or Services Received	Key grant-date fair value and other assumptions under the Restricted Share Plan are detailed below: Grant Date Apr 1, May 12, Apr 1, May 13, Apr 1, Apr 20, Fair value 5.65 7.45 7.84 9.54 10.87 12.60
Schedule of Other Equity Instruments	Movements in the number of restricted shares outstanding under the Restricted Share Plan are as follows: Restricted shares (thousand) Restricted stock units (thousands) 2022 2021 2020 2021 2020 At January 1 1,766 1,222 750 174 508 Granted (1) 1,406 1,067 751 — — Forfeited (43) (32) (24) — (10) Vested (828) (491) (255) (174) (324) At December 31 2,301 1,766 1,222 — 174 (1) Approved by the Board of Directors of March 11, 2022 and the Shareholders Meeting of April 20, 2022.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
Trade and other payables (Tables)	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Trade and Other Payables	2022 2021 Non-current Trade payables 4,175 — Payable from acquisition of subsidiary (Note 21) 12,646 — Other payables 389 284 17,210 284 Current Trade payables 193,127 151,979 Advances from customers 35,749 8,705 Taxes payable 8,868 6,866 Payable from acquisition of subsidiary (Note 21) 3,575 — Other payables 1,078 1,196 242,397 168,746 Total trade and other payables 259,607 169,030

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
Borrowings (Tables)	Dec. 31, 2022
Financial Instruments [Abstract]
Schedule of Detailed Information about Borrowings	2022 2021 Non-current Senior Notes 497,901 497,455 Bank borrowings 230,082 208,032 727,983 705,487 Current Senior Notes 8,250 8,250 Bank overdrafts 48,058 11,768 Bank borrowings 223,461 92,146 279,769 112,164 Total borrowings 1,007,752 817,651 The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows: 2022 2021 Fixed rate: Less than 1 year 272,900 104,349 Between 1 and 2 years 27,720 12,503 Between 2 and 3 years 2,222 12,500 Between 3 and 4 years — — More than 5 years 497,901 497,455 800,743 626,807 Variable rate: Less than 1 year 6,869 7,815 Between 1 and 2 years 35,355 5,075 Between 2 and 3 years 32,851 31,754 Between 3 and 4 years 80,115 29,255 Between 4 and 5 years 50,211 71,045 More than 5 years 1,608 45,900 207,009 190,844 1,007,752 817,651 The main loans of the Group’s Brazilian Subsidiaries are: Bank Grant date Nominal amount Capital outstanding as of December 31 Maturity date Annual interest rate 2022 2021 (In millions) Millions of Millions of equivalent Dollars Millions of Banco do Brasil / Itaú BBA (FINEM) (1) September 2013 R$ 273.0 R$ 273.0 52.32 4.75 January 2023 4.68% Certificados Recebíveis do Agronegócio (CRA) December 2019 R$ 400.0 R$ 400.0 76.66 83.68 November 2027 3.80% + IPCA Debênture December 2020 R$ 400.0 R$ 400.0 76.66 80.10 December 2026 4.24% + IPCA Banco do Brasil (CCB) December 2020 R$ 30.0 R$ 30.0 5.75 5.48 January 2024 CDI + 2.32% Banco Itaú BBA (NCR) April 2022 R$ 20.0 R$ 20.0 3.83 — March 2024 13.23% (1) Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts. The main loans of the Group’s Argentinian Subsidiaries are: Bank Grant date Nominal Capital outstanding as of Maturity date Annual interest rate 2022 2021 (In millions) (In millions) (In millions) Rabobank (1) 2018 US$50.0 25.00 37.50 June, 2024 6.17% IFC Tranche A (2) 2020 US$12.6 10.66 12.35 June, 2028 4% plus LIBOR IFC Tranche B (2) 2020 US$9.4 7.96 9.22 June, 2028 4% plus LIBOR (1) Collateralized by the pledged of the shares of Dinaluca S.A., Compañía Agroforestal S.M.S.A. and Girasoles del Plata S.A. (2) Collateralized by a US$241.8 million mortgage over Carmen, Abolengo, San Carlos, Las Horquetas, and La Rosa farms, which are property of Adeco Agropecuaria S.A. A US$35.7 million mortgage over El Meridiano farm, which is property of Pilaga S.A. and a US$44.3 million mortgage over Santa Lucia farm, which is property of Bañados del Salado S.A. Evolution of the Group's borrowings as December 31, 2022 and 2021 is as follow: 2022 2021 Amount at the beginning of the year 817,651 971,090 Proceeds from long term borrowings 41,082 30,972 Payments of long term borrowings (14,012) (108,425) Proceeds from short term borrowings 347,928 286,115 Payments of short term borrowings (192,648) (328,463) Payments of interest (1) (33,189) (49,592) Accrued interest 51,596 48,791 Acquisition of subsidiaries (Note 21) 17,738 — Exchange differences, inflation and translation, net (30,489) (52,693) Others 2,095 19,856 Amount at the end of the year 1,007,752 817,651 (1) Excludes payment of interest related to trade and other payables.

Lease liabilities (Tables)

Lease liabilities (Tables)	12 Months Ended
Lease liabilities (Tables)	Dec. 31, 2022
Disclosure of leases [Abstract]
Schedule of Lease Liabilities	2022 2021 Lease liabilities Non-current 283,549 201,718 Current 54,431 45,136 337,980 246,854
Schedule of Maturity Lease Liabilities	The maturity of the Group’s lease liabilities is as follows: 2022 2021 Less than 1 year 54,431 45,136 Between 1 and 2 years 61,931 44,847 Between 2 and 3 years 50,839 38,745 Between 3 and 4 years 41,781 30,085 Between 4 and 5 years 31,231 24,072 More than 5 years 97,767 63,969 337,980 246,854
Summary of Lease Liability Activity	Agricultural "partnerships" Others Total Amount at the beginning of the year 2021 178,423 17,349 195,772 Exchange differences (11,698) 51 (11,647) Additions and re-measurement 93,091 15,409 108,500 Payments (53,206) (9,067) (62,273) Finance cost related to lease liabilities 15,403 1,099 16,502 Closing net book amount 222,013 24,841 246,854 Amount at the beginning of the year 2022 222,013 24,841 246,854 Exchange differences 10,230 4,433 14,663 Additions and re-measurement 143,952 9,898 153,850 Disposal (3,277) (2,644) (5,921) Payments (89,806) (12,773) (102,579) Finance cost related to lease liabilities 28,954 2,159 31,113 Closing net book amount 312,066 25,914 337,980

Payroll and social security l_2

Payroll and social security liabilities (Tables)	12 Months Ended
Payroll and social security liabilities (Tables)	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Payroll and Social Security Liabilities	2022 2021 Non-current Social security payable 1,581 1,243 1,581 1,243 Current Salaries payable 4,050 2,617 Social security payable 4,693 3,499 Provision for vacations 11,487 8,136 Provision for bonuses 9,734 10,799 29,964 25,051 Total payroll and social security liabilities 31,545 26,294

Provisions for other liabilit_2

Provisions for other liabilities (Tables)	12 Months Ended
Provisions for other liabilities (Tables)	Dec. 31, 2022
Disclosure of other provisions [abstract]
Schedule of Changes in Provisions for Other Liabilities	The table below shows the movements in the Group's provisions for other liabilities categorized by type of provision: Labor, legal and Others Total At January 1, 2021 2,864 1,495 4,359 Additions 917 3,475 4,392 Used during year (1,028) (1,455) (2,483) Exchange differences (226) (56) (282) At December 31, 2021 2,527 3,459 5,986 Additions 1,347 400 1,747 Acquisition of subsidiaries 300 — 300 Used during year (1,237) (3,416) (4,653) Exchange differences 92 (37) 55 At December 31, 2022 3,029 406 3,435 Analysis of total provisions: 2022 2021 Non current 2,526 2,565 Current 909 3,421 3,435 5,986

Group companies (Tables)

Group companies (Tables)	12 Months Ended
Group companies (Tables)	Dec. 31, 2022
Disclosure of subsidiaries [abstract]
Schedule of Interests in Subsidiaries	The following table details the subsidiaries that comprised the Group as of December 31, 2022 and 2021: 2022 2021 Activities Country of Ownership Ownership Details of principal subsidiary undertakings: Operating companies (unless otherwise stated): Adeco Agropecuaria S.A. (a) Argentina — — Pilagá S.A. (a) Argentina 99.94 % 99.94 % Cavok S.A. (a) Argentina 51 % 51 % Establecimientos El Orden S.A. (a) Argentina 51 % 51 % Bañado del Salado S.A. (a) Argentina — — Agro Invest S.A. (a) Argentina 51 % 51 % Forsalta S.A. (a) Argentina 51 % 51 % Dinaluca S.A. (a) Argentina — — Compañía Agroforestal S.M.S.A. (a) Argentina — — Energía Agro S.A.U. (a) Argentina — — L3N S.A. (d) Argentina — — Maní del Plata S.A. (a) Argentina — — Girasoles del Plata S.A. (a) Argentina — — Molinos Libres S.A.U. (a) Argentina — — Adeco Agropecuaria Brasil Ltda. (b) Brazil — — Adecoagro Vale do Ivinhema S.A. ("AVI") (b) Brazil — — Usina Monte Alegre Ltda. ("UMA") (b) Brazil — — Adecoagro GD LTDA. (b) Brazil — — Monte Alegre Combustiveis Ltda. (b) Brazil — — Adecoagro Energia Ltda. (b) Brazil — — Adecoagro Agricultura e Participação Ltda. (b) Brazil — — Methanum Engenharia Ambiental Ltda. (b) Brazil — — Angelica Energia Ltda. (b) Brazil — — Ivinhema Energia Ltda. (b) Brazil — — Kelizer S.A. (a) Uruguay — — Adecoagro Uruguay S.A. (a) Uruguay — — Arroz del Plata S.A. (ex Viterra Uruguay S.A.) (a) Uruguay — — Paso Dragón S.A. (a) Uruguay — — Adecoagro Chile S.P.A (a) Chile — — Holdings companies: Adecoagro Brasil Participações S.A. — Brazil — — Adecoagro LP S.C.S. — Luxembourg — — Adecoagro GP S.a.r.l. — Luxembourg — — Ladelux S.A. — Uruguay — — Spain Holding Companies (c) Spain — — (a) Mainly crops, rice, cattle and others. (b) Mainly sugarcane, ethanol and energy. (c) Comprised by (1) wholly owned subsidiaries: Kadesh Hispania S.L.U.; Leterton España S.L.U.; Global Asterion S.L.U.; Global Acasto S.L.U.; Global Laertes S.L.U.; Global Pindaro S.L.U.; Global Pileo S.L.U.; Peak Texas S.L.U.; Global Neimoidia S.L.U. and 51% controlled subsidiaries; Global Acamante S.L.U.; Global Carelio S.L.U.; Global Calidon S.L.U.; Global Mirabilis S.L.U. Global Anceo S.L.U.Global Hisingen S.L.U. (d) Mainly dairy.

Related-party transactions (Tab

Related-party transactions (Tables)	12 Months Ended
Related-party transactions (Tables)	Dec. 31, 2022
Related Party [Abstract]
Schedule of Balances and Transactions with Related Parties	The following is a summary of the balances and transactions with related parties: Related party Relationship Description of transaction Income (loss) included in the Balance receivable 2022 2021 2020 2022 2021 Management and selected employees Employment Compensation selected employees (11,497) (7,883) (5,232) (18,917) (16,198)

Critical accounting estimates_2

Critical accounting estimates and judgments (Tables)	12 Months Ended
Critical accounting estimates and judgments (Tables)	Dec. 31, 2022
Disclosure of Changes in Accounting Policies, Accounting Estimates and Errors [Abstract]
Schedule of Goodwill Allocated	The following table shows only the 10 CGUs (2021: 10 CGUs) where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one: CGU / Operating segment / Country September 30, 2022 September 30, 2021 La Carolina / Crops / Argentina 242 197 La Carolina / Cattle / Argentina 39 32 El Orden / Crops / Argentina 260 212 El Orden / Cattle / Argentina 9 8 La Guarida / Crops / Argentina 1,726 1,407 La Guarida / Cattle / Argentina 889 725 Los Guayacanes / Crops / Argentina 3,196 2,606 Doña Marina / Rice / Argentina 5,565 4,536 El Colorado / Crops / Argentina 2,768 2,256 El Colorado / Cattle / Argentina 27 22 Closing net book value of goodwill allocated to CGUs tested (Note 15) 14,721 12,001 Closing net book value of PPE items allocated to CGUs tested 143,585 143,064 Total assets allocated to CGUs tested 158,306 155,065
Schedule of Key Assumptions in Valuation Calculations	The key assumptions used by management in the value-in-use calculations which are considered to be most sensitive to the calculation are: Key Assumptions September 30, 2022 September 30, 2021 Financial projections Covers 5 years for UMA () Covers 5 years for UMA () Covers 5 years for AVI () Covers 5 years for AVI () Yield average growth rates 0-1% 0-1% Future pricing increases 1.21% per annum 1.76% per annum Future cost decrease 0.25% per annum 0.33% per annum Discount rates 5% 4% Perpetuity growth rate 1% 1% () UMA stands for Usina Monte Alegre LTDA. (*) AVI stands for Adecoagro Vale Do Ivinhema S.A. The following table shows only the 2 CGUs where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one: CGU/ Operating segment September 30, 2022 September 30, 2021 AVI / Sugar, Ethanol and Energy 2,937 2,919 UMA / Sugar, Ethanol and Energy 1,102 1,095 Closing net book value of goodwill allocated to CGUs tested (Note 15) 4,039 4,014 Closing net book value of PPE items allocated to CGUs tested 518,814 469,434 Total assets allocated to 2 CGUs tested 522,853 473,448

General information - Narrative

General information - Narrative (Details)	12 Months Ended
General information - Narrative (Details)	Dec. 31, 2022 businessLine segment
Disclosure of operating segments [line items]
Number of major lines of business \| businessLine	3
Farming
Disclosure of operating segments [line items]
Number of segments \| segment	3

Financial risk management - Net

Financial risk management - Net Monetary Position (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (1,121,188)	$ (916,525)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(217,659)	(33,002)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(481,232)	(396,288)
U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(420,130)	(485,398)
Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(2,167)	(1,837)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(396,978)	(300,450)
Argentine Peso \| Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(217,659)	(33,002)
Argentine Peso \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(179,319)	(267,448)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(771,598)	(666,501)
Brazilian Reais \| Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(481,232)	(396,288)
Brazilian Reais \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(290,366)	(270,213)
Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	20,643	19,936
Uruguayan Peso \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	22,810	21,773
Uruguayan Peso \| Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(2,167)	(1,837)
U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	26,745	30,490
U.S. Dollar \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 26,745	$ 30,490

Financial risk management - Nar

Financial risk management - Narrative (Details) $ in Thousands, R$ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) ARS ($) customer bank	Dec. 31, 2021 USD ($) customer bank	Dec. 31, 2020 USD ($)	Dec. 31, 2022 BRL (R$) ARS ($)	Apr. 30, 2022 BRL (R$)	Dec. 31, 2019 USD ($)
Disclosure of major customers [line items]
Closing foreign exchange rate	177			177
Proportion of sales designated for hedging activities (as a percent)	10%	10%
Gain (loss) on hedge ineffectiveness recognized in other comprehensive income	$ (15,621)	$ (10,565)	$ (46,145)
Reclassification adjustments on cash flow hedges for which hedged item affected profit or loss, net of tax	41,371	54,650	26,031
Cash and cash equivalents	230,653	199,766	336,282			$ 290,276
Borrowings	$ 1,007,752	$ 817,651	971,090
Number of major banks \| bank	4	4
Gearing ratio	46%	44%		46%
Banco Itaú BBA (NCR) \| Brazilian Subsidiaries
Disclosure of major customers [line items]
Borrowings	$ 3,830	$ 0		R$ 20.0
Notional amount \| R$				R$ 20.0
Interest rate on borrowings (as a percent)	13.23%			13.23%	13.23%
Floating interest rate \| Banco Itaú BBA (NCR) \| Brazilian Subsidiaries
Disclosure of major customers [line items]
Interest rate on borrowings (as a percent)					1.29%
Forward contract
Disclosure of major customers [line items]
Notional amount	$ 89,900	$ 75,900	42,200
Bottom of range
Disclosure of major customers [line items]
Gearing ratio	40%			40%
Bottom of range \| Fixed interest rate \| Brazilian Subsidiaries
Disclosure of major customers [line items]
Interest rate on borrowings (as a percent)	2%			2%
Top of range
Disclosure of major customers [line items]
Gearing ratio	60%			60%
Top of range \| Fixed interest rate \| Brazilian Subsidiaries
Disclosure of major customers [line items]
Interest rate on borrowings (as a percent)	13.23%			13.23%
Credit risk
Disclosure of major customers [line items]
Number of major banks \| bank	2
Proportion of total cash deposited in major banks (as a percent)	86%	81%
Credit risk \| Crops
Disclosure of major customers [line items]
Proportion of sales (as a percent)	71%	73%
Number of well-known customers \| customer	34	27
Credit risk \| Ethanol
Disclosure of major customers [line items]
Proportion of sales (as a percent)	100%	100%
Number of well-known customers \| customer	66	39
Credit risk \| Sugar
Disclosure of major customers [line items]
Proportion of sales (as a percent)	100%	86%
Number of well-known customers \| customer	158	124
Credit risk \| Energy
Disclosure of major customers [line items]
Proportion of sales (as a percent)	94%	95%
Number of well-known customers \| customer	59	72
Credit risk \| Dairy
Disclosure of major customers [line items]
Proportion of sales (as a percent)	62%	67%
Number of well-known customers \| customer	53	18
Credit risk \| Rice
Disclosure of major customers [line items]
Proportion of sales (as a percent)	74%	68%
Number of well-known customers \| customer	79	28
Interest rate risk
Disclosure of major customers [line items]
Borrowings	$ 1,007,752	$ 817,651
Interest rate risk \| Itau BBA FINAME Loan
Disclosure of major customers [line items]
Notional amount			$ 400,000
Interest rate risk \| Itau BBA FINAME Loan Due March 2024
Disclosure of major customers [line items]
Notional amount \| R$					R$ 20.0
Interest rate risk \| Floating interest rate
Disclosure of major customers [line items]
Interest rate on borrowings (as a percent)			1.85%
Interest rate risk \| Fixed interest rate
Disclosure of major customers [line items]
Interest rate on borrowings (as a percent)			4.24%
Currency risk
Disclosure of major customers [line items]
Sensitivity analysis for types of market risk (as a percent)	10%	10%
Argentine Peso \| Currency risk \| Swap contract
Disclosure of major customers [line items]
Gain (loss) on hedge ineffectiveness recognised in profit or loss	$ (2,200)	$ 2,100
Brazilian Reais \| Currency risk \| Forward contract
Disclosure of major customers [line items]
Notional amount	4,000
Brazilian Reais \| Currency risk \| Swap contract
Disclosure of major customers [line items]
Gain (loss) on hedge ineffectiveness recognised in profit or loss	(90)
Euro Member Countries, Euro \| Currency risk \| Forward contract
Disclosure of major customers [line items]
Notional amount	2,200
Gain (loss) on hedge ineffectiveness recognised in profit or loss	$ (160)	$ 0

Financial risk management - Cur

Financial risk management - Currency Appreciation/Depreciation Effects on Net Monetary Position (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (1,121,188)	$ (916,525)
U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(420,130)	(485,398)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(396,978)	(300,450)
Argentine Peso \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(179,319)	(267,448)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(771,598)	(666,501)
Brazilian Reais \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(290,366)	(270,213)
Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	20,643	19,936
Uruguayan Peso \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	22,810	21,773
Currency risk \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(44,688)	(51,589)
Currency risk \| Argentine Peso \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(17,932)	(26,745)
Currency risk \| Brazilian Reais \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(29,037)	(27,021)
Currency risk \| Uruguayan Peso \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 2,281	$ 2,177

Financial risk management - Mat

Financial risk management - Maturity Analysis Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	$ 214,990	$ 153,459
Borrowings	1,199,784	1,033,876
Leases Liabilities	502,642	352,361
Derivative financial instruments	3,057	1,283
Total	1,920,473	1,540,979
Less than 1 year
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	197,780	153,175
Borrowings	322,923	153,311
Leases Liabilities	67,181	53,384
Derivative financial instruments	2,961	1,283
Total	590,845	361,153
Between 1 and 2 years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	16,843	15
Borrowings	103,844	57,849
Leases Liabilities	80,986	53,172
Derivative financial instruments	96	0
Total	201,769	111,036
Between 2 and 5 years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	31	22
Borrowings	772,634	245,538
Leases Liabilities	168,565	122,625
Derivative financial instruments	0	0
Total	941,230	368,185
Over 5 Years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	336	247
Borrowings	383	577,178
Leases Liabilities	185,910	123,180
Derivative financial instruments	0	0
Total	$ 186,629	$ 700,605

Financial risk management - Ana

Financial risk management - Analysis of Borrowings after Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (1,121,188)	$ (916,525)
Total borrowings	1,007,752	817,651	$ 971,090
Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Total borrowings	1,007,752	817,651
Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	800,743	626,807
Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	207,009	190,844
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(217,659)	(33,002)
Argentine Peso \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	195,982	11,769
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(481,232)	(396,288)
Brazilian Reais \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	4,476	10,887
Brazilian Reais \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	188,801	169,597
U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(420,130)	(485,398)
U.S. Dollar \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	600,285	604,151
U.S. Dollar \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	18,208	21,247
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(396,978)	(300,450)
Argentine Peso \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Total borrowings	276,129	128,018
Argentine Peso \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	258,033	108,225
Argentine Peso \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	18,096	19,793
Argentine Peso \| Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(217,659)	(33,002)
Argentine Peso \| Argentine Peso \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	195,982	11,769
Argentine Peso \| Brazilian Reais \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Argentine Peso \| Brazilian Reais \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Argentine Peso \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(179,319)	(267,448)
Argentine Peso \| U.S. Dollar \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	62,051	96,456
Argentine Peso \| U.S. Dollar \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	18,096	19,793
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(771,598)	(666,501)
Brazilian Reais \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Total borrowings	581,739	524,460
Brazilian Reais \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	392,826	353,409
Brazilian Reais \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	188,913	171,051
Brazilian Reais \| Argentine Peso \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Brazilian Reais \| Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(481,232)	(396,288)
Brazilian Reais \| Brazilian Reais \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	4,476	10,887
Brazilian Reais \| Brazilian Reais \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	188,801	169,597
Brazilian Reais \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(290,366)	(270,213)
Brazilian Reais \| U.S. Dollar \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	388,350	342,522
Brazilian Reais \| U.S. Dollar \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	112	1,454
Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	20,643	19,936
Uruguayan Peso \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Total borrowings	0	0
Uruguayan Peso \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Uruguayan Peso \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Uruguayan Peso \| Argentine Peso \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Uruguayan Peso \| Brazilian Reais \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Uruguayan Peso \| Brazilian Reais \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Uruguayan Peso \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	22,810	21,773
Uruguayan Peso \| U.S. Dollar \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Uruguayan Peso \| U.S. Dollar \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	26,745	30,490
U.S. Dollar \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Total borrowings	149,884	165,173
U.S. Dollar \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	149,884	165,173
U.S. Dollar \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
U.S. Dollar \| Argentine Peso \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
U.S. Dollar \| Brazilian Reais \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
U.S. Dollar \| Brazilian Reais \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
U.S. Dollar \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	26,745	30,490
U.S. Dollar \| U.S. Dollar \| Fixed interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	149,884	165,173
U.S. Dollar \| U.S. Dollar \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 0	$ 0

Financial risk management - Flo

Financial risk management - Floating Rate Risk Effects on Profit Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	$ 135,364	$ 174,554	$ 13,395
Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(2,070)	(1,909)
Floating interest rate \| Interest rate risk \| Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(181)	(198)
Floating interest rate \| Interest rate risk \| Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(1,889)	(1,711)
Floating interest rate \| Interest rate risk \| Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
Floating interest rate \| Interest rate risk \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
Brazilian Reais \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(1,888)	(1,696)
Brazilian Reais \| Floating interest rate \| Interest rate risk \| Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
Brazilian Reais \| Floating interest rate \| Interest rate risk \| Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(1,888)	(1,696)
Brazilian Reais \| Floating interest rate \| Interest rate risk \| Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
Brazilian Reais \| Floating interest rate \| Interest rate risk \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
U.S. Dollar \| Floating interest rate \| Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(182)	(213)
U.S. Dollar \| Floating interest rate \| Interest rate risk \| Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(181)	(198)
U.S. Dollar \| Floating interest rate \| Interest rate risk \| Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(1)	(15)
U.S. Dollar \| Floating interest rate \| Interest rate risk \| Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
U.S. Dollar \| Floating interest rate \| Interest rate risk \| U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	$ 0	$ 0

Financial risk management - Cap

Financial risk management - Capital Risk Management (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [abstract]
Total borrowings	$ 1,007,752	$ 817,651	$ 971,090
Total equity	1,163,643	1,047,830	$ 963,724	$ 1,028,883
Total capital	$ 2,171,395	$ 1,865,481
Gearing ratio	46%	44%

Financial risk management - Der

Financial risk management - Derivative Contracts (Details) biological_asset in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) biological_asset	Dec. 31, 2021 USD ($) biological_asset
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset \| biological_asset	147	148
Notional amount	$ 20,081	$ 54,639
Fair Value Asset/ (Liability)	(2,689)	(455)
(Loss)/Gain	$ (2,941)	$ (834)
Corn \| Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset \| biological_asset	5	6
Notional amount	$ 992	$ 935
Fair Value Asset/ (Liability)	(193)	157
(Loss)/Gain	$ (193)	$ 157
Soybean \| Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset \| biological_asset	34	55
Notional amount	$ 12,696	$ 17,782
Fair Value Asset/ (Liability)	(1,081)	(1,283)
(Loss)/Gain	$ (1,085)	$ (1,283)
Wheat \| Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset \| biological_asset	9
Notional amount	$ 2,956
Fair Value Asset/ (Liability)	111
(Loss)/Gain	$ 115
Sugar \| Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset \| biological_asset	99	87
Notional amount	$ 3,437	$ 35,922
Fair Value Asset/ (Liability)	(1,526)	671
(Loss)/Gain	$ (1,778)	$ 292

Segment information - Narrative

Segment information - Narrative (Details)	12 Months Ended
Segment information - Narrative (Details)	Dec. 31, 2022 businessLine segment
Disclosure of operating segments [line items]
Number of major lines of business \| businessLine	3
Farming
Disclosure of operating segments [line items]
Number of segments \| segment	3

Segment information - Reconcili

Segment information - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Sales of goods and services rendered	$ 1,347,724	$ 1,124,352	$ 817,764
Cost of goods sold and services rendered	(1,075,747)	(854,965)	(611,946)
Initial recognition and changes in fair value of biological assets and agricultural produce	215,941	227,740	122,729
Changes in net realizable value of agricultural produce after harvest	(22,293)	(12,879)	7,005
Margin on manufacturing and agricultural activities before operating expenses	465,625	484,248	335,552
General and administrative expenses	(84,287)	(69,794)	(53,428)
Selling expenses	(143,515)	(117,662)	(95,058)
Other operating income / (expense), net	1,870	(18,768)	1,987
Bargain purchase gain on acquisition	10,107	0	0
Profit from operations	249,800	278,024	189,053
Depreciation and amortization	(191,040)	(168,928)	(141,872)
Net (loss) / gain from Fair value adjustment of investment property	(2,961)	(4,331)	1,077
IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(3,983)	26,629	(4,711)
Cost of goods sold and services rendered	2,990	(20,903)	3,829
Initial recognition and changes in fair value of biological assets and agricultural produce	1,753	16,542	(2,013)
Changes in net realizable value of agricultural produce after harvest	136	(1,221)	(71)
Margin on manufacturing and agricultural activities before operating expenses	896	21,047	(2,966)
General and administrative expenses	220	(4,159)	710
Selling expenses	516	(4,815)	808
Other operating income / (expense), net	(823)	(650)	(46)
Bargain purchase gain on acquisition	37
Profit from operations	846	11,423	(1,494)
Depreciation and amortization	165	(2,309)	416
Net (loss) / gain from Fair value adjustment of investment property	(197)	(447)	(3)
Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	1,351,707	1,097,723	822,475
Cost of goods sold and services rendered	(1,078,737)	(834,062)	(615,775)
Initial recognition and changes in fair value of biological assets and agricultural produce	214,188	211,198	124,742
Changes in net realizable value of agricultural produce after harvest	(22,429)	(11,658)	7,076
Margin on manufacturing and agricultural activities before operating expenses	464,729	463,201	338,518
General and administrative expenses	(84,507)	(65,635)	(54,138)
Selling expenses	(144,031)	(112,847)	(95,866)
Other operating income / (expense), net	2,693	(18,118)	2,033
Bargain purchase gain on acquisition	10,070
Profit from operations	248,954	266,601	190,547
Depreciation and amortization	(191,205)	(166,619)	(142,288)
Net (loss) / gain from Fair value adjustment of investment property	(2,764)	(3,884)	1,080
Farming \| Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	720,947	535,713	411,016
Cost of goods sold and services rendered	(622,896)	(465,561)	(344,878)
Initial recognition and changes in fair value of biological assets and agricultural produce	106,122	122,539	75,133
Changes in net realizable value of agricultural produce after harvest	(21,495)	(10,163)	7,076
Margin on manufacturing and agricultural activities before operating expenses	182,678	182,528	148,347
General and administrative expenses	(39,177)	(24,052)	(18,877)
Selling expenses	(93,609)	(59,595)	(46,476)
Other operating income / (expense), net	(3,751)	(7,444)	(11,235)
Bargain purchase gain on acquisition	10,070
Profit from operations	56,211	91,437	71,759
Depreciation and amortization	(30,307)	(21,900)	(18,896)
Net (loss) / gain from Fair value adjustment of investment property	(2,764)	(3,884)	1,080
Farming \| Crops
Disclosure of operating segments [line items]
Sales of goods and services rendered	272,737	240,730	168,461
Cost of goods sold and services rendered	(250,662)	(213,231)	(149,250)
Initial recognition and changes in fair value of biological assets and agricultural produce	65,574	73,990	40,843
Changes in net realizable value of agricultural produce after harvest	(21,359)	(11,384)	7,007
Margin on manufacturing and agricultural activities before operating expenses	66,290	90,105	67,061
General and administrative expenses	(13,170)	(11,100)	(6,694)
Selling expenses	(31,464)	(23,419)	(17,998)
Other operating income / (expense), net	(1,674)	(3,723)	(12,853)
Bargain purchase gain on acquisition	0
Profit from operations	19,982	51,863	29,516
Depreciation and amortization	(7,868)	(7,135)	(5,286)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Farming \| Crops \| IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(2,463)	11,836	(1,653)
Cost of goods sold and services rendered	2,217	(10,083)	1,495
Initial recognition and changes in fair value of biological assets and agricultural produce	1,441	8,286	(934)
Changes in net realizable value of agricultural produce after harvest	136	(1,221)	(71)
Margin on manufacturing and agricultural activities before operating expenses	1,331	8,818	(1,163)
General and administrative expenses	5	(827)	122
Selling expenses	208	(1,494)	267
Other operating income / (expense), net	(653)	(185)	(7)
Bargain purchase gain on acquisition	0
Profit from operations	891	6,312	(781)
Depreciation and amortization	40	(634)	111
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Farming \| Crops \| Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	275,200	228,894	170,114
Cost of goods sold and services rendered	(252,879)	(203,148)	(150,745)
Initial recognition and changes in fair value of biological assets and agricultural produce	64,133	65,704	41,777
Changes in net realizable value of agricultural produce after harvest	(21,495)	(10,163)	7,078
Margin on manufacturing and agricultural activities before operating expenses	64,959	81,287	68,224
General and administrative expenses	(13,175)	(10,273)	(6,816)
Selling expenses	(31,672)	(21,925)	(18,265)
Other operating income / (expense), net	(1,021)	(3,538)	(12,846)
Bargain purchase gain on acquisition	0
Profit from operations	19,091	45,551	30,297
Depreciation and amortization	(7,908)	(6,501)	(5,397)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Farming \| Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	203,489	134,869	101,862
Cost of goods sold and services rendered	(160,320)	(112,045)	(73,830)
Initial recognition and changes in fair value of biological assets and agricultural produce	15,323	43,834	18,677
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	58,492	66,658	46,709
General and administrative expenses	(15,235)	(9,760)	(6,899)
Selling expenses	(34,401)	(18,108)	(13,923)
Other operating income / (expense), net	80	285	713
Bargain purchase gain on acquisition	10,107
Profit from operations	19,043	39,075	26,600
Depreciation and amortization	(12,015)	(8,894)	(6,505)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Farming \| Rice \| IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(197)	4,343	(1,024)
Cost of goods sold and services rendered	(380)	(2,336)	565
Initial recognition and changes in fair value of biological assets and agricultural produce	521	6,715	(772)
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	(56)	8,722	(1,231)
General and administrative expenses	169	(869)	146
Selling expenses	229	(1,490)	247
Other operating income / (expense), net	1	46	(18)
Bargain purchase gain on acquisition	37
Profit from operations	380	6,409	(856)
Depreciation and amortization	97	(814)	147
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Farming \| Rice \| Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	203,686	130,526	102,886
Cost of goods sold and services rendered	(159,940)	(109,709)	(74,395)
Initial recognition and changes in fair value of biological assets and agricultural produce	14,802	37,119	19,449
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	58,548	57,936	47,940
General and administrative expenses	(15,404)	(8,891)	(7,045)
Selling expenses	(34,630)	(16,618)	(14,170)
Other operating income / (expense), net	79	239	731
Bargain purchase gain on acquisition	10,070
Profit from operations	18,663	32,666	27,456
Depreciation and amortization	(12,112)	(8,080)	(6,652)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Farming \| Dairy
Disclosure of operating segments [line items]
Sales of goods and services rendered	235,012	183,054	133,474
Cost of goods sold and services rendered	(203,885)	(158,077)	(116,007)
Initial recognition and changes in fair value of biological assets and agricultural produce	27,257	19,895	12,344
Changes in net realizable value of agricultural produce after harvest	0	0	(2)
Margin on manufacturing and agricultural activities before operating expenses	58,384	44,872	29,809
General and administrative expenses	(10,197)	(5,256)	(4,788)
Selling expenses	(26,974)	(22,572)	(13,540)
Other operating income / (expense), net	(11)	(170)	(186)
Bargain purchase gain on acquisition	0
Profit from operations	21,202	16,874	11,295
Depreciation and amortization	(10,018)	(7,941)	(6,568)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Farming \| Dairy \| IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(1,210)	10,251	(1,997)
Cost of goods sold and services rendered	1,039	(8,339)	1,747
Initial recognition and changes in fair value of biological assets and agricultural produce	(266)	1,559	(294)
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	(437)	3,471	(544)
General and administrative expenses	181	(541)	108
Selling expenses	76	(1,793)	284
Other operating income / (expense), net	(3)	(20)	3
Bargain purchase gain on acquisition	0
Profit from operations	(183)	1,117	(149)
Depreciation and amortization	57	(797)	141
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Farming \| Dairy \| Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	236,222	172,803	135,471
Cost of goods sold and services rendered	(204,924)	(149,738)	(117,754)
Initial recognition and changes in fair value of biological assets and agricultural produce	27,523	18,336	12,638
Changes in net realizable value of agricultural produce after harvest	0	0	(2)
Margin on manufacturing and agricultural activities before operating expenses	58,821	41,401	30,353
General and administrative expenses	(10,378)	(4,715)	(4,896)
Selling expenses	(27,050)	(20,779)	(13,824)
Other operating income / (expense), net	(8)	(150)	(189)
Bargain purchase gain on acquisition	0
Profit from operations	21,385	15,757	11,444
Depreciation and amortization	(10,075)	(7,144)	(6,709)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Farming \| All other segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	5,726	3,689	2,508
Cost of goods sold and services rendered	(5,039)	(3,111)	(1,962)
Initial recognition and changes in fair value of biological assets and agricultural produce	(279)	1,362	1,256
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	408	1,940	1,802
General and administrative expenses	(219)	(187)	(118)
Selling expenses	(253)	(290)	(214)
Other operating income / (expense), net	(2,996)	(4,465)	1,067
Bargain purchase gain on acquisition	0
Profit from operations	(3,060)	(3,002)	2,537
Depreciation and amortization	(212)	(190)	(135)
Net (loss) / gain from Fair value adjustment of investment property	(2,961)	(4,331)	1,077
Farming \| All other segments \| IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(113)	199	(37)
Cost of goods sold and services rendered	114	(145)	22
Initial recognition and changes in fair value of biological assets and agricultural produce	57	(18)	(13)
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	58	36	(28)
General and administrative expenses	1	(14)	2
Selling expenses	4	(17)	3
Other operating income / (expense), net	(195)	(470)	(2)
Bargain purchase gain on acquisition	0
Profit from operations	(132)	(465)	(25)
Depreciation and amortization	0	(15)	3
Net (loss) / gain from Fair value adjustment of investment property	(197)	(447)	(3)
Farming \| All other segments \| Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	5,839	3,490	2,545
Cost of goods sold and services rendered	(5,153)	(2,966)	(1,984)
Initial recognition and changes in fair value of biological assets and agricultural produce	(336)	1,380	1,269
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	350	1,904	1,830
General and administrative expenses	(220)	(173)	(120)
Selling expenses	(257)	(273)	(217)
Other operating income / (expense), net	(2,801)	(3,995)	1,069
Bargain purchase gain on acquisition	0
Profit from operations	(2,928)	(2,537)	2,562
Depreciation and amortization	(212)	(175)	(138)
Net (loss) / gain from Fair value adjustment of investment property	(2,764)	(3,884)	1,080
Land Transformation
Disclosure of operating segments [line items]
Sales of goods and services rendered	0	0
Cost of goods sold and services rendered	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0	0
Changes in net realizable value of agricultural produce after harvest	0	0
Margin on manufacturing and agricultural activities before operating expenses	0	0
General and administrative expenses	0	0
Selling expenses	0	0
Other operating income / (expense), net	3,705	6,613
Bargain purchase gain on acquisition	0
Profit from operations	3,705	6,613
Depreciation and amortization	0	0
Net (loss) / gain from Fair value adjustment of investment property	0	0
Land Transformation \| IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	0	0
Cost of goods sold and services rendered	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0	0
Changes in net realizable value of agricultural produce after harvest	0	0
Margin on manufacturing and agricultural activities before operating expenses	0	0
General and administrative expenses	0	0
Selling expenses	0	0
Other operating income / (expense), net	6	0
Bargain purchase gain on acquisition	0
Profit from operations	6	0
Depreciation and amortization	0	0
Net (loss) / gain from Fair value adjustment of investment property	0	0
Land Transformation \| Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	0	0	0
Cost of goods sold and services rendered	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0	0	0
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	0	0	0
General and administrative expenses	0	0	0
Selling expenses	0	0	0
Other operating income / (expense), net	3,699	6,613	7,934
Bargain purchase gain on acquisition	0
Profit from operations	3,699	6,613	7,934
Depreciation and amortization	0	0	0
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Corporate \| IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	0	0	0
Cost of goods sold and services rendered	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0	0	0
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	0	0	0
General and administrative expenses	(136)	(1,908)	336
Selling expenses	(1)	(21)	7
Other operating income / (expense), net	21	(21)	(8)
Bargain purchase gain on acquisition	0
Profit from operations	(116)	(1,950)	335
Depreciation and amortization	(29)	(49)	14
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Corporate \| Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	0	0	0
Cost of goods sold and services rendered	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0	0	0
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	0	0	0
General and administrative expenses	(23,413)	(22,119)	(19,319)
Selling expenses	(257)	(306)	(202)
Other operating income / (expense), net	(136)	103	(161)
Bargain purchase gain on acquisition	0
Profit from operations	(23,806)	(22,322)	(19,682)
Depreciation and amortization	22	(738)	(876)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Corporate \| Corporate
Disclosure of operating segments [line items]
Sales of goods and services rendered	0	0	0
Cost of goods sold and services rendered	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0	0	0
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	0	0	0
General and administrative expenses	(23,549)	(24,027)	(18,983)
Selling expenses	(258)	(327)	(195)
Other operating income / (expense), net	(115)	82	(169)
Bargain purchase gain on acquisition	0
Profit from operations	(23,922)	(24,272)	(19,347)
Depreciation and amortization	(7)	(787)	(862)
Net (loss) / gain from Fair value adjustment of investment property	$ 0	$ 0	$ 0

Segment information - Segment A

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

[1]Net of $3,458 of Income tax

Segment information - Assets an

Segment information - Assets and Liabilities Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Deferred income tax assets	$ 8,758	$ 10,321
Trade and other receivables	228,378	188,080
Restricted short-term investment	98,571	0
Cash and cash equivalents	230,653	199,766	$ 336,282	$ 290,276
TOTAL ASSETS	3,108,855	2,582,401
LIABILITIES
Trade and other payables	259,607	169,030
Deferred income tax liabilities	301,414	265,848
Payroll and social liabilities	31,545	26,294
Provisions for other liabilities	3,435	5,986	$ 4,359
Current income tax liabilities	422	1,625
TOTAL LIABILITIES	1,945,212	1,534,571
Operating segments
ASSETS
Total reportable assets as per segment information	2,517,876	2,166,859
Intangible assets (excluding goodwill)	17,576	14,711
Deferred income tax assets	8,758	10,321
Trade and other receivables	228,378	188,080
Other assets	1,701	1,079
Derivative financial instruments	5,342	1,585
Restricted short-term investment	98,571	0
Cash and cash equivalents	230,653	199,766
LIABILITIES
Total reportable liabilities as per segment information	1,345,732	1,064,505
Trade and other payables	259,607	169,030
Deferred income tax liabilities	301,414	265,848
Payroll and social liabilities	31,545	26,294
Provisions for other liabilities	3,435	5,986
Current income tax liabilities	422	1,625
Derivative financial instruments	$ 3,057	$ 1,283

Segment information - Non-Curre

Segment information - Non-Current Assets, Net Revenue and Fair Value Gains (Losses) by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Property, plant and equipment, net	$ 1,565,355	$ 1,422,623	$ 1,358,292
Investment property	33,330	32,132	31,179
Non-current biological assets	30,622	19,355
Sales of goods and services rendered	1,347,724	1,124,352	817,764
Initial recognition and changes in fair value of biological assets and agricultural produce	215,941	227,740	122,729
Changes in net realizable value of agricultural produce after harvest	(22,293)	(12,879)	7,005
Operating segments
Disclosure of geographical areas [line items]
Property, plant and equipment, net	1,565,355	1,422,623
Investment property	33,330	32,132
Goodwill	18,544	16,626
Non-current biological assets	30,622	19,355
Sales of goods and services rendered	1,351,707	1,097,723	822,475
Initial recognition and changes in fair value of biological assets and agricultural produce	214,188	211,198	124,742
Changes in net realizable value of agricultural produce after harvest	(22,429)	(11,658)	7,076
Operating segments \| Argentina
Disclosure of geographical areas [line items]
Property, plant and equipment, net	914,444	868,527
Investment property	33,330	32,132
Goodwill	14,359	12,713
Non-current biological assets	30,622	19,355
Sales of goods and services rendered	373,746	284,026	389,018
Initial recognition and changes in fair value of biological assets and agricultural produce	102,656	120,255	72,391
Changes in net realizable value of agricultural produce after harvest	(21,482)	(9,679)	6,770
Operating segments \| Brazil
Disclosure of geographical areas [line items]
Property, plant and equipment, net	620,065	542,710
Investment property	0	0
Goodwill	4,185	3,913
Non-current biological assets	0	0
Sales of goods and services rendered	494,215	385,959	411,779
Initial recognition and changes in fair value of biological assets and agricultural produce	108,066	88,659	50,348
Changes in net realizable value of agricultural produce after harvest	(934)	(1,496)	(88)
Operating segments \| Uruguay
Disclosure of geographical areas [line items]
Property, plant and equipment, net	30,846	11,386
Investment property	0	0
Goodwill	0	0
Non-current biological assets	0	0
Sales of goods and services rendered	472,538	427,661	21,678
Initial recognition and changes in fair value of biological assets and agricultural produce	3,466	2,284	2,003
Changes in net realizable value of agricultural produce after harvest	(13)	(483)	$ 394
Operating segments \| Others
Disclosure of geographical areas [line items]
Property, plant and equipment, net	0	0
Investment property	0	0
Goodwill	0	0
Non-current biological assets	0	0
Sales of goods and services rendered	11,208	77
Initial recognition and changes in fair value of biological assets and agricultural produce	0	0
Changes in net realizable value of agricultural produce after harvest	$ 0	$ 0

Sales - Total Sales (Details)

Sales - Total Sales (Details) - USD ($) $ in Thousands	12 Months Ended
Sales - Total Sales (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of products and services [line items]
Total sales	$ 1,347,724	$ 1,124,352	$ 817,764
Soybean
Disclosure of products and services [line items]
Total sales	81,757	71,687	44,271
Corn
Disclosure of products and services [line items]
Total sales	71,188	59,803	44,475
Wheat
Disclosure of products and services [line items]
Total sales	19,915	27,349	14,457
Rice
Disclosure of products and services [line items]
Total sales	3,994	0	0
Sunflower
Disclosure of products and services [line items]
Total sales	9,885	6,167	633
Barley
Disclosure of products and services [line items]
Total sales	4,175	1,684	275
Seeds
Disclosure of products and services [line items]
Total sales	1,940	1,559	1,732
Raw milk
Disclosure of products and services [line items]
Total sales	21,623	16,468	12,817
Cattle
Disclosure of products and services [line items]
Total sales	5,039	3,111	1,959
Cattle for dairy
Disclosure of products and services [line items]
Total sales	7,543	4,994	2,729
Others
Disclosure of products and services [line items]
Total sales	2,293	3,498	2,923
Agricultural produce and biological assets
Disclosure of products and services [line items]
Total sales	229,352	196,320	126,271
Ethanol
Disclosure of products and services [line items]
Total sales	387,124	291,883	199,062
Sugar
Disclosure of products and services [line items]
Total sales	188,769	208,365	171,102
Energy
Disclosure of products and services [line items]
Total sales	34,919	50,321	42,756
Peanut
Disclosure of products and services [line items]
Total sales	63,041	60,939	46,708
Sunflower
Disclosure of products and services [line items]
Total sales	14,948	11,282	10,433
Cotton
Disclosure of products and services [line items]
Total sales	6,780	2,540	1,969
Rice
Disclosure of products and services [line items]
Total sales	188,263	127,272	96,397
Fluid milk (UHT)
Disclosure of products and services [line items]
Total sales	76,596	62,875	54,380
Powder milk
Disclosure of products and services [line items]
Total sales	84,257	62,728	40,500
Other diary products
Disclosure of products and services [line items]
Total sales	37,648	28,834	17,205
Services
Disclosure of products and services [line items]
Total sales	10,987	7,309	4,774
Rental income
Disclosure of products and services [line items]
Total sales	841	615	584
Others
Disclosure of products and services [line items]
Total sales	24,199	13,069	5,623
Manufactured products and services rendered
Disclosure of products and services [line items]
Total sales	1,118,372	928,032	691,493
Manufactured products and services rendered \| Agricultural produce and biological assets
Disclosure of products and services [line items]
Total sales	1,347,724	1,124,352	817,764
Products And Services Produced By Third Parties
Disclosure of products and services [line items]
Total sales	$ 4,500	$ 11,500	$ 13,900

Sales - Narrative (Details)

Sales - Narrative (Details) - Forward contract m³ in Thousands, T in Thousands, MWh in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) m³ MWh T	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 89.9	$ 75.9	$ 42.2
Soybean
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 2
Derivative notional amount \| T	5,498
Wheat
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 5.1
Derivative notional amount \| T	15,051
Corn
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 3.5
Derivative notional amount \| T	16,112
Ethanol
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 21.5
Cubic meters of product \| m³	34,905
Energy
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 28.8
MWh of energy \| MWh	543,795
Sugar
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 26.1
Derivative notional amount \| T	34,879

Cost of goods sold and servic_3

Cost of goods sold and services rendered - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	$ 138,254	$ 77,041	$ 65,278
Cost of production of manufactured products	1,097,701	944,841	660,627
Purchases	14,535	32,309	9,736
Acquisition of subsidiaries	8,413
Agricultural produce	278,726	255,311	154,712
Transfer to raw material	(81,707)	(80,308)	(50,448)
Direct agricultural selling expenses	25,623	22,642	16,467
Tax recoveries	(17,800)	(19,423)	(21,765)
Changes in net realizable value of agricultural produce after harvest	(22,293)	(12,879)	7,005
Loss of idle capacity	7,507	14,270
Finished goods at end of period	(152,716)	(138,254)	(77,041)
Exchange differences	7,306	(53,129)	(4,139)
Cost of goods sold and services rendered	1,075,747	854,965	611,946
Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	138,254
Finished goods at end of period	(152,716)	(138,254)
Cost of goods sold and services rendered	1,078,737	834,062	615,775
Farming \| Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	57,397
Finished goods at end of period	(64,023)	(57,397)
Cost of goods sold and services rendered	622,896	465,561	344,878
Sugar, Ethanol and Energy
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	80,857	34,315	36,864
Purchases	856	4,860	6,088
Acquisition of subsidiaries	0
Agricultural produce	11,571	10,944	0
Transfer to raw material	0	0	0
Direct agricultural selling expenses	0	0	0
Tax recoveries	(17,800)	(19,423)	(21,765)
Changes in net realizable value of agricultural produce after harvest	(934)	(1,495)	0
Loss of idle capacity	7,507	14,270
Finished goods at end of period	(88,693)	(80,857)	(34,315)
Exchange differences	7,141	(9,521)	(1,602)
Cost of goods sold and services rendered	455,841	368,501	270,897
Sugar, Ethanol and Energy \| Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	80,857
Finished goods at end of period	(88,693)	(80,857)
Cost of goods sold and services rendered	455,841	368,501	270,897
Crops \| Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	37,225	30,267	17,830
Purchases	10,528	26,880	3,648
Acquisition of subsidiaries	0
Agricultural produce	240,469	224,788	137,204
Transfer to raw material	(75,158)	(73,068)	(46,192)
Direct agricultural selling expenses	25,623	22,642	16,467
Tax recoveries	0	0	0
Changes in net realizable value of agricultural produce after harvest	(21,359)	(11,384)	7,007
Loss of idle capacity	0	0
Finished goods at end of period	(37,539)	(37,225)	(30,267)
Exchange differences	2,363	(29,259)	(521)
Cost of goods sold and services rendered	250,662	213,231	149,250
Rice \| Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	5,015	5,970	5,805
Purchases	1,866	569	0
Acquisition of subsidiaries	8,413
Agricultural produce	0	0	0
Transfer to raw material	(6,549)	(7,240)	(4,256)
Direct agricultural selling expenses	0	0	0
Tax recoveries	0	0	0
Changes in net realizable value of agricultural produce after harvest	0	0	0
Loss of idle capacity	0	0
Finished goods at end of period	(13,659)	(5,015)	(5,970)
Exchange differences	(96)	(6,543)	(1,256)
Cost of goods sold and services rendered	160,320	112,045	73,830
Dairy \| Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	15,157	6,489	4,779
Purchases	1,285	0	0
Acquisition of subsidiaries	0
Agricultural produce	21,647	16,468	15,546
Transfer to raw material	0	0	0
Direct agricultural selling expenses	0	0	0
Tax recoveries	0	0	0
Changes in net realizable value of agricultural produce after harvest	0	0	(2)
Loss of idle capacity	0	0
Finished goods at end of period	(12,825)	(15,157)	(6,489)
Exchange differences	(2,102)	(7,806)	(760)
Cost of goods sold and services rendered	203,885	158,077	116,007
All other segments \| Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	0	0	0
Purchases	0	0	0
Acquisition of subsidiaries	0
Agricultural produce	5,039	3,111	1,962
Transfer to raw material	0	0	0
Direct agricultural selling expenses	0	0	0
Tax recoveries	0	0	0
Changes in net realizable value of agricultural produce after harvest	0	0	0
Loss of idle capacity	0	0
Finished goods at end of period	0	0	0
Exchange differences	0	0	0
Cost of goods sold and services rendered	5,039	3,111	1,962
Cost of production of manufactured products \| Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Cost of production of manufactured products	869,899	757,385	512,141
Cost of production of manufactured products \| Sugar, Ethanol and Energy \| Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Cost of production of manufactured products	455,336	415,408	285,627
Cost of production of manufactured products \| Crops \| Farming \| Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Cost of production of manufactured products	68,510	59,590	44,074
Cost of production of manufactured products \| Rice \| Farming \| Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Cost of production of manufactured products	165,330	124,304	79,507
Cost of production of manufactured products \| Dairy \| Farming \| Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Cost of production of manufactured products	180,723	158,083	102,933
Cost of production of manufactured products \| All other segments \| Farming \| Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Cost of production of manufactured products	$ 0	$ 0	$ 0

Expenses by nature - Summary (D

Expenses by nature - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	$ 112,914	$ 84,780	$ 71,332
Raw materials and consumables	44,145	38,742	26,749
Depreciation and amortization	155,761	134,505	114,443
Depreciation of right of use assets	16,362	13,626	10,269
Fuel, lubricants and others	42,239	28,035	19,387
Maintenance and repairs	31,573	24,524	17,283
Freights	70,688	50,752	40,257
Export taxes / selling taxes	39,202	43,509	35,966
Export expenses	17,963	11,745	8,801
Contractors and services	10,551	9,840	6,614
Energy transmission	3,053	2,347	2,231
Energy power	9,133	6,580	4,712
Professional fees	10,231	9,409	7,938
Other taxes	3,942	3,926	2,902
Contingencies	568	855	703
Lease expense and similar arrangements	2,481	2,852	939
Third parties raw materials	121,571	83,633	65,433
Tax recoveries	(556)	(1,546)	(1,087)
Others	27,177	24,831	14,701
Subtotal	718,998	572,945	449,573
Own agricultural produce consumed	378,703	371,896	211,054
Total	1,097,701	944,841	660,627
General and Administrative Expenses
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	39,347	30,727	25,519
Raw materials and consumables	0	0	0
Depreciation and amortization	18,109	14,280	12,490
Depreciation of right of use assets	7,702	7,173	3,557
Fuel, lubricants and others	712	854	428
Maintenance and repairs	1,718	1,956	954
Freights	0	0	0
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	0	0	0
Energy transmission	0	0	0
Energy power	373	335	137
Professional fees	8,337	7,600	6,261
Other taxes	852	582	376
Contingencies	568	855	703
Lease expense and similar arrangements	1,153	1,863	283
Third parties raw materials	0	0	0
Tax recoveries	0	0	0
Others	5,416	3,569	2,720
Subtotal	84,287	69,794	53,428
Own agricultural produce consumed	0	0	0
Total	84,287	69,794	53,428
Selling Expenses
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	9,472	7,221	5,206
Raw materials and consumables	0	0	0
Depreciation and amortization	1,408	1,304	985
Depreciation of right of use assets	99	49	24
Fuel, lubricants and others	340	279	187
Maintenance and repairs	741	800	476
Freights	57,913	38,970	33,111
Export taxes / selling taxes	39,202	43,509	35,966
Export expenses	17,963	11,745	8,801
Contractors and services	0	0	0
Energy transmission	3,053	2,347	2,231
Energy power	89	85	114
Professional fees	802	815	1,060
Other taxes	63	62	21
Contingencies	0	0	0
Lease expense and similar arrangements	271	251	226
Third parties raw materials	0	0	0
Tax recoveries	0	0	0
Others	12,099	10,225	6,650
Subtotal	143,515	117,662	95,058
Own agricultural produce consumed	0	0	0
Total	143,515	117,662	95,058
Operating segments \| Cost of production of manufactured products
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	64,095	46,832	40,607
Raw materials and consumables	44,145	38,742	26,749
Depreciation and amortization	136,244	118,921	100,968
Depreciation of right of use assets	8,561	6,404	6,688
Fuel, lubricants and others	41,187	26,902	18,772
Maintenance and repairs	29,114	21,768	15,853
Freights	12,775	11,782	7,146
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	10,551	9,840	6,614
Energy transmission	0	0	0
Energy power	8,671	6,160	4,461
Professional fees	1,092	994	617
Other taxes	3,027	3,282	2,505
Contingencies	0	0	0
Lease expense and similar arrangements	1,057	738	430
Third parties raw materials	121,571	83,633	65,433
Tax recoveries	(556)	(1,546)	(1,087)
Others	9,662	11,037	5,331
Subtotal	491,196	385,489	301,087
Own agricultural produce consumed	378,703	371,896	211,054
Total	869,899	757,385	512,141
Operating segments \| Cost of production of manufactured products \| Farming \| Crops
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	4,216	3,651	2,348
Raw materials and consumables	367	578	448
Depreciation and amortization	4,463	3,930	2,929
Depreciation of right of use assets	0	0	0
Fuel, lubricants and others	239	336	131
Maintenance and repairs	1,264	1,341	639
Freights	519	644	172
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	2,218	2,587	1,358
Energy transmission	0	0	0
Energy power	1,577	1,276	803
Professional fees	59	78	32
Other taxes	25	23	20
Contingencies	0	0	0
Lease expense and similar arrangements	178	162	111
Third parties raw materials	8,270	2,804	3,257
Tax recoveries	0	0	0
Others	1,335	962	524
Subtotal	24,730	18,372	12,772
Own agricultural produce consumed	43,780	41,218	31,302
Total	68,510	59,590	44,074
Operating segments \| Cost of production of manufactured products \| Farming \| Rice
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	12,362	6,841	4,466
Raw materials and consumables	367	373	3,072
Depreciation and amortization	3,814	2,692	2,016
Depreciation of right of use assets	115	102	19
Fuel, lubricants and others	249	89	68
Maintenance and repairs	3,320	1,851	1,492
Freights	9,319	8,154	4,617
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	720	235	116
Energy transmission	0	0	0
Energy power	3,172	1,501	1,015
Professional fees	86	84	35
Other taxes	117	92	76
Contingencies	0	0	0
Lease expense and similar arrangements	682	319	182
Third parties raw materials	23,934	2,852	6,578
Tax recoveries	0	0	0
Others	2,736	5,273	1,219
Subtotal	60,993	30,458	24,971
Own agricultural produce consumed	104,337	93,846	54,536
Total	165,330	124,304	79,507
Operating segments \| Cost of production of manufactured products \| Farming \| Dairy
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	11,627	9,268	7,452
Raw materials and consumables	29,317	24,755	14,486
Depreciation and amortization	4,007	3,590	2,812
Depreciation of right of use assets	971	602	461
Fuel, lubricants and others	1,886	1,730	2,030
Maintenance and repairs	1,856	1,779	1,141
Freights	2,862	2,377	1,708
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	569	260	54
Energy transmission	0	0	0
Energy power	3,189	2,544	1,879
Professional fees	110	140	103
Other taxes	110	118	97
Contingencies	0	0	0
Lease expense and similar arrangements	197	257	137
Third parties raw materials	75,674	62,737	42,051
Tax recoveries	0	0	0
Others	1,269	2,166	1,975
Subtotal	133,644	112,323	76,386
Own agricultural produce consumed	47,079	45,760	26,547
Total	180,723	158,083	102,933
Operating segments \| Cost of production of manufactured products \| Sugar, Ethanol and Energy
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	35,890	27,072	26,341
Raw materials and consumables	14,094	13,036	8,743
Depreciation and amortization	123,960	108,709	93,211
Depreciation of right of use assets	7,475	5,700	6,208
Fuel, lubricants and others	38,813	24,747	16,543
Maintenance and repairs	22,674	16,797	12,581
Freights	75	607	649
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	7,044	6,758	5,086
Energy transmission	0	0	0
Energy power	733	839	764
Professional fees	837	692	447
Other taxes	2,775	3,049	2,312
Contingencies	0	0	0
Lease expense and similar arrangements	0	0	0
Third parties raw materials	13,693	15,240	13,547
Tax recoveries	(556)	(1,546)	(1,087)
Others	4,322	2,636	1,613
Subtotal	271,829	224,336	186,958
Own agricultural produce consumed	183,507	191,072	98,669
Total	$ 455,336	$ 415,408	$ 285,627

Salaries and social security _3

Salaries and social security expenses - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Salaries and social security expenses [abstract]
Wages and salaries	$ 132,010	$ 101,818	$ 89,662
Social security costs	36,932	30,296	27,430
Equity-settled share-based compensation	10,227	6,406	4,316
Salaries and social security expenses	179,169	138,520	121,408
Wages and salaries capitalized in property, plant and equipment	$ 30,014	$ 25,105	$ 32,714

Other operating (expense) _ i_3

Other operating (expense) / income, net - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Loss from commodity derivative financial instrument	$ (6,842)	$ (15,990)	$ (8,320)
Gain / (loss) from disposal of other property items	3,718	(397)	2,198
Net (loss) / gain from fair value adjustment of investment property	(2,961)	(4,331)	1,077
Gain from disposal of farmland and other assets	0	0	2,064
Gain / (loss) from the sale of subsidiaries	0	10	(554)
Others	7,955	1,940	5,522
Other operating income, net	$ 1,870	$ (18,768)	$ 1,987

Financial results, net - Summar

Financial results, net - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance income:
Interest income	$ 5,781	$ 4,081	$ 4,084
Foreign exchange gain	19,278	18,939	0
Gain from interest rate/foreign exchange rate derivative financial instruments	0	512	92
Other income	249	13,138	21,878
Finance income	25,308	36,670	26,054
Finance costs:
Interest expense	(50,037)	(62,536)	(58,282)
Finance cost related to lease liabilities	(31,113)	(16,502)	(12,532)
Cash flow hedge - transfer from equity	(40,195)	(52,650)	(24,363)
Foreign exchange losses, net	0	0	(109,266)
Taxes	(4,862)	(7,073)	(4,559)
Loss from interest rate/foreign exchange rate derivative financial instruments	(2,384)	0	0
Borrowings prepayment related expenses (Brazilian subsidiaries)	0	(3,068)	0
Finance discount	0	(3,741)	0
Other expenses	(9,009)	(6,111)	(4,774)
Finance costs	(137,600)	(151,681)	(213,776)
Other financial results - Net (loss) / gain of inflation effects on monetary items	(2,144)	11,541	12,064
Financial results, net	$ (114,436)	$ (103,470)	$ (175,658)

Taxation - Provision for Consol

Taxation - Provision for Consolidated Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Current income tax	$ (4,655)	$ (4,338)	$ (2,840)
Deferred income tax	(22,103)	(39,499)	(9,485)
Income tax expense	$ (26,758)	$ (43,837)	$ (12,325)

Taxation - Statutory Tax Rate (

Taxation - Statutory Tax Rate (Details)	12 Months Ended
Taxation - Statutory Tax Rate (Details)	Dec. 31, 2022
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	35%
Brazil
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	34%
Uruguay
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	25%
Spain
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	25%
Luxembourg
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	24.94%
Chile
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	27%

Taxation - Deferred Tax Assets

Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	$ 8,758	$ 10,321
Deferred income tax liabilities	(301,414)	(265,848)
Deferred tax liability (asset)	(292,656)	(255,527)	$ (162,556)
Deferred tax assets temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	145,740	129,528	134,346
Deferred tax liability temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liabilities	(438,396)	(385,055)	$ (296,902)
Recovered after more than 12 months \| Deferred tax assets temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	127,878	107,552
Recovered after more than 12 months \| Deferred tax liability temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liabilities	(371,047)	(367,292)
Recovered within 12 months \| Deferred tax assets temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	17,862	21,976
Recovered within 12 months \| Deferred tax liability temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liabilities	$ (67,349)	$ (17,763)

Taxation - Gross Movement on th

Taxation - Gross Movement on the Deferred Income Tax Account (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset), beginning balance	$ (255,527)	$ (162,556)
Exchange differences	(30,187)	(40,644)
Changes of fair value valuation for farmlands	25,307	(9,953)	$ 11,790
Acquisition of subsidiary (Note 21)	(1,562)	0
Others	(1,247)	(349)
Tax credit relating to cash flow hedge	(7,337)	(2,526)	5,729
Income tax expense	(22,103)	(39,499)	(9,485)
Deferred tax liability (asset), ending balance	(292,656)	(255,527)	(162,556)
Gains (losses) before income tax of cash flow hedge	15,621	46,145	75,822
Reclassification from equity to income statement	$ 40,388	$ 26,031	$ 32,305

Taxation - Movement of Deferred

Taxation - Movement of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	$ 265,848
Exchange differences	30,187	$ 40,644
Deferred income tax liabilities, ending balance	301,414	265,848
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	10,321
Exchange differences	(30,187)	(40,644)
Others	1,247	349
Deferred income tax assets, ending balance	8,758	10,321
Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	385,055	296,902
Charged / (credited) to the statement of income	36,510	39,887
Farmlands revaluation	(25,307)	9,953
Acquisition of subsidiaries	1,562
Exchange differences	40,576	38,313
Deferred income tax liabilities, ending balance	438,396	385,055
Changes in deferred tax asset [Abstract]
Charged / (credited) to the statement of income	36,510	39,887
Exchange differences	(40,576)	(38,313)
Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	14,407	388
Exchange differences	(10,389)	2,331
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	129,528	134,346
Charged / (credited) to the statement of income	14,407	388
Tax charge relating to cash flow hedge	(7,337)	(2,526)
Exchange differences	10,389	(2,331)
Others	(1,247)	(349)
Deferred income tax assets, ending balance	145,740	129,528
Provisions \| Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	(3,900)	1,978
Exchange differences	(1,243)	(20)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	9,279	7,281
Charged / (credited) to the statement of income	(3,900)	1,978
Tax charge relating to cash flow hedge	0	0
Exchange differences	1,243	20
Others	0	0
Deferred income tax assets, ending balance	6,622	9,279
Tax loss carry forwards \| Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	29,087	13,108
Exchange differences	(6,888)	(3,158)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	81,557	67,817
Charged / (credited) to the statement of income	29,087	13,108
Tax charge relating to cash flow hedge	(7,337)	(2,526)
Exchange differences	6,888	3,158
Others	0	0
Deferred income tax assets, ending balance	110,195	81,557
Equity-settled share-based compensation \| Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	0	0
Exchange differences	0	0
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	4,822	5,171
Charged / (credited) to the statement of income	0	0
Tax charge relating to cash flow hedge	0	0
Exchange differences	0	0
Others	(1,247)	(349)
Deferred income tax assets, ending balance	3,575	4,822
Borrowings \| Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	(11,115)	(13,589)
Exchange differences	(2,250)	2,952
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	34,797	51,338
Charged / (credited) to the statement of income	(11,115)	(13,589)
Tax charge relating to cash flow hedge	0	0
Exchange differences	2,250	(2,952)
Others	0	0
Deferred income tax assets, ending balance	25,932	34,797
Biological assets \| Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	(66)	452
Exchange differences	0	386
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	66	0
Charged / (credited) to the statement of income	(66)	452
Tax charge relating to cash flow hedge	0	0
Exchange differences	0	(386)
Others	0	0
Deferred income tax assets, ending balance	0	66
Others \| Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	401	(1,561)
Exchange differences	(8)	2,171
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	(993)	2,739
Charged / (credited) to the statement of income	401	(1,561)
Tax charge relating to cash flow hedge	0	0
Exchange differences	8	(2,171)
Others	0	0
Deferred income tax assets, ending balance	(584)	(993)
Property, plant and equipment \| Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	355,158	268,252
Charged / (credited) to the statement of income	19,318	43,270
Farmlands revaluation	(24,271)	11,469
Acquisition of subsidiaries	1,562
Exchange differences	37,379	32,167
Deferred income tax liabilities, ending balance	389,146	355,158
Changes in deferred tax asset [Abstract]
Charged / (credited) to the statement of income	19,318	43,270
Exchange differences	(37,379)	(32,167)
Investment property
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	9,881
Deferred income tax liabilities, ending balance		9,881
Investment property \| Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance		9,878
Charged / (credited) to the statement of income	(1,145)	(817)
Farmlands revaluation	(1,036)	(1,516)
Acquisition of subsidiaries	0
Exchange differences	1,279	2,336
Deferred income tax liabilities, ending balance	8,979
Changes in deferred tax asset [Abstract]
Charged / (credited) to the statement of income	(1,145)	(817)
Exchange differences	(1,279)	(2,336)
Biological assets \| Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	11,259	10,217
Charged / (credited) to the statement of income	18,105	(755)
Farmlands revaluation	0	0
Acquisition of subsidiaries	0
Exchange differences	1,097	1,797
Deferred income tax liabilities, ending balance	30,461	11,259
Changes in deferred tax asset [Abstract]
Charged / (credited) to the statement of income	18,105	(755)
Exchange differences	(1,097)	(1,797)
Others \| Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	8,757	8,555
Charged / (credited) to the statement of income	232	(1,811)
Farmlands revaluation	0	0
Acquisition of subsidiaries	0
Exchange differences	821	2,013
Deferred income tax liabilities, ending balance	9,810	8,757
Changes in deferred tax asset [Abstract]
Charged / (credited) to the statement of income	232	(1,811)
Exchange differences	$ (821)	$ (2,013)

Taxation - Narrative (Details)

Taxation - Narrative (Details) $ in Millions	12 Months Ended
Taxation - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Operating loss carryforwards, expiration period	5 years
Deferred tax asset, inflation adjustment	$ 53.2
Brazil
Disclosure Of Income Tax Jurisdiction [Line Items]
Proportion of taxable profit that can be reduced by operating loss carryforwards (maximum) (as a percent)	30%

Taxation - Tax Loss Carryforwar

Taxation - Tax Loss Carryforwards and Corresponding Jurisdictions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 175,658
Expiration period	5 years
Argentina \| 2018
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 26,606
Argentina \| 2019
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	72,768
Argentina \| 2020
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	15,288
Argentina \| 2021
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	113
Argentina \| 2022
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	60,883
Brazil
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	127,838
Uruguay
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 1,546
Expiration period	5 years
Luxembourg
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 23,677

Taxation - Differences from The

Taxation - Differences from Theoretical Amount that would Arise from Using the Weighted-Average Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Tax calculated at the tax rates applicable to profits in the respective countries	$ (43,827)	$ (54,291)	$ (4,184)
Non-deductible items	(1,921)	(3,459)	(7,642)
Effect of the changes in the statutory income tax rate in Argentina	(2,237)	(31,962)	6,324
Unused tax losses	0	482	(710)
Tax losses where no deferred tax asset was recognized	(107)	0	0
Non-taxable income	16,879	13,604	11,060
Previously unrecognized tax losses now recouped to reduce tax expenses	19,419	38,121	1,529
Effect of IAS 29 and tax adjustment per inflation in Argentina	(18,195)	(6,402)	(19,239)
Others	3,231	70	537
Income tax expense	(26,758)	(43,837)	$ (12,325)
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Deferred tax asset, inflation adjustment	53,200
2022 \| Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Deferred tax asset, inflation adjustment	$ 16,044
2021 \| Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Deferred tax asset, inflation adjustment		$ 37,175

Earnings per share - Basic Earn

Earnings per share - Basic Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [abstract]
Profit from operations attributable to equity holders of the Group	$ 108,138	$ 130,669	$ 412
Weighted average number of shares in issue (shares)	110,079	115,148	117,453
Basic earnings / (loss) per share from operations (USD per share)	$ 0.982	$ 1.135	$ 0.003

Earnings per share - Narrative

Earnings per share - Narrative (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2022 category shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Earnings per share [abstract]
Number of categories of dilutive potential shares \| category	2
Employee share options and restricted units (shares) \| shares	361	466	261

Earnings per share - Diluted Ea

Earnings per share - Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [abstract]
Profit from operations attributable to equity holders of the Group	$ 108,138	$ 130,669	$ 412
Weighted average number of shares in issue (shares)	110,079	115,148	117,453
Adjustments for:
Employee share options and restricted units (shares)	361	466	261
Weighted average number of shares for diluted earnings per share (shares)	110,440	115,614	117,714
Diluted (loss) / earnings per share from operations (USD per share)	$ 0.979	$ 1.130	$ 0.003

Property, plant and equipment -

Property, plant and equipment - Changes in Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in property, plant and equipment [abstract]
Opening net book amount	$ 1,422,623	$ 1,358,292
Exchange differences	151,866	156,714
Additions	234,018	204,829
Revaluation surplus	(72,216)	(126,675)
Reclassification from investment property		1,380
Acquisition of subsidiaries	21,331
Transfers	0	0
Disposals	(3,334)	(4,317)
Reclassification to non-income tax credits	(158)	(303)
Depreciation	(188,775)	(167,297)
Closing net book amount	1,565,355	1,422,623
Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	2,852,627	2,620,999
Closing net book amount	3,184,133	2,852,627
Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(1,430,004)	(1,262,707)
Closing net book amount	(1,618,778)	(1,430,004)
Farmlands
Changes in property, plant and equipment [abstract]
Opening net book amount	711,261	694,166
Exchange differences	88,546	142,390
Additions	0	0
Revaluation surplus	(72,216)	(126,675)
Reclassification from investment property		1,380
Acquisition of subsidiaries	0
Transfers	0	0
Disposals	0	0
Reclassification to non-income tax credits	0	0
Depreciation	0	0
Closing net book amount	727,591	711,261
Farmlands \| Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	711,261	694,166
Closing net book amount	727,591	711,261
Farmlands \| Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	0	0
Closing net book amount	0	0
Farmland improvements
Changes in property, plant and equipment [abstract]
Opening net book amount	16,579	21,585
Exchange differences	1,518	2,772
Additions	0	169
Revaluation surplus	0	0
Reclassification from investment property		0
Acquisition of subsidiaries	0
Transfers	2,192	(4,773)
Disposals	0	(8)
Reclassification to non-income tax credits	0	0
Depreciation	(3,547)	(3,166)
Closing net book amount	16,742	16,579
Farmland improvements \| Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	42,438	44,278
Closing net book amount	46,148	42,438
Farmland improvements \| Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(25,859)	(22,693)
Closing net book amount	(29,406)	(25,859)
Buildings and facilities
Changes in property, plant and equipment [abstract]
Opening net book amount	207,679	177,604
Exchange differences	16,237	20,923
Additions	13,489	11,681
Revaluation surplus	0	0
Reclassification from investment property		0
Acquisition of subsidiaries	21,331
Transfers	41,167	23,049
Disposals	(953)	(126)
Reclassification to non-income tax credits	0	0
Depreciation	(30,570)	(25,452)
Closing net book amount	268,380	207,679
Buildings and facilities \| Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	435,193	379,666
Closing net book amount	526,464	435,193
Buildings and facilities \| Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(227,514)	(202,062)
Closing net book amount	(258,084)	(227,514)
Machinery, equipment, furniture and fittings
Changes in property, plant and equipment [abstract]
Opening net book amount	83,183	95,905
Exchange differences	19,580	(4,804)
Additions	62,637	55,463
Revaluation surplus	0	0
Reclassification from investment property		0
Acquisition of subsidiaries	0
Transfers	10,198	13,471
Disposals	(2,278)	(4,078)
Reclassification to non-income tax credits	(158)	(303)
Depreciation	(81,950)	(72,471)
Closing net book amount	91,212	83,183
Machinery, equipment, furniture and fittings \| Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	803,193	743,444
Closing net book amount	893,172	803,193
Machinery, equipment, furniture and fittings \| Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(720,010)	(647,539)
Closing net book amount	(801,960)	(720,010)
Bearer plants
Changes in property, plant and equipment [abstract]
Opening net book amount	294,982	304,829
Exchange differences	15,447	(34,433)
Additions	112,614	88,530
Revaluation surplus	0	0
Reclassification from investment property		0
Acquisition of subsidiaries	0
Transfers	0	149
Disposals	0	0
Reclassification to non-income tax credits	0	0
Depreciation	(70,316)	(64,093)
Closing net book amount	352,727	294,982
Bearer plants \| Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	730,762	676,516
Closing net book amount	858,823	730,762
Bearer plants \| Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(435,780)	(371,687)
Closing net book amount	(506,096)	(435,780)
Others
Changes in property, plant and equipment [abstract]
Opening net book amount	27,571	6,463
Exchange differences	1,389	20,567
Additions	3,318	2,615
Revaluation surplus	0	0
Reclassification from investment property		0
Acquisition of subsidiaries	0
Transfers	(169)	104
Disposals	(103)	(63)
Reclassification to non-income tax credits	0	0
Depreciation	(2,392)	(2,115)
Closing net book amount	29,614	27,571
Others \| Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	48,412	25,189
Closing net book amount	52,846	48,412
Others \| Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(20,841)	(18,726)
Closing net book amount	(23,232)	(20,841)
Work in progress
Changes in property, plant and equipment [abstract]
Opening net book amount	81,368	57,740
Exchange differences	9,149	9,299
Additions	41,960	46,371
Revaluation surplus	0	0
Reclassification from investment property		0
Acquisition of subsidiaries	0
Transfers	(53,388)	(32,000)
Disposals	0	(42)
Reclassification to non-income tax credits	0	0
Depreciation	0	0
Closing net book amount	79,089	81,368
Work in progress \| Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	81,368	57,740
Closing net book amount	79,089	81,368
Work in progress \| Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	0	0
Closing net book amount	$ 0	$ 0

Property, plant and equipment_2

Property, plant and equipment - Useful Lives (Details)	12 Months Ended
Property, plant and equipment - Useful Lives (Details)	Dec. 31, 2022
Farmland improvements \| Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
Farmland improvements \| Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	25 years
Buildings and facilities
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	20 years
Furniture and fittings
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	10 years
Computer equipment \| Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	3 years
Computer equipment \| Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
Machinery and equipment \| Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	4 years
Machinery and equipment \| Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	10 years
Vehicles \| Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	4 years
Vehicles \| Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
Bearer plants
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	6 years

Property, plant and equipment_3

Property, plant and equipment - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Reduction on sales price (in percentage)	0.10
Borrowing costs capitalized	$ 3.3	$ 2.8
Net book value of pledged assets	129.3	124.6
Farmlands
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, cost	294.8
Farmlands \| IAS 16
Disclosure of detailed information about property, plant and equipment [line items]
Increase (decrease) in property, plant and equipment	$ (72.8)	$ (71)

Right of use assets, net - Summ

Right of use assets, net - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book amount	$ 260,776	$ 209,694
Exchange differences	14,816	(10,246)
Additions and re-measurements	147,928	110,527
Depreciation of right of use assets	(63,339)	(49,199)	$ (40,820)
Closing net book amount	360,181	260,776	209,694
Agricultural Partnerships
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book amount	235,971	192,270
Exchange differences	13,223	(10,191)
Additions and re-measurements	140,724	95,030
Depreciation of right of use assets	(56,356)	(41,138)
Closing net book amount	333,562	235,971	192,270
Others
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book amount	24,805	17,424
Exchange differences	1,593	(55)
Additions and re-measurements	7,204	15,497
Depreciation of right of use assets	(6,983)	(8,061)
Closing net book amount	$ 26,619	$ 24,805	$ 17,424

Right of use assets, net - Narr

Right of use assets, net - Narrative (Details)	12 Months Ended
Right of use assets, net - Narrative (Details)	Dec. 31, 2022
Rights of Use [Abstract]
Average duration of agricultural partnership	6 years

Investment property - Summary (

Investment property - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	$ 32,132	$ 31,179
Net loss from fair value adjustment	(2,961)	(4,331)
Reclassification to property, plant and equipment	0	(1,380)
Exchange difference	4,159	6,664
Investment property, end of period	33,330	32,132
Cost
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	32,132
Investment property, end of period	33,330	32,132
Fair value
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	32,132
Investment property, end of period	$ 33,330	$ 32,132

Investment property - Narrative

Investment property - Narrative (Details) $ in Millions	12 Months Ended
Investment property - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about investment property [line items]
Reduction on sales price (in percentage)	0.10
Level 3 \| Fair value
Disclosure of detailed information about investment property [line items]
Decrease in investment property	$ 3.3	$ 3.2

Intangible assets, net - Summar

Intangible assets, net - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	$ 31,337
Intangible assets at end of period	36,120	$ 31,337
Goodwill
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	16,626	14,482
Exchange differences	1,918	2,144
Additions	0	0
Amortization charge	0	0
Intangible assets at end of period	18,544	16,626
Goodwill \| Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	16,626	14,482
Intangible assets at end of period	18,544	16,626
Goodwill \| Accumulated amortization
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	0	0
Intangible assets at end of period	0	0
Software
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	6,485	5,264
Exchange differences	732	595
Additions	2,306	1,823
Amortization charge	(1,781)	(1,197)
Intangible assets at end of period	7,742	6,485
Software \| Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	14,217	11,799
Intangible assets at end of period	17,255	14,217
Software \| Accumulated amortization
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	(7,732)	(6,535)
Intangible assets at end of period	(9,513)	(7,732)
Trademarks
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	8,191	7,150
Exchange differences	900	1,407
Additions	423	0
Amortization charge	(413)	(366)
Intangible assets at end of period	9,101	8,191
Trademarks \| Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	10,525	9,118
Intangible assets at end of period	11,848	10,525
Trademarks \| Accumulated amortization
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	(2,334)	(1,968)
Intangible assets at end of period	(2,747)	(2,334)
Others
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	35	34
Exchange differences	1	(4)
Additions	768	73
Amortization charge	(71)	(68)
Intangible assets at end of period	733	35
Others \| Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	510	441
Intangible assets at end of period	1,279	510
Others \| Accumulated amortization
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	(475)	(407)
Intangible assets at end of period	(546)	(475)
Intangible assets
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	31,337	26,930
Exchange differences	3,551	4,142
Additions	3,497	1,896
Amortization charge	(2,265)	(1,631)
Intangible assets at end of period	36,120	31,337
Intangible assets \| Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	41,878	35,840
Intangible assets at end of period	48,926	41,878
Intangible assets \| Accumulated amortization
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	(10,541)	(8,910)
Intangible assets at end of period	$ (12,806)	$ (10,541)

Biological assets - Changes in

Biological assets - Changes in Biological Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in biological assets [abstract]
Biological assets	$ 195,178	$ 165,693
Increase due to purchases	3,732	1,559
Acquisition of subsidiaries	1,676
Initial recognition and changes in fair value of biological assets	215,941	227,740
Decrease due to harvest / disposals	(608,855)	(604,032)
Costs incurred during the year	438,729	383,865
Exchange differences	20,043	20,353
Biological assets	266,444	195,178
Initial recognition and changes in fair value of biological assets, price changes	4,653	1,824
Initial recognition and changes in fair value of biological assets, physical changes	22,325	19,433
Dairy and cattle
Changes in biological assets [abstract]
Initial recognition and changes in fair value of biological assets	26,978	21,527
Sugarcane
Changes in biological assets [abstract]
Biological assets	71,327	75,208
Increase due to purchases	0	0
Acquisition of subsidiaries	0
Initial recognition and changes in fair value of biological assets	108,066	88,659
Decrease due to harvest / disposals	(202,298)	(208,175)
Costs incurred during the year	128,308	116,252
Exchange differences	4,028	(617)
Biological assets	109,431	71,327
Crops \| Farming
Changes in biological assets [abstract]
Biological assets	54,886	43,787
Increase due to purchases	0	0
Acquisition of subsidiaries	0
Initial recognition and changes in fair value of biological assets	65,574	73,990
Decrease due to harvest / disposals	(240,469)	(224,788)
Costs incurred during the year	178,922	151,971
Exchange differences	7,089	9,926
Biological assets	66,002	54,886
Rice \| Farming
Changes in biological assets [abstract]
Biological assets	42,729	29,062
Increase due to purchases	0	0
Acquisition of subsidiaries	1,676
Initial recognition and changes in fair value of biological assets	15,323	43,834
Decrease due to harvest / disposals	(80,127)	(99,517)
Costs incurred during the year	67,621	62,477
Exchange differences	5,530	6,873
Biological assets	52,752	42,729
Dairy \| Farming
Changes in biological assets [abstract]
Biological assets	18,979	12,933
Increase due to purchases	0	0
Acquisition of subsidiaries	0
Initial recognition and changes in fair value of biological assets	27,257	19,895
Decrease due to harvest / disposals	(79,474)	(67,230)
Costs incurred during the year	60,826	50,323
Exchange differences	2,457	3,058
Biological assets	30,045	18,979
All other segments \| Farming
Changes in biological assets [abstract]
Biological assets	7,257	4,703
Increase due to purchases	3,732	1,559
Acquisition of subsidiaries	0
Initial recognition and changes in fair value of biological assets	(279)	1,362
Decrease due to harvest / disposals	(6,487)	(4,322)
Costs incurred during the year	3,052	2,842
Exchange differences	939	1,113
Biological assets	$ 8,214	$ 7,257

Biological assets - Cost of Pro

Biological assets - Cost of Production (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	$ 420,780	$ 369,033
Own agricultural produce consumed	17,949	14,832
Costs incurred during the year	438,729	383,865
Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	36,241	28,635
Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,024	4,288
Depreciation of right of use assets
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	42,166	34,312
Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	132,212	115,825
Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	8,601	5,855
Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	15,756	14,248
Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,056	4,957
Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	80,475	79,897
Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	25,312	20,907
Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4,016	3,702
Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	6,780	4,800
Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,754	1,135
Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,665	1,617
Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	51,740	43,149
Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,982	5,706
Farming \| Crops
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	178,922	151,971
Own agricultural produce consumed	0	0
Costs incurred during the year	178,922	151,971
Farming \| Crops \| Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,098	3,622
Farming \| Crops \| Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Crops \| Depreciation of right of use assets
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Crops \| Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	68,963	55,223
Farming \| Crops \| Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,043	691
Farming \| Crops \| Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,678	1,021
Farming \| Crops \| Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4,085	3,752
Farming \| Crops \| Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	49,521	49,213
Farming \| Crops \| Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Crops \| Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Crops \| Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	39	36
Farming \| Crops \| Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	551	430
Farming \| Crops \| Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,270	1,339
Farming \| Crops \| Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	45,790	34,122
Farming \| Crops \| Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	884	2,522
Farming \| Rice
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	67,621	62,477
Own agricultural produce consumed	0	0
Costs incurred during the year	67,621	62,477
Farming \| Rice \| Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	11,132	8,554
Farming \| Rice \| Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Rice \| Depreciation of right of use assets
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Rice \| Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	17,220	15,549
Farming \| Rice \| Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,452	745
Farming \| Rice \| Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	6,585	7,489
Farming \| Rice \| Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	546	950
Farming \| Rice \| Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	22,317	23,602
Farming \| Rice \| Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Rice \| Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Rice \| Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,447	3,666
Farming \| Rice \| Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	403	187
Farming \| Rice \| Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	184	118
Farming \| Rice \| Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	967	0
Farming \| Rice \| Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,368	1,617
Farming \| Dairy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	43,842	36,312
Own agricultural produce consumed	16,984	14,011
Costs incurred during the year	60,826	50,323
Farming \| Dairy \| Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	7,592	5,978
Farming \| Dairy \| Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Dairy \| Depreciation of right of use assets
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Dairy \| Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Dairy \| Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,419	1,061
Farming \| Dairy \| Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,979	3,106
Farming \| Dairy \| Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	202	179
Farming \| Dairy \| Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| Dairy \| Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	24,940	20,534
Farming \| Dairy \| Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,715	3,485
Farming \| Dairy \| Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,286	1,092
Farming \| Dairy \| Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	309	104
Farming \| Dairy \| Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	14	10
Farming \| Dairy \| Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	1
Farming \| Dairy \| Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	386	762
Farming \| All other segments
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,087	2,021
Own agricultural produce consumed	965	821
Costs incurred during the year	3,052	2,842
Farming \| All other segments \| Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	624	800
Farming \| All other segments \| Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| All other segments \| Depreciation of right of use assets
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming \| All other segments \| Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	9	0
Farming \| All other segments \| Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	51	60
Farming \| All other segments \| Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	342	345
Farming \| All other segments \| Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	223	76
Farming \| All other segments \| Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	17	10
Farming \| All other segments \| Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	372	373
Farming \| All other segments \| Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	301	217
Farming \| All other segments \| Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	8	6
Farming \| All other segments \| Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2	6
Farming \| All other segments \| Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	69	97
Farming \| All other segments \| Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5	2
Farming \| All other segments \| Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	64	29
Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	128,308	116,252
Own agricultural produce consumed	0	0
Costs incurred during the year	128,308	116,252
Sugar, Ethanol and Energy \| Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	11,795	9,681
Sugar, Ethanol and Energy \| Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,024	4,288
Sugar, Ethanol and Energy \| Depreciation of right of use assets
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	42,166	34,312
Sugar, Ethanol and Energy \| Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	46,020	45,053
Sugar, Ethanol and Energy \| Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4,636	3,298
Sugar, Ethanol and Energy \| Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,172	2,287
Sugar, Ethanol and Energy \| Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Sugar, Ethanol and Energy \| Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	8,620	7,072
Sugar, Ethanol and Energy \| Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Sugar, Ethanol and Energy \| Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Sugar, Ethanol and Energy \| Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Sugar, Ethanol and Energy \| Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	489	408
Sugar, Ethanol and Energy \| Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	128	53
Sugar, Ethanol and Energy \| Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4,978	9,024
Sugar, Ethanol and Energy \| Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	$ 1,280	$ 776

Biological assets - Non-Current

Biological assets - Non-Current and Current Biological Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	$ 30,622	$ 19,355
Current biological assets	235,822	175,823
Biological assets	266,444	195,178	$ 165,693
Cattle for dairy production
Disclosure of detailed information about biological assets [line items]
Biological assets	29,483	18,428
Cattle for dairy production \| Mature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	29,483	18,428
Breeding cattle
Disclosure of detailed information about biological assets [line items]
Biological assets	7,896	7,037
Breeding cattle \| Mature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	821	707
Current biological assets	7,075	6,330
Other cattle
Disclosure of detailed information about biological assets [line items]
Biological assets	880	771
Other cattle \| Mature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	562	551
Other cattle \| Immature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	318	220
Sown land – crops
Disclosure of detailed information about biological assets [line items]
Biological assets	66,002	54,886
Sown land – crops \| Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	66,002	54,886
Sown land – rice
Disclosure of detailed information about biological assets [line items]
Biological assets	52,752	42,729
Sown land – rice \| Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	52,752	42,729
Sown land – sugarcane
Disclosure of detailed information about biological assets [line items]
Biological assets	109,431	71,327
Sown land – sugarcane \| Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	109,431	71,327
Crops planted in sugarcane farms \| Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	$ 4,849	$ 6,969

Biological assets - Narrative (

Biological assets - Narrative (Details) $ in Thousands	12 Months Ended
Biological assets - Narrative (Details) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about biological assets [line items]
Biological assets		$ 522,894	$ 532,480
Percentage of reasonably possible increase in estimated costs		10%	10%
Percentage of reasonably possible decrease in estimated costs		10%	10%
Minimum \| Abnormally changes in production quantity
Disclosure of detailed information about biological assets [line items]
Crop yield reduction (percentage)	0.18
Maximum \| Abnormally changes in production quantity
Disclosure of detailed information about biological assets [line items]
Crop yield reduction (percentage)	0.60
Sown land – sugarcane
Disclosure of detailed information about biological assets [line items]
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets		$ 18,500	$ 14,800
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets		18,500	14,800
Sown land – crops
Disclosure of detailed information about biological assets [line items]
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets		3,800	5,400
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets		3,800	5,400
Sown land – rice
Disclosure of detailed information about biological assets [line items]
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets		6,000	4,900
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets		$ 6,000	$ 4,900

Biological assets - Biological

Biological assets - Biological Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets [line items]
Biological assets	$ 266,444	$ 195,178	$ 165,693
Cattle for dairy production
Disclosure of fair value measurement of assets [line items]
Biological assets	29,483	18,428
Cattle for dairy production \| Level 1
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Cattle for dairy production \| Level 2
Disclosure of fair value measurement of assets [line items]
Biological assets	29,483	18,428
Cattle for dairy production \| Level 3
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Breeding cattle
Disclosure of fair value measurement of assets [line items]
Biological assets	7,896	7,037
Breeding cattle \| Level 1
Disclosure of fair value measurement of assets [line items]
Biological assets	7,896	7,037
Breeding cattle \| Level 2
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Breeding cattle \| Level 3
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Other cattle
Disclosure of fair value measurement of assets [line items]
Biological assets	880	771
Other cattle \| Level 1
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Other cattle \| Level 2
Disclosure of fair value measurement of assets [line items]
Biological assets	880	771
Other cattle \| Level 3
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Sown land – sugarcane
Disclosure of fair value measurement of assets [line items]
Biological assets	109,431	71,327
Sown land – sugarcane \| Level 1
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Sown land – sugarcane \| Level 2
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Sown land – sugarcane \| Level 3
Disclosure of fair value measurement of assets [line items]
Biological assets	109,431	71,327
Sown land – crops
Disclosure of fair value measurement of assets [line items]
Biological assets	66,002	54,886
Sown land – crops \| Level 1
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Sown land – crops \| Level 2
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Sown land – crops \| Level 3
Disclosure of fair value measurement of assets [line items]
Biological assets	66,002	54,886
Sown land – rice
Disclosure of fair value measurement of assets [line items]
Biological assets	52,752	42,729
Sown land – rice \| Level 1
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Sown land – rice \| Level 2
Disclosure of fair value measurement of assets [line items]
Biological assets	0	0
Sown land – rice \| Level 3
Disclosure of fair value measurement of assets [line items]
Biological assets	$ 52,752	$ 42,729

Biological assets - Significant

Biological assets - Significant Unobservable Inputs (Details)	12 Months Ended
	Dec. 31, 2022 tonPerHectare uSDollarPerHectare kilogramOfSugarPerTonOfCane uSDollarPerTonOfCane	Dec. 31, 2021 kilogramOfSugarPerTonOfCane uSDollarPerHectare tonPerHectare uSDollarPerTonOfCane
Bottom of range \| Sown land – sugarcane
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	50	50
TRS value \| kilogramOfSugarPerTonOfCane	120	120
Maintenance costs	500	500
Harvest costs \| uSDollarPerTonOfCane	6	6
Leasing costs \| tonPerHectare	12	12
Bottom of range \| Sown land – crops, sunflower
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	0.9	1.7
Commercial costs	17	18
Production costs	280	308
Bottom of range \| Sown land – crops, wheat
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	1	0.85
Commercial costs	13	17
Production costs	200	166
Bottom of range \| Sown land – crops, soybean
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	0.4	1.1
Commercial costs	21	19
Production costs	260	214
Bottom of range \| Sown land - crops, peanut
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	1.8	2.5
Commercial costs	28	36
Production costs	756	802
Bottom of range \| Sown land – crops, corn
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	1.6	3
Commercial costs	16	14
Production costs	325	334
Bottom of range \| Sown land – rice
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	1.4	3.2
Commercial costs	3	8
Production costs	760	810
Top of range \| Sown land – sugarcane
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	100	100
TRS value \| kilogramOfSugarPerTonOfCane	140	140
Maintenance costs	800	800
Harvest costs \| uSDollarPerTonOfCane	12	12
Leasing costs \| tonPerHectare	14.4	14.4
Top of range \| Sown land – crops, sunflower
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	2.2	2.5
Commercial costs	36	49
Production costs	890	1,005
Top of range \| Sown land – crops, wheat
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	5.6	5.6
Commercial costs	45	54
Production costs	840	899
Top of range \| Sown land – crops, soybean
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	5	4
Commercial costs	65	65
Production costs	1,100	1,096
Top of range \| Sown land - crops, peanut
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	5.1	3.6
Commercial costs	46	69
Production costs	2,000	2,060
Top of range \| Sown land – crops, corn
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	13	10
Commercial costs	65	62
Production costs	1,500	1,449
Top of range \| Sown land – rice
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields \| tonPerHectare	9.2	10.1
Commercial costs	23	25
Production costs	1,250	1,300

Financial instruments by cate_3

Financial instruments by category - Carrying amounts of financial assets and financial liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets as per statement of financial position
Trade and other receivables	$ 228,378	$ 188,080
Derivative financial instruments	5,342	1,585
Restricted short-term investment	98,571	0
Cash and cash equivalents	230,653	199,766	$ 336,282	$ 290,276
Total	562,944	389,431
Liabilities as per statement of financial position
Trade and other payables	259,607	169,030
Borrowings	1,007,752	817,651	971,090
Lease liabilities	337,980	246,854	$ 195,772
Derivative financial instruments	3,057	1,283
Total	1,608,396	1,234,818
Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	214,990	153,459
Borrowings	1,007,752	817,651
Lease liabilities	337,980	246,854
Derivative financial instruments	3,057	1,283
Total	1,563,779	1,219,247
Non- financial liabilities
Liabilities as per statement of financial position
Trade and other payables	44,617	15,571
Borrowings	0	0
Lease liabilities	0	0
Derivative financial instruments	0	0
Total	44,617	15,571
Financial liabilities at amortized cost \| Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	214,990	153,459
Borrowings	1,007,752	817,651
Lease liabilities	337,980	246,854
Derivative financial instruments	0	0
Total	1,560,722	1,217,964
Liabilities at fair value through profit or loss \| Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	0	0
Borrowings	0	0
Lease liabilities	0	0
Derivative financial instruments	3,057	1,283
Total	3,057	1,283
Financial Assets Instruments
Assets as per statement of financial position
Trade and other receivables	108,025	101,371
Derivative financial instruments	5,342	1,585
Restricted short-term investment	98,571
Cash and cash equivalents	230,653	199,766
Total	442,591	302,722
Financial Assets Instruments \| Financial asset / liabilities at amortized cost
Assets as per statement of financial position
Trade and other receivables	108,025	101,371
Derivative financial instruments	0	0
Restricted short-term investment	0
Cash and cash equivalents	230,653	199,766
Total	338,678	301,137
Financial Assets Instruments \| Financial assets at fair value through profit or loss
Assets as per statement of financial position
Trade and other receivables	0	0
Derivative financial instruments	5,342	1,585
Restricted short-term investment	98,571
Cash and cash equivalents	0	0
Total	103,913	1,585
Non- financial assets
Assets as per statement of financial position
Trade and other receivables	120,353	86,709
Derivative financial instruments	0	0
Restricted short-term investment	0
Cash and cash equivalents	0	0
Total	$ 120,353	$ 86,709

Financial instruments by cate_4

Financial instruments by category - Income, expense, gains and losses on financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	$ 5,781	$ 4,081	$ 4,084
Interest expense	(50,037)	(62,536)	$ (58,282)
Foreign exchange gains/(losses)	19,278	18,939
Loss from derivative financial instruments	(9,226)	(15,478)
Finance cost related to lease liabilities	(31,113)	(16,502)
Financial asset / liabilities at amortized cost
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	5,117	4,081
Interest expense	(50,037)	(62,536)
Foreign exchange gains/(losses)	19,278	18,939
Loss from derivative financial instruments	(4,472)	0
Finance cost related to lease liabilities	(31,113)	(16,502)
Financial assets at fair value through profit or loss \| Liabilities at fair value through profit or loss
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	664	0
Interest expense	0	0
Foreign exchange gains/(losses)	0	0
Loss from derivative financial instruments	(4,754)	(15,478)
Finance cost related to lease liabilities	$ 0	$ 0

Financial instruments by cate_5

Financial instruments by category - Financial assets and financial liabilities measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets	$ 5,342	$ 1,585
Restricted short-term investment	98,571	0
Derivative financial liabilities	(3,057)	(1,283)
Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets	134	828
Restricted short-term investment	98,571
Derivative financial liabilities	(2,800)	(1,283)
Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets	5,208	757
Restricted short-term investment	0
Derivative financial liabilities	$ (257)	$ 0

Financial instruments by cate_6

Financial instruments by category - Fair values based on recognized valuation methods (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Level 1 \| Futures
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	$ (2,689)
Level 1 \| Non derivable future (“NDF”)
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	23
Level 1 \| US-Treasury Bills
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	98,571
Level 2 \| Non derivable future (“NDF”)
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	(160)
Level 2 \| Interest-rate swaps
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	$ 5,111

Trade and other receivables, _3

Trade and other receivables, net - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-current
Advances to suppliers	$ 3,680	$ 952
Income tax credits	9,119	6,862
Non-income tax credits	18,688	19,156
Judicial deposits	1,831	1,674
Receivable from disposal of subsidiary (Note 21)	8,478	9,830
Other receivables	2,762	3,757
Non-current portion	44,558	42,231
Current
Trade receivables	77,441	60,703
Prepaid expenses	6,875	9,405
Advances to suppliers	42,966	19,074
Income tax credits	1,089	1,846
Non-income tax credits	37,936	29,414
Receivable from disposal of subsidiary (Note 21)	4,664	17,259
Cash collateral	1,365	21
Other receivables	11,484	8,127
Subtotal	106,379	85,146
Trade and other receivables, net	183,820	145,849
Trade and other receivables	228,378	188,080
Reclassified from property, plant and equipment	(158)	(303)
Gross \| Trade receivables excluding related party
Current
Trade receivables	81,707	63,726
Allowance for trade receivables
Current
Trade receivables	$ 4,266	$ 3,023

Trade and other receivables, _4

Trade and other receivables, net - Carrying Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial assets [line items]
Trade and other receivables	$ 228,378	$ 188,080
U.S. Dollar
Disclosure of financial assets [line items]
Trade and other receivables	89,760	62,604
Argentine Peso
Disclosure of financial assets [line items]
Trade and other receivables	54,801	55,260
Uruguayan Peso
Disclosure of financial assets [line items]
Trade and other receivables	2,229	460
Brazilian Reais
Disclosure of financial assets [line items]
Trade and other receivables	$ 81,588	$ 69,756

Trade and other receivables, _5

Trade and other receivables, net - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) company	Dec. 31, 2021 USD ($)
Disclosure of financial assets that are either past due or impaired [line items]
Number of well-known multinational companies with good credit quality standing \| company	20
Trade and other receivables \| Later than six months
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables past due but not impaired	$ 741	$ 717
Trade and other receivables \| Past due but not impaired
Disclosure of financial assets that are either past due or impaired [line items]
Trade receivables past due but not impaired	$ 22,933	$ 11,224
Proportion of outstanding unimpaired trade receivables (as a percent)	72%	53%

Trade and other receivables, _6

Trade and other receivables, net - Movements in Allowance for Trade Receivables (Details) - Trade and other receivables - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Beginning balance	$ 3,023	$ 3,965	$ 3,773
Charge of the year	3,570	2,022	2,192
Unused amounts reversed	(661)	(970)	(769)
Used during the year	(100)	(1,456)	(446)
Exchange differences	(1,566)	(538)	(785)
Ending balance	$ 4,266	$ 3,023	$ 3,965

Inventories - Summary (Details)

Inventories - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventories [abstract]
Raw materials	$ 121,306	$ 101,270
Finished goods	152,716	138,254	$ 77,041	$ 65,278
Current inventories	$ 274,022	$ 239,524

Cash and cash equivalents - Sum

Cash and cash equivalents - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and cash equivalents [abstract]
Cash at bank and on hand	$ 146,242	$ 152,721
Short-term bank deposits	84,411	47,045
Cash and cash equivalents	$ 230,653	$ 199,766	$ 336,282	$ 290,276

Acquisitions and disposals - Na

Acquisitions and disposals - Narrative (Details) $ in Thousands		1 Months Ended		12 Months Ended
	May 03, 2022 USD ($) installment	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($) ha	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of subsidiaries [line items]
General and administrative expenses				$ 84,287	$ 69,794	$ 53,428
Revenue of combined entity as if combination occurred at beginning of period				1,369,462
Profit (loss) on operations of combined entity as if combination occurred at beginning of period				249,462
Gain (loss) from disposal				0	$ 0	$ 2,064
Huelen Farm \| Global Seward SLU and Peak City SLU
Disclosure of subsidiaries [line items]
Consideration paid (received)		$ (30,100)
Gain (loss) from disposal		(600)
Reclassification of revaluation surplus to retained earnings		$ 2,200
Province of Santa Fe
Disclosure of subsidiaries [line items]
Gain (loss) from disposal			$ 2,100
Cash collected from sale of wholly owned subsidiary			$ 12,100
Area of farm land \| ha			811.70
Increase (decrease) through transfer between revaluation reserve and retained earnings regarding land sold			$ 8,000
Viterra Group
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	100%
Consideration transferred, acquisition-date fair value	$ 17,754
Number of installments to transfer consideration \| installment	3
Consideration paid (received)	$ 2,000			634
Consideration paid towards assumed debt	8,000
Contingency liability upon certain conditions met	1,215
General and administrative expenses	193
Profit (loss) of combined entity as if combination occurred at beginning of period				$ 106,950
Contingent consideration recognised as of acquisition date	$ 17,900

Acquisitions and disposals - Ne

Acquisitions and disposals - Net Assets Acquired (Details) $ in Thousands		12 Months Ended
	May 03, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of detailed information about business combination [line items]
Bargain purchase gain on acquisition		$ 10,107	$ 0	$ 0
Discount rate applied to acquisition payment installments	0.065
Viterra Group
Disclosure of detailed information about business combination [line items]
Amount paid in cash	$ 1,512
Amounts to be paid in installments	16,242
Total purchase consideration	17,754
Fair value of net assets acquired	27,507
Bargain purchase gain on acquisition	9,753
Consideration paid (received)	2,000	$ 634
Cash and cash equivalents	3,266
Trade and other receivables	21,068
Inventories	50,891
Biological assets	1,676
Property, plant and equipment	21,479
Total Assets	98,380
Trade and other payables	(50,062)
Payroll and other liabilities	(961)
Borrowings	(17,738)
Deferred income tax liabilities	(1,812)
Provision for other liabilities	(300)
Total Liabilities	$ (70,873)

Acquisitions and disposals - Re

Acquisitions and disposals - Revenue and Profits from Acquisition (Details) - Viterra Group $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure of subsidiaries [line items]
Sales of goods and services rendered	$ 61,363
Profit from operations	$ 6,131

Shareholders' contributions - N

Shareholders' contributions - Narrative (Details)					12 Months Ended			99 Months Ended
Shareholders' contributions - Narrative (Details)	Apr. 20, 2023 USD ($)	Nov. 17, 2022 USD ($) $ / shares	May 17, 2022 USD ($) $ / shares	Apr. 20, 2022 USD ($) installment $ / shares shares	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) shares	Apr. 19, 2023 installment	Sep. 24, 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
Par value per share (USD per share) \| $ / shares					$ 1.5
Number of votes per share \| vote					1
Share capital					$ 167,073,000	$ 183,573,000		$ 183,573,000
Treasury shares (in shares)					4,792,000	16,909,000		$ 16,909,000
Authorized proportion of outstanding stock (as a percent)										5%
Purchase of treasury shares					$ 36,844,000	66,463,000	$ 4,365,000
Treasury stock (shares) \| shares					3,190,597
Number of payment installments \| installment				2
Dividends recognized as distributions to owners		$ 17,500,000	$ 17,500,000			298,000	2,460,000
Dividends recognized as distributions to owners (USD per share) \| $ / shares		$ 0.1602	$ 0.1572
Decision of the Extraordinary General Shareholders’ meeting
Disclosure of terms and conditions of share-based payment arrangement [line items]
Reduction of issued capital				$ 16,500,000
Cancellation of treasury shares (in shares) \| shares				11,000,000
Treasury shares, nominal value (USD per share) \| $ / shares				$ 1.50
Share capital				$ 167,072,722.5
Number of shares issued (in shares) \| shares				111,381,815
Treasury shares (in shares)				$ 52,254
Annual Dividend Proposal
Disclosure of terms and conditions of share-based payment arrangement [line items]
Dividend payables				$ 35,000,000
Number of payment installments \| installment									2
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners	$ 35,000,000
Share Repurchase Program
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock repurchased under program (shares) \| shares								21,948,707
Employee stock options exercised (shares) \| shares								7,862,922
Purchase of treasury shares					$ 36,800,000	$ 66,500,000	$ 4,400,000

Shareholders' contributions - S

Shareholders' contributions - Share Capital (Details) - USD ($) $ in Thousands			12 Months Ended
	Nov. 17, 2022	May 17, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share capital and share premium
Balance at beginning of period			$ 1,047,830	$ 963,724	$ 1,028,883
Employee share options exercised			2,124
Restricted shares granted and units vested			1,824	448	1,224
Purchase of own shares			(36,844)	(66,463)	(4,365)
Dividends paid to shareholders	$ (17,500)	$ (17,500)		(298)	(2,460)
Balance at end of period			$ 1,163,643	$ 1,047,830	$ 963,724
Number of shares
Number of shares
Stock at beginning of period (shares)			122,382,000	122,382,000	122,382,000
Reduction of issued share capital of the company (in shares)			(11,000,000)
Stock at end of period (shares)			111,382,000	122,382,000	122,382,000
Share capital and share premium
Balance at beginning of period			$ 183,573	$ 183,573	$ 183,573
Balance at end of period			167,073	183,573	183,573
Share capital and share premium
Share capital and share premium
Balance at beginning of period			1,034,633	1,086,388	1,085,312
Reduction of issued share capital of the company			(16,500)
Employee share options exercised			2,432
Restricted shares granted and units vested				3,594	4,182
Restricted shares granted			4,647
Purchase of own shares			(29,970)	(55,349)	(3,106)
Dividends paid to shareholders			(35,000)
Balance at end of period			$ 960,242	$ 1,034,633	$ 1,086,388

Equity-settled share-based pa_3

Equity-settled share-based payments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2014	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2004
Disclosure of terms and conditions of share-based payment arrangement [line items]
Term of options granted		10 years
Share-based compensation expense		$ 10,227	$ 6,406	$ 4,316
Stock Options, 2004 Stock Incentive Option Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum term of options					10 years
Extended term on options	10 years
Restricted Stock and Restricted Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		3 years
Vesting rate (as a percent)		33%
Maximum stock authorized (shares)		8,115,495
Stock already granted (shares)		7,889,063
Restricted Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense		$ 10,900	$ 6,600	$ 4,400

Equity-settled share-based pa_4

Equity-settled share-based payments - Options Schemes (Details) - Stock Options, 2004 Stock Incentive Option Plan shares in Thousands	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price at beginning of period (in USD per share) \| $ / shares	$ 6.66	$ 6.66	$ 6.66
Average exercise price, exercised (in USD per share) \| $ / shares	6.77	0	0
Average exercise price at end of period (in USD per share) \| $ / shares	$ 6.66	$ 6.66	$ 6.66
Options at beginning of period (shares) \| shares	1,634	1,634	1,634
Exercised (shares) \| shares	(313)	0	0
Options at end of period (shares) \| shares	1,321	1,634	1,634

Equity-settled share-based pa_5

Equity-settled share-based payments - Option Expiry Dates and Exercise Prices (Details) - Stock Options, 2004 Stock Incentive Option Plan shares in Thousands	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares $ / shares	Dec. 31, 2019 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options outstanding in share-based payment arrangement (in USD per share) \| $ / shares	$ 6.66	$ 6.66	$ 6.66	$ 6.66
Number of share options outstanding in share-based payment arrangement (shares) \| shares	1,321	1,634	1,634	1,634
May 1, 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options outstanding in share-based payment arrangement (in USD per share) \| $ / shares	$ 5.83
Number of share options outstanding in share-based payment arrangement (shares) \| shares	400	496	496
May 1, 2025
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options outstanding in share-based payment arrangement (in USD per share) \| $ / shares	$ 5.83
Number of share options outstanding in share-based payment arrangement (shares) \| shares	369	452	452
January 1, 2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options outstanding in share-based payment arrangement (in USD per share) \| $ / shares	$ 5.83
Number of share options outstanding in share-based payment arrangement (shares) \| shares	124	142	142
February 16, 2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options outstanding in share-based payment arrangement (in USD per share) \| $ / shares	$ 7.11
Number of share options outstanding in share-based payment arrangement (shares) \| shares	84	103	103
October 1, 2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options outstanding in share-based payment arrangement (in USD per share) \| $ / shares	$ 8.62
Number of share options outstanding in share-based payment arrangement (shares) \| shares	344	441	441

Equity-settled share-based pa_6

Equity-settled share-based payments - Key Grant Date Fair Value and Other Assumptions (Details) - $ / shares	Apr. 20, 2022	Apr. 01, 2022	May 13, 2021	Apr. 01, 2021	May 12, 2020	Apr. 01, 2020
Share-Based Payment Arrangements [Abstract]
Grant date, fair value (USD per share)	$ 12.60	$ 10.87	$ 9.54	$ 7.84	$ 7.45	$ 5.65

Equity-settled share-based pa_7

Equity-settled share-based payments - Restricted Share and Restricted Stock Unit Plan (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period (shares)	1,766,000	1,222,000	750,000
Granted (shares)	1,406,000	1,067,000	751,000
Forfeited (shares)	(43,000)	(32,000)	(24,000)
Vested (shares)	(828,000)	(491,000)	(255,000)
Balance at end of period (shares)	2,301,000	1,766,000	1,222,000
Restricted Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period (shares)	0	174,000	508,000
Granted (shares)		0	0
Forfeited (shares)		0	(10,000)
Vested (shares)		(174,000)	(324,000)
Balance at end of period (shares)		0	174,000

Legal and other reserves - Narr

Legal and other reserves - Narrative (Details) - USD ($)	12 Months Ended
Legal and other reserves - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reserves within equity [abstract]
Legal and other reserve	$ 22,187,000	$ 14,643,000
Distributable retained earnings	0
Retained earnings, unappropriated	$ 824,114,000

Trade and other payables - Summ

Trade and other payables - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-current
Trade payables	$ 4,175	$ 0
Payable from acquisition of subsidiary	12,646	0
Other payables	389	284
Trade and other payables, non-current	17,210	284
Current
Trade payables	193,127	151,979
Advances from customers	35,749	8,705
Taxes payable	8,868	6,866
Payable from acquisition of subsidiary	3,575	0
Other payables	1,078	1,196
Trade and other payables, current	242,397	168,746
Trade and other payables	$ 259,607	$ 169,030

Borrowings - Borrowings (Detail

Borrowings - Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-current
Senior Notes	$ 497,901	$ 497,455
Non-current	727,983	705,487
Current
Senior Notes	8,250	8,250
Current	279,769	112,164
Borrowings	1,007,752	817,651	$ 971,090
Bank borrowings
Non-current
Bank borrowings	230,082	208,032
Current
Bank overdrafts and borrowings	223,461	92,146
Bank overdrafts
Current
Bank overdrafts and borrowings	$ 48,058	$ 11,768

Borrowings - Narrative (Details

Borrowings - Narrative (Details) $ in Thousands, R$ in Millions		1 Months Ended	7 Months Ended	12 Months Ended
	Sep. 21, 2017 USD ($)	Oct. 31, 2020 USD ($)	Dec. 31, 2020	Dec. 31, 2022 BRL (R$)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Collateralized liabilities					$ 70,221	$ 188,058
Level 2 \| Fair value
Disclosure of detailed information about borrowings [line items]
Borrowings					$ 517,500	$ 474,300
Borrowings, nominal rate (as a percent)				94.86%	103.49%
Senior Notes due 2027
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 500,000
Issuance of senior notes	$ 495,700
Senior Notes due 2027 \| Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)	6%
Brazilian Subsidiaries \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)				8.54%		8.54%
Brazilian Subsidiaries \| Top of range
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)				16.29%		16.29%
Brazilian Subsidiaries \| Fixed interest rate \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				2%		2%
Brazilian Subsidiaries \| Fixed interest rate \| Top of range
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				13.23%		13.23%
Brazilian Subsidiaries \| Certificados Recebíveis do Agronegócio (CRA)
Disclosure of detailed information about borrowings [line items]
Nominal amount \| R$				R$ 400.0
Brazilian Subsidiaries \| Certificados Recebíveis do Agronegócio (CRA) \| IPCA
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				3.80%		3.80%
Argentina Subsidiaries \| IFC Tranche A And B Granted 2020
Disclosure of detailed information about borrowings [line items]
Nominal amount							$ 100,000
Tenor period			8 years
Grace period			2 years
Amount received regarding loan agreement with IFC		$ 22,000
Argentina Subsidiaries \| IFC Tranche A And B Granted 2020 \| LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)				4%		4%
Argentina Subsidiaries \| Amended IFC Tranche A And B
Disclosure of detailed information about borrowings [line items]
Nominal amount					$ 60,000
Argentina Subsidiaries \| Amended IFC Tranche A And B \| LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)					3%
U.S. Dollar \| Argentina Subsidiaries \| Fixed interest rate \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				0%		0%
U.S. Dollar \| Argentina Subsidiaries \| Fixed interest rate \| Top of range
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				9.20%		9.20%
U.S. Dollar \| Argentina Subsidiaries \| LIBOR Variable Rate Basis \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				4%		4%
Argentine Peso \| Argentina Subsidiaries \| Fixed interest rate \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				64%		64%
Argentine Peso \| Argentina Subsidiaries \| Fixed interest rate \| Top of range
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				71.15%		71.15%

Borrowings - Maturity of Borrow

Borrowings - Maturity of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 1,007,752	$ 817,651	$ 971,090
Borrowings excluding obligations under finance lease
Disclosure of detailed information about borrowings [line items]
Total borrowings	1,007,752	817,651
Borrowings excluding obligations under finance lease \| Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	800,743	626,807
Borrowings excluding obligations under finance lease \| Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	207,009	190,844
Borrowings excluding obligations under finance lease \| Less than 1 year \| Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	272,900	104,349
Borrowings excluding obligations under finance lease \| Less than 1 year \| Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	6,869	7,815
Borrowings excluding obligations under finance lease \| Between 1 and 2 years \| Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	27,720	12,503
Borrowings excluding obligations under finance lease \| Between 1 and 2 years \| Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	35,355	5,075
Borrowings excluding obligations under finance lease \| Between 2 and 3 years \| Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	2,222	12,500
Borrowings excluding obligations under finance lease \| Between 2 and 3 years \| Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	32,851	31,754
Borrowings excluding obligations under finance lease \| Between 3 and 4 years \| Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	0	0
Borrowings excluding obligations under finance lease \| Between 3 and 4 years \| Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	80,115	29,255
Borrowings excluding obligations under finance lease \| Between 4 and 5 years \| Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	50,211	71,045
Borrowings excluding obligations under finance lease \| Over 5 Years \| Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	497,901	497,455
Borrowings excluding obligations under finance lease \| Over 5 Years \| Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 1,608	$ 45,900

Borrowings - Brazilian Subsidia

Borrowings - Brazilian Subsidiaries (Details) $ in Thousands, R$ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 BRL (R$)	Apr. 30, 2022	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Total borrowings \| $	$ 1,007,752			$ 817,651	$ 971,090
Brazilian Subsidiaries \| Banco do Brasil / Itaú BBA (FINEM)
Disclosure of detailed information about borrowings [line items]
Nominal amount		R$ 273.0
Total borrowings	$ 52,320	R$ 273.0		4,750
Interest rate on borrowings (as a percent)	4.68%	4.68%
Brazilian Subsidiaries \| Certificados Recebíveis do Agronegócio (CRA)
Disclosure of detailed information about borrowings [line items]
Nominal amount		R$ 400.0
Total borrowings	$ 76,660	R$ 400.0		83,680
Brazilian Subsidiaries \| Certificados Recebíveis do Agronegócio (CRA) \| IPCA
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)	3.80%	3.80%
Brazilian Subsidiaries \| Debênture
Disclosure of detailed information about borrowings [line items]
Nominal amount		R$ 400.0
Total borrowings	$ 76,660	R$ 400.0		80,100
Brazilian Subsidiaries \| Debênture \| IPCA
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)	4.24%	4.24%
Brazilian Subsidiaries \| Banco do Brasil (CCB)
Disclosure of detailed information about borrowings [line items]
Nominal amount		R$ 30.0
Total borrowings	$ 5,750	R$ 30.0		5,480
Brazilian Subsidiaries \| Banco do Brasil (CCB) \| CDI Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)	2.32%	2.32%
Brazilian Subsidiaries \| Banco Itaú BBA (NCR)
Disclosure of detailed information about borrowings [line items]
Nominal amount		R$ 20.0
Total borrowings	$ 3,830	R$ 20.0		$ 0
Interest rate on borrowings (as a percent)	13.23%	13.23%	13.23%

Borrowings - Argentinian Subsid

Borrowings - Argentinian Subsidiaries (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 1,007,752	$ 817,651	$ 971,090
Net book value of pledged assets	129,300	124,600
Argentina Subsidiaries \| Rabobank Due June 2024
Disclosure of detailed information about borrowings [line items]
Nominal amount	50,000
Total borrowings	$ 25,000	37,500
Argentina Subsidiaries \| Rabobank Due June 2024 \| Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)	6.17%
Argentina Subsidiaries \| IFC Tranche A 3 due June 2028
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 12,600
Total borrowings	$ 10,660	12,350
Argentina Subsidiaries \| IFC Tranche A 3 due June 2028 \| LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)	4%
Argentina Subsidiaries \| IFC Tranche B 3 Due June 2028
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 9,400
Total borrowings	$ 7,960	$ 9,220
Argentina Subsidiaries \| IFC Tranche B 3 Due June 2028 \| LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)	4%
Argentina Subsidiaries \| IFC Tranche A And B Granted 2020
Disclosure of detailed information about borrowings [line items]
Nominal amount				$ 100,000
Argentina Subsidiaries \| IFC Tranche A And B Granted 2020 \| LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)	4%
Argentina Subsidiaries \| Adeco Agropecuaria S.A. \| IFC Tranche A And B Granted 2020
Disclosure of detailed information about borrowings [line items]
Net book value of pledged assets	$ 241,800
Argentina Subsidiaries \| Pilagá S.A. \| IFC Tranche A And B Granted 2020
Disclosure of detailed information about borrowings [line items]
Net book value of pledged assets	35,700
Argentina Subsidiaries \| Bañado del Salado S.A. \| IFC Tranche A And B Granted 2020
Disclosure of detailed information about borrowings [line items]
Net book value of pledged assets	$ 44,300

Borrowings - Evolution of Borro

Borrowings - Evolution of Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]
Amount at the beginning of the year	$ 817,651	$ 971,090
Proceeds from long-term borrowings	41,082	30,972	$ 116,015
Payments of long-term borrowings	(14,012)	(108,425)	(34,750)
Proceeds from short term borrowings	347,928	286,115
Payments of short-term borrowings	(192,648)	(328,463)	(233,540)
Payments of interest	(33,189)	(49,592)
Accrued interest	51,596	48,791
Acquisition of subsidiaries	17,738	0
Exchange differences, inflation and translation, net	(30,489)	(52,693)
Others	2,095	19,856
Amount at the end of the year	$ 1,007,752	$ 817,651	$ 971,090

Lease liabilities - Summary (De

Lease liabilities - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease liabilities
Non-current	$ 283,549	$ 201,718
Current	54,431	45,136
Lease liabilities	$ 337,980	$ 246,854	$ 195,772

Lease liabilities - Maturity of

Lease liabilities - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	$ 337,980	$ 246,854
Less than 1 year
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	54,431	45,136
Between 1 and 2 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	61,931	44,847
Between 2 and 3 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	50,839	38,745
Between 3 and 4 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	41,781	30,085
Between 4 and 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	31,231	24,072
More than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	$ 97,767	$ 63,969

Lease liabilities - Lease Liabi

Lease liabilities - Lease Liability Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of operating lease payments [line items]
Amount at the beginning of the year 2022	$ 246,854	$ 195,772
Exchange differences	14,663	(11,647)
Additions and re-measurement	153,850	108,500
Disposal	(5,921)
Payments	(102,579)	(62,273)
Finance cost related to lease liabilities	31,113	16,502	$ 12,532
Closing net book amount	337,980	246,854	195,772
Lease Liability - Agricultural Partnerships
Disclosure of maturity analysis of operating lease payments [line items]
Amount at the beginning of the year 2022	222,013	178,423
Exchange differences	10,230	(11,698)
Additions and re-measurement	143,952	93,091
Disposal	(3,277)
Payments	(89,806)	(53,206)
Finance cost related to lease liabilities	28,954	15,403
Closing net book amount	312,066	222,013	178,423
Lease Liability - Others
Disclosure of maturity analysis of operating lease payments [line items]
Amount at the beginning of the year 2022	24,841	17,349
Exchange differences	4,433	51
Additions and re-measurement	9,898	15,409
Disposal	(2,644)
Payments	(12,773)	(9,067)
Finance cost related to lease liabilities	2,159	1,099
Closing net book amount	$ 25,914	$ 24,841	$ 17,349

Payroll and social security l_3

Payroll and social security liabilities - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-current
Social security payable	$ 1,581	$ 1,243
Non-current payroll and social security liabilities	1,581	1,243
Current
Salaries payable	4,050	2,617
Social security payable	4,693	3,499
Provision for vacations	11,487	8,136
Provision for bonuses	9,734	10,799
Current payroll and social security liabilities	29,964	25,051
Total payroll and social security liabilities	$ 31,545	$ 26,294

Provisions for other liabilit_3

Provisions for other liabilities - Changes in Provisions for Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [line items]
Other provisions, beginning balance	$ 5,986	$ 4,359
Additions	1,747	4,392
Acquisition of subsidiaries	300
Used during year	(4,653)	(2,483)
Exchange differences	55	(282)
Other provisions, ending balance	3,435	5,986
Labor, legal and other claims
Disclosure of other provisions [line items]
Other provisions, beginning balance	2,527	2,864
Additions	1,347	917
Acquisition of subsidiaries	300
Used during year	(1,237)	(1,028)
Exchange differences	92	(226)
Other provisions, ending balance	3,029	2,527
Others
Disclosure of other provisions [line items]
Other provisions, beginning balance	3,459	1,495
Additions	400	3,475
Acquisition of subsidiaries	0
Used during year	(3,416)	(1,455)
Exchange differences	(37)	(56)
Other provisions, ending balance	$ 406	$ 3,459

Provisions for other liabilit_4

Provisions for other liabilities - Total Provisions (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other provisions [abstract]
Non current	$ 2,526	$ 2,565
Current	909	3,421
Total provisions	$ 3,435	$ 5,986	$ 4,359

Provisions for other liabilit_5

Provisions for other liabilities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Tax, labor, civil, administrative and other proceedings
Disclosure of contingent liabilities [line items]
Contingent liabilities	$ 78.5	$ 72.1

Group companies - Ownership Int

Group companies - Ownership Interests in Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Argentina \| Adeco Agropecuaria S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Argentina \| Pilagá S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	99.94%	99.94%
Argentina \| Cavok S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%	51%
Argentina \| Establecimientos El Orden S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%	51%
Argentina \| Bañado del Salado S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Argentina \| Agro Invest S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%	51%
Argentina \| Forsalta S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%	51%
Argentina \| Dinaluca S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Argentina \| Compañía Agroforestal S.M.S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Argentina \| Energía Agro S.A.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Argentina \| L3N S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Argentina \| Maní del Plata S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Argentina \| Girasoles del Plata S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Argentina \| Molinos Libres S.A.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Adeco Agropecuaria Brasil Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Adecoagro Vale do Ivinhema S.A. ("AVI")
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Usina Monte Alegre Ltda. ("UMA")
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Adecoagro GD LTDA.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Monte Alegre Combustiveis Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Adecoagro Energia Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Adecoagro Agricultura e Participação Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Methanum Engenharia Ambiental Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Angelica Energia Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Ivinhema Energia Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Brazil \| Adecoagro Brasil Participações S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Uruguay \| Kelizer S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Uruguay \| Adecoagro Uruguay S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Uruguay \| Arroz del Plata S.A. (ex Viterra Uruguay S.A.)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Uruguay \| Paso Dragón S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Uruguay \| Ladelux S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Chile \| Adecoagro Chile S.P.A
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Luxembourg \| Adecoagro LP S.C.S.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Luxembourg \| Adecoagro GP S.a.r.l.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%
Spain \| Spain Holding Companies
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	0%	0%

Related-party transactions - Su

Related-party transactions - Summary (Details) - Management and selected employees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Compensation selected employees	$ (11,497)	$ (7,883)	$ (5,232)
Amounts payable, related party transactions	$ (18,917)	$ (16,198)

Critical accounting estimates_3

Critical accounting estimates and judgments - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) unit	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) unit	Dec. 31, 2020 USD ($)
Disclosure of information for cash-generating units [line items]
Number of cash-generating units \| unit		42		39
Property, plant and equipment, net	$ 1,565,355		$ 1,422,623		$ 1,358,292
Argentina
Disclosure of information for cash-generating units [line items]
Number of cash-generating units \| unit		10		10
Argentina \| Cash-generating units
Disclosure of information for cash-generating units [line items]
Goodwill	14,300	$ 14,721		$ 12,001
Property, plant and equipment, net	143,900
Brazil
Disclosure of information for cash-generating units [line items]
Number of cash-generating units \| unit		2		2
Brazil \| Cash-generating units
Disclosure of information for cash-generating units [line items]
Goodwill	4,200	$ 4,039		$ 4,014
Property, plant and equipment, net	$ 534,000

Critical accounting estimates_4

Critical accounting estimates and judgments - Allocated Goodwill to CGUs in Argentina (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Disclosure of information for cash-generating units [line items]
Total assets allocated to CGUs tested	$ 3,108,855		$ 2,582,401
Argentina \| La Carolina \| Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		$ 242		$ 197
Argentina \| La Carolina \| Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		39		32
Argentina \| El Orden \| Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		260		212
Argentina \| El Orden \| Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		9		8
Argentina \| La Guarida \| Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		1,726		1,407
Argentina \| La Guarida \| Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		889		725
Argentina \| Los Guayacanes \| Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		3,196		2,606
Argentina \| Dona Marina \| Rice
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		5,565		4,536
Argentina \| El Colorado \| Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		2,768		2,256
Argentina \| El Colorado \| Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		27		22
Argentina \| Cash-generating units
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)	$ 14,300	14,721		12,001
Closing net book value of PPE items allocated to CGUs tested		143,585		143,064
Total assets allocated to CGUs tested		$ 158,306		$ 155,065

Critical accounting estimates_5

Critical accounting estimates and judgments - Key Assumptions (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Disclosure of information for cash-generating units [line items]
Future pricing increases (as a percent)	1.21%	1.76%
Future cost increases (as a percent)	0.25%	0.33%
Discount rates (as a percent)	5%	4%
Perpetuity growth rate (as a percent)	1%	1%
UMA
Disclosure of information for cash-generating units [line items]
Financial projections (in years)	5 years	5 years
AVI
Disclosure of information for cash-generating units [line items]
Financial projections (in years)	5 years	5 years
Bottom of range
Disclosure of information for cash-generating units [line items]
Yield average growth rates (as a percent)	0%	0%
Top of range
Disclosure of information for cash-generating units [line items]
Yield average growth rates (as a percent)	1%	1%

Critical accounting estimates_6

Critical accounting estimates and judgments - Allocated Goodwill to CGUs in Brazil (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Disclosure of information for cash-generating units [line items]
Total assets allocated to CGUs tested	$ 3,108,855		$ 2,582,401
Sugar, Ethanol and Energy \| AVI
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		$ 2,937		$ 2,919
Sugar, Ethanol and Energy \| UMA
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)		1,102		1,095
Brazil \| Cash-generating units
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested (Note 15)	$ 4,200	4,039		4,014
Closing net book value of PPE items allocated to CGUs tested		518,814		469,434
Total assets allocated to CGUs tested		$ 522,853		$ 473,448

Summary of significant accoun_3

Summary of significant accounting policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) contract
Disclosure of detailed information about intangible assets [line items]
Operating lease, capitalization threshold \| $	$ 30,000
Number of power agreements \| contract	2
Expiration Date 2042
Disclosure of detailed information about intangible assets [line items]
Power agreement terms	25 years
Expiration date 2024
Disclosure of detailed information about intangible assets [line items]
Power agreement terms	15 years
Expiration date 2025
Disclosure of detailed information about intangible assets [line items]
Power agreement terms	15 years
Trademarks \| Bottom of range
Disclosure of detailed information about intangible assets [line items]
Useful lives of intangible assets	10 years
Trademarks \| Top of range
Disclosure of detailed information about intangible assets [line items]
Useful lives of intangible assets	20 years
Software \| Bottom of range
Disclosure of detailed information about intangible assets [line items]
Useful lives of intangible assets	3 years
Software \| Top of range
Disclosure of detailed information about intangible assets [line items]
Useful lives of intangible assets	5 years