Adecoagro (AGRO) 20-F 26 Apr 24 2023 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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	106,005,500
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 Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001499505
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
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
	Dec. 31, 2023
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
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit or loss [abstract]
Sales of goods and services rendered	$ 1,298,871	$ 1,347,724	$ 1,124,352
Cost of goods sold and services rendered	(973,180)	(1,075,747)	(854,965)
Initial recognition and changes in fair value of biological assets and agricultural produce	87,858	215,941	227,740
Changes in net realizable value of agricultural produce after harvest	1,838	(22,293)	(12,879)
Margin on manufacturing and agricultural activities before operating expenses	415,387	465,625	484,248
General and administrative expenses	(70,320)	(84,287)	(69,794)
Selling expenses	(129,092)	(143,515)	(117,662)
Other operating income / (expense), net	25,590	1,870	(18,768)
Bargain purchase gain on acquisition	0	10,107	0
Profit from operations	241,565	249,800	278,024
Finance income	157,100	25,308	36,670
Finance costs	(122,087)	(137,600)	(151,681)
Other financial results - Net gain / (loss) of inflation effects on monetary items	28,816	(2,144)	11,541
Financial results, net	63,829	(114,436)	(103,470)
Profit before income tax	305,394	135,364	174,554
Income tax expense	(78,673)	(26,758)	(43,837)
Profit for the year	226,721	108,606	130,717
Attributable to:
Equity holders of the parent	226,291	108,138	130,669
Non-controlling interest	$ 430	$ 468	$ 48
Earnings per share attributable to the equity holders of the parent during the year:
Basic earnings per share (USD per share)	$ 2.113	$ 0.982	$ 1.135
Diluted earnings per share (USD per share)	$ 2.105	$ 0.979	$ 1.130

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Statement of comprehensive income [abstract]
Profit for the year	$ 226,721		$ 108,606		$ 130,717
-  Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	(222,166)		98,741		121,146
Cash flow hedge, net of income tax	27,748	[1]	16,060	[2]	29,758	[3]
-  Items that will not be reclassified to profit or loss:
Revaluation surplus net of income tax (Note 12)	122,793		(46,903)		(136,622)
Other comprehensive (loss) / income for the year	(71,625)		67,898		14,282
Total comprehensive income / (loss) for the year	155,096		176,504		144,999
Attributable to:
Equity holders of the parent	155,044		174,705		147,273
Non-controlling interest	$ 52		$ 1,799		$ (2,274)
[1]Net of $(8,498) of Income tax.[2]Net of $(7,337) of Income tax[3]Net of ($2,526) of income tax.

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Non-Current Assets
Property, plant and equipment, net	$ 1,549,565,000	$ 1,565,355,000
Right of use assets	406,713,000	360,181,000
Investment property	33,364,000	33,330,000
Intangible assets, net	27,519,000	36,120,000
Biological assets	23,706,000	30,622,000
Deferred income tax assets	9,777,000	8,758,000
Trade and other receivables, net	39,060,000	44,558,000
Derivative financial instruments	18,001,000	5,208,000
Other assets	1,515,000	1,701,000
Total Non-Current Assets	2,109,220,000	2,085,833,000
Current Assets
Biological assets	204,331,000	235,822,000
Inventories	256,051,000	274,022,000
Trade and other receivables, net	179,055,000	183,820,000
Derivative financial instruments	13,819,000	134,000
Short-term investment	62,637,000	98,571,000
Cash and cash equivalents	339,781,000	230,653,000
Total Current Assets	1,055,674,000	1,023,022,000
TOTAL ASSETS	3,164,894,000	3,108,855,000
Capital and reserves attributable to equity holders of the parent
Share capital	167,073,000	167,073,000
Share premium	743,810,000	793,169,000
Cumulative translation adjustment	(603,861,000)	(456,029,000)
Equity-settled compensation	18,654,000	18,792,000
Cash flow hedge	(17,124,000)	(44,872,000)
Other reserves	150,677,000	126,925,000
Treasury shares	(8,062,000)	(4,792,000)
Revaluation surplus	317,598,000	281,909,000
Reserve from the sale of non-controlling interests in subsidiaries	41,574,000	41,574,000
Retained earnings	418,789,000	202,342,000
Equity attributable to equity holders of the parent	1,229,128,000	1,126,091,000
Non-controlling interest	36,520,000	37,552,000
TOTAL SHAREHOLDERS EQUITY	1,265,648,000	1,163,643,000
Non-Current Liabilities
Trade and other payables	1,008,000	17,210,000
Borrowings	697,843,000	727,983,000
Lease liabilities	325,569,000	283,549,000
Deferred income tax liabilities	376,331,000	301,414,000
Payroll and social security liabilities	1,570,000	1,581,000
Derivatives financial instruments	0	96,000
Provisions for other liabilities	2,871,000	2,526,000
Total Non-Current Liabilities	1,405,192,000	1,334,359,000
Current Liabilities
Trade and other payables	190,730,000	242,397,000
Current income tax liabilities	5,023,000	422,000
Payroll and social security liabilities	37,357,000	29,964,000
Borrowings	207,106,000	279,769,000
Lease liabilities	52,941,000	54,431,000
Derivative financial instruments	169,000	2,961,000
Provisions for other liabilities	728,000	909,000
Total Current Liabilities	494,054,000	610,853,000
TOTAL LIABILITIES	1,899,246,000	1,945,212,000
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES	$ 3,164,894,000	$ 3,108,855,000

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, 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	[1]	29,758	29,757					29,757						1
Revaluation surplus	[2]	(136,622)	(125,319)								(125,319)			(11,303)
Other comprehensive (loss) / income for the year		14,282	16,604			40,435		29,757			(53,588)			(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	[3]	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	[4]	16,060	16,060					16,060
Revaluation surplus	[5]	(46,903)	(43,440)								(43,440)			(3,463)
Other comprehensive (loss) / income for the year		67,898	66,567			58,580		16,060			(8,073)			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	[6]	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
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 (Note 22)		(35,000)	(35,000)		(35,000)
Dividends to non-controlling interest		(358)												(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
Profit for the year		226,721	226,291										226,291	430
Exchange differences on translation of foreign operations		(222,166)	(211,355)			(147,832)					(63,523)			(10,811)
Cash flow hedge, net of tax	[7]	27,748	27,748					27,748
Revaluation surplus	[8]	122,793	112,360								112,360			10,433
Reverse of revaluation surplus derived from the disposals of assets before taxes		0									(13,148)		13,148
Other comprehensive (loss) / income for the year		(71,625)	(71,247)			(147,832)		27,748			35,689		13,148	(378)
Total comprehensive income / (loss) for the year		155,096	155,044			(147,832)		27,748			35,689		239,439	52
Reserves for the benefit of government grants	[9]	0							22,992				(22,992)
Employee shares, exercised		214	214		236		(77)			55
Value of employee services		6,084	6,084				6,084
Restricted shares, vested		2,937	2,937		7,528		(6,145)		1,554
Restricted shares, forfeited		0							30	(30)
Restricted shares, granted		0							(824)	824
Purchase of own shares		(26,242)	(26,242)		(22,123)					(4,119)
Dividends to shareholders (Note 22)		(35,000)	(35,000)		(35,000)
Dividends to non-controlling interest														(1,084)
Balance at end of period at Dec. 31, 2023		$ 1,265,648	$ 1,229,128	$ 167,073	$ 743,810	$ (603,861)	$ 18,654	$ (17,124)	$ 150,677	$ (8,062)	$ 317,598	$ 41,574	$ 418,789	$ 36,520
[1]Net of ($2,526) of income tax.[2]Net of ($9,953) of Income tax.[3]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).[4]Net of $(7,337) of Income tax[5]Net of $25,307 of Income tax.[6]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).[7]Net of $(8,498) of Income tax.[8]Net of $(62,988) of Income tax.[9]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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of changes in equity [abstract]
Tax credit relating to cash flow hedge	$ (8,498)	$ (7,337)	$ (2,526)
Changes of fair value valuation for farmlands	$ (62,988)	$ 25,307	$ (9,953)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Profit for the year		$ 226,721	$ 108,606	$ 130,717
Adjustments for:
Income tax expense		78,673	26,758	43,837
Depreciation		198,288	188,775	167,297
Amortization		1,730	2,265	1,631
Depreciation of right of use assets		74,085	63,339	49,199
(Gain) / loss from the disposal of other property items		(4,747)	(3,718)	387
Gain from the sale of farmland and other assets		(6,334)	0	0
Bargain purchase gain on acquisition		0	(10,107)	0
Net (gain) / loss from the fair value adjustment of Investment properties		(10,620)	2,961	4,331
Equity settled share-based compensation granted		8,581	10,227	6,406
(Gain) / loss from derivative financial instruments and forwards		(8,605)	13,685	17,276
Interest, finance cost related to lease liabilities and other financial expense, net		16,428	83,130	75,610
Initial recognition and changes in fair value of non-harvested biological assets (unrealized)		17,663	(44,935)	(11,310)
Changes in net realizable value of agricultural produce after harvest (unrealized)		(2,599)	(72)	4,001
Provision and allowances		654	999	1,146
Net (gain) / loss of inflation effects on the monetary items		(28,816)	2,144	(11,541)
Foreign exchange gains, net		(90,930)	(19,278)	(18,939)
Cash flow hedge – transfer from equity		36,863	40,195	52,650
Subtotal		507,035	464,974	512,698
Changes in operating assets and liabilities:
Decrease / (increase) in trade and other receivables		3,683	(60,753)	(40,449)
(Increase) / decrease in inventories		(12,410)	45,437	(102,815)
(Increase) / decrease in biological assets		(23,393)	(3,686)	7,597
Increase in other assets		(37)	(1,056)	(303)
Increase in derivative financial instruments		(11,181)	(9,661)	(29,319)
Decrease in trade and other payables		(43,925)	(64,502)	(1,499)
Increase in payroll and social security liabilities		15,674	7,681	4,874
Increase / (decrease) in provisions for other liabilities		803	(290)	74
Net cash generated from operating activities before taxes paid		436,249	378,144	350,858
Income tax paid		(1,342)	(8,118)	(2,196)
Net cash generated from operating activities	[1]	434,907	370,026	348,662
Cash flows from investing activities:
Acquisition of business, net of cash and cash equivalents acquired		(3,193)	1,120	0
Purchases of property, plant and equipment		(241,623)	(217,776)	(199,295)
Purchase of cattle and non-current biological assets		(511)	(9,096)	(11,776)
Purchases of intangible assets		(1,291)	(3,350)	(1,934)
Interest received and others (*)	[2]	62,120	5,199	16,729
Proceeds from disposal of other property items		4,094	2,770	2,946
Proceeds from the sale of farmland and other assets		33,242	9,879	8,099
Proceeds from the sale of subsidiary		0	10,000	10,010
Acquisition of short-term investment		(106,897)	(98,010)	0
Disposals of short-term investment		142,507	0	0
Net cash used in investing activities	[3]	(111,552)	(299,264)	(175,221)
Cash flows from financing activities:
Proceeds from long-term borrowings		7,739	41,082	30,972
Payments of long-term borrowings		(24,105)	(14,012)	(108,425)
Proceeds from short-term borrowings		448,532	347,928	286,115
Payments of short-term borrowings		(420,276)	(192,648)	(328,463)
Interest paid	[4]	(55,476)	(44,788)	(53,587)
Borrowings prepayment related expenses		0	0	(3,068)
Proceeds from exercise of employee share options		214	2,124	0
(Payments) / Collections of derivatives financial instruments		(32)	118	2,370
Lease payments		(104,097)	(91,175)	(62,273)
Purchase of own shares		(26,242)	(36,844)	(66,463)
Dividends paid to non-controlling interest		0	(358)	(311)
Dividends paid to shareholders		(35,000)	(35,000)	0
Net cash used from financing activities	[5]	(208,743)	(23,573)	(303,133)
Net increase / (decrease) in cash and cash equivalents		114,612	47,189	(129,692)
Cash and cash equivalents at beginning of year		230,653	199,766	336,282
Effect of exchange rate changes and inflation on cash and cash equivalents	[6]	(5,484)	(16,302)	(6,824)
Cash and cash equivalents at end of year		$ 339,781	$ 230,653	$ 199,766
[1]Includes (16,383), (38,043) and (30,666) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.[2]Includes 54,687 related to gains on bond arbitrage transactions (nil in 2022 and 12,708 in 2021) of which the combined effect of IAS 29 and 21 of the Argentine subsidiaries is 30,544, nil and (202) for 2023, 2022 and 2021, respectively.[3]Includes (41,179), (83) and (4,694) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.[4]Includes (8,253), 77 and (1,109) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.[5]Includes 45,933, 45,359 and 41,238 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.[6]Includes 11,629, (7,233) and (5,878) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021
Entity Information [Line Items]
Net cash generated from operating activities	[1]	$ 434,907		$ 370,026	$ 348,662
Net cash used in investing activities	[2]	(111,552)		(299,264)	(175,221)
Interest paid, classified as financing activities	[3]	(55,476)		(44,788)	(53,587)
Net cash (used) / generated from financing activities	[4]	(208,743)		(23,573)	(303,133)
Effect of exchange rate changes and inflation on cash and cash equivalents	[5]	(5,484)		(16,302)	(6,824)
Gains on arbitrage bond, classified as investing activities		54,687		0	12,708
Argentine subsidiaries
Entity Information [Line Items]
Net cash generated from operating activities		(16,383)	[1]	(38,043)	(30,666)
Net cash used in investing activities		(41,179)	[2]	(83)	(4,694)
Interest paid, classified as financing activities		(8,253)			(1,109)
Interest paid (received), classified as financing activities, net				77
Net cash (used) / generated from financing activities		45,933	[4]	45,359	41,238
Effect of exchange rate changes and inflation on cash and cash equivalents		11,629		(7,233)	(5,878)
Gains on arbitrage bond, classified as investing activities		$ 30,544		$ 0	$ (202)
[1]Includes (16,383), (38,043) and (30,666) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.[2]Includes (41,179), (83) and (4,694) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.[3]Includes (8,253), 77 and (1,109) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.[4]Includes 45,933, 45,359 and 41,238 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.[5]Includes 11,629, (7,233) and (5,878) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2023, 2022 and 2021, respectively.

General information

General information	12 Months Ended
	Dec. 31, 2023
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 two major lines of business, namely, Farming and Sugar, Ethanol and Energy. 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, 2024.

Financial risk management

Financial risk management	12 Months Ended
	Dec. 31, 2023
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 currency status and macroeconomic outlook: The Argentine subsidiaries of the Group operate in an economic context in which main variables have a strong volatility as a consequence of political and economic uncertainties, both in national and international environments. Argentina’s annual inflation rate for the years ended December 31, 2023, 2022 and 2021 was 211.4%, 94.8% and 50.9%, respectively. The Group uses Argentina’s official exchange rate to account for transactions in Argentina, mainly affecting the farming business segment, which as of December 31, 2023, 2022 and 2021 was 808.45, 177.16 and 102.72, respectively, against the U.S. dollar. For the years ended December 31, 2023, 2022 and 2021, Argentina’s official exchange rate against the U.S. dollar increased 356.3%, 72.5% and 22.1%, respectively. On December 10, 2023, a new government took office with the aim to boost a deregulation of the Argentine economy and other regulations. Certain regulations and/or restrictions have been eased and others remain in force, although it is expected that they will be lifted gradually. However, the scope and timing of the measures, including but not limited to the existing foreign exchange regulations remains uncertain as of the date of these Consolidated Financial Statements. The Argentine Central Bank under prior administration, had implemented certain measures that control and restrict the ability of companies and individuals to access the foreign exchange market known as MULC (for its acronym in Spanish) for certain transactions. However, the performance of blue-chip swap transactions known as Contado con Liquidacion or CCL (for its acronym in Spanish) was an alternative lawful mechanism. The blue-chip swap transactions are capital markets transactions that could be implemented in different ways, both for the inflow and outflow of funds. . The implicit exchange rate applicable to this type of transactions is higher with respect to the official foreign exchange rate. The Company is permanently monitoring the evolution of the program to determine the possible impacts that these new measures could have on the Company’s business and financial position. • 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. 2023 Subsidiaries’ functional currency Net monetary position Argentine Brazilian Uruguayan U.S. Dollar Total Argentine Peso (70,608) — — (39) (70,647) Brazilian Reais — (575,933) — — (575,933) U.S. Dollar (90,313) (262,485) 19,226 82,423 (251,149) Uruguayan Peso — — (2,711) — (2,711) Total (160,921) (838,418) 16,515 82,384 (900,440) 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) 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 Brazilian real respective functional currencies for the years ended December 31, 2023 and 2022 or the Uruguayan peso, or a 25% appreciation/(depreciation) of the U.S. Dollar against the Argentine peso. 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 2023 U.S. Dollar (22,578) (26,249) 1,923 (46,904) 2022 U.S. Dollar (44,830) (29,037) 2,281 (71,586) 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, 2023, and 2022, approximately 4% 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 2024 and 2028. For the year ended December 31, 2023, a pre-tax loss of US$7,319 (US$15,621 pre-tax loss in 2022 and US$ 10,565 loss in 2021) was recognized in other comprehensive income and an amount of US$49,737 loss (US$41,371 loss in 2022 and US$54,650 loss in 2021) 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, 2023, cash and cash equivalents of the Group totaled US$339.8 million. 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, 2023 Less than Between Between 2 Over Total Trade and other payables 163,873 528 82 398 164,881 Borrowings 254,162 83,359 723,250 2,013 1,062,784 Leases Liabilities 69,858 84,059 206,413 233,484 593,814 Derivative financial instruments 169 — — — 169 Total 488,062 167,946 929,745 235,895 1,821,648 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 • 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, 2023 and 2022 is as follows: 2023 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Fixed rate: Argentine Peso 35,318 — — — 35,318 Brazilian Reais — 14,575 — — 14,575 U.S. Dollar 36,050 373,939 — 167,088 577,077 Subtotal fixed-rate borrowings 71,368 388,514 — 167,088 626,970 Variable rate: Argentine Peso 51,460 — — — 51,460 Brazilian Reais — 210,186 — — 210,186 U.S. Dollar 16,333 — — — 16,333 Subtotal variable-rate borrowings 67,793 210,186 — — 277,979 Total borrowings as per statement of financial position 139,161 598,700 — 167,088 904,949 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 For the years ended December 31, 2023 and 2022, 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. 2023 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Variable rate: Argentine peso (515) — — — (515) Brazilian Reais — (2,102) — — (2,102) U.S. Dollar (163) — — — (163) Total effects on profit before income tax (678) (2,102) — — (2,780) 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) 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. • 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, 2023 and 2022, more than 73% and 71%, respectively, of the Group’s sales of crops were sold to 30 and 34 well-known customers (both multinational and local) with a good credit history with the Group. In the rice segment 79% and 74% of sales were sold to 90 and 79 well-known customers for the years ended December 31, 2023 and 2022, respectively. In the Sugar, Ethanol and Energy segment, sales of ethanol were concentrated in 122 and 66 customers, which represented 100% of total sales of ethanol for the years ended December 31, 2023 and 2022, respectively. Approximately 79% and 100% of the Group’s sales of sugar were concentrated in 154 and 158 well-known traders for the years ended December 31, 2023 and 2022, respectively. For the years ended December 31, 2023 and 2022, 100% and 94% of energy sales were concentrated in 73 and 59 major customers, respectively. In the dairy segment, 54% and 62% of the sales were concentrated in 59 and 53 well-known customers for the years ended December 31, 2023 and 2022, 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, 2023 and 2022, 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, 2023 and 2022, 5 banks (primarily Credit Agricole, Banco Itaú, Banco Galicia, Portfolio Personal Inversiones and FCI) accounted for more than 80% and 86%, 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, 2023, the Group invested in fixed-term bank deposits with mainly two banks (Banco do Brasil and Itaú), 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, 2023, the strategy was to maintain the gearing ratio within 0.40 to 0.60, as follows: 2023 2022 Total borrowings 904,949 1,007,752 Total equity 1,265,648 1,163,643 Total capital 2,170,597 2,171,395 Gearing ratio 0.42 0.46 • 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, 2023: 2023 Type of Quantities Notional Fair (Loss)/Gain Futures: Sale Soybean 3 518 (9) (9) Wheat 2 537 (12) (12) Sugar 157 79,404 8,678 8,586 OTC: Sugar 112 55,696 5,141 5,250 Total 274 136,155 13,798 13,815 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) (*) Included in the line item “gain / (loss) 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 non-significant losses in 2023. 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 gain of US$4.2 million in 2023 and a loss of US$2.2 million in 2022. ▪ Currency forward The Group entered into several currency forward contracts with Brazilian banks, in order to hedge the fluctuation of the Brazilian Reais against the U.S. Dollar, for a total aggregate amount of US$ 3 million. The currency forward contracts maturity date is between January and April 2024. It resulted in the recognition of non-significant losses in 2023. 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$ 0.8 million. The currency forward contracts maturity date is June 2024 and resulted in the recognition of non-significant losses in 2023. 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
	Dec. 31, 2023
Disclosure of operating segments [abstract]
Segment information	Segment information The Group is engaged in agricultural, manufacturing and land transformation activities. Our agricultural activities consist of harvesting certain agricultural products, including crops, rough rice, and sugarcane, for sale to third parties and for internal use as inputs in its various manufacturing processes, and producing fluid milk. The manufacturing activities consist of (i) selling manufactured products, including processed peanuts, sunflower rice, sugar, ethanol and energy, among others, (ii) in our milk facilities we produce UHT and UP milk, powder milk and semi-hard cheese, among others; and (iii) providing services, such as grain warehousing and conditioning and handling and drying services, among others. The land transformation activities consist of the acquisition of farmlands or businesses with underdeveloped or underutilized agricultural land and implementing production technology and agricultural best practices on the Group’s farmlands to enhance yields and increase their value for potential realization through sale. According to IFRS 8, operating segments are identified based on the ‘management approach’. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Management Committee. IFRS 8 stipulates external segment reporting based on the Group’s internal organizational and management structure and on internal financial reporting to the chief operating decision maker. Effective for our year ended December 31, 2023, The Group’s CODM changed its internal reporting mainly to refine the way it views our farming business and its interaction with our overarching land transformation activities embedded within such farming business. Previously, The Group’s CODM reviewed the results of our land transformation strategy as a separate activity upon disposition of transformed farmlands and/or other rural properties, or the acquisition of an under-utilized land. As from the fourth quarter of 2023, The Group’s CODM started allocating any profit from disposition of a farmland or, a bargain purchase gain, as part of the farming activity where such farmland belongs. The CODM believes that this allocation better aligns the activities which were conducted to achieve the full growth potential of the land through the years with its ultimate realization of incremental value. Therefore, any profit on the realization of land transformation activities is now included in the respective farming business operating segment to which the disposed/acquired land belongs. Also, The Group’s CODM started allocating the results of our minor cattle activities – which were previously reported as part of “all other segments” since they did not meet the quantitative thresholds for disclosure – to the farmland where the cattle is assigned. The Group maintains cattle as complementary to the farming activities rather than as a separate business itself. Cattle helps preserve the value and productive capacity of the farmlands, avoiding the growth of undesired weed. These changes resulted in revisions to the financial information provided to The Group’s CODM on a recurring basis in their evaluation of our financial performance and the decision-making process. The Group’s CODM believes these changes better reflect the performance of our reportable segments. Accordingly, the Group changed the segment reporting under IFRS 8 as further described below. Previously reported segment financial information was recast for the years ended December 31, 2022 and 2021 to reflect the new reportable segments’ structure. Based on the foregoing, the Group operates in two major lines of business, namely, Farming and Sugar, Ethanol and Energy • The ‘Farming’ is further comprised of three reportable segments: • ‘Crops’ Segment which consists of planting, harvesting and sale of grains, oilseeds and fibers (including wheat, corn, soybeans, peanuts, cotton and sunflowers, among others), and to a lesser extent the provision of grain warehousing/conditioning and handling and drying services to third parties. Each underlying crop in this segment does not represent a separate operating segment. Management seeks to maximize the use of the land through the cultivation of one or more type of crops. Types and surface amount of crops cultivated may vary from harvest-year to harvest-year depending on several factors, some of them out of the Group’s control. Management is focused on the long-term performance of the productive land, and to that extent, the performance is assessed considering the aggregated combination, if any, of crops planted in the land. A single manager is responsible for the management of operating activity of all crops rather than for each individual crop. • ‘Rice’ Segment which consists of planting, harvesting, processing and marketing of rice, and the genetic development of seeds. • ‘Dairy’ Segment which consists of the production and sale of raw milk and industrialized products, including UHT, cheese and powder milk among others. • ‘Sugar, Ethanol and Energy’ Segment which consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity, in addition to biomethane and then marketed; As further discussed in Note 32, the Group applies IAS 29 to its operations in Argentina. According to IAS 29, all Argentine Peso-denominated non-monetary items in the statement of financial position are adjusted by applying a general price index from the date they were initially recognized to the end of the reporting period. Likewise, all Argentine Peso-denominated items in the statement of income are expressed in terms of the measuring unit current at the end of the reporting period, consequently, income statement items are adjusted by applying a general price index on a monthly basis from the dates they were initially recognized in the financial statements to the end of the reporting period. This process is called “re-measurement”. Once the re-measurement process is completed, all Argentine Peso denominated accounts are translated into U.S. Dollars, which is our reporting currency, applying the guidelines in IAS 21 “The Effects of Changes in Foreign Exchange Rates”(“IAS 21”). IAS 21 requires that amounts be translated at the closing rate at the date of the most recent statement of financial position. This process is called “translation”. The re-measurement and translation processes are applied on a monthly basis until year-end. Due to these processes, the re-measured and translated results of operations for a given month are subject to change until year-end, affecting comparison and analysis. However, the internal reporting reviewed by the CODM departs from the application of IAS 29 and IAS 21 re-measurement and translation processes discussed above. For segment reporting purposes, the segment results of Argentine operations for each reporting period were adjusted for inflation and translated into the reporting currency using the reporting period average exchange rate. The translated amounts were not subsequently re-measured and translated in accordance with the IAS 29 and IAS 21 guidelines. In order to evaluate the segment’s performance, results of operations in Argentina are based on monthly data adjusted for inflation and converted into the monthly US dollar average exchange rate. These converted amounts are not subsequently readjusted and reconverted as described under IAS 29 and IAS 21. It should be noted that this translation methodology for evaluating segment information is the same that the Group uses to translate results of operations from its other subsidiaries from other countries that have not been designated hyperinflationary economies because it allows for a more accurate analysis of the economic performance of its business as a whole. The CODM believes that the exclusion of the re-measurement and translation processes from the segment reporting structure allows for a more useful presentation and facilitates period-to-period comparison and performance analysis. For all the Group’s segments, the primary operating performance measure is “Profit or Loss from Operations” measured in accordance with the procedure outlined above. Total segment assets and liabilities are measured in a manner consistent with that of the Consolidated Financial Statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset. The following tables show a reconciliation of the reportable segments information reviewed by our CODM with the reportable segment information measured in accordance with IAS 29 and IAS 21 as per the Consolidated Financial Statements for all years presented. These tables do not include information for the Sugar, Ethanol and Energy reportable segment since this information is not affected by the application of IAS 29 and therefore there is no difference between the information reviewed by our CODM and the information included in the Consolidated Financial Statements: Segment reconciliation for the year ended December 31, 2023: 2023 Crops Rice Dairy Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 216,912 (50,659) 166,253 256,347 (26,155) 230,192 246,875 (66,756) 180,119 Cost of goods and services rendered (188,954) 45,075 (143,879) (178,322) 8,064 (170,258) (209,362) 54,889 (154,473) Initial recognition and changes in fair value of biological assets and agricultural produce (4,862) (5,465) (10,327) (2,488) (1,813) (4,301) 14,086 (6,036) 8,050 Gain from changes in net realizable value of agricultural produce after harvest 2,730 (736) 1,994 — — — — — — Margin on Manufacturing and Agricultural Activities Before Operating Expenses 25,826 (11,785) 14,041 75,537 (19,904) 55,633 51,599 (17,903) 33,696 General and administrative expenses (14,779) 4,866 (9,913) (15,709) 4,436 (11,273) (10,411) 3,456 (6,955) Selling expenses (22,450) 6,336 (16,114) (33,407) 6,958 (26,449) (25,488) 8,312 (17,176) Other operating income / (expense), net 20,006 (4,721) 15,285 7,470 (252) 7,218 1,872 (960) 912 Profit from Operations 8,603 (5,304) 3,299 33,891 (8,762) 25,129 17,572 (7,095) 10,477 Depreciation and amortization (8,330) 2,909 (5,421) (15,154) 4,342 (10,812) (10,913) 3,852 (7,061) Net (loss) / gain from Fair value adjustment of investment property 10,199 (650) 9,549 1,176 (105) 1,071 — — — 2023 Corporate Total Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered — — — 1,442,441 (143,570) 1,298,871 Cost of goods and services rendered — — — (1,081,208) 108,028 (973,180) Initial recognition and changes in fair value of biological assets and agricultural produce — — — 101,172 (13,314) 87,858 Gain from changes in net realizable value of agricultural produce after harvest — — — 2,574 (736) 1,838 Margin on Manufacturing and Agricultural Activities Before Operating Expenses — — — 464,979 (49,592) 415,387 General and administrative expenses (23,061) 6,473 (16,588) (89,551) 19,231 (70,320) Selling expenses (305) 107 (198) (150,805) 21,713 (129,092) Other operating income / (expense), net (309) 21 (288) 31,502 (5,912) 25,590 Profit from Operations (23,675) 6,601 (17,074) 256,125 (14,560) 241,565 Depreciation and amortization (1,275) 454 (821) (211,575) 11,557 (200,018) Net gain / (loss) from Fair value adjustment of investment property — — — 11,375 (755) 10,620 Segment reconciliation for the year ended December 31, 2022: 2022 Crops Rice Dairy Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 280,329 (2,578) 277,751 204,396 (195) 204,201 236,222 (1,210) 235,012 Cost of goods and services rendered (257,925) 2,330 (255,595) (160,047) (379) (160,426) (204,924) 1,039 (203,885) Initial recognition and changes in fair value of biological assets and agricultural produce 62,567 1,494 64,061 16,032 525 16,557 27,523 (266) 27,257 Gain from changes in net realizable value of agricultural produce after harvest (21,495) 136 (21,359) — — — — — — Margin on Manufacturing and Agricultural Activities Before Operating Expenses 63,476 1,382 64,858 60,381 (49) 60,332 58,821 (437) 58,384 General and administrative expenses (13,312) 2 (13,310) (15,487) 173 (15,314) (10,378) 181 (10,197) Selling expenses (31,894) 212 (31,682) (34,665) 229 (34,436) (27,050) 76 (26,974) Other operating income / (expense), net 463 (804) (341) (507) (37) (544) (8) (3) (11) Bargain purchase gain on acquisition — — — 10,070 37 10,107 — — — Profit from Operations 18,733 792 19,525 19,792 353 20,145 21,385 (183) 21,202 Depreciation and amortization (8,017) 39 (7,978) (12,215) 98 (12,117) (10,075) 57 (10,018) Net (loss) / gain from Fair value adjustment of investment property (2,184) (158) (2,342) (580) (39) (619) — — — 2022 Corporate Total Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered — — — 1,351,707 (3,983) 1,347,724 Cost of goods and services rendered — — — (1,078,737) 2,990 (1,075,747) Initial recognition and changes in fair value of biological assets and agricultural produce — — — 214,188 1,753 215,941 Gain from changes in net realizable value of agricultural produce after harvest — — — (22,429) 136 (22,293) Margin on Manufacturing and Agricultural Activities Before Operating Expenses — — — 464,729 896 465,625 General and administrative expenses (23,413) (136) (23,549) (84,507) 220 (84,287) Selling expenses (257) (1) (258) (144,031) 516 (143,515) Other operating income / (expense), net (136) 21 (115) 2,693 (823) 1,870 Bargain purchase gain on acquisition — — — 10,070 37 10,107 Profit from Operations (23,806) (116) (23,922) 248,954 846 249,800 Depreciation and amortization 22 (29) (7) (191,205) 165 (191,040) Net (loss) / gain from Fair value adjustment of investment property — — — (2,764) (197) (2,961) Segment reconciliation for the year ended December 31, 2021: 2021 Crops Rice Dairy Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 231,817 11,975 243,792 131,093 4,403 135,496 172,803 10,251 183,054 Cost of goods and services rendered (206,018) (10,216) (216,234) (109,805) (2,348) (112,153) (149,738) (8,339) (158,077) Initial recognition and changes in fair value of biological assets and agricultural produce 65,907 8,185 74,092 38,296 6,798 45,094 18,336 1,559 19,895 Gain from changes in net realizable value of agricultural produce after harvest (10,163) (1,221) (11,384) — — — — — — Margin on Manufacturing and Agricultural Activities Before Operating Expenses 81,543 8,723 90,266 59,584 8,853 68,437 41,401 3,471 44,872 General and administrative expenses (10,356) (834) (11,190) (8,981) (876) (9,857) (4,715) (541) (5,256) Selling expenses (22,107) (1,506) (23,613) (16,709) (1,495) (18,204) (20,779) (1,793) (22,572) Other operating income / (expense), net 237 (536) (299) (918) (73) (991) (150) (20) (170) Profit from Operations 49,317 5,847 55,164 32,976 6,409 39,385 15,757 1,117 16,874 Depreciation and amortization (6,583) (643) (7,226) (8,173) (820) (8,993) (7,144) (797) (7,941) Net (loss) / gain from Fair value adjustment of investment property (2,832) (350) (3,182) (1,052) (97) (1,149) — — — 2021 Corporate Total Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered — — — 1,097,723 26,629 1,124,352 Cost of goods and services rendered — — — (834,062) (20,903) (854,965) Initial recognition and changes in fair value of biological assets and agricultural produce — — — 211,198 16,542 227,740 Gain from changes in net realizable value of agricultural produce after harvest — — — (11,658) (1,221) (12,879) Margin on Manufacturing and Agricultural Activities Before Operating Expenses — — — 463,201 21,047 484,248 General and administrative expenses (22,119) (1,908) (24,027) (65,635) (4,159) (69,794) Selling expenses (306) (21) (327) (112,847) (4,815) (117,662) Other operating income / (expense), net 103 (21) 82 (18,118) (650) (18,768) Profit from Operations (22,322) (1,950) (24,272) 266,601 11,423 278,024 Depreciation and amortization (738) (49) (787) (166,619) (2,309) (168,928) Net (loss) / gain from Fair value adjustment of investment property — — — (3,884) (447) (4,331) The following table presents information with respect to the Group’s reportable segments. Certain other activities of a holding function nature not allocable to the segments are disclosed in the column ‘Corporate’ Segment analysis for the year ended December 31, 2023: Farming Sugar, Corporate Total Crops Rice Dairy Farming Sales of goods and services rendered 216,912 256,347 246,875 720,134 722,307 — 1,442,441 Cost of goods sold and services rendered (188,954) (178,322) (209,362) (576,638) (504,570) — (1,081,208) Initial recognition and changes in fair value of biological assets and agricultural produce (4,862) (2,488) 14,086 6,736 94,436 — 101,172 Changes in net realizable value of agricultural produce after harvest 2,730 — — 2,730 (156) — 2,574 Margin on manufacturing and agricultural activities before operating expenses 25,826 75,537 51,599 152,962 312,017 — 464,979 General and administrative expenses (14,779) (15,709) (10,411) (40,899) (25,591) (23,061) (89,551) Selling expenses (22,450) (33,407) (25,488) (81,345) (69,155) (305) (150,805) Other operating income / (expense), net 20,006 7,470 1,872 29,348 2,463 (309) 31,502 Profit / (loss) from operations 8,603 33,891 17,572 60,066 219,734 (23,675) 256,125 Depreciation and amortization (8,330) (15,154) (10,913) (34,397) (175,903) (1,275) (211,575) Net gain from Fair value adjustment of investment property 10,199 1,176 — 11,375 — — 11,375 Reverse of revaluation surplus derived from the disposals of assets before taxes 20,245 — — 20,245 — — 20,245 Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 4,171 (1,002) (12,655) (9,486) (15,393) — (24,879) Initial recognition and changes in fair value of biological assets and agricultural produce (realized) (9,033) (1,486) 26,741 16,222 109,829 — 126,051 Changes in net realizable value of agricultural produce after harvest (unrealized) 2,599 — — 2,599 — — 2,599 Changes in net realizable value of agricultural produce after harvest (realized) 131 — — 131 (156) — (25) Farmlands and farmland improvements, net 447,772 178,291 1,462 627,525 78,322 — 705,847 Machinery, equipment and other fixed assets, net 24,250 71,584 86,670 182,504 264,561 — 447,065 Bearer plants, net 753 — — 753 375,089 — 375,842 Work in progress 10 291 5,584 5,885 14,926 — 20,811 Right of use assets 13,608 15,076 29 28,713 377,420 580 406,713 Investment property 29,192 4,172 — 33,364 — — 33,364 Goodwill 6,095 3,704 — 9,799 4,510 — 14,309 Biological assets 55,545 32,843 23,191 111,579 116,458 — 228,037 Finished goods 33,407 9,306 9,927 52,640 126,971 — 179,611 Raw materials, stocks held by third parties and others 26,779 16,577 11,230 54,586 21,854 — 76,440 Total segment assets 637,411 331,844 138,093 1,107,348 1,380,111 580 2,488,039 Borrowings 44,692 (9,207) 84,557 120,042 604,827 180,080 904,949 Lease liabilities 12,341 13,475 57 25,873 352,238 399 378,510 Total segment liabilities 57,033 4,268 84,614 145,915 957,065 180,479 1,283,459 Segment analysis for the year ended December 31, 2022 Farming Sugar, Corporate Total Crops Rice Dairy Farming Sales of goods and services rendered 280,329 204,396 236,222 720,947 630,760 — 1,351,707 Cost of goods sold and services rendered (257,925) (160,047) (204,924) (622,896) (455,841) — (1,078,737) Initial recognition and changes in fair value of biological assets and agricultural produce 62,567 16,032 27,523 106,122 108,066 — 214,188 Changes in net realizable value of agricultural produce after harvest (21,495) — — (21,495) (934) — (22,429) Margin on manufacturing and agricultural activities before operating expenses 63,476 60,381 58,821 182,678 282,051 — 464,729 General and administrative expenses (13,312) (15,487) (10,378) (39,177) (21,917) (23,413) (84,507) Selling expenses (31,894) (34,665) (27,050) (93,609) (50,165) (257) (144,031) Other operating income / (expense), net 463 (507) (8) (52) 2,881 (136) 2,693 Bargain purchase gain on acquisition — 10,070 — 10,070 — — 10,070 Profit / (loss) from operations 18,733 19,792 21,385 59,910 212,850 (23,806) 248,954 Depreciation and amortization (8,017) (12,215) (10,075) (30,307) (160,920) 22 (191,205) Net loss from Fair value adjustment of investment property (2,184) (580) — (2,764) — — (2,764) Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 2,071 3,327 (2,276) 3,122 35,232 — 38,354 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 60,496 12,705 29,799 103,000 72,834 — 175,834 Changes in net realizable value of agricultural produce after harvest (unrealized) 72 — — 72 — — 72 Changes in net realizable value of agricultural produce after harvest (realized) (21,567) — — (21,567) (934) — (22,501) Farmlands and farmland improvements, net 504,695 158,769 2,221 665,685 78,648 — 744,333 Machinery, equipment and other fixed assets, net 50,183 59,126 108,589 217,898 171,308 — 389,206 Bearer plants, net 1,057 — — 1,057 351,670 — 352,727 Work in progress 9,018 29,462 22,325 60,805 18,284 — 79,089 Right of use assets 18,952 8,594 711 28,257 330,681 1,243 360,181 Investment property 27,757 5,573 — 33,330 — — 33,330 Goodwill 8,932 5,427 — 14,359 4,185 — 18,544 Biological assets 72,843 54,125 30,045 157,013 109,431 — 266,444 Finished goods 37,539 13,659 12,825 64,023 88,693 — 152,716 Raw materials, stocks held by third parties and others 63,153 22,178 8,700 94,031 27,275 — 121,306 Total segment assets 794,129 356,913 185,416 1,336,458 1,180,175 1,243 2,517,876 Borrowings 41,493 113,133 138,241 292,867 587,865 127,020 1,007,752 Lease liabilities 18,234 8,281 623 27,138 310,162 680 337,980 Total segment liabilities 59,727 121,414 138,864 320,005 898,027 127,700 1,345,732 Segment analysis for the year ended December 31, 2021 Farming Sugar, Corporate Total Crops Rice Dairy Farming Sales of goods and services rendered 231,817 131,093 172,803 535,713 562,010 — 1,097,723 Cost of goods sold and services rendered (206,018) (109,805) (149,738) (465,561) (368,501) — (834,062) Initial recognition and changes in fair value of biological assets and agricultural produce 65,907 38,296 18,336 122,539 88,659 — 211,198 Changes in net realizable value of agricultural produce after harvest (10,163) — — (10,163) (1,495) — (11,658) Margin on manufacturing and agricultural activities before operating expenses 81,543 59,584 41,401 182,528 280,673 — 463,201 General and administrative expenses (10,356) (8,981) (4,715) (24,052) (19,464) (22,119) (65,635) Selling expenses (22,107) (16,709) (20,779) (59,595) (52,946) (306) (112,847) Other operating income / (expense), net 237 (918) (150) (831) (17,390) 103 (18,118) Profit / (loss) from operations 49,317 32,976 15,757 98,050 190,873 (22,322) 266,601 Depreciation and amortization (6,583) (8,173) (7,144) (21,900) (143,981) (738) (166,619) Net loss from Fair value adjustment of investment property (2,832) (1,052) — (3,884) — — (3,884) Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 21,428 5,992 (6,271) 21,149 (16,294) — 4,855 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 44,479 32,304 24,607 101,390 104,953 — 206,343 Changes in net realizable value of agricultural produce after harvest (unrealized) (4,001) — — (4,001) — — (4,001) Changes in net realizable value of agricultural produce after harvest (realized) (6,162) — — (6,162) (1,495) — (7,657) Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows: 2023 2022 Total reportable assets as per segment information 2,488,039 2,517,876 Intangible assets (excluding goodwill) 13,210 17,576 Deferred income tax assets 9,777 8,758 Trade and other receivables 218,115 228,378 Other assets 1,515 1,701 Derivative financial instruments 31,820 5,342 Short-term investment 62,637 98,571 Cash and cash equivalents 339,781 230,653 Total assets as per the statement of financial position 3,164,894 3,108,855 2023 2022 Total reportable liabilities as per segment information 1,283,459 1,345,732 Trade and other payables 191,738 259,607 Deferred income tax liabilities 376,331 301,414 Payroll and social liabilities 38,927 31,545 Provisions for other liabilities 3,599 3,435 Current income tax liabilities 5,023 422 Derivative financial instruments 169 3,057 Total liabilities as per the statement of financial position 1,899,246 1,945,212 . Non-current assets and revenues and fair value gains and losses are shown by geographic region. These are the regions in which the Group is active: Argentina, Brazil, Uruguay and others. As of and for the year ended December 31, 2023: Argentina Brazil Uruguay Chile Total Property, plant and equipment 786,201 733,055 30,309 — 1,549,565 Investment property 33,364 — — — 33,364 Goodwill 9,799 4,510 — — 14,309 Non-current portion of biological assets 23,706 — — — 23,706 Sales of goods and services rendered 402,205 401,051 632,165 7,020 1,442,441 Initial recognition and changes in fair value of biological assets and agricultural produce 6,469 94,436 267 — 101,172 Changes in net realizable value of agricultural produce after harvest 3,341 (156) (611) — 2,574 As of and for the year ended December 31, 2022: Argentina Brazil Uruguay Chile Total Property, plant and equipment 914,444 620,065 30,846 — 1,565,355 Investment property 33,330 — — — 33,330 Goodwill 14,359 4,185 — — 18,544 Non-current portion of biological assets 30,622 — — — 30,622 Sales of goods and services rendered 373,746 494,215 472,538 11,208 1,351,707 Initial recognition and changes in fair value of biological assets and agricultural produce 102,656 108,066 3,466 — 214,188 Changes in net realizable value of agricultural produce after harvest (21,482) (934) (13) — (22,429) As of and for the year ended December 31, 2021: Argentina Brazil Uruguay Chile Total Sales of goods and services rendered 284,026 385,959 427,661 77 1,097,723 Initial recognition and changes in fair value of biological assets and agricultural produce 120,255 88,659 2,284 — 211,198 Changes in net realizable value of agricultural produce after harvest (9,679) (1,496) (483) — (11,658)

Sales

Sales	12 Months Ended
	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Sales	Sales 2023 2022 2021 Manufactured products and services rendered: Ethanol 247,008 387,124 291,883 Sugar 419,858 188,769 208,365 Energy (*) 35,985 34,919 50,321 Peanut 63,646 63,041 60,939 Sunflower 8,301 14,948 11,282 Cotton 8,383 6,780 2,540 Rice (*) 199,746 188,263 127,272 Fluid milk (UHT) 74,402 76,596 62,875 Powder milk (*) 43,958 84,257 62,728 Other diary products (*) 35,385 37,648 28,834 Services 6,080 10,987 7,309 Rental income 1,210 841 615 Others 43,436 24,199 13,069 1,187,398 1,118,372 928,032 Agricultural produce and biological assets: Soybean 42,610 81,757 71,687 Corn 22,490 71,188 59,803 Wheat 7,984 19,915 27,349 Rice — 3,994 — Sunflower 7,095 9,885 6,167 Barley 2,826 4,175 1,684 Seeds 428 1,940 1,559 Raw milk 15,081 21,623 16,468 Cattle 3,542 5,039 3,111 Cattle for dairy 6,718 7,543 4,994 Others 2,699 2,293 3,498 111,473 229,352 196,320 Total sales 1,298,871 1,347,724 1,124,352 (*) Includes sales of mwh of energy, tons rice and crops products produced by third parties for an amount of US$2.4 million, US$22.3 million and US$0.8 million respectively (December 31, 2022: sales of mwh of energy, tons rice and power milk US$2.3 million, US$0.9 million and US$1.3 million, respectively and December 31, 2021: sales of mwh of energy, tons rice and butter US$6.5 million, US$4.4 million and US$0.6 million, 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$73.5 million as of December 31, 2023 (2022: US$89.9 million; 2021: US$75.9 million) and comprised primarily of 9,225 thousand tons of sugar (US$ 5.2 million), 28,534 thousand m3 of ethanol (US$15.3 million), 539,712 thousand mwh of energy (US$27.6 million), 53,600 thousand tons of soybean (US$17.8 million), 17,208 thousand tons of wheat (US$4.2 million), and 16,155 thousand tons of corn (US$3.1 million) which expire between January and December 2024.

Cost of goods sold and services

Cost of goods sold and services rendered	12 Months Ended
	Dec. 31, 2023
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: 2023 Crops Rice Dairy Sugar, Total Finished goods at the beginning of year (Note 19) 37,539 13,659 12,825 88,693 152,716 Cost of production of manufactured products (Note 6) 47,086 123,629 121,341 548,553 840,609 Purchases 4,361 22,594 3,170 1,011 31,136 Agricultural produce 115,893 18 15,081 9,736 140,728 Transfer to raw material (49,108) (5,714) — — (54,822) Direct agricultural selling expenses 9,214 — — — 9,214 Tax recoveries (i) — — — (25,767) (25,767) Changes in net realizable value of agricultural produce after harvest 1,994 — — (156) 1,838 Loss of idle capacity — — — 3,861 3,861 Finished goods at the end of the year (Note 19) (33,407) (9,306) (9,927) (126,971) (179,611) Exchange differences 10,307 25,378 11,983 5,610 53,278 Cost of goods sold and services rendered 143,879 170,258 154,473 504,570 973,180 (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: 2022 Crops Rice Dairy Sugar, Total Finished goods at the beginning of year 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 245,402 106 21,647 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 255,595 160,426 203,885 455,841 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 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 227,791 108 16,468 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 216,234 112,153 158,077 368,501 854,965 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

Expenses by nature

Expenses by nature	12 Months Ended
	Dec. 31, 2023
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, 2023: Cost of production of manufactured products (Note 5) General and Selling Total Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 2,549 10,541 7,733 47,050 67,873 30,581 8,899 107,353 Raw materials and consumables 293 818 19,361 7,878 28,350 — — 28,350 Depreciation and amortization 3,087 4,514 3,153 131,536 142,290 14,632 1,166 158,088 Depreciation of right of use assets — 32 350 9,402 9,784 7,837 208 17,829 Fuel, lubricants and others 139 665 1,338 37,707 39,849 572 251 40,672 Maintenance and repairs 724 2,550 1,490 32,594 37,358 1,377 583 39,318 Freights 80 5,662 1,921 106 7,769 — 57,629 65,398 Export taxes / selling taxes — — — — — — 29,910 29,910 Export expenses — — — — — — 11,550 11,550 Contractors and services 2,013 2,705 214 11,313 16,245 — — 16,245 Energy transmission — — — — — — 2,621 2,621 Energy power 817 2,291 1,693 776 5,577 342 66 5,985 Professional fees 38 71 69 1,105 1,283 8,553 1,725 11,561 Other taxes 12 160 102 4,232 4,506 582 23 5,111 Contingencies — — — — — 988 — 988 Lease expense and similar arrangements 127 523 145 — 795 975 567 2,337 Third parties raw materials 3,838 35,289 47,336 31,969 118,432 — — 118,432 Tax recoveries — — — (74) (74) — — (74) Others 552 1,396 1,498 6,091 9,537 3,881 13,894 27,312 Subtotal 14,269 67,217 86,403 321,685 489,574 70,320 129,092 688,986 Own agricultural produce consumed 32,817 56,412 34,938 226,868 351,035 — — 351,035 Total 47,086 123,629 121,341 548,553 840,609 70,320 129,092 1,040,021 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) Crops Rice Dairy Sugar, Total General and Selling 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 right-of-use and other leases — 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

Salaries and social security ex

Salaries and social security expenses	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Salaries and social security expenses	Salaries and social security expenses 2023 2022 2021 Wages and salaries (i) 127,113 132,010 101,818 Social security costs 41,404 36,932 30,296 Equity-settled share-based compensation 8,581 10,227 6,406 177,098 179,169 138,520 (i) Includes US$35,007, US$30,014 and US$25,105, capitalized in Property, Plant and Equipment for the years 2023, 2022 and 2021, respectively.

Other operating income _ (expen

Other operating income / (expense), net	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Other operating income / (expense), net	Other operating income / (expense), net 2023 2022 2021 Gain / (loss) from commodity derivative financial instrument 6,913 (6,842) (15,990) Gain / (loss) from disposal of other property items 4,747 3,718 (387) Net gain / (loss) from fair value adjustment of investment property 10,620 (2,961) (4,331) Gain from disposal of farmland and other assets (Note 21) 6,334 — — Others (3,024) 7,955 1,940 25,590 1,870 (18,768)

Financial results, net

Financial results, net	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Financial results, net	Financial results, net 2023 2022 2021 Finance income: - Interest income 7,134 5,781 4,081 - Foreign exchange gains, net 90,930 19,278 18,939 - Gain from interest rate/foreign exchange rate derivative financial instruments 3,501 — 512 - Other income 55,535 249 13,138 Finance income 157,100 25,308 36,670 Finance costs: - Interest expense (31,906) (50,037) (62,536) - Finance cost related to lease liabilities (40,203) (31,113) (16,502) - Cash flow hedge – transfer from equity (Note 2) (36,863) (40,195) (52,650) - Taxes (5,473) (4,862) (7,073) - 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 (7,642) (9,009) (6,111) Finance costs (122,087) (137,600) (151,681) Other financial results - Net gain / (loss) of inflation effects on monetary items 28,816 (2,144) 11,541 Total financial results, net 63,829 (114,436) (103,470)

Taxation

Taxation	12 Months Ended
	Dec. 31, 2023
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: 2023 2022 2021 Current income tax 4,570 (4,655) (4,338) Deferred income tax (83,243) (22,103) (39,499) Income tax expense (78,673) (26,758) (43,837) 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 Argentine Pesos 143 million (US$ 0.2 million). 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, 2023 and 2022, without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2023 2022 Deferred income tax asset to be recovered after more than 12 months 36,028 127,878 Deferred income tax asset to be recovered within 12 months 43,337 17,862 Deferred income tax assets 79,365 145,740 Deferred income tax liability to be settled after more than 12 months (427,360) (371,047) Deferred income tax liability to be settled within 12 months (18,559) (67,349) Deferred income tax liability (445,919) (438,396) Deferred income tax liability, net (366,554) (292,656) The gross movement on the deferred income tax account is as follows: 2023 2022 Beginning of year (292,656) (255,527) Exchange differences 69,707 (30,187) Changes of fair value valuation for farmlands (62,988) 25,307 Acquisition of subsidiary (Note 21) — (1,562) Disposal of farmland 10,492 — Others 632 (1,247) Tax credit relating to cash flow hedge (i) (8,498) (7,337) Income tax expense (83,243) (22,103) End of year (366,554) (292,656) (i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$7,319 for the year ended December 31, 2023 (2022: US$15,621; 2021: US$46,145); net of the reclassification from Equity to the Income Statement of US$ 49,737 for the year ended December 31, 2023 (2022: US$ 40,388; 2021: US$26,031). 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, 2022 355,158 9,881 11,259 8,757 385,055 Charged / (credited) to the statement of income 20,354 (2,181) 18,105 232 36,510 Farmlands revaluation (25,307) — — — (25,307) Acquisition of subsidiary 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 Charged / (credited) to the statement of income 18,229 9,760 (2,984) 12,460 37,465 Farmlands revaluation 62,988 — — — 62,988 Acquisition of subsidiaries (10,492) — — — (10,492) Exchange differences (75,928) (2,851) (4,097) 438 (82,438) At December 31, 2023 383,943 15,888 23,380 22,708 445,919 Deferred income tax Provisions Tax loss Equity-settled Borrowings Biological Others Total At January 1, 2022 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 Charged / (credited) to the statement of income 1,064 (29,585) — (26,696) 3,242 6,197 (45,778) Tax charge relating to cash flow hedge — (8,498) — — — — (8,498) Exchange differences 3,752 (15,011) — 1,137 (3,242) 633 (12,731) Others — — 440 — — 192 632 At December 31, 2023 11,438 57,101 4,015 373 — 6,438 79,365 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, 2023, the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina (1) 22,158 5 years Brazil 135,479 No expiration date. Uruguay 5,173 5 years Luxembourg 16,866 No expiration date. (1) As of December 31, 2023, the aging of the determination tax loss carry forward in Argentina is as follows: Year of generation Amount 2019 426 2020 768 2021 16 2022 18,856 2023 2,092 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: 2023 2022 2021 Tax calculated at the tax rates applicable to profits in the respective countries (103,860) (43,827) (54,291) Non-deductible items (1,616) (1,921) (3,459) Effect of the changes in the statutory income tax rate in Argentina 1,280 (2,237) (31,962) Unused tax losses — — 482 Tax losses where no deferred tax asset was recognized (706) (107) — Non-taxable income 19,994 16,879 13,604 Previously unrecognized tax losses now recouped to reduce tax expenses (1) 38,646 19,419 38,121 Effect of IAS 29 and tax adjustment per inflation in Argentina (29,526) (18,195) (6,402) Others (2,885) 3,231 70 Income tax expense (78,673) (26,758) (43,837) (1) 2023 includes 37,151 of adjustment by inflation of tax loss carryforwards in Argentina (16,044 in 2022). Tax Inflation Adjustment in Argentina Laws 27,430, 27,468 and 27,541 introduced several amendments to the income tax inflation adjustments provided by the 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$121.9 million as of December 31, 2023, of which US$ 104,172 has already been applied. 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. OECD Pillar Two model rules The Group is within the scope of the OECD (Organization for Economic Cooperation and Development) Pillar Two model rules (the Global Anti-base Erosion rules or GloBE). Pillar Two legislation was enacted in Luxembourg, the jurisdiction in which the company is incorporated, and came into effect from January 2024. Since the Pillar Two legislation was not effective at the reporting date, the group has no related current tax exposure. The group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under Pillar Two, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. All jurisdictions within the group have an effective tax rate that exceeds 15%, except for Uruguay. Although Uruguay may have a rate below 15%, we estimate that the impact would not be significant. Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those jurisdictions with an accounting effective tax rate above 15%, there might still be Pillar Two tax implications. The group is currently engaged with tax specialists to assist it with applying the legislation.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2023
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). 2023 2022 2021 Profit from operations attributable to equity holders of the Group 226,291 108,138 130,669 Weighted average number of shares in issue (thousands) 107,092 110,079 115,148 Basic earnings per share 2.113 0.982 1.135 (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 2023, the share options outstanding average were 401 thousands (2022: 361 thousands; 2021: 466 thousands) share options outstanding. 2023 2022 2021 Profit from operations attributable to equity holders of the Group 226,291 108,138 130,669 Weighted average number of shares in issue (thousands) 107,092 110,079 115,148 Adjustments for: - Employee share options and restricted units (thousands) 401 361 466 Weighted average number of shares for diluted earnings per share (thousands) 107,493 110,440 115,614 Diluted earnings per share 2.105 0.979 1.130

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2023
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 2023 and 2022 were as follows: Farmlands Farmland Buildings and Machinery, Bearer plants Others Work in Total At January 1, 2022 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 At 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 Farmlands Farmland Buildings and Machinery, Bearer plants Others Work in Total 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 Year ended December 31, 2023 Opening net book amount 727,591 16,742 268,380 91,212 352,727 29,614 79,089 1,565,355 Exchange differences (197,377) (4,029) (43,653) 97,152 (46,372) (21,835) (21,863) (237,977) Additions — — 15,165 71,100 144,777 2,635 29,252 262,929 Revaluation surplus 188,879 — — — — — — 188,879 Transfers (33) 1,307 33,405 22,032 8,939 17 (65,667) — Disposals (24,858) — (3,404) (2,745) — (33) — (31,040) Reclassification to non-income tax credits (*) — — — (293) — — — (293) Depreciation — (2,375) (28,737) (81,463) (84,229) (1,484) — (198,288) Closing net book amount 694,202 11,645 241,156 196,995 375,842 8,914 20,811 1,549,565 At December 31, 2023 Fair value for farmlands / Cost 694,202 43,426 527,977 1,080,418 966,167 33,630 20,811 3,366,631 Accumulated depreciation — (31,781) (286,821) (883,423) (590,325) (24,716) — (1,817,066) Net book amount 694,202 11,645 241,156 196,995 375,842 8,914 20,811 1,549,565 (*) 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, 2023 and 2022, 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 - 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, 2023 would have reduced the value of the farmlands on US$69.4 million (2022: US$72.8 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, 2023 would have been US$197.5 million. Depreciation charges are included in “Cost of production of Biological Assets," “Cost of production of manufactured products,”“General and administrative expenses,”“Selling expenses” and capitalized in “Property, plant and equipment” for the years ended December 31, 2023, 2022 and 2021. During the year ended December 31, 2023, borrowing costs of US$4.2 million (2022:US$3.3 million) were capitalized as components of the cost of acquisition or construction for qualifying assets. Certain of the Group’s assets have been pledged as collateral to secure the Group’s borrowings and other payables. The net book value of the pledged assets amounts to US$ 217.8 million as of December 31, 2023 (2022: US$345.3 million).

Right of use assets, net

Right of use assets, net	12 Months Ended
	Dec. 31, 2023
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 2023 and 2022 were as follows: Agricultural partnerships (*) Others Total At January 1, 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 At December 31, 2023 Opening net book amount 333,562 26,619 360,181 Exchange differences 19,095 1,074 20,169 Additions and re-measurements 95,386 5,062 100,448 Depreciation (63,195) (10,890) (74,085) Closing net book amount 384,848 21,865 406,713 (*) Agricultural partnership has an average term of 6 years. Depreciation charges are included in “Cost of production of Biological Assets,”“Cost of production of manufactured products,”“General and administrative expenses,”“Selling expenses” and capitalized in “Property, plant and equipment” for the year ended December 31, 2023, 2022 and 2021.

Investment property

Investment property	12 Months Ended
	Dec. 31, 2023
Investment property [abstract]
Investment property	Investment property Changes in the Group’s investment property in 2023 and 2022 were as follows: 2023 2022 Beginning of the year 33,330 32,132 Net gain/(loss) from fair value adjustment (Note 8) 10,620 (2,961) Exchange difference (10,586) 4,159 End of the year 33,364 33,330 Fair value 33,364 33,330 Net book amount 33,364 33,330

Intangible assets, net

Intangible assets, net	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about intangible assets [abstract]
Intangible assets, net	Intangible assets, net Changes in the Group’s intangible assets, net in 2023 and 2022 were as follows: Goodwill Software Trademarks Others Total At January 1, 2022 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, 2021 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 Year ended December 31, 2023 Opening net book amount 18,544 7,742 9,101 733 36,120 Exchange differences (4,235) (1,631) (2,354) 58 (8,162) Additions — 1,284 — 7 1,291 Amortization charge (i) — (1,353) (316) (61) (1,730) Closing net book amount 14,309 6,042 6,431 737 27,519 At December 31, 2023 Cost 14,309 16,908 9,494 1,344 42,055 Accumulated amortization — (10,866) (3,063) (607) (14,536) Net book amount 14,309 6,042 6,431 737 27,519 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2023 and 2022, respectively. There were no impairment charges for any of the years presented (see Note 32 (a)).

Biological assets

Biological assets	12 Months Ended
	Dec. 31, 2023
Agriculture1 [Abstract]
Biological assets	Biological assets Changes in the Group’s biological assets in 2023 and 2022 were as follows: 2023 Crops Rice Dairy Sugarcane Total Beginning of the year 72,843 54,125 30,045 109,431 266,444 Increase due to purchases 369 142 — — 511 Initial recognition and changes in fair value of biological assets (i) (10,327) (4,301) 8,050 94,436 87,858 Decrease due to harvest / disposals (116,007) (58,110) (57,262) (245,325) (476,704) Costs incurred during the year 130,965 57,990 51,901 146,592 387,448 Exchange differences (22,298) (17,003) (9,543) 11,324 (37,520) End of the year 55,545 32,843 23,191 116,458 228,037 2022 Crops Rice Dairy Sugarcane Total Beginning of the year 60,615 44,257 18,979 71,327 195,178 Increase due to purchases 3,028 704 — — 3,732 Acquisition of subsidiary — 1,676 — — 1,676 Initial recognition and changes in fair value of biological assets (i) 64,061 16,557 27,257 108,066 215,941 Decrease due to harvest / disposals (245,660) (81,424) (79,474) (202,298) (608,856) Costs incurred during the year 181,163 68,432 60,826 128,308 438,729 Exchange differences 9,636 3,923 2,457 4,028 20,044 End of the year 72,843 54,125 30,045 109,431 266,444 (i) Biological asset with a production cycle of more than one year (that is dairy and cattle) generated “Initial recognition and changes in fair value of biological assets” amounting to US$15,795 for the year ended December 31, 2023 (2022: US$26,978). In 2023, an amount of US$3,999 (2022: US$4,653) was attributable to price changes, and an amount of US$11,796 ( 2022: US$22,325) was attributable to physical changes. (ii) Biological assets that are measured at fair value within level 3 of the hierarchy. Cost of production for the year ended December 31, 2023: Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 3,572 10,333 7,280 13,553 34,738 Depreciation and amortization — — — 5,192 5,192 Depreciation of right of use assets — — — 56,256 56,256 Fertilizers, agrochemicals and seeds 63,742 17,333 — 49,125 130,200 Fuel, lubricants and others 860 979 903 3,924 6,666 Maintenance and repairs 1,958 6,351 3,175 3,494 14,978 Freights 1,534 473 109 — 2,116 Contractors and services 30,694 17,447 — 10,731 58,872 Feeding expenses 1,578 189 23,711 — 25,478 Veterinary expenses 126 65 2,334 — 2,525 Energy power 29 1,847 1,339 — 3,215 Professional fees 282 287 219 393 1,181 Other taxes 480 142 148 52 822 Lease expense and similar arrangements 24,536 1,547 — 2,100 28,183 Others 867 925 487 1,772 4,051 Subtotal 130,258 57,918 39,705 146,592 374,473 Own agricultural produce consumed 707 72 12,196 — 12,975 Total 130,965 57,990 51,901 146,592 387,448 Cost of production for the year ended December 31, 2022: Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 5,534 11,319 7,592 11,795 36,240 Depreciation and amortization — — — 5,024 5,024 Depreciation of right of use assets — — — 42,166 42,166 Fertilizers, agrochemicals and seeds 68,971 17,220 — 46,020 132,211 Fuel, lubricants and others 1,078 1,468 1,419 4,636 8,601 Maintenance and repairs 1,913 6,693 3,979 3,172 15,757 Freights 4,245 609 202 — 5,056 Contractors and services 49,533 22,321 — 8,620 80,474 Feeding expenses 271 101 24,940 — 25,312 Veterinary expenses 217 84 3,715 — 4,016 Energy power 47 5,447 1,286 — 6,780 Professional fees 552 404 309 489 1,754 Other taxes 1,273 249 14 128 1,664 Lease expense and similar arrangements 45,794 968 — 4,978 51,740 Others 925 1,394 386 1,280 3,985 Subtotal 180,353 68,277 43,842 128,308 420,780 Own agricultural produce consumed 810 155 16,984 — 17,949 Total 181,163 68,432 60,826 128,308 438,729 Biological assets in December 31, 2023 and 2022 were as follows: 2023 2022 Non-current Cattle for dairy production (i) 23,191 29,483 Breeding cattle (ii) 371 821 Other cattle (ii) 144 318 23,706 30,622 Current Breeding cattle (iii) 6,037 7,075 Other cattle (iii) — 562 Sown land – crops (ii) 49,813 66,002 Sown land – rice (ii) 32,023 52,752 Sown land – sugarcane (ii) (iv) 116,458 109,431 204,331 235,822 Total biological assets 228,037 266,444 (i) Classified as bearer and mature biological assets. (ii) Classified as consumable and immature biological assets. (iii) Classified as consumable and mature biological assets. (iv) It include s 3,833 an d 4,849 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$419,442 for the year ended December 31, 2023 (2022: US$522,894). The following table presents the Group’s biological assets that are measured at fair value at December 31, 2023 and 2022 (See Note 17 for a the description of each fair value level): 2023 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 23,191 — 23,191 — 29,483 — 29,483 Breeding cattle 6,408 — — 6,408 7,896 — — 7,896 Other cattle — 144 — 144 — 880 — 880 Sown land – sugarcane — — 116,458 116,458 — — 109,431 109,431 Sown land – crops — — 49,813 49,813 — — 66,002 66,002 Sown land – rice — — 32,023 32,023 — — 52,752 52,752 There were no transfers between any levels during the year. The following significant unobservable inputs were used to measure the Group’s biological assets using the discounted cash flow valuation technique: Description Unobservable Range of unobservable inputs Relationship of unobservable 2023 2022 Sown land – sugarcane Sugarcane yield – tonnes per hectare; Sugarcane TRS (kg of sugar per ton of cane) Production Costs – US$ per hectare. (Include maintenance, harvest and leasing costs) '-Sugarcane yield: 50-100 tonnes/ha -Sugarcane TRS: 120-140 kg of sugar/tonnes of cane -Maintenance costs: 550-850 US$/ha -Harvest costs: 7.0-13.0 US$/tonnes of cane -Leasing costs: 12.0-14.4 tonnes/ha-Discount rate: 14.44% in Brazilian real. '-Sugarcane yield: 50-100 tonnes/ha - Sugarcane TRS: 120-140kg of sugar/tonnes of cane - Maintenance costs: 500-800 US$/ha - Harvest costs: 6.0-12.0 US$/ tonnes of cane - Leasing costs: 12.0-14.4 tonnes/ha-Discount rate: 16.49% in Brazilian real. The higher the sugarcane yield, the higher the fair value. The higher the maintenance, harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher the fair value. Sown land – crops Crops yield – tonnes per hectare; Commercial Costs – US$ per hectare; '- Crops yield: 0.37 – 4.6 tonnes/ha for Wheat, 3.6 – 11 tonnes/ha for Corn, 0.9 - 3.7 tonnes/ha for Soybean, 0.8 - 2.2 for Sunflower and 2.4 - 3.6 tonnes/ha for Peanut - Commercial Costs: 14-39 US$/tonnes for Wheat, 16-65 US$/tonnes for Corn, 21-48 US$/tonnes for Soybean, 22-65 US$/tonnes for Sunflower and 25-56 US$/ha for Peanut - Production Costs: 143-823 US$/ha for Wheat, 231-1318 US$/ha for Corn, 193-776 US$/ha for Soybean, 215-1000 US$/ha for Sunflower and 861-1866 US$/ha for Peanut-Discount rate: 6% in US$. '- Crops yield: 1.00 – 5.6 tonnes/ha for Wheat, 1.6 – 13 tonnes/ha for Corn, 0.4 - 5.0 tonnes/ha for Soybean, 0.9-2.2 for Sunflower and 1.8 - 5.1 tonnes/ha for Peanut - Commercial Costs: 13-45 US$/ha for Wheat, 16-65 US$/ha for Corn, 21-65 US$/ha for Soybean, 17-36 US$/ha for Sunflower and 28.0 - 46.0 US$/ha for Peanut - Production Costs: 200-840 US$/ha for Wheat, 325-1500 US$/ha for Corn, 260-1100 US$/ha for Soybean, 280-890 US$/ha for Sunflower and 756.0 - 2,000.0 US$/ha for Peanut-Discount rate: 6% in US$. The higher the crops yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value. Sown land – rice Rice yield – tonnes per hectare; '-Rice yield: 4.7 -6.4 tonnes/ha -Commercial Costs: 2-5 US$/ha -Production Costs: 1033-3121 US$/ha-Discount rate: 6% in US$. '-Rice yield: 1.4 -9.2 tonnes/ha -Commercial Costs: 3-23 US$/ha -Production Costs: 760-1250 US$/ha-Discount rate: 6% in US$. The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value. As of December 31, 2023, 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$23.3 million for sugarcane, US$3.4 million for crops and US$6.5 million for rice. As of December 31, 2022, the impact of a reasonable 10% increase / (decrease) in estimated costs, with all other variables held constant, would result in a decrease (increase) in the fair value of the Group’s biological asset less cost to sell of US$ 18.5 million for sugarcane, US$3.8 million for crops and US$6.0 million for rice. “ La Niña” weather event

Financial instruments by catego

Financial instruments by category	12 Months Ended
	Dec. 31, 2023
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, 2023 Assets as per statement of financial position Trade and other receivables 113,831 — 113,831 104,284 218,115 Derivative financial instruments — 31,820 31,820 — 31,820 Short term investment — 62,637 62,637 — 62,637 Cash and cash equivalents 339,781 — 339,781 — 339,781 Total 453,612 94,457 548,069 104,284 652,353 Financial Liabilities at Subtotal Non- Total Liabilities as per statement of financial position Trade and other payables 163,481 1,400 164,881 26,857 191,738 Borrowings (i) 904,949 — 904,949 — 904,949 Leases Liabilities 378,510 — 378,510 — 378,510 Derivative financial instruments (i) (1,510) 1,679 169 — 169 Total 1,445,430 3,079 1,448,509 26,857 1,475,366 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 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 (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, 2023 Interest income (i) 7,134 — 7,134 Interest expense (i) (31,906) — (31,906) Foreign exchange gain (i) 90,930 — 90,930 Gain from derivative financial instruments (ii) 47 10,367 10,414 Finance cost related to lease liabilities (40,203) — (40,203) Financial assets / 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 gains (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) (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, 2023 and 2022, 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, 2023 and 2022 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2023 13,819 18,001 31,820 Short-term investment (1) 2023 62,637 — 62,637 Derivative financial instruments 2022 134 5,208 5,342 Short-term investment (1) 2022 98,571 — 98,571 Liabilities Derivative financial instruments 2023 (68) (101) (169) Derivative financial instruments 2022 (2,800) (257) (3,057) (1) US-Treasury Bills with maturity from the date of acquisition longer than 90 days used as collateral for short-term borrowings. As of December, 2023, US$ 59,475 (US$ 98,571 as of December 31, 2022) of these US T-bills are used as collateral for short-term borrowings and 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, 2023 and 2022. 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 8,657 Options/OTC Quoted price — — 1 5,141 NDF Quoted price Foreign-exchange curve Present value method 1 (47) Interest-rate swaps Theoretical price Money market interest-rate curve Present value method 2 17,900 US-Treasury Bills Quoted price — — 1 62,637

Trade and other receivables, ne

Trade and other receivables, net	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables, net	Trade and other receivables, net 2023 2022 Non-current Advances to suppliers 3,266 3,680 Income tax credits 2,332 9,119 Non-income tax credits (i) 24,860 18,688 Judicial deposits 2,187 1,831 Receivable from disposal of subsidiary (Note 21) 3,899 8,478 Other receivables 2,516 2,762 Non-current portion 39,060 44,558 Current Trade receivables 90,526 81,707 Less: Allowance for trade receivables (2,888) (4,266) Trade receivables – net 87,638 77,441 Prepaid expenses 6,953 6,875 Advances to suppliers 42,808 42,966 Income tax credits 1,253 1,089 Non-income tax credits (i) 22,812 37,936 Receivable from disposal of subsidiary (Note 21) 3,971 4,664 Cash collateral 11 1,365 Other receivables 13,609 11,484 Subtotal 91,417 106,379 Current portion 179,055 183,820 Total trade and other receivables, net 218,115 228,378 (i) Includes US$293 (2022: US$158) 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): 2023 2022 Currency U.S. Dollar 88,811 89,760 Argentine Peso 24,304 54,801 Uruguayan Peso 6,570 2,229 Brazilian Reais 98,430 81,588 218,115 228,378 As of December 31, 2023 trade receivables of US$22,989 (2022: US$22,933) were past due but not impaired. The aging analysis of these receivables indicates that US$449 and US$741 are over 6 months in December 31, 2023 and 2022, 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: 2023 2022 2021 At January 1 4,266 3,023 3,965 Charge of the year 1,874 3,570 2,022 Unused amounts reversed (1,371) (661) (970) Used during the year (173) (100) (1,456) Exchange differences (1,708) (1,566) (538) At December 31 2,888 4,266 3,023 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, 2023, approximately 70% (2022: 72%) 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, 2023 and 2022 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
	Dec. 31, 2023
Disclosure of Inventories [Abstract]
Inventories	Inventories 2023 2022 Raw materials 76,440 121,306 Finished goods (Note 5) 179,611 152,716 256,051 274,022

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents 2023 2022 Cash at bank and on hand 179,068 146,242 Short-term bank deposits 160,713 84,411 339,781 230,653

Acquisitions and disposals

Acquisitions and disposals	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about business combination [abstract]
Acquisitions and disposals	Acquisitions and disposals Disposals In September 2023, the Company sold “El Meridiano” farm, a 6,302 hectares farm located in the Province of Buenos Aires, Argentina for an aggregate amount of US$ 48 million, collected in full. This transaction resulted in a pre-tax gain of US$ 6.3 million included in the line item “Other operating income / (expense), net”. The Group did not complete any disposals during the years ended December 31, 2022 and 2021. Acquisitions 2023 Acquisition Activity The Group did not complete any acquisitions during the year ended December 31, 2023 2022 Acquisition Activity During the year ended December 31, 2022, we completed one business combination, as follows: 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. As of the date of this Financial Statements, all installments have been cancelled. 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 2023, an amount of US$3,193 of the installments was paid. (*) Amounts to be paid in installments were discounted at present value as of the date of acquisition at a 6.5% discount rate. The assets and liabilities at the date of acquisition are as follows: Cash and cash equivalents 3,266 Trade and other receivables 21,068 Inventories 50,891 Biological assets 1,676 Property, plant and equipment 21,479 Total Assets 98,380 Trade and other payables (50,062) Payroll and other liabilities (961) Borrowings (17,738) Deferred income tax liabilities (1,812) Provision for other liabilities (300) Total Liabilities (70,873) Fair value of Net Assets Acquired 27,507 The Company used a replacement cost method or a market approach, as appropriate, to measure the fair value of property, plant and equipment. All other net tangible assets were valued at their respective carrying amounts, as the Company believes that these amounts approximate their current fair values. A decrease in the fair value of assets acquired, or an increase in the fair value of liabilities assumed, from those preliminary valuations would result in a dollar-for-dollar corresponding decrease in the “Bargain purchase on acquisition”. Acquisition-related costs of US$ 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. 2021 Acquisition Activity The Group did not complete any acquisitions during the year ended December 31, 2021

Shareholders' contributions

Shareholders' contributions	12 Months Ended
	Dec. 31, 2023
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, 2021 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 and units vested (Note 23) — 4,647 Purchase of own shares — (29,970) Dividends paid to shareholders — (35,000) At December 31, 2022 111,382 960,242 Employee share options exercised (Note 22) (1) — 236 Restricted shares granted (Note 23) — 7,528 Purchase of own shares — (22,123) Dividends provided for and paid to mayor shareholders — (35,000) At December 31, 2023 111,382 910,883 (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 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 15, 2023, the Board of Directors approved the renewal of the program, and also its extension for an additional twelve-month period, ending September 23, 2024. 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, 2023, the Company repurchased 24,694,405 shares under this program, of which 8,448,951 have been applied to some exercise of the Company’s stock option plan and restricted stock units and the grant of restricted shares. In 2023, 2022 and 2021 the Company repurchased shares for an amount of US$26.2 million; US$36.8 million and US$66.5 million respectively. The outstanding treasury shares as of December 31, 2023 totaled 5,376,315 common shares. Dividend distribution On April 17, 2024 the general meeting of the shareholders of the Company resolved the payment of an annual dividend of $35 million to be paid to outstanding shares in two installments during May and November 2024. On April 19, 2023 the general meeting of the shareholders of the Company resolved the payment of an annual dividend of $35 million to be paid to outstanding shares in two installments. The first payment of the year 2023, of US$ 17.5 million (0.1626 per share) was made on May 24, 2023 and the second installment was made in November 24, 2023 (0.1649 per share). 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.

Equity-settled share-based paym

Equity-settled share-based payments	12 Months Ended
	Dec. 31, 2023
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. The 2004 Plan was amended to extend the term to the 20 th anniversary of its adoption. 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: 2023 2022 2021 Average Options Average Options Average Options At January 1 6.66 1,321 6.66 1,634 6.66 1,634 Exercised 5.83 (37) 6.77 (313) — — At December 31 6.66 1,284 6.66 1,321 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): 2023 2022 2021 May 1, 2034 5.83 400 400 496 May 1, 2035 5.83 363 369 452 January 1, 2036 5.83 94 124 142 February 16, 2036 7.11 84 84 103 October 1, 2036 8.62 343 344 441 (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 8,659,295, of which 6,337,880 have already been vested. The maximum numbers of ordinary shares are revised annually. At December 31, 2023, the Group recognized compensation expense US$6.9 million related to the restricted stock units granted under the Restricted Share Plan (2022: US$10.9 million and 2020: US$6.6 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 13, Apr 1, Apr 20, Mar 17, Apr 20, Fair value 7.84 9.54 10.87 12.60 7.44 8.12 Movements in the number of restricted shares outstanding under the Restricted Share Plan are as follows: Restricted shares (thousand) Restricted stock units (thousands) 2023 2022 2021 2021 At January 1 2,301 1,766 1,222 174 Granted (1) 549 1,406 1,067 — Forfeited (26) (43) (32) — Vested (1,035) (828) (491) (174) At December 31 1,789 2,301 1,766 — (1) Approved by the Board of Directors of March 7, 2023 and the Shareholders Meeting of April 19, 2023.

Legal and other reserves

Legal and other reserves	12 Months Ended
	Dec. 31, 2023
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$26,124 as of December 31, 2023 (2022: US$22,187) 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, 2023, but the Company has distributable reserves in excess of US$789,021. In the other reserves line, it is included the benefit that the Company has regarding ICMS conceded by the government of the Estate of Mato Grosso do Sul. In accordance with the Complementary Law 160/17, grants related to ICMS, conceded by any Estate of Brazil, were considered as Investments Grants. This investment grants will not be computed to calculate income tax, since they were accounted as an Equity Reserve. This reserve cannot be distributed, unless income tax is paid on the reserve.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables 2023 2022 Non-current Trade payables 514 4,175 Payable from acquisition of subsidiary (Note 21) — 12,646 Other payables 494 389 1,008 17,210 Current Trade payables 140,949 193,127 Advances from customers 16,351 35,749 Taxes payable 9,482 8,868 Dividends to be paid 1,024 — Payable from acquisition of subsidiary (Note 21) 13,404 3,575 Other payables 9,520 1,078 190,730 242,397 Total trade and other payables 191,738 259,607 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
	Dec. 31, 2023
Financial Instruments [Abstract]
Borrowings	Borrowings 2023 2022 Non-current Senior Notes 498,347 497,901 Bank borrowings 199,496 230,082 697,843 727,983 Current Senior Notes 8,250 8,250 Bank overdrafts 4,386 48,058 Bank borrowings 194,470 223,461 207,106 279,769 Total borrowings 904,949 1,007,752 As of December 31, 2023, total bank borrowings include collateralized liabilities of US$77,055 (2022: US$188,058). These loans are mainly collateralized by property, plant and equipment, sugarcane plantations, sugar export contracts, shares of certain subsidiaries of the Group and U.S. 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, 2023, 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, 2023 and 2022 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: 2023 2022 Fixed rate: Less than 1 year 117,105 272,900 Between 1 and 2 years 6,010 27,720 Between 2 and 3 years 5,508 2,222 Between 4 and 5 years 498,347 — More than 5 years — 497,901 626,970 800,743 Variable rate: Less than 1 year 90,001 6,869 Between 1 and 2 years 37,712 35,355 Between 2 and 3 years 91,878 32,851 Between 3 and 4 years 56,605 80,115 Between 4 and 5 years 1,783 50,211 More than 5 years — 1,608 277,979 207,009 904,949 1,007,752 Borrowings incurred by the Group’s subsidiaries in Brazil are repayable at various dates between January 2024 and September 2030 and bear either fixed interest rates ranging from 6.80% to 13.23% per annum or variable rates based on base-rates plus spreads ranging from 8.60% to 14.24% per annum. Borrowings incurred by the Group’s subsidiaries in Argentina are repayable at various dates between January 2024 and June 2028 and bear either no interest rate or variable rates based on specific base-rates plus spreads of 4.4% for those borrowings denominated in U.S. Dollar, and a fixed interest rates ranging from 74.5% to 117% 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 2023 2022 (In millions) Millions of Millions of equivalent Dollars Millions of Certificados Recebíveis do Agronegócio (CRA) December, 2019 R$ 400.0 R$ 400.0 82.6 76.7 November-27 3.80% + IPCA Debênture (1) December, 2020 R$ 400.0 R$ 400.0 82.6 76.7 December-26 4.24% + IPCA Banco do Brasil (CCB) December, 2020 R$ 30.0 R$ 15.0 3.1 5.7 January-24 CDI + 2.32% Itaú BBA (NCR) June, 2023 R$ 40.0 R$ 40.0 8.3 — March 2024 CDI + 1.48% (1) Collateralized by long term power purchase agreement (PPA). 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, 2023 and 2022 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 2023 2022 (In millions) (In millions) (In millions) IFC (1) 2020 US$20.0 16.33 18.60 June, 2028 4% plus SOFR (1) Collateralized by a US$100.0 million mortgage over Carmen, Abolengo and San Carlos farms, which are property of Adeco Agropecuaria 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, originally 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 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 1st, 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, 2023 and 2022 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, 2023 and 2022 equals US$485.3 million and US$474.3 million, 97.06% and 94.86% 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, 2023 and 2022 is as follow: 2023 2022 Amount at the beginning of the year 1,007,752 817,651 Proceeds from long term borrowings 7,739 41,082 Payments of long term borrowings (24,105) (14,012) Proceeds from short term borrowings 448,532 347,928 Payments of short term borrowings (420,276) (192,648) Payments of interest (1) (43,457) (33,189) Accrued interest 33,495 51,596 Acquisition of subsidiaries (Note 21) — 17,738 Exchange differences, inflation and translation, net (105,465) (30,489) Others 734 2,095 Amount at the end of the year 904,949 1,007,752 (1) Excludes payment of interest related to trade and other payables.

Lease liabilities

Lease liabilities	12 Months Ended
	Dec. 31, 2023
Disclosure of leases [Abstract]
Lease liabilities	Lease liabilities 2023 2022 Lease liabilities Non-current 325,569 283,549 Current 52,941 54,431 378,510 337,980 The maturity of the Group’s lease liabilities is as follows: 2023 2022 Less than 1 year 52,941 54,431 Between 1 and 2 years 66,474 61,931 Between 2 and 3 years 61,398 50,839 Between 3 and 4 years 47,677 41,781 Between 4 and 5 years 39,254 31,231 More than 5 years 110,766 97,767 378,510 337,980 Changes in the Group’s lease liabilities, net in 2023 and 2022 were as follows: Agricultural "partnerships" Others Total 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 Amount at the beginning of the year 2023 312,066 25,914 337,980 Exchange differences 17,062 1,151 18,213 Additions and re-measurement 96,294 5,061 101,355 Disposal (908) — (908) Payments (104,261) (14,072) (118,333) Finance cost related to lease liabilities 36,906 3,297 40,203 Closing net book amount 357,159 21,351 378,510

Payroll and social security lia

Payroll and social security liabilities	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Payroll and social security liabilities	Payroll and social security liabilities 2023 2022 Non-current Social security payable 1,570 1,581 1,570 1,581 Current Salaries payable 4,498 4,050 Social security payable 4,062 4,693 Provision for vacations 12,783 11,487 Provision for bonuses 16,014 9,734 37,357 29,964 Total payroll and social security liabilities 38,927 31,545

Provisions for other liabilitie

Provisions for other liabilities	12 Months Ended
	Dec. 31, 2023
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, 2022 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 Additions 2,522 34 2,556 Used during year (1,558) (379) (1,937) Exchange differences (426) (29) (455) At December 31, 2023 3,567 32 3,599 Analysis of total provisions: 2023 2022 Non current 2,871 2,526 Current 728 909 3,599 3,435 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$78.5 million as of December 31, 2023 and 2022, respectively. These amounts refers to a claim of the tax authorities in Brazil of the exclusion of the calculation base of Income Tax of the accelerated depreciation of rural activity as provided for in article 6 of Provisional Measure 2,159-70 / 01 and in Article 325 of the Income Tax Regulation / 18.

Group companies

Group companies	12 Months Ended
	Dec. 31, 2023
Disclosure of subsidiaries [abstract]
Group companies	Group companies The following table details the subsidiaries that comprised the Group as of December 31, 2023 and 2022: 2023 2022 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 99.98 % 99.98 % 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 Biogas LTDA. (ex 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
	Dec. 31, 2023
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 Loss included in the Balance receivable 2023 2022 2021 2023 2022 Management and selected employees Employment Compensation selected employees (8,218) (11,497) (7,883) (18,781) (18,917)

Material accounting estimates a

Material accounting estimates and judgments	12 Months Ended
	Dec. 31, 2023
Disclosure of Changes in Accounting Policies, Accounting Estimates and Errors [Abstract]
Material accounting estimates and judgments	Material 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, 2023 and 42 CGUs as of September 30, 2022. As of September 30, 2023 and 2022, 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, 2023 and 2022: As of September 30, 2023, the Group identified 10 CGUs in Argentina (2022: 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 (2022: 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, 2023 September 30, 2022 La Carolina / Crops / Argentina 242 242 La Carolina / Cattle / Argentina 39 39 El Orden / Crops / Argentina 261 260 El Orden / Cattle / Argentina 10 9 La Guarida / Crops / Argentina 1,731 1,726 La Guarida / Cattle / Argentina 892 889 Los Guayacanes / Crops / Argentina 3,206 3,196 Doña Marina / Rice / Argentina 5,582 5,565 El Colorado / Crops / Argentina 2,776 2,768 El Colorado / Cattle / Argentina 28 27 Closing net book value of goodwill allocated to CGUs tested (Note 15) 14,767 14,721 Closing net book value of PPE items allocated to CGUs tested 143,976 143,585 Total assets allocated to CGUs tested 158,743 158,306 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2023 and 2022. CGUs tested based on a value-in-use model at September 30, 2023 and 2022: As of September 30, 2023, the Group identified 2 CGUs (2022: 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, 2023 September 30, 2022 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 0-2% 0-1% Future pricing increases 0.46% per annum 1.21% per annum Future cost decrease 0.96% per annum 0.25% per annum Discount rates 5.2% 5.2% 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, 2023 September 30, 2022 AVI / Sugar, Ethanol and Energy 3,171 2,937 UMA / Sugar, Ethanol and Energy 1,189 1,102 Closing net book value of goodwill allocated to CGUs tested (Note 15) 4,360 4,039 Closing net book value of PPE items allocated to CGUs tested 600,764 518,814 Total assets allocated to 2 CGUs tested 605,124 522,853 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2023 and 2022. 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$ 9.8 million and US$ 148.9 million, respectively, and goodwill and property, plant and equipment allocated to the cash generating units with allocated goodwill in Brazil were US$ 4.5 million and U$S 648 million, respectively as of December 31, 2023. As of December 31, 2023, 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 material accounting

Summary of material accounting policies	12 Months Ended
	Dec. 31, 2023
Corporate information and statement of IFRS compliance [abstract]
Summary of material 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 2023, 2022 and 2021 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 3.114; 1.9479 and 1.509, 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 IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC). All IFRS Accounting Standards as 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 Accounting Standards as issued by the IASB 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 and Amended Financial Reporting Standards and Interpretations, effective for the financial year beginning on January 1, 2023 Amendments to IAS 1 - Presentation of Financial Statements – Disclosure of Accounting Policies: The objective of these amendments is to improve the disclosure of accounting policies, which require entities to disclose material accounting policies rather than significant accounting policies. This modification was published in February 2021 and is in effect for fiscal years beginning on or after January 1, 2023. No other IFRS Accounting Standards as issued by the IASB or IFRIC Interpretation issued effective for the first time for the financial year beginning on January 1, 2023 has a material impact over these Financial Statements. 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, agrochemicals and fertilizers among others. When it has attained significant biological growth, it is measured at fair value through a discounted cash flow model. Estimated revenues are based on estimated yearly production volume (which will be destined to sugar, ethanol, energy and raw cane production) and the price is calculated as the average of daily prices for sugar future contracts (Sugar #11 ICE-NY contracts) for a six months period. Projected costs include maintenance and land leasing among others. These estimates are discounted at an appropriate discount rate. 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

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2023
Disclosure of non-adjusting events after reporting period [abstract]
Subsequent events	Subsequents events In April 2024, the Company sold “La Pecuaria” farm, a 3,177 hectares farm located in Uruguay for an aggregate amount of US$ 20.7 million, collected in full at closing. This transaction will result in a pre-tax gain of US$ 5.7 million included in the line item “Other operating income”.

Summary of material accountin_2

Summary of material accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
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 2023, 2022 and 2021 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 3.114; 1.9479 and 1.509, 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 of financial statements	The Consolidated Financial Statements of the Group have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC). All IFRS Accounting Standards as 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 Accounting Standards as issued by the IASB 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 and Amended Financial Reporting Standards and Interpretations, effective for the financial year beginning on January 1, 2023 Amendments to IAS 1 - Presentation of Financial Statements – Disclosure of Accounting Policies: The objective of these amendments is to improve the disclosure of accounting policies, which require entities to disclose material accounting policies rather than significant accounting policies. This modification was published in February 2021 and is in effect for fiscal years beginning on or after January 1, 2023. No other IFRS Accounting Standards as issued by the IASB or IFRIC Interpretation issued effective for the first time for the financial year beginning on January 1, 2023 has a material impact over these Financial Statements.
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	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, agrochemicals and fertilizers among others. When it has attained significant biological growth, it is measured at fair value through a discounted cash flow model. Estimated revenues are based on estimated yearly production volume (which will be destined to sugar, ethanol, energy and raw cane production) and the price is calculated as the average of daily prices for sugar future contracts (Sugar #11 ICE-NY contracts) for a six months period. Projected costs include maintenance and land leasing among others. These estimates are discounted at an appropriate discount rate.
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 contracts The 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
	Dec. 31, 2023
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. 2023 Subsidiaries’ functional currency Net monetary position Argentine Brazilian Uruguayan U.S. Dollar Total Argentine Peso (70,608) — — (39) (70,647) Brazilian Reais — (575,933) — — (575,933) U.S. Dollar (90,313) (262,485) 19,226 82,423 (251,149) Uruguayan Peso — — (2,711) — (2,711) Total (160,921) (838,418) 16,515 82,384 (900,440) 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) Functional currency Net monetary position Argentine Brazilian Uruguayan Total 2023 U.S. Dollar (22,578) (26,249) 1,923 (46,904) 2022 U.S. Dollar (44,830) (29,037) 2,281 (71,586)
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, 2023 Less than Between Between 2 Over Total Trade and other payables 163,873 528 82 398 164,881 Borrowings 254,162 83,359 723,250 2,013 1,062,784 Leases Liabilities 69,858 84,059 206,413 233,484 593,814 Derivative financial instruments 169 — — — 169 Total 488,062 167,946 929,745 235,895 1,821,648 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
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, 2023 and 2022 is as follows: 2023 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Fixed rate: Argentine Peso 35,318 — — — 35,318 Brazilian Reais — 14,575 — — 14,575 U.S. Dollar 36,050 373,939 — 167,088 577,077 Subtotal fixed-rate borrowings 71,368 388,514 — 167,088 626,970 Variable rate: Argentine Peso 51,460 — — — 51,460 Brazilian Reais — 210,186 — — 210,186 U.S. Dollar 16,333 — — — 16,333 Subtotal variable-rate borrowings 67,793 210,186 — — 277,979 Total borrowings as per statement of financial position 139,161 598,700 — 167,088 904,949 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 For the years ended December 31, 2023 and 2022, 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. 2023 Subsidiaries’ functional currency Rate per currency denomination Argentine Brazilian Uruguayan U.S. Dollar Total Variable rate: Argentine peso (515) — — — (515) Brazilian Reais — (2,102) — — (2,102) U.S. Dollar (163) — — — (163) Total effects on profit before income tax (678) (2,102) — — (2,780) 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)
Schedule of Capital Risk Management	During the year ended December 31, 2023, the strategy was to maintain the gearing ratio within 0.40 to 0.60, as follows: 2023 2022 Total borrowings 904,949 1,007,752 Total equity 1,265,648 1,163,643 Total capital 2,170,597 2,171,395 Gearing ratio 0.42 0.46
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, 2023: 2023 Type of Quantities Notional Fair (Loss)/Gain Futures: Sale Soybean 3 518 (9) (9) Wheat 2 537 (12) (12) Sugar 157 79,404 8,678 8,586 OTC: Sugar 112 55,696 5,141 5,250 Total 274 136,155 13,798 13,815 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) (*) Included in the line item “gain / (loss) 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
	Dec. 31, 2023
Disclosure of operating segments [abstract]
Schedule of Operating Segments	Segment reconciliation for the year ended December 31, 2023: 2023 Crops Rice Dairy Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 216,912 (50,659) 166,253 256,347 (26,155) 230,192 246,875 (66,756) 180,119 Cost of goods and services rendered (188,954) 45,075 (143,879) (178,322) 8,064 (170,258) (209,362) 54,889 (154,473) Initial recognition and changes in fair value of biological assets and agricultural produce (4,862) (5,465) (10,327) (2,488) (1,813) (4,301) 14,086 (6,036) 8,050 Gain from changes in net realizable value of agricultural produce after harvest 2,730 (736) 1,994 — — — — — — Margin on Manufacturing and Agricultural Activities Before Operating Expenses 25,826 (11,785) 14,041 75,537 (19,904) 55,633 51,599 (17,903) 33,696 General and administrative expenses (14,779) 4,866 (9,913) (15,709) 4,436 (11,273) (10,411) 3,456 (6,955) Selling expenses (22,450) 6,336 (16,114) (33,407) 6,958 (26,449) (25,488) 8,312 (17,176) Other operating income / (expense), net 20,006 (4,721) 15,285 7,470 (252) 7,218 1,872 (960) 912 Profit from Operations 8,603 (5,304) 3,299 33,891 (8,762) 25,129 17,572 (7,095) 10,477 Depreciation and amortization (8,330) 2,909 (5,421) (15,154) 4,342 (10,812) (10,913) 3,852 (7,061) Net (loss) / gain from Fair value adjustment of investment property 10,199 (650) 9,549 1,176 (105) 1,071 — — — 2023 Corporate Total Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered — — — 1,442,441 (143,570) 1,298,871 Cost of goods and services rendered — — — (1,081,208) 108,028 (973,180) Initial recognition and changes in fair value of biological assets and agricultural produce — — — 101,172 (13,314) 87,858 Gain from changes in net realizable value of agricultural produce after harvest — — — 2,574 (736) 1,838 Margin on Manufacturing and Agricultural Activities Before Operating Expenses — — — 464,979 (49,592) 415,387 General and administrative expenses (23,061) 6,473 (16,588) (89,551) 19,231 (70,320) Selling expenses (305) 107 (198) (150,805) 21,713 (129,092) Other operating income / (expense), net (309) 21 (288) 31,502 (5,912) 25,590 Profit from Operations (23,675) 6,601 (17,074) 256,125 (14,560) 241,565 Depreciation and amortization (1,275) 454 (821) (211,575) 11,557 (200,018) Net gain / (loss) from Fair value adjustment of investment property — — — 11,375 (755) 10,620 Segment reconciliation for the year ended December 31, 2022: 2022 Crops Rice Dairy Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 280,329 (2,578) 277,751 204,396 (195) 204,201 236,222 (1,210) 235,012 Cost of goods and services rendered (257,925) 2,330 (255,595) (160,047) (379) (160,426) (204,924) 1,039 (203,885) Initial recognition and changes in fair value of biological assets and agricultural produce 62,567 1,494 64,061 16,032 525 16,557 27,523 (266) 27,257 Gain from changes in net realizable value of agricultural produce after harvest (21,495) 136 (21,359) — — — — — — Margin on Manufacturing and Agricultural Activities Before Operating Expenses 63,476 1,382 64,858 60,381 (49) 60,332 58,821 (437) 58,384 General and administrative expenses (13,312) 2 (13,310) (15,487) 173 (15,314) (10,378) 181 (10,197) Selling expenses (31,894) 212 (31,682) (34,665) 229 (34,436) (27,050) 76 (26,974) Other operating income / (expense), net 463 (804) (341) (507) (37) (544) (8) (3) (11) Bargain purchase gain on acquisition — — — 10,070 37 10,107 — — — Profit from Operations 18,733 792 19,525 19,792 353 20,145 21,385 (183) 21,202 Depreciation and amortization (8,017) 39 (7,978) (12,215) 98 (12,117) (10,075) 57 (10,018) Net (loss) / gain from Fair value adjustment of investment property (2,184) (158) (2,342) (580) (39) (619) — — — 2022 Corporate Total Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered — — — 1,351,707 (3,983) 1,347,724 Cost of goods and services rendered — — — (1,078,737) 2,990 (1,075,747) Initial recognition and changes in fair value of biological assets and agricultural produce — — — 214,188 1,753 215,941 Gain from changes in net realizable value of agricultural produce after harvest — — — (22,429) 136 (22,293) Margin on Manufacturing and Agricultural Activities Before Operating Expenses — — — 464,729 896 465,625 General and administrative expenses (23,413) (136) (23,549) (84,507) 220 (84,287) Selling expenses (257) (1) (258) (144,031) 516 (143,515) Other operating income / (expense), net (136) 21 (115) 2,693 (823) 1,870 Bargain purchase gain on acquisition — — — 10,070 37 10,107 Profit from Operations (23,806) (116) (23,922) 248,954 846 249,800 Depreciation and amortization 22 (29) (7) (191,205) 165 (191,040) Net (loss) / gain from Fair value adjustment of investment property — — — (2,764) (197) (2,961) Segment reconciliation for the year ended December 31, 2021: 2021 Crops Rice Dairy Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 231,817 11,975 243,792 131,093 4,403 135,496 172,803 10,251 183,054 Cost of goods and services rendered (206,018) (10,216) (216,234) (109,805) (2,348) (112,153) (149,738) (8,339) (158,077) Initial recognition and changes in fair value of biological assets and agricultural produce 65,907 8,185 74,092 38,296 6,798 45,094 18,336 1,559 19,895 Gain from changes in net realizable value of agricultural produce after harvest (10,163) (1,221) (11,384) — — — — — — Margin on Manufacturing and Agricultural Activities Before Operating Expenses 81,543 8,723 90,266 59,584 8,853 68,437 41,401 3,471 44,872 General and administrative expenses (10,356) (834) (11,190) (8,981) (876) (9,857) (4,715) (541) (5,256) Selling expenses (22,107) (1,506) (23,613) (16,709) (1,495) (18,204) (20,779) (1,793) (22,572) Other operating income / (expense), net 237 (536) (299) (918) (73) (991) (150) (20) (170) Profit from Operations 49,317 5,847 55,164 32,976 6,409 39,385 15,757 1,117 16,874 Depreciation and amortization (6,583) (643) (7,226) (8,173) (820) (8,993) (7,144) (797) (7,941) Net (loss) / gain from Fair value adjustment of investment property (2,832) (350) (3,182) (1,052) (97) (1,149) — — — 2021 Corporate Total Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered — — — 1,097,723 26,629 1,124,352 Cost of goods and services rendered — — — (834,062) (20,903) (854,965) Initial recognition and changes in fair value of biological assets and agricultural produce — — — 211,198 16,542 227,740 Gain from changes in net realizable value of agricultural produce after harvest — — — (11,658) (1,221) (12,879) Margin on Manufacturing and Agricultural Activities Before Operating Expenses — — — 463,201 21,047 484,248 General and administrative expenses (22,119) (1,908) (24,027) (65,635) (4,159) (69,794) Selling expenses (306) (21) (327) (112,847) (4,815) (117,662) Other operating income / (expense), net 103 (21) 82 (18,118) (650) (18,768) Profit from Operations (22,322) (1,950) (24,272) 266,601 11,423 278,024 Depreciation and amortization (738) (49) (787) (166,619) (2,309) (168,928) Net (loss) / gain from Fair value adjustment of investment property — — — (3,884) (447) (4,331) The following table presents information with respect to the Group’s reportable segments. Certain other activities of a holding function nature not allocable to the segments are disclosed in the column ‘Corporate’ Segment analysis for the year ended December 31, 2023: Farming Sugar, Corporate Total Crops Rice Dairy Farming Sales of goods and services rendered 216,912 256,347 246,875 720,134 722,307 — 1,442,441 Cost of goods sold and services rendered (188,954) (178,322) (209,362) (576,638) (504,570) — (1,081,208) Initial recognition and changes in fair value of biological assets and agricultural produce (4,862) (2,488) 14,086 6,736 94,436 — 101,172 Changes in net realizable value of agricultural produce after harvest 2,730 — — 2,730 (156) — 2,574 Margin on manufacturing and agricultural activities before operating expenses 25,826 75,537 51,599 152,962 312,017 — 464,979 General and administrative expenses (14,779) (15,709) (10,411) (40,899) (25,591) (23,061) (89,551) Selling expenses (22,450) (33,407) (25,488) (81,345) (69,155) (305) (150,805) Other operating income / (expense), net 20,006 7,470 1,872 29,348 2,463 (309) 31,502 Profit / (loss) from operations 8,603 33,891 17,572 60,066 219,734 (23,675) 256,125 Depreciation and amortization (8,330) (15,154) (10,913) (34,397) (175,903) (1,275) (211,575) Net gain from Fair value adjustment of investment property 10,199 1,176 — 11,375 — — 11,375 Reverse of revaluation surplus derived from the disposals of assets before taxes 20,245 — — 20,245 — — 20,245 Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 4,171 (1,002) (12,655) (9,486) (15,393) — (24,879) Initial recognition and changes in fair value of biological assets and agricultural produce (realized) (9,033) (1,486) 26,741 16,222 109,829 — 126,051 Changes in net realizable value of agricultural produce after harvest (unrealized) 2,599 — — 2,599 — — 2,599 Changes in net realizable value of agricultural produce after harvest (realized) 131 — — 131 (156) — (25) Farmlands and farmland improvements, net 447,772 178,291 1,462 627,525 78,322 — 705,847 Machinery, equipment and other fixed assets, net 24,250 71,584 86,670 182,504 264,561 — 447,065 Bearer plants, net 753 — — 753 375,089 — 375,842 Work in progress 10 291 5,584 5,885 14,926 — 20,811 Right of use assets 13,608 15,076 29 28,713 377,420 580 406,713 Investment property 29,192 4,172 — 33,364 — — 33,364 Goodwill 6,095 3,704 — 9,799 4,510 — 14,309 Biological assets 55,545 32,843 23,191 111,579 116,458 — 228,037 Finished goods 33,407 9,306 9,927 52,640 126,971 — 179,611 Raw materials, stocks held by third parties and others 26,779 16,577 11,230 54,586 21,854 — 76,440 Total segment assets 637,411 331,844 138,093 1,107,348 1,380,111 580 2,488,039 Borrowings 44,692 (9,207) 84,557 120,042 604,827 180,080 904,949 Lease liabilities 12,341 13,475 57 25,873 352,238 399 378,510 Total segment liabilities 57,033 4,268 84,614 145,915 957,065 180,479 1,283,459 Segment analysis for the year ended December 31, 2022 Farming Sugar, Corporate Total Crops Rice Dairy Farming Sales of goods and services rendered 280,329 204,396 236,222 720,947 630,760 — 1,351,707 Cost of goods sold and services rendered (257,925) (160,047) (204,924) (622,896) (455,841) — (1,078,737) Initial recognition and changes in fair value of biological assets and agricultural produce 62,567 16,032 27,523 106,122 108,066 — 214,188 Changes in net realizable value of agricultural produce after harvest (21,495) — — (21,495) (934) — (22,429) Margin on manufacturing and agricultural activities before operating expenses 63,476 60,381 58,821 182,678 282,051 — 464,729 General and administrative expenses (13,312) (15,487) (10,378) (39,177) (21,917) (23,413) (84,507) Selling expenses (31,894) (34,665) (27,050) (93,609) (50,165) (257) (144,031) Other operating income / (expense), net 463 (507) (8) (52) 2,881 (136) 2,693 Bargain purchase gain on acquisition — 10,070 — 10,070 — — 10,070 Profit / (loss) from operations 18,733 19,792 21,385 59,910 212,850 (23,806) 248,954 Depreciation and amortization (8,017) (12,215) (10,075) (30,307) (160,920) 22 (191,205) Net loss from Fair value adjustment of investment property (2,184) (580) — (2,764) — — (2,764) Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 2,071 3,327 (2,276) 3,122 35,232 — 38,354 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 60,496 12,705 29,799 103,000 72,834 — 175,834 Changes in net realizable value of agricultural produce after harvest (unrealized) 72 — — 72 — — 72 Changes in net realizable value of agricultural produce after harvest (realized) (21,567) — — (21,567) (934) — (22,501) Farmlands and farmland improvements, net 504,695 158,769 2,221 665,685 78,648 — 744,333 Machinery, equipment and other fixed assets, net 50,183 59,126 108,589 217,898 171,308 — 389,206 Bearer plants, net 1,057 — — 1,057 351,670 — 352,727 Work in progress 9,018 29,462 22,325 60,805 18,284 — 79,089 Right of use assets 18,952 8,594 711 28,257 330,681 1,243 360,181 Investment property 27,757 5,573 — 33,330 — — 33,330 Goodwill 8,932 5,427 — 14,359 4,185 — 18,544 Biological assets 72,843 54,125 30,045 157,013 109,431 — 266,444 Finished goods 37,539 13,659 12,825 64,023 88,693 — 152,716 Raw materials, stocks held by third parties and others 63,153 22,178 8,700 94,031 27,275 — 121,306 Total segment assets 794,129 356,913 185,416 1,336,458 1,180,175 1,243 2,517,876 Borrowings 41,493 113,133 138,241 292,867 587,865 127,020 1,007,752 Lease liabilities 18,234 8,281 623 27,138 310,162 680 337,980 Total segment liabilities 59,727 121,414 138,864 320,005 898,027 127,700 1,345,732 Segment analysis for the year ended December 31, 2021 Farming Sugar, Corporate Total Crops Rice Dairy Farming Sales of goods and services rendered 231,817 131,093 172,803 535,713 562,010 — 1,097,723 Cost of goods sold and services rendered (206,018) (109,805) (149,738) (465,561) (368,501) — (834,062) Initial recognition and changes in fair value of biological assets and agricultural produce 65,907 38,296 18,336 122,539 88,659 — 211,198 Changes in net realizable value of agricultural produce after harvest (10,163) — — (10,163) (1,495) — (11,658) Margin on manufacturing and agricultural activities before operating expenses 81,543 59,584 41,401 182,528 280,673 — 463,201 General and administrative expenses (10,356) (8,981) (4,715) (24,052) (19,464) (22,119) (65,635) Selling expenses (22,107) (16,709) (20,779) (59,595) (52,946) (306) (112,847) Other operating income / (expense), net 237 (918) (150) (831) (17,390) 103 (18,118) Profit / (loss) from operations 49,317 32,976 15,757 98,050 190,873 (22,322) 266,601 Depreciation and amortization (6,583) (8,173) (7,144) (21,900) (143,981) (738) (166,619) Net loss from Fair value adjustment of investment property (2,832) (1,052) — (3,884) — — (3,884) Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 21,428 5,992 (6,271) 21,149 (16,294) — 4,855 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 44,479 32,304 24,607 101,390 104,953 — 206,343 Changes in net realizable value of agricultural produce after harvest (unrealized) (4,001) — — (4,001) — — (4,001) Changes in net realizable value of agricultural produce after harvest (realized) (6,162) — — (6,162) (1,495) — (7,657) Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows: 2023 2022 Total reportable assets as per segment information 2,488,039 2,517,876 Intangible assets (excluding goodwill) 13,210 17,576 Deferred income tax assets 9,777 8,758 Trade and other receivables 218,115 228,378 Other assets 1,515 1,701 Derivative financial instruments 31,820 5,342 Short-term investment 62,637 98,571 Cash and cash equivalents 339,781 230,653 Total assets as per the statement of financial position 3,164,894 3,108,855 2023 2022 Total reportable liabilities as per segment information 1,283,459 1,345,732 Trade and other payables 191,738 259,607 Deferred income tax liabilities 376,331 301,414 Payroll and social liabilities 38,927 31,545 Provisions for other liabilities 3,599 3,435 Current income tax liabilities 5,023 422 Derivative financial instruments 169 3,057 Total liabilities as per the statement of financial position 1,899,246 1,945,212
Schedule of Geographical Areas	As of and for the year ended December 31, 2023: Argentina Brazil Uruguay Chile Total Property, plant and equipment 786,201 733,055 30,309 — 1,549,565 Investment property 33,364 — — — 33,364 Goodwill 9,799 4,510 — — 14,309 Non-current portion of biological assets 23,706 — — — 23,706 Sales of goods and services rendered 402,205 401,051 632,165 7,020 1,442,441 Initial recognition and changes in fair value of biological assets and agricultural produce 6,469 94,436 267 — 101,172 Changes in net realizable value of agricultural produce after harvest 3,341 (156) (611) — 2,574 As of and for the year ended December 31, 2022: Argentina Brazil Uruguay Chile Total Property, plant and equipment 914,444 620,065 30,846 — 1,565,355 Investment property 33,330 — — — 33,330 Goodwill 14,359 4,185 — — 18,544 Non-current portion of biological assets 30,622 — — — 30,622 Sales of goods and services rendered 373,746 494,215 472,538 11,208 1,351,707 Initial recognition and changes in fair value of biological assets and agricultural produce 102,656 108,066 3,466 — 214,188 Changes in net realizable value of agricultural produce after harvest (21,482) (934) (13) — (22,429) As of and for the year ended December 31, 2021: Argentina Brazil Uruguay Chile Total Sales of goods and services rendered 284,026 385,959 427,661 77 1,097,723 Initial recognition and changes in fair value of biological assets and agricultural produce 120,255 88,659 2,284 — 211,198 Changes in net realizable value of agricultural produce after harvest (9,679) (1,496) (483) — (11,658)

Sales (Tables)

Sales (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Schedule of Sales	2023 2022 2021 Manufactured products and services rendered: Ethanol 247,008 387,124 291,883 Sugar 419,858 188,769 208,365 Energy (*) 35,985 34,919 50,321 Peanut 63,646 63,041 60,939 Sunflower 8,301 14,948 11,282 Cotton 8,383 6,780 2,540 Rice (*) 199,746 188,263 127,272 Fluid milk (UHT) 74,402 76,596 62,875 Powder milk (*) 43,958 84,257 62,728 Other diary products (*) 35,385 37,648 28,834 Services 6,080 10,987 7,309 Rental income 1,210 841 615 Others 43,436 24,199 13,069 1,187,398 1,118,372 928,032 Agricultural produce and biological assets: Soybean 42,610 81,757 71,687 Corn 22,490 71,188 59,803 Wheat 7,984 19,915 27,349 Rice — 3,994 — Sunflower 7,095 9,885 6,167 Barley 2,826 4,175 1,684 Seeds 428 1,940 1,559 Raw milk 15,081 21,623 16,468 Cattle 3,542 5,039 3,111 Cattle for dairy 6,718 7,543 4,994 Others 2,699 2,293 3,498 111,473 229,352 196,320 Total sales 1,298,871 1,347,724 1,124,352 (*) Includes sales of mwh of energy, tons rice and crops products produced by third parties for an amount of US$2.4 million, US$22.3 million and US$0.8 million respectively (December 31, 2022: sales of mwh of energy, tons rice and power milk US$2.3 million, US$0.9 million and US$1.3 million, respectively and December 31, 2021: sales of mwh of energy, tons rice and butter US$6.5 million, US$4.4 million and US$0.6 million, respectively).

Cost of goods sold and servic_2

Cost of goods sold and services rendered (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Cost of goods sold and services rendered	For the year ended December 31: 2023 Crops Rice Dairy Sugar, Total Finished goods at the beginning of year (Note 19) 37,539 13,659 12,825 88,693 152,716 Cost of production of manufactured products (Note 6) 47,086 123,629 121,341 548,553 840,609 Purchases 4,361 22,594 3,170 1,011 31,136 Agricultural produce 115,893 18 15,081 9,736 140,728 Transfer to raw material (49,108) (5,714) — — (54,822) Direct agricultural selling expenses 9,214 — — — 9,214 Tax recoveries (i) — — — (25,767) (25,767) Changes in net realizable value of agricultural produce after harvest 1,994 — — (156) 1,838 Loss of idle capacity — — — 3,861 3,861 Finished goods at the end of the year (Note 19) (33,407) (9,306) (9,927) (126,971) (179,611) Exchange differences 10,307 25,378 11,983 5,610 53,278 Cost of goods sold and services rendered 143,879 170,258 154,473 504,570 973,180 (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: 2022 Crops Rice Dairy Sugar, Total Finished goods at the beginning of year 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 245,402 106 21,647 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 255,595 160,426 203,885 455,841 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 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 227,791 108 16,468 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 216,234 112,153 158,077 368,501 854,965 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

Expenses by nature (Tables)

Expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023: Cost of production of manufactured products (Note 5) General and Selling Total Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 2,549 10,541 7,733 47,050 67,873 30,581 8,899 107,353 Raw materials and consumables 293 818 19,361 7,878 28,350 — — 28,350 Depreciation and amortization 3,087 4,514 3,153 131,536 142,290 14,632 1,166 158,088 Depreciation of right of use assets — 32 350 9,402 9,784 7,837 208 17,829 Fuel, lubricants and others 139 665 1,338 37,707 39,849 572 251 40,672 Maintenance and repairs 724 2,550 1,490 32,594 37,358 1,377 583 39,318 Freights 80 5,662 1,921 106 7,769 — 57,629 65,398 Export taxes / selling taxes — — — — — — 29,910 29,910 Export expenses — — — — — — 11,550 11,550 Contractors and services 2,013 2,705 214 11,313 16,245 — — 16,245 Energy transmission — — — — — — 2,621 2,621 Energy power 817 2,291 1,693 776 5,577 342 66 5,985 Professional fees 38 71 69 1,105 1,283 8,553 1,725 11,561 Other taxes 12 160 102 4,232 4,506 582 23 5,111 Contingencies — — — — — 988 — 988 Lease expense and similar arrangements 127 523 145 — 795 975 567 2,337 Third parties raw materials 3,838 35,289 47,336 31,969 118,432 — — 118,432 Tax recoveries — — — (74) (74) — — (74) Others 552 1,396 1,498 6,091 9,537 3,881 13,894 27,312 Subtotal 14,269 67,217 86,403 321,685 489,574 70,320 129,092 688,986 Own agricultural produce consumed 32,817 56,412 34,938 226,868 351,035 — — 351,035 Total 47,086 123,629 121,341 548,553 840,609 70,320 129,092 1,040,021 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) Crops Rice Dairy Sugar, Total General and Selling 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 right-of-use and other leases — 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

Salaries and social security _2

Salaries and social security expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Schedule of Salaries and Social Security Expenses	2023 2022 2021 Wages and salaries (i) 127,113 132,010 101,818 Social security costs 41,404 36,932 30,296 Equity-settled share-based compensation 8,581 10,227 6,406 177,098 179,169 138,520 (i) Includes US$35,007, US$30,014 and US$25,105, capitalized in Property, Plant and Equipment for the years 2023, 2022 and 2021, respectively.

Other operating income _ (exp_2

Other operating income / (expense), net (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Schedule of Other Operating Income (Expense)	2023 2022 2021 Gain / (loss) from commodity derivative financial instrument 6,913 (6,842) (15,990) Gain / (loss) from disposal of other property items 4,747 3,718 (387) Net gain / (loss) from fair value adjustment of investment property 10,620 (2,961) (4,331) Gain from disposal of farmland and other assets (Note 21) 6,334 — — Others (3,024) 7,955 1,940 25,590 1,870 (18,768)

Financial results, net (Tables)

Financial results, net (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of income and expense [abstract]
Schedule of Finance Income (Cost)	2023 2022 2021 Finance income: - Interest income 7,134 5,781 4,081 - Foreign exchange gains, net 90,930 19,278 18,939 - Gain from interest rate/foreign exchange rate derivative financial instruments 3,501 — 512 - Other income 55,535 249 13,138 Finance income 157,100 25,308 36,670 Finance costs: - Interest expense (31,906) (50,037) (62,536) - Finance cost related to lease liabilities (40,203) (31,113) (16,502) - Cash flow hedge – transfer from equity (Note 2) (36,863) (40,195) (52,650) - Taxes (5,473) (4,862) (7,073) - 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 (7,642) (9,009) (6,111) Finance costs (122,087) (137,600) (151,681) Other financial results - Net gain / (loss) of inflation effects on monetary items 28,816 (2,144) 11,541 Total financial results, net 63,829 (114,436) (103,470)

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2023
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: 2023 2022 2021 Current income tax 4,570 (4,655) (4,338) Deferred income tax (83,243) (22,103) (39,499) Income tax expense (78,673) (26,758) (43,837)
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 Argentine Pesos 143 million (US$ 0.2 million). 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, 2023 and 2022, without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2023 2022 Deferred income tax asset to be recovered after more than 12 months 36,028 127,878 Deferred income tax asset to be recovered within 12 months 43,337 17,862 Deferred income tax assets 79,365 145,740 Deferred income tax liability to be settled after more than 12 months (427,360) (371,047) Deferred income tax liability to be settled within 12 months (18,559) (67,349) Deferred income tax liability (445,919) (438,396) Deferred income tax liability, net (366,554) (292,656) The gross movement on the deferred income tax account is as follows: 2023 2022 Beginning of year (292,656) (255,527) Exchange differences 69,707 (30,187) Changes of fair value valuation for farmlands (62,988) 25,307 Acquisition of subsidiary (Note 21) — (1,562) Disposal of farmland 10,492 — Others 632 (1,247) Tax credit relating to cash flow hedge (i) (8,498) (7,337) Income tax expense (83,243) (22,103) End of year (366,554) (292,656) (i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$7,319 for the year ended December 31, 2023 (2022: US$15,621; 2021: US$46,145); net of the reclassification from Equity to the Income Statement of US$ 49,737 for the year ended December 31, 2023 (2022: US$ 40,388; 2021: US$26,031). 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, 2022 355,158 9,881 11,259 8,757 385,055 Charged / (credited) to the statement of income 20,354 (2,181) 18,105 232 36,510 Farmlands revaluation (25,307) — — — (25,307) Acquisition of subsidiary 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 Charged / (credited) to the statement of income 18,229 9,760 (2,984) 12,460 37,465 Farmlands revaluation 62,988 — — — 62,988 Acquisition of subsidiaries (10,492) — — — (10,492) Exchange differences (75,928) (2,851) (4,097) 438 (82,438) At December 31, 2023 383,943 15,888 23,380 22,708 445,919 Deferred income tax Provisions Tax loss Equity-settled Borrowings Biological Others Total At January 1, 2022 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 Charged / (credited) to the statement of income 1,064 (29,585) — (26,696) 3,242 6,197 (45,778) Tax charge relating to cash flow hedge — (8,498) — — — — (8,498) Exchange differences 3,752 (15,011) — 1,137 (3,242) 633 (12,731) Others — — 440 — — 192 632 At December 31, 2023 11,438 57,101 4,015 373 — 6,438 79,365
Schedule of Tax Loss Carryforwards	As of December 31, 2023, the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina (1) 22,158 5 years Brazil 135,479 No expiration date. Uruguay 5,173 5 years Luxembourg 16,866 No expiration date. (1) As of December 31, 2023, the aging of the determination tax loss carry forward in Argentina is as follows: Year of generation Amount 2019 426 2020 768 2021 16 2022 18,856 2023 2,092
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: 2023 2022 2021 Tax calculated at the tax rates applicable to profits in the respective countries (103,860) (43,827) (54,291) Non-deductible items (1,616) (1,921) (3,459) Effect of the changes in the statutory income tax rate in Argentina 1,280 (2,237) (31,962) Unused tax losses — — 482 Tax losses where no deferred tax asset was recognized (706) (107) — Non-taxable income 19,994 16,879 13,604 Previously unrecognized tax losses now recouped to reduce tax expenses (1) 38,646 19,419 38,121 Effect of IAS 29 and tax adjustment per inflation in Argentina (29,526) (18,195) (6,402) Others (2,885) 3,231 70 Income tax expense (78,673) (26,758) (43,837) (1) 2023 includes 37,151 of adjustment by inflation of tax loss carryforwards in Argentina (16,044 in 2022).

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings per share [abstract]
Schedule of Earnings per Share	2023 2022 2021 Profit from operations attributable to equity holders of the Group 226,291 108,138 130,669 Weighted average number of shares in issue (thousands) 107,092 110,079 115,148 Basic earnings per share 2.113 0.982 1.135 2023 2022 2021 Profit from operations attributable to equity holders of the Group 226,291 108,138 130,669 Weighted average number of shares in issue (thousands) 107,092 110,079 115,148 Adjustments for: - Employee share options and restricted units (thousands) 401 361 466 Weighted average number of shares for diluted earnings per share (thousands) 107,493 110,440 115,614 Diluted earnings per share 2.105 0.979 1.130

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 and 2022 were as follows: Farmlands Farmland Buildings and Machinery, Bearer plants Others Work in Total At January 1, 2022 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 At 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 Farmlands Farmland Buildings and Machinery, Bearer plants Others Work in Total 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 Year ended December 31, 2023 Opening net book amount 727,591 16,742 268,380 91,212 352,727 29,614 79,089 1,565,355 Exchange differences (197,377) (4,029) (43,653) 97,152 (46,372) (21,835) (21,863) (237,977) Additions — — 15,165 71,100 144,777 2,635 29,252 262,929 Revaluation surplus 188,879 — — — — — — 188,879 Transfers (33) 1,307 33,405 22,032 8,939 17 (65,667) — Disposals (24,858) — (3,404) (2,745) — (33) — (31,040) Reclassification to non-income tax credits (*) — — — (293) — — — (293) Depreciation — (2,375) (28,737) (81,463) (84,229) (1,484) — (198,288) Closing net book amount 694,202 11,645 241,156 196,995 375,842 8,914 20,811 1,549,565 At December 31, 2023 Fair value for farmlands / Cost 694,202 43,426 527,977 1,080,418 966,167 33,630 20,811 3,366,631 Accumulated depreciation — (31,781) (286,821) (883,423) (590,325) (24,716) — (1,817,066) Net book amount 694,202 11,645 241,156 196,995 375,842 8,914 20,811 1,549,565 (*) 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, 2023 and 2022, 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 - based on productivity

Right of use assets, net (Table

Right of use assets, net (Tables)	12 Months Ended
	Dec. 31, 2023
Rights of Use [Abstract]
Schedule of Changes in Right of Use Assets	Changes in the Group’s right of use assets, net in 2023 and 2022 were as follows: Agricultural partnerships (*) Others Total At January 1, 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 At December 31, 2023 Opening net book amount 333,562 26,619 360,181 Exchange differences 19,095 1,074 20,169 Additions and re-measurements 95,386 5,062 100,448 Depreciation (63,195) (10,890) (74,085) Closing net book amount 384,848 21,865 406,713 (*)

Investment property (Tables)

Investment property (Tables)	12 Months Ended
	Dec. 31, 2023
Investment property [abstract]
Schedule of Detailed Information about Investment Property	Changes in the Group’s investment property in 2023 and 2022 were as follows: 2023 2022 Beginning of the year 33,330 32,132 Net gain/(loss) from fair value adjustment (Note 8) 10,620 (2,961) Exchange difference (10,586) 4,159 End of the year 33,364 33,330 Fair value 33,364 33,330 Net book amount 33,364 33,330

Intangible assets, net (Tables)

Intangible assets, net (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about intangible assets [abstract]
Schedule of Change in Intangible Assets	Changes in the Group’s intangible assets, net in 2023 and 2022 were as follows: Goodwill Software Trademarks Others Total At January 1, 2022 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, 2021 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 Year ended December 31, 2023 Opening net book amount 18,544 7,742 9,101 733 36,120 Exchange differences (4,235) (1,631) (2,354) 58 (8,162) Additions — 1,284 — 7 1,291 Amortization charge (i) — (1,353) (316) (61) (1,730) Closing net book amount 14,309 6,042 6,431 737 27,519 At December 31, 2023 Cost 14,309 16,908 9,494 1,344 42,055 Accumulated amortization — (10,866) (3,063) (607) (14,536) Net book amount 14,309 6,042 6,431 737 27,519 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2023 and 2022, 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
	Dec. 31, 2023
Agriculture1 [Abstract]
Schedule of Reconciliation of Changes in Biological Assets	Changes in the Group’s biological assets in 2023 and 2022 were as follows: 2023 Crops Rice Dairy Sugarcane Total Beginning of the year 72,843 54,125 30,045 109,431 266,444 Increase due to purchases 369 142 — — 511 Initial recognition and changes in fair value of biological assets (i) (10,327) (4,301) 8,050 94,436 87,858 Decrease due to harvest / disposals (116,007) (58,110) (57,262) (245,325) (476,704) Costs incurred during the year 130,965 57,990 51,901 146,592 387,448 Exchange differences (22,298) (17,003) (9,543) 11,324 (37,520) End of the year 55,545 32,843 23,191 116,458 228,037 2022 Crops Rice Dairy Sugarcane Total Beginning of the year 60,615 44,257 18,979 71,327 195,178 Increase due to purchases 3,028 704 — — 3,732 Acquisition of subsidiary — 1,676 — — 1,676 Initial recognition and changes in fair value of biological assets (i) 64,061 16,557 27,257 108,066 215,941 Decrease due to harvest / disposals (245,660) (81,424) (79,474) (202,298) (608,856) Costs incurred during the year 181,163 68,432 60,826 128,308 438,729 Exchange differences 9,636 3,923 2,457 4,028 20,044 End of the year 72,843 54,125 30,045 109,431 266,444 (i) Biological asset with a production cycle of more than one year (that is dairy and cattle) generated “Initial recognition and changes in fair value of biological assets” amounting to US$15,795 for the year ended December 31, 2023 (2022: US$26,978). In 2023, an amount of US$3,999 (2022: US$4,653) was attributable to price changes, and an amount of US$11,796 ( 2022: US$22,325) was attributable to physical changes. (ii) Biological assets that are measured at fair value within level 3 of the hierarchy. Cost of production for the year ended December 31, 2023: Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 3,572 10,333 7,280 13,553 34,738 Depreciation and amortization — — — 5,192 5,192 Depreciation of right of use assets — — — 56,256 56,256 Fertilizers, agrochemicals and seeds 63,742 17,333 — 49,125 130,200 Fuel, lubricants and others 860 979 903 3,924 6,666 Maintenance and repairs 1,958 6,351 3,175 3,494 14,978 Freights 1,534 473 109 — 2,116 Contractors and services 30,694 17,447 — 10,731 58,872 Feeding expenses 1,578 189 23,711 — 25,478 Veterinary expenses 126 65 2,334 — 2,525 Energy power 29 1,847 1,339 — 3,215 Professional fees 282 287 219 393 1,181 Other taxes 480 142 148 52 822 Lease expense and similar arrangements 24,536 1,547 — 2,100 28,183 Others 867 925 487 1,772 4,051 Subtotal 130,258 57,918 39,705 146,592 374,473 Own agricultural produce consumed 707 72 12,196 — 12,975 Total 130,965 57,990 51,901 146,592 387,448 Cost of production for the year ended December 31, 2022: Crops Rice Dairy Sugar, Total Salaries, social security expenses and employee benefits 5,534 11,319 7,592 11,795 36,240 Depreciation and amortization — — — 5,024 5,024 Depreciation of right of use assets — — — 42,166 42,166 Fertilizers, agrochemicals and seeds 68,971 17,220 — 46,020 132,211 Fuel, lubricants and others 1,078 1,468 1,419 4,636 8,601 Maintenance and repairs 1,913 6,693 3,979 3,172 15,757 Freights 4,245 609 202 — 5,056 Contractors and services 49,533 22,321 — 8,620 80,474 Feeding expenses 271 101 24,940 — 25,312 Veterinary expenses 217 84 3,715 — 4,016 Energy power 47 5,447 1,286 — 6,780 Professional fees 552 404 309 489 1,754 Other taxes 1,273 249 14 128 1,664 Lease expense and similar arrangements 45,794 968 — 4,978 51,740 Others 925 1,394 386 1,280 3,985 Subtotal 180,353 68,277 43,842 128,308 420,780 Own agricultural produce consumed 810 155 16,984 — 17,949 Total 181,163 68,432 60,826 128,308 438,729
Schedule of Detailed Information about Biological Assets	Biological assets in December 31, 2023 and 2022 were as follows: 2023 2022 Non-current Cattle for dairy production (i) 23,191 29,483 Breeding cattle (ii) 371 821 Other cattle (ii) 144 318 23,706 30,622 Current Breeding cattle (iii) 6,037 7,075 Other cattle (iii) — 562 Sown land – crops (ii) 49,813 66,002 Sown land – rice (ii) 32,023 52,752 Sown land – sugarcane (ii) (iv) 116,458 109,431 204,331 235,822 Total biological assets 228,037 266,444 (i) Classified as bearer and mature biological assets. (ii) Classified as consumable and immature biological assets. (iii) Classified as consumable and mature biological assets. (iv) It include s 3,833 an
Schedule of Biological Assets	The following table presents the Group’s biological assets that are measured at fair value at December 31, 2023 and 2022 (See Note 17 for a the description of each fair value level): 2023 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 23,191 — 23,191 — 29,483 — 29,483 Breeding cattle 6,408 — — 6,408 7,896 — — 7,896 Other cattle — 144 — 144 — 880 — 880 Sown land – sugarcane — — 116,458 116,458 — — 109,431 109,431 Sown land – crops — — 49,813 49,813 — — 66,002 66,002 Sown land – rice — — 32,023 32,023 — — 52,752 52,752 The following significant unobservable inputs were used to measure the Group’s biological assets using the discounted cash flow valuation technique: Description Unobservable Range of unobservable inputs Relationship of unobservable 2023 2022 Sown land – sugarcane Sugarcane yield – tonnes per hectare; Sugarcane TRS (kg of sugar per ton of cane) Production Costs – US$ per hectare. (Include maintenance, harvest and leasing costs) '-Sugarcane yield: 50-100 tonnes/ha -Sugarcane TRS: 120-140 kg of sugar/tonnes of cane -Maintenance costs: 550-850 US$/ha -Harvest costs: 7.0-13.0 US$/tonnes of cane -Leasing costs: 12.0-14.4 tonnes/ha-Discount rate: 14.44% in Brazilian real. '-Sugarcane yield: 50-100 tonnes/ha - Sugarcane TRS: 120-140kg of sugar/tonnes of cane - Maintenance costs: 500-800 US$/ha - Harvest costs: 6.0-12.0 US$/ tonnes of cane - Leasing costs: 12.0-14.4 tonnes/ha-Discount rate: 16.49% in Brazilian real. The higher the sugarcane yield, the higher the fair value. The higher the maintenance, harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher the fair value. Sown land – crops Crops yield – tonnes per hectare; Commercial Costs – US$ per hectare; '- Crops yield: 0.37 – 4.6 tonnes/ha for Wheat, 3.6 – 11 tonnes/ha for Corn, 0.9 - 3.7 tonnes/ha for Soybean, 0.8 - 2.2 for Sunflower and 2.4 - 3.6 tonnes/ha for Peanut - Commercial Costs: 14-39 US$/tonnes for Wheat, 16-65 US$/tonnes for Corn, 21-48 US$/tonnes for Soybean, 22-65 US$/tonnes for Sunflower and 25-56 US$/ha for Peanut - Production Costs: 143-823 US$/ha for Wheat, 231-1318 US$/ha for Corn, 193-776 US$/ha for Soybean, 215-1000 US$/ha for Sunflower and 861-1866 US$/ha for Peanut-Discount rate: 6% in US$. '- Crops yield: 1.00 – 5.6 tonnes/ha for Wheat, 1.6 – 13 tonnes/ha for Corn, 0.4 - 5.0 tonnes/ha for Soybean, 0.9-2.2 for Sunflower and 1.8 - 5.1 tonnes/ha for Peanut - Commercial Costs: 13-45 US$/ha for Wheat, 16-65 US$/ha for Corn, 21-65 US$/ha for Soybean, 17-36 US$/ha for Sunflower and 28.0 - 46.0 US$/ha for Peanut - Production Costs: 200-840 US$/ha for Wheat, 325-1500 US$/ha for Corn, 260-1100 US$/ha for Soybean, 280-890 US$/ha for Sunflower and 756.0 - 2,000.0 US$/ha for Peanut-Discount rate: 6% in US$. The higher the crops yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value. Sown land – rice Rice yield – tonnes per hectare; '-Rice yield: 4.7 -6.4 tonnes/ha -Commercial Costs: 2-5 US$/ha -Production Costs: 1033-3121 US$/ha-Discount rate: 6% in US$. '-Rice yield: 1.4 -9.2 tonnes/ha -Commercial Costs: 3-23 US$/ha -Production Costs: 760-1250 US$/ha-Discount rate: 6% in US$. The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value.

Financial instruments by cate_2

Financial instruments by category (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Assets as per statement of financial position Trade and other receivables 113,831 — 113,831 104,284 218,115 Derivative financial instruments — 31,820 31,820 — 31,820 Short term investment — 62,637 62,637 — 62,637 Cash and cash equivalents 339,781 — 339,781 — 339,781 Total 453,612 94,457 548,069 104,284 652,353 Financial Liabilities at Subtotal Non- Total Liabilities as per statement of financial position Trade and other payables 163,481 1,400 164,881 26,857 191,738 Borrowings (i) 904,949 — 904,949 — 904,949 Leases Liabilities 378,510 — 378,510 — 378,510 Derivative financial instruments (i) (1,510) 1,679 169 — 169 Total 1,445,430 3,079 1,448,509 26,857 1,475,366 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 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 (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).
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, 2023 Interest income (i) 7,134 — 7,134 Interest expense (i) (31,906) — (31,906) Foreign exchange gain (i) 90,930 — 90,930 Gain from derivative financial instruments (ii) 47 10,367 10,414 Finance cost related to lease liabilities (40,203) — (40,203) Financial assets / 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 gains (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) (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, 2023 and 2022 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2023 13,819 18,001 31,820 Short-term investment (1) 2023 62,637 — 62,637 Derivative financial instruments 2022 134 5,208 5,342 Short-term investment (1) 2022 98,571 — 98,571 Liabilities Derivative financial instruments 2023 (68) (101) (169) Derivative financial instruments 2022 (2,800) (257) (3,057) (1) US-Treasury Bills with maturity from the date of acquisition longer than 90 days used as collateral for short-term borrowings. As of December, 2023, US$ 59,475 (US$ 98,571 as of December 31, 2022) of these US T-bills are used as collateral for short-term borrowings and 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 8,657 Options/OTC Quoted price — — 1 5,141 NDF Quoted price Foreign-exchange curve Present value method 1 (47) Interest-rate swaps Theoretical price Money market interest-rate curve Present value method 2 17,900 US-Treasury Bills Quoted price — — 1 62,637

Trade and other receivables, _2

Trade and other receivables, net (Tables)	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Current and Non-Current Trade and Other Receivables	2023 2022 Non-current Advances to suppliers 3,266 3,680 Income tax credits 2,332 9,119 Non-income tax credits (i) 24,860 18,688 Judicial deposits 2,187 1,831 Receivable from disposal of subsidiary (Note 21) 3,899 8,478 Other receivables 2,516 2,762 Non-current portion 39,060 44,558 Current Trade receivables 90,526 81,707 Less: Allowance for trade receivables (2,888) (4,266) Trade receivables – net 87,638 77,441 Prepaid expenses 6,953 6,875 Advances to suppliers 42,808 42,966 Income tax credits 1,253 1,089 Non-income tax credits (i) 22,812 37,936 Receivable from disposal of subsidiary (Note 21) 3,971 4,664 Cash collateral 11 1,365 Other receivables 13,609 11,484 Subtotal 91,417 106,379 Current portion 179,055 183,820 Total trade and other receivables, net 218,115 228,378 (i) Includes US$293 (2022: US$158) 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): 2023 2022 Currency U.S. Dollar 88,811 89,760 Argentine Peso 24,304 54,801 Uruguayan Peso 6,570 2,229 Brazilian Reais 98,430 81,588 218,115 228,378
Schedule of Reconciliation of Changes in Allowance for Trade Receivables	Movements on the Group’s allowance for trade receivables are as follows: 2023 2022 2021 At January 1 4,266 3,023 3,965 Charge of the year 1,874 3,570 2,022 Unused amounts reversed (1,371) (661) (970) Used during the year (173) (100) (1,456) Exchange differences (1,708) (1,566) (538) At December 31 2,888 4,266 3,023

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of Inventories [Abstract]
Schedule of Current Inventories	2023 2022 Raw materials 76,440 121,306 Finished goods (Note 5) 179,611 152,716 256,051 274,022

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Cash and Cash Equivalents	2023 2022 Cash at bank and on hand 179,068 146,242 Short-term bank deposits 160,713 84,411 339,781 230,653

Acquisitions and disposals (Tab

Acquisitions and disposals (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023, an amount of US$3,193 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
	Dec. 31, 2023
Statement of changes in equity [abstract]
Schedule of Share Capital	Number of shares Share capital and At January 1, 2021 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 and units vested (Note 23) — 4,647 Purchase of own shares — (29,970) Dividends paid to shareholders — (35,000) At December 31, 2022 111,382 960,242 Employee share options exercised (Note 22) (1) — 236 Restricted shares granted (Note 23) — 7,528 Purchase of own shares — (22,123) Dividends provided for and paid to mayor shareholders — (35,000) At December 31, 2023 111,382 910,883 (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
	Dec. 31, 2023
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: 2023 2022 2021 Average Options Average Options Average Options At January 1 6.66 1,321 6.66 1,634 6.66 1,634 Exercised 5.83 (37) 6.77 (313) — — At December 31 6.66 1,284 6.66 1,321 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): 2023 2022 2021 May 1, 2034 5.83 400 400 496 May 1, 2035 5.83 363 369 452 January 1, 2036 5.83 94 124 142 February 16, 2036 7.11 84 84 103 October 1, 2036 8.62 343 344 441 (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 13, Apr 1, Apr 20, Mar 17, Apr 20, Fair value 7.84 9.54 10.87 12.60 7.44 8.12
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) 2023 2022 2021 2021 At January 1 2,301 1,766 1,222 174 Granted (1) 549 1,406 1,067 — Forfeited (26) (43) (32) — Vested (1,035) (828) (491) (174) At December 31 1,789 2,301 1,766 — (1) Approved by the Board of Directors of March 7, 2023 and the Shareholders Meeting of April 19, 2023.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Trade and Other Payables	2023 2022 Non-current Trade payables 514 4,175 Payable from acquisition of subsidiary (Note 21) — 12,646 Other payables 494 389 1,008 17,210 Current Trade payables 140,949 193,127 Advances from customers 16,351 35,749 Taxes payable 9,482 8,868 Dividends to be paid 1,024 — Payable from acquisition of subsidiary (Note 21) 13,404 3,575 Other payables 9,520 1,078 190,730 242,397 Total trade and other payables 191,738 259,607

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Financial Instruments [Abstract]
Schedule of Detailed Information about Borrowings	2023 2022 Non-current Senior Notes 498,347 497,901 Bank borrowings 199,496 230,082 697,843 727,983 Current Senior Notes 8,250 8,250 Bank overdrafts 4,386 48,058 Bank borrowings 194,470 223,461 207,106 279,769 Total borrowings 904,949 1,007,752 The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows: 2023 2022 Fixed rate: Less than 1 year 117,105 272,900 Between 1 and 2 years 6,010 27,720 Between 2 and 3 years 5,508 2,222 Between 4 and 5 years 498,347 — More than 5 years — 497,901 626,970 800,743 Variable rate: Less than 1 year 90,001 6,869 Between 1 and 2 years 37,712 35,355 Between 2 and 3 years 91,878 32,851 Between 3 and 4 years 56,605 80,115 Between 4 and 5 years 1,783 50,211 More than 5 years — 1,608 277,979 207,009 904,949 1,007,752 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 2023 2022 (In millions) Millions of Millions of equivalent Dollars Millions of Certificados Recebíveis do Agronegócio (CRA) December, 2019 R$ 400.0 R$ 400.0 82.6 76.7 November-27 3.80% + IPCA Debênture (1) December, 2020 R$ 400.0 R$ 400.0 82.6 76.7 December-26 4.24% + IPCA Banco do Brasil (CCB) December, 2020 R$ 30.0 R$ 15.0 3.1 5.7 January-24 CDI + 2.32% Itaú BBA (NCR) June, 2023 R$ 40.0 R$ 40.0 8.3 — March 2024 CDI + 1.48% The main loans of the Group’s Argentinian Subsidiaries are: Bank Grant date Nominal Capital outstanding as of Maturity date Annual interest rate 2023 2022 (In millions) (In millions) (In millions) IFC (1) 2020 US$20.0 16.33 18.60 June, 2028 4% plus SOFR (1) Collateralized by a US$100.0 million mortgage over Carmen, Abolengo and San Carlos farms, which are property of Adeco Agropecuaria S.A. Evolution of the Group's borrowings as December 31, 2023 and 2022 is as follow: 2023 2022 Amount at the beginning of the year 1,007,752 817,651 Proceeds from long term borrowings 7,739 41,082 Payments of long term borrowings (24,105) (14,012) Proceeds from short term borrowings 448,532 347,928 Payments of short term borrowings (420,276) (192,648) Payments of interest (1) (43,457) (33,189) Accrued interest 33,495 51,596 Acquisition of subsidiaries (Note 21) — 17,738 Exchange differences, inflation and translation, net (105,465) (30,489) Others 734 2,095 Amount at the end of the year 904,949 1,007,752 (1) Excludes payment of interest related to trade and other payables.

Lease liabilities (Tables)

Lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of leases [Abstract]
Schedule of Lease Liabilities	2023 2022 Lease liabilities Non-current 325,569 283,549 Current 52,941 54,431 378,510 337,980
Schedule of Maturity Lease Liabilities	The maturity of the Group’s lease liabilities is as follows: 2023 2022 Less than 1 year 52,941 54,431 Between 1 and 2 years 66,474 61,931 Between 2 and 3 years 61,398 50,839 Between 3 and 4 years 47,677 41,781 Between 4 and 5 years 39,254 31,231 More than 5 years 110,766 97,767 378,510 337,980
Summary of Lease Liability Activity	Agricultural "partnerships" Others Total 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 Amount at the beginning of the year 2023 312,066 25,914 337,980 Exchange differences 17,062 1,151 18,213 Additions and re-measurement 96,294 5,061 101,355 Disposal (908) — (908) Payments (104,261) (14,072) (118,333) Finance cost related to lease liabilities 36,906 3,297 40,203 Closing net book amount 357,159 21,351 378,510

Payroll and social security l_2

Payroll and social security liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Payroll and Social Security Liabilities	2023 2022 Non-current Social security payable 1,570 1,581 1,570 1,581 Current Salaries payable 4,498 4,050 Social security payable 4,062 4,693 Provision for vacations 12,783 11,487 Provision for bonuses 16,014 9,734 37,357 29,964 Total payroll and social security liabilities 38,927 31,545

Provisions for other liabilit_2

Provisions for other liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2022 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 Additions 2,522 34 2,556 Used during year (1,558) (379) (1,937) Exchange differences (426) (29) (455) At December 31, 2023 3,567 32 3,599 Analysis of total provisions: 2023 2022 Non current 2,871 2,526 Current 728 909 3,599 3,435

Group companies (Tables)

Group companies (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of subsidiaries [abstract]
Schedule of Interests in Subsidiaries	The following table details the subsidiaries that comprised the Group as of December 31, 2023 and 2022: 2023 2022 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 99.98 % 99.98 % 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 Biogas LTDA. (ex 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
	Dec. 31, 2023
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 Loss included in the Balance receivable 2023 2022 2021 2023 2022 Management and selected employees Employment Compensation selected employees (8,218) (11,497) (7,883) (18,781) (18,917)

Material accounting estimates_2

Material accounting estimates and judgments (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of Changes in Accounting Policies, Accounting Estimates and Errors [Abstract]
Schedule of Goodwill Allocated	The following table shows only the 10 CGUs (2022: 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, 2023 September 30, 2022 La Carolina / Crops / Argentina 242 242 La Carolina / Cattle / Argentina 39 39 El Orden / Crops / Argentina 261 260 El Orden / Cattle / Argentina 10 9 La Guarida / Crops / Argentina 1,731 1,726 La Guarida / Cattle / Argentina 892 889 Los Guayacanes / Crops / Argentina 3,206 3,196 Doña Marina / Rice / Argentina 5,582 5,565 El Colorado / Crops / Argentina 2,776 2,768 El Colorado / Cattle / Argentina 28 27 Closing net book value of goodwill allocated to CGUs tested (Note 15) 14,767 14,721 Closing net book value of PPE items allocated to CGUs tested 143,976 143,585 Total assets allocated to CGUs tested 158,743 158,306
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, 2023 September 30, 2022 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 0-2% 0-1% Future pricing increases 0.46% per annum 1.21% per annum Future cost decrease 0.96% per annum 0.25% per annum Discount rates 5.2% 5.2% 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, 2023 September 30, 2022 AVI / Sugar, Ethanol and Energy 3,171 2,937 UMA / Sugar, Ethanol and Energy 1,189 1,102 Closing net book value of goodwill allocated to CGUs tested (Note 15) 4,360 4,039 Closing net book value of PPE items allocated to CGUs tested 600,764 518,814 Total assets allocated to 2 CGUs tested 605,124 522,853

General information - Narrative

General information - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 businessLine segment
Disclosure of operating segments [line items]
Number of major lines of business | businessLine	2
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, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (900,440)	$ (1,121,188)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(70,647)	(217,659)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(575,933)	(481,232)
U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(251,149)	(420,130)
Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(2,711)	(2,167)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(160,921)	(396,978)
Argentine Peso | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(70,608)	(217,659)
Argentine Peso | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(90,313)	(179,319)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(838,418)	(771,598)
Brazilian Reais | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(575,933)	(481,232)
Brazilian Reais | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(262,485)	(290,366)
Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	16,515	20,643
Uruguayan Peso | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	19,226	22,810
Uruguayan Peso | Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(2,711)	(2,167)
U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	82,384	26,745
U.S. Dollar | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(39)
U.S. Dollar | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 82,423	$ 26,745

Financial risk management - Nar

Financial risk management - Narrative (Details) $ in Thousands, R$ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) customer bank	Dec. 31, 2022 USD ($) customer bank	Dec. 31, 2021 USD ($)	Dec. 31, 2023 BRL (R$)	Apr. 30, 2022 BRL (R$)	Dec. 31, 2020 USD ($)
Disclosure of major customers [line items]
Proportion of sales designated for hedging activities (as a percent)	4%	4%
Gain (loss) on hedge ineffectiveness recognized in other comprehensive income	$ (7,319)	$ (15,621)	$ (10,565)
Reclassification adjustments on cash flow hedges for which hedged item affected profit or loss, net of tax	49,737	41,371	54,650
Cash and cash equivalents	$ 339,781	$ 230,653	199,766			$ 336,282
Number of major banks | bank	5	5
Gearing ratio	42%	46%		42%
Bottom of range
Disclosure of major customers [line items]
Gearing ratio	40%			40%
Top of range
Disclosure of major customers [line items]
Gearing ratio	60%			60%
Forward contract
Disclosure of major customers [line items]
Nominal amount	$ 73,500	$ 89,900	$ 75,900
Brazilian Subsidiaries | Fixed interest rate | Bottom of range
Disclosure of major customers [line items]
Interest rate on borrowings (as a percent)	6.80%			6.80%
Brazilian Subsidiaries | Fixed interest rate | Top of range
Disclosure of major customers [line items]
Interest rate on borrowings (as a percent)	13.23%			13.23%
Itaú BBA (NCR) | Brazilian Subsidiaries
Disclosure of major customers [line items]
Nominal amount | R$				R$ 40.0
Interest rate on borrowings (as a percent)		1.48%			13.23%
Itaú BBA (NCR) | Brazilian Subsidiaries | Floating interest rate
Disclosure of major customers [line items]
Interest rate on borrowings (as a percent)					1.29%
Currency Risk, US Dollar Against Brazil Real
Disclosure of major customers [line items]
Sensitivity analysis for types of market risk (as a percent)	10%	10%
Currency Risk, US Dollar Against Argentine Peso
Disclosure of major customers [line items]
Sensitivity analysis for types of market risk (as a percent)	25%	25%
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)	80%	86%
Credit risk | Crops
Disclosure of major customers [line items]
Proportion of sales (as a percent)	73%	71%
Number of well-known customers | customer	30	34
Credit risk | Rice
Disclosure of major customers [line items]
Proportion of sales (as a percent)	79%	74%
Number of well-known customers | customer	90	79
Credit risk | Ethanol
Disclosure of major customers [line items]
Proportion of sales (as a percent)	100%	100%
Number of well-known customers | customer	122	66
Credit risk | Sugar
Disclosure of major customers [line items]
Proportion of sales (as a percent)	79%	100%
Number of well-known customers | customer	154	158
Credit risk | Energy
Disclosure of major customers [line items]
Proportion of sales (as a percent)	100%	94%
Number of well-known customers | customer	73	59
Credit risk | Dairy
Disclosure of major customers [line items]
Proportion of sales (as a percent)	54%	62%
Number of well-known customers | customer	59	53
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%
Interest rate risk | Itau BBA FINAME Loan Due March 2024
Disclosure of major customers [line items]
Nominal amount | R$					R$ 20.0
Interest rate risk | Itau BBA FINAME Loan
Disclosure of major customers [line items]
Nominal amount						$ 400,000
Currency risk | Argentine Peso | Swap contract
Disclosure of major customers [line items]
Gain (loss) on hedge ineffectiveness recognised in profit or loss	$ 4,200	$ (2,200)
Currency risk | Brazilian Reais | Forward contract
Disclosure of major customers [line items]
Nominal amount	3,000
Currency risk | Euro Member Countries, Euro | Forward contract
Disclosure of major customers [line items]
Nominal amount	$ 800

Financial risk management - Cur

Financial risk management - Currency Appreciation/Depreciation Effects on Net Monetary Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (900,440)	$ (1,121,188)
U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(251,149)	(420,130)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(160,921)	(396,978)
Argentine Peso | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(90,313)	(179,319)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(838,418)	(771,598)
Brazilian Reais | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(262,485)	(290,366)
Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	16,515	20,643
Uruguayan Peso | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	19,226	22,810
Currency risk | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(46,904)	(71,586)
Currency risk | Argentine Peso | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(22,578)	(44,830)
Currency risk | Brazilian Reais | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(26,249)	(29,037)
Currency risk | Uruguayan Peso | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 1,923	$ 2,281

Financial risk management - Mat

Financial risk management - Maturity Analysis Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	$ 164,881	$ 214,990
Borrowings	1,062,784	1,199,784
Leases Liabilities	593,814	502,642
Derivative financial instruments	169	3,057
Total	1,821,648	1,920,473
Less than 1 year
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	163,873	197,780
Borrowings	254,162	322,923
Leases Liabilities	69,858	67,181
Derivative financial instruments	169	2,961
Total	488,062	590,845
Between 1 and 2 years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	528	16,843
Borrowings	83,359	103,844
Leases Liabilities	84,059	80,986
Derivative financial instruments	0	96
Total	167,946	201,769
Between 2 and 5 years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	82	31
Borrowings	723,250	772,634
Leases Liabilities	206,413	168,565
Derivative financial instruments	0	0
Total	929,745	941,230
Over 5 Years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	398	336
Borrowings	2,013	383
Leases Liabilities	233,484	185,910
Derivative financial instruments	0	0
Total	$ 235,895	$ 186,629

Financial risk management - Ana

Financial risk management - Analysis of Borrowings after Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (900,440)	$ (1,121,188)
Total borrowings	904,949	1,007,752	$ 817,651
Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Total borrowings	904,949	1,007,752
Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	626,970	800,743
Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	277,979	207,009
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(70,647)	(217,659)
Argentine Peso | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	35,318	195,982
Argentine Peso | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	51,460
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(575,933)	(481,232)
Brazilian Reais | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	14,575	4,476
Brazilian Reais | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	210,186	188,801
U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(251,149)	(420,130)
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	577,077	600,285
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	16,333	18,208
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(160,921)	(396,978)
Argentine Peso | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Total borrowings	139,161	276,129
Argentine Peso | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	71,368	258,033
Argentine Peso | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	67,793	18,096
Argentine Peso | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(70,608)	(217,659)
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	35,318	195,982
Argentine Peso | Argentine Peso | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	51,460
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	(90,313)	(179,319)
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	36,050	62,051
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	16,333	18,096
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(838,418)	(771,598)
Brazilian Reais | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Total borrowings	598,700	581,739
Brazilian Reais | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	388,514	392,826
Brazilian Reais | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	210,186	188,913
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 | Argentine Peso | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0
Brazilian Reais | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(575,933)	(481,232)
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	14,575	4,476
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	210,186	188,801
Brazilian Reais | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(262,485)	(290,366)
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	373,939	388,350
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	0	112
Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	16,515	20,643
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 | Argentine Peso | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	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	19,226	22,810
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	82,384	26,745
U.S. Dollar | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Total borrowings	167,088	149,884
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	167,088	149,884
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
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(39)
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 | Argentine Peso | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	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	82,423	26,745
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	167,088	149,884
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	$ 305,394	$ 135,364	$ 174,554
Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(2,780)	(2,070)
Floating interest rate | Interest rate risk | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(678)	(181)
Floating interest rate | Interest rate risk | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(2,102)	(1,889)
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	(2,102)	(1,888)
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	(2,102)	(1,888)
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	(163)	(182)
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	(163)	(181)
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	0	(1)
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
Argentine Peso | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(515)
Argentine Peso | Floating interest rate | Interest rate risk | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(515)
Argentine Peso | Floating interest rate | Interest rate risk | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0
Argentine Peso | Floating interest rate | Interest rate risk | Uruguayan Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0
Argentine Peso | Floating interest rate | Interest rate risk | U.S. Dollar
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	$ 0

Financial risk management - Cap

Financial risk management - Capital Risk Management (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]
Total borrowings	$ 904,949	$ 1,007,752	$ 817,651
Total equity	1,265,648	1,163,643	$ 1,047,830	$ 963,724
Total capital	$ 2,170,597	$ 2,171,395
Gearing ratio	42%	46%

Financial risk management - Der

Financial risk management - Derivative Contracts (Details) biological_asset in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) biological_asset	Dec. 31, 2022 USD ($) biological_asset
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | biological_asset	274	147
Notional amount	$ 136,155	$ 20,081
Fair Value Asset/ (Liability)	13,798	(2,689)
(Loss)/Gain	$ 13,815	$ (2,941)
Corn | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | biological_asset		5
Notional amount		$ 992
Fair Value Asset/ (Liability)		(193)
(Loss)/Gain		$ (193)
Soybean | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | biological_asset	3	34
Notional amount	$ 518	$ 12,696
Fair Value Asset/ (Liability)	(9)	(1,081)
(Loss)/Gain	$ (9)	$ (1,085)
Wheat | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | biological_asset	2	9
Notional amount	$ 537	$ 2,956
Fair Value Asset/ (Liability)	(12)	111
(Loss)/Gain	$ (12)	$ 115
Sugar | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | biological_asset	157	99
Notional amount	$ 79,404	$ 3,437
Fair Value Asset/ (Liability)	8,678	(1,526)
(Loss)/Gain	$ 8,586	$ (1,778)
Sugar | OTC:
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | biological_asset	112
Notional amount	$ 55,696
Fair Value Asset/ (Liability)	5,141
(Loss)/Gain	$ 5,250

Segment information - Narrative

Segment information - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 businessLine segment
Disclosure of operating segments [line items]
Number of major lines of business | businessLine	2
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Sales of goods and services rendered	$ 1,298,871	$ 1,347,724	$ 1,124,352
Cost of goods sold and services rendered	(973,180)	(1,075,747)	(854,965)
Initial recognition and changes in fair value of biological assets and agricultural produce	87,858	215,941	227,740
Changes in net realizable value of agricultural produce after harvest	1,838	(22,293)	(12,879)
Margin on manufacturing and agricultural activities before operating expenses	415,387	465,625	484,248
General and administrative expenses	(70,320)	(84,287)	(69,794)
Selling expenses	(129,092)	(143,515)	(117,662)
Other operating income / (expense), net	25,590	1,870	(18,768)
Bargain purchase gain on acquisition	0	10,107	0
Profit from operations	241,565	249,800	278,024
Depreciation and amortization	(200,018)	(191,040)	(168,928)
Net (loss) / gain from Fair value adjustment of investment property	10,620	(2,961)	(4,331)
IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(143,570)	(3,983)	26,629
Cost of goods sold and services rendered	108,028	2,990	(20,903)
Initial recognition and changes in fair value of biological assets and agricultural produce	(13,314)	1,753	16,542
Changes in net realizable value of agricultural produce after harvest	(736)	136	(1,221)
Margin on manufacturing and agricultural activities before operating expenses	(49,592)	896	21,047
General and administrative expenses	19,231	220	(4,159)
Selling expenses	21,713	516	(4,815)
Other operating income / (expense), net	(5,912)	(823)	(650)
Bargain purchase gain on acquisition		37
Profit from operations	(14,560)	846	11,423
Depreciation and amortization	11,557	165	(2,309)
Net (loss) / gain from Fair value adjustment of investment property	(755)	(197)	(447)
Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	1,442,441	1,351,707	1,097,723
Cost of goods sold and services rendered	(1,081,208)	(1,078,737)	(834,062)
Initial recognition and changes in fair value of biological assets and agricultural produce	101,172	214,188	211,198
Changes in net realizable value of agricultural produce after harvest	2,574	(22,429)	(11,658)
Margin on manufacturing and agricultural activities before operating expenses	464,979	464,729	463,201
General and administrative expenses	(89,551)	(84,507)	(65,635)
Selling expenses	(150,805)	(144,031)	(112,847)
Other operating income / (expense), net	31,502	2,693	(18,118)
Bargain purchase gain on acquisition		10,070
Profit from operations	256,125	248,954	266,601
Depreciation and amortization	(211,575)	(191,205)	(166,619)
Net (loss) / gain from Fair value adjustment of investment property	11,375	(2,764)	(3,884)
Farming | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	720,134	720,947	535,713
Cost of goods sold and services rendered	(576,638)	(622,896)	(465,561)
Initial recognition and changes in fair value of biological assets and agricultural produce	6,736	106,122	122,539
Changes in net realizable value of agricultural produce after harvest	2,730	(21,495)	(10,163)
Margin on manufacturing and agricultural activities before operating expenses	152,962	182,678	182,528
General and administrative expenses	(40,899)	(39,177)	(24,052)
Selling expenses	(81,345)	(93,609)	(59,595)
Other operating income / (expense), net	29,348	(52)	(831)
Bargain purchase gain on acquisition		10,070
Profit from operations	60,066	59,910	98,050
Depreciation and amortization	(34,397)	(30,307)	(21,900)
Net (loss) / gain from Fair value adjustment of investment property	11,375	(2,764)	(3,884)
Farming | Crops
Disclosure of operating segments [line items]
Sales of goods and services rendered	166,253	277,751	243,792
Cost of goods sold and services rendered	(143,879)	(255,595)	(216,234)
Initial recognition and changes in fair value of biological assets and agricultural produce	(10,327)	64,061	74,092
Changes in net realizable value of agricultural produce after harvest	1,994	(21,359)	(11,384)
Margin on manufacturing and agricultural activities before operating expenses	14,041	64,858	90,266
General and administrative expenses	(9,913)	(13,310)	(11,190)
Selling expenses	(16,114)	(31,682)	(23,613)
Other operating income / (expense), net	15,285	(341)	(299)
Bargain purchase gain on acquisition		0
Profit from operations	3,299	19,525	55,164
Depreciation and amortization	(5,421)	(7,978)	(7,226)
Net (loss) / gain from Fair value adjustment of investment property	9,549	(2,342)	(3,182)
Farming | Crops | IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(50,659)	(2,578)	11,975
Cost of goods sold and services rendered	45,075	2,330	(10,216)
Initial recognition and changes in fair value of biological assets and agricultural produce	(5,465)	1,494	8,185
Changes in net realizable value of agricultural produce after harvest	(736)	136	(1,221)
Margin on manufacturing and agricultural activities before operating expenses	(11,785)	1,382	8,723
General and administrative expenses	4,866	2	(834)
Selling expenses	6,336	212	(1,506)
Other operating income / (expense), net	(4,721)	(804)	(536)
Bargain purchase gain on acquisition		0
Profit from operations	(5,304)	792	5,847
Depreciation and amortization	2,909	39	(643)
Net (loss) / gain from Fair value adjustment of investment property	(650)	(158)	(350)
Farming | Crops | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	216,912	280,329	231,817
Cost of goods sold and services rendered	(188,954)	(257,925)	(206,018)
Initial recognition and changes in fair value of biological assets and agricultural produce	(4,862)	62,567	65,907
Changes in net realizable value of agricultural produce after harvest	2,730	(21,495)	(10,163)
Margin on manufacturing and agricultural activities before operating expenses	25,826	63,476	81,543
General and administrative expenses	(14,779)	(13,312)	(10,356)
Selling expenses	(22,450)	(31,894)	(22,107)
Other operating income / (expense), net	20,006	463	237
Bargain purchase gain on acquisition		0
Profit from operations	8,603	18,733	49,317
Depreciation and amortization	(8,330)	(8,017)	(6,583)
Net (loss) / gain from Fair value adjustment of investment property	10,199	(2,184)	(2,832)
Farming | Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	230,192	204,201	135,496
Cost of goods sold and services rendered	(170,258)	(160,426)	(112,153)
Initial recognition and changes in fair value of biological assets and agricultural produce	(4,301)	16,557	45,094
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	55,633	60,332	68,437
General and administrative expenses	(11,273)	(15,314)	(9,857)
Selling expenses	(26,449)	(34,436)	(18,204)
Other operating income / (expense), net	7,218	(544)	(991)
Bargain purchase gain on acquisition		10,107
Profit from operations	25,129	20,145	39,385
Depreciation and amortization	(10,812)	(12,117)	(8,993)
Net (loss) / gain from Fair value adjustment of investment property	1,071	(619)	(1,149)
Farming | Rice | IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(26,155)	(195)	4,403
Cost of goods sold and services rendered	8,064	(379)	(2,348)
Initial recognition and changes in fair value of biological assets and agricultural produce	(1,813)	525	6,798
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	(19,904)	(49)	8,853
General and administrative expenses	4,436	173	(876)
Selling expenses	6,958	229	(1,495)
Other operating income / (expense), net	(252)	(37)	(73)
Bargain purchase gain on acquisition		37
Profit from operations	(8,762)	353	6,409
Depreciation and amortization	4,342	98	(820)
Net (loss) / gain from Fair value adjustment of investment property	(105)	(39)	(97)
Farming | Rice | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	256,347	204,396	131,093
Cost of goods sold and services rendered	(178,322)	(160,047)	(109,805)
Initial recognition and changes in fair value of biological assets and agricultural produce	(2,488)	16,032	38,296
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	75,537	60,381	59,584
General and administrative expenses	(15,709)	(15,487)	(8,981)
Selling expenses	(33,407)	(34,665)	(16,709)
Other operating income / (expense), net	7,470	(507)	(918)
Bargain purchase gain on acquisition		10,070
Profit from operations	33,891	19,792	32,976
Depreciation and amortization	(15,154)	(12,215)	(8,173)
Net (loss) / gain from Fair value adjustment of investment property	1,176	(580)	(1,052)
Farming | Dairy
Disclosure of operating segments [line items]
Sales of goods and services rendered	180,119	235,012	183,054
Cost of goods sold and services rendered	(154,473)	(203,885)	(158,077)
Initial recognition and changes in fair value of biological assets and agricultural produce	8,050	27,257	19,895
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	33,696	58,384	44,872
General and administrative expenses	(6,955)	(10,197)	(5,256)
Selling expenses	(17,176)	(26,974)	(22,572)
Other operating income / (expense), net	912	(11)	(170)
Bargain purchase gain on acquisition		0
Profit from operations	10,477	21,202	16,874
Depreciation and amortization	(7,061)	(10,018)	(7,941)
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	(66,756)	(1,210)	10,251
Cost of goods sold and services rendered	54,889	1,039	(8,339)
Initial recognition and changes in fair value of biological assets and agricultural produce	(6,036)	(266)	1,559
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	(17,903)	(437)	3,471
General and administrative expenses	3,456	181	(541)
Selling expenses	8,312	76	(1,793)
Other operating income / (expense), net	(960)	(3)	(20)
Bargain purchase gain on acquisition		0
Profit from operations	(7,095)	(183)	1,117
Depreciation and amortization	3,852	57	(797)
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	246,875	236,222	172,803
Cost of goods sold and services rendered	(209,362)	(204,924)	(149,738)
Initial recognition and changes in fair value of biological assets and agricultural produce	14,086	27,523	18,336
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	51,599	58,821	41,401
General and administrative expenses	(10,411)	(10,378)	(4,715)
Selling expenses	(25,488)	(27,050)	(20,779)
Other operating income / (expense), net	1,872	(8)	(150)
Bargain purchase gain on acquisition		0
Profit from operations	17,572	21,385	15,757
Depreciation and amortization	(10,913)	(10,075)	(7,144)
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	6,473	(136)	(1,908)
Selling expenses	107	(1)	(21)
Other operating income / (expense), net	21	21	(21)
Bargain purchase gain on acquisition		0
Profit from operations	6,601	(116)	(1,950)
Depreciation and amortization	454	(29)	(49)
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	(23,061)	(23,413)	(22,119)
Selling expenses	(305)	(257)	(306)
Other operating income / (expense), net	(309)	(136)	103
Bargain purchase gain on acquisition		0
Profit from operations	(23,675)	(23,806)	(22,322)
Depreciation and amortization	(1,275)	22	(738)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Corporate | Unallocated amounts
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	(16,588)	(23,549)	(24,027)
Selling expenses	(198)	(258)	(327)
Other operating income / (expense), net	(288)	(115)	82
Bargain purchase gain on acquisition		0
Profit from operations	(17,074)	(23,922)	(24,272)
Depreciation and amortization	(821)	(7)	(787)
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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Sales of goods and services rendered	$ 1,298,871	$ 1,347,724	$ 1,124,352
Cost of goods sold and services rendered	(973,180)	(1,075,747)	(854,965)
Initial recognition and changes in fair value of biological assets and agricultural produce	87,858	215,941	227,740
Changes in net realizable value of agricultural produce after harvest	1,838	(22,293)	(12,879)
Margin on manufacturing and agricultural activities before operating expenses	415,387	465,625	484,248
General and administrative expenses	(70,320)	(84,287)	(69,794)
Selling expenses	(129,092)	(143,515)	(117,662)
Other operating income / (expense), net	25,590	1,870	(18,768)
Bargain purchase gain on acquisition	0	10,107	0
Profit from operations	241,565	249,800	278,024
Depreciation and amortization	(200,018)	(191,040)	(168,928)
Net (loss) / gain from Fair value adjustment of investment property	10,620	(2,961)	(4,331)
Reverse of revaluation surplus derived from the disposals of assets before taxes	0
Right of use assets	406,713	360,181	260,776
Investment property	33,364	33,330	32,132
Biological assets	228,037	266,444	195,178
Current finished goods	179,611	152,716	138,254	$ 77,041
Borrowings	904,949	1,007,752	817,651
Lease liabilities	378,510	337,980	246,854
Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	1,442,441	1,351,707	1,097,723
Cost of goods sold and services rendered	(1,081,208)	(1,078,737)	(834,062)
Initial recognition and changes in fair value of biological assets and agricultural produce	101,172	214,188	211,198
Changes in net realizable value of agricultural produce after harvest	2,574	(22,429)	(11,658)
Margin on manufacturing and agricultural activities before operating expenses	464,979	464,729	463,201
General and administrative expenses	(89,551)	(84,507)	(65,635)
Selling expenses	(150,805)	(144,031)	(112,847)
Other operating income / (expense), net	31,502	2,693	(18,118)
Bargain purchase gain on acquisition		10,070
Profit from operations	256,125	248,954	266,601
Depreciation and amortization	(211,575)	(191,205)	(166,619)
Net (loss) / gain from Fair value adjustment of investment property	11,375	(2,764)	(3,884)
Reverse of revaluation surplus derived from the disposals of assets before taxes	20,245
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(24,879)	38,354	4,855
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	126,051	175,834	206,343
Changes in net realizable value of agricultural produce after harvest (unrealized)	2,599	72	(4,001)
Changes in net realizable value of agricultural produce after harvest (realized)	(25)	(22,501)	(7,657)
Farmlands and farmland improvements, net	705,847	744,333
Machinery, equipment and other fixed assets, net	447,065	389,206
Bearer plants	375,842	352,727
Work in progress	20,811	79,089
Right of use assets	406,713	360,181
Investment property	33,364	33,330
Goodwill	14,309	18,544
Biological assets	228,037	266,444
Current finished goods	179,611	152,716
Raw materials, stocks held by third parties and others	76,440	121,306
Total segment assets	2,488,039	2,517,876
Borrowings	904,949	1,007,752
Lease liabilities	378,510	337,980
Total segment liabilities	1,283,459	1,345,732
Farming | Crops
Disclosure of operating segments [line items]
Sales of goods and services rendered	166,253	277,751	243,792
Cost of goods sold and services rendered	(143,879)	(255,595)	(216,234)
Initial recognition and changes in fair value of biological assets and agricultural produce	(10,327)	64,061	74,092
Changes in net realizable value of agricultural produce after harvest	1,994	(21,359)	(11,384)
Margin on manufacturing and agricultural activities before operating expenses	14,041	64,858	90,266
General and administrative expenses	(9,913)	(13,310)	(11,190)
Selling expenses	(16,114)	(31,682)	(23,613)
Other operating income / (expense), net	15,285	(341)	(299)
Bargain purchase gain on acquisition		0
Profit from operations	3,299	19,525	55,164
Depreciation and amortization	(5,421)	(7,978)	(7,226)
Net (loss) / gain from Fair value adjustment of investment property	9,549	(2,342)	(3,182)
Biological assets	55,545	72,843	60,615
Farming | Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	230,192	204,201	135,496
Cost of goods sold and services rendered	(170,258)	(160,426)	(112,153)
Initial recognition and changes in fair value of biological assets and agricultural produce	(4,301)	16,557	45,094
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	55,633	60,332	68,437
General and administrative expenses	(11,273)	(15,314)	(9,857)
Selling expenses	(26,449)	(34,436)	(18,204)
Other operating income / (expense), net	7,218	(544)	(991)
Bargain purchase gain on acquisition		10,107
Profit from operations	25,129	20,145	39,385
Depreciation and amortization	(10,812)	(12,117)	(8,993)
Net (loss) / gain from Fair value adjustment of investment property	1,071	(619)	(1,149)
Biological assets	32,843	54,125	44,257
Farming | Dairy
Disclosure of operating segments [line items]
Sales of goods and services rendered	180,119	235,012	183,054
Cost of goods sold and services rendered	(154,473)	(203,885)	(158,077)
Initial recognition and changes in fair value of biological assets and agricultural produce	8,050	27,257	19,895
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	33,696	58,384	44,872
General and administrative expenses	(6,955)	(10,197)	(5,256)
Selling expenses	(17,176)	(26,974)	(22,572)
Other operating income / (expense), net	912	(11)	(170)
Bargain purchase gain on acquisition		0
Profit from operations	10,477	21,202	16,874
Depreciation and amortization	(7,061)	(10,018)	(7,941)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Biological assets	23,191	30,045	18,979
Farming | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	720,134	720,947	535,713
Cost of goods sold and services rendered	(576,638)	(622,896)	(465,561)
Initial recognition and changes in fair value of biological assets and agricultural produce	6,736	106,122	122,539
Changes in net realizable value of agricultural produce after harvest	2,730	(21,495)	(10,163)
Margin on manufacturing and agricultural activities before operating expenses	152,962	182,678	182,528
General and administrative expenses	(40,899)	(39,177)	(24,052)
Selling expenses	(81,345)	(93,609)	(59,595)
Other operating income / (expense), net	29,348	(52)	(831)
Bargain purchase gain on acquisition		10,070
Profit from operations	60,066	59,910	98,050
Depreciation and amortization	(34,397)	(30,307)	(21,900)
Net (loss) / gain from Fair value adjustment of investment property	11,375	(2,764)	(3,884)
Reverse of revaluation surplus derived from the disposals of assets before taxes	20,245
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(9,486)	3,122	21,149
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	16,222	103,000	101,390
Changes in net realizable value of agricultural produce after harvest (unrealized)	2,599	72	(4,001)
Changes in net realizable value of agricultural produce after harvest (realized)	131	(21,567)	(6,162)
Farmlands and farmland improvements, net	627,525	665,685
Machinery, equipment and other fixed assets, net	182,504	217,898
Bearer plants	753	1,057
Work in progress	5,885	60,805
Right of use assets	28,713	28,257
Investment property	33,364	33,330
Goodwill	9,799	14,359
Biological assets	111,579	157,013
Current finished goods	52,640	64,023
Raw materials, stocks held by third parties and others	54,586	94,031
Total segment assets	1,107,348	1,336,458
Borrowings	120,042	292,867
Lease liabilities	25,873	27,138
Total segment liabilities	145,915	320,005
Farming | Operating segments | Crops
Disclosure of operating segments [line items]
Sales of goods and services rendered	216,912	280,329	231,817
Cost of goods sold and services rendered	(188,954)	(257,925)	(206,018)
Initial recognition and changes in fair value of biological assets and agricultural produce	(4,862)	62,567	65,907
Changes in net realizable value of agricultural produce after harvest	2,730	(21,495)	(10,163)
Margin on manufacturing and agricultural activities before operating expenses	25,826	63,476	81,543
General and administrative expenses	(14,779)	(13,312)	(10,356)
Selling expenses	(22,450)	(31,894)	(22,107)
Other operating income / (expense), net	20,006	463	237
Bargain purchase gain on acquisition		0
Profit from operations	8,603	18,733	49,317
Depreciation and amortization	(8,330)	(8,017)	(6,583)
Net (loss) / gain from Fair value adjustment of investment property	10,199	(2,184)	(2,832)
Reverse of revaluation surplus derived from the disposals of assets before taxes	20,245
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	4,171	2,071	21,428
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	(9,033)	60,496	44,479
Changes in net realizable value of agricultural produce after harvest (unrealized)	2,599	72	(4,001)
Changes in net realizable value of agricultural produce after harvest (realized)	131	(21,567)	(6,162)
Farmlands and farmland improvements, net	447,772	504,695
Machinery, equipment and other fixed assets, net	24,250	50,183
Bearer plants	753	1,057
Work in progress	10	9,018
Right of use assets	13,608	18,952
Investment property	29,192	27,757
Goodwill	6,095	8,932
Biological assets	55,545	72,843
Current finished goods	33,407	37,539
Raw materials, stocks held by third parties and others	26,779	63,153
Total segment assets	637,411	794,129
Borrowings	44,692	41,493
Lease liabilities	12,341	18,234
Total segment liabilities	57,033	59,727
Farming | Operating segments | Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	256,347	204,396	131,093
Cost of goods sold and services rendered	(178,322)	(160,047)	(109,805)
Initial recognition and changes in fair value of biological assets and agricultural produce	(2,488)	16,032	38,296
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	75,537	60,381	59,584
General and administrative expenses	(15,709)	(15,487)	(8,981)
Selling expenses	(33,407)	(34,665)	(16,709)
Other operating income / (expense), net	7,470	(507)	(918)
Bargain purchase gain on acquisition		10,070
Profit from operations	33,891	19,792	32,976
Depreciation and amortization	(15,154)	(12,215)	(8,173)
Net (loss) / gain from Fair value adjustment of investment property	1,176	(580)	(1,052)
Reverse of revaluation surplus derived from the disposals of assets before taxes	0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(1,002)	3,327	5,992
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	(1,486)	12,705	32,304
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	178,291	158,769
Machinery, equipment and other fixed assets, net	71,584	59,126
Bearer plants	0	0
Work in progress	291	29,462
Right of use assets	15,076	8,594
Investment property	4,172	5,573
Goodwill	3,704	5,427
Biological assets	32,843	54,125
Current finished goods	9,306	13,659
Raw materials, stocks held by third parties and others	16,577	22,178
Total segment assets	331,844	356,913
Borrowings	(9,207)	113,133
Lease liabilities	13,475	8,281
Total segment liabilities	4,268	121,414
Farming | Operating segments | Dairy
Disclosure of operating segments [line items]
Sales of goods and services rendered	246,875	236,222	172,803
Cost of goods sold and services rendered	(209,362)	(204,924)	(149,738)
Initial recognition and changes in fair value of biological assets and agricultural produce	14,086	27,523	18,336
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	51,599	58,821	41,401
General and administrative expenses	(10,411)	(10,378)	(4,715)
Selling expenses	(25,488)	(27,050)	(20,779)
Other operating income / (expense), net	1,872	(8)	(150)
Bargain purchase gain on acquisition		0
Profit from operations	17,572	21,385	15,757
Depreciation and amortization	(10,913)	(10,075)	(7,144)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Reverse of revaluation surplus derived from the disposals of assets before taxes	0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(12,655)	(2,276)	(6,271)
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	26,741	29,799	24,607
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	1,462	2,221
Machinery, equipment and other fixed assets, net	86,670	108,589
Bearer plants	0	0
Work in progress	5,584	22,325
Right of use assets	29	711
Investment property	0	0
Goodwill	0	0
Biological assets	23,191	30,045
Current finished goods	9,927	12,825
Raw materials, stocks held by third parties and others	11,230	8,700
Total segment assets	138,093	185,416
Borrowings	84,557	138,241
Lease liabilities	57	623
Total segment liabilities	84,614	138,864
Sugar, Ethanol and Energy
Disclosure of operating segments [line items]
Cost of goods sold and services rendered	(504,570)	(455,841)	(368,501)
Biological assets	116,458	109,431	71,327
Current finished goods	126,971	88,693	80,857	$ 34,315
Sugar, Ethanol and Energy | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	722,307	630,760	562,010
Cost of goods sold and services rendered	(504,570)	(455,841)	(368,501)
Initial recognition and changes in fair value of biological assets and agricultural produce	94,436	108,066	88,659
Changes in net realizable value of agricultural produce after harvest	(156)	(934)	(1,495)
Margin on manufacturing and agricultural activities before operating expenses	312,017	282,051	280,673
General and administrative expenses	(25,591)	(21,917)	(19,464)
Selling expenses	(69,155)	(50,165)	(52,946)
Other operating income / (expense), net	2,463	2,881	(17,390)
Bargain purchase gain on acquisition		0
Profit from operations	219,734	212,850	190,873
Depreciation and amortization	(175,903)	(160,920)	(143,981)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Reverse of revaluation surplus derived from the disposals of assets before taxes	0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(15,393)	35,232	(16,294)
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	109,829	72,834	104,953
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)	(156)	(934)	(1,495)
Farmlands and farmland improvements, net	78,322	78,648
Machinery, equipment and other fixed assets, net	264,561	171,308
Bearer plants	375,089	351,670
Work in progress	14,926	18,284
Right of use assets	377,420	330,681
Investment property	0	0
Goodwill	4,510	4,185
Biological assets	116,458	109,431
Current finished goods	126,971	88,693
Raw materials, stocks held by third parties and others	21,854	27,275
Total segment assets	1,380,111	1,180,175
Borrowings	604,827	587,865
Lease liabilities	352,238	310,162
Total segment liabilities	957,065	898,027
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	(23,061)	(23,413)	(22,119)
Selling expenses	(305)	(257)	(306)
Other operating income / (expense), net	(309)	(136)	103
Bargain purchase gain on acquisition		0
Profit from operations	(23,675)	(23,806)	(22,322)
Depreciation and amortization	(1,275)	22	(738)
Net (loss) / gain from Fair value adjustment of investment property	0	0	0
Reverse of revaluation surplus derived from the disposals of assets before taxes	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	0	0
Work in progress	0	0
Right of use assets	580	1,243
Investment property	0	0
Goodwill	0	0
Biological assets	0	0
Current finished goods	0	0
Raw materials, stocks held by third parties and others	0	0
Total segment assets	580	1,243
Borrowings	180,080	127,020
Lease liabilities	399	680
Total segment liabilities	$ 180,479	$ 127,700

Segment information - Assets an

Segment information - Assets and Liabilities Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Deferred income tax assets	$ 9,777	$ 8,758
Trade and other receivables	218,115	228,378
Short-term investment	62,637	98,571
Cash and cash equivalents	339,781	230,653	$ 199,766	$ 336,282
TOTAL ASSETS	3,164,894	3,108,855
LIABILITIES
Trade and other payables	191,738	259,607
Deferred income tax liabilities	376,331	301,414
Payroll and social liabilities	38,927	31,545
Provisions for other liabilities	3,599	3,435	$ 5,986
Current income tax liabilities	5,023	422
TOTAL LIABILITIES	1,899,246	1,945,212
Operating segments
ASSETS
Total reportable assets as per segment information	2,488,039	2,517,876
Intangible assets (excluding goodwill)	13,210	17,576
Deferred income tax assets	9,777	8,758
Trade and other receivables	218,115	228,378
Other assets	1,515	1,701
Derivative financial instruments	31,820	5,342
Short-term investment	62,637	98,571
Cash and cash equivalents	339,781	230,653
LIABILITIES
Total reportable liabilities as per segment information	1,283,459	1,345,732
Trade and other payables	191,738	259,607
Deferred income tax liabilities	376,331	301,414
Payroll and social liabilities	38,927	31,545
Provisions for other liabilities	3,599	3,435
Current income tax liabilities	5,023	422
Derivative financial instruments	$ 169	$ 3,057

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Property, plant and equipment, net	$ 1,549,565	$ 1,565,355	$ 1,422,623
Investment property	33,364	33,330	32,132
Non-current biological assets	23,706	30,622
Sales of goods and services rendered	1,298,871	1,347,724	1,124,352
Initial recognition and changes in fair value of biological assets and agricultural produce	87,858	215,941	227,740
Changes in net realizable value of agricultural produce after harvest	1,838	(22,293)	(12,879)
Operating segments
Disclosure of geographical areas [line items]
Property, plant and equipment, net	1,549,565	1,565,355
Investment property	33,364	33,330
Goodwill	14,309	18,544
Non-current biological assets	23,706	30,622
Sales of goods and services rendered	1,442,441	1,351,707	1,097,723
Initial recognition and changes in fair value of biological assets and agricultural produce	101,172	214,188	211,198
Changes in net realizable value of agricultural produce after harvest	2,574	(22,429)	(11,658)
Operating segments | Argentina
Disclosure of geographical areas [line items]
Property, plant and equipment, net	786,201	914,444
Investment property	33,364	33,330
Goodwill	9,799	14,359
Non-current biological assets	23,706	30,622
Sales of goods and services rendered	402,205	373,746	284,026
Initial recognition and changes in fair value of biological assets and agricultural produce	6,469	102,656	120,255
Changes in net realizable value of agricultural produce after harvest	3,341	(21,482)	(9,679)
Operating segments | Brazil
Disclosure of geographical areas [line items]
Property, plant and equipment, net	733,055	620,065
Investment property	0	0
Goodwill	4,510	4,185
Non-current biological assets	0	0
Sales of goods and services rendered	401,051	494,215	385,959
Initial recognition and changes in fair value of biological assets and agricultural produce	94,436	108,066	88,659
Changes in net realizable value of agricultural produce after harvest	(156)	(934)	(1,496)
Operating segments | Uruguay
Disclosure of geographical areas [line items]
Property, plant and equipment, net	30,309	30,846
Investment property	0	0
Goodwill	0	0
Non-current biological assets	0	0
Sales of goods and services rendered	632,165	472,538	427,661
Initial recognition and changes in fair value of biological assets and agricultural produce	267	3,466	2,284
Changes in net realizable value of agricultural produce after harvest	(611)	(13)	(483)
Operating segments | Chile
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	7,020	11,208	77
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

Sales - Total Sales (Details)

Sales - Total Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of products and services [line items]
Total sales	$ 1,298,871	$ 1,347,724	$ 1,124,352
Soybean
Disclosure of products and services [line items]
Total sales	42,610	81,757	71,687
Corn
Disclosure of products and services [line items]
Total sales	22,490	71,188	59,803
Wheat
Disclosure of products and services [line items]
Total sales	7,984	19,915	27,349
Rice
Disclosure of products and services [line items]
Total sales	0	3,994	0
Sunflower
Disclosure of products and services [line items]
Total sales	7,095	9,885	6,167
Barley
Disclosure of products and services [line items]
Total sales	2,826	4,175	1,684
Seeds
Disclosure of products and services [line items]
Total sales	428	1,940	1,559
Raw milk
Disclosure of products and services [line items]
Total sales	15,081	21,623	16,468
Cattle
Disclosure of products and services [line items]
Total sales	3,542	5,039	3,111
Cattle for dairy
Disclosure of products and services [line items]
Total sales	6,718	7,543	4,994
Others
Disclosure of products and services [line items]
Total sales	2,699	2,293	3,498
Agricultural produce and biological assets
Disclosure of products and services [line items]
Total sales	111,473	229,352	196,320
Ethanol
Disclosure of products and services [line items]
Total sales	247,008	387,124	291,883
Sugar
Disclosure of products and services [line items]
Total sales	419,858	188,769	208,365
Energy
Disclosure of products and services [line items]
Total sales	35,985	34,919	50,321
Peanut
Disclosure of products and services [line items]
Total sales	63,646	63,041	60,939
Sunflower
Disclosure of products and services [line items]
Total sales	8,301	14,948	11,282
Cotton
Disclosure of products and services [line items]
Total sales	8,383	6,780	2,540
Rice
Disclosure of products and services [line items]
Total sales	199,746	188,263	127,272
Fluid milk (UHT)
Disclosure of products and services [line items]
Total sales	74,402	76,596	62,875
Powder milk
Disclosure of products and services [line items]
Total sales	43,958	84,257	62,728
Other diary products (*)
Disclosure of products and services [line items]
Total sales	35,385	37,648	28,834
Services
Disclosure of products and services [line items]
Total sales	6,080	10,987	7,309
Rental income
Disclosure of products and services [line items]
Total sales	1,210	841	615
Others
Disclosure of products and services [line items]
Total sales	43,436	24,199	13,069
Manufactured products and services rendered
Disclosure of products and services [line items]
Total sales	1,187,398	1,118,372	928,032
Manufactured products and services rendered | Agricultural produce and biological assets
Disclosure of products and services [line items]
Total sales	1,298,871	1,347,724	1,124,352
Rice Produced By Third Parties
Disclosure of products and services [line items]
Total sales	22,300	900	4,400
Crops Produced By Third Parties
Disclosure of products and services [line items]
Total sales	800	1,300	600
Mwh Of Energy Produced By Third Parties
Disclosure of products and services [line items]
Total sales	$ 2,400	$ 2,300	$ 6,500

Sales - Narrative (Details)

Sales - Narrative (Details) - Forward contract m³ in Thousands, T in Thousands, MWh in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) m³ MWh T	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 73.5	$ 89.9	$ 75.9
Soybean
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 17.8
Derivative notional amount | T	53,600
Wheat
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 4.2
Derivative notional amount | T	17,208
Corn
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 3.1
Derivative notional amount | T	16,155
Ethanol
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 15.3
Cubic meters of product | m³	28,534
Energy
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 27.6
MWh of energy | MWh	539,712
Sugar
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 5.2
Derivative notional amount | T	9,225

Cost of goods sold and servic_3

Cost of goods sold and services rendered - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	$ 152,716	$ 138,254	$ 77,041
Cost of production of manufactured products	1,040,021	1,097,701	944,841
Purchases	31,136	14,535	32,309
Acquisition of subsidiaries		8,413
Agricultural produce	140,728	278,726	255,311
Transfer to raw material	(54,822)	(81,707)	(80,308)
Direct agricultural selling expenses	9,214	25,623	22,642
Tax recoveries	(25,767)	(17,800)	(19,423)
Changes in net realizable value of agricultural produce after harvest	1,838	(22,293)	(12,879)
Loss of idle capacity	3,861	7,507	14,270
Finished goods at end of period	(179,611)	(152,716)	(138,254)
Exchange differences	53,278	7,306	(53,129)
Cost of goods sold and services rendered	973,180	1,075,747	854,965
Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	152,716
Finished goods at end of period	(179,611)	(152,716)
Cost of goods sold and services rendered	1,081,208	1,078,737	834,062
Farming | Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	64,023
Finished goods at end of period	(52,640)	(64,023)
Cost of goods sold and services rendered	576,638	622,896	465,561
Sugar, Ethanol and Energy
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	88,693	80,857	34,315
Purchases	1,011	856	4,860
Acquisition of subsidiaries		0
Agricultural produce	9,736	11,571	10,944
Transfer to raw material	0	0	0
Direct agricultural selling expenses	0	0	0
Tax recoveries	(25,767)	(17,800)	(19,423)
Changes in net realizable value of agricultural produce after harvest	(156)	(934)	(1,495)
Loss of idle capacity	3,861	7,507	14,270
Finished goods at end of period	(126,971)	(88,693)	(80,857)
Exchange differences	5,610	7,141	(9,521)
Cost of goods sold and services rendered	504,570	455,841	368,501
Sugar, Ethanol and Energy | Operating segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	88,693
Finished goods at end of period	(126,971)	(88,693)
Cost of goods sold and services rendered	504,570	455,841	368,501
Crops | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	37,539	37,225	30,267
Purchases	4,361	10,528	26,880
Acquisition of subsidiaries		0
Agricultural produce	115,893	245,402	227,791
Transfer to raw material	(49,108)	(75,158)	(73,068)
Direct agricultural selling expenses	9,214	25,623	22,642
Tax recoveries	0	0	0
Changes in net realizable value of agricultural produce after harvest	1,994	(21,359)	(11,384)
Loss of idle capacity	0	0	0
Finished goods at end of period	(33,407)	(37,539)	(37,225)
Exchange differences	10,307	2,363	(29,259)
Cost of goods sold and services rendered	143,879	255,595	216,234
Rice | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	13,659	5,015	5,970
Purchases	22,594	1,866	569
Acquisition of subsidiaries		8,413
Agricultural produce	18	106	108
Transfer to raw material	(5,714)	(6,549)	(7,240)
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	0
Finished goods at end of period	(9,306)	(13,659)	(5,015)
Exchange differences	25,378	(96)	(6,543)
Cost of goods sold and services rendered	170,258	160,426	112,153
Dairy | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods at beginning of period	12,825	15,157	6,489
Purchases	3,170	1,285	0
Acquisition of subsidiaries		0
Agricultural produce	15,081	21,647	16,468
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	0
Finished goods at end of period	(9,927)	(12,825)	(15,157)
Exchange differences	11,983	(2,102)	(7,806)
Cost of goods sold and services rendered	154,473	203,885	158,077
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	840,609	869,899	757,385
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	548,553	455,336	415,408
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	47,086	68,510	59,590
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	123,629	165,330	124,304
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	$ 121,341	$ 180,723	$ 158,083

Expenses by nature - Summary (D

Expenses by nature - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	$ 107,353	$ 112,914	$ 84,780
Raw materials and consumables	28,350	44,145	38,742
Depreciation and amortization	158,088	155,761	134,505
Depreciation of right of use assets	17,829	16,362	13,626
Fuel, lubricants and others	40,672	42,239	28,035
Maintenance and repairs	39,318	31,573	24,524
Freights	65,398	70,688	50,752
Export taxes / selling taxes	29,910	39,202	43,509
Export expenses	11,550	17,963	11,745
Contractors and services	16,245	10,551	9,840
Energy transmission	2,621	3,053	2,347
Energy power	5,985	9,133	6,580
Professional fees	11,561	10,231	9,409
Other taxes	5,111	3,942	3,926
Contingencies	988	568	855
Lease expense and similar arrangements	2,337	2,481	2,852
Third parties raw materials	118,432	121,571	83,633
Tax recoveries	(74)	(556)	(1,546)
Others	27,312	27,177	24,831
Subtotal	688,986	718,998	572,945
Own agricultural produce consumed	351,035	378,703	371,896
Total	1,040,021	1,097,701	944,841
General and Administrative Expenses
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	30,581	39,347	30,727
Raw materials and consumables	0	0	0
Depreciation and amortization	14,632	18,109	14,280
Depreciation of right of use assets	7,837	7,702	7,173
Fuel, lubricants and others	572	712	854
Maintenance and repairs	1,377	1,718	1,956
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	342	373	335
Professional fees	8,553	8,337	7,600
Other taxes	582	852	582
Contingencies	988	568	855
Lease expense and similar arrangements	975	1,153	1,863
Third parties raw materials	0	0	0
Tax recoveries	0	0	0
Others	3,881	5,416	3,569
Subtotal	70,320	84,287	69,794
Own agricultural produce consumed	0	0	0
Total	70,320	84,287	69,794
Selling Expenses
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	8,899	9,472	7,221
Raw materials and consumables	0	0	0
Depreciation and amortization	1,166	1,408	1,304
Depreciation of right of use assets	208	99	49
Fuel, lubricants and others	251	340	279
Maintenance and repairs	583	741	800
Freights	57,629	57,913	38,970
Export taxes / selling taxes	29,910	39,202	43,509
Export expenses	11,550	17,963	11,745
Contractors and services	0	0	0
Energy transmission	2,621	3,053	2,347
Energy power	66	89	85
Professional fees	1,725	802	815
Other taxes	23	63	62
Contingencies	0	0	0
Lease expense and similar arrangements	567	271	251
Third parties raw materials	0	0	0
Tax recoveries	0	0	0
Others	13,894	12,099	10,225
Subtotal	129,092	143,515	117,662
Own agricultural produce consumed	0	0	0
Total	129,092	143,515	117,662
Operating segments | Cost of production of manufactured products
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	67,873	64,095	46,832
Raw materials and consumables	28,350	44,145	38,742
Depreciation and amortization	142,290	136,244	118,921
Depreciation of right of use assets	9,784	8,561	6,404
Fuel, lubricants and others	39,849	41,187	26,902
Maintenance and repairs	37,358	29,114	21,768
Freights	7,769	12,775	11,782
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	16,245	10,551	9,840
Energy transmission	0	0	0
Energy power	5,577	8,671	6,160
Professional fees	1,283	1,092	994
Other taxes	4,506	3,027	3,282
Contingencies	0	0	0
Lease expense and similar arrangements	795	1,057	738
Third parties raw materials	118,432	121,571	83,633
Tax recoveries	(74)	(556)	(1,546)
Others	9,537	9,662	11,037
Subtotal	489,574	491,196	385,489
Own agricultural produce consumed	351,035	378,703	371,896
Total	840,609	869,899	757,385
Operating segments | Cost of production of manufactured products | Farming | Crops
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	2,549	4,216	3,651
Raw materials and consumables	293	367	578
Depreciation and amortization	3,087	4,463	3,930
Depreciation of right of use assets	0	0	0
Fuel, lubricants and others	139	239	336
Maintenance and repairs	724	1,264	1,341
Freights	80	519	644
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	2,013	2,218	2,587
Energy transmission	0	0	0
Energy power	817	1,577	1,276
Professional fees	38	59	78
Other taxes	12	25	23
Contingencies	0	0	0
Lease expense and similar arrangements	127	178	162
Third parties raw materials	3,838	8,270	2,804
Tax recoveries	0	0	0
Others	552	1,335	962
Subtotal	14,269	24,730	18,372
Own agricultural produce consumed	32,817	43,780	41,218
Total	47,086	68,510	59,590
Operating segments | Cost of production of manufactured products | Farming | Rice
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	10,541	12,362	6,841
Raw materials and consumables	818	367	373
Depreciation and amortization	4,514	3,814	2,692
Depreciation of right of use assets	32	115	102
Fuel, lubricants and others	665	249	89
Maintenance and repairs	2,550	3,320	1,851
Freights	5,662	9,319	8,154
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	2,705	720	235
Energy transmission	0	0	0
Energy power	2,291	3,172	1,501
Professional fees	71	86	84
Other taxes	160	117	92
Contingencies	0	0	0
Lease expense and similar arrangements	523	682	319
Third parties raw materials	35,289	23,934	2,852
Tax recoveries	0	0	0
Others	1,396	2,736	5,273
Subtotal	67,217	60,993	30,458
Own agricultural produce consumed	56,412	104,337	93,846
Total	123,629	165,330	124,304
Operating segments | Cost of production of manufactured products | Farming | Dairy
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	7,733	11,627	9,268
Raw materials and consumables	19,361	29,317	24,755
Depreciation and amortization	3,153	4,007	3,590
Depreciation of right of use assets	350	971	602
Fuel, lubricants and others	1,338	1,886	1,730
Maintenance and repairs	1,490	1,856	1,779
Freights	1,921	2,862	2,377
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	214	569	260
Energy transmission	0	0	0
Energy power	1,693	3,189	2,544
Professional fees	69	110	140
Other taxes	102	110	118
Contingencies	0	0	0
Lease expense and similar arrangements	145	197	257
Third parties raw materials	47,336	75,674	62,737
Tax recoveries	0	0	0
Others	1,498	1,269	2,166
Subtotal	86,403	133,644	112,323
Own agricultural produce consumed	34,938	47,079	45,760
Total	121,341	180,723	158,083
Operating segments | Cost of production of manufactured products | Sugar, Ethanol and Energy
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	47,050	35,890	27,072
Raw materials and consumables	7,878	14,094	13,036
Depreciation and amortization	131,536	123,960	108,709
Depreciation of right of use assets	9,402	7,475	5,700
Fuel, lubricants and others	37,707	38,813	24,747
Maintenance and repairs	32,594	22,674	16,797
Freights	106	75	607
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	11,313	7,044	6,758
Energy transmission	0	0	0
Energy power	776	733	839
Professional fees	1,105	837	692
Other taxes	4,232	2,775	3,049
Contingencies	0	0	0
Lease expense and similar arrangements	0	0	0
Third parties raw materials	31,969	13,693	15,240
Tax recoveries	(74)	(556)	(1,546)
Others	6,091	4,322	2,636
Subtotal	321,685	271,829	224,336
Own agricultural produce consumed	226,868	183,507	191,072
Total	$ 548,553	$ 455,336	$ 415,408

Salaries and social security _3

Salaries and social security expenses - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Salaries and social security expenses [abstract]
Wages and salaries	$ 127,113	$ 132,010	$ 101,818
Social security costs	41,404	36,932	30,296
Equity-settled share-based compensation	8,581	10,227	6,406
Salaries and social security expenses	177,098	179,169	138,520
Wages and salaries capitalized in property, plant and equipment	$ 35,007	$ 30,014	$ 25,105

Other operating income _ (exp_3

Other operating income / (expense), net - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Gain / (loss) from commodity derivative financial instrument	$ 6,913	$ (6,842)	$ (15,990)
Gain / (loss) from disposal of other property items	4,747	3,718	(387)
Net gain / (loss) from fair value adjustment of investment property	10,620	(2,961)	(4,331)
Gain from disposal of farmland and other assets	6,334	0	0
Others	(3,024)	7,955	1,940
Other operating income, net	$ 25,590	$ 1,870	$ (18,768)

Financial results, net - Summar

Financial results, net - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance income:
Interest income	$ 7,134	$ 5,781	$ 4,081
Foreign exchange gain	90,930	19,278	18,939
Gain from interest rate/foreign exchange rate derivative financial instruments	3,501	0	512
Other income	55,535	249	13,138
Finance income	157,100	25,308	36,670
Finance costs:
Interest expense	(31,906)	(50,037)	(62,536)
Finance cost related to lease liabilities	(40,203)	(31,113)	(16,502)
Cash flow hedge - transfer from equity	(36,863)	(40,195)	(52,650)
Taxes	(5,473)	(4,862)	(7,073)
Loss from interest rate/foreign exchange rate derivative financial instruments	0	(2,384)	0
Borrowings prepayment related expenses (Brazilian subsidiaries)	0	0	(3,068)
Finance discount	0	0	(3,741)
Other expenses	(7,642)	(9,009)	(6,111)
Finance costs	(122,087)	(137,600)	(151,681)
Other financial results - Net gain / (loss) of inflation effects on monetary items	28,816	(2,144)	11,541
Financial results, net	$ 63,829	$ (114,436)	$ (103,470)

Taxation - Provision for Consol

Taxation - Provision for Consolidated Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Current income tax	$ 4,570	$ (4,655)	$ (4,338)
Deferred income tax	(83,243)	(22,103)	(39,499)
Income tax expense	$ (78,673)	$ (26,758)	$ (43,837)

Taxation - Statutory Tax Rate (

Taxation - Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	$ 9,777	$ 8,758
Deferred income tax liabilities	(376,331)	(301,414)
Deferred tax liability (asset)	(366,554)	(292,656)	$ (255,527)
Deferred tax assets temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	79,365	145,740	129,528
Deferred tax liability temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liabilities	(445,919)	(438,396)	$ (385,055)
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	36,028	127,878
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	(427,360)	(371,047)
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	43,337	17,862
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	$ (18,559)	$ (67,349)

Taxation - Gross Movement on th

Taxation - Gross Movement on the Deferred Income Tax Account (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset), beginning balance	$ (292,656)	$ (255,527)
Exchange differences	69,707	(30,187)
Changes of fair value valuation for farmlands	(62,988)	25,307	$ (9,953)
Acquisition of subsidiary (Note 21)	0	(1,562)
Disposal of farmland	10,492	0
Others	632	(1,247)
Tax credit relating to cash flow hedge	(8,498)	(7,337)	(2,526)
Income tax expense	(83,243)	(22,103)	(39,499)
Deferred tax liability (asset), ending balance	(366,554)	(292,656)	(255,527)
Gains (losses) before income tax of cash flow hedge	7,319	15,621	46,145
Reclassification from equity to income statement	$ 49,737	$ 40,388	$ 26,031

Taxation - Movement of Deferred

Taxation - Movement of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	$ 301,414
Exchange differences	(69,707)	$ 30,187
Deferred income tax liabilities, ending balance	376,331	301,414
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	8,758
Exchange differences	69,707	(30,187)
Others	(632)	1,247
Deferred income tax assets, ending balance	9,777	8,758
Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	438,396	385,055
Charged / (credited) to the statement of income	37,465	36,510
Farmlands revaluation	62,988	(25,307)
Acquisition of subsidiaries	(10,492)	1,562
Exchange differences	(82,438)	40,576
Deferred income tax liabilities, ending balance	445,919	438,396
Changes in deferred tax asset [Abstract]
(Credited) / charged to the statement of income	37,465	36,510
Exchange differences	82,438	(40,576)
Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	(45,778)	14,407
Exchange differences	12,731	(10,389)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	145,740	129,528
(Credited) / charged to the statement of income	(45,778)	14,407
Tax charge relating to cash flow hedge	(8,498)	(7,337)
Exchange differences	(12,731)	10,389
Others	632	(1,247)
Deferred income tax assets, ending balance	79,365	145,740
Provisions | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	1,064	(3,900)
Exchange differences	(3,752)	(1,243)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	6,622	9,279
(Credited) / charged to the statement of income	1,064	(3,900)
Tax charge relating to cash flow hedge	0	0
Exchange differences	3,752	1,243
Others	0	0
Deferred income tax assets, ending balance	11,438	6,622
Tax loss carry forwards | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	(29,585)	29,087
Exchange differences	15,011	(6,888)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	110,195	81,557
(Credited) / charged to the statement of income	(29,585)	29,087
Tax charge relating to cash flow hedge	(8,498)	(7,337)
Exchange differences	(15,011)	6,888
Others	0	0
Deferred income tax assets, ending balance	57,101	110,195
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	3,575	4,822
(Credited) / charged to the statement of income	0	0
Tax charge relating to cash flow hedge	0	0
Exchange differences	0	0
Others	440	(1,247)
Deferred income tax assets, ending balance	4,015	3,575
Borrowings | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	(26,696)	(11,115)
Exchange differences	(1,137)	(2,250)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	25,932	34,797
(Credited) / charged to the statement of income	(26,696)	(11,115)
Tax charge relating to cash flow hedge	0	0
Exchange differences	1,137	2,250
Others	0	0
Deferred income tax assets, ending balance	373	25,932
Biological assets | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	3,242	(66)
Exchange differences	3,242	0
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	0	66
(Credited) / charged to the statement of income	3,242	(66)
Tax charge relating to cash flow hedge	0	0
Exchange differences	(3,242)	0
Others	0	0
Deferred income tax assets, ending balance	0	0
Others | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged / (credited) to the statement of income	6,197	401
Exchange differences	(633)	(8)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	(584)	(993)
(Credited) / charged to the statement of income	6,197	401
Tax charge relating to cash flow hedge	0	0
Exchange differences	633	8
Others	192	0
Deferred income tax assets, ending balance	6,438	(584)
Property, plant and equipment | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	389,146	355,158
Charged / (credited) to the statement of income	18,229	20,354
Farmlands revaluation	62,988	(25,307)
Acquisition of subsidiaries	(10,492)	1,562
Exchange differences	(75,928)	37,379
Deferred income tax liabilities, ending balance	383,943	389,146
Changes in deferred tax asset [Abstract]
(Credited) / charged to the statement of income	18,229	20,354
Exchange differences	75,928	(37,379)
Investment property
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	8,979
Deferred income tax liabilities, ending balance		8,979
Investment property | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance		9,881
Charged / (credited) to the statement of income	9,760	(2,181)
Farmlands revaluation	0	0
Acquisition of subsidiaries	0	0
Exchange differences	(2,851)	1,279
Deferred income tax liabilities, ending balance	15,888
Changes in deferred tax asset [Abstract]
(Credited) / charged to the statement of income	9,760	(2,181)
Exchange differences	2,851	(1,279)
Biological assets | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	30,461	11,259
Charged / (credited) to the statement of income	(2,984)	18,105
Farmlands revaluation	0	0
Acquisition of subsidiaries	0	0
Exchange differences	(4,097)	1,097
Deferred income tax liabilities, ending balance	23,380	30,461
Changes in deferred tax asset [Abstract]
(Credited) / charged to the statement of income	(2,984)	18,105
Exchange differences	4,097	(1,097)
Others | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	9,810	8,757
Charged / (credited) to the statement of income	12,460	232
Farmlands revaluation	0	0
Acquisition of subsidiaries	0	0
Exchange differences	438	821
Deferred income tax liabilities, ending balance	22,708	9,810
Changes in deferred tax asset [Abstract]
(Credited) / charged to the statement of income	12,460	232
Exchange differences	$ (438)	$ (821)

Taxation - Narrative (Details)

Taxation - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Operating loss carryforwards, expiration period	5 years
Deferred tax asset, inflation adjustment	$ 121,900
Deferred tax asset, inflation adjustment, applied at the reporting date	$ 104,172
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, 2023 USD ($)
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 22,158
Expiration period	5 years
Argentina | 2019
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 426
Argentina | 2020
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	768
Argentina | 2021
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	16
Argentina | 2022
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	18,856
Argentina | 2023
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	2,092
Brazil
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	135,479
Uruguay
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 5,173
Expiration period	5 years
Luxembourg
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 16,866

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Tax calculated at the tax rates applicable to profits in the respective countries	$ (103,860)	$ (43,827)	$ (54,291)
Non-deductible items	(1,616)	(1,921)	(3,459)
Effect of the changes in the statutory income tax rate in Argentina	1,280	(2,237)	(31,962)
Unused tax losses	0	0	482
Tax losses where no deferred tax asset was recognized	(706)	(107)	0
Non-taxable income	19,994	16,879	13,604
Previously unrecognized tax losses now recouped to reduce tax expenses	38,646	19,419	38,121
Effect of IAS 29 and tax adjustment per inflation in Argentina	(29,526)	(18,195)	(6,402)
Others	(2,885)	3,231	70
Income tax expense	(78,673)	(26,758)	$ (43,837)
Argentina
Income Taxes [Abstract]
Deferred tax asset, inflation adjustment	121,900
2022 | Argentina
Income Taxes [Abstract]
Deferred tax asset, inflation adjustment		$ 16,044
2023 | Argentina
Income Taxes [Abstract]
Deferred tax asset, inflation adjustment	$ 37,151

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Profit from operations attributable to equity holders of the Group	$ 226,291	$ 108,138	$ 130,669
Weighted average number of shares in issue (shares)	107,092	110,079	115,148
Basic earnings / (loss) per share from operations (USD per share)	$ 2.113	$ 0.982	$ 1.135

Earnings per share - Narrative

Earnings per share - Narrative (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 category shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Earnings per share [abstract]
Number of categories of dilutive potential shares | category	2
Employee share options and restricted units (shares) | shares	401	361	466

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Profit from operations attributable to equity holders of the Group	$ 226,291	$ 108,138	$ 130,669
Weighted average number of shares in issue (shares)	107,092	110,079	115,148
Adjustments for:
Employee share options and restricted units (shares)	401	361	466
Weighted average number of shares for diluted earnings per share (shares)	107,493	110,440	115,614
Diluted (loss) / earnings per share from operations (USD per share)	$ 2.105	$ 0.979	$ 1.130

Property, plant and equipment -

Property, plant and equipment - Changes in Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in property, plant and equipment [abstract]
Opening net book amount	$ 1,565,355	$ 1,422,623
Exchange differences	(237,977)	151,866
Additions	262,929	234,018
Revaluation surplus	188,879	(72,216)
Acquisition of subsidiaries		21,331
Transfers	0	0
Disposals	(31,040)	(3,334)
Reclassification to non-income tax credits	(293)	(158)
Depreciation	(198,288)	(188,775)
Closing net book amount	1,549,565	1,565,355
Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	3,184,133	2,852,627
Closing net book amount	3,366,631	3,184,133
Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(1,618,778)	(1,430,004)
Closing net book amount	(1,817,066)	(1,618,778)
Farmlands
Changes in property, plant and equipment [abstract]
Opening net book amount	727,591	711,261
Exchange differences	(197,377)	88,546
Additions	0	0
Revaluation surplus	188,879	(72,216)
Acquisition of subsidiaries		0
Transfers	(33)	0
Disposals	(24,858)	0
Reclassification to non-income tax credits	0	0
Depreciation	0	0
Closing net book amount	694,202	727,591
Farmlands | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	727,591	711,261
Closing net book amount	694,202	727,591
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	16,742	16,579
Exchange differences	(4,029)	1,518
Additions	0	0
Revaluation surplus	0	0
Acquisition of subsidiaries		0
Transfers	1,307	2,192
Disposals	0	0
Reclassification to non-income tax credits	0	0
Depreciation	(2,375)	(3,547)
Closing net book amount	11,645	16,742
Farmland improvements | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	46,148	42,438
Closing net book amount	43,426	46,148
Farmland improvements | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(29,406)	(25,859)
Closing net book amount	(31,781)	(29,406)
Buildings and   facilities
Changes in property, plant and equipment [abstract]
Opening net book amount	268,380	207,679
Exchange differences	(43,653)	16,237
Additions	15,165	13,489
Revaluation surplus	0	0
Acquisition of subsidiaries		21,331
Transfers	33,405	41,167
Disposals	(3,404)	(953)
Reclassification to non-income tax credits	0	0
Depreciation	(28,737)	(30,570)
Closing net book amount	241,156	268,380
Buildings and   facilities | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	526,464	435,193
Closing net book amount	527,977	526,464
Buildings and   facilities | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(258,084)	(227,514)
Closing net book amount	(286,821)	(258,084)
Machinery,   equipment,   furniture and fittings
Changes in property, plant and equipment [abstract]
Opening net book amount	91,212	83,183
Exchange differences	97,152	19,580
Additions	71,100	62,637
Revaluation surplus	0	0
Acquisition of subsidiaries		0
Transfers	22,032	10,198
Disposals	(2,745)	(2,278)
Reclassification to non-income tax credits	(293)	(158)
Depreciation	(81,463)	(81,950)
Closing net book amount	196,995	91,212
Machinery,   equipment,   furniture and fittings | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	893,172	803,193
Closing net book amount	1,080,418	893,172
Machinery,   equipment,   furniture and fittings | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(801,960)	(720,010)
Closing net book amount	(883,423)	(801,960)
Bearer plants
Changes in property, plant and equipment [abstract]
Opening net book amount	352,727	294,982
Exchange differences	(46,372)	15,447
Additions	144,777	112,614
Revaluation surplus	0	0
Acquisition of subsidiaries		0
Transfers	8,939	0
Disposals	0	0
Reclassification to non-income tax credits	0	0
Depreciation	(84,229)	(70,316)
Closing net book amount	375,842	352,727
Bearer plants | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	858,823	730,762
Closing net book amount	966,167	858,823
Bearer plants | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(506,096)	(435,780)
Closing net book amount	(590,325)	(506,096)
Others
Changes in property, plant and equipment [abstract]
Opening net book amount	29,614	27,571
Exchange differences	(21,835)	1,389
Additions	2,635	3,318
Revaluation surplus	0	0
Acquisition of subsidiaries		0
Transfers	17	(169)
Disposals	(33)	(103)
Reclassification to non-income tax credits	0	0
Depreciation	(1,484)	(2,392)
Closing net book amount	8,914	29,614
Others | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	52,846	48,412
Closing net book amount	33,630	52,846
Others | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(23,232)	(20,841)
Closing net book amount	(24,716)	(23,232)
Work in   progress
Changes in property, plant and equipment [abstract]
Opening net book amount	79,089	81,368
Exchange differences	(21,863)	9,149
Additions	29,252	41,960
Revaluation surplus	0	0
Acquisition of subsidiaries		0
Transfers	(65,667)	(53,388)
Disposals	0	0
Reclassification to non-income tax credits	0	0
Depreciation	0	0
Closing net book amount	20,811	79,089
Work in   progress | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	79,089	81,368
Closing net book amount	20,811	79,089
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
	Dec. 31, 2023
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, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Reduction on sales price (in percentage)	0.10
Borrowing costs capitalized	$ 4.2	$ 3.3
Net book value of pledged assets	217.8	345.3
Farmlands
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, cost	197.5
Farmlands | IAS 16
Disclosure of detailed information about property, plant and equipment [line items]
Increase (decrease) in property, plant and equipment	$ (69.4)	$ (72.8)

Right of use assets, net - Summ

Right of use assets, net - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book amount	$ 360,181	$ 260,776
Exchange differences	20,169	14,816
Additions and re-measurements	100,448	147,928
Depreciation	(74,085)	(63,339)	$ (49,199)
Closing net book amount	406,713	360,181	260,776
Agricultural Partnerships
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book amount	333,562	235,971
Exchange differences	19,095	13,223
Additions and re-measurements	95,386	140,724
Depreciation	(63,195)	(56,356)
Closing net book amount	384,848	333,562	235,971
Others
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book amount	26,619	24,805
Exchange differences	1,074	1,593
Additions and re-measurements	5,062	7,204
Depreciation	(10,890)	(6,983)
Closing net book amount	$ 21,865	$ 26,619	$ 24,805

Right of use assets, net - Narr

Right of use assets, net - Narrative (Details)	12 Months Ended
	Dec. 31, 2023
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, 2023	Dec. 31, 2022
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	$ 33,330	$ 32,132
Net loss from fair value adjustment	10,620	(2,961)
Exchange difference	(10,586)	4,159
Investment property, end of period	33,364	33,330
Cost
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	33,330
Investment property, end of period	33,364	33,330
Fair value
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	33,330
Investment property, end of period	$ 33,364	$ 33,330

Investment property - Narrative

Investment property - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
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	$ 3.3

Intangible assets, net - Summar

Intangible assets, net - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	$ 36,120
Intangible assets at end of period	27,519	$ 36,120
Goodwill
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	18,544	16,626
Exchange differences	(4,235)	1,918
Additions	0	0
Amortization charge	0	0
Intangible assets at end of period	14,309	18,544
Goodwill | Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	18,544	16,626
Intangible assets at end of period	14,309	18,544
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	7,742	6,485
Exchange differences	(1,631)	732
Additions	1,284	2,306
Amortization charge	(1,353)	(1,781)
Intangible assets at end of period	6,042	7,742
Software | Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	17,255	14,217
Intangible assets at end of period	16,908	17,255
Software | Accumulated amortization
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	(9,513)	(7,732)
Intangible assets at end of period	(10,866)	(9,513)
Trademarks
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	9,101	8,191
Exchange differences	(2,354)	900
Additions	0	423
Amortization charge	(316)	(413)
Intangible assets at end of period	6,431	9,101
Trademarks | Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	11,848	10,525
Intangible assets at end of period	9,494	11,848
Trademarks | Accumulated amortization
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	(2,747)	(2,334)
Intangible assets at end of period	(3,063)	(2,747)
Others
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	733	35
Exchange differences	58	1
Additions	7	768
Amortization charge	(61)	(71)
Intangible assets at end of period	737	733
Others | Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	1,279	510
Intangible assets at end of period	1,344	1,279
Others | Accumulated amortization
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	(546)	(475)
Intangible assets at end of period	(607)	(546)
Intangible assets
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	36,120	31,337
Exchange differences	(8,162)	3,551
Additions	1,291	3,497
Amortization charge	(1,730)	(2,265)
Intangible assets at end of period	27,519	36,120
Intangible assets | Cost
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	48,926	41,878
Intangible assets at end of period	42,055	48,926
Intangible assets | Accumulated amortization
Changes in intangible assets other than goodwill [abstract]
Intangible assets at beginning of period	(12,806)	(10,541)
Intangible assets at end of period	$ (14,536)	$ (12,806)

Biological assets - Changes in

Biological assets - Changes in Biological Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in biological assets [abstract]
Biological assets	$ 266,444	$ 195,178
Increase due to purchases	511	3,732
Acquisition of subsidiaries		1,676
Initial recognition and changes in fair value of biological assets	87,858	215,941
Decrease due to harvest / disposals	(476,704)	(608,856)
Costs incurred during the year	387,448	438,729
Exchange differences	(37,520)	20,044
Biological assets	228,037	266,444
Initial recognition and changes in fair value of biological assets, price changes	3,999	4,653
Initial recognition and changes in fair value of biological assets, physical changes	11,796	22,325
Dairy and cattle
Changes in biological assets [abstract]
Initial recognition and changes in fair value of biological assets	15,795	26,978
Sugarcane
Changes in biological assets [abstract]
Biological assets	109,431	71,327
Increase due to purchases	0	0
Acquisition of subsidiaries		0
Initial recognition and changes in fair value of biological assets	94,436	108,066
Decrease due to harvest / disposals	(245,325)	(202,298)
Costs incurred during the year	146,592	128,308
Exchange differences	11,324	4,028
Biological assets	116,458	109,431
Crops | Farming
Changes in biological assets [abstract]
Biological assets	72,843	60,615
Increase due to purchases	369	3,028
Acquisition of subsidiaries		0
Initial recognition and changes in fair value of biological assets	(10,327)	64,061
Decrease due to harvest / disposals	(116,007)	(245,660)
Costs incurred during the year	130,965	181,163
Exchange differences	(22,298)	9,636
Biological assets	55,545	72,843
Rice | Farming
Changes in biological assets [abstract]
Biological assets	54,125	44,257
Increase due to purchases	142	704
Acquisition of subsidiaries		1,676
Initial recognition and changes in fair value of biological assets	(4,301)	16,557
Decrease due to harvest / disposals	(58,110)	(81,424)
Costs incurred during the year	57,990	68,432
Exchange differences	(17,003)	3,923
Biological assets	32,843	54,125
Dairy | Farming
Changes in biological assets [abstract]
Biological assets	30,045	18,979
Increase due to purchases	0	0
Acquisition of subsidiaries		0
Initial recognition and changes in fair value of biological assets	8,050	27,257
Decrease due to harvest / disposals	(57,262)	(79,474)
Costs incurred during the year	51,901	60,826
Exchange differences	(9,543)	2,457
Biological assets	$ 23,191	$ 30,045

Biological assets - Cost of Pro

Biological assets - Cost of Production (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	$ 374,473	$ 420,780
Own agricultural produce consumed	12,975	17,949
Costs incurred during the year	387,448	438,729
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	34,738	36,240
Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,192	5,024
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	56,256	42,166
Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	130,200	132,211
Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	6,666	8,601
Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	14,978	15,757
Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,116	5,056
Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	58,872	80,474
Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	25,478	25,312
Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,525	4,016
Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,215	6,780
Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,181	1,754
Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	822	1,664
Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	28,183	51,740
Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4,051	3,985
Farming | Crops
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	130,258	180,353
Own agricultural produce consumed	707	810
Costs incurred during the year	130,965	181,163
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	3,572	5,534
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	63,742	68,971
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	860	1,078
Farming | Crops | Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,958	1,913
Farming | Crops | Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,534	4,245
Farming | Crops | Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	30,694	49,533
Farming | Crops | Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,578	271
Farming | Crops | Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	126	217
Farming | Crops | Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	29	47
Farming | Crops | Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	282	552
Farming | Crops | Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	480	1,273
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	24,536	45,794
Farming | Crops | Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	867	925
Farming | Rice
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	57,918	68,277
Own agricultural produce consumed	72	155
Costs incurred during the year	57,990	68,432
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	10,333	11,319
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	17,333	17,220
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	979	1,468
Farming | Rice | Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	6,351	6,693
Farming | Rice | Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	473	609
Farming | Rice | Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	17,447	22,321
Farming | Rice | Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	189	101
Farming | Rice | Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	65	84
Farming | Rice | Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,847	5,447
Farming | Rice | Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	287	404
Farming | Rice | Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	142	249
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	1,547	968
Farming | Rice | Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	925	1,394
Farming | Dairy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	39,705	43,842
Own agricultural produce consumed	12,196	16,984
Costs incurred during the year	51,901	60,826
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	7,280	7,592
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	903	1,419
Farming | Dairy | Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,175	3,979
Farming | Dairy | Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	109	202
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	23,711	24,940
Farming | Dairy | Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,334	3,715
Farming | Dairy | Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,339	1,286
Farming | Dairy | Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	219	309
Farming | Dairy | Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	148	14
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	0
Farming | Dairy | Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	487	386
Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	146,592	128,308
Own agricultural produce consumed	0	0
Costs incurred during the year	146,592	128,308
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	13,553	11,795
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	5,192	5,024
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	56,256	42,166
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	49,125	46,020
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	3,924	4,636
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	3,494	3,172
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	10,731	8,620
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	393	489
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	52	128
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	2,100	4,978
Sugar, Ethanol and Energy | Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	$ 1,772	$ 1,280

Biological assets - Non-Current

Biological assets - Non-Current and Current Biological Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	$ 23,706	$ 30,622
Current biological assets	204,331	235,822
Biological assets	228,037	266,444	$ 195,178
Cattle for dairy production
Disclosure of detailed information about biological assets [line items]
Biological assets	23,191	29,483
Cattle for dairy production | Mature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	23,191	29,483
Breeding cattle
Disclosure of detailed information about biological assets [line items]
Biological assets	6,408	7,896
Breeding cattle | Mature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	371	821
Current biological assets	6,037	7,075
Other cattle
Disclosure of detailed information about biological assets [line items]
Biological assets	144	880
Other cattle | Mature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	0	562
Other cattle | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	144	318
Sown land – crops
Disclosure of detailed information about biological assets [line items]
Biological assets	49,813	66,002
Sown land – crops | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	49,813	66,002
Sown land – rice
Disclosure of detailed information about biological assets [line items]
Biological assets	32,023	52,752
Sown land – rice | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	32,023	52,752
Sown land – sugarcane
Disclosure of detailed information about biological assets [line items]
Biological assets	116,458	109,431
Sown land – sugarcane | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	116,458	109,431
Crops planted in sugarcane farms | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	$ 3,833	$ 4,849

Biological assets - Narrative (

Biological assets - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about biological assets [line items]
Biological assets		$ 419,442	$ 522,894
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		$ 23,300	$ 18,500
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets		23,300	18,500
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		3,400	3,800
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets		3,400	3,800
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		6,500	6,000
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets		$ 6,500	$ 6,000

Biological assets - Biological

Biological assets - Biological Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of fair value measurement of assets [line items]
Biological assets	$ 228,037	$ 266,444	$ 195,178
Cattle for dairy production
Disclosure of fair value measurement of assets [line items]
Biological assets	23,191	29,483
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	23,191	29,483
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	6,408	7,896
Breeding cattle | Level 1
Disclosure of fair value measurement of assets [line items]
Biological assets	6,408	7,896
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	144	880
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	144	880
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	116,458	109,431
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	116,458	109,431
Sown land – crops
Disclosure of fair value measurement of assets [line items]
Biological assets	49,813	66,002
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	49,813	66,002
Sown land – rice
Disclosure of fair value measurement of assets [line items]
Biological assets	32,023	52,752
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	$ 32,023	$ 52,752

Biological assets - Significant

Biological assets - Significant Unobservable Inputs (Details)	12 Months Ended
	Dec. 31, 2023 tonPerHectare kilogramOfSugarPerTonOfCane uSDollarPerHectare uSDollarPerTonOfCane	Dec. 31, 2022 tonPerHectare uSDollarPerHectare kilogramOfSugarPerTonOfCane uSDollarPerTonOfCane
Sown land – sugarcane
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate applied to cash flow projections	14.44%	16.49%
Sown land - crops, peanut
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate applied to cash flow projections	6%	6%
Sown land – rice
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate applied to cash flow projections	6%	6%
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	550	500
Harvest costs | uSDollarPerTonOfCane	7	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	0.8	0.9
Commercial costs	22	17
Production costs	215	280
Bottom of range | Sown land – crops, wheat
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	0.37	1
Commercial costs	14	13
Production costs	143	200
Bottom of range | Sown land – crops, soybean
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	0.9	0.4
Commercial costs	21	21
Production costs	193	260
Bottom of range | Sown land - crops, peanut
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	2.4	1.8
Commercial costs	25	28
Production costs	861	756
Bottom of range | Sown land – crops, corn
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	3.6	1.6
Commercial costs	16	16
Production costs	231	325
Bottom of range | Sown land – rice
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	4.7	1.4
Commercial costs	2	3
Production costs	1,033	760
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	850	800
Harvest costs | uSDollarPerTonOfCane	13	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	2.2
Commercial costs	65	36
Production costs	1,000	890
Top of range | Sown land – crops, wheat
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	4.6	5.6
Commercial costs	39	45
Production costs	823	840
Top of range | Sown land – crops, soybean
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	3.7	5
Commercial costs	48	65
Production costs	776	1,100
Top of range | Sown land - crops, peanut
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	3.6	5.1
Commercial costs	56	46
Production costs	1,866	2,000
Top of range | Sown land – crops, corn
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	11	13
Commercial costs	65	65
Production costs	1,318	1,500
Top of range | Sown land – rice
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields | tonPerHectare	6.4	9.2
Commercial costs	5	23
Production costs	3,121	1,250

Financial instruments by cate_3

Financial instruments by category - Carrying amounts of financial assets and financial liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets as per statement of financial position
Trade and other receivables	$ 218,115	$ 228,378
Derivative financial instruments	31,820	5,342
Short-term investment	62,637	98,571
Cash and cash equivalents	339,781	230,653	$ 199,766	$ 336,282
Total	652,353	562,944
Liabilities as per statement of financial position
Trade and other payables	191,738	259,607
Borrowings	904,949	1,007,752	817,651
Lease liabilities	378,510	337,980	$ 246,854
Derivative financial instruments	169	3,057
Total	1,475,366	1,608,396
Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	164,881	214,990
Borrowings	904,949	1,007,752
Lease liabilities	378,510	337,980
Derivative financial instruments	169	3,057
Total	1,448,509	1,563,779
Non- financial liabilities
Liabilities as per statement of financial position
Trade and other payables	26,857	44,617
Borrowings	0	0
Lease liabilities	0	0
Derivative financial instruments	0	0
Total	26,857	44,617
Financial liabilities at amortized cost | Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	163,481	214,990
Borrowings	904,949	1,007,752
Lease liabilities	378,510	337,980
Derivative financial instruments	(1,510)	0
Total	1,445,430	1,560,722
Liabilities at fair value through profit or loss | Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	1,400	0
Borrowings	0	0
Lease liabilities	0	0
Derivative financial instruments	1,679	3,057
Total	3,079	3,057
Financial Assets Instruments
Assets as per statement of financial position
Trade and other receivables	113,831	108,025
Derivative financial instruments	31,820	5,342
Short-term investment	62,637	98,571
Cash and cash equivalents	339,781	230,653
Total	548,069	442,591
Financial Assets Instruments | Financial asset / liabilities at amortized cost
Assets as per statement of financial position
Trade and other receivables	113,831	108,025
Derivative financial instruments	0	0
Short-term investment	0	0
Cash and cash equivalents	339,781	230,653
Total	453,612	338,678
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	31,820	5,342
Short-term investment	62,637	98,571
Cash and cash equivalents	0	0
Total	94,457	103,913
Non- financial assets
Assets as per statement of financial position
Trade and other receivables	104,284	120,353
Derivative financial instruments	0	0
Short-term investment	0	0
Cash and cash equivalents	0	0
Total	$ 104,284	$ 120,353

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	$ 7,134	$ 5,781	$ 4,081
Interest expense	(31,906)	(50,037)	$ (62,536)
Foreign exchange gains/(losses)	90,930	19,278
Gain (loss) from derivative financial instruments	10,414	(9,226)
Finance cost related to lease liabilities	(40,203)	(31,113)
Financial asset / liabilities at amortized cost
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	7,134	5,117
Interest expense	(31,906)	(50,037)
Foreign exchange gains/(losses)	90,930	19,278
Gain (loss) from derivative financial instruments	47	(4,472)
Finance cost related to lease liabilities	(40,203)	(31,113)
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	0	664
Interest expense	0	0
Foreign exchange gains/(losses)	0	0
Gain (loss) from derivative financial instruments	10,367	(4,754)
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, 2023	Dec. 31, 2022
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets	$ 31,820	$ 5,342
Short-term investment	62,637	98,571
Derivative financial liabilities	(169)	(3,057)
Short Term Investments
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	59,475	98,571
Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets	13,819	134
Short-term investment	62,637	98,571
Derivative financial liabilities	(68)	(2,800)
Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets	18,001	5,208
Short-term investment	0	0
Derivative financial liabilities	$ (101)	$ (257)

Financial instruments by cate_6

Financial instruments by category - Fair values based on recognized valuation methods (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Level 1 | Futures
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	$ 8,657
Level 1 | Options/OTC
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	5,141
Level 1 | Non derivable future (“NDF”)
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	(47)
Level 1 | US-Treasury Bills
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	62,637
Level 2 | Interest-rate swaps
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	$ 17,900

Trade and other receivables, _3

Trade and other receivables, net - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current
Advances to suppliers	$ 3,266	$ 3,680
Income tax credits	2,332	9,119
Non-income tax credits	24,860	18,688
Judicial deposits	2,187	1,831
Receivable from disposal of subsidiary (Note 21)	3,899	8,478
Other receivables	2,516	2,762
Non-current portion	39,060	44,558
Current
Trade receivables	87,638	77,441
Prepaid expenses	6,953	6,875
Advances to suppliers	42,808	42,966
Income tax credits	1,253	1,089
Non-income tax credits	22,812	37,936
Receivable from disposal of subsidiary (Note 21)	3,971	4,664
Cash collateral	11	1,365
Other receivables	13,609	11,484
Subtotal	91,417	106,379
Trade and other receivables, net	179,055	183,820
Trade and other receivables	218,115	228,378
Reclassified from property, plant and equipment	(293)	(158)
Gross | Trade receivables excluding related party
Current
Trade receivables	90,526	81,707
Allowance for trade receivables
Current
Trade receivables	$ 2,888	$ 4,266

Trade and other receivables, _4

Trade and other receivables, net - Carrying Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Trade and other receivables	$ 218,115	$ 228,378
U.S. Dollar
Disclosure of financial assets [line items]
Trade and other receivables	88,811	89,760
Argentine Peso
Disclosure of financial assets [line items]
Trade and other receivables	24,304	54,801
Uruguayan Peso
Disclosure of financial assets [line items]
Trade and other receivables	6,570	2,229
Brazilian Reais
Disclosure of financial assets [line items]
Trade and other receivables	$ 98,430	$ 81,588

Trade and other receivables, _5

Trade and other receivables, net - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) company	Dec. 31, 2022 USD ($)
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	$ 449	$ 741
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	$ 22,989	$ 22,933
Proportion of outstanding unimpaired trade receivables (as a percent)	70%	72%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Beginning balance	$ 4,266	$ 3,023	$ 3,965
Charge of the year	1,874	3,570	2,022
Unused amounts reversed	(1,371)	(661)	(970)
Used during the year	(173)	(100)	(1,456)
Exchange differences	(1,708)	(1,566)	(538)
Ending balance	$ 2,888	$ 4,266	$ 3,023

Inventories - Summary (Details)

Inventories - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventories [abstract]
Raw materials	$ 76,440	$ 121,306
Current finished goods	179,611	152,716	$ 138,254	$ 77,041
Current inventories	$ 256,051	$ 274,022

Cash and cash equivalents - Sum

Cash and cash equivalents - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents [abstract]
Cash at bank and on hand	$ 179,068	$ 146,242
Short-term bank deposits	160,713	84,411
Cash and cash equivalents	$ 339,781	$ 230,653	$ 199,766	$ 336,282

Acquisitions and disposals - Na

Acquisitions and disposals - Narrative (Details) $ in Thousands		1 Months Ended	12 Months Ended
	May 03, 2022 USD ($) installment	Sep. 30, 2023 USD ($) hectare	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of subsidiaries [line items]
Gain (loss) from disposal			$ 6,334	$ 0	$ 0
Discount rate applied to acquisition payment installments	0.065
General and administrative expenses			70,320	84,287	$ 69,794
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
Viterra Group
Disclosure of subsidiaries [line items]
Consideration paid (received)			$ 3,193
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
Contingent consideration recognised as of acquisition date	$ 17,900
General and administrative expenses	$ 193
Profit (loss) of combined entity as if combination occurred at beginning of period				$ 106,950
El Meridiano
Disclosure of subsidiaries [line items]
Number of hectares farm | hectare		6,302
Consideration paid (received)		$ (48,000)
Gain (loss) from disposal		$ 6,300

Acquisitions and disposals - Ne

Acquisitions and disposals - Net Assets Acquired (Details) $ in Thousands		12 Months Ended
	May 03, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about business combination [line items]
Bargain purchase gain on acquisition		$ 0	$ 10,107	$ 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)		$ 3,193
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
	Apr. 17, 2024 USD ($) installment	Nov. 24, 2023 $ / shares	May 24, 2023 USD ($) $ / shares	Nov. 17, 2022 USD ($) $ / shares	May 17, 2022 USD ($) $ / shares	Apr. 20, 2022 USD ($) installment $ / shares shares	Sep. 24, 2013	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 19, 2023 USD ($) installment
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
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		$ 167,073,000	$ 167,073,000
Number of shares issued (in shares) | shares						111,381,815
Authorized proportion of outstanding stock (as a percent)							5%
Stock repurchase program, extension period							12 months
Purchase of treasury shares								26,242,000	36,844,000	$ 66,463,000
Dividend payables						$ 35,000,000					$ 35,000,000
Number of payment installments | installment						2					2
Dividends recognized as distributions to owners			$ 17,500,000	$ 17,500,000	$ 17,500,000			35,000,000	35,000,000
Dividends recognized as distributions to owners (USD per share) | $ / shares		$ 0.1649	$ 0.1626	$ 0.1602	$ 0.1572
Treasury shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Purchase of treasury shares								$ 4,119,000	6,874,000	11,114,000
Number of shares outstanding | shares								5,376,315,000,000
Annual Dividend Proposal
Disclosure of terms and conditions of share-based payment arrangement [line items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners	$ 35,000,000
Number of payment installments | installment	2
Share Repurchase Program
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock repurchased under program (shares) | shares								24,694,405,000,000
Employee stock options exercised (shares) | shares								8,448,951,000,000
Purchase of treasury shares								$ 26,200,000	$ 36,800,000	$ 66,500,000

Shareholders' contributions - S

Shareholders' contributions - Share Capital (Details) - USD ($)					12 Months Ended
	May 24, 2023	Nov. 17, 2022	May 17, 2022	Apr. 20, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Reduction of issued share capital of the company (in shares)				(11,000,000)
Share capital and share premium
Balance at beginning of period					$ 1,163,643,000	$ 1,047,830,000	$ 963,724,000
Reduction of issued share capital of the company				$ (16,500,000)
Employee share options exercised					214,000	2,124,000
Restricted shares granted and units vested					2,937,000	1,824,000	448,000
Purchase of own shares					(26,242,000)	(36,844,000)	(66,463,000)
Dividends provided for and paid to mayor shareholders	$ (17,500,000)	$ (17,500,000)	$ (17,500,000)		(35,000,000)	(35,000,000)
Balance at end of period					$ 1,265,648,000	$ 1,163,643,000	$ 1,047,830,000
Number of shares
Number of shares
Stock at beginning of period (shares)					111,382,000	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	111,382,000	122,382,000
Share capital and share premium
Balance at beginning of period					$ 167,073,000	$ 183,573,000	$ 183,573,000
Balance at end of period					167,073,000	167,073,000	183,573,000
Share capital and share premium
Share capital and share premium
Balance at beginning of period					960,242,000	1,034,633,000	1,086,388,000
Reduction of issued share capital of the company						(16,500,000)
Employee share options exercised					236,000	2,432,000
Restricted shares granted and units vested						4,647,000	3,594,000
Restricted shares granted					7,528,000
Purchase of own shares					(22,123,000)	(29,970,000)	(55,349,000)
Dividends provided for and paid to mayor shareholders					(35,000,000)	(35,000,000)
Balance at end of period					$ 910,883,000	$ 960,242,000	$ 1,034,633,000

Equity-settled share-based pa_3

Equity-settled share-based payments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	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	$ 8,581	$ 10,227	$ 6,406
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
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)	8,659,295
Stock already granted (shares)	6,337,880
Restricted Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense	$ 6,900	$ 10,900	$ 6,600

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, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 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	5.83	6.77	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	1,321	1,634	1,634
Exercised (shares) | shares	(37)	(313)	0
Options at end of period (shares) | shares	1,284	1,321	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, 2023 shares $ / shares	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]
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	1,284	1,321	1,634	1,634
May 1, 2034
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	400	496
May 1, 2035
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	363	369	452
January 1, 2036
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	94	124	142
February 16, 2036
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	84	103
October 1, 2036
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	343	344	441

Equity-settled share-based pa_6

Equity-settled share-based payments - Key Grant Date Fair Value and Other Assumptions (Details) - $ / shares	Apr. 20, 2023	Mar. 17, 2023	Apr. 20, 2022	Apr. 01, 2022	May 13, 2021	Apr. 01, 2021
Share-Based Payment Arrangements [Abstract]
Grant date, fair value (USD per share)	$ 8.12	$ 7.44	$ 12.60	$ 10.87	$ 9.54	$ 7.84

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period (shares)	2,301,000	1,766,000	1,222,000
Granted (shares)	549,000	1,406,000	1,067,000
Forfeited (shares)	(26,000)	(43,000)	(32,000)
Vested (shares)	(1,035,000)	(828,000)	(491,000)
Balance at end of period (shares)	1,789,000	2,301,000	1,766,000
Restricted Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period (shares)		0	174,000
Granted (shares)			0
Forfeited (shares)			0
Vested (shares)			(174,000)
Balance at end of period (shares)			0

Legal and other reserves - Narr

Legal and other reserves - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reserves within equity [abstract]
Legal and other reserve	$ 26,124,000	$ 22,187,000
Distributable retained earnings	0
Retained earnings, unappropriated	$ 789,021,000

Trade and other payables - Summ

Trade and other payables - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current
Trade payables	$ 514	$ 4,175
Payable from acquisition of subsidiary	0	12,646
Other payables	494	389
Trade and other payables, non-current	1,008	17,210
Current
Trade payables	140,949	193,127
Advances from customers	16,351	35,749
Taxes payable	9,482	8,868
Dividends to be paid	1,024	0
Payable from acquisition of subsidiary	13,404	3,575
Other payables	9,520	1,078
Trade and other payables, current	190,730	242,397
Trade and other payables	$ 191,738	$ 259,607

Borrowings - Borrowings (Detail

Borrowings - Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-current
Senior Notes	$ 498,347	$ 497,901
Non-current	697,843	727,983
Current
Senior Notes	8,250	8,250
Current	207,106	279,769
Borrowings	904,949	1,007,752	$ 817,651
Bank borrowings
Non-current
Bank borrowings	199,496	230,082
Current
Bank overdrafts and borrowings	194,470	223,461
Bank overdrafts
Current
Bank overdrafts and borrowings	$ 4,386	$ 48,058

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, 2023 BRL (R$)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Collateralized liabilities					$ 188,058	$ 77,055
Level 2 | Fair value
Disclosure of detailed information about borrowings [line items]
Borrowings					$ 474,300	$ 485,300
Borrowings, nominal rate (as a percent)				97.06%	94.86%
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)				8.60%		8.60%
Brazilian Subsidiaries | Top of range
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)				14.24%		14.24%
Brazilian Subsidiaries | Fixed interest rate | Bottom of range
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				6.80%		6.80%
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]
Interest rate on borrowings (as a percent)					3.80%
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%
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 | Specific Base-Rates | Bottom of range
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings (as a percent)				4.40%		4.40%
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)				74.50%		74.50%
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)				117%		117%

Borrowings - Maturity of Borrow

Borrowings - Maturity of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 904,949	$ 1,007,752	$ 817,651
Borrowings excluding obligations under finance lease
Disclosure of detailed information about borrowings [line items]
Total borrowings	904,949	1,007,752
Borrowings excluding obligations under finance lease | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	626,970	800,743
Borrowings excluding obligations under finance lease | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	277,979	207,009
Borrowings excluding obligations under finance lease | Less than 1 year | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	117,105	272,900
Borrowings excluding obligations under finance lease | Less than 1 year | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	90,001	6,869
Borrowings excluding obligations under finance lease | Between 1 and 2 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	6,010	27,720
Borrowings excluding obligations under finance lease | Between 1 and 2 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	37,712	35,355
Borrowings excluding obligations under finance lease | Between 2 and 3 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	5,508	2,222
Borrowings excluding obligations under finance lease | Between 2 and 3 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	91,878	32,851
Borrowings excluding obligations under finance lease | Between 3 and 4 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	56,605	80,115
Borrowings excluding obligations under finance lease | Between 4 and 5 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	498,347	0
Borrowings excluding obligations under finance lease | Between 4 and 5 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	1,783	50,211
Borrowings excluding obligations under finance lease | Over 5 Years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	0	497,901
Borrowings excluding obligations under finance lease | Over 5 Years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 0	$ 1,608

Borrowings - Brazilian Subsidia

Borrowings - Brazilian Subsidiaries (Details) $ in Thousands, R$ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 BRL (R$)	Dec. 31, 2022 USD ($)	Apr. 30, 2022	Dec. 31, 2021 USD ($)
Disclosure of detailed information about borrowings [line items]
Total borrowings | $	$ 904,949		$ 1,007,752		$ 817,651
Brazilian Subsidiaries | Certificados Recebíveis do Agronegócio (CRA)
Disclosure of detailed information about borrowings [line items]
Nominal amount		R$ 400.0
Total borrowings	82,600	400	$ 76,700
Interest rate on borrowings (as a percent)			3.80%
Brazilian Subsidiaries | Debênture
Disclosure of detailed information about borrowings [line items]
Nominal amount		400
Total borrowings	82,600	400	$ 76,700
Interest rate on borrowings (as a percent)			4.24%
Brazilian Subsidiaries | Banco do Brasil (CCB)
Disclosure of detailed information about borrowings [line items]
Nominal amount		30
Total borrowings	3,100	15	$ 5,700
Interest rate on borrowings (as a percent)			2.32%
Brazilian Subsidiaries | Itaú BBA (NCR)
Disclosure of detailed information about borrowings [line items]
Nominal amount		40
Total borrowings	$ 8,300	R$ 40.0	$ 0
Interest rate on borrowings (as a percent)			1.48%	13.23%

Borrowings - Argentinian Subsid

Borrowings - Argentinian Subsidiaries (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 904,949	$ 1,007,752	$ 817,651
Net book value of pledged assets	217,800	345,300
Argentina Subsidiaries | IFC due June 2028
Disclosure of detailed information about borrowings [line items]
Nominal amount	20,000
Total borrowings	$ 16,330	$ 18,600
Argentina Subsidiaries | IFC due June 2028 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)	4%
Argentina Subsidiaries | Adeco Agropecuaria S.A. | IFC due June 2028
Disclosure of detailed information about borrowings [line items]
Net book value of pledged assets	$ 100,000

Borrowings - Evolution of Borro

Borrowings - Evolution of Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Amount at the beginning of the year	$ 1,007,752	$ 817,651
Proceeds from long-term borrowings	7,739	41,082	$ 30,972
Payments of long-term borrowings	(24,105)	(14,012)	(108,425)
Proceeds from short term borrowings	448,532	347,928
Payments of short-term borrowings	(420,276)	(192,648)	(328,463)
Payments of interest	(43,457)	(33,189)
Accrued interest	33,495	51,596
Acquisition of subsidiaries	0	17,738
Exchange differences, inflation and translation, net	(105,465)	(30,489)
Others	734	2,095
Amount at the end of the year	$ 904,949	$ 1,007,752	$ 817,651

Lease liabilities - Summary (De

Lease liabilities - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities
Non-current	$ 325,569	$ 283,549
Current	52,941	54,431
Lease liabilities	$ 378,510	$ 337,980	$ 246,854

Lease liabilities - Maturity of

Lease liabilities - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	$ 378,510	$ 337,980
Less than 1 year
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	52,941	54,431
Between 1 and 2 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	66,474	61,931
Between 2 and 3 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	61,398	50,839
Between 3 and 4 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	47,677	41,781
Between 4 and 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	39,254	31,231
More than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be paid	$ 110,766	$ 97,767

Lease liabilities - Lease Liabi

Lease liabilities - Lease Liability Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis of operating lease payments [line items]
Amount at the beginning of the year	$ 337,980	$ 246,854
Exchange differences	18,213	14,663
Additions and re-measurement	101,355	153,850
Disposal	(908)	(5,921)
Payments	(118,333)	(102,579)
Finance cost related to lease liabilities	40,203	31,113	$ 16,502
Closing net book amount	378,510	337,980	246,854
Lease Liability - Agricultural Partnerships
Disclosure of maturity analysis of operating lease payments [line items]
Amount at the beginning of the year	312,066	222,013
Exchange differences	17,062	10,230
Additions and re-measurement	96,294	143,952
Disposal	(908)	(3,277)
Payments	(104,261)	(89,806)
Finance cost related to lease liabilities	36,906	28,954
Closing net book amount	357,159	312,066	222,013
Lease Liability - Others
Disclosure of maturity analysis of operating lease payments [line items]
Amount at the beginning of the year	25,914	24,841
Exchange differences	1,151	4,433
Additions and re-measurement	5,061	9,898
Disposal	0	(2,644)
Payments	(14,072)	(12,773)
Finance cost related to lease liabilities	3,297	2,159
Closing net book amount	$ 21,351	$ 25,914	$ 24,841

Payroll and social security l_3

Payroll and social security liabilities - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current
Social security payable	$ 1,570	$ 1,581
Non-current payroll and social security liabilities	1,570	1,581
Current
Salaries payable	4,498	4,050
Social security payable	4,062	4,693
Provision for vacations	12,783	11,487
Provision for bonuses	16,014	9,734
Current payroll and social security liabilities	37,357	29,964
Total payroll and social security liabilities	$ 38,927	$ 31,545

Provisions for other liabilit_3

Provisions for other liabilities - Changes in Provisions for Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
Other provisions, beginning balance	$ 3,435	$ 5,986
Additions	2,556	1,747
Acquisition of subsidiaries		300
Used during year	(1,937)	(4,653)
Exchange differences	(455)	55
Other provisions, ending balance	3,599	3,435
Labor, legal and other claims
Disclosure of other provisions [line items]
Other provisions, beginning balance	3,029	2,527
Additions	2,522	1,347
Acquisition of subsidiaries		300
Used during year	(1,558)	(1,237)
Exchange differences	(426)	92
Other provisions, ending balance	3,567	3,029
Others
Disclosure of other provisions [line items]
Other provisions, beginning balance	406	3,459
Additions	34	400
Acquisition of subsidiaries		0
Used during year	(379)	(3,416)
Exchange differences	(29)	(37)
Other provisions, ending balance	$ 32	$ 406

Provisions for other liabilit_4

Provisions for other liabilities - Total Provisions (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [abstract]
Non current	$ 2,871	$ 2,526
Current	728	909
Total provisions	$ 3,599	$ 3,435	$ 5,986

Provisions for other liabilit_5

Provisions for other liabilities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Tax, labor, civil, administrative and other proceedings
Disclosure of contingent liabilities [line items]
Contingent liabilities	$ 78.5	$ 78.5

Group companies - Ownership Int

Group companies - Ownership Interests in Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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)	99.98%	99.98%
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 Biogas LTDA. (ex 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%
Spain | Global Acamante S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%
Spain | Global Carelio S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%
Spain | Global Calidon S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%
Spain | Global Mirabilis S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%
Spain | Global Anceo S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%
Spain | Global Hisingen S.L.U
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary (as a percent)	51%

Related-party transactions - Su

Related-party transactions - Summary (Details) - Management and selected employees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Compensation selected employees	$ (8,218)	$ (11,497)	$ (7,883)
Amounts payable, related party transactions	$ (18,781)	$ (18,917)

Material accounting estimates_3

Material accounting estimates and judgments - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) unit	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) unit	Dec. 31, 2021 USD ($)
Disclosure of information for cash-generating units [line items]
Number of cash-generating units | unit		42		42
Property, plant and equipment, net	$ 1,549,565		$ 1,565,355		$ 1,422,623
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	9,800	$ 14,767		$ 14,721
Property, plant and equipment, net	148,900
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	4,500	$ 4,360		$ 4,039
Property, plant and equipment, net	$ 648,000

Material accounting estimates_4

Material accounting estimates and judgments - Allocated Goodwill to CGUs in Argentina (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Disclosure of information for cash-generating units [line items]
Total assets allocated to CGUs tested	$ 3,164,894		$ 3,108,855
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		$ 242
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		39
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)		261		260
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)		10		9
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)		1,731		1,726
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)		892		889
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)		3,206		3,196
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)		5,582		5,565
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)		2,776		2,768
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)		28		27
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)	$ 9,800	14,767		14,721
Closing net book value of PPE items allocated to CGUs tested		143,976		143,585
Total assets allocated to CGUs tested		$ 158,743		$ 158,306

Material accounting estimates_5

Material accounting estimates and judgments - Key Assumptions (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disclosure of information for cash-generating units [line items]
Future pricing increases (as a percent)	0.46%	1.21%
Future cost increases (as a percent)	0.96%	0.25%
Discount rates (as a percent)	5.20%	5.20%
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)	2%	1%

Material accounting estimates_6

Material accounting estimates and judgments - Allocated Goodwill to CGUs in Brazil (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Disclosure of information for cash-generating units [line items]
Total assets allocated to CGUs tested	$ 3,164,894		$ 3,108,855
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)		$ 3,171		$ 2,937
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)		1,189		1,102
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)	$ 4,500	4,360		4,039
Closing net book value of PPE items allocated to CGUs tested		600,764		518,814
Total assets allocated to CGUs tested		$ 605,124		$ 522,853

Summary of material accountin_3

Summary of material accounting policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 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

Subsequent events (Details)

Subsequent events (Details) $ in Thousands		12 Months Ended
	Apr. 26, 2024 USD ($) hectare	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of non-adjusting events after reporting period [Line Items]
Gain (loss) from disposal		$ 6,334	$ 0	$ 0
Other disposals of assets | La Pecuaria
Disclosure of non-adjusting events after reporting period [Line Items]
Number of hectares farm | hectare	3,177
Consideration paid (received)	$ (20,700)
Gain (loss) from disposal	$ 5,700