Adecoagro S.A. | CIK:0001499505 | 3

  • Filed: 4/27/2018
  • Entity registrant name: Adecoagro S.A. (CIK: 0001499505)
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    • ifrs-full:DisclosureOfOperatingSegmentsExplanatory

    Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows:
     
     
    2017
     
    2016
    Total reportable assets as per segment information
    1,112,527

     
    1,075,837

    Intangible assets (excluding goodwill)
    4,780

     
    3,847

    Deferred income tax assets
    43,437

     
    38,586

    Trade and other receivables
    172,214

     
    174,940

    Other assets
    565

     
    590

    Derivative financial instruments
    4,483

     
    3,398

    Cash and cash equivalents
    269,195

     
    158,568

    Total assets as per the statement of financial position
    1,607,201

     
    1,455,766

     








     
    2017
     
    2016
    Total reportable liabilities as per segment information
    817,958

     
    635,396

    Trade and other payables
    99,250

     
    93,585

    Deferred income tax liabilities
    10,457

     
    14,689

    Payroll and social liabilities
    28,507

     
    28,079

    Provisions for other liabilities
    4,843

     
    3,889

    Current income tax liabilities
    503

     
    1,387

    Derivative financial instruments
    552

     
    7,068

    Total liabilities as per the statement of financial position
    962,070

     
    784,093

    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, 2017
     
    Farming
     
    Sugar,
    Ethanol and Energy
     
     Land Transformation
     
    Corporate
     
     Total
     
    Crops
     
    Rice
     
    Dairy
     
    All other
    segments
     
    Farming
    subtotal
     
     
     
     
    Sales of goods and services rendered
    197,222

     
    86,478

     
    37,523

     
    1,336

     
    322,559

     
    610,619

     
    —

     
    —

     
    933,178

    Cost of goods sold and services rendered
    (196,302
    )
     
    (71,087
    )
     
    (36,979
    )
     
    (853
    )
     
    (305,221
    )
     
    (461,506
    )
     
    —

     
    —

     
    (766,727
    )
    Initial recognition and changes in fair value of biological assets and agricultural produce
    17,158

     
    10,236

     
    11,769

     
    267

     
    39,430

     
    23,790

     
    —

     
    —

     
    63,220

    Changes in net realizable value of agricultural produce after harvest
    8,852

     
    —

     
    —

     
    —

     
    8,852

     
    —

     
    —

     
    —

     
    8,852

    Margin on manufacturing and agricultural activities before operating expenses
    26,930

     
    25,627

     
    12,313

     
    750

     
    65,620

     
    172,903

     
    —

     
    —

     
    238,523

    General and administrative expenses
    (2,981
    )
     
    (4,699
    )
     
    (1,058
    )
     
    (174
    )
     
    (8,912
    )
     
    (26,806
    )
     
    —

     
    (21,581
    )
     
    (57,299
    )
    Selling expenses
    (7,501
    )
     
    (13,324
    )
     
    (711
    )
     
    (156
    )
     
    (21,692
    )
     
    (73,664
    )
     
    —

     
    (43
    )
     
    (95,399
    )
    Other operating income, net
    7,719

     
    724

     
    662

     
    (23
    )
     
    9,082

     
    30,419

     
    —

     
    (40
    )
     
    39,461

    Share of loss of joint ventures
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

    Profit / (loss) from operations before financing and taxation
    24,167

     
    8,328

     
    11,206

     
    397

     
    44,098

     
    102,852

     
    —

     
    (21,664
    )
     
    125,286

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Depreciation and amortization
    (1,511
    )
     
    (3,851
    )
     
    (1,037
    )
     
    (159
    )
     
    (6,558
    )
     
    (144,449
    )
     
    —

     
    —

     
    (151,007
    )
    Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)
    4,366

     
    5,346

     
    1,849

     
    159

     
    11,720

     
    2,925

     
    —

     
    —

     
    14,645

    Initial recognition and changes in fair value of biological assets and agricultural produce (realized)
    12,792

     
    4,890

     
    9,920

     
    108

     
    27,710

     
    20,865

     
    —

     
    —

     
    48,575

    Changes in net realizable value of agricultural produce after harvest (unrealized)
    2,371

     
    —

     
    —

     
    —

     
    2,371

     
    —

     
    —

     
    —

     
    2,371

    Changes in net realizable value of agricultural produce after harvest (realized)
    6,481

     
    —

     
    —

     
    —

     
    6,481

     
    —

     
    —

     
    —

     
    6,481

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Farmlands and farmland improvements, net
    59,680

     
    13,688

     
    248

     
    9,346

     
    82,962

     
    26,342

     
    —

     
    —

     
    109,304

    Machinery, equipment and other fixed assets, net
    21,365

     
    18,851

     
    12,175

     
    341

     
    52,732

     
    390,350

     
    —

     
    —

     
    443,082

    Bearer plants, net
    252

     
    —

     
    —

     
    1,832

     
    2,084

     
    236,826

     
    —

     
    —

     
    238,910

    Work in progress
    714

     
    1,940

     
    5,659

     
    —

     
    8,313

     
    21,322

     
    —

     
    —

     
    29,635

    Investment property
    —

     
    —

     
    —

     
    2,271

     
    2,271

     
    —

     
    —

     
    —

     
    2,271

    Goodwill
    3,221

     
    1,480

     
    —

     
    1,110

     
    5,811

     
    6,601

     
    —

     
    —

     
    12,412

    Biological assets
    31,745

     
    29,717

     
    9,338

     
    4,016

     
    74,816

     
    93,178

     
    —

     
    —

     
    167,994

    Finished goods
    21,146

     
    8,476

     
    —

     
    —

     
    29,622

     
    32,266

     
    —

     
    —

     
    61,888

    Raw materials, stocks held by third parties and others
    17,958

     
    9,927

     
    1,726

     
    364

     
    29,975

     
    17,056

     
    —

     
    —

     
    47,031

    Total segment assets
    156,081

     
    84,079

     
    29,146

     
    19,280

     
    288,586

     
    823,941

     
    —

     
    —

     
    1,112,527

    Borrowings
    69,789

     
    62,790

     
    2,384

     
    3,829

     
    138,792

     
    633,638

     
    —

     
    45,528

     
    817,958

    Total segment liabilities
    69,789

     
    62,790

     
    2,384

     
    3,829

     
    138,792

     
    633,638

     
    —

     
    45,528

     
    817,958


     
















    Segment analysis for the year ended December 31, 2016
     
    Farming
     
    Sugar,
    Ethanol and Energy
     
     Land Transformation
     
    Corporate
     
     Total
     
    Crops
     
    Rice
     
    Dairy
     
    All other
    segments
     
    Farming
    subtotal
     
     
     
     
    Sales of goods and services rendered
    142,124

     
    96,562

     
    32,897

     
    960

     
    272,543

     
    596,692

     
    —

     
    —

     
    869,235

    Cost of goods sold and services rendered
    (141,731
    )
     
    (83,574
    )
     
    (32,571
    )
     
    (212
    )
     
    (258,088
    )
     
    (420,493
    )
     
    —

     
    —

     
    (678,581
    )
    Initial recognition and changes in fair value of biological assets and agricultural produce
    48,790

     
    10,498

     
    5,476

     
    (13
    )
     
    64,751

     
    60,705

     
    —

     
    —

     
    125,456

    Changes in net realizable value of agricultural produce after harvest
    (5,841
    )
     
    —

     
    —

     
    —

     
    (5,841
    )
     
    —

     
    —

     
    —

     
    (5,841
    )
    Margin on manufacturing and agricultural activities before operating expenses
    43,342

     
    23,486

     
    5,802

     
    735

     
    73,365

     
    236,904

     
    —

     
    —

     
    310,269

    General and administrative expenses
    (2,770
    )
     
    (3,373
    )
     
    (983
    )
     
    (290
    )
     
    (7,416
    )
     
    (22,648
    )
     
    —

     
    (20,686
    )
     
    (50,750
    )
    Selling expenses
    (5,692
    )
     
    (11,583
    )
     
    (752
    )
     
    (49
    )
     
    (18,076
    )
     
    (62,518
    )
     
    —

     
    (79
    )
     
    (80,673
    )
    Other operating income, net
    (8,787
    )
     
    402

     
    686

     
    8,497

     
    798

     
    (8,903
    )
     
    —

     
    (192
    )
     
    (8,297
    )
    Share of loss of joint ventures
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

    Profit / (loss) from operations before financing and taxation
    26,093

     
    8,932

     
    4,753

     
    8,893

     
    48,671

     
    142,835

     
    —

     
    (20,957
    )
     
    170,549

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Depreciation and amortization
    (1,369
    )
     
    (2,766
    )
     
    (964
    )
     
    (192
    )
     
    (5,291
    )
     
    (122,209
    )
     
    —

     
    —

     
    (127,500
    )
    Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)
    5,790

     
    2,316

     
    1,319

     
    107

     
    9,532

     
    279

     
    —

     
    —

     
    9,811

    Initial recognition and changes in fair value of biological assets and agricultural produce (realized)
    43,000

     
    8,182

     
    4,157

     
    (120
    )
     
    55,219

     
    60,426

     
    —

     
    —

     
    115,645

    Changes in net realizable value of agricultural produce after harvest (unrealized)
    (90
    )
     
    —

     
    —

     
    —

     
    (90
    )
     
    —

     
    —

     
    —

     
    (90
    )
    Changes in net realizable value of agricultural produce after harvest (realized)
    (5,751
    )
     
    —

     
    —

     
    —

     
    (5,751
    )
     
    —

     
    —

     
    —

     
    (5,751
    )
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Farmlands and farmland improvements, net
    68,224

     
    18,868

     
    168

     
    5,504

     
    92,764

     
    26,734

     
    —

     
    —

     
    119,498

    Machinery, equipment and other fixed assets, net
    3,892

     
    14,949

     
    7,449

     
    467

     
    26,757

     
    418,543

     
    —

     
    —

     
    445,300

    Bearer plants, net
    —

     
    —

     
    —

     
    1,860

     
    1,860

     
    214,309

     
    —

     
    —

     
    216,169

    Work in progress
    1,100

     
    3,274

     
    2,727

     
    —

     
    7,101

     
    14,540

     
    —

     
    —

     
    21,641

    Investment property
    —

     
    —

     
    —

     
    2,666

     
    2,666

     
    —

     
    —

     
    —

     
    2,666

    Goodwill
    3,782

     
    1,737

     
    —

     
    1,186

     
    6,705

     
    6,700

     
    —

     
    —

     
    13,405

    Biological assets
    28,189

     
    25,575

     
    6,827

     
    2,433

     
    63,024

     
    82,380

     
    —

     
    —

     
    145,404

    Finished goods
    13,415

     
    5,474

     
    —

     
    —

     
    18,889

     
    49,302

     
    —

     
    —

     
    68,191

    Raw materials,Stocks held by third parties and others
    16,147

     
    6,628

     
    2,060

     
    —

     
    24,835

     
    18,728

     
    —

     
    —

     
    43,563

    Total segment assets
    134,749

     
    76,505

     
    19,231

     
    14,116

     
    244,601

     
    831,236

     
    —

     
    —

     
    1,075,837

    Borrowings
    43,878

     
    47,156

     
    616

     
    10,449

     
    102,099

     
    533,297

     
    —

     
    —

     
    635,396

    Total segment liabilities
    43,878

     
    47,156

     
    616

     
    10,449

     
    102,099

     
    533,297

     
    —

     
    —

     
    635,396


     

    Segment analysis for the year ended December 31, 2015
     
    Farming
     
    Sugar,
    Ethanol and Energy
     
     Land Transformation
     
    Corporate
     
     Total
     
    Crops
     
    Rice
     
    Dairy
     
    All other
    segments
     
    Farming
    subtotal
     
     
     
     
    Sales of goods and services rendered
    154,741

     
    84,668

     
    32,981

     
    1,302

     
    273,692

     
    400,622

     
    —

     
    —

     
    674,314

    Cost of goods sold and services rendered
    (154,287
    )
     
    (69,075
    )
     
    (33,030
    )
     
    (603
    )
     
    (256,995
    )
     
    (300,791
    )
     
    —

     
    —

     
    (557,786
    )
    Initial recognition and changes in fair value of biological assets and agricultural produce
    11,561

     
    2,822

     
    7,542

     
    (181
    )
     
    21,744

     
    32,784

     
    —

     
    —

     
    54,528

    Changes in net realizable value of agricultural produce after harvest
    14,691

     
    —

     
    —

     
    —

     
    14,691

     
    —

     
    —

     
    —

     
    14,691

    Margin on manufacturing and agricultural activities before operating expenses
    26,706

     
    18,415

     
    7,493

     
    518

     
    53,132

     
    132,615

     
    —

     
    —

     
    185,747

    General and administrative expenses
    (3,987
    )
     
    (3,136
    )
     
    (1,451
    )
     
    (74
    )
     
    (8,648
    )
     
    (18,301
    )
     
    —

     
    (21,476
    )
     
    (48,425
    )
    Selling expenses
    (5,672
    )
     
    (12,592
    )
     
    (663
    )
     
    (49
    )
     
    (18,976
    )
     
    (50,729
    )
     
    —

     
    (563
    )
     
    (70,268
    )
    Other operating income, net
    16,422

     
    600

     
    (479
    )
     
    6

     
    16,549

     
    6,340

     
    7,914

     
    263

     
    31,066

    Share of loss of joint ventures
    (2,685
    )
     
    —

     
    —

     
    —

     
    (2,685
    )
     
    —

     
    —

     
    —

     
    (2,685
    )
    Profit / (loss) from operations before financing and taxation
    30,784

     
    3,287

     
    4,900

     
    401

     
    39,372

     
    69,925

     
    7,914

     
    (21,776
    )
     
    95,435

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    16,066

     
    —

     
    16,066

    Depreciation and amortization
    (2,427
    )
     
    (2,987
    )
     
    (1,456
    )
     
    (276
    )
     
    (7,146
    )
     
    (97,255
    )
     
    —

     
    —

     
    (104,401
    )
    Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)
    2,234

     
    587

     
    —

     
    207

     
    3,028

     
    8,298

     
    —

     
    —

     
    11,326

    Initial recognition and changes in fair value of biological assets and agricultural produce (realized)
    9,327

     
    2,235

     
    7,542

     
    (388
    )
     
    18,716

     
    24,486

     
    —

     
    —

     
    43,202

    Changes in net realizable value of agricultural produce after harvest (unrealized)
    4,406

     
    —

     
    —

     
    —

     
    4,406

     
    —

     
    —

     
    —

     
    4,406

    Changes in net realizable value of agricultural produce after harvest (realized)
    10,285

     
    —

     
    —

     
    —

     
    10,285

     
    —

     
    —

     
    —

     
    10,285