Adecoagro (AGRO) 20-F 27 Apr 18 2017 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	Adecoagro S.A.
Entity Central Index Key	1,499,505
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	AGRO
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock Outstanding	117,738,419

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Profit or loss [abstract]
Sales of goods and services rendered	$ 933,178	$ 869,235	$ 674,314
Cost of goods sold and services rendered	(766,727)	(678,581)	(557,786)
Initial recognition and changes in fair value of biological assets and agricultural produce	63,220	125,456	54,528
Changes in net realizable value of agricultural produce after harvest	8,852	(5,841)	14,691
Margin on manufacturing and agricultural activities before operating expenses	238,523	310,269	185,747
General and administrative expenses	(57,299)	(50,750)	(48,425)
Selling expenses	(95,399)	(80,673)	(70,268)
Other operating income, net	39,461	(8,297)	31,066
Share of loss of joint venture	0	0	(2,685)
Profit from operations	125,286	170,549	95,435
Finance income	11,744	7,957	9,150
Finance costs	(131,349)	(165,380)	(116,890)
Financial results, net	(119,605)	(157,423)	(107,740)
Profit / (Loss) before income tax	5,681	13,126	(12,305)
Income tax benefit / (expense)	6,068	(9,387)	7,954
Profit / (Loss) for the year	11,749	3,739	(4,351)
Attributable to:
Equity holders of the parent	9,972	2,039	(5,593)
Non-controlling interest	$ 1,777	$ 1,700	$ 1,242
Earnings / (Loss) per share from operations attributable to the equity holders of the parent during the year:
Basic earnings per share	$ 0.083	$ 0.017	$ (0.046)
Diluted earnings per share	$ 0.082	$ 0.017	$ (0.046)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Statement of comprehensive income [abstract]
Profit / (Loss) for the year	$ 11,749		$ 3,739		$ (4,351)
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	(15,264)		39,496		(178,146)
Cash flow hedge, net of tax (Note 2)	12,608	[1]	100,615	[2]	(94,851)	[3]
Other comprehensive (loss) / income for the year	(2,656)		140,111		(272,997)
Total comprehensive income / (loss) for the year	9,093		143,850		(277,348)
Attributable to:
Equity holders of the parent	8,399		143,603		(275,077)
Non-controlling interest	$ 694		$ 247		$ (2,271)
[1]	Net of 8,715 of income tax.
[2]	Net of (52,282) of income tax.
[3]	Net of 49,106 of income tax.

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Non-Current Assets
Property, plant and equipment, net	$ 820,931	$ 802,608
Investment property	2,271	2,666
Intangible assets, net	17,192	17,252
Biological assets	11,276	8,516
Deferred income tax assets	43,437	38,586
Trade and other receivables, net	22,107	17,412
Other assets	535	566
Total Non-Current Assets	917,749	887,606
Current Assets
Biological assets	156,718	136,888
Inventories	108,919	111,754
Trade and other receivables, net	150,107	157,528
Derivative financial instruments	4,483	3,398
Other assets	30	24
Cash and cash equivalents	269,195	158,568
Total Current Assets	689,452	568,160
TOTAL ASSETS	1,607,201	1,455,766
Capital and reserves attributable to equity holders of the parent
Share capital	183,573	183,573
Share premium	908,934	937,250
Cumulative translation adjustment	(541,545)	(527,364)
Equity-settled compensation	17,852	17,218
Cash flow hedge	(24,691)	(37,299)
Treasury shares	(6,967)	(1,859)
Reserve from the sale of non-controlling interests in subsidiaries	41,574	41,574
Retained earnings	60,984	50,998
Equity attributable to equity holders of the parent	639,714	664,091
Non-controlling interest	5,417	7,582
TOTAL SHAREHOLDERS EQUITY	645,131	671,673
Non-Current Liabilities
Trade and other payables	827	1,427
Borrowings	663,060	430,304
Deferred income tax liabilities	10,457	14,689
Payroll and social liabilities	1,240	1,235
Derivatives financial instruments	0	662
Provisions for other liabilities	4,078	3,299
Total Non-Current Liabilities	679,662	451,616
Current Liabilities
Trade and other payables	98,423	92,158
Current income tax liabilities	503	1,387
Payroll and social liabilities	27,267	26,844
Borrowings	154,898	205,092
Derivative financial instruments	552	6,406
Provisions for other liabilities	765	590
Total Current Liabilities	282,408	332,477
TOTAL LIABILITIES	962,070	784,093
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES	$ 1,607,201	$ 1,455,766

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	Treasury shares	Reserve from the sale of non- controlling interests in subsidiaries	Retained earnings	Non- controlling interest
Total Equity at Dec. 31, 2014		$ 777,227	$ 769,638	$ 183,573	$ 933,044	$ (397,560)	$ 16,735	$ (43,064)	$ (2,840)	$ 25,508	$ 54,242	$ 7,589
Profit / (Loss) for the year		(4,351)	(5,593)								(5,593)	1,242
Exchange differences on translating foreign operations		(178,146)	(174,637)			(174,637)						(3,509)
Cash flow hedge, net of tax	[1]	(94,851)	(94,847)					(94,847)				(4)
Other comprehensive (loss) / income for the year		(272,997)	(269,484)			(174,637)		(94,847)				(3,513)
Total comprehensive income / (loss) for the year		(277,348)	(275,077)			(174,637)		(94,847)			(5,593)	(2,271)
Employee share options, exercised		1,499	1,499		1,786		(603)		316
Employee share options, forfeited							(146)				146
Value of employee services		4,396	4,396				4,396
Restricted shares, vested					3,103		(3,751)		648
Purchase of own shares (Note 22)		(319)	(319)		(259)				(60)
Sale of non-controlling interests in subsidiaries (Note 21)		21,964	19,947			3,881				16,066		2,017
Total Equity at Dec. 31, 2015		527,419	520,084	183,573	937,674	(568,316)	16,631	(137,911)	(1,936)	41,574	48,795	7,335
Profit / (Loss) for the year		3,739	2,039								2,039	1,700
Exchange differences on translating foreign operations		39,496	40,952			40,952						(1,456)
Cash flow hedge, net of tax	[2]	100,615	100,612					100,612				3
Other comprehensive (loss) / income for the year		140,111	141,564			40,952		100,612				(1,453)
Total comprehensive income / (loss) for the year		143,850	143,603			40,952		100,612			2,039	247
Employee share options, exercised		380	380		438		(140)		82
Employee share options, forfeited							(164)				164
Value of employee services		4,796	4,796				4,796
Restricted shares, vested					3,225		(3,905)		680
Purchase of own shares (Note 22)		(4,772)	(4,772)		(4,087)				(685)
Total Equity at Dec. 31, 2016		671,673	664,091	183,573	937,250	(527,364)	17,218	(37,299)	(1,859)	41,574	50,998	7,582
Profit / (Loss) for the year		11,749	9,972								9,972	1,777
Exchange differences on translating foreign operations		(15,264)	(14,181)			(14,181)						(1,083)
Cash flow hedge, net of tax	[3]	12,608	12,608					12,608				0
Other comprehensive (loss) / income for the year		(2,656)	(1,573)			(14,181)		12,608				(1,083)
Total comprehensive income / (loss) for the year		9,093	8,399	0	0	(14,181)	0	12,608	0	0	9,972	694
Employee share options, exercised		39	39		50		(21)		10
Employee share options, forfeited							(14)				14
Value of employee services		5,552	5,552				5,552
Restricted shares, vested		0			4,149		(4,883)		734
Purchase of own shares (Note 22)		(38,367)	(38,367)		(32,515)				(5,852)
Dividends		(2,859)										(2,859)
Total Equity at Dec. 31, 2017		$ 645,131	$ 639,714	$ 183,573	$ 908,934	$ (541,545)	$ 17,852	$ (24,691)	$ (6,967)	$ 41,574	$ 60,984	$ 5,417
[1]	Net of 49,106 of income tax.
[2]	Net of (52,282) of income tax.
[3]	Net of 8,715 of income tax.

Consolidated Statements of Cha6

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of changes in equity [abstract]
Income tax relating to cash flow hedges of other comprehensive income	$ 8,715	$ (52,282)	$ 49,106

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Profit / (Loss) for the year	$ 11,749	$ 3,739	$ (4,351)
Adjustments for:
Income tax (benefit) / expense	(6,068)	9,387	(7,954)
Depreciation	150,071	126,799	103,816
Amortization	936	701	585
Gain from disposal of farmlands and other assets	0	0	(7,914)
Loss/(Gain) from the disposal of other property items	986	1,255	(721)
Equity settled share-based compensation granted	5,552	4,796	4,396
(Gain) / Loss from derivative financial instruments and forwards	(38,679)	21,745	(17,686)
Interest and other financial expense, net	53,446	44,734	43,822
Initial recognition and changes in fair value of non harvested biological assets (unrealized)	(14,645)	(9,811)	(11,326)
Changes in net realizable value of agricultural produce after harvest (unrealized)	(2,371)	90	(4,406)
Provision and allowances	825	341	(79)
Share of loss from joint venture	0	0	2,685
Foreign exchange losses, net	38,708	19,062	23,423
Cash flow hedge – transfer from equity	20,758	85,214	32,700
Subtotal	221,268	308,052	156,990
Changes in operating assets and liabilities:
(Increase) in trade and other receivables	(9,476)	(30,996)	(2,300)
(Increase) in inventories	(4,089)	(22,301)	(9,275)
(Increase) in biological assets	(18,013)	(23,677)	(20,154)
Decrease / (Increase) in other assets	2	83	(871)
Decrease / (Increase) in derivative financial instruments	40,910	(17,892)	25,880
Increase / (Decrease) in trade and other payables	6,555	39,054	(9,871)
Increase in payroll and social security liabilities	1,953	3,052	4,996
Increase in provisions for other liabilities	855	1,175	21
Net cash generated from operating activities before taxes paid	239,965	256,550	145,416
Income tax paid	(2,860)	(1,149)	(230)
Net cash generated from operating activities	237,105	255,401	145,186
Cash flows from investing activities:
Purchases of property, plant and equipment	(198,550)	(132,392)	(141,464)
Purchase of cattle and non current biological assets	(1,694)	(1,713)	(306)
Purchases of intangible assets	(2,141)	(1,218)	(1,203)
Interest received	11,230	7,671	8,201
Proceeds from disposal of other property items	2,820	2,215	1,303
Proceeds from sale of farmland and other assets	0	0	12,610
Proceeds from disposal of subsidiaries	0	3,423	3,890
Loans to joint venture	0	0	(8,082)
Net cash used in investing activities	(188,335)	(122,014)	(125,051)
Cash flows from financing activities:
Issuance of senior notes	495,678	0	0
Proceeds from long-term borrowings	232,433	167,385	299,343
Payments of long-term borrowings	(602,700)	(277,913)	(165,455)
Proceeds from short-term borrowings	106,730	257,395	211,045
Payments of short-term borrowings	(64,787)	(272,033)	(208,309)
Interest paid	(41,612)	(48,400)	(48,438)
Prepayment related expenses	(6,080)	0	0
Net proceeds from the sale of non-controlling interest in subsidiaries	0	0	21,964
Proceeds from equity settled shared-based compensation exercised	39	380	1,259
Payment of derivatives financial instruments	(9,476)	(3,724)	(18,676)
Purchase of own shares	(38,367)	(4,772)	(320)
Dividends paid to non-controlling interest	(1,664)	0	0
Net cash generated/used from financing activities	70,194	(181,682)	92,413
Net increase / (decrease) in cash and cash equivalents	118,964	(48,295)	112,548
Cash and cash equivalents at beginning of year	158,568	198,894	113,795
Effect of exchange rate changes on cash and cash equivalents	(8,337)	7,969	(27,449)
Cash and cash equivalents at end of year	$ 269,195	$ 158,568	$ 198,894

General information

General information	12 Months Ended
	Dec. 31, 2017
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". These activities are carried out through three major lines of business, namely, Farming; Sugar, Ethanol and Energy and Land Transformation. Farming 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 as a foreign registered company under the symbol of AGRO. These consolidated financial statements have been approved for issue by the Board of Directors on March 13, 2018.

Financial risk management

Financial risk management	12 Months Ended
	Dec. 31, 2017
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 management of risk. The principal financial risks are related to raw material price, end-product price, exchange rate, interest rate, liquidity and credit. 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 potential materiality or probability of occurrence. • Exchange rate risk The Group’s cash flows, statement of income and statement of financial position are presented in US 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 respective functional currencies of the subsidiaries (primarily the Brazilian Reais and the Argentine Peso). However, the Group may transact in currencies other than the respective functional currencies, mainly the US dollars. As such, these subsidiaries may hold US dollar denominated monetary balances at each year-end as indicated in the tables below. The Group’s net financial position exposure to the US 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-US dollar amounts are presented in US dollars for purpose of these tables. 2017 Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Argentine Peso (21,958 ) — — — (21,958 ) Brazilian Reais — (17,134 ) — — (17,134 ) US Dollar (204,446 ) (461,966 ) 20,451 124,125 (521,836 ) Uruguayan Peso — — (1,101 ) — (1,101 ) Total (226,404 ) (479,100 ) 19,350 124,125 (562,029 ) 2016 Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Argentine Peso 1,518 — — — 1,518 Brazilian Reais — (203,070 ) — — (203,070 ) US Dollar (44,088 ) (307,088 ) (7,714 ) 78,801 (280,089 ) Uruguayan Peso — — (35 ) — (35 ) Total (42,570 ) (510,158 ) (7,749 ) 78,801 (481,676 ) The Group’s analysis shown on the tables below is carried out based on the exposure of each functional currency subsidiary against the US dollar. The Group estimated that, other factors being constant, a hypothetical 10% appreciation/depreciation of the US dollar against the respective functional currencies for the years ended December 31, 2017 and 2016 would have decreased/increased the Group’s Profit before income tax for the year. A 10% depreciation of the US dollar against the functional currencies would have an equal and opposite effect on the income statement. 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 US dollars (see Hedge Accounting - Cash Flow Hedge below for details). Functional currency Net monetary position Argentine Peso Brazilian Reais Uruguayan Peso Total 2017 US Dollar (20,445 ) (46,197 ) 2,045 (64,597 ) 2016 US Dollar (4,409 ) (30,709 ) (771 ) (35,889 ) The tables above only consider the effect of a hypothetical appreciation / depreciation of the US dollars on the Group’s net financial position. A hypothetical appreciation / depreciation of the US 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 US dollar. Hedge Accounting Cash Flow Hedge Effective July 1, 2013, the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps. Principal amounts of long-term borrowings (non-derivative financial instruments) and notional values of foreign currency forward contracts (derivative financial instruments) were designated as hedging instruments. These instruments are exposed to Brazilian Reais/ US dollar foreign currency risks related to operations in Brazil and Argentine Peso/US Dollar in Argentina, respectively. As of December 31, 2017 and 2016 , approximately 24.6% and 18.1% , respectively, of projected sales qualify as highly probable forecast transactions for hedge accounting purposes and were designated as hedged items. The Group has prepared formal documentation in order to support the designation above, 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, effect of changes in foreign currency exchange rates on derivative and non-derivative hedging instruments not be immediately recognized in profit or loss, but be 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. The Company expects that the cash flows will occur and affect profit or loss between 2018 and 2022 . For the year ended December 31, 2017 , a total amount before income tax of US$ 530 gain (US$ 67,683 loss in 2016 ) was recognized in other comprehensive income and an amount of US$ 20,758 loss (US$ 85,214 loss in 2016 ) 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 commodities 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 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. During 2017 the Company issued a 10 years Note, which improved the maturity of the borrowings (see Note 26). As of December 31, 2017 , cash and cash equivalents of the Group totaled U$S 269.2 million , which could be used for managing liquidity risk. 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 when discounting is not applied. At December 31, 2017 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 85,239 557 49 221 86,066 Borrowings 197,975 96,867 56,486 797,226 1,148,554 Derivative financial instruments 552 — — — 552 Total 283,766 97,424 56,535 797,447 1,235,172 At December 31, 2016 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 79,715 1,082 19 326 81,142 Borrowings 239,588 218,717 221,036 35,702 715,043 Derivative financial instruments 6,406 662 — — 7,068 Total 325,709 220,461 221,055 36,028 803,253 • 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 issuing the loans (excluding finance leases). These analyses are performed after giving effect to interest rate swaps. The analysis for the year ended December 31, 2017 and 2016 is as follows: 2017 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 6,448 — — — 6,448 Brazilian Reais — 96,951 — — 96,951 US Dollar 68,963 34,675 10,010 504,004 617,652 Subtotal fixed-rate borrowings 75,411 131,626 10,010 504,004 721,051 Variable rate: Brazilian Reais — 27,668 — — 27,668 US Dollar 49,599 19,535 — — 69,134 Subtotal variable-rate borrowings 49,599 47,203 — — 96,802 Total borrowings as per analysis 125,010 178,829 10,010 504,004 817,853 Finance leases 105 — — — 105 Total borrowings as per statement of financial position 125,115 178,829 10,010 504,004 817,958 2016 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 1,005 — — — 1,005 Brazilian Reais — 131,495 — — 131,495 US Dollar 15,065 37,937 29,069 — 82,071 Subtotal fixed-rate borrowings 16,070 169,432 29,069 — 214,571 Variable rate: Brazilian Reais — 65,408 — — 65,408 US Dollar 48,677 306,559 — — 355,236 Subtotal variable-rate borrowings 48,677 371,967 — — 420,644 Total borrowings as per analysis 64,747 541,399 29,069 — 635,215 Finance leases 181 — — — 181 Total borrowings as per statement of financial position 64,928 541,399 29,069 — 635,396 For the years ended December 31, 2017 and 2016 , 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. 2017 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Variable rate: Brazilian Reais — (277 ) — — (277 ) US Dollar (496 ) (195 ) — — (691 ) Total effects on profit before income tax (496 ) (472 ) — — (968 ) 2016 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reias Uruguayan Peso US Dollar Total Variable rate: Brazilian Reais — (654 ) — — (654 ) US Dollar (487 ) (3,066 ) — — (3,553 ) Total effects on profit before income tax (487 ) (3,720 ) — — (4,207 ) 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 exposures to credit risk arise in certain agreements 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 sells to a large base of customers. Type and class of customers may differ depending on the Group’s business segments. For the years ended December 31, 2017 and 2016 , more than 97% and 95% , respectively, of the Group’s sales of crops were sold to 111 and 121 well-known customers (both multinational and local) with good credit history with the Group. In the Sugar, Ethanol and Energy segment, sales of ethanol were concentrated in 7 and 35 customers, which represented 100% and 96% of total sales of ethanol for the years ended December 31, 2017 and 2016 , respectively. Approximately 87% and 71% of the Group’s sales of sugar were concentrated in 24 and 20 well-known traders for the years ended December 31, 2017 and 2016 , respectively. The remaining 13% and 29% , which mainly relates to “crystal sugar”, were dispersed among several customers. In 2017 and 2016 , energy sales are 99% and 96% concentrated in 32 major customers. In the dairy segment, 100% and 85% of the sales were concentrated in 29 and 14 well-known customers in 2017 and 2016 , 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 18 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, 2017 and 2016 , 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 December 31, 2017 and 2016 , 8 and 4 banks (primarily HSBC, Rabobank, Citibank and Banco do Brasil) accounted for more than 78% and 85% , 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, 2017 , the Group invested in fixed-term bank deposits with mainly two banks (Banco Itau and Santander) 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 arranged interest rate swaps with HSBC and Itau in Brazil. 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 by 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 debt. During the year ended December 31, 2017 , the strategy was to maintain the gearing ratio within 0.45 to 0.60 , as follows: 2017 2016 Total debt 817,958 635,396 Total equity 645,131 671,673 Total capital 1,463,089 1,307,069 Gearing ratio 0.56 0.49 • Derivative financial instruments As part of its business operations, the Group uses a variety of derivative financial instruments to manage its exposure to the financial risks discussed above. As part of this 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, 2017 : 2017 Type of derivative contract Quantities (thousands) (**) Notional amount Fair Value Asset/ (Liability) (Loss)/Gain (*) Futures: Sale Corn (33 ) (3,198 ) 48 361 Soybean 83 19,195 670 (765 ) Wheat (45 ) (7,083 ) (38 ) (38 ) Sugar 343,874 121,072 3,231 3,808 Options: Sell put Sugar 3,572 83 54 (30 ) Total 347,451 130,069 3,965 3,336 As of December 31, 2016 : 2016 Type of derivative contract Quantities (thousands) (**) Notional amount Fair Value Asset/ (Liability) (Loss)/Gain (*) Futures: Sale Corn 66 9,436 46 46 Soybean 120 42,330 (1,171 ) (1,170 ) Sugar 17,020 9,144 722 64 Ethanol 6,900 3,978 (40 ) (40 ) Options: Buy put Soybean 14 464 644 181 Sugar 70,510 (6,734 ) 5,374 352 Sell call Sugar 54,597 3,058 (3,219 ) (105 ) Sell put Sugar 14,528 748 (763 ) (1,625 ) Total 163,755 62,424 1,593 (2,297 ) (*) Included in the line item “(Loss) / Gain from commodity derivative financial instruments” of Note 8. (**) All quantities expressed in tons and m 3 . Commodity future contract fair values are computed with reference to quoted market prices on future exchanges. ▪ Foreign currency floating-to-fixed interest rate swap In July 2016 the Group's subsidiary in Brazil, Adecoagro Vale do Ivinhema entered into a Reais 90 million loan with Bradesco. The loan bears interest at a variable rate of CDI (an interbanking floating interest rate in USD) plus 2.1% per year. At same moment and with same bank, the Company entered into a swap operation, which intention is to effectively convert the principal amount and interest rate denominated in Reais, to a principal amount an interest rate denominated in US$, plus a fixed rate of 6,55%. The swap expired on Sep 2017. As of expiration date, the group recognized a gain of US$ 3 included whitin "Financial Results, net.” ▪ Currency forward During 2017 the Group did not entered into any currency forward contract in Brazil. During the year ended December 31, 2016 the Group entered into several currency forward contracts with Brazilian banks in order to hedge the fluctuation of the Brazilian Reais against the US Dollar for a total aggregate amount of US$ 57.2 million . The currency forward contracts entered in 2016 had maturity dates ranging between March 2016 and April 2017. These contracts resulted in a recognition of a loss of US$ 2.0 million and US$ 5.0 million in 2017 and 2016 , respectively. During the year ended on December 31, 2017 , the Group entered into several currency forward contracts in order to hedge the fluctuation of the US Dollar against Euro for a total notional amount of US$ 10.5 million . The currency forward contracts maturity date is March 2017. The outstanding contracts resulted in the recognition of a gain amounting to US$ 0.1 million in 2017 . During the year ended on December 31, 2016 , the Group entered into several currency forward contracts in order to hedge the fluctuation of the US Dollar against Euro for a total notional amount of US$ 10.7 million . The currency forward contracts maturity date is March 2017. The outstanding contracts resulted in the recognition of a gain amounting to US$ 0.6 million in 2016 . 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, 2017
Operating Segments [Abstract]
Segment information	Segment information According to IFRS 8, operating segments are identified based on the ‘management approach’. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance (the Management committee in the case of the Company). This classification is based on the differences in the nature of its operations, products and services. 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 Group operates in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation. The Coffee and Cattle businesses are presented within “Farming – All Other Segments” because they not meet the quantitive threshold for disclosure. • The Group’s ‘Farming’ is further comprised of five reportable segments: ▪ The Group’s ‘Crops’ Segment consists of planting, harvesting and sale of grains, oilseeds and fibers (including wheat, corn, soybeans, 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. ▪ The Group’s ‘Rice’ Segment consists of planting, harvesting, processing and marketing of rice. ▪ The Group’s ‘Dairy’ Segment consists of the production and sale of raw milk and other dairy products. ▪ The Group’s ‘All Other Segments’ consists of the aggregation of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for disclosure, namely, Coffee and Cattle. • The Group’s ‘Sugar, Ethanol and Energy’ Segment consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and marketed; • The Group’s ‘Land Transformation’ Segment comprises the (i) identification and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition of assets (generating profits). The measurement principles for the Group’s segment reporting structure are based on the IFRS principles adopted in the consolidated financial statements. 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 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 Group’s investment in CHS Agro S.A. is allocated to the ‘Crops’ segment. Therefore, the Group’s share of profit or loss after income taxes and its carrying amount are reported in this segment. 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 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 and Uruguay. As of and for the year ended December 31, 2017 : Argentina Brazil Uruguay Total Property, plant and equipment 103,312 710,523 7,096 820,931 Investment property 2,271 — — 2,271 Goodwill 5,095 7,317 — 12,412 Non-current portion of biological assets 11,276 — — 11,276 Sales of goods and services rendered 214,888 545,859 172,431 933,178 Initial recognition and changes in fair value of biological assets and agricultural produce 36,341 26,326 553 63,220 (Loss) from changes in net realizable value of agricultural produce after harvest 5,705 1,346 1,801 8,852 As of and for the year ended December 31, 2016 : Argentina Brazil Uruguay Total Property, plant and equipment 101,513 694,137 6,958 802,608 Investment property 2,666 — — 2,666 Goodwill 5,980 7,425 — 13,405 Non-current portion of biological assets 8,516 — — 8,516 Sales of goods and services rendered 164,264 432,468 272,503 869,235 Initial recognition and changes in fair value of biological assets and agricultural produce 62,970 62,556 (70 ) 125,456 (Loss) from changes in net realizable value of agricultural produce after harvest (4,491 ) (958 ) (392 ) (5,841 ) As of and for the year ended December 31, 2015 : Argentina Brazil Uruguay Total Sales of goods and services rendered 166,447 295,456 212,411 674,314 Initial recognition and changes in fair value of biological assets and agricultural produce 16,637 37,097 794 54,528 Gain / (Loss) from changes in net realizable value of agricultural produce after harvest 16,139 (32 ) (1,416 ) 14,691

Sales

Sales	12 Months Ended
	Dec. 31, 2017
Disclosure Of Revenue [Abstract]
Sales	Sales 2017 2016 2015 Manufactured products and services rendered: Rice 83,849 94,331 82,797 Ethanol 241,650 211,451 176,150 Sugar 305,688 330,895 177,801 Soybean oil and meal 6,119 — 2,071 Energy 62,218 53,995 46,671 Powder milk 2,713 4,816 1,042 Services 1,144 1,160 1,545 Operating Leases 771 984 1,309 Others 5,273 1,423 1,233 709,425 699,055 490,619 Agricultural produce and biological assets: Soybean 79,408 63,797 75,361 Cattle for dairy 3,380 3,059 3,656 Corn 82,482 48,502 41,813 Cotton 420 1,434 3,317 Milk 31,656 24,561 27,906 Wheat 14,835 16,951 16,116 Peanut 3,648 1,703 — Sunflower 3,163 7,275 12,659 Sorghum — — 111 Rice — 950 — Barley 1,888 1,240 634 Seeds 727 625 648 Others 2,146 83 1,474 223,753 170,180 183,695 Total sales 933,178 869,235 674,314 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 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$ 63.3 million as of December 31, 2017 ( 2016 : US$ 111.8 million ; 2015 : US$ 62.4 million ) comprised primarily of 27,848 tons of sugar (US$ 9.4 million ), 24,627 m3 of ethanol (US$ 6.3 million ), 408,236 mwh of energy (US$ 30.1 million ), 25,413 tons of soybean (U$S 7.2 million ), 21,835 tons of wheat (US$ 3.6 million ), and 37,391 tons of corn (US$ 5.7 million ) which expire between February 2018 and December 2018.

Cost of goods sold and services

Cost of goods sold and services rendered	12 Months Ended
	Dec. 31, 2017
Analysis of income and expense [abstract]
Cost of goods sold and services rendered	Cost of goods sold and services rendered As of December 31, 2017 : 2017 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2017 (Note 19) 13,117 5,473 — — 49,601 68,191 Cost of production of manufactured products (Note 6) 5,565 68,969 — 237 378,864 453,635 Purchases 82,842 7,779 2,410 — 93,106 186,137 Agricultural produce 102,734 — 34,569 616 1,015 138,934 Transfer to raw material (12,998 ) (1,354 ) — — — (14,352 ) Direct agricultural selling expenses 22,940 — — — — 22,940 Tax recoveries (i) — — — — (28,478 ) (28,478 ) Changes in net realizable value of agricultural produce after harvest 8,852 — — — — 8,852 Finished goods at the end of December 31, 2017 (Note 19) (21,146 ) (8,476 ) — — (32,266 ) (61,888 ) Exchange differences (5,604 ) (1,304 ) — — (336 ) (7,244 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 196,302 71,087 36,979 853 461,506 766,727 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values. As of December 31, 2016 : 2016 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2016 16,034 6,904 55 — 24,631 47,624 Cost of production of manufactured products (Note 6) 478 61,254 371 206 376,791 439,100 Purchases 25,954 22,303 4,414 — 89,745 142,416 Agricultural produce 110,252 — 27,628 — — 137,880 Transfer to raw material (8,603 ) — — — — (8,603 ) Direct agricultural selling expenses 19,077 — — — — 19,077 Tax recoveries (i) — — — — (24,156 ) (24,156 ) Changes in net realizable value of agricultural produce after harvest (5,841 ) — — — — (5,841 ) Finished goods at the end of December 31, 2016 (Note 19) (13,117 ) (5,473 ) — — (49,601 ) (68,191 ) Exchange differences (2,503 ) (1,414 ) 103 6 3,083 (725 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 141,731 83,574 32,571 212 420,493 678,581 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values. As of December 31, 2015 : 2015 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2015 21,056 4,656 76 — 50,087 75,875 Cost of production of manufactured products (Note 6) 67 60,445 624 603 273,127 334,866 Purchases 27,625 13,520 920 — 48,610 90,675 Agricultural produce 93,536 — 31,563 — — 125,099 Transfer to raw material (6,237 ) — — — — (6,237 ) Direct agricultural selling expenses 29,179 — — — — 29,179 Tax recoveries (i) — — — — (16,196 ) (16,196 ) Changes in net realizable value of agricultural produce after harvest 14,691 — — — — 14,691 Finished goods at the end of December 31, 2015 (16,034 ) (6,904 ) (55 ) — (24,631 ) (47,624 ) Exchange differences (9,596 ) (2,642 ) (98 ) — (30,206 ) (42,542 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 154,287 69,075 33,030 603 300,791 557,786 (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, 2017
Analysis of income and expense [abstract]
Expenses by nature	Expenses by nature The Group presents the statement of income under the function of expense method. Under this method, expenses are classified according to their function as part of the line items “cost of goods sold and direct agricultural selling expenses”, “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, 2017 : Cost of production of manufactured products (Note 5) General and Administrative Expenses Selling Expenses Total Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits — 7,115 — 229 50,243 57,587 33,969 6,724 98,280 Raw materials and consumables 695 3,579 — — 9,343 13,617 — — 13,617 Depreciation and amortization — 836 — 8 119,427 120,271 6,162 778 127,211 Fuel, lubricants and others — 109 — — 25,272 25,381 454 242 26,077 Maintenance and repairs — 1,750 — — 17,005 18,755 1,189 469 20,413 Freights — 6,074 — — 572 6,646 — 33,682 40,328 Export taxes / selling taxes — — — — — — — 36,808 36,808 Export expenses — — — — — — — 3,511 3,511 Contractors and services 1,054 — — — 6,191 7,245 — — 7,245 Energy transmission — — — — — — — 3,312 3,312 Energy power — 1,342 — — 1,525 2,867 190 53 3,110 Professional fees — 51 — — 352 403 7,519 1,633 9,555 Other taxes — 93 — — 1,978 2,071 845 5 2,921 Contingencies — — — — — — 2,174 — 2,174 Lease expense and similar arrangements — 269 — — — 269 1,334 56 1,659 Third parties raw materials — 6,808 — — 34,161 40,969 — — 40,969 Others 6 955 — — 4,261 5,222 3,463 8,126 16,811 Subtotal 1,755 28,981 — 237 270,330 301,303 57,299 95,399 454,001 Own agricultural produce consumed 3,810 39,988 — — 108,534 152,332 — — 152,332 Total 5,565 68,969 — 237 378,864 453,635 57,299 95,399 606,333 Expenses by nature for the year ended December 31, 2016 : Cost of production of manufactured products (Note 5) General and Administrative Expenses Selling Expenses Total Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits — 5,590 — 206 54,225 60,021 30,935 5,358 96,314 Raw materials and consumables 468 3,927 — — 7,025 11,420 — — 11,420 Depreciation and amortization — 856 — — 102,620 103,476 5,006 695 109,177 Fuel, lubricants and others — 86 — — 26,307 26,393 450 368 27,211 Maintenance and repairs — 1,408 — — 21,641 23,049 931 390 24,370 Freights — 4,901 14 — 330 5,245 — 29,976 35,221 Export taxes / selling taxes — — — — — — — 29,375 29,375 Export expenses — — — — — — — 3,649 3,649 Contractors and services 10 — 39 — 4,374 4,423 — — 4,423 Energy transmission — — — — — — — 2,890 2,890 Energy power — 913 — — 1,007 1,920 795 211 2,926 Professional fees — 90 — — 387 477 5,495 1,105 7,077 Other taxes — 58 — — 2,012 2,070 653 8 2,731 Contingencies — — — — — — 1,835 — 1,835 Lease expense and similar arrangements — 145 — — — 145 1,185 51 1,381 Third parties raw materials — 3,001 — — 26,552 29,553 — — 29,553 Tax recoveries — — — — (11,527 ) (11,527 ) — — (11,527 ) Others — 1,344 — — 4,428 5,772 3,465 6,597 15,834 Subtotal 478 22,319 53 206 239,381 262,437 50,750 80,673 393,860 Own agricultural produce consumed — 38,935 318 — 137,410 176,663 — — 176,663 Total 478 61,254 371 206 376,791 439,100 50,750 80,673 570,523 Expenses by nature for the year ended December 31, 2015 : Cost of production of manufactured products (Note 5) Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total General and Administrative Expenses Selling Expenses Total Salaries, social security expenses and employee benefits — 5,952 — 551 49,454 55,957 28,354 5,053 89,364 Raw materials and consumables 56 3,760 86 — 7,143 11,045 — — 11,045 Depreciation and amortization — 1,305 — — 82,711 84,016 5,762 765 90,543 Fertilizers, agrochemicals and seeds — — — 52 — 52 — — 52 Fuel, lubricants and others — 102 — — 20,034 20,136 468 66 20,670 Maintenance and repairs — 1,167 — — 13,934 15,101 937 356 16,394 Freights 9 4,303 38 — — 4,350 16 20,930 25,296 Export taxes / selling taxes — — — — — — — 29,110 29,110 Export expenses — — — — — — — 3,223 3,223 Contractors and services — — 82 — 3,297 3,379 — — 3,379 Energy transmission — — — — — — — 2,386 2,386 Energy power — 622 — — 1,039 1,661 793 27 2,481 Professional fees — 84 — — 349 433 6,008 1,257 7,698 Other taxes — 85 — — 1,260 1,345 716 — 2,061 Contingencies — — — — — — 1,482 — 1,482 Lease expense and similar arrangements — 77 — — 216 293 1,107 43 1,443 Third parties raw materials — 9,506 — — 24,182 33,688 — — 33,688 Tax recoveries — — — — (14,395 ) (14,395 ) — — (14,395 ) Others 2 691 — — 5,087 5,780 2,782 7,052 15,614 Subtotal 67 27,654 206 603 194,311 222,841 48,425 70,268 341,534 Own agricultural produce consumed — 32,791 418 — 78,816 112,025 — — 112,025 Total 67 60,445 624 603 273,127 334,866 48,425 70,268 453,559

Salaries and social security ex

Salaries and social security expenses	12 Months Ended
	Dec. 31, 2017
Analysis of income and expense [abstract]
Salaries and social security expenses	Salaries and social security expenses 2017 2016 2015 Wages and salaries (i) 132,025 117,423 104,216 Social security costs 30,558 28,849 23,111 Equity-settled share-based compensation 5,552 4,796 4,396 168,135 151,068 131,723 Number of employees 7,790 8,326 8,089 (i) Includes US$ 41,172 , US$ 28,475 and US$ 16,708 , capitalized in Property, Plant and Equipment for the years 2017 , 2016 and 2015 , respectively.

Other operating income, net

Other operating income, net	12 Months Ended
	Dec. 31, 2017
Analysis of income and expense [abstract]
Other operating income, net	Other operating income, net 2017 2016 2015 Gain from disposal of farmland and other assets (Note 21) — — 7,914 Gain /(Loss) from commodity derivative financial instrument 40,842 (16,007 ) 22,148 (Loss) /Gain from disposal of other property items (986 ) (1,255 ) 721 Settlement agreement (Note 29) — 8,489 — Losses related to energy business (3,247 ) — — Others 2,852 476 283 39,461 (8,297 ) 31,066

Financial results, net

Financial results, net	12 Months Ended
	Dec. 31, 2017
Analysis of income and expense [abstract]
Financial results, net	Financial results, net 2017 2016 2015 Finance income: - Interest income 11,230 7,671 8,201 - Other income 514 286 949 Finance income 11,744 7,957 9,150 Finance costs: - Interest expense (52,308 ) (48,198 ) (49,491 ) - Cash flow hedge – transfer from equity (Note 2) (20,758 ) (85,214 ) (32,700 ) - Foreign exchange losses, net (38,708 ) (19,062 ) (23,423 ) - Taxes (3,705 ) (2,719 ) (3,358 ) - Loss from interest rate/foreign exchange rate derivative financial instruments (2,163 ) (5,694 ) (4,437 ) - Prepayment related expenses (Note 26 - Brazilian subsidiaries) (10,847 ) — — - Other expenses (2,860 ) (4,493 ) (3,481 ) Finance costs (131,349 ) (165,380 ) (116,890 ) Total financial results, net (119,605 ) (157,423 ) (107,740 )

Taxation

Taxation	12 Months Ended
	Dec. 31, 2017
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: 2017 2016 2015 Current income tax (13,425 ) (21,505 ) (2,163 ) Deferred income tax 19,493 12,118 10,117 Income tax benefit / (expense) 6,068 (9,387 ) 7,954 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 26 % (i) During 2017, the Argentine Government introduced changes in the income tax. The income tax rate will be reduced to 30% for the years 2018 and 2019, and to 25% from 2020 onwards. A new tax on dividends is created with a rate of 7% for the years 2018 and 2019, and 13% from 2020 onwards. Deferred tax assets and liabilities of the Group as of December 31, 2017 and 2016 , without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2017 2016 Deferred income tax asset to be recovered after more than 12 months 109,830 96,822 Deferred income tax asset to be recovered within 12 months 20,191 17,504 Deferred income tax assets 130,021 114,326 Deferred income tax liability to be settled after more than 12 months (90,951 ) (86,573 ) Deferred income tax liability to be settled within 12 months (6,090 ) (3,856 ) Deferred income tax liability (97,041 ) (90,429 ) Deferred income tax assets, net 32,980 23,897 The gross movement on the deferred income tax account is as follows: 2017 2016 Beginning of year 23,897 53,108 Exchange differences (1,695 ) 10,953 Tax (charge) relating to cash flow hedge (i) (8,715 ) (52,282 ) Income tax benefit 19,493 12,118 End of year 32,980 23,897 (i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$ (565) for the year ended December 31, 2017 ( 2016 : US$ (67,683) ); net of the reclassification from Equity to Income Statements of US$ (20,758) for the year ended December 31, 2017 ( 2016 : US$ (85,214) ) 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 liabilities Property, plant and equipment Biological assets Others Total At January 1, 2016 55,964 15,963 — 71,927 Charged / (credited) to the statement of income 3,380 (2,752 ) 16,787 17,415 Exchange differences (512 ) 911 688 1,087 At December 31, 2016 58,832 14,122 17,475 90,429 Charged / (credited) to the statement of income 23,249 3,707 (15,583 ) 11,373 Exchange differences (4,437 ) (1,057 ) 733 (4,761 ) At December 31, 2017 77,644 16,772 2,625 97,041 Deferred income tax assets Provisions Tax loss carry forwards Equity-settled share-based compensation Biological assets Others Total At January 1, 2016 1,789 107,191 5,620 1,727 8,708 125,035 Charged/(credited) to the statement of income 353 31,074 20 (2,063 ) 149 29,533 Tax charge relating to cash flow hedge — (52,282 ) — — — (52,282 ) Exchange differences 289 11,135 336 280 12,040 At December 31, 2016 2,431 97,118 5,640 — 9,137 114,326 (Credited) / charged to the statement of income (705 ) 11,907 41 — 19,623 30,866 Tax charge relating to cash flow hedge — (8,715 ) — — — (8,715 ) Exchange differences 757 (4,193 ) — — (3,020 ) (6,456 ) At December 31, 2017 2,483 96,117 5,681 — 25,740 130,021 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, management believes that as at December 31, 2017 , it is probable that the Group will realize some portion of the deferred tax assets in Brazil and Argentina. As of December 31, 2017 , the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina 80,988 5 years Brazil 195,894 No expiration date. Uruguay 3,394 5 years Luxembourg 29,212 No expiration date. Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. The Group did not recognize deferred income tax assets of US$ 5.6 million in respect of losses amounting to US$ 18.0 million that can be carried forward against future taxable income. The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2017 2016 2015 Tax calculated at the tax rates applicable to profits in the respective countries (1,937 ) (3,644 ) 3,842 Non-deductible items (1,406 ) (3,304 ) (133 ) Non-deductible items – changes in estimates on previous year — (1,182 ) — Effect of the changes in the statutory income tax rate in Argentina 1,781 — — Unused tax losses (2,265 ) — — Tax losses where no deferred tax asset was recognized (29 ) (569 ) (317 ) Non-taxable income 2,437 — 4,625 Previously unrecognised tax losses now recouped to reduce tax expenses 7,595 — — Others (108 ) (688 ) (63 ) Income tax benefit / (expense) 6,068 (9,387 ) 7,954

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2017
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 22). 2017 2016 2015 Profit/(Loss) from operations attributable to equity holders of the Group 9,972 2,039 (5,593 ) Weighted average number of shares in issue (thousands) 120,599 121,421 120,901 Basic earnings / (loss) per share from operations 0.083 0.017 (0.046 ) (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. As of December 31, 2017 , there were 851 thousands ( 2016 : 1,658 thousands ; 2015 : 1,701 thousands ) share options/restricted units outstanding that could potentially have a dilutive impact in the future but were antidilutive for the periods presented. 2017 2016 2015 Profit / (Loss) from operations attributable to equity holders of the Group 9,972 2,039 (5,593 ) Weighted average number of shares in issue (thousands) 120,599 121,421 120,901 Adjustments for: - Employee share options and restricted units (thousands) 1,604 1,695 1,445 Weighted average number of shares for diluted earnings per share (thousands) 122,203 123,116 122,346 Diluted earnings / (loss) per share from operations 0.082 0.017 (0.046 )

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2017
Property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment Changes in the Group’s property, plant and equipment in 2017 and 2016 were as follows: Farmlands Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At January 1, 2016 Cost 114,527 14,889 267,473 548,037 234,322 13,544 23,113 1,215,905 Accumulated depreciation — (9,748 ) (100,005 ) (321,988 ) (77,651 ) (9,624 ) — (519,016 ) Net book amount 114,527 5,141 167,468 226,049 156,671 3,920 23,113 696,889 At December 31, 2016 Opening net book amount 114,527 5,141 167,468 226,049 156,671 3,920 23,113 696,889 Exchange differences (6,004 ) (838 ) 26,675 46,053 33,169 103 (924 ) 98,234 Additions — — 7,420 36,190 74,175 1,484 19,454 138,723 Reclassification from investment property (Note 13) 1,335 — — — — — — 1,335 Transfers — 6,856 6,491 6,608 — 8 (19,963 ) — Disposals — — (1,078 ) (3,125 ) — (72 ) — (4,275 ) Reclassification to non-income tax credits (*) — — (1,233 ) (227 ) — — (39 ) (1,499 ) Depreciation — (1,519 ) (15,688 ) (60,238 ) (47,846 ) (1,508 ) — (126,799 ) Closing net book amount 109,858 9,640 190,055 251,310 216,169 3,935 21,641 802,608 Farmlands Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At December 31, 2016 Cost 109,858 20,907 305,748 633,536 341,666 15,067 21,641 1,448,423 Accumulated depreciation — (11,267 ) (115,693 ) (382,226 ) (125,497 ) (11,132 ) — (645,815 ) Net book amount 109,858 9,640 190,055 251,310 216,169 3,935 21,641 802,608 Year ended December 31, 2017 Opening net book amount 109,858 9,640 190,055 251,310 216,169 3,935 21,641 802,608 Exchange differences (9,561 ) (1,219 ) (4,473 ) (5,853 ) (4,089 ) (390 ) (2,901 ) (28,486 ) Additions — — 15,495 62,101 84,278 2,351 37,856 202,081 Reclassification from investment property — — — — — — — — Transfers — 2,711 12,963 11,183 — 11 (26,868 ) — Disposals — — (162 ) (3,913 ) — (40 ) — (4,115 ) Reclassification to non-income tax credits (*) — — (205 ) (788 ) — — (93 ) (1,086 ) Depreciation — (2,125 ) (20,829 ) (67,960 ) (57,448 ) (1,709 ) — (150,071 ) Closing net book amount 100,297 9,007 192,844 246,080 238,910 4,158 29,635 820,931 At December 31, 2017 Cost 100,297 22,399 329,366 696,266 421,855 16,999 29,635 1,616,817 Accumulated depreciation — (13,392 ) (136,522 ) (450,186 ) (182,945 ) (12,841 ) — (795,886 ) Net book amount 100,297 9,007 192,844 246,080 238,910 4,158 29,635 820,931 (*) 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, 2017 and 2016 , 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 allocated their cost over the estimated usefull lives. Farmlands are not depreciated. Farmland improvements 5-25 years Buildings and facilities 20 years Furniture and fittings 10 years Computer equipment 3-5 years Machinery and equipment 4-10 years Vehicles 4-5 years Bearer plants 6 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date. Depreciation charges are included in “Cost of production of Biological Assets”, “Cost of production of manufactures products”, “General and administrative expenses”, “Selling expenses” and capitalized in “Property, plant and equipment” for the years ended December 31, 2017 and 2016 . During the year ended December 31, 2017 , borrowing costs of US$ 3,660 ( 2016 :US$ 4,654 ) 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$ 265,099 as of December 31, 2017 ( 2016 : US$ 575,882 ).

Investment property

Investment property	12 Months Ended
	Dec. 31, 2017
Investment property [abstract]
Investment property	Investment property Changes in the Group’s investment property in 2017 and 2016 were as follows: 2017 2016 Beginning of the year 2,666 4,796 Reclassification to property, plant and equipment (i) — (1,335 ) Exchange difference (395 ) (795 ) End of the year 2,271 2,666 Cost 2,271 2,666 Accumulated depreciation — — Net book amount 2,271 2,666 (i) Relates to new contracts with third parties. As of December 31, 2017 , the fair value (level 3) of investment property was US$ 42 million ( 2016 : US$ 45 million ).

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2017
Intangible Assets [Abstract]
Intangible assets	Intangible assets Changes in the Group’s intangible assets in 2017 and 2016 were as follows: Goodwill Software Others Total At January 1, 2016 Cost 13,510 4,044 2,636 20,190 Accumulated amortization — (1,844 ) (1,685 ) (3,529 ) Net book amount 13,510 2,200 951 16,661 Year ended December 31, 2016 Opening net book amount 13,510 2,200 951 16,661 Exchange differences (105 ) 186 (7 ) 74 Additions — 1,176 42 1,218 Amortization charge (i) — (661 ) (40 ) (701 ) Closing net book amount 13,405 2,901 946 17,252 At December 31, 2016 Cost 13,405 5,406 2,671 21,482 Accumulated amortization — (2,505 ) (1,725 ) (4,230 ) Net book amount 13,405 2,901 946 17,252 Year ended December 31, 2017 Opening net book amount 13,405 2,901 946 17,252 Exchange differences (993 ) (244 ) (10 ) (1,247 ) Additions — 2,089 34 2,123 Amortization charge (i) — (895 ) (41 ) (936 ) Closing net book amount 12,412 3,851 929 17,192 At December 31, 2017 Cost 12,412 7,251 2,695 22,358 Accumulated amortization — (3,400 ) (1,766 ) (5,166 ) Net book amount 12,412 3,851 929 17,192 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2017 and 2016 , 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, 2017
Agriculture1 [Abstract]
Biological assets	Biological assets Changes in the Group’s biological assets in 2017 and 2016 were as follows: 2017 Crops (ii) Rice (ii) Dairy All other segments Sugarcane (ii) Total Beginning of the year 28,189 25,575 6,827 2,433 82,380 145,404 Increase due to purchases — — 610 1,084 — 1,694 Initial recognition and changes in fair value of biological assets (i) 17,158 10,236 11,769 267 23,790 63,220 Decrease due to harvest / disposals (102,734 ) (43,842 ) (34,569 ) (616 ) (113,184 ) (294,945 ) Costs incurred during the year 92,034 39,547 26,002 1,478 101,277 260,338 Exchange differences (2,902 ) (1,799 ) (1,301 ) (630 ) (1,085 ) (7,717 ) End of the year 31,745 29,717 9,338 4,016 93,178 167,994 2016 Crops (ii) Rice (ii) Dairy All other segments Sugarcane (ii) Total Beginning of the year 22,536 23,131 6,786 288 59,077 111,818 Increase due to purchases — — — 1,713 — 1,713 Initial recognition and changes in fair value of biological assets (i) 48,790 10,498 5,476 (13 ) 60,705 125,456 Decrease due to harvest / disposals (110,252 ) (38,508 ) (27,946 ) — (141,645 ) (318,351 ) Costs incurred during the year 68,607 33,839 23,885 558 91,235 218,124 Exchange differences (1,492 ) (3,385 ) (1,374 ) (113 ) 13,008 6,644 End of the year 28,189 25,575 6,827 2,433 82,380 145,404 (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$ 12,036 for the year ended December 31, 2017 ( 2016 : US$ 5,463 ). In 2017 , an amount of US$ 2,830 ( 2016 : US$ 1,019 ) was attributable to price changes, and an amount of US$ 9,206 ( 2016 : US$ 4,444 ) was attributable to physical changes. (ii) Biological assets that are measured at fair value within level 3 of the hierarchy. Cost of production as of December 31, 2017 : Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits 3,999 7,312 4,762 386 12,224 28,683 Depreciation and amortization 413 — — — 5,989 6,402 Fertilizers, agrochemicals and seeds 35,715 10,647 9 — 31,144 77,515 Fuel, lubricants and others 1,075 666 741 64 3,220 5,766 Maintenance and repairs 1,303 2,419 1,912 220 2,329 8,183 Freights 234 500 128 77 — 939 Contractors and services 29,738 14,706 — 30 4,232 48,706 Feeding expenses — — 9,585 174 — 9,759 Veterinary expenses — — 1,783 148 — 1,931 Energy power 123 1,954 698 — — 2,775 Professional fees 180 173 220 19 84 676 Other taxes 1,621 156 7 129 91 2,004 Lease expense and similar arrangements 13,057 138 — — 40,757 53,952 Others 4,576 876 368 122 1,207 7,149 Subtotal 92,034 39,547 20,213 1,369 101,277 254,440 Own agricultural produce consumed — — 5,789 109 — 5,898 Total 92,034 39,547 26,002 1,478 101,277 260,338 Cost of production as of December 31, 2016 : Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits 3,786 5,820 3,849 214 12,610 26,279 Depreciation and amortization 395 — — — 5,880 6,275 Fertilizers, agrochemicals and seeds 24,774 8,047 80 — 24,087 56,988 Fuel, lubricants and others 971 1,527 772 17 3,385 6,672 Maintenance and repairs 1,253 2,811 1,787 92 2,519 8,462 Freights 1,421 479 127 19 — 2,046 Contractors and services 23,769 13,248 — — 2,651 39,668 Feeding expenses — — 9,053 21 — 9,074 Veterinary expenses — — 1,624 69 — 1,693 Energy power 119 853 492 — — 1,464 Professional fees 131 85 169 — 145 530 Other taxes 1,561 131 8 100 116 1,916 Lease expense and similar arrangements 6,965 97 8 — 38,555 45,625 Others 3,462 741 563 26 1,287 6,079 Subtotal 68,607 33,839 18,532 558 91,235 212,771 Own agricultural produce consumed — — 5,353 — — 5,353 Total 68,607 33,839 23,885 558 91,235 218,124 Biological assets in December 31, 2017 and 2016 were as follows: 2017 2016 Non-current Cattle for dairy production (i) 8,989 6,584 Breeding cattle (ii) 1,984 1,533 Other cattle (ii) 303 399 11,276 8,516 Current Breeding cattle (iii) 1,729 501 Other cattle (iii) 349 243 Sown land – crops (ii) 31,745 28,189 Sown land – rice (ii) 29,717 25,575 Sown land – sugarcane (ii) 93,178 82,380 156,718 136,888 Total biological assets 167,994 145,404 (i) Classified as bearer and mature biological assets. (ii) Classified as consumable and immature biological assets. (iii) Classified as consumable and mature biological assets. The fair value less estimated point of sale costs of agricultural produce at the point of harvest amounted to US$ 113,184 for the year ended December 31, 2017 ( 2016 : US$ 141,645 ). The following table presents the Group´s biological assets that are measured at fair value at December 31, 2017 and 2016 (see Note 17 to see the description of each fair value level): 2017 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 8,989 — 8,989 — 6,584 — 6,584 Breeding cattle 3,713 — — 3,713 2,034 — — 2,034 Other cattle — 652 — 652 — 642 — 642 Sown land – sugarcane — — 93,178 93,178 — — 82,380 82,380 Sown land – crops — — 31,745 31,745 — — 28,189 28,189 Sown land – rice — — 29,717 29,717 — — 25,575 25,575 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 inputs Range of unobservable inputs Relationship of unobservable inputs to fair value 2017 2016 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: 60-100 tn/ha -Sugarcane yield: 60-100 tn/ha The higher the sugarcane yield, the higher the fair value. The higher the maintenance, harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher the fair value. Sown land – crops Crops yield – tonnes per hectare; Commercial Costs – usd per hectare; - Crops yield: 1.5 – 5.1 tn/ha for Wheat, 4.0 – 8.0 tn/ha for Corn, 1.4 - 3.4 tn/ha for Soybean and 2.1-3.5 for Sunflower - Crops yield: 2.0 – 2.8 tn/ha for Wheat, 5.4 – 7.7 tn/ha for Corn, 2.7 - 3.8 tn/ha for Soybean and 1.5-2.1 for Sunflower 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: 5.0 -5.9 tn/ha -Rice yield: 5.1 -6.1 tn/ha The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value. As of December 31, 2017 , 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 plantations less cost to sell of US$ 8.6 million for sugarcane, US$ 1.5 million for crops and US$ 3.4 million for rice. As of December 31, 2016 , 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 plantations less cost to sell of US$ 10.8 million for sugarcane, US$ 1.0 million for crops and US$ 2.7 million for rice.

Investments in joint ventures

Investments in joint ventures	12 Months Ended
	Dec. 31, 2017
Disclosure of joint ventures [abstract]
Investments in joint ventures	Investments in joint ventures The table below lists the Group’s investment in joint ventures for the years ended December 31, 2017 , 2016 and 2015 : % of ownership interest held Name of the entity Country of incorporation and operation December 31, 2017 December 31, 2016 December 31, 2015 CHS AGRO S.A. (i) Argentina 50 % 50 % 50 % On February 26, 2013, the Group formed CHS AGRO, a joint venture with CHS Inc. CHS Inc. is a leading farmer-owned energy, grains and foods company based in the United States. The Group holds a 50% interest in CHS AGRO. On October 2014, CHS AGRO finished its sunflower processing plant in the city of Pehuajo, Province of Buenos Aires, Argentina. The following amounts represent the assets (including goodwill) and liabilities, and income and expenses of the joint ventures: 2017 2016 Assets: Non-current assets 7,931 17,185 Current assets 8,882 9,316 16,813 26,501 Liabilities: Non-current liabilities 22,002 22,000 Current liabilities 19,197 15,273 41,199 37,273 Net assets of joint venture (24,386 ) (10,772 ) 2017 2016 2015 Income 14,879 9,390 14,201 Expenses (22,657 ) (16,048 ) (22,934 ) Loss before income tax (7,778 ) (6,658 ) (8,733 ) The shares in the joint ventures were not publicly traded for any of the years presented. There are no contingent liabilities relating to the Group’s interest in the joint ventures, and no contingent liabilities of the ventures themselves. According to the laws of certain of the countries in which the Group operates, 5% of the profit of the year is separated to constitute legal reserves until they reach legal capped amounts ( 20% of total capital). These legal reserves are not available for dividend distribution and can only be released to absorb losses. The Group’s joint ventures have not reached the legal capped amounts. The Group guarantees some financial debt of CHS AGRO for an amount of $9.8 million .

Financial instruments by catego

Financial instruments by category	12 Months Ended
	Dec. 31, 2017
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 derivative financial instruments. (b) Loans and receivables 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”. Loans and receivables Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2017 Assets as per statement of financial position Trade and other receivables 68,869 — 68,869 103,345 172,214 Derivative financial instruments — 4,483 4,483 — 4,483 Cash and cash equivalents 269,195 — 269,195 — 269,195 Total 338,064 4,483 342,547 103,345 445,892 Liabilities at fair value through profit or loss Other financial liabilities at amortized cost Subtotal financial liabilities Non- financial liabilities Total Liabilities as per statement of financial position Trade and other payables — 86,066 86,066 13,184 99,250 Borrowings (excluding finance lease liabilities)(i) — 817,853 817,853 — 817,853 Finance leases — 105 105 — 105 Derivative financial instruments (i) 552 — 552 — 552 Total 552 904,024 904,576 13,184 917,760 (i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2). Loans and receivables Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2016 Assets as per statement of financial position Trade and other receivables 79,964 — 79,964 94,976 174,940 Derivative financial instruments — 3,398 3,398 — 3,398 Cash and cash equivalents 158,568 — 158,568 — 158,568 Total 238,532 3,398 241,930 94,976 336,906 Liabilities at fair value through profit or loss Other financial liabilities at amortized cost Subtotal financial liabilities Non- financial liabilities Total Liabilities as per statement of financial position Trade and other payables — 81,142 81,142 12,443 93,585 Borrowings (excluding finance lease liabilities) (i) — 635,215 635,215 — 635,215 Finance leases — 181 181 — 181 Derivative financial instruments (i) 7,068 — 7,068 — 7,068 Total 7,068 716,538 723,606 12,443 736,049 (i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2). Liabilities carried at amortized cost also included liabilities under finance leases where the Group is the lessee and which therefore have to be measured in accordance with IAS 17. The categories disclosed are determined by reference to IAS 39. Finance leases are excluded from the scope of IFRS 7. Therefore, finance leases have been shown separately. 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: Loans and receivables Assets/ liabilities at fair value through profit or loss Other financial liabilities at amortized cost Total December 31, 2017 Interest income (i) 11,230 — — 11,230 Interest expense (i) (41,968 ) — (10,340 ) (52,308 ) Foreign exchange gains/ (losses) (i) (15,634 ) (9,402 ) (13,672 ) (38,708 ) Gain from derivative financial instruments(ii) — 38,679 — 38,679 Net result (46,372 ) 29,277 (24,012 ) (41,107 ) Loans and receivables Assets/ liabilities at fair value through profit or loss Other financial liabilities at amortized cost Total December 31, 2016 Interest income (i) 7,671 — — 7,671 Interest expense (i) (39,533 ) — (8,665 ) (48,198 ) Foreign exchange gains/ (losses) (i) 4,737 (12,288 ) (11,511 ) (19,062 ) Loss from derivative financial instruments(ii) — (21,745 ) — (21,745 ) Net result (27,125 ) (34,033 ) (20,176 ) (81,334 ) (i) Included in “Financial Results, net” in the statement of income. (ii) Included in “Other operating income, net” and “Financial Results, net” in the 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, 2017 and 2016 , 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, 2017 and 2016 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2017 4,463 20 4,483 Derivative financial instruments 2016 2,789 609 3,398 Liabilities Derivative financial instruments 2017 (498 ) (54 ) (552 ) Derivative financial instruments 2016 (1,196 ) (5,872 ) (7,068 ) There were no transfers within level 1 and 2 during the years ended December 31, 2017 and 2016 . 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 3,911 Options Quoted price — — 1 54 Foreign-currency interest-rate swaps Theoretical price Swap curve; Present value method 2 (34 ) 3,931

Trade and other receivables, ne

Trade and other receivables, net	12 Months Ended
	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables, net	Trade and other receivables, net 2017 2016 Non-current Trade receivables 6,597 1,802 Trade receivables 6,597 1,802 Advances to suppliers 2,363 1,930 Income tax credits 6,955 7,472 Non-income tax credits (i) 1,863 1,853 Judicial deposits 3,191 3,280 Other receivables 1,138 1,075 Non-current portion 22,107 17,412 Current Trade receivables 43,078 61,546 Receivables from related parties (Note 31) 10,218 8,114 Less: Allowance for trade receivables (1,002 ) (643 ) Trade receivables – net 52,294 69,017 Prepaid expenses 11,565 8,302 Advances to suppliers 36,497 21,451 Income tax credits 2,046 7,116 Non-income tax credits (i) 38,865 43,572 Cash collateral 380 3,546 Receivables from related parties (Note 31) 176 172 Other receivables 8,284 4,352 Subtotal 97,813 88,511 Current portion 150,107 157,528 Total trade and other receivables, net 172,214 174,940 (i) Includes US$ 1,086 ( 2016 : 1,499 ) 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 US dollars): 2017 2016 Currency US Dollar 50,400 54,012 Argentine Peso 48,911 45,641 Uruguayan Peso 415 762 Brazilian Reais 72,488 74,525 172,214 174,940 As of December 31, 2017 trade receivables of US$ 5,052 ( 2016 : US$ 14,641 ) were past due but not impaired. The ageing analysis of these receivables indicates that 318 and 5,264 are over 6 months in December 31, 2017 and 2016 , respectively. The Group recognizes an allowance for trade receivables when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms 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: 2017 2016 2015 At January 1 643 481 527 Charge of the year 758 387 152 Unused amounts reversed (133 ) (178 ) (27 ) Used during the year (193 ) — (7 ) Exchange differences (73 ) (47 ) (164 ) At December 31 1,002 643 481 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, 2017 , approximately 89% ( 2016 : 82% ) of the outstanding unimpaired trade receivables (neither past due not impaired) relate to sales to 27 well-known multinational companies with good credit quality standing, including but not limited to Camara de Comercializacao de Energia Electrica CCEE, Louis Dreyfus Commodities Suisse S.A.T, Alimport, Czarnikow Group Limited, Establecimientos Las Marias, Mastellone Hnos.S.A., Bunge Agritrade S.A., ETG Commodities Ltd., 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, 2017 and 2016 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, 2017
Disclosure Of Inventories [Abstract]
Inventories	Inventories 2017 2016 Raw materials 46,836 42,108 Finished goods (Note 5) (1) 61,888 68,191 Stocks held by third parties — 1,308 Others 195 147 108,919 111,754 (1) Finished goods of Crops reportable segment are valued at fair value.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents 2017 2016 Cash at bank and on hand 118,358 130,001 Short-term bank deposits 150,837 28,567 269,195 158,568

Disposals

Disposals	12 Months Ended
	Dec. 31, 2017
Non-current Assets Held For Sale And Discontinued Operations [Abstract]
Disposals	Disposals Year ended December 31, 2015 Sale of La Cañada Farm. In November 2015, the Group completed the sale of “La Cañada”, a 3,399 hectare farm located in the province of San Luis, Argentina, for a total consideration of US$ 12.6 million fully collected as of year-end. This transaction resulted in a gain of US$ 7.9 million included within “Other operating income, net”. Sale of 49% of interest in Global Acamante S.L.U. Global Calidon S.L.U., Global Carelio S.L.U. and Global Mirabilis S.L.U. In December, 2015, the Group completed the sale of a 49% interest in Global Acamante S.L.U., Global Calidon S.L.U., Global Carelio S.L.U. and Global Mirabilis S.L.U., companies which main underlying assets are El Orden and La Carolina farms, for an aggregate sale price of US$ 22.0 million , which were fully collected at the time of the transaction. The sale of the respective equity interests did not result in the loss of control of these companies and therefore. The difference between the net proceeds received and the recognition of the non-controlling interest was registered in Statement of Changes in Shareholders’ Equity under the line item “Reserve from the sale of non-controlling interests in subsidiaries” for an amount of US$ 19.9 million (US$ 16.1 million in the column item “Reserve from the sale of non-controlling interests in subsidiaries” and US$ 3.9 million in the column item “Cumulative Translation Adjustment”) and also an increase in non-controlling interest of US$ 2.0 million .

Shareholders' contributions

Shareholders' contributions	12 Months Ended
	Dec. 31, 2017
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 share premium At January 1, 2015 122,382 1,116,617 Employee share options exercised (Note 23) (1) — 1,786 Restricted shares and units vested (Note 23) — 3,103 Purchase of own shares — (259 ) At December 31,2015 122,382 1,121,247 Employee share options exercised (Note 23) (1) — 438 Restricted shares and units vested (Note 23) — 3,225 Purchase of own shares — (4,087 ) At December 31,2016 122,382 1,120,823 Employee share options exercised (Note 23) (1) — 50 Restricted shares units vested (Note 23) — 4,149 Purchase of own shares — (32,515 ) At December 31,2017 122,382 1,092,507 (1) Treasury shares were used to settle these options and units. 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 11, 2017, the Board of Directors approved the extension of the program for an additional twelve-month period, ending September 20, 2018. 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 not As of December 31, 2017 , the Company repurchased 6,742,183 shares under this program, of which 2,101,777 have been applied to some exercise of the Company’s stock option plan and restricted stock units plan. In 2017, 2016 and 2015 the Company repurchased shares for an amount of US$ 38,367 ; US$ 4,772 and US$ 320 , respectively. The outstanding treasury shares as of December 31, 2017 totaled 4,643,396 .

Equity-settled share-based paym

Equity-settled share-based payments	12 Months Ended
	Dec. 31, 2017
Share-Based Payment Arrangements [Abstract]
Equity-settled share-based payments	Equity-settled share-based payments The Group has set a “2004 Incentive Option Plan” and a “2007/2008 Equity Incentive 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. 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 to senior and medium management and key employees of the Group’s subsidiaries. (a) Option Schemes The fair value of the options under the Option Schemes was measured at the date of grant using the Black-Scholes valuation technique. As of the date of these financial statements all options has already been vested and expensed. The Adecoagro/ IFH 2004 Stock Incentive Option Plan was effectively established in 2004 and is administered by the Compensation Committee of the Company. Options are exercisable over a ten -year period. In May 2014 this period was extended for another ten year-period. Movements in the number of equity-settled options outstanding and their related weighted average exercise prices under the Adecoagro/ IFH 2004 Stock Incentive Option Plan are as follows: 2017 2016 2015 Average exercise price per share Options (thousands) Average exercise price per Share Options (thousands) Average exercise price per Share Options (thousands) At January 1 6.66 1,641 6.67 1,696 6.71 1,916 Forfeited — — — — 5.83 (9 ) Exercised 5.83 (7 ) 6.96 (55 ) 7.11 (211 ) At December 31 6.66 1,634 6.66 1,641 6.67 1,696 Options outstanding at year end under this Plan have the following expiry date and exercise prices: Exercise price per share Shares (in thousands) Expiry date (i): 2017 2016 2015 May 1, 2024 5.83 496 495 495 May 1, 2025 5.83 452 452 461 January 1, 2026 5.83 142 150 174 February 16, 2026 7.11 103 103 103 October 1, 2026 8.62 441 441 463 (i) On May 2014, the Board of directors decided to extend the expired date of the Plan. The Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan was effectively established in late 2007 and is administered by the Compensation Committee of the Company. Options are exercisable over a ten -year period. Movements in the number of equity-settled options outstanding and their related weighted average exercise prices under the Adecoagro/ IFH 2007/2008 Equity Incentive Plan are as follows: 2017 2016 2015 Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) At January 1 13.07 1,658 13.07 1,701 13.07 1,729 Forfeited 13.40 (4 ) 12.98 (43 ) 13.01 (28 ) Expired 12.82 (803 ) — — — — At December 31 13.31 851 13.07 1,658 13.07 1,701 Options outstanding at year-end under the Adecoagro/ IFH 2007/2008 Equity Incentive Plan have the following expiry date and exercise prices: Exercise price per share Shares (in thousands) Expiry date: 2017 2016 2015 From Nov 13, 2017 to Aug 25, 2018 12.82 105 908 937 January 30, 2019 13.40 595 595 608 June 1, 2019 12.82 3 3 3 November 1, 2019 13.40 11 11 11 From Jan 30, 2020 to Sep 1, 2020 13.40 106 110 110 From Jan 30, 2020 to Sep 1, 2020 12.82 31 31 31 The following table shows the exercisable shares at year end under both the Adecoagro/ IFH 2004 Incentive Option Plan and the Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan: Exercisable shares in thousands 2017 2,485 2016 3,299 2015 3,397 (b) Restricted Stock Unit Plan The 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 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 2,474,701 . The maximum numbers of ordinary shares is revised annually. At December 31, 2017 , the Group recognized compensation expense US$ 5.6 million related to the restricted stock units granted under the Restricted Share Plan ( 2016 : US$ 4.8 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, 2015 May 15, 2015 Apr 1, 2016 May 15, 2016 Apr 1, 2017 May 15, 2017 Fair value 9.45 8.62 12.63 12.52 11.88 12.14 Possibility of ceasing employment before vesting 5 % 0 % 5 % 0 % — % 0 % Movements in the number of restricted shares outstanding under the Restricted Share Plan are as follows: Restricted stock units (thousands) Restricted stock units (thousands) Restricted stock units (thousands) 2017 2016 2015 At January 1 1,000 1,018 861 Granted (1) 488 464 626 Forfeited (29 ) (29 ) (37 ) Vested (490 ) (453 ) (432 ) At December 31 969 1,000 1,018 (1) Approved by the Board of Directors of March 14, 2017 and the Shareholders Meeting of April 19, 2017

Legal and other reserves

Legal and other reserves	12 Months Ended
	Dec. 31, 2017
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$ 4,139 as of December 31, 2017 ( 2016 : US$ 4,288 ) 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, 2017 , but the Company has distributable reserves in excess of US$ 922,821 .

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables 2017 2016 Non-current Payable from acquisition of property, plant and equipment (i) 521 1,042 Other payables 306 385 827 1,427 Current Trade payables 82,824 77,325 Advances from customers 6,722 7,758 Amounts due to related parties (Note 31) 628 1,152 Taxes payable 6,462 4,685 Other payables 1,787 1,238 98,423 92,158 Total trade and other payables 99,250 93,585 (i) These trades payable are mainly collateralized by property, plant and equipment of the Group. 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, 2017
Financial Instruments [Abstract]
Borrowings	Borrowings 2017 2016 Non-current Senior Notes 495,707 — Bank borrowings 167,315 430,202 Obligations under finance leases 38 102 663,060 430,304 Current Senior Notes 8,250 — Bank overdrafts 6,214 90 Bank borrowings 140,367 204,923 Obligations under finance leases 67 79 154,898 205,092 Total borrowings 817,958 635,396 As of December 31, 2017 , total bank borrowings include collateralized liabilities of US$ 637,306 ( 2016 : US$ 525,663 ). These loans are mainly collateralized by property, plant and equipment, sugarcane plantations, sugar export contracts and shares of certain subsidiaries of the Group. Notes 2027 On September 21, 2017, the Company issued senior notes (the “Notes”) for US$ 500 million , at an annual nominal 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, beginning on March 21, 2018. 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 the Issue Date, 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. The Group was in compliance with the related covenants. The maturity of the Group's borrowings (excluding obligations under finance leases) and the Group's exposure to fixed and variable interest rates is as follows: 2017 2016 Fixed rate: Less than 1 year 132,998 67,682 Between 1 and 2 years 35,762 43,630 Between 2 and 3 years 20,097 40,047 Between 3 and 4 years 20,130 21,857 Between 4 and 5 years 16,310 21,116 More than 5 years 495,754 20,239 721,051 214,571 Variable rate: Less than 1 year 21,833 137,331 Between 1 and 2 years 22,871 150,517 Between 2 and 3 years 17,945 81,947 Between 3 and 4 years 18,215 18,457 Between 4 and 5 years 11,164 18,309 More than 5 years 4,774 14,083 96,802 420,644 817,853 635,215 Borrowings incurred by the Group’s subsidiaries in Brazil are repayable at various dates between January 2018 and September 2024 and bear either fixed interest rates ranging from 2.5% to 9.0% per annum or variable rates based on LIBOR or other specific base-rates plus spreads ranging from 4.13% to 17.52% per annum. At December 31, 2017 LIBOR (six months) was 1,84% ( 2016 : 1.32% ). Borrowings incurred by the Group´s subsidiaries in Argentina are repayable at various dates between January 2018 and September 2024 and bear either fixed interest rates ranging from 6.11% and 7.00% per annum for those borrowings denominated in US dollar, and a fixed interest rate ranging from 9.90% and 28.75% 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 2017 2016 (In millions) Millions of Reais Millions of equivalent Dollars Millions of equivalent Dollars Banco Do Brasil (1) October 2012 R$ 130.0 R$ 91.3 27.6 33.7 November 2022 2.94% with 15% of bonus performance Itau BBA FINAME Loan (2) December 2012 R$ 45.9 R$ 25.2 7.6 9.3 December 2022 2.50% Itau BBA March 2013 R$ 75.0 R$ - - 5.8 - CDI + 3.20% Banco do Brasil / Itaú BBA Finem Loan (3) September 2013 R$ 273.0 R$ 176.5 53.4 67.3 January 2023 6.77% BNDES Finem Loan (4) November 2013 R$ 215.0 R$ 136.9 41.4 50.3 January 2023 3.75% ING / Rabobank / ABN / HSBC / Credit Agricole / Caixa Geral / Galena (7) January 2015 US$ 160.0 - - 98.0 - LIBOR 3M plus 4.40% ING / Rabobank / Bladex / Credit Agricole / Votorantim / ABN (7) August 2015 US$ 110.0 - - 110.0 - LIBOR 3M plus 4.65% Rabobank (7) February 2016 US$ 40.0 - - 40.0 - LIBOR 3M plus 3.50% Tokyo-Mitsubishi (5) August 2016 US$ 30.0 - 30.0 30.0 August 2019 6.35% Bradesco (7) July 2016 R$ 90.0 - - 27.6 - CDI + 2.10% Votorantim (6) July 2016 US$ 15.0 - 10.0 15.0 June 2019 LIBOR 3M plus 4.60% (1) Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; (iii) a first degree mortgage of the Takuare farm; and (iv) liens over the Ivinhema mill and equipment. (2) Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; (iii) a first degree mortgage of the Takuare farm; and (iv) liens over the Ivinhema mill and equipment. (3) Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; (iii) a first degree mortgage of the Takuare farm; (iv) liens over the Ivinhema mill and equipment; and (v) power sales contract. (4) Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts. (5) Collateralized by sales contracts. (6) Collateralized by (i) power sales contract and (ii) sales contracts. (7) These loans were prepaid in 2017, with the proceeds of the Notes 2027. 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 Brazilian Subsidiaries. During 2017 and 2016 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 amount Capital outstanding as of December 31 Maturity date Annual interest rate 2017 2016 (In millions) (In millions) (In millions) IDB Tranche A (1) Feb-09 USD 20 US$3.1 US$6.2 Nov-18 6.11% per annum IFC Tranche A (2) Dec-16 USD 25 US$24.67 US$25.00 Sep-21 4.3% plus LIBOR IFC Tranche B (2) Dec-16 USD 25 US$24.93 US$25.00 Sep-23 4% plus LIBOR (1): Collateralized by property, plant and equipment with a net book value of US$ 24.77 million , by a mortgage over (i) Carmen and La Rosa farms which are property of Adeco Agropecuaria S.A. and (ii) El Meridiano farm which is the property of Pilagá S.A. (2): Collateralized by a US$ 75 million mortgage over Carmen farm, which is property of Adeco Agropecuaria S.A. The Group entered into a floating to fix interest rate forward swap, fixing LIBOR at 1.25% , effective May 2012. 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. During 2017 and 2016 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 borrowings, including the notes, subject to fix rate do not significant differ from their fair value. 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, 2017 and 2016 is as follow: 2017 2016 Amount at the beginning of the year 635,396 723,339 Issuance of senior notes 495,678 — Proceeds from long term loans 232,433 167,385 Payments of long term loans (602,700 ) (277,913 ) Proceeds from short term loans 106,730 257,395 Payments of short term loans (64,787 ) (272,033 ) Payments of interest (39,118 ) (45,473 ) Accrued interest 51,005 46,470 Exchange differences and translation, net (4,588 ) 32,583 Others 7,909 3,643 Amount at the end of the year 817,958 635,396

Payroll and social securities p

Payroll and social securities payable	12 Months Ended
	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Payroll and social security liabilities	Payroll and social security liabilities 2017 2016 Non-current Social security payable 1,240 1,235 1,240 1,235 Current Salaries payable 6,199 7,351 Social security payable 3,702 3,063 Provision for vacations 12,323 12,109 Provision for bonuses 5,043 4,321 27,267 26,844 Total payroll and social security liabilities 28,507 28,079

Provisions for other liabilitie

Provisions for other liabilities	12 Months Ended
	Dec. 31, 2017
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 other claims Others Total At January 1, 2016 2,293 20 2,313 Additions 3,447 57 3,504 Used during year (2,174 ) (14 ) (2,188 ) Exchange differences 291 (31 ) 260 At December 31, 2016 3,857 32 3,889 Additions 4,750 — 4,750 Used during year (3,754 ) (25 ) (3,779 ) Exchange differences (15 ) (2 ) (17 ) At December 31, 2017 4,838 5 4,843 Analysis of total provisions: 2017 2016 Non current 4,078 3,299 Current 765 590 4,843 3,889 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$ 21.0 million and US$ 18.2 million as of December 31, 2017 and 2016 , respectively.

Disclosure of leases and simila

Disclosure of leases and similar arrangements	12 Months Ended
	Dec. 31, 2017
Leases1 [Abstract]
Disclosure of leases and similar arrangements	Disclosure of leases and similar arrangements The Group as lessee Operating leases: The Group leases land for crop cultivation in Argentina. The leases have an average term of a crop year and are renewable at the option of the lessee for additional periods. Under the lease agreements, rent accrues generally at the time of harvest. Rent is payable at several times during the crop year. Lease expense was US$ 14.0 million for the year ended December 31, 2017 ( 2016 : US$ 6.8 million ; 2015 : US$ 10.8 million ). Lease expense is capitalized as part of biological assets. The Group also leases various offices and machinery under cancellable operating lease agreements which involve no significant amount. The future aggregate minimum lease payments under cancellable operating leases are as follows: 2017 2016 No later than 1 year 7,841 5,311 Later than 1 year and no later than 5 years 1,234 2,294 9,075 7,605 Agriculture “partnerships” ( parceria by its exact term in Portuguese) : The Group enters into contracts with landowners to cultivate sugarcane on their land. These contracts have an average term of 5 years. Under these contracts, the Group makes payments based on the market value of sugarcane per hectare (in tons) used by the Group in each harvest, with the market value based on the price of sugarcane published by CONSECANA and a fixed amount of total recoverable sugar per ton. Lease expense was US$ 41.1 million for the year ended December 31, 2017 ( 2016 : US$ 64.90 million ; 2015 : US$ 53.4 million ). Lease expense is included in “Initial recognition and changes in fair value of biological assets and agricultural produce” in the statement of income. Finance leases: Most of the leased assets carried in the consolidated statement of financial position as part of a finance lease relate to long-term rental and lease agreements for vehicles, machinery and equipment. Obligations under finance leasing totals US$ 105 and US$ 181 as of December 31, 2017 and 2016 , respectively. The Group as lessor Operating leases: The Group acts as a lessor in connection with an operating lease related to leased farmland, classified as investment property. The lease payments received are recognized in profit or loss. The lease has a term of ten years. The following amounts have been recognized in the statement of income in the line “Sales goods and services rendered”: 2017 2016 2015 Rental income 771 984 1,309 The future minimum rental payments receivable under cancellable leases are as follows: 2017 2016 No later than 1 year 504 494 Later than 1 year and no later than 5 years 1,014 988 1,518 1,482 On September 2013, Marfrig Argentina S.A. (“Marfrig Argentina”), the argentine subsidiary of the Brazilian company Marfrig Alimentos S.A. (“Marfrig Alimentos"), unilaterally early terminated the lease agreements for grazing land entered into with the Group on December 2009. The termination of the lease agreements was effective in the fourth quarter of 2013, and on April 2014, the Group filed an arbitration proceeding against Marfrig Argentina and Marfrig Alimentos claiming unpaid invoices for US$ 0.5 million and indemnification for early termination. On September 2016, the Parties settled the arbitration proceedings in the amount of US$ 9 million . As of December 31, 2016 the group collected US$ 7 million and as of the date of this financial statements the group has collected the full amount. This settlement, net of the unpaid invoices and other expenses resulted in an income of US$ 8.5 million reflected in the line item Other operating income. Finance leases: The Group does not act as a lessor in connection with finance leases.

Group companies

Group companies	12 Months Ended
	Dec. 31, 2017
Disclosure of subsidiaries [abstract]
Group companies	Group companies The following table details the subsidiaries that comprised the Group as of December 31, 2017 and 2016 : 2017 2016 Activities Country of incorporation and operation Ownership percentage held if not 100 % Ownership percentage held if not 100 % Details of principal subsidiary undertakings: Operating companies (unless otherwise stated): Adeco Agropecuaria S.A. (a) Argentina — — Pilagá S.A. (a) Argentina 99.94 % 99.94 % Cavok S.A. (a) Argentina 51 % 51 % Establecimientos El Orden S.A. (a) Argentina 51 % 51 % Bañado del Salado S.A. (a) Argentina — — Agro Invest S.A. (a) Argentina 51 % 51 % Forsalta S.A. (a) Argentina 51 % 51 % Dinaluca S.A. (a) Argentina — — Simoneta S.A. (a) Argentina — — Compañía Agroforestal S.M.S.A. (a) Argentina — — Energía Agro S.A.U. (a) Argentina — — Adeco Agropecuaria Brasil Ltda. (b) Brazil — — Adecoagro Vale do Ivinhema Ltda. (b) Brazil — — Adecoagro Commodities Ltda. (b) Brazil — — Usina Monte Alegre Ltda. (b) Brazil — — Adecoagro Energia Ltda. (b) Brazil — — Kelizer S.A. (a) Uruguay — — Agroglobal S.A. (f.k.a. Adecoagro Uruguay S.A.) (a) Uruguay — — Holdings companies: Adeco Brasil Participações S.A. — Brazil — — Adecoagro LP S.C.S. (d) Luxembourg — — Adecoagro GP S.a.r.l. — Luxembourg — — Ladelux S.C.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 España S.L.U.; Leterton España S.L.U.; Global Asterion S.L.U.; Global Acasto S.L.U.; Global Laertes S.L.U.; Global Seward S.L.U.; Global Pindaro S.L.U.; Global Pileo S.L.U.; Peak Texas S.L.U.; Peak City S.L.U. and 51% controlled subsidiaries (see note 21): 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) The continuer from the merger between Adecoagro LP and International Farmland Holdings LP. 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. According to the laws of certain of the countries in which the Group operates, 5% of the profit of the year is separated to constitute legal reserves until they reach legal capped amounts ( 20% of total capital). These legal reserves are not available for dividend distribution and can only be released to absorb losses. The Group’s joint ventures have not reached the legal capped amounts.

Related-party transactions

Related-party transactions	12 Months Ended
	Dec. 31, 2017
Related Party [Abstract]
Related-party transactions	Related-party transactions The following is a summary of the balances and transactions with related parties: Related party Relationship Description of transaction Income (loss) included in the statement of income Balance receivable (payable)/(equity) 2017 2016 2015 2017 2016 Mario Jorge de Lemos Vieira / Cia Agropecuaria Monte Alegre / Alfenas Agricola Ltda / Marcelo Weyland Barbosa Vieira / Paulo Albert Weyland Vieira (i) Cost of manufactured products sold and services rendered (ii) — (42 ) (2,304 ) — Receivables from related parties (Note 18) — — — 176 172 Payables (Note 25) — — — (367 ) (701 ) Directors and senior management Employment Compensation selected employees (7,040 ) (5,213 ) (7,528 ) (17,985 ) (17,355 ) CHS Agro Joint venture Receivables from related parties (Note 18) (iii) — — — 10,218 8,114 Payables (Note 25) — — — (261 ) (451 ) Sales of goods 2,487 372 2,201 — — Services 88 87 110 — — Interest income 308 326 74 — — (i) Shareholders of the Company. (ii) Relates to agriculture partnership agreements (“parceria”). (iii) It includes US$ 8 million of a loan that accruing a 3% interest rate per year with the final maturity in 2022.

Critical accounting estimates a

Critical accounting estimates and judgments	12 Months Ended
	Dec. 31, 2017
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]
Critical accounting estimates and judgments	Critical accounting estimates and judgments Critical accounting policies are those that are most important to the portrayal of the Group’s financial condition, results of operations and cash flows, and require management to make difficult, subjective or complex judgments and estimates about matters that are inherently uncertain. Management bases its estimates on historical experience and other assumptions that it believes are reasonable. The Group’s critical accounting policies are discussed below. Actual results could differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group’s results of operations. The Group also has other policies that are considered key accounting policies, such as the policy for revenue recognition. However, these other policies, which are discussed in the notes to the Group’s financial statements, do not meet the definition of critical accounting estimates, because they do not generally require estimates to be made or judgments that are difficult or subjective. (a)Impairment testing 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 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. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired. The impairment review requires management to undertake certain judgments, including estimating the recoverable value of the CGU to which the goodwill relates, 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. When farmlands are used for single activities (i.e. crops), these are considered as one CGU. When farmland businesses 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. Generally, each separate farmland within Argentina and Uruguay are treated as single CGUs, while in Brazil, management identified a farmland together with its related mill as separate CGUs. Based on these criteria, management identified a total amount of 39 CGUs as of September 30, 2017 and 39 CGUs as of September 30, 2016. As of September 30, 2017 and 2016, there were no impairment indicators on the Company’s long lived assets. Therefore, the Group only tested those CGUs with allocated goodwill in Argentina, Brazil and Uruguay. CGUs tested based on a fair-value-less-costs-to-sell model at September 30, 2017 and 2016: As of September 30, 2017, the Group identified 11 CGUs in Argentina and Uruguay (2016: 11 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. In calculating the fair value less costs-to-sell, management may be assisted by the work of external advisors. When using this model, the Group applies the “sales comparison approach” as its method of valuing most properties. This method 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 11 CGUs (2016: 11 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, 2017 September 30, 2016 La Carolina / Crops / Argentina 35 40 La Carolina / Cattle / Argentina 12 13 El Orden/ Crops / Argentina 53 60 El Orden/ Cattle / Argentina 4 5 La Guarida / Crops / Argentina 358 405 La Guarida / Cattle / Argentina 292 330 Los Guayacanes / Crops / Argentina 452 511 Doña Marina / Rice / Argentina 1,595 1,803 Huelen / Crops / Argentina 1,787 2,020 El Colorado / Crops / Argentina 787 890 El Colorado / Cattle / Argentina 115 130 Closing net book value of goodwill allocated to CGUs tested (Note 14) 5,490 6,207 Closing net book value of PPE items and other assets allocated to CGUs tested 34,668 36,901 Total assets allocated to CGUs tested 40,158 43,108 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2017 and 2016. CGUs tested based on a value-in-use model at September 30, 2017 and 2016: As of September 30, 2017, the Group identified 3 CGUs (2016: 3 CGUs) in Brazil to be tested base on this model (all CGUs with allocated goodwill). 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, 2017 September 30, 2016 Financial projections Covers 4 years for UMA Covers 4 years for UMA Cover 7 years for AVI Cover 7 years for AVI Yield average growth rates 0-1% 0-1% Future pricing increases 3% per annum 3% per annum Future cost increases 1% per annum 3% per annum Discount rates 7.6% 6.2% Perpetuity growth rate 2.0% 2.0% 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 3 CGUs where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one: CGU/ Operating segment September 30, 2017 September 30, 2016 AVI / Sugar, Ethanol and Energy 5,012 4,892 UMA / Sugar, Ethanol and Energy 2,622 2,564 Closing net book value of goodwill allocated to CGUs tested (Note 14) 7,634 7,456 Closing net book value of PPE items and other assets allocated to CGUs tested 719,558 689,857 Total assets allocated to 3 CGUs tested 727,192 697,313 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2017 and 2016. Management views these assumptions as 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. As of December 31, 2017, the Group determined that there is 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 unobservable inputs is significant to the overall valuation of the assets. Unobservable inputs are determined based on the best information available, for example by reference to historical information of past practices and results, statistical and agronomical information, and other analytical techniques. Key assumptions include future market prices, estimated yields at the point of harvest, estimated production cycle, future cash flows, 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 key 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 15). (c) Fair value of derivatives and other financial instruments Fair values of derivative financial instruments are computed with reference to quoted market prices on trade exchanges, when available. 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. (d) 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 for details).

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2017
Corporate Information And Statement Of IFRS Compliance [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 33.1 Basis of preparation and presentation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC). All IFRS issued by the IASB, effective at the time of preparing these consolidated financial statements have been applied. The consolidated financial statements have been prepared under the historical cost convention as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and biological assets and agricultural produce at the point of harvest measured at fair value. The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 32. (a) Standards, amendments and interpretations to existing standards effective and adopted by the Group in 2017 The following standard, amendments and interpretations to existing standards have been published and were mandatory for the Group as of January 1, 2017: Disclosure inititative - amendment to IAS 7, which requires the disclosure of changes in liabilities arising from financing activities, see Note 26. (b) Standards, amendments and interpretations to existing standards that are not yer effective Below is a description of the standards, amendments and interpretations issued by the IASB to existing standards that have been issued and are not yet mandatory and which have not been early adopted by the Group: In May 2014, the IASB issued IFRS 15, "Revenue from contracts with customers", which deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. Revenue is recognized when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces IAS 18 ‘Revenue’ and IAS 11 ‘Construction contracts’ and related interpretations. The standard is effective for annual periods beginning on or after January 1, 2018 and earlier application is permitted. The Group has assessed the potential impact IFRS 15 will have on the financial position and results of operations of the Group, and it will not be significant. The standard will be applied prospectively. In July 2014 the IASB published the final version of IFRS 9 Financial Instrument which replaces earlier versions of IFRS 9 and completes the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement. It includes requirements on the classification and measurement of financial assets and liabilities, as well as an expected credit losses model that replaces the current incurred loss impairment model. The standard is effective for accounting periods beginning on or after January 1, 2018. Early adoption is permitted. The Group has assessed the potential impact IFRS 9 will have on the financial position and results of operations of the Group, and it will not be significant. In January 2016, the IASB finished its long-standing project on lease accounting and published IFRS 16, ‘Leases’, which replaces the current guidance in IAS 17. This will require far-reaching changes in accounting by lessees in particular. The standard applies to annual periods beginning on or after 1 January 2019, with earlier application permitted if IFRS 15, ‘Revenue from Contracts with Customers’, is also applied. The Group has not yet assessed the potential impact IFRS 16 may have on the financial position and results of operations of the Group. There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group. 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. 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) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – that is, as transactions with the owners in their capacity as owners. The difference between the fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. (c) 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. (d) Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures and value them under the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition of profits or losses and movements in other comprehensive income, respectively. When the share of losses of an investee equals or exceeds the carrying amount of an investment the Group discontinue applying the equity method, the investment is reduced to zero and does not record additional losses. If the investee subsequently reports net income, the Group would resume applying the equity method only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended. Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. 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 (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. (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 all the Group entities (none of which has the currency of a hyper-inflationary economy) 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 partially disposed of or 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 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 coffe 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. The depreciation methods and periods used by the group are disclosed in Note 12. 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 statement of income. 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 cost less accumulated depreciation and any impairment losses if any. Leases The Group classifies its leases at the inception as finance or operating leases. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases and charged to the statements of income in a straight-line basis over the period of the lease. Finance leases are capitalized at the lease’s inception at the lower of the fair value of the leased property and the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included as “Borrowings” 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 arising on the acquisition of subsidiaries is 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. Gains and losses on the disposal of a Group entity include any goodwill relating to the entity sold (see Note 33.10). 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 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 Goodwill 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 the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the 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 fair value less costs to sell and value in use. In assessing 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 32 (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 comprise growing crops (mainly corn, wheat, soybeans, sunflower 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: 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 excluding sugarcane and coffee is measured based on a formula, which takes into consideration the estimated crop yields, estimated market prices and costs, and discount rates. 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 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. • Coffee: The agricultural produce growing on the coffee trees, are biological assets, and are valued at fair value less cost to sell. Projected costs include maintenance, pruning, land leasing, harvesting and coffee treatment. These estimates are discounted at an appropriate discount rate. • 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. 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 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 are classified in the following categories: at fair value through profit or loss and 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 IAS 39, 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 IAS 39. 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 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. An allowance for trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Such evidence includes significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, and default or delinquency in payments. Subsequent recoveries of amounts previously written off are credited against selling expenses in the statement of income. 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 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 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

Recent developments

Recent developments	3 Months Ended
	Mar. 31, 2018
Disclosure of events after reporting period [Abstract]
Recent developments	Recent developments On March 23, 2018 - the Company announced the submission of an investment proposal to partner with SanCor Cooperativas Unidas Limitadas (“SanCor”), one of the leading dairy processors of Argentina (the “Offer”). The Offer has been approved by the constituent members of the SanCor cooperative, however the Offer is still subject to the satisfaction of certain conditions precedent relating to SanCor’s restructuring and refinancing of SanCor’s indebtedness as well as SanCor and Adecoagro agreeing on formal documentation, among others. SanCor is one of the largest milk processors in Argentina. SanCor produces a wide range of dairy products, including milk, powdered milk, cheese, cream. SanCor is a well-established brand with more than 80 years in the marketplace. It owns several industrial assets with a total milk processing capacity of 4 million liters per day.

Summary of significant accoun42

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2017
Corporate Information And Statement Of IFRS Compliance [Abstract]
Basis of preparation and presentation	Basis of preparation and presentation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC). All IFRS issued by the IASB, effective at the time of preparing these consolidated financial statements have been applied. The consolidated financial statements have been prepared under the historical cost convention as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and biological assets and agricultural produce at the point of harvest measured at fair value. The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 32. (a) Standards, amendments and interpretations to existing standards effective and adopted by the Group in 2017 The following standard, amendments and interpretations to existing standards have been published and were mandatory for the Group as of January 1, 2017: Disclosure inititative - amendment to IAS 7, which requires the disclosure of changes in liabilities arising from financing activities, see Note 26. (b) Standards, amendments and interpretations to existing standards that are not yer effective Below is a description of the standards, amendments and interpretations issued by the IASB to existing standards that have been issued and are not yet mandatory and which have not been early adopted by the Group: In May 2014, the IASB issued IFRS 15, "Revenue from contracts with customers", which deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. Revenue is recognized when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces IAS 18 ‘Revenue’ and IAS 11 ‘Construction contracts’ and related interpretations. The standard is effective for annual periods beginning on or after January 1, 2018 and earlier application is permitted. The Group has assessed the potential impact IFRS 15 will have on the financial position and results of operations of the Group, and it will not be significant. The standard will be applied prospectively. In July 2014 the IASB published the final version of IFRS 9 Financial Instrument which replaces earlier versions of IFRS 9 and completes the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement. It includes requirements on the classification and measurement of financial assets and liabilities, as well as an expected credit losses model that replaces the current incurred loss impairment model. The standard is effective for accounting periods beginning on or after January 1, 2018. Early adoption is permitted. The Group has assessed the potential impact IFRS 9 will have on the financial position and results of operations of the Group, and it will not be significant. In January 2016, the IASB finished its long-standing project on lease accounting and published IFRS 16, ‘Leases’, which replaces the current guidance in IAS 17. This will require far-reaching changes in accounting by lessees in particular. The standard applies to annual periods beginning on or after 1 January 2019, with earlier application permitted if IFRS 15, ‘Revenue from Contracts with Customers’, is also applied. The Group has not yet assessed the potential impact IFRS 16 may have on the financial position and results of operations of the Group. There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group.
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. 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) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – that is, as transactions with the owners in their capacity as owners. The difference between the fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. (c) 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. (d) Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures and value them under the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition of profits or losses and movements in other comprehensive income, respectively. When the share of losses of an investee equals or exceeds the carrying amount of an investment the Group discontinue applying the equity method, the investment is reduced to zero and does not record additional losses. If the investee subsequently reports net income, the Group would resume applying the equity method only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended. Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
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. (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 all the Group entities (none of which has the currency of a hyper-inflationary economy) 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 partially disposed of or 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 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 coffe 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. The depreciation methods and periods used by the group are disclosed in Note 12. 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 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 cost less accumulated depreciation and any impairment losses if any.
Leases	Leases The Group classifies its leases at the inception as finance or operating leases. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases and charged to the statements of income in a straight-line basis over the period of the lease. Finance leases are capitalized at the lease’s inception at the lower of the fair value of the leased property and the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included as “Borrowings”
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 arising on the acquisition of subsidiaries is 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. Gains and losses on the disposal of a Group entity include any goodwill relating to the entity sold (see Note 33.10).
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 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 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 the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the 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 fair value less costs to sell and value in use. In assessing 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 32 (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 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: 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 excluding sugarcane and coffee is measured based on a formula, which takes into consideration the estimated crop yields, estimated market prices and costs, and discount rates. 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 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. • Coffee: The agricultural produce growing on the coffee trees, are biological assets, and are valued at fair value less cost to sell. Projected costs include maintenance, pruning, land leasing, harvesting and coffee treatment. These estimates are discounted at an appropriate discount rate. • 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. 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 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	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 IAS 39, 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 IAS 39. 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. An allowance for trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Such evidence includes significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, and default or delinquency in payments. Subsequent recoveries of amounts previously written off are credited against selling expenses in the statement of income.
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 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. 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. See Notes 33.11 and 33.12 for additional details. 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 significant risks and rewards of ownership 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 risks and rewards vary depending on the individual terms of the contract of sale. 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 10 -year power agreement for the sale of electricity which expires in 2018. The delivery period starts in May 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, 2017
Disclosure of detailed information about financial instruments [abstract]
Disclosure 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-US dollar amounts are presented in US dollars for purpose of these tables. 2017 Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Argentine Peso (21,958 ) — — — (21,958 ) Brazilian Reais — (17,134 ) — — (17,134 ) US Dollar (204,446 ) (461,966 ) 20,451 124,125 (521,836 ) Uruguayan Peso — — (1,101 ) — (1,101 ) Total (226,404 ) (479,100 ) 19,350 124,125 (562,029 ) 2016 Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Argentine Peso 1,518 — — — 1,518 Brazilian Reais — (203,070 ) — — (203,070 ) US Dollar (44,088 ) (307,088 ) (7,714 ) 78,801 (280,089 ) Uruguayan Peso — — (35 ) — (35 ) Total (42,570 ) (510,158 ) (7,749 ) 78,801 (481,676 ) 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 US dollars (see Hedge Accounting - Cash Flow Hedge below for details). Functional currency Net monetary position Argentine Peso Brazilian Reais Uruguayan Peso Total 2017 US Dollar (20,445 ) (46,197 ) 2,045 (64,597 ) 2016 US Dollar (4,409 ) (30,709 ) (771 ) (35,889 )
Disclosure of maturity analysis for 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 when discounting is not applied. At December 31, 2017 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 85,239 557 49 221 86,066 Borrowings 197,975 96,867 56,486 797,226 1,148,554 Derivative financial instruments 552 — — — 552 Total 283,766 97,424 56,535 797,447 1,235,172 At December 31, 2016 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 79,715 1,082 19 326 81,142 Borrowings 239,588 218,717 221,036 35,702 715,043 Derivative financial instruments 6,406 662 — — 7,068 Total 325,709 220,461 221,055 36,028 803,253
Disclosure of maturity analysis for 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 when discounting is not applied. At December 31, 2017 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 85,239 557 49 221 86,066 Borrowings 197,975 96,867 56,486 797,226 1,148,554 Derivative financial instruments 552 — — — 552 Total 283,766 97,424 56,535 797,447 1,235,172 At December 31, 2016 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 79,715 1,082 19 326 81,142 Borrowings 239,588 218,717 221,036 35,702 715,043 Derivative financial instruments 6,406 662 — — 7,068 Total 325,709 220,461 221,055 36,028 803,253
Disclosure 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 issuing the loans (excluding finance leases). These analyses are performed after giving effect to interest rate swaps. The analysis for the year ended December 31, 2017 and 2016 is as follows: 2017 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 6,448 — — — 6,448 Brazilian Reais — 96,951 — — 96,951 US Dollar 68,963 34,675 10,010 504,004 617,652 Subtotal fixed-rate borrowings 75,411 131,626 10,010 504,004 721,051 Variable rate: Brazilian Reais — 27,668 — — 27,668 US Dollar 49,599 19,535 — — 69,134 Subtotal variable-rate borrowings 49,599 47,203 — — 96,802 Total borrowings as per analysis 125,010 178,829 10,010 504,004 817,853 Finance leases 105 — — — 105 Total borrowings as per statement of financial position 125,115 178,829 10,010 504,004 817,958 2016 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 1,005 — — — 1,005 Brazilian Reais — 131,495 — — 131,495 US Dollar 15,065 37,937 29,069 — 82,071 Subtotal fixed-rate borrowings 16,070 169,432 29,069 — 214,571 Variable rate: Brazilian Reais — 65,408 — — 65,408 US Dollar 48,677 306,559 — — 355,236 Subtotal variable-rate borrowings 48,677 371,967 — — 420,644 Total borrowings as per analysis 64,747 541,399 29,069 — 635,215 Finance leases 181 — — — 181 Total borrowings as per statement of financial position 64,928 541,399 29,069 — 635,396 For the years ended December 31, 2017 and 2016 , 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. 2017 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Variable rate: Brazilian Reais — (277 ) — — (277 ) US Dollar (496 ) (195 ) — — (691 ) Total effects on profit before income tax (496 ) (472 ) — — (968 ) 2016 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reias Uruguayan Peso US Dollar Total Variable rate: Brazilian Reais — (654 ) — — (654 ) US Dollar (487 ) (3,066 ) — — (3,553 ) Total effects on profit before income tax (487 ) (3,720 ) — — (4,207 )
Disclosure of capital risk management	During the year ended December 31, 2017 , the strategy was to maintain the gearing ratio within 0.45 to 0.60 , as follows: 2017 2016 Total debt 817,958 635,396 Total equity 645,131 671,673 Total capital 1,463,089 1,307,069 Gearing ratio 0.56 0.49
Disclosure of financial instruments	As of December 31, 2017 : 2017 Type of derivative contract Quantities (thousands) (**) Notional amount Fair Value Asset/ (Liability) (Loss)/Gain (*) Futures: Sale Corn (33 ) (3,198 ) 48 361 Soybean 83 19,195 670 (765 ) Wheat (45 ) (7,083 ) (38 ) (38 ) Sugar 343,874 121,072 3,231 3,808 Options: Sell put Sugar 3,572 83 54 (30 ) Total 347,451 130,069 3,965 3,336 As of December 31, 2016 : 2016 Type of derivative contract Quantities (thousands) (**) Notional amount Fair Value Asset/ (Liability) (Loss)/Gain (*) Futures: Sale Corn 66 9,436 46 46 Soybean 120 42,330 (1,171 ) (1,170 ) Sugar 17,020 9,144 722 64 Ethanol 6,900 3,978 (40 ) (40 ) Options: Buy put Soybean 14 464 644 181 Sugar 70,510 (6,734 ) 5,374 352 Sell call Sugar 54,597 3,058 (3,219 ) (105 ) Sell put Sugar 14,528 748 (763 ) (1,625 ) Total 163,755 62,424 1,593 (2,297 ) (*) Included in the line item “(Loss) / Gain from commodity derivative financial instruments” of Note 8. (**) All quantities expressed in tons and m 3 . 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, 2017
Operating Segments [Abstract]
Disclosure of operating segments	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
Disclosure of geographical areas	As of and for the year ended December 31, 2017 : Argentina Brazil Uruguay Total Property, plant and equipment 103,312 710,523 7,096 820,931 Investment property 2,271 — — 2,271 Goodwill 5,095 7,317 — 12,412 Non-current portion of biological assets 11,276 — — 11,276 Sales of goods and services rendered 214,888 545,859 172,431 933,178 Initial recognition and changes in fair value of biological assets and agricultural produce 36,341 26,326 553 63,220 (Loss) from changes in net realizable value of agricultural produce after harvest 5,705 1,346 1,801 8,852 As of and for the year ended December 31, 2016 : Argentina Brazil Uruguay Total Property, plant and equipment 101,513 694,137 6,958 802,608 Investment property 2,666 — — 2,666 Goodwill 5,980 7,425 — 13,405 Non-current portion of biological assets 8,516 — — 8,516 Sales of goods and services rendered 164,264 432,468 272,503 869,235 Initial recognition and changes in fair value of biological assets and agricultural produce 62,970 62,556 (70 ) 125,456 (Loss) from changes in net realizable value of agricultural produce after harvest (4,491 ) (958 ) (392 ) (5,841 ) As of and for the year ended December 31, 2015 : Argentina Brazil Uruguay Total Sales of goods and services rendered 166,447 295,456 212,411 674,314 Initial recognition and changes in fair value of biological assets and agricultural produce 16,637 37,097 794 54,528 Gain / (Loss) from changes in net realizable value of agricultural produce after harvest 16,139 (32 ) (1,416 ) 14,691

Sales (Tables)

Sales (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure Of Revenue [Abstract]
Disclosure of sales	2017 2016 2015 Manufactured products and services rendered: Rice 83,849 94,331 82,797 Ethanol 241,650 211,451 176,150 Sugar 305,688 330,895 177,801 Soybean oil and meal 6,119 — 2,071 Energy 62,218 53,995 46,671 Powder milk 2,713 4,816 1,042 Services 1,144 1,160 1,545 Operating Leases 771 984 1,309 Others 5,273 1,423 1,233 709,425 699,055 490,619 Agricultural produce and biological assets: Soybean 79,408 63,797 75,361 Cattle for dairy 3,380 3,059 3,656 Corn 82,482 48,502 41,813 Cotton 420 1,434 3,317 Milk 31,656 24,561 27,906 Wheat 14,835 16,951 16,116 Peanut 3,648 1,703 — Sunflower 3,163 7,275 12,659 Sorghum — — 111 Rice — 950 — Barley 1,888 1,240 634 Seeds 727 625 648 Others 2,146 83 1,474 223,753 170,180 183,695 Total sales 933,178 869,235 674,314

Cost of goods sold and servic46

Cost of goods sold and services rendered (Tables)	12 Months Ended
	Dec. 31, 2017
Analysis of income and expense [abstract]
Cost of goods sold and services rendered	As of December 31, 2017 : 2017 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2017 (Note 19) 13,117 5,473 — — 49,601 68,191 Cost of production of manufactured products (Note 6) 5,565 68,969 — 237 378,864 453,635 Purchases 82,842 7,779 2,410 — 93,106 186,137 Agricultural produce 102,734 — 34,569 616 1,015 138,934 Transfer to raw material (12,998 ) (1,354 ) — — — (14,352 ) Direct agricultural selling expenses 22,940 — — — — 22,940 Tax recoveries (i) — — — — (28,478 ) (28,478 ) Changes in net realizable value of agricultural produce after harvest 8,852 — — — — 8,852 Finished goods at the end of December 31, 2017 (Note 19) (21,146 ) (8,476 ) — — (32,266 ) (61,888 ) Exchange differences (5,604 ) (1,304 ) — — (336 ) (7,244 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 196,302 71,087 36,979 853 461,506 766,727 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values. As of December 31, 2016 : 2016 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2016 16,034 6,904 55 — 24,631 47,624 Cost of production of manufactured products (Note 6) 478 61,254 371 206 376,791 439,100 Purchases 25,954 22,303 4,414 — 89,745 142,416 Agricultural produce 110,252 — 27,628 — — 137,880 Transfer to raw material (8,603 ) — — — — (8,603 ) Direct agricultural selling expenses 19,077 — — — — 19,077 Tax recoveries (i) — — — — (24,156 ) (24,156 ) Changes in net realizable value of agricultural produce after harvest (5,841 ) — — — — (5,841 ) Finished goods at the end of December 31, 2016 (Note 19) (13,117 ) (5,473 ) — — (49,601 ) (68,191 ) Exchange differences (2,503 ) (1,414 ) 103 6 3,083 (725 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 141,731 83,574 32,571 212 420,493 678,581 (i) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values. As of December 31, 2015 : 2015 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2015 21,056 4,656 76 — 50,087 75,875 Cost of production of manufactured products (Note 6) 67 60,445 624 603 273,127 334,866 Purchases 27,625 13,520 920 — 48,610 90,675 Agricultural produce 93,536 — 31,563 — — 125,099 Transfer to raw material (6,237 ) — — — — (6,237 ) Direct agricultural selling expenses 29,179 — — — — 29,179 Tax recoveries (i) — — — — (16,196 ) (16,196 ) Changes in net realizable value of agricultural produce after harvest 14,691 — — — — 14,691 Finished goods at the end of December 31, 2015 (16,034 ) (6,904 ) (55 ) — (24,631 ) (47,624 ) Exchange differences (9,596 ) (2,642 ) (98 ) — (30,206 ) (42,542 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 154,287 69,075 33,030 603 300,791 557,786 (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, 2017
Analysis of income and expense [abstract]
Expenses by nature	Expenses by nature for the year ended December 31, 2017 : Cost of production of manufactured products (Note 5) General and Administrative Expenses Selling Expenses Total Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits — 7,115 — 229 50,243 57,587 33,969 6,724 98,280 Raw materials and consumables 695 3,579 — — 9,343 13,617 — — 13,617 Depreciation and amortization — 836 — 8 119,427 120,271 6,162 778 127,211 Fuel, lubricants and others — 109 — — 25,272 25,381 454 242 26,077 Maintenance and repairs — 1,750 — — 17,005 18,755 1,189 469 20,413 Freights — 6,074 — — 572 6,646 — 33,682 40,328 Export taxes / selling taxes — — — — — — — 36,808 36,808 Export expenses — — — — — — — 3,511 3,511 Contractors and services 1,054 — — — 6,191 7,245 — — 7,245 Energy transmission — — — — — — — 3,312 3,312 Energy power — 1,342 — — 1,525 2,867 190 53 3,110 Professional fees — 51 — — 352 403 7,519 1,633 9,555 Other taxes — 93 — — 1,978 2,071 845 5 2,921 Contingencies — — — — — — 2,174 — 2,174 Lease expense and similar arrangements — 269 — — — 269 1,334 56 1,659 Third parties raw materials — 6,808 — — 34,161 40,969 — — 40,969 Others 6 955 — — 4,261 5,222 3,463 8,126 16,811 Subtotal 1,755 28,981 — 237 270,330 301,303 57,299 95,399 454,001 Own agricultural produce consumed 3,810 39,988 — — 108,534 152,332 — — 152,332 Total 5,565 68,969 — 237 378,864 453,635 57,299 95,399 606,333 Expenses by nature for the year ended December 31, 2016 : Cost of production of manufactured products (Note 5) General and Administrative Expenses Selling Expenses Total Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits — 5,590 — 206 54,225 60,021 30,935 5,358 96,314 Raw materials and consumables 468 3,927 — — 7,025 11,420 — — 11,420 Depreciation and amortization — 856 — — 102,620 103,476 5,006 695 109,177 Fuel, lubricants and others — 86 — — 26,307 26,393 450 368 27,211 Maintenance and repairs — 1,408 — — 21,641 23,049 931 390 24,370 Freights — 4,901 14 — 330 5,245 — 29,976 35,221 Export taxes / selling taxes — — — — — — — 29,375 29,375 Export expenses — — — — — — — 3,649 3,649 Contractors and services 10 — 39 — 4,374 4,423 — — 4,423 Energy transmission — — — — — — — 2,890 2,890 Energy power — 913 — — 1,007 1,920 795 211 2,926 Professional fees — 90 — — 387 477 5,495 1,105 7,077 Other taxes — 58 — — 2,012 2,070 653 8 2,731 Contingencies — — — — — — 1,835 — 1,835 Lease expense and similar arrangements — 145 — — — 145 1,185 51 1,381 Third parties raw materials — 3,001 — — 26,552 29,553 — — 29,553 Tax recoveries — — — — (11,527 ) (11,527 ) — — (11,527 ) Others — 1,344 — — 4,428 5,772 3,465 6,597 15,834 Subtotal 478 22,319 53 206 239,381 262,437 50,750 80,673 393,860 Own agricultural produce consumed — 38,935 318 — 137,410 176,663 — — 176,663 Total 478 61,254 371 206 376,791 439,100 50,750 80,673 570,523 Expenses by nature for the year ended December 31, 2015 : Cost of production of manufactured products (Note 5) Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total General and Administrative Expenses Selling Expenses Total Salaries, social security expenses and employee benefits — 5,952 — 551 49,454 55,957 28,354 5,053 89,364 Raw materials and consumables 56 3,760 86 — 7,143 11,045 — — 11,045 Depreciation and amortization — 1,305 — — 82,711 84,016 5,762 765 90,543 Fertilizers, agrochemicals and seeds — — — 52 — 52 — — 52 Fuel, lubricants and others — 102 — — 20,034 20,136 468 66 20,670 Maintenance and repairs — 1,167 — — 13,934 15,101 937 356 16,394 Freights 9 4,303 38 — — 4,350 16 20,930 25,296 Export taxes / selling taxes — — — — — — — 29,110 29,110 Export expenses — — — — — — — 3,223 3,223 Contractors and services — — 82 — 3,297 3,379 — — 3,379 Energy transmission — — — — — — — 2,386 2,386 Energy power — 622 — — 1,039 1,661 793 27 2,481 Professional fees — 84 — — 349 433 6,008 1,257 7,698 Other taxes — 85 — — 1,260 1,345 716 — 2,061 Contingencies — — — — — — 1,482 — 1,482 Lease expense and similar arrangements — 77 — — 216 293 1,107 43 1,443 Third parties raw materials — 9,506 — — 24,182 33,688 — — 33,688 Tax recoveries — — — — (14,395 ) (14,395 ) — — (14,395 ) Others 2 691 — — 5,087 5,780 2,782 7,052 15,614 Subtotal 67 27,654 206 603 194,311 222,841 48,425 70,268 341,534 Own agricultural produce consumed — 32,791 418 — 78,816 112,025 — — 112,025 Total 67 60,445 624 603 273,127 334,866 48,425 70,268 453,559

Salaries and social security 48

Salaries and social security expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Analysis of income and expense [abstract]
Disclosure of salaries and social security expenses	2017 2016 2015 Wages and salaries (i) 132,025 117,423 104,216 Social security costs 30,558 28,849 23,111 Equity-settled share-based compensation 5,552 4,796 4,396 168,135 151,068 131,723 Number of employees 7,790 8,326 8,089 (i) Includes US$ 41,172 , US$ 28,475 and US$ 16,708 , capitalized in Property, Plant and Equipment for the years 2017 , 2016 and 2015 , respectively.

Other operating income, net (Ta

Other operating income, net (Tables)	12 Months Ended
	Dec. 31, 2017
Analysis of income and expense [abstract]
Summary of other operating income (expense)	2017 2016 2015 Gain from disposal of farmland and other assets (Note 21) — — 7,914 Gain /(Loss) from commodity derivative financial instrument 40,842 (16,007 ) 22,148 (Loss) /Gain from disposal of other property items (986 ) (1,255 ) 721 Settlement agreement (Note 29) — 8,489 — Losses related to energy business (3,247 ) — — Others 2,852 476 283 39,461 (8,297 ) 31,066

Financial results, net (Tables)

Financial results, net (Tables)	12 Months Ended
	Dec. 31, 2017
Analysis of income and expense [abstract]
Disclosure of finance income (cost)	2017 2016 2015 Finance income: - Interest income 11,230 7,671 8,201 - Other income 514 286 949 Finance income 11,744 7,957 9,150 Finance costs: - Interest expense (52,308 ) (48,198 ) (49,491 ) - Cash flow hedge – transfer from equity (Note 2) (20,758 ) (85,214 ) (32,700 ) - Foreign exchange losses, net (38,708 ) (19,062 ) (23,423 ) - Taxes (3,705 ) (2,719 ) (3,358 ) - Loss from interest rate/foreign exchange rate derivative financial instruments (2,163 ) (5,694 ) (4,437 ) - Prepayment related expenses (Note 26 - Brazilian subsidiaries) (10,847 ) — — - Other expenses (2,860 ) (4,493 ) (3,481 ) Finance costs (131,349 ) (165,380 ) (116,890 ) Total financial results, net (119,605 ) (157,423 ) (107,740 )

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2017
Income Taxes [Abstract]
Disclosure of major components of tax expense (income)	The details of the provision for the Group’s consolidated income tax are as follows: 2017 2016 2015 Current income tax (13,425 ) (21,505 ) (2,163 ) Deferred income tax 19,493 12,118 10,117 Income tax benefit / (expense) 6,068 (9,387 ) 7,954
Disclosure 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 26 % (i) During 2017, the Argentine Government introduced changes in the income tax. The income tax rate will be reduced to 30% for the years 2018 and 2019, and to 25% from 2020 onwards. A new tax on dividends is created with a rate of 7% for the years 2018 and 2019, and 13% from 2020 onwards.
Disclosure of temporary difference, unused tax losses and unused tax credits	Deferred tax assets and liabilities of the Group as of December 31, 2017 and 2016 , without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2017 2016 Deferred income tax asset to be recovered after more than 12 months 109,830 96,822 Deferred income tax asset to be recovered within 12 months 20,191 17,504 Deferred income tax assets 130,021 114,326 Deferred income tax liability to be settled after more than 12 months (90,951 ) (86,573 ) Deferred income tax liability to be settled within 12 months (6,090 ) (3,856 ) Deferred income tax liability (97,041 ) (90,429 ) Deferred income tax assets, net 32,980 23,897 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 liabilities Property, plant and equipment Biological assets Others Total At January 1, 2016 55,964 15,963 — 71,927 Charged / (credited) to the statement of income 3,380 (2,752 ) 16,787 17,415 Exchange differences (512 ) 911 688 1,087 At December 31, 2016 58,832 14,122 17,475 90,429 Charged / (credited) to the statement of income 23,249 3,707 (15,583 ) 11,373 Exchange differences (4,437 ) (1,057 ) 733 (4,761 ) At December 31, 2017 77,644 16,772 2,625 97,041 Deferred income tax assets Provisions Tax loss carry forwards Equity-settled share-based compensation Biological assets Others Total At January 1, 2016 1,789 107,191 5,620 1,727 8,708 125,035 Charged/(credited) to the statement of income 353 31,074 20 (2,063 ) 149 29,533 Tax charge relating to cash flow hedge — (52,282 ) — — — (52,282 ) Exchange differences 289 11,135 336 280 12,040 At December 31, 2016 2,431 97,118 5,640 — 9,137 114,326 (Credited) / charged to the statement of income (705 ) 11,907 41 — 19,623 30,866 Tax charge relating to cash flow hedge — (8,715 ) — — — (8,715 ) Exchange differences 757 (4,193 ) — — (3,020 ) (6,456 ) At December 31, 2017 2,483 96,117 5,681 — 25,740 130,021 The gross movement on the deferred income tax account is as follows: 2017 2016 Beginning of year 23,897 53,108 Exchange differences (1,695 ) 10,953 Tax (charge) relating to cash flow hedge (i) (8,715 ) (52,282 ) Income tax benefit 19,493 12,118 End of year 32,980 23,897 (i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$ (565) for the year ended December 31, 2017 ( 2016 : US$ (67,683) ); net of the reclassification from Equity to Income Statements of US$ (20,758) for the year ended December 31, 2017 ( 2016 : US$ (85,214) )
Disclosure of tax loss carryforwards	As of December 31, 2017 , the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina 80,988 5 years Brazil 195,894 No expiration date. Uruguay 3,394 5 years Luxembourg 29,212 No expiration date.
Disclosure of reconciliation of accounting profit multiplied 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 weighted average tax rate applicable to profits of the consolidated entities as follows: 2017 2016 2015 Tax calculated at the tax rates applicable to profits in the respective countries (1,937 ) (3,644 ) 3,842 Non-deductible items (1,406 ) (3,304 ) (133 ) Non-deductible items – changes in estimates on previous year — (1,182 ) — Effect of the changes in the statutory income tax rate in Argentina 1,781 — — Unused tax losses (2,265 ) — — Tax losses where no deferred tax asset was recognized (29 ) (569 ) (317 ) Non-taxable income 2,437 — 4,625 Previously unrecognised tax losses now recouped to reduce tax expenses 7,595 — — Others (108 ) (688 ) (63 ) Income tax benefit / (expense) 6,068 (9,387 ) 7,954

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings per share [abstract]
Earnings per share	2017 2016 2015 Profit/(Loss) from operations attributable to equity holders of the Group 9,972 2,039 (5,593 ) Weighted average number of shares in issue (thousands) 120,599 121,421 120,901 Basic earnings / (loss) per share from operations 0.083 0.017 (0.046 ) 2017 2016 2015 Profit / (Loss) from operations attributable to equity holders of the Group 9,972 2,039 (5,593 ) Weighted average number of shares in issue (thousands) 120,599 121,421 120,901 Adjustments for: - Employee share options and restricted units (thousands) 1,604 1,695 1,445 Weighted average number of shares for diluted earnings per share (thousands) 122,203 123,116 122,346 Diluted earnings / (loss) per share from operations 0.082 0.017 (0.046 )

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	Changes in the Group’s property, plant and equipment in 2017 and 2016 were as follows: Farmlands Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At January 1, 2016 Cost 114,527 14,889 267,473 548,037 234,322 13,544 23,113 1,215,905 Accumulated depreciation — (9,748 ) (100,005 ) (321,988 ) (77,651 ) (9,624 ) — (519,016 ) Net book amount 114,527 5,141 167,468 226,049 156,671 3,920 23,113 696,889 At December 31, 2016 Opening net book amount 114,527 5,141 167,468 226,049 156,671 3,920 23,113 696,889 Exchange differences (6,004 ) (838 ) 26,675 46,053 33,169 103 (924 ) 98,234 Additions — — 7,420 36,190 74,175 1,484 19,454 138,723 Reclassification from investment property (Note 13) 1,335 — — — — — — 1,335 Transfers — 6,856 6,491 6,608 — 8 (19,963 ) — Disposals — — (1,078 ) (3,125 ) — (72 ) — (4,275 ) Reclassification to non-income tax credits (*) — — (1,233 ) (227 ) — — (39 ) (1,499 ) Depreciation — (1,519 ) (15,688 ) (60,238 ) (47,846 ) (1,508 ) — (126,799 ) Closing net book amount 109,858 9,640 190,055 251,310 216,169 3,935 21,641 802,608 Farmlands Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At December 31, 2016 Cost 109,858 20,907 305,748 633,536 341,666 15,067 21,641 1,448,423 Accumulated depreciation — (11,267 ) (115,693 ) (382,226 ) (125,497 ) (11,132 ) — (645,815 ) Net book amount 109,858 9,640 190,055 251,310 216,169 3,935 21,641 802,608 Year ended December 31, 2017 Opening net book amount 109,858 9,640 190,055 251,310 216,169 3,935 21,641 802,608 Exchange differences (9,561 ) (1,219 ) (4,473 ) (5,853 ) (4,089 ) (390 ) (2,901 ) (28,486 ) Additions — — 15,495 62,101 84,278 2,351 37,856 202,081 Reclassification from investment property — — — — — — — — Transfers — 2,711 12,963 11,183 — 11 (26,868 ) — Disposals — — (162 ) (3,913 ) — (40 ) — (4,115 ) Reclassification to non-income tax credits (*) — — (205 ) (788 ) — — (93 ) (1,086 ) Depreciation — (2,125 ) (20,829 ) (67,960 ) (57,448 ) (1,709 ) — (150,071 ) Closing net book amount 100,297 9,007 192,844 246,080 238,910 4,158 29,635 820,931 At December 31, 2017 Cost 100,297 22,399 329,366 696,266 421,855 16,999 29,635 1,616,817 Accumulated depreciation — (13,392 ) (136,522 ) (450,186 ) (182,945 ) (12,841 ) — (795,886 ) Net book amount 100,297 9,007 192,844 246,080 238,910 4,158 29,635 820,931 (*) 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, 2017 and 2016 , 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 allocated their cost over the estimated usefull lives. Farmlands are not depreciated. Farmland improvements 5-25 years Buildings and facilities 20 years Furniture and fittings 10 years Computer equipment 3-5 years Machinery and equipment 4-10 years Vehicles 4-5 years Bearer plants 6 years

Investment property (Tables)

Investment property (Tables)	12 Months Ended
	Dec. 31, 2017
Investment property [abstract]
Disclosure of detailed information about investment property	Changes in the Group’s investment property in 2017 and 2016 were as follows: 2017 2016 Beginning of the year 2,666 4,796 Reclassification to property, plant and equipment (i) — (1,335 ) Exchange difference (395 ) (795 ) End of the year 2,271 2,666 Cost 2,271 2,666 Accumulated depreciation — — Net book amount 2,271 2,666 (i) Relates to new contracts with third parties.

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2017
Intangible Assets [Abstract]
Change in group's intangible assets	Changes in the Group’s intangible assets in 2017 and 2016 were as follows: Goodwill Software Others Total At January 1, 2016 Cost 13,510 4,044 2,636 20,190 Accumulated amortization — (1,844 ) (1,685 ) (3,529 ) Net book amount 13,510 2,200 951 16,661 Year ended December 31, 2016 Opening net book amount 13,510 2,200 951 16,661 Exchange differences (105 ) 186 (7 ) 74 Additions — 1,176 42 1,218 Amortization charge (i) — (661 ) (40 ) (701 ) Closing net book amount 13,405 2,901 946 17,252 At December 31, 2016 Cost 13,405 5,406 2,671 21,482 Accumulated amortization — (2,505 ) (1,725 ) (4,230 ) Net book amount 13,405 2,901 946 17,252 Year ended December 31, 2017 Opening net book amount 13,405 2,901 946 17,252 Exchange differences (993 ) (244 ) (10 ) (1,247 ) Additions — 2,089 34 2,123 Amortization charge (i) — (895 ) (41 ) (936 ) Closing net book amount 12,412 3,851 929 17,192 At December 31, 2017 Cost 12,412 7,251 2,695 22,358 Accumulated amortization — (3,400 ) (1,766 ) (5,166 ) Net book amount 12,412 3,851 929 17,192 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2017 and 2016 , 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, 2017
Agriculture1 [Abstract]
Disclosure of reconciliation of changes in biological assets	Cost of production as of December 31, 2017 : Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits 3,999 7,312 4,762 386 12,224 28,683 Depreciation and amortization 413 — — — 5,989 6,402 Fertilizers, agrochemicals and seeds 35,715 10,647 9 — 31,144 77,515 Fuel, lubricants and others 1,075 666 741 64 3,220 5,766 Maintenance and repairs 1,303 2,419 1,912 220 2,329 8,183 Freights 234 500 128 77 — 939 Contractors and services 29,738 14,706 — 30 4,232 48,706 Feeding expenses — — 9,585 174 — 9,759 Veterinary expenses — — 1,783 148 — 1,931 Energy power 123 1,954 698 — — 2,775 Professional fees 180 173 220 19 84 676 Other taxes 1,621 156 7 129 91 2,004 Lease expense and similar arrangements 13,057 138 — — 40,757 53,952 Others 4,576 876 368 122 1,207 7,149 Subtotal 92,034 39,547 20,213 1,369 101,277 254,440 Own agricultural produce consumed — — 5,789 109 — 5,898 Total 92,034 39,547 26,002 1,478 101,277 260,338 Cost of production as of December 31, 2016 : Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits 3,786 5,820 3,849 214 12,610 26,279 Depreciation and amortization 395 — — — 5,880 6,275 Fertilizers, agrochemicals and seeds 24,774 8,047 80 — 24,087 56,988 Fuel, lubricants and others 971 1,527 772 17 3,385 6,672 Maintenance and repairs 1,253 2,811 1,787 92 2,519 8,462 Freights 1,421 479 127 19 — 2,046 Contractors and services 23,769 13,248 — — 2,651 39,668 Feeding expenses — — 9,053 21 — 9,074 Veterinary expenses — — 1,624 69 — 1,693 Energy power 119 853 492 — — 1,464 Professional fees 131 85 169 — 145 530 Other taxes 1,561 131 8 100 116 1,916 Lease expense and similar arrangements 6,965 97 8 — 38,555 45,625 Others 3,462 741 563 26 1,287 6,079 Subtotal 68,607 33,839 18,532 558 91,235 212,771 Own agricultural produce consumed — — 5,353 — — 5,353 Total 68,607 33,839 23,885 558 91,235 218,124 Changes in the Group’s biological assets in 2017 and 2016 were as follows: 2017 Crops (ii) Rice (ii) Dairy All other segments Sugarcane (ii) Total Beginning of the year 28,189 25,575 6,827 2,433 82,380 145,404 Increase due to purchases — — 610 1,084 — 1,694 Initial recognition and changes in fair value of biological assets (i) 17,158 10,236 11,769 267 23,790 63,220 Decrease due to harvest / disposals (102,734 ) (43,842 ) (34,569 ) (616 ) (113,184 ) (294,945 ) Costs incurred during the year 92,034 39,547 26,002 1,478 101,277 260,338 Exchange differences (2,902 ) (1,799 ) (1,301 ) (630 ) (1,085 ) (7,717 ) End of the year 31,745 29,717 9,338 4,016 93,178 167,994 2016 Crops (ii) Rice (ii) Dairy All other segments Sugarcane (ii) Total Beginning of the year 22,536 23,131 6,786 288 59,077 111,818 Increase due to purchases — — — 1,713 — 1,713 Initial recognition and changes in fair value of biological assets (i) 48,790 10,498 5,476 (13 ) 60,705 125,456 Decrease due to harvest / disposals (110,252 ) (38,508 ) (27,946 ) — (141,645 ) (318,351 ) Costs incurred during the year 68,607 33,839 23,885 558 91,235 218,124 Exchange differences (1,492 ) (3,385 ) (1,374 ) (113 ) 13,008 6,644 End of the year 28,189 25,575 6,827 2,433 82,380 145,404 (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$ 12,036 for the year ended December 31, 2017 ( 2016 : US$ 5,463 ). In 2017 , an amount of US$ 2,830 ( 2016 : US$ 1,019 ) was attributable to price changes, and an amount of US$ 9,206 ( 2016 : US$ 4,444 ) was attributable to physical changes. (ii) Biological assets that are measured at fair value within level 3 of the hierarchy.
Disclosure of detailed information about biological assets	Biological assets in December 31, 2017 and 2016 were as follows: 2017 2016 Non-current Cattle for dairy production (i) 8,989 6,584 Breeding cattle (ii) 1,984 1,533 Other cattle (ii) 303 399 11,276 8,516 Current Breeding cattle (iii) 1,729 501 Other cattle (iii) 349 243 Sown land – crops (ii) 31,745 28,189 Sown land – rice (ii) 29,717 25,575 Sown land – sugarcane (ii) 93,178 82,380 156,718 136,888 Total biological assets 167,994 145,404 (i) Classified as bearer and mature biological assets. (ii) Classified as consumable and immature biological assets. (iii) Classified as consumable and mature biological assets.
Disclosure of fair value measurement of assets	The following significant unobservable inputs were used to measure the Group´s biological assets using the discounted cash flow valuation technique: Description Unobservable inputs Range of unobservable inputs Relationship of unobservable inputs to fair value 2017 2016 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: 60-100 tn/ha -Sugarcane yield: 60-100 tn/ha The higher the sugarcane yield, the higher the fair value. The higher the maintenance, harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher the fair value. Sown land – crops Crops yield – tonnes per hectare; Commercial Costs – usd per hectare; - Crops yield: 1.5 – 5.1 tn/ha for Wheat, 4.0 – 8.0 tn/ha for Corn, 1.4 - 3.4 tn/ha for Soybean and 2.1-3.5 for Sunflower - Crops yield: 2.0 – 2.8 tn/ha for Wheat, 5.4 – 7.7 tn/ha for Corn, 2.7 - 3.8 tn/ha for Soybean and 1.5-2.1 for Sunflower 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: 5.0 -5.9 tn/ha -Rice yield: 5.1 -6.1 tn/ha The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value. The following table presents the Group´s biological assets that are measured at fair value at December 31, 2017 and 2016 (see Note 17 to see the description of each fair value level): 2017 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 8,989 — 8,989 — 6,584 — 6,584 Breeding cattle 3,713 — — 3,713 2,034 — — 2,034 Other cattle — 652 — 652 — 642 — 642 Sown land – sugarcane — — 93,178 93,178 — — 82,380 82,380 Sown land – crops — — 31,745 31,745 — — 28,189 28,189 Sown land – rice — — 29,717 29,717 — — 25,575 25,575 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 3,911 Options Quoted price — — 1 54 Foreign-currency interest-rate swaps Theoretical price Swap curve; Present value method 2 (34 ) 3,931 The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2017 and 2016 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2017 4,463 20 4,483 Derivative financial instruments 2016 2,789 609 3,398 Liabilities Derivative financial instruments 2017 (498 ) (54 ) (552 ) Derivative financial instruments 2016 (1,196 ) (5,872 ) (7,068 )

Investments in joint ventures (

Investments in joint ventures (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of joint ventures [abstract]
Disclosure of interests in joint ventures	The table below lists the Group’s investment in joint ventures for the years ended December 31, 2017 , 2016 and 2015 : % of ownership interest held Name of the entity Country of incorporation and operation December 31, 2017 December 31, 2016 December 31, 2015 CHS AGRO S.A. (i) Argentina 50 % 50 % 50 %
Disclosure of reconciliation of summarised financial information of joint venture accounted for using equity method to carrying amount of interest in joint venture	The following amounts represent the assets (including goodwill) and liabilities, and income and expenses of the joint ventures: 2017 2016 Assets: Non-current assets 7,931 17,185 Current assets 8,882 9,316 16,813 26,501 Liabilities: Non-current liabilities 22,002 22,000 Current liabilities 19,197 15,273 41,199 37,273 Net assets of joint venture (24,386 ) (10,772 ) 2017 2016 2015 Income 14,879 9,390 14,201 Expenses (22,657 ) (16,048 ) (22,934 ) Loss before income tax (7,778 ) (6,658 ) (8,733 )

Financial instruments by cate58

Financial instruments by category (Tables)	12 Months Ended
	Dec. 31, 2017
Financial Instruments [Abstract]
Disclosure of financial assets	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”. Loans and receivables Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2017 Assets as per statement of financial position Trade and other receivables 68,869 — 68,869 103,345 172,214 Derivative financial instruments — 4,483 4,483 — 4,483 Cash and cash equivalents 269,195 — 269,195 — 269,195 Total 338,064 4,483 342,547 103,345 445,892 Liabilities at fair value through profit or loss Other financial liabilities at amortized cost Subtotal financial liabilities Non- financial liabilities Total Liabilities as per statement of financial position Trade and other payables — 86,066 86,066 13,184 99,250 Borrowings (excluding finance lease liabilities)(i) — 817,853 817,853 — 817,853 Finance leases — 105 105 — 105 Derivative financial instruments (i) 552 — 552 — 552 Total 552 904,024 904,576 13,184 917,760 (i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2). Loans and receivables Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2016 Assets as per statement of financial position Trade and other receivables 79,964 — 79,964 94,976 174,940 Derivative financial instruments — 3,398 3,398 — 3,398 Cash and cash equivalents 158,568 — 158,568 — 158,568 Total 238,532 3,398 241,930 94,976 336,906 Liabilities at fair value through profit or loss Other financial liabilities at amortized cost Subtotal financial liabilities Non- financial liabilities Total Liabilities as per statement of financial position Trade and other payables — 81,142 81,142 12,443 93,585 Borrowings (excluding finance lease liabilities) (i) — 635,215 635,215 — 635,215 Finance leases — 181 181 — 181 Derivative financial instruments (i) 7,068 — 7,068 — 7,068 Total 7,068 716,538 723,606 12,443 736,049 (i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).
Disclosure of financial 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”. Loans and receivables Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2017 Assets as per statement of financial position Trade and other receivables 68,869 — 68,869 103,345 172,214 Derivative financial instruments — 4,483 4,483 — 4,483 Cash and cash equivalents 269,195 — 269,195 — 269,195 Total 338,064 4,483 342,547 103,345 445,892 Liabilities at fair value through profit or loss Other financial liabilities at amortized cost Subtotal financial liabilities Non- financial liabilities Total Liabilities as per statement of financial position Trade and other payables — 86,066 86,066 13,184 99,250 Borrowings (excluding finance lease liabilities)(i) — 817,853 817,853 — 817,853 Finance leases — 105 105 — 105 Derivative financial instruments (i) 552 — 552 — 552 Total 552 904,024 904,576 13,184 917,760 (i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2). Loans and receivables Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2016 Assets as per statement of financial position Trade and other receivables 79,964 — 79,964 94,976 174,940 Derivative financial instruments — 3,398 3,398 — 3,398 Cash and cash equivalents 158,568 — 158,568 — 158,568 Total 238,532 3,398 241,930 94,976 336,906 Liabilities at fair value through profit or loss Other financial liabilities at amortized cost Subtotal financial liabilities Non- financial liabilities Total Liabilities as per statement of financial position Trade and other payables — 81,142 81,142 12,443 93,585 Borrowings (excluding finance lease liabilities) (i) — 635,215 635,215 — 635,215 Finance leases — 181 181 — 181 Derivative financial instruments (i) 7,068 — 7,068 — 7,068 Total 7,068 716,538 723,606 12,443 736,049 (i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).
Disclosure of income, expense, gains and losses on financial	Income, expense, gains and losses on financial instruments can be assigned to the following categories: Loans and receivables Assets/ liabilities at fair value through profit or loss Other financial liabilities at amortized cost Total December 31, 2017 Interest income (i) 11,230 — — 11,230 Interest expense (i) (41,968 ) — (10,340 ) (52,308 ) Foreign exchange gains/ (losses) (i) (15,634 ) (9,402 ) (13,672 ) (38,708 ) Gain from derivative financial instruments(ii) — 38,679 — 38,679 Net result (46,372 ) 29,277 (24,012 ) (41,107 ) Loans and receivables Assets/ liabilities at fair value through profit or loss Other financial liabilities at amortized cost Total December 31, 2016 Interest income (i) 7,671 — — 7,671 Interest expense (i) (39,533 ) — (8,665 ) (48,198 ) Foreign exchange gains/ (losses) (i) 4,737 (12,288 ) (11,511 ) (19,062 ) Loss from derivative financial instruments(ii) — (21,745 ) — (21,745 ) Net result (27,125 ) (34,033 ) (20,176 ) (81,334 ) (i) Included in “Financial Results, net” in the statement of income. (ii) Included in “Other operating income, net” and “Financial Results, net” in the statement of income.
Disclosure of fair value measurement of assets	The following significant unobservable inputs were used to measure the Group´s biological assets using the discounted cash flow valuation technique: Description Unobservable inputs Range of unobservable inputs Relationship of unobservable inputs to fair value 2017 2016 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: 60-100 tn/ha -Sugarcane yield: 60-100 tn/ha The higher the sugarcane yield, the higher the fair value. The higher the maintenance, harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher the fair value. Sown land – crops Crops yield – tonnes per hectare; Commercial Costs – usd per hectare; - Crops yield: 1.5 – 5.1 tn/ha for Wheat, 4.0 – 8.0 tn/ha for Corn, 1.4 - 3.4 tn/ha for Soybean and 2.1-3.5 for Sunflower - Crops yield: 2.0 – 2.8 tn/ha for Wheat, 5.4 – 7.7 tn/ha for Corn, 2.7 - 3.8 tn/ha for Soybean and 1.5-2.1 for Sunflower 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: 5.0 -5.9 tn/ha -Rice yield: 5.1 -6.1 tn/ha The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value. The following table presents the Group´s biological assets that are measured at fair value at December 31, 2017 and 2016 (see Note 17 to see the description of each fair value level): 2017 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 8,989 — 8,989 — 6,584 — 6,584 Breeding cattle 3,713 — — 3,713 2,034 — — 2,034 Other cattle — 652 — 652 — 642 — 642 Sown land – sugarcane — — 93,178 93,178 — — 82,380 82,380 Sown land – crops — — 31,745 31,745 — — 28,189 28,189 Sown land – rice — — 29,717 29,717 — — 25,575 25,575 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 3,911 Options Quoted price — — 1 54 Foreign-currency interest-rate swaps Theoretical price Swap curve; Present value method 2 (34 ) 3,931 The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2017 and 2016 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2017 4,463 20 4,483 Derivative financial instruments 2016 2,789 609 3,398 Liabilities Derivative financial instruments 2017 (498 ) (54 ) (552 ) Derivative financial instruments 2016 (1,196 ) (5,872 ) (7,068 )
Disclosure of fair value measurement of liabilities	The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2017 and 2016 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2017 4,463 20 4,483 Derivative financial instruments 2016 2,789 609 3,398 Liabilities Derivative financial instruments 2017 (498 ) (54 ) (552 ) Derivative financial instruments 2016 (1,196 ) (5,872 ) (7,068 ) 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 3,911 Options Quoted price — — 1 54 Foreign-currency interest-rate swaps Theoretical price Swap curve; Present value method 2 (34 ) 3,931

Trade and other receivables, 59

Trade and other receivables, net (Tables)	12 Months Ended
	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Summary of current and non-current trade and other receivables	2017 2016 Non-current Trade receivables 6,597 1,802 Trade receivables 6,597 1,802 Advances to suppliers 2,363 1,930 Income tax credits 6,955 7,472 Non-income tax credits (i) 1,863 1,853 Judicial deposits 3,191 3,280 Other receivables 1,138 1,075 Non-current portion 22,107 17,412 Current Trade receivables 43,078 61,546 Receivables from related parties (Note 31) 10,218 8,114 Less: Allowance for trade receivables (1,002 ) (643 ) Trade receivables – net 52,294 69,017 Prepaid expenses 11,565 8,302 Advances to suppliers 36,497 21,451 Income tax credits 2,046 7,116 Non-income tax credits (i) 38,865 43,572 Cash collateral 380 3,546 Receivables from related parties (Note 31) 176 172 Other receivables 8,284 4,352 Subtotal 97,813 88,511 Current portion 150,107 157,528 Total trade and other receivables, net 172,214 174,940 (i) Includes US$ 1,086 ( 2016 : 1,499 ) reclassified from Property, plant and equipment.
Summary 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 US dollars): 2017 2016 Currency US Dollar 50,400 54,012 Argentine Peso 48,911 45,641 Uruguayan Peso 415 762 Brazilian Reais 72,488 74,525 172,214 174,940
Disclosure of reconciliation of changes in allowance for trade receivables	Movements on the Group’s allowance for trade receivables are as follows: 2017 2016 2015 At January 1 643 481 527 Charge of the year 758 387 152 Unused amounts reversed (133 ) (178 ) (27 ) Used during the year (193 ) — (7 ) Exchange differences (73 ) (47 ) (164 ) At December 31 1,002 643 481

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure Of Inventories [Abstract]
Disclosure of current inventories	2017 2016 Raw materials 46,836 42,108 Finished goods (Note 5) (1) 61,888 68,191 Stocks held by third parties — 1,308 Others 195 147 108,919 111,754 (1) Finished goods of Crops reportable segment are valued at fair value.

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of cash and cash equivalents	2017 2016 Cash at bank and on hand 118,358 130,001 Short-term bank deposits 150,837 28,567 269,195 158,568

Shareholders' contributions (Ta

Shareholders' contributions (Tables)	12 Months Ended
	Dec. 31, 2017
Statement of changes in equity [abstract]
Disclosure of share capital	Number of shares Share capital and share premium At January 1, 2015 122,382 1,116,617 Employee share options exercised (Note 23) (1) — 1,786 Restricted shares and units vested (Note 23) — 3,103 Purchase of own shares — (259 ) At December 31,2015 122,382 1,121,247 Employee share options exercised (Note 23) (1) — 438 Restricted shares and units vested (Note 23) — 3,225 Purchase of own shares — (4,087 ) At December 31,2016 122,382 1,120,823 Employee share options exercised (Note 23) (1) — 50 Restricted shares units vested (Note 23) — 4,149 Purchase of own shares — (32,515 ) At December 31,2017 122,382 1,092,507 (1) Treasury shares were used to settle these options and units.

Equity-settled share-based pa63

Equity-settled share-based payments Equity-settled share-based payments (Tables)	12 Months Ended
	Dec. 31, 2017
Share-Based Payment Arrangements [Abstract]
Disclosure of number and weighted average exercise prices 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: 2017 2016 2015 Average exercise price per share Options (thousands) Average exercise price per Share Options (thousands) Average exercise price per Share Options (thousands) At January 1 6.66 1,641 6.67 1,696 6.71 1,916 Forfeited — — — — 5.83 (9 ) Exercised 5.83 (7 ) 6.96 (55 ) 7.11 (211 ) At December 31 6.66 1,634 6.66 1,641 6.67 1,696 Options outstanding at year end under this Plan have the following expiry date and exercise prices: Exercise price per share Shares (in thousands) Expiry date (i): 2017 2016 2015 May 1, 2024 5.83 496 495 495 May 1, 2025 5.83 452 452 461 January 1, 2026 5.83 142 150 174 February 16, 2026 7.11 103 103 103 October 1, 2026 8.62 441 441 463 (i) On May 2014, the Board of directors decided to extend the expired date of the Plan. Movements in the number of equity-settled options outstanding and their related weighted average exercise prices under the Adecoagro/ IFH 2007/2008 Equity Incentive Plan are as follows: 2017 2016 2015 Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) At January 1 13.07 1,658 13.07 1,701 13.07 1,729 Forfeited 13.40 (4 ) 12.98 (43 ) 13.01 (28 ) Expired 12.82 (803 ) — — — — At December 31 13.31 851 13.07 1,658 13.07 1,701 Options outstanding at year-end under the Adecoagro/ IFH 2007/2008 Equity Incentive Plan have the following expiry date and exercise prices: Exercise price per share Shares (in thousands) Expiry date: 2017 2016 2015 From Nov 13, 2017 to Aug 25, 2018 12.82 105 908 937 January 30, 2019 13.40 595 595 608 June 1, 2019 12.82 3 3 3 November 1, 2019 13.40 11 11 11 From Jan 30, 2020 to Sep 1, 2020 13.40 106 110 110 From Jan 30, 2020 to Sep 1, 2020 12.82 31 31 31 The following table shows the exercisable shares at year end under both the Adecoagro/ IFH 2004 Incentive Option Plan and the Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan: Exercisable shares in thousands 2017 2,485 2016 3,299 2015 3,397
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period	Key grant-date fair value and other assumptions under the Restricted Share Plan are detailed below: Grant Date Apr 1, 2015 May 15, 2015 Apr 1, 2016 May 15, 2016 Apr 1, 2017 May 15, 2017 Fair value 9.45 8.62 12.63 12.52 11.88 12.14 Possibility of ceasing employment before vesting 5 % 0 % 5 % 0 % — % 0 %
Disclosure of number and weighted average exercise prices of other equity instruments	Movements in the number of restricted shares outstanding under the Restricted Share Plan are as follows: Restricted stock units (thousands) Restricted stock units (thousands) Restricted stock units (thousands) 2017 2016 2015 At January 1 1,000 1,018 861 Granted (1) 488 464 626 Forfeited (29 ) (29 ) (37 ) Vested (490 ) (453 ) (432 ) At December 31 969 1,000 1,018 (1) Approved by the Board of Directors of March 14, 2017 and the Shareholders Meeting of April 19, 2017

Trade and other payable (Tables

Trade and other payable (Tables)	12 Months Ended
	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Summary of trade and other payables	2017 2016 Non-current Payable from acquisition of property, plant and equipment (i) 521 1,042 Other payables 306 385 827 1,427 Current Trade payables 82,824 77,325 Advances from customers 6,722 7,758 Amounts due to related parties (Note 31) 628 1,152 Taxes payable 6,462 4,685 Other payables 1,787 1,238 98,423 92,158 Total trade and other payables 99,250 93,585 (i) These trades payable are mainly collateralized by property, plant and equipment of the Group.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2017
Financial Instruments [Abstract]
Disclosure of detailed information about borrowings	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, 2017 and 2016 is as follow: 2017 2016 Amount at the beginning of the year 635,396 723,339 Issuance of senior notes 495,678 — Proceeds from long term loans 232,433 167,385 Payments of long term loans (602,700 ) (277,913 ) Proceeds from short term loans 106,730 257,395 Payments of short term loans (64,787 ) (272,033 ) Payments of interest (39,118 ) (45,473 ) Accrued interest 51,005 46,470 Exchange differences and translation, net (4,588 ) 32,583 Others 7,909 3,643 Amount at the end of the year 817,958 635,396 The maturity of the Group's borrowings (excluding obligations under finance leases) and the Group's exposure to fixed and variable interest rates is as follows: 2017 2016 Fixed rate: Less than 1 year 132,998 67,682 Between 1 and 2 years 35,762 43,630 Between 2 and 3 years 20,097 40,047 Between 3 and 4 years 20,130 21,857 Between 4 and 5 years 16,310 21,116 More than 5 years 495,754 20,239 721,051 214,571 Variable rate: Less than 1 year 21,833 137,331 Between 1 and 2 years 22,871 150,517 Between 2 and 3 years 17,945 81,947 Between 3 and 4 years 18,215 18,457 Between 4 and 5 years 11,164 18,309 More than 5 years 4,774 14,083 96,802 420,644 817,853 635,215 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 2017 2016 (In millions) Millions of Reais Millions of equivalent Dollars Millions of equivalent Dollars Banco Do Brasil (1) October 2012 R$ 130.0 R$ 91.3 27.6 33.7 November 2022 2.94% with 15% of bonus performance Itau BBA FINAME Loan (2) December 2012 R$ 45.9 R$ 25.2 7.6 9.3 December 2022 2.50% Itau BBA March 2013 R$ 75.0 R$ - - 5.8 - CDI + 3.20% Banco do Brasil / Itaú BBA Finem Loan (3) September 2013 R$ 273.0 R$ 176.5 53.4 67.3 January 2023 6.77% BNDES Finem Loan (4) November 2013 R$ 215.0 R$ 136.9 41.4 50.3 January 2023 3.75% ING / Rabobank / ABN / HSBC / Credit Agricole / Caixa Geral / Galena (7) January 2015 US$ 160.0 - - 98.0 - LIBOR 3M plus 4.40% ING / Rabobank / Bladex / Credit Agricole / Votorantim / ABN (7) August 2015 US$ 110.0 - - 110.0 - LIBOR 3M plus 4.65% Rabobank (7) February 2016 US$ 40.0 - - 40.0 - LIBOR 3M plus 3.50% Tokyo-Mitsubishi (5) August 2016 US$ 30.0 - 30.0 30.0 August 2019 6.35% Bradesco (7) July 2016 R$ 90.0 - - 27.6 - CDI + 2.10% Votorantim (6) July 2016 US$ 15.0 - 10.0 15.0 June 2019 LIBOR 3M plus 4.60% (1) Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; (iii) a first degree mortgage of the Takuare farm; and (iv) liens over the Ivinhema mill and equipment. (2) Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; (iii) a first degree mortgage of the Takuare farm; and (iv) liens over the Ivinhema mill and equipment. (3) Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; (iii) a first degree mortgage of the Takuare farm; (iv) liens over the Ivinhema mill and equipment; and (v) power sales contract. (4) Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts. (5) Collateralized by sales contracts. (6) Collateralized by (i) power sales contract and (ii) sales contracts. (7) These loans were prepaid in 2017, with the proceeds of the Notes 2027. Bank Grant date Nominal amount Capital outstanding as of December 31 Maturity date Annual interest rate 2017 2016 (In millions) (In millions) (In millions) IDB Tranche A (1) Feb-09 USD 20 US$3.1 US$6.2 Nov-18 6.11% per annum IFC Tranche A (2) Dec-16 USD 25 US$24.67 US$25.00 Sep-21 4.3% plus LIBOR IFC Tranche B (2) Dec-16 USD 25 US$24.93 US$25.00 Sep-23 4% plus LIBOR (1): Collateralized by property, plant and equipment with a net book value of US$ 24.77 million , by a mortgage over (i) Carmen and La Rosa farms which are property of Adeco Agropecuaria S.A. and (ii) El Meridiano farm which is the property of Pilagá S.A. (2): Collateralized by a US$ 75 million mortgage over Carmen farm, which is property of Adeco Agropecuaria S.A. 2017 2016 Non-current Senior Notes 495,707 — Bank borrowings 167,315 430,202 Obligations under finance leases 38 102 663,060 430,304 Current Senior Notes 8,250 — Bank overdrafts 6,214 90 Bank borrowings 140,367 204,923 Obligations under finance leases 67 79 154,898 205,092 Total borrowings 817,958 635,396

Payroll and social securities66

Payroll and social securities payable (Tables)	12 Months Ended
	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Payroll and social security liabilities	2017 2016 Non-current Social security payable 1,240 1,235 1,240 1,235 Current Salaries payable 6,199 7,351 Social security payable 3,702 3,063 Provision for vacations 12,323 12,109 Provision for bonuses 5,043 4,321 27,267 26,844 Total payroll and social security liabilities 28,507 28,079

Provisions for other liabilit67

Provisions for other liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of other provisions [abstract]
Summary 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 other claims Others Total At January 1, 2016 2,293 20 2,313 Additions 3,447 57 3,504 Used during year (2,174 ) (14 ) (2,188 ) Exchange differences 291 (31 ) 260 At December 31, 2016 3,857 32 3,889 Additions 4,750 — 4,750 Used during year (3,754 ) (25 ) (3,779 ) Exchange differences (15 ) (2 ) (17 ) At December 31, 2017 4,838 5 4,843 Analysis of total provisions: 2017 2016 Non current 4,078 3,299 Current 765 590 4,843 3,889

Disclosure of leases and simi68

Disclosure of leases and similar arrangements (Tables)	12 Months Ended
	Dec. 31, 2017
Leases1 [Abstract]
Disclosure of finance lease and operating lease by lessee	The future aggregate minimum lease payments under cancellable operating leases are as follows: 2017 2016 No later than 1 year 7,841 5,311 Later than 1 year and no later than 5 years 1,234 2,294 9,075 7,605
Disclosure of finance lease and operating lease by lessor	The following amounts have been recognized in the statement of income in the line “Sales goods and services rendered”: 2017 2016 2015 Rental income 771 984 1,309 The future minimum rental payments receivable under cancellable leases are as follows: 2017 2016 No later than 1 year 504 494 Later than 1 year and no later than 5 years 1,014 988 1,518 1,482

Group companies (Tables)

Group companies (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of subsidiaries [abstract]
Disclosure of interests in subsidiaries	The following table details the subsidiaries that comprised the Group as of December 31, 2017 and 2016 : 2017 2016 Activities Country of incorporation and operation Ownership percentage held if not 100 % Ownership percentage held if not 100 % Details of principal subsidiary undertakings: Operating companies (unless otherwise stated): Adeco Agropecuaria S.A. (a) Argentina — — Pilagá S.A. (a) Argentina 99.94 % 99.94 % Cavok S.A. (a) Argentina 51 % 51 % Establecimientos El Orden S.A. (a) Argentina 51 % 51 % Bañado del Salado S.A. (a) Argentina — — Agro Invest S.A. (a) Argentina 51 % 51 % Forsalta S.A. (a) Argentina 51 % 51 % Dinaluca S.A. (a) Argentina — — Simoneta S.A. (a) Argentina — — Compañía Agroforestal S.M.S.A. (a) Argentina — — Energía Agro S.A.U. (a) Argentina — — Adeco Agropecuaria Brasil Ltda. (b) Brazil — — Adecoagro Vale do Ivinhema Ltda. (b) Brazil — — Adecoagro Commodities Ltda. (b) Brazil — — Usina Monte Alegre Ltda. (b) Brazil — — Adecoagro Energia Ltda. (b) Brazil — — Kelizer S.A. (a) Uruguay — — Agroglobal S.A. (f.k.a. Adecoagro Uruguay S.A.) (a) Uruguay — — Holdings companies: Adeco Brasil Participações S.A. — Brazil — — Adecoagro LP S.C.S. (d) Luxembourg — — Adecoagro GP S.a.r.l. — Luxembourg — — Ladelux S.C.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 España S.L.U.; Leterton España S.L.U.; Global Asterion S.L.U.; Global Acasto S.L.U.; Global Laertes S.L.U.; Global Seward S.L.U.; Global Pindaro S.L.U.; Global Pileo S.L.U.; Peak Texas S.L.U.; Peak City S.L.U. and 51% controlled subsidiaries (see note 21): 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) The continuer from the merger between Adecoagro LP and International Farmland Holdings LP.

Related-party transactions (Tab

Related-party transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party [Abstract]
Summary of balances and transactions with related parties	The following is a summary of the balances and transactions with related parties: Related party Relationship Description of transaction Income (loss) included in the statement of income Balance receivable (payable)/(equity) 2017 2016 2015 2017 2016 Mario Jorge de Lemos Vieira / Cia Agropecuaria Monte Alegre / Alfenas Agricola Ltda / Marcelo Weyland Barbosa Vieira / Paulo Albert Weyland Vieira (i) Cost of manufactured products sold and services rendered (ii) — (42 ) (2,304 ) — Receivables from related parties (Note 18) — — — 176 172 Payables (Note 25) — — — (367 ) (701 ) Directors and senior management Employment Compensation selected employees (7,040 ) (5,213 ) (7,528 ) (17,985 ) (17,355 ) CHS Agro Joint venture Receivables from related parties (Note 18) (iii) — — — 10,218 8,114 Payables (Note 25) — — — (261 ) (451 ) Sales of goods 2,487 372 2,201 — — Services 88 87 110 — — Interest income 308 326 74 — — (i) Shareholders of the Company. (ii) Relates to agriculture partnership agreements (“parceria”). (iii) It includes US$ 8 million of a loan that accruing a 3% interest rate per year with the final maturity in 2022.

Critical accounting estimates71

Critical accounting estimates and judgments (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]
Summary of goodwill allocated	The following table shows only the 3 CGUs where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one: CGU/ Operating segment September 30, 2017 September 30, 2016 AVI / Sugar, Ethanol and Energy 5,012 4,892 UMA / Sugar, Ethanol and Energy 2,622 2,564 Closing net book value of goodwill allocated to CGUs tested (Note 14) 7,634 7,456 Closing net book value of PPE items and other assets allocated to CGUs tested 719,558 689,857 Total assets allocated to 3 CGUs tested 727,192 697,313 The following table shows only the 11 CGUs (2016: 11 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, 2017 September 30, 2016 La Carolina / Crops / Argentina 35 40 La Carolina / Cattle / Argentina 12 13 El Orden/ Crops / Argentina 53 60 El Orden/ Cattle / Argentina 4 5 La Guarida / Crops / Argentina 358 405 La Guarida / Cattle / Argentina 292 330 Los Guayacanes / Crops / Argentina 452 511 Doña Marina / Rice / Argentina 1,595 1,803 Huelen / Crops / Argentina 1,787 2,020 El Colorado / Crops / Argentina 787 890 El Colorado / Cattle / Argentina 115 130 Closing net book value of goodwill allocated to CGUs tested (Note 14) 5,490 6,207 Closing net book value of PPE items and other assets allocated to CGUs tested 34,668 36,901 Total assets allocated to CGUs tested 40,158 43,108
Disclosure 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, 2017 September 30, 2016 Financial projections Covers 4 years for UMA Covers 4 years for UMA Cover 7 years for AVI Cover 7 years for AVI Yield average growth rates 0-1% 0-1% Future pricing increases 3% per annum 3% per annum Future cost increases 1% per annum 3% per annum Discount rates 7.6% 6.2% Perpetuity growth rate 2.0% 2.0%

Financial risk management - Sum

Financial risk management - Summary of Net Monetary Position (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (562,029)	$ (481,676)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(21,958)	1,518
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(17,134)	(203,070)
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(521,836)	(280,089)
Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(1,101)	(35)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(226,404)	(42,570)
Argentine Peso | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(21,958)	1,518
Argentine Peso | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(204,446)	(44,088)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(479,100)	(510,158)
Brazilian Reais | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(17,134)	(203,070)
Brazilian Reais | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(461,966)	(307,088)
Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	19,350	(7,749)
Uruguay, Pesos | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	20,451	(7,714)
Uruguay, Pesos | Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(1,101)	(35)
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	124,125	78,801
US Dollar | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 124,125	$ 78,801

Financial risk management - Nar

Financial risk management - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jul. 31, 2016BRL (R$)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Disclosure of major customers [line items]
Percentage of sales designated for hedging activities	24.60%	18.10%
Gain (loss) on hedge ineffectiveness recognised in other comprehensive income	$ 530	$ (67,683)
Reclassification adjustments on cash flow hedges for which hedged item affected profit or loss, net of tax	(20,758)	85,214
Cash and cash equivalents	$ 269,195	$ 158,568		$ 198,894	$ 113,795
Gearing ratio	56.00%	49.00%
Nominal amount	$ 63,300	$ 111,800		$ 62,400
Derivative financial liabilities	552	7,068
Notional amount	$ 130,069	$ 62,424
Bottom of range
Disclosure of major customers [line items]
Gearing ratio	45.00%
Top of range
Disclosure of major customers [line items]
Gearing ratio	60.00%
Interest rate risk
Disclosure of major customers [line items]
Sensitivity analysis for types of market risk as a percentage	10000.00%
Interest rate risk | Bradesco
Disclosure of major customers [line items]
Nominal amount | R$			R$ 90000000
Interest rate risk | Floating interest rate
Disclosure of major customers [line items]
Sensitivity analysis for types of market risk as a percentage	1.00%
Borrowings, interest rate			2.10%
Interest rate risk | Fixed interest rate
Disclosure of major customers [line items]
Sensitivity analysis for types of market risk as a percentage		1.00%
Borrowings, interest rate			6.55%
Credit risk
Disclosure of major customers [line items]
Percentage of total cash deposited in major banks	78.00%	85.00%
Credit risk | Crops
Disclosure of major customers [line items]
Percentage of sales	97.00%	95.00%
Credit risk | Ethanol
Disclosure of major customers [line items]
Percentage of sales	100.00%	96.00%
Credit risk | Sugar
Disclosure of major customers [line items]
Percentage of sales	87.00%	71.00%
Credit risk | Crystal Sugar
Disclosure of major customers [line items]
Percentage of sales	13.00%	29.00%
Credit risk | Energy
Disclosure of major customers [line items]
Percentage of sales	99.00%	96.00%
Credit risk | Dairy
Disclosure of major customers [line items]
Percentage of sales	100.00%	85.00%
Currency risk
Disclosure of major customers [line items]
Sensitivity analysis for types of market risk as a percentage	10.00%	10.00%
Argentine Peso | Currency risk | Forward contract
Disclosure of major customers [line items]
Gain (loss) on hedge ineffectiveness recognised in profit or loss	$ 3
US Dollar | Currency risk | Forward contract
Disclosure of major customers [line items]
Notional amount	10,500	$ 10,700
Gain (loss) on hedge ineffectiveness recognised in profit or loss	100	600
Brazilian Reais | Currency risk | Forward contract
Disclosure of major customers [line items]
Notional amount	57,200
Gain (loss) on hedge ineffectiveness recognised in profit or loss	$ 2,000	$ 5,000

Financial risk management - Cur

Financial risk management - Currency Appreciation/Depreciation Effects on Net Monetary Position (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (562,029)	$ (481,676)
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(521,836)	(280,089)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(226,404)	(42,570)
Argentine Peso | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(204,446)	(44,088)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(479,100)	(510,158)
Brazilian Reais | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(461,966)	(307,088)
Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	19,350	(7,749)
Uruguay, Pesos | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	20,451	(7,714)
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	124,125	78,801
US Dollar | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	124,125	78,801
Currency risk | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(64,597)	(35,889)
Currency risk | Argentine Peso | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(20,445)	(4,409)
Currency risk | Brazilian Reais | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(46,197)	(30,709)
Currency risk | Uruguay, Pesos | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 2,045	$ (771)

Financial risk management - Mat

Financial risk management - Maturity Analysis Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	$ 86,066	$ 81,142
Total debt	1,148,554	715,043
Derivative financial instruments	552	7,068
Total	1,235,172	803,253
Less than 1 year
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	85,239	79,715
Total debt	197,975	239,588
Derivative financial instruments	552	6,406
Total	283,766	325,709
Between 1 and 2 years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	557	1,082
Total debt	96,867	218,717
Derivative financial instruments	0	662
Total	97,424	220,461
Between 2 and 5 years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	49	19
Total debt	56,486	221,036
Derivative financial instruments	0	0
Total	56,535	221,055
Over 5 Years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	221	326
Total debt	797,226	35,702
Derivative financial instruments	0	0
Total	$ 797,447	$ 36,028

Financial risk management - Ana

Financial risk management - Analysis of Borrowings after Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (562,029)	$ (481,676)
Finance leases	105	181
Total debt	817,958	635,396	$ 723,339
Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	817,853	635,215
Finance leases	105	181
Total debt	817,958	635,396
Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	721,051	214,571
Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	96,802	420,644
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(21,958)	1,518
Argentine Peso | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	6,448	1,005
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(17,134)	(203,070)
Brazilian Reais | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	96,951	131,495
Brazilian Reais | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	27,668	65,408
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(521,836)	(280,089)
US Dollar | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	617,652	82,071
US Dollar | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	69,134	355,236
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(226,404)	(42,570)
Argentine Peso | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	125,010	64,747
Finance leases	105	181
Total debt	125,115	64,928
Argentine Peso | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	75,411	16,070
Argentine Peso | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	49,599	48,677
Argentine Peso | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(21,958)	1,518
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	6,448	1,005
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 | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(204,446)	(44,088)
Argentine Peso | US Dollar | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	68,963	15,065
Argentine Peso | US Dollar | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	49,599	48,677
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(479,100)	(510,158)
Brazilian Reais | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	178,829	541,399
Finance leases	0	0
Total debt	178,829	541,399
Brazilian Reais | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	131,626	169,432
Brazilian Reais | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	47,203	371,967
Brazilian Reais | Argentine Peso | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Brazilian Reais | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(17,134)	(203,070)
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	96,951	131,495
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	27,668	65,408
Brazilian Reais | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(461,966)	(307,088)
Brazilian Reais | US Dollar | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	34,675	37,937
Brazilian Reais | US Dollar | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	19,535	306,559
Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	19,350	(7,749)
Uruguay, Pesos | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	10,010	29,069
Finance leases	0	0
Total debt	10,010	29,069
Uruguay, Pesos | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	10,010	29,069
Uruguay, Pesos | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Uruguay, Pesos | 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
Uruguay, Pesos | 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
Uruguay, Pesos | 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
Uruguay, Pesos | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	20,451	(7,714)
Uruguay, Pesos | US Dollar | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	10,010	29,069
Uruguay, Pesos | US 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
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	124,125	78,801
US Dollar | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	504,004	0
Finance leases	0	0
Total debt	504,004	0
US Dollar | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	504,004	0
US 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
US 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
US 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
US 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
US Dollar | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	124,125	78,801
US Dollar | US Dollar | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	504,004	0
US Dollar | US 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, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	$ 5,681	$ 13,126	$ (12,305)
Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(968)	(4,207)
Floating interest rate | Interest rate risk | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(496)	(487)
Floating interest rate | Interest rate risk | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(472)	(3,720)
Floating interest rate | Interest rate risk | Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
Floating interest rate | Interest rate risk | US 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	(277)	(654)
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	(277)	(654)
Brazilian Reais | Floating interest rate | Interest rate risk | Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
Brazilian Reais | Floating interest rate | Interest rate risk | US Dollar
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
US Dollar | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(691)	(3,553)
US Dollar | Floating interest rate | Interest rate risk | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(496)	(487)
US Dollar | Floating interest rate | Interest rate risk | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	(195)	(3,066)
US Dollar | Floating interest rate | Interest rate risk | Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	0	0
US Dollar | Floating interest rate | Interest rate risk | US Dollar
Disclosure of detailed information about financial instruments [line items]
Profit / (Loss) before income tax	$ 0	$ 0

Financial risk management - S78

Financial risk management - Summary of Capital Risk Management (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of detailed information about financial instruments [abstract]
Total debt	$ 817,958	$ 635,396	$ 723,339
Total equity	645,131	671,673	$ 527,419	$ 777,227
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES	$ 1,463,089	$ 1,307,069
Gearing ratio	56.00%	49.00%

Financial risk management - S79

Financial risk management - Summary of Derivative Contracts (Details) ton in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)ton	Dec. 31, 2016USD ($)ton
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	347,451	163,755
Notional amount	$ 130,069	$ 62,424
Fair Value Asset/ (Liability)	3,965	1,593
Loss/(Gain)	$ 3,336	$ (2,297)
Corn | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	(33)	66
Notional amount	$ (3,198)	$ 9,436
Fair Value Asset/ (Liability)	48	46
Loss/(Gain)	$ 361	$ 46
Soybean | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	83	120
Notional amount	$ 19,195	$ 42,330
Fair Value Asset/ (Liability)	670	(1,171)
Loss/(Gain)	$ (765)	$ (1,170)
Soybean | Buy put
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton		14
Notional amount		$ 464
Fair Value Asset/ (Liability)		644
Loss/(Gain)		$ 181
Sugar | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	343,874	17,020
Notional amount	$ 121,072	$ 9,144
Fair Value Asset/ (Liability)	3,231	722
Loss/(Gain)	$ 3,808	$ 64
Sugar | Buy put
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton		70,510
Notional amount		$ (6,734)
Fair Value Asset/ (Liability)		5,374
Loss/(Gain)		$ 352
Sugar | Sell call
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton		54,597
Notional amount		$ 3,058
Fair Value Asset/ (Liability)		(3,219)
Loss/(Gain)		$ (105)
Sugar | Sell put
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	3,572	14,528
Notional amount	$ 83	$ 748
Fair Value Asset/ (Liability)	54	(763)
Loss/(Gain)	$ (30)	$ (1,625)
Ethanol | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton		6,900
Notional amount		$ 3,978
Fair Value Asset/ (Liability)		(40)
Loss/(Gain)		$ (40)
Wheat | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	(45)
Notional amount	$ (7,083)
Fair Value Asset/ (Liability)	(38)
Loss/(Gain)	$ (38)

Segment information - Segment

Segment information - Segment analysis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of operating segments [line items]
Sales of goods and services rendered	$ 933,178	$ 869,235	$ 674,314
Cost of goods sold and services rendered	(766,727)	(678,581)	(557,786)
Initial recognition and changes in fair value of biological assets and agricultural produce	63,220	125,456	54,528
Changes in net realizable value of agricultural produce after harvest	8,852	(5,841)	14,691
Margin on manufacturing and agricultural activities before operating expenses	238,523	310,269	185,747
General and administrative expense	57,299	50,750	48,425
Selling expenses	(95,399)	(80,673)	(70,268)
Other operating income, net	39,461	(8,297)	31,066
Share of loss of joint venture	0	0	(2,685)
Profit from operations	125,286	170,549	95,435
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			21,964
Depreciation and amortization	(151,007)	(127,500)	(104,401)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	14,645	9,811	11,326
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	48,575	115,645	43,202
Changes in net realizable value of agricultural produce after harvest (unrealized)	2,371	(90)	4,406
Changes in net realizable value of agricultural produce after harvest (realized)	6,481	(5,751)	10,285
Farmlands and farmland improvements, net	109,304	119,498
Machinery, equipment and other fixed assets, net	443,082	445,300
Bearer plants, net	238,910	216,169
Work in progress	29,635	21,641
Investment property	2,271	2,666	4,796
Goodwill	12,412	13,405
Biological assets	167,994	145,404	111,818
Finished goods	61,888	68,191	47,624	$ 75,875
Raw materials, stocks held by third parties and others	47,031	43,563
Inventories	108,919	111,754
Total segment assets	1,112,527	1,075,837
Total debt	817,958	635,396	723,339
Total segment liabilities	817,958	635,396
Corporate
Disclosure of operating segments [line items]
Sales of goods and services rendered	0	0	0
Cost of goods sold and services rendered	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0	0	0
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	0	0	0
General and administrative expense	21,581	20,686	21,476
Selling expenses	(43)	(79)	(563)
Other operating income, net	(40)	(192)	263
Share of loss of joint venture	0	0	0
Profit from operations	(21,664)	(20,957)	(21,776)
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			0
Depreciation and amortization	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	0	0	0
Changes in net realizable value of agricultural produce after harvest (unrealized)	0	0	0
Changes in net realizable value of agricultural produce after harvest (realized)	0	0	0
Farmlands and farmland improvements, net	0	0
Machinery, equipment and other fixed assets, net	0	0
Bearer plants, net	0	0
Work in progress	0	0
Investment property	0	0
Goodwill	0	0
Biological assets	0	0
Finished goods	0	0
Raw materials, stocks held by third parties and others	0	0
Total segment assets	0	0
Total debt	45,528	0
Total segment liabilities	45,528	0
Farming | Crops
Disclosure of operating segments [line items]
Biological assets	31,745	28,189	22,536
Farming | Rice
Disclosure of operating segments [line items]
Biological assets	29,717	25,575	23,131
Farming | Dairy
Disclosure of operating segments [line items]
Biological assets	9,338	6,827	6,786
Farming | All other segments
Disclosure of operating segments [line items]
Biological assets	4,016	2,433	288
Farming | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	322,559	272,543	273,692
Cost of goods sold and services rendered	(305,221)	(258,088)	(256,995)
Initial recognition and changes in fair value of biological assets and agricultural produce	39,430	64,751	21,744
Changes in net realizable value of agricultural produce after harvest	8,852	(5,841)	14,691
Margin on manufacturing and agricultural activities before operating expenses	65,620	73,365	53,132
General and administrative expense	8,912	7,416	8,648
Selling expenses	(21,692)	(18,076)	(18,976)
Other operating income, net	9,082	798	16,549
Share of loss of joint venture	0	0	(2,685)
Profit from operations	44,098	48,671	39,372
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			0
Depreciation and amortization	(6,558)	(5,291)	(7,146)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	11,720	9,532	3,028
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	27,710	55,219	18,716
Changes in net realizable value of agricultural produce after harvest (unrealized)	2,371	(90)	4,406
Changes in net realizable value of agricultural produce after harvest (realized)	6,481	(5,751)	10,285
Farmlands and farmland improvements, net	82,962	92,764
Machinery, equipment and other fixed assets, net	52,732	26,757
Bearer plants, net	2,084	1,860
Work in progress	8,313	7,101
Investment property	2,271	2,666
Goodwill	5,811	6,705
Biological assets	74,816	63,024
Finished goods	29,622	18,889
Raw materials, stocks held by third parties and others	29,975	24,835
Total segment assets	288,586	244,601
Total debt	138,792	102,099
Total segment liabilities	138,792	102,099
Farming | Operating segments | Crops
Disclosure of operating segments [line items]
Sales of goods and services rendered	197,222	142,124	154,741
Cost of goods sold and services rendered	(196,302)	(141,731)	(154,287)
Initial recognition and changes in fair value of biological assets and agricultural produce	17,158	48,790	11,561
Changes in net realizable value of agricultural produce after harvest	8,852	(5,841)	14,691
Margin on manufacturing and agricultural activities before operating expenses	26,930	43,342	26,706
General and administrative expense	2,981	2,770	3,987
Selling expenses	(7,501)	(5,692)	(5,672)
Other operating income, net	7,719	(8,787)	16,422
Share of loss of joint venture	0	0	(2,685)
Profit from operations	24,167	26,093	30,784
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			0
Depreciation and amortization	(1,511)	(1,369)	(2,427)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	4,366	5,790	2,234
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	12,792	43,000	9,327
Changes in net realizable value of agricultural produce after harvest (unrealized)	2,371	(90)	4,406
Changes in net realizable value of agricultural produce after harvest (realized)	6,481	(5,751)	10,285
Farmlands and farmland improvements, net	59,680	68,224
Machinery, equipment and other fixed assets, net	21,365	3,892
Bearer plants, net	252	0
Work in progress	714	1,100
Investment property	0	0
Goodwill	3,221	3,782
Biological assets	31,745	28,189
Finished goods	21,146	13,415
Raw materials, stocks held by third parties and others	17,958	16,147
Total segment assets	156,081	134,749
Total debt	69,789	43,878
Total segment liabilities	69,789	43,878
Farming | Operating segments | Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	86,478	96,562	84,668
Cost of goods sold and services rendered	(71,087)	(83,574)	(69,075)
Initial recognition and changes in fair value of biological assets and agricultural produce	10,236	10,498	2,822
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	25,627	23,486	18,415
General and administrative expense	4,699	3,373	3,136
Selling expenses	(13,324)	(11,583)	(12,592)
Other operating income, net	724	402	600
Share of loss of joint venture	0	0	0
Profit from operations	8,328	8,932	3,287
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			0
Depreciation and amortization	(3,851)	(2,766)	(2,987)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	5,346	2,316	587
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	4,890	8,182	2,235
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	13,688	18,868
Machinery, equipment and other fixed assets, net	18,851	14,949
Bearer plants, net	0	0
Work in progress	1,940	3,274
Investment property	0	0
Goodwill	1,480	1,737
Biological assets	29,717	25,575
Finished goods	8,476	5,474
Raw materials, stocks held by third parties and others	9,927	6,628
Total segment assets	84,079	76,505
Total debt	62,790	47,156
Total segment liabilities	62,790	47,156
Farming | Operating segments | Dairy
Disclosure of operating segments [line items]
Sales of goods and services rendered	37,523	32,897	32,981
Cost of goods sold and services rendered	(36,979)	(32,571)	(33,030)
Initial recognition and changes in fair value of biological assets and agricultural produce	11,769	5,476	7,542
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	12,313	5,802	7,493
General and administrative expense	1,058	983	1,451
Selling expenses	(711)	(752)	(663)
Other operating income, net	662	686	(479)
Share of loss of joint venture	0	0	0
Profit from operations	11,206	4,753	4,900
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			0
Depreciation and amortization	(1,037)	(964)	(1,456)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	1,849	1,319	0
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	9,920	4,157	7,542
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	248	168
Machinery, equipment and other fixed assets, net	12,175	7,449
Bearer plants, net	0	0
Work in progress	5,659	2,727
Investment property	0	0
Goodwill	0	0
Biological assets	9,338	6,827
Finished goods	0	0
Raw materials, stocks held by third parties and others	1,726	2,060
Total segment assets	29,146	19,231
Total debt	2,384	616
Total segment liabilities	2,384	616
Farming | Operating segments | All other segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	1,336	960	1,302
Cost of goods sold and services rendered	(853)	(212)	(603)
Initial recognition and changes in fair value of biological assets and agricultural produce	267	(13)	(181)
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	750	735	518
General and administrative expense	174	290	74
Selling expenses	(156)	(49)	(49)
Other operating income, net	(23)	8,497	6
Share of loss of joint venture	0	0	0
Profit from operations	397	8,893	401
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			0
Depreciation and amortization	(159)	(192)	(276)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	159	107	207
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	108	(120)	(388)
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	9,346	5,504
Machinery, equipment and other fixed assets, net	341	467
Bearer plants, net	1,832	1,860
Work in progress	0	0
Investment property	2,271	2,666
Goodwill	1,110	1,186
Biological assets	4,016	2,433
Finished goods	0	0
Raw materials, stocks held by third parties and others	364	0
Total segment assets	19,280	14,116
Total debt	3,829	10,449
Total segment liabilities	3,829	10,449
Sugar, Ethanol and Energy
Disclosure of operating segments [line items]
Cost of goods sold and services rendered	(461,506)	(420,493)	(300,791)
Biological assets	93,178	82,380	59,077
Finished goods	32,266	49,601	24,631	$ 50,087
Sugar, Ethanol and Energy | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	610,619	596,692	400,622
Cost of goods sold and services rendered	(461,506)	(420,493)	(300,791)
Initial recognition and changes in fair value of biological assets and agricultural produce	23,790	60,705	32,784
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	172,903	236,904	132,615
General and administrative expense	26,806	22,648	18,301
Selling expenses	(73,664)	(62,518)	(50,729)
Other operating income, net	30,419	(8,903)	6,340
Share of loss of joint venture	0	0	0
Profit from operations	102,852	142,835	69,925
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			0
Depreciation and amortization	(144,449)	(122,209)	(97,255)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	2,925	279	8,298
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	20,865	60,426	24,486
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	26,342	26,734
Machinery, equipment and other fixed assets, net	390,350	418,543
Bearer plants, net	236,826	214,309
Work in progress	21,322	14,540
Investment property	0	0
Goodwill	6,601	6,700
Biological assets	93,178	82,380
Finished goods	32,266	49,302
Raw materials, stocks held by third parties and others	17,056	18,728
Total segment assets	823,941	831,236
Total debt	633,638	533,297
Total segment liabilities	633,638	533,297
Land Transformation | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	0	0	0
Cost of goods sold and services rendered	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0	0	0
Changes in net realizable value of agricultural produce after harvest	0	0	0
Margin on manufacturing and agricultural activities before operating expenses	0	0	0
General and administrative expense	0	0	0
Selling expenses	0	0	0
Other operating income, net	0	0	7,914
Share of loss of joint venture	0	0	0
Profit from operations	0	0	7,914
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			16,066
Depreciation and amortization	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	0	0	0
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	0	0	0
Changes in net realizable value of agricultural produce after harvest (unrealized)	0	0	0
Changes in net realizable value of agricultural produce after harvest (realized)	0	0	0
Farmlands and farmland improvements, net	0	0
Machinery, equipment and other fixed assets, net	0	0
Bearer plants, net	0	0
Work in progress	0	0
Investment property	0	0
Goodwill	0	0
Biological assets	0	0
Finished goods	0	0
Raw materials, stocks held by third parties and others	0	0
Total segment assets	0	0
Total debt	0	0
Total segment liabilities	$ 0	$ 0
Reserve from the sale of non- controlling interests in subsidiaries
Disclosure of operating segments [line items]
Reserve from the sale of non-controlling interests in subsidiaries (see Note 21)			$ 16,066

Segment information - Total re

Segment information - Total reportable segments' assets and liabilities reconciliation to total assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of operating segments [line items]
Total reportable assets as per segment information	$ 1,112,527	$ 1,075,837
Total reportable assets as per segment information	1,607,201	1,455,766
Deferred income tax assets	43,437	38,586
Trade and other receivables	172,214	174,940
Cash and cash equivalents	269,195	158,568	$ 198,894	$ 113,795
TOTAL ASSETS	1,607,201	1,455,766
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
Current income tax liabilities	4,843	3,889	$ 2,313
Current income tax liabilities	6,462	4,685
TOTAL LIABILITIES	962,070	784,093
Elimination of intersegment amounts
Disclosure of operating segments [line items]
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 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
Current income tax liabilities	4,843	3,889
Current income tax liabilities	503	1,387
Derivative financial instruments	$ 552	$ 7,068

Segment information - Non-curr

Segment information - Non-current assets and net revenue and fair value gains and losses by geographic region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of geographical areas [line items]
Property, plant and equipment, net	$ 820,931	$ 802,608	$ 696,889
Investment property	2,271	2,666	4,796
Goodwill	12,412	13,405
Biological assets	11,276	8,516
Sales of goods and services rendered	933,178	869,235	674,314
Initial recognition and changes in fair value of biological assets and agricultural produce	63,220	125,456	54,528
Changes in net realizable value of agricultural produce after harvest	8,852	(5,841)	14,691
Argentina
Disclosure of geographical areas [line items]
Property, plant and equipment, net	103,312	101,513
Investment property	2,271	2,666
Goodwill	5,095	5,980
Biological assets	11,276	8,516
Sales of goods and services rendered	214,888	164,264	166,447
Initial recognition and changes in fair value of biological assets and agricultural produce	36,341	62,970	16,637
Changes in net realizable value of agricultural produce after harvest	5,705	(4,491)	16,139
Brazil
Disclosure of geographical areas [line items]
Property, plant and equipment, net	710,523	694,137
Investment property	0	0
Goodwill	7,317	7,425
Biological assets	0	0
Sales of goods and services rendered	545,859	432,468	295,456
Initial recognition and changes in fair value of biological assets and agricultural produce	26,326	62,556	37,097
Changes in net realizable value of agricultural produce after harvest	1,346	(958)	(32)
Uruguay
Disclosure of geographical areas [line items]
Property, plant and equipment, net	7,096	6,958
Investment property	0	0
Goodwill	0	0
Biological assets	0	0
Sales of goods and services rendered	172,431	272,503	212,411
Initial recognition and changes in fair value of biological assets and agricultural produce	553	(70)	794
Changes in net realizable value of agricultural produce after harvest	$ 1,801	$ (392)	$ (1,416)

Sales - Summary of Total Sales

Sales - Summary of Total Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of products and services [line items]
Total sales	$ 933,178	$ 869,235	$ 674,314
Soybean
Disclosure of products and services [line items]
Total sales	79,408	63,797	75,361
Cattle for dairy
Disclosure of products and services [line items]
Total sales	3,380	3,059	3,656
Corn
Disclosure of products and services [line items]
Total sales	82,482	48,502	41,813
Cotton
Disclosure of products and services [line items]
Total sales	420	1,434	3,317
Milk
Disclosure of products and services [line items]
Total sales	31,656	24,561	27,906
Wheat
Disclosure of products and services [line items]
Total sales	14,835	16,951	16,116
Peanut
Disclosure of products and services [line items]
Total sales	3,648	1,703	0
Sunflower
Disclosure of products and services [line items]
Total sales	3,163	7,275	12,659
Sorghum
Disclosure of products and services [line items]
Total sales	0	0	111
Rice
Disclosure of products and services [line items]
Total sales	0	950	0
Barley
Disclosure of products and services [line items]
Total sales	1,888	1,240	634
Seeds
Disclosure of products and services [line items]
Total sales	727	625	648
Others
Disclosure of products and services [line items]
Total sales	2,146	83	1,474
Agricultural produce and biological assets
Disclosure of products and services [line items]
Total sales	223,753	170,180	183,695
Rice
Disclosure of products and services [line items]
Total sales	83,849	94,331	82,797
Ethanol
Disclosure of products and services [line items]
Total sales	241,650	211,451	176,150
Sugar
Disclosure of products and services [line items]
Total sales	305,688	330,895	177,801
Soybean oil and meal
Disclosure of products and services [line items]
Total sales	6,119	0	2,071
Energy
Disclosure of products and services [line items]
Total sales	62,218	53,995	46,671
Powder milk
Disclosure of products and services [line items]
Total sales	2,713	4,816	1,042
Services
Disclosure of products and services [line items]
Total sales	1,144	1,160	1,545
Operating Leases
Disclosure of products and services [line items]
Total sales	771	984	1,309
Others
Disclosure of products and services [line items]
Total sales	5,273	1,423	1,233
Manufactured products and services rendered
Disclosure of products and services [line items]
Total sales	$ 709,425	$ 699,055	$ 490,619

Sales - Narrative (Details)

Sales - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)toncubic_metermegawatt_hour	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 63.3	$ 111.8	$ 62.4
MWh of energy | megawatt_hour	408,236
Sugar
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 9.4
Derivative notional amount | ton	27,848
Ethanol
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 6.3
Cubic meters of product | cubic_meter	24,627
Energy
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 30.1
Soybean
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 7.2
Derivative notional amount | ton	25,413
Wheat
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 3.6
Derivative notional amount | ton	21,835
Corn
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 5.7
Derivative notional amount | ton	37,391

Cost of goods sold and servic85

Cost of goods sold and services rendered (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	$ 61,888	$ 68,191	$ 47,624	$ 75,875
Expenses	606,333	570,523	453,559
Purchases	186,137	142,416	90,675
(Increase) in biological assets	138,934	137,880	125,099
Transfer to raw material	(14,352)	(8,603)	(6,237)
Direct agricultural selling expenses	22,940	19,077	29,179
Tax recoveries	(28,478)	(24,156)	(16,196)
Changes in net realizable value of agricultural produce after harvest	8,852	(5,841)	14,691
Exchange differences	(7,244)	(725)	(42,542)
Cost of goods sold and services rendered, and direct agricultural selling expenses	766,727	678,581	557,786
Sugar, Ethanol and Energy
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	32,266	49,601	24,631	50,087
Purchases	93,106	89,745	48,610
(Increase) in biological assets	1,015	0	0
Transfer to raw material	0	0	0
Direct agricultural selling expenses	0	0	0
Tax recoveries	(28,478)	(24,156)	(16,196)
Changes in net realizable value of agricultural produce after harvest	0	0	0
Exchange differences	(336)	3,083	(30,206)
Cost of goods sold and services rendered, and direct agricultural selling expenses	461,506	420,493	300,791
Crops | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	21,146	13,117	16,034	21,056
Purchases	82,842	25,954	27,625
(Increase) in biological assets	102,734	110,252	93,536
Transfer to raw material	(12,998)	(8,603)	(6,237)
Direct agricultural selling expenses	22,940	19,077	29,179
Tax recoveries	0	0	0
Changes in net realizable value of agricultural produce after harvest	8,852	(5,841)	14,691
Exchange differences	(5,604)	(2,503)	(9,596)
Cost of goods sold and services rendered, and direct agricultural selling expenses	196,302	141,731	154,287
Rice | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	8,476	5,473	6,904	4,656
Purchases	7,779	22,303	13,520
(Increase) in biological assets	0	0	0
Transfer to raw material	(1,354)	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
Exchange differences	(1,304)	(1,414)	(2,642)
Cost of goods sold and services rendered, and direct agricultural selling expenses	71,087	83,574	69,075
Dairy | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	0	0	55	76
Purchases	2,410	4,414	920
(Increase) in biological assets	34,569	27,628	31,563
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
Exchange differences	0	103	(98)
Cost of goods sold and services rendered, and direct agricultural selling expenses	36,979	32,571	33,030
All other segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods		0	0
Purchases		0
(Increase) in biological assets		0
Transfer to raw material		0
Direct agricultural selling expenses		0
Tax recoveries		0
Changes in net realizable value of agricultural produce after harvest		0
Exchange differences		6
Cost of goods sold and services rendered, and direct agricultural selling expenses		212
All other segments | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	0	0	0	$ 0
Purchases	0		0
(Increase) in biological assets	616		0
Transfer to raw material	0		0
Direct agricultural selling expenses	0		0
Tax recoveries	0		0
Changes in net realizable value of agricultural produce after harvest	0		0
Exchange differences	0		0
Cost of goods sold and services rendered, and direct agricultural selling expenses	853		603
Cost of production of manufactured products
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	453,635	439,100	334,866
Cost of production of manufactured products | Sugar, Ethanol and Energy
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	378,864	376,791	273,127
Cost of production of manufactured products | Crops | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	5,565	478	67
Cost of production of manufactured products | Rice | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	68,969	61,254	60,445
Cost of production of manufactured products | Dairy | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	0	371	624
Cost of production of manufactured products | All other segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	$ 237	$ 206
Cost of production of manufactured products | All other segments | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses			$ 603

Expenses by nature (Details)

Expenses by nature (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	$ 98,280	$ 96,314	$ 89,364
Transfer to raw material	13,617	11,420	11,045
Depreciation and amortization	127,211	109,177	90,543
Fertilizers, agrochemicals and seeds			52
Fuel, lubricants and others	26,077	27,211	20,670
Maintenance and repairs	20,413	24,370	16,394
Freights	40,328	35,221	25,296
Export taxes / selling taxes	36,808	29,375	29,110
Export expenses	3,511	3,649	3,223
Contractors and services	7,245	4,423	3,379
Energy transmission	3,312	2,890	2,386
Energy power	3,110	2,926	2,481
Professional fees	9,555	7,077	7,698
Other taxes	2,921	2,731	2,061
Contingencies	2,174	1,835	1,482
Lease expense and similar arrangements	1,659	1,381	1,443
Third parties raw materials	40,969	29,553	33,688
Tax recoveries		(11,527)	(14,395)
Others	16,811	15,834	15,614
Subtotal	454,001	393,860	341,534
Own agricultural produce consumed	152,332	176,663	112,025
Subtotal	606,333	570,523	453,559
Cost of production of manufactured products
Disclosure of Expenses [Line Items]
Subtotal	453,635	439,100	334,866
Cost of production of manufactured products | Farming | Crops
Disclosure of Expenses [Line Items]
Subtotal	5,565	478	67
Cost of production of manufactured products | Farming | Rice
Disclosure of Expenses [Line Items]
Subtotal	68,969	61,254	60,445
Cost of production of manufactured products | Farming | Dairy
Disclosure of Expenses [Line Items]
Subtotal	0	371	624
Cost of production of manufactured products | Sugar, Ethanol and Energy
Disclosure of Expenses [Line Items]
Subtotal	378,864	376,791	273,127
General and Administrative Expenses
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	33,969	30,935	28,354
Transfer to raw material	0	0	0
Depreciation and amortization	6,162	5,006	5,762
Fertilizers, agrochemicals and seeds			0
Fuel, lubricants and others	454	450	468
Maintenance and repairs	1,189	931	937
Freights	0	0	16
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	190	795	793
Professional fees	7,519	5,495	6,008
Other taxes	845	653	716
Contingencies	2,174	1,835	1,482
Lease expense and similar arrangements	1,334	1,185	1,107
Third parties raw materials	0	0	0
Tax recoveries		0	0
Others	3,463	3,465	2,782
Subtotal	57,299	50,750	48,425
Own agricultural produce consumed	0	0	0
Subtotal	57,299	50,750	48,425
Selling Expenses
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	6,724	5,358	5,053
Transfer to raw material	0	0	0
Depreciation and amortization	778	695	765
Fertilizers, agrochemicals and seeds			0
Fuel, lubricants and others	242	368	66
Maintenance and repairs	469	390	356
Freights	33,682	29,976	20,930
Export taxes / selling taxes	36,808	29,375	29,110
Export expenses	3,511	3,649	3,223
Contractors and services	0	0	0
Energy transmission	3,312	2,890	2,386
Energy power	53	211	27
Professional fees	1,633	1,105	1,257
Other taxes	5	8	0
Contingencies	0	0	0
Lease expense and similar arrangements	56	51	43
Third parties raw materials	0	0	0
Tax recoveries		0	0
Others	8,126	6,597	7,052
Subtotal	95,399	80,673	70,268
Own agricultural produce consumed	0	0	0
Subtotal	95,399	80,673	70,268
Operating segments | Cost of production of manufactured products
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	57,587	60,021	55,957
Transfer to raw material	13,617	11,420	11,045
Depreciation and amortization	120,271	103,476	84,016
Fertilizers, agrochemicals and seeds			52
Fuel, lubricants and others	25,381	26,393	20,136
Maintenance and repairs	18,755	23,049	15,101
Freights	6,646	5,245	4,350
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	7,245	4,423	3,379
Energy transmission	0	0	0
Energy power	2,867	1,920	1,661
Professional fees	403	477	433
Other taxes	2,071	2,070	1,345
Contingencies	0	0	0
Lease expense and similar arrangements	269	145	293
Third parties raw materials	40,969	29,553	33,688
Tax recoveries		(11,527)	(14,395)
Others	5,222	5,772	5,780
Subtotal	301,303	262,437	222,841
Own agricultural produce consumed	152,332	176,663	112,025
Subtotal	453,635	439,100	334,866
Operating segments | Cost of production of manufactured products | Farming | Crops
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	0	0	0
Transfer to raw material	695	468	56
Depreciation and amortization	0	0	0
Fertilizers, agrochemicals and seeds			0
Fuel, lubricants and others	0	0	0
Maintenance and repairs	0	0	0
Freights	0	0	9
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	1,054	10	0
Energy transmission	0	0	0
Energy power	0	0	0
Professional fees	0	0	0
Other taxes	0	0	0
Contingencies	0	0	0
Lease expense and similar arrangements	0	0	0
Third parties raw materials	0	0	0
Tax recoveries		0	0
Others	6	0	2
Subtotal	1,755	478	67
Own agricultural produce consumed	3,810	0	0
Subtotal	5,565	478	67
Operating segments | Cost of production of manufactured products | Farming | Rice
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	7,115	5,590	5,952
Transfer to raw material	3,579	3,927	3,760
Depreciation and amortization	836	856	1,305
Fertilizers, agrochemicals and seeds			0
Fuel, lubricants and others	109	86	102
Maintenance and repairs	1,750	1,408	1,167
Freights	6,074	4,901	4,303
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	1,342	913	622
Professional fees	51	90	84
Other taxes	93	58	85
Contingencies	0	0	0
Lease expense and similar arrangements	269	145	77
Third parties raw materials	6,808	3,001	9,506
Tax recoveries		0	0
Others	955	1,344	691
Subtotal	28,981	22,319	27,654
Own agricultural produce consumed	39,988	38,935	32,791
Subtotal	68,969	61,254	60,445
Operating segments | Cost of production of manufactured products | Farming | Dairy
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	0	0	0
Transfer to raw material	0	0	86
Depreciation and amortization	0	0	0
Fertilizers, agrochemicals and seeds			0
Fuel, lubricants and others	0	0	0
Maintenance and repairs	0	0	0
Freights	0	14	38
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	0	39	82
Energy transmission	0	0	0
Energy power	0	0	0
Professional fees	0	0	0
Other taxes	0	0	0
Contingencies	0	0	0
Lease expense and similar arrangements	0	0	0
Third parties raw materials	0	0	0
Tax recoveries		0	0
Others	0	0	0
Subtotal	0	53	206
Own agricultural produce consumed	0	318	418
Subtotal	0	371	624
Operating segments | Cost of production of manufactured products | Farming | All other segments
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	229	206	551
Transfer to raw material	0	0	0
Depreciation and amortization	8	0	0
Fertilizers, agrochemicals and seeds			52
Fuel, lubricants and others	0	0	0
Maintenance and repairs	0	0	0
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	0	0	0
Professional fees	0	0	0
Other taxes	0	0	0
Contingencies	0	0	0
Lease expense and similar arrangements	0	0	0
Third parties raw materials	0	0	0
Tax recoveries		0	0
Others	0	0	0
Subtotal	237	206	603
Own agricultural produce consumed	0	0	0
Subtotal	237	206	603
Operating segments | Cost of production of manufactured products | Sugar, Ethanol and Energy
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	50,243	54,225	49,454
Transfer to raw material	9,343	7,025	7,143
Depreciation and amortization	119,427	102,620	82,711
Fertilizers, agrochemicals and seeds			0
Fuel, lubricants and others	25,272	26,307	20,034
Maintenance and repairs	17,005	21,641	13,934
Freights	572	330	0
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	6,191	4,374	3,297
Energy transmission	0	0	0
Energy power	1,525	1,007	1,039
Professional fees	352	387	349
Other taxes	1,978	2,012	1,260
Contingencies	0	0	0
Lease expense and similar arrangements	0	0	216
Third parties raw materials	34,161	26,552	24,182
Tax recoveries		(11,527)	(14,395)
Others	4,261	4,428	5,087
Subtotal	270,330	239,381	194,311
Own agricultural produce consumed	108,534	137,410	78,816
Subtotal	$ 378,864	$ 376,791	$ 273,127

Salaries and social security 87

Salaries and social security expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)employee	Dec. 31, 2016USD ($)employee	Dec. 31, 2015USD ($)employee
Analysis of income and expense [abstract]
Wages and salaries	$ 132,025	$ 117,423	$ 104,216
Social security costs	30,558	28,849	23,111
Equity-settled share-based compensation	5,552	4,796	4,396
Salaries and social security expenses	$ 168,135	$ 151,068	$ 131,723
Number of employees | employee	7,790	8,326	8,089
Wages and salaries capitalized in property, plant and equipment	$ 41,172	$ 28,475	$ 16,708

Other operating income, net (De

Other operating income, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of operating segments [line items]
Gain from disposal of farmland and other assets (Note 21)	$ 0	$ 0	$ 7,914
Gain /(Loss) from commodity derivative financial instrument	40,842	(16,007)	22,148
(Loss) /Gain from disposal of other property items	(986)	(1,255)	721
Settlement agreement (Note 29)	0	8,489	0
Profit / (Loss) for the year	(3,247)
Others	2,852	476	283
Other operating income, net	$ 39,461	(8,297)	31,066
Energy
Disclosure of operating segments [line items]
Profit / (Loss) for the year		$ 0	$ 0

Financial results, net (Details

Financial results, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finance income:
Interest income	$ 11,230	$ 7,671	$ 8,201
Other income	514	286	949
Finance income	11,744	7,957	9,150
Finance costs:
Interest expense	(52,308)	(48,198)	(49,491)
Cash flow hedge - transfer from equity	(20,758)	(85,214)	(32,700)
Foreign exchange losses, net	(38,708)	(19,062)	(23,423)
Taxes	(3,705)	(2,719)	(3,358)
Loss from interest rate/foreign exchange rate derivative financial instruments	2,163	5,694	4,437
Borrowing costs recognised as expense	(10,847)	0	0
Other expenses	(2,860)	(4,493)	(3,481)
Finance costs	131,349	165,380	116,890
Financial results, net	$ (119,605)	$ (157,423)	$ (107,740)

Taxation - Provision for conso

Taxation - Provision for consolidated income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Abstract]
Current income tax	$ (13,425)	$ (21,505)	$ (2,163)
Deferred income tax	19,493	12,118	10,117
Income tax benefit / (expense)	$ 6,068	$ (9,387)	$ 7,954

Taxation - Statutory tax rate

Taxation - Statutory tax rate (Details)	12 Months Ended
	Dec. 31, 2017
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	35.00%
Brazil
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	34.00%
Uruguay
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	25.00%
SPAIN
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	25.00%
LUXEMBOURG
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	26.00%

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Income Tax Jurisdiction [Line Items]
Gains (losses) before income tax of cash flow hedge	$ (565)	$ (67,683)
Reclassification from Equity to Income Statements	(20,758)	$ (85,214)
Tax losses where no deferred tax asset was recognized	18,000
Unused tax losses
Disclosure Of Income Tax Jurisdiction [Line Items]
Deductible temporary differences for which no deferred tax asset is recognised	$ 5,600
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	35.00%
Operating loss carryforwards, expiration period	5 years
Uruguay
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	25.00%
Operating loss carryforwards, expiration period	5 years
Brazil
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	34.00%
Percentage of taxable profit that can be reduced by operating loss carryforwards (maximum)	30.00%
Years 2018 and 2019 | Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	30.00%
Applicable dividend tax rate	7.00%
From years 2020 onwards | Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	25.00%
Applicable dividend tax rate	13.00%

Taxation - Deferred tax assets

Taxation - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	$ 43,437	$ 38,586
Deferred income tax liabilities	(10,457)	(14,689)
Deferred tax liability (asset)	32,980	23,897	$ 53,108
Deferred tax assets temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	130,021	114,326	125,035
Deferred tax liability temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liabilities	(97,041)	(90,429)	$ (71,927)
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	109,830	96,822
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	(90,951)	(86,573)
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	20,191	17,504
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	$ (6,090)	$ (3,856)

Taxation - Gross movement on t

Taxation - Gross movement on the deferred income tax account (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset), beginning balance	$ 23,897	$ 53,108
Exchange differences	(1,695)	10,953
Tax charge relating to cash flow hedge	(8,715)	(52,282)
Income tax benefit	19,493	12,118	$ 10,117
Deferred tax liability (asset), ending balance	$ 32,980	$ 23,897	$ 53,108

Taxation - Movement in the def

Taxation - Movement in the deferred income tax assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	$ 14,689
Exchange differences	(1,695)	$ 10,953
Deferred income tax liabilities, ending balance	10,457	14,689
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	38,586
Tax charge relating to cash flow hedge	(8,715)	(52,282)
Exchange differences	1,695	(10,953)
Deferred income tax assets, ending balance	43,437	38,586
Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	90,429	71,927
Charged/(credited) to the statement of income	11,373	17,415
Exchange differences	(4,761)	1,087
Deferred income tax liabilities, ending balance	97,041	90,429
Changes in deferred tax asset [Abstract]
Charged/(credited) to the statement of income	11,373	17,415
Exchange differences	4,761	(1,087)
Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income	30,866	29,533
Exchange differences	6,456	(12,040)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	114,326	125,035
Charged/(credited) to the statement of income	30,866	29,533
Exchange differences	(6,456)	12,040
Deferred income tax assets, ending balance	130,021	114,326
Provisions | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income	(705)	353
Exchange differences	(757)	(289)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	2,431	1,789
Charged/(credited) to the statement of income	(705)	353
Tax charge relating to cash flow hedge	0	0
Exchange differences	757	289
Deferred income tax assets, ending balance	2,483	2,431
Tax loss carry forwards | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income	11,907	31,074
Exchange differences	4,193	(11,135)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	97,118	107,191
Charged/(credited) to the statement of income	11,907	31,074
Tax charge relating to cash flow hedge	(8,715)	(52,282)
Exchange differences	(4,193)	11,135
Deferred income tax assets, ending balance	96,117	97,118
Equity-settled share-based compensation | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income	41	20
Exchange differences	0
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	5,640	5,620
Charged/(credited) to the statement of income	41	20
Tax charge relating to cash flow hedge	0	0
Exchange differences	0
Deferred income tax assets, ending balance	5,681	5,640
Biological assets | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income	0	(2,063)
Exchange differences	0	(336)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	0	1,727
Charged/(credited) to the statement of income	0	(2,063)
Tax charge relating to cash flow hedge	0	0
Exchange differences	0	336
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	19,623	149
Exchange differences	3,020	(280)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	9,137	8,708
Charged/(credited) to the statement of income	19,623	149
Tax charge relating to cash flow hedge	0	0
Exchange differences	(3,020)	280
Deferred income tax assets, ending balance	25,740	9,137
Property, plant and equipment | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	58,832	55,964
Charged/(credited) to the statement of income	23,249	3,380
Exchange differences	(4,437)	(512)
Deferred income tax liabilities, ending balance	77,644	58,832
Changes in deferred tax asset [Abstract]
Charged/(credited) to the statement of income	23,249	3,380
Exchange differences	4,437	512
Biological assets | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	14,122	15,963
Charged/(credited) to the statement of income	3,707	(2,752)
Exchange differences	(1,057)	911
Deferred income tax liabilities, ending balance	16,772	14,122
Changes in deferred tax asset [Abstract]
Charged/(credited) to the statement of income	3,707	(2,752)
Exchange differences	1,057	(911)
Others | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	17,475	0
Charged/(credited) to the statement of income	(15,583)	16,787
Exchange differences	733	688
Deferred income tax liabilities, ending balance	2,625	17,475
Changes in deferred tax asset [Abstract]
Charged/(credited) to the statement of income	(15,583)	16,787
Exchange differences	$ (733)	$ (688)

Taxation - Tax loss carryforwa

Taxation - Tax loss carryforwards and corresponding jurisdictions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 80,988
Expiration period	5 years
Brazil
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 195,894
Uruguay
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 3,394
Expiration period	5 years
LUXEMBOURG
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 29,212

Taxation - Differences from th

Taxation - Differences from theoretical amount that would arise from using the weighted average tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Abstract]
Tax calculated at the tax rates applicable to profits in the respective countries	$ (1,937)	$ (3,644)	$ 3,842
Non-deductible items	(1,406)	(3,304)	(133)
Non-deductible items – changes in estimates on previous year	0	(1,182)	0
Effect of the changes in the statutory income tax rate in Argentina	1,781	0	0
Unused tax losses	(2,265)	0	0
Tax losses where no deferred tax asset was recognized	(29)	(569)	(317)
Non-taxable income	2,437	0	4,625
Previously unrecognised tax losses now recouped to reduce tax expenses	7,595	0	0
Others	(108)	(688)	(63)
Income tax benefit / (expense)	$ 6,068	$ (9,387)	$ 7,954

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings per share [abstract]
Profit/(Loss) from operations attributable to equity holders of the Group	$ 9,972	$ 2,039	$ (5,593)
Weighted average number of shares in issue (in shares)	120,599	121,421	120,901
Basic earnings / (loss) per share (in dollars per share)	$ 0.083	$ 0.017	$ (0.046)

Earnings per share - Additional

Earnings per share - Additional information (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2017categoryshares	Dec. 31, 2016shares	Dec. 31, 2015shares
Earnings per share [abstract]
Number of categories of dilutive potential shares | category	2
Antidilutive securities | shares	851	1,658	1,701

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings per share [abstract]
Profit (loss), attributable to ordinary equity holders of parent entity	$ 9,972	$ 2,039	$ (5,593)
Weighted average number of shares in issue (in shares)	120,599	121,421	120,901
Adjustments for:
Employee share options and restricted units (in shares)	1,604	1,695	1,445
Weighted average number of shares for diluted earnings per share (in shares)	122,203	123,116	122,346
Diluted earnings / (loss) per share from operations (in dollars per share)	$ 0.082	$ 0.017	$ (0.046)

Property, plant and equipment

Property, plant and equipment - Changes in property, plant and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Changes in property, plant and equipment [abstract]
Opening net book amount	$ 802,608	$ 696,889
Exchange differences	(28,486)	98,234
Additions	202,081	138,723
Reclassification from investment property (Note 13)	0	1,335
Transfers	0	0
Disposals	(4,115)	(4,275)
Reclassification to non-income tax credits	(1,086)	(1,499)
Depreciation	(150,071)	(126,799)
Closing net book amount	820,931	802,608
Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	1,448,423	1,215,905
Closing net book amount	1,616,817	1,448,423
Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(645,815)	(519,016)
Closing net book amount	(795,886)	(645,815)
Farmlands
Changes in property, plant and equipment [abstract]
Opening net book amount	109,858	114,527
Exchange differences	(9,561)	(6,004)
Additions	0	0
Reclassification from investment property (Note 13)	0	1,335
Transfers	0	0
Disposals	0	0
Reclassification to non-income tax credits	0	0
Depreciation	0	0
Closing net book amount	100,297	109,858
Farmlands | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	109,858	114,527
Closing net book amount	100,297	109,858
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	9,640	5,141
Exchange differences	(1,219)	(838)
Additions	0	0
Reclassification from investment property (Note 13)	0	0
Transfers	2,711	6,856
Disposals	0	0
Reclassification to non-income tax credits	0	0
Depreciation	(2,125)	(1,519)
Closing net book amount	9,007	9,640
Farmland improvements | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	20,907	14,889
Closing net book amount	22,399	20,907
Farmland improvements | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(11,267)	(9,748)
Closing net book amount	(13,392)	(11,267)
Buildings and facilities
Changes in property, plant and equipment [abstract]
Opening net book amount	190,055	167,468
Exchange differences	(4,473)	26,675
Additions	15,495	7,420
Reclassification from investment property (Note 13)	0	0
Transfers	12,963	6,491
Disposals	(162)	(1,078)
Reclassification to non-income tax credits	(205)	(1,233)
Depreciation	(20,829)	(15,688)
Closing net book amount	192,844	190,055
Buildings and facilities | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	305,748	267,473
Closing net book amount	329,366	305,748
Buildings and facilities | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(115,693)	(100,005)
Closing net book amount	(136,522)	(115,693)
Machinery, equipment, furniture and fittings
Changes in property, plant and equipment [abstract]
Opening net book amount	251,310	226,049
Exchange differences	(5,853)	46,053
Additions	62,101	36,190
Reclassification from investment property (Note 13)	0	0
Transfers	11,183	6,608
Disposals	(3,913)	(3,125)
Reclassification to non-income tax credits	(788)	(227)
Depreciation	(67,960)	(60,238)
Closing net book amount	246,080	251,310
Machinery, equipment, furniture and fittings | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	633,536	548,037
Closing net book amount	696,266	633,536
Machinery, equipment, furniture and fittings | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(382,226)	(321,988)
Closing net book amount	(450,186)	(382,226)
Bearer plants
Changes in property, plant and equipment [abstract]
Opening net book amount	216,169	156,671
Exchange differences	(4,089)	33,169
Additions	84,278	74,175
Reclassification from investment property (Note 13)	0	0
Transfers	0	0
Disposals	0	0
Reclassification to non-income tax credits	0	0
Depreciation	(57,448)	(47,846)
Closing net book amount	238,910	216,169
Bearer plants | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	341,666	234,322
Closing net book amount	421,855	341,666
Bearer plants | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(125,497)	(77,651)
Closing net book amount	(182,945)	(125,497)
Others
Changes in property, plant and equipment [abstract]
Opening net book amount	3,935	3,920
Exchange differences	(390)	103
Additions	2,351	1,484
Reclassification from investment property (Note 13)	0	0
Transfers	11	8
Disposals	(40)	(72)
Reclassification to non-income tax credits	0	0
Depreciation	(1,709)	(1,508)
Closing net book amount	4,158	3,935
Others | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	15,067	13,544
Closing net book amount	16,999	15,067
Others | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount	(11,132)	(9,624)
Closing net book amount	(12,841)	(11,132)
Work in progress
Changes in property, plant and equipment [abstract]
Opening net book amount	21,641	23,113
Exchange differences	(2,901)	(924)
Additions	37,856	19,454
Reclassification from investment property (Note 13)	0	0
Transfers	(26,868)	(19,963)
Disposals	0	0
Reclassification to non-income tax credits	(93)	(39)
Depreciation	0	0
Closing net book amount	29,635	21,641
Work in progress | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount	21,641	23,113
Closing net book amount	29,635	21,641
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 equipmen102

Property, plant and equipment - Useful lives (Details)	12 Months Ended
	Dec. 31, 2017
Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	5 years
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
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 equipmen103

Property, plant and equipment - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Property, plant and equipment [abstract]
Borrowing costs capitalized	$ 3,660	$ 4,654
Net book value of pledged assets	$ 265,099	$ 575,882

Investment property (Details)

Investment property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	$ 2,666	$ 4,796
Reclassification to property, plant and equipment	0	(1,335)
Exchange difference	(395)	(795)
Investment property, end of period	2,271	2,666
Fair value | Level 3
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	45,000
Investment property, end of period	42,000	45,000
Cost
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	2,666
Investment property, end of period	2,271	2,666
Accumulated amortization
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	0
Investment property, end of period	$ 0	$ 0

Intangible assets (Details)

Intangible assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of changes in intangible assets other than goodwill [abstract]
Amortisation, intangible assets other than goodwill	$ (936,000)	$ (701,000)
Intangible assets, net	17,192,000	17,252,000	$ 16,661,000
Exchange differences	(1,247,000)	74,000
Additions	2,123,000	1,218,000
Impairment charges	0	0	0
Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	22,358,000	21,482,000	20,190,000
Accumulated amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	(5,166,000)	(4,230,000)	(3,529,000)
Goodwill
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	12,412,000	13,405,000	13,510,000
Exchange differences	(993,000)	(105,000)
Additions	0	0
Goodwill | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	12,412,000	13,405,000	13,510,000
Software
Reconciliation of changes in intangible assets other than goodwill [abstract]
Amortisation, intangible assets other than goodwill	(895,000)	(661,000)
Intangible assets, net	3,851,000	2,901,000	2,200,000
Exchange differences	(244,000)	186,000
Additions	2,089,000	1,176,000
Software | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	7,251,000	5,406,000	4,044,000
Software | Accumulated amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	(3,400,000)	(2,505,000)	(1,844,000)
Others
Reconciliation of changes in intangible assets other than goodwill [abstract]
Amortisation, intangible assets other than goodwill	(41,000)	(40,000)
Intangible assets, net	929,000	946,000	951,000
Exchange differences	(10,000)	(7,000)
Additions	34,000	42,000
Others | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	2,695,000	2,671,000	2,636,000
Others | Accumulated amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	$ (1,766,000)	$ (1,725,000)	$ (1,685,000)

Biological assets - Changes in

Biological assets - Changes in bological assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Changes in biological assets [abstract]
Biological assets	$ 145,404	$ 111,818
Increase due to purchases	1,694	1,713
Initial recognition and changes in fair value of biological assets	63,220	125,456
Decrease due to harvest / disposals	(294,945)	(318,351)
Costs incurred during the year	260,338	218,124
Exchange differences	(7,717)	6,644
Biological assets	167,994	145,404
Initial recognition and changes in fair value of biological assets, price changes	2,830	1,019
Initial recognition and changes in fair value of biological assets, physical changes	9,206	4,444
Dairy and cattle
Changes in biological assets [abstract]
Initial recognition and changes in fair value of biological assets	12,036	5,463
Sugar, Ethanol and Energy
Changes in biological assets [abstract]
Biological assets	82,380	59,077
Increase due to purchases	0	0
Initial recognition and changes in fair value of biological assets	23,790	60,705
Decrease due to harvest / disposals	(113,184)	(141,645)
Costs incurred during the year	101,277	91,235
Exchange differences	(1,085)	13,008
Biological assets	93,178	82,380
Crops | Farming
Changes in biological assets [abstract]
Biological assets	28,189	22,536
Increase due to purchases	0	0
Initial recognition and changes in fair value of biological assets	17,158	48,790
Decrease due to harvest / disposals	(102,734)	(110,252)
Costs incurred during the year	92,034	68,607
Exchange differences	(2,902)	(1,492)
Biological assets	31,745	28,189
Rice | Farming
Changes in biological assets [abstract]
Biological assets	25,575	23,131
Increase due to purchases	0	0
Initial recognition and changes in fair value of biological assets	10,236	10,498
Decrease due to harvest / disposals	(43,842)	(38,508)
Costs incurred during the year	39,547	33,839
Exchange differences	(1,799)	(3,385)
Biological assets	29,717	25,575
Dairy | Farming
Changes in biological assets [abstract]
Biological assets	6,827	6,786
Increase due to purchases	610	0
Initial recognition and changes in fair value of biological assets	11,769	5,476
Decrease due to harvest / disposals	(34,569)	(27,946)
Costs incurred during the year	26,002	23,885
Exchange differences	(1,301)	(1,374)
Biological assets	9,338	6,827
All other segments | Farming
Changes in biological assets [abstract]
Biological assets	2,433	288
Increase due to purchases	1,084	1,713
Initial recognition and changes in fair value of biological assets	267	(13)
Decrease due to harvest / disposals	(616)	0
Costs incurred during the year	1,478	558
Exchange differences	(630)	(113)
Biological assets	$ 4,016	$ 2,433

Biological assets - Cost of pr

Biological assets - Cost of production (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	$ 254,440	$ 212,771
Costs incurred during the year, own produce consumed	5,898	5,353
Costs incurred during the year	260,338	218,124
Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	101,277	91,235
Costs incurred during the year, own produce consumed	0	0
Costs incurred during the year	101,277	91,235
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	28,683	26,279
Salaries, social security expenses and employee benefits | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	12,224	12,610
Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	6,402	6,275
Depreciation and amortization | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,989	5,880
Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	77,515	56,988
Fertilizers, agrochemicals and seeds | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	31,144	24,087
Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,766	6,672
Fuel, lubricants and others | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,220	3,385
Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	8,183	8,462
Maintenance and repairs | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,329	2,519
Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	939	2,046
Freights | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	48,706	39,668
Contractors and services | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4,232	2,651
Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	9,759	9,074
Feeding expenses | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,931	1,693
Veterinary expenses | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,775	1,464
Energy power | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	676	530
Professional fees | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	84	145
Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,004	1,916
Other taxes | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	91	116
Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	53,952	45,625
Lease expense and similar arrangements | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	40,757	38,555
Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	7,149	6,079
Others | Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,207	1,287
Dairy | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	20,213	18,532
Costs incurred during the year, own produce consumed	5,789	5,353
Costs incurred during the year	26,002	23,885
Dairy | Salaries, social security expenses and employee benefits | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4,762	3,849
Dairy | Depreciation and amortization | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Dairy | Fertilizers, agrochemicals and seeds | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	9	80
Dairy | Fuel, lubricants and others | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	741	772
Dairy | Maintenance and repairs | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,912	1,787
Dairy | Freights | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	128	127
Dairy | Contractors and services | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Dairy | Feeding expenses | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	9,585	9,053
Dairy | Veterinary expenses | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,783	1,624
Dairy | Energy power | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	698	492
Dairy | Professional fees | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	220	169
Dairy | Other taxes | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	7	8
Dairy | Lease expense and similar arrangements | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	8
Dairy | Others | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	368	563
Crops | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	92,034	68,607
Costs incurred during the year, own produce consumed	0	0
Costs incurred during the year	92,034	68,607
Crops | Salaries, social security expenses and employee benefits | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,999	3,786
Crops | Depreciation and amortization | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	413	395
Crops | Fertilizers, agrochemicals and seeds | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	35,715	24,774
Crops | Fuel, lubricants and others | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,075	971
Crops | Maintenance and repairs | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,303	1,253
Crops | Freights | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	234	1,421
Crops | Contractors and services | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	29,738	23,769
Crops | Feeding expenses | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Crops | Veterinary expenses | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Crops | Energy power | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	123	119
Crops | Professional fees | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	180	131
Crops | Other taxes | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,621	1,561
Crops | Lease expense and similar arrangements | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	13,057	6,965
Crops | Others | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4,576	3,462
Rice | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	39,547	33,839
Costs incurred during the year, own produce consumed	0	0
Costs incurred during the year	39,547	33,839
Rice | Salaries, social security expenses and employee benefits | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	7,312	5,820
Rice | Depreciation and amortization | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Rice | Fertilizers, agrochemicals and seeds | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	10,647	8,047
Rice | Fuel, lubricants and others | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	666	1,527
Rice | Maintenance and repairs | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,419	2,811
Rice | Freights | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	500	479
Rice | Contractors and services | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	14,706	13,248
Rice | Feeding expenses | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Rice | Veterinary expenses | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Rice | Energy power | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,954	853
Rice | Professional fees | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	173	85
Rice | Other taxes | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	156	131
Rice | Lease expense and similar arrangements | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	138	97
Rice | Others | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	876	741
All other segments | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,369	558
Costs incurred during the year, own produce consumed	109	0
Costs incurred during the year	1,478	558
All other segments | Salaries, social security expenses and employee benefits | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	386	214
All other segments | Depreciation and amortization | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
All other segments | Fertilizers, agrochemicals and seeds | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
All other segments | Fuel, lubricants and others | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	64	17
All other segments | Maintenance and repairs | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	220	92
All other segments | Freights | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	77	19
All other segments | Contractors and services | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	30	0
All other segments | Feeding expenses | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	174	21
All other segments | Veterinary expenses | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	148	69
All other segments | Energy power | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
All other segments | Professional fees | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	19	0
All other segments | Other taxes | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	129	100
All other segments | Lease expense and similar arrangements | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
All other segments | Others | Farming
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	$ 122	$ 26

Biological assets - Non-curren

Biological assets - Non-current and current biological assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	$ 11,276	$ 8,516
Current biological assets	156,718	136,888
Biological assets	167,994	145,404	$ 111,818
Cattle for dairy production
Disclosure of detailed information about biological assets [line items]
Biological assets	8,989	6,584
Cattle for dairy production | Mature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	8,989	6,584
Breeding cattle
Disclosure of detailed information about biological assets [line items]
Biological assets	3,713	2,034
Breeding cattle | Mature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	1,984	1,533
Current biological assets	1,729	501
Other cattle
Disclosure of detailed information about biological assets [line items]
Biological assets	652	642
Other cattle | Mature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	349	243
Other cattle | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	303	399
Sown land – crops
Disclosure of detailed information about biological assets [line items]
Biological assets	31,745	28,189
Sown land – crops | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	31,745	28,189
Sown land – rice
Disclosure of detailed information about biological assets [line items]
Biological assets	29,717	25,575
Sown land – rice | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	29,717	25,575
Sown land – sugarcane
Disclosure of detailed information about biological assets [line items]
Biological assets	93,178	82,380
Sown land – sugarcane | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	$ 93,178	$ 82,380

Biological assets - Narrative

Biological assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about biological assets [line items]
Percentage of reasonably possible increase in estimated costs	10.00%	10.00%
Percentage of reasonably possible decrease in estimated costs	(10.00%)	(10.00%)
Biological assets	$ 113,184	$ 141,645
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	10,800,000	9,100,000
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	8,600,000	10,800,000
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	1,000,000	1,100,000
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	1,500,000	1,000,000
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	2,700,000	2,800,000
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	$ 3,400,000	$ 2,700,000

Biological assets - Biological

Biological assets - Biological assets measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of fair value measurement of assets [line items]
Biological assets	$ 167,994	$ 145,404	$ 111,818
Cattle for dairy production
Disclosure of fair value measurement of assets [line items]
Biological assets	8,989	6,584
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	8,989	6,584
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	3,713	2,034
Breeding cattle | Level 1
Disclosure of fair value measurement of assets [line items]
Biological assets	3,713	2,034
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	652	642
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	652	642
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	93,178	82,380
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	93,178	82,380
Sown land – crops
Disclosure of fair value measurement of assets [line items]
Biological assets	31,745	28,189
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	31,745	28,189
Sown land – rice
Disclosure of fair value measurement of assets [line items]
Biological assets	29,717	25,575
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	$ 29,717	$ 25,575

Biological assets - Significan

Biological assets - Significant unobservable inputs (Details)	12 Months Ended
	Dec. 31, 2017ton / hectare$ / tonkilogram / ton$ / hectare	Dec. 31, 2016ton / hectare$ / tonkilogram / ton$ / hectare
Sown land – sugarcane | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	60	60
TRS value | kilogram / ton	120	120
Maintenance costs | $ / hectare	500	500
Harvest costs | $ / ton	9	9
Leasing costs	11.4	12
Sown land – sugarcane | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	100	100
TRS value | kilogram / ton	140	140
Maintenance costs | $ / hectare	700	600
Harvest costs | $ / ton	14	14
Leasing costs	14.4	14.4
Sown land – crops, wheat | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	1.5	2
Commercial costs	50	66
Production costs	200	170
Sown land – crops, wheat | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	5.1	2.8
Commercial costs	110	97
Production costs	540	250
Sown land – crops, corn | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	4	5.4
Commercial costs	107	150
Production costs	230	350
Sown land – crops, corn | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	8	7.7
Commercial costs	300	225
Production costs	500	550
Sown land – crops, soybean | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	1.4	2.7
Commercial costs	172	70
Production costs	250	270
Sown land – crops, soybean | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	3.4	3.8
Commercial costs	176	110
Production costs	350	400
Sown land – crops, sunflower | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	2.1	1.5
Commercial costs	10	65
Production costs	230	200
Sown land – crops, sunflower | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	3.5	2.1
Commercial costs	37	90
Production costs	350	300
Sown land – rice | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	5	5.1
Commercial costs | $ / hectare	3	8
Production costs | $ / hectare	750	750
Sown land – rice | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	5.9	6.1
Commercial costs | $ / hectare	9	15
Production costs | $ / hectare	1,000	1,000

Investments in joint ventures -

Investments in joint ventures - Schedule of Investments in Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CHS AGRO S.A.
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%	50.00%

Investments in joint venture113

Investments in joint ventures - Summarized Financial Information of Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Non-current assets	$ 917,749	$ 887,606
Current assets	689,452	568,160
TOTAL ASSETS	1,607,201	1,455,766
LIABILITIES
Non-current liabilities	679,662	451,616
Current liabilities	282,408	332,477
TOTAL LIABILITIES	962,070	784,093
Profit (loss) [abstract]
Sales of goods and services rendered	933,178	869,235	$ 674,314
Expenses	606,333	570,523	453,559
Profit / (Loss) before income tax	5,681	13,126	(12,305)
CHS AGRO S.A.
ASSETS
Non-current assets	7,931	17,185
Current assets	8,882	9,316
TOTAL ASSETS	16,813	26,501
LIABILITIES
Non-current liabilities	22,002	22,000
Current liabilities	19,197	15,273
TOTAL LIABILITIES	41,199	37,273
Net assets of joint venture	(24,386)	(10,772)
Profit (loss) [abstract]
Sales of goods and services rendered	14,879	9,390	14,201
Expenses	(22,657)	(16,048)	(22,934)
Profit / (Loss) before income tax	$ (7,778)	$ (6,658)	$ (8,733)

Investments in joint venture114

Investments in joint ventures - Narrative (Details) $ in Millions	Dec. 31, 2017USD ($)
Financial guarantee contracts | CHS AGRO S.A.
Disclosure of joint ventures [line items]
Financial debt guaranteed	$ 9.8

Financial instruments by cat115

Financial instruments by category - Carrying amounts of financial assets and financial liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets as per statement of financial position
Trade and other receivables	$ 172,214	$ 174,940
Derivative financial instruments	4,483	3,398
Cash and cash equivalents	269,195	158,568	$ 198,894	$ 113,795
Total	445,892	336,906
Liabilities as per statement of financial position
Trade and other payables	99,250	93,585
Borrowings (excluding finance lease liabilities)	817,853	635,215
Finance leases	105	181
Derivative financial instruments	552	7,068
Total	917,760	736,049
Non- financial liabilities
Liabilities as per statement of financial position
Trade and other payables	13,184	12,443
Total	13,184	12,443
Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	86,066	81,142
Borrowings (excluding finance lease liabilities)	817,853	635,215
Finance leases	105	181
Derivative financial instruments	552	7,068
Total	904,576	723,606
Liabilities at fair value through profit or loss | Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	0	0
Borrowings (excluding finance lease liabilities)	0	0
Finance leases	0	0
Derivative financial instruments	552	7,068
Total	552	7,068
Other financial liabilities at amortized cost | Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	86,066	81,142
Borrowings (excluding finance lease liabilities)	817,853	635,215
Finance leases	105	181
Derivative financial instruments	0	0
Total	904,024	716,538
Non- financial assets
Assets as per statement of financial position
Trade and other receivables	103,345	94,976
Total	103,345	94,976
Financial Assets Instruments
Assets as per statement of financial position
Trade and other receivables	68,869	79,964
Derivative financial instruments	4,483	3,398
Cash and cash equivalents	269,195	158,568
Total	342,547	241,930
Financial Assets Instruments | Loans and receivables
Assets as per statement of financial position
Trade and other receivables	68,869	79,964
Derivative financial instruments	0	0
Cash and cash equivalents	269,195	158,568
Total	338,064	238,532
Financial Assets Instruments | Assets at fair value through profit or loss
Assets as per statement of financial position
Trade and other receivables	0	0
Derivative financial instruments	4,483	3,398
Cash and cash equivalents	0	0
Total	$ 4,483	$ 3,398

Financial instruments by cat116

Financial instruments by category - Income, expense, gains and losses on financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	$ 11,230	$ 7,671	$ 8,201
Interest expense	(52,308)	(48,198)	(49,491)
Foreign exchange gains/(losses)	(38,708)	(19,062)	$ (23,423)
Loss from derivative financial instruments	38,679	(21,745)
Net result	(41,107)	(81,334)
Other financial liabilities at amortized cost
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	0	0
Interest expense	(10,340)	(8,665)
Foreign exchange gains/(losses)	(13,672)	(11,511)
Loss from derivative financial instruments	0	0
Net result	(24,012)	(20,176)
Loans and receivables
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	11,230	7,671
Interest expense	(41,968)	(39,533)
Foreign exchange gains/(losses)	(15,634)	4,737
Loss from derivative financial instruments	0	0
Net result	(46,372)	(27,125)
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	0
Interest expense	0	0
Foreign exchange gains/(losses)	(9,402)	(12,288)
Loss from derivative financial instruments	38,679	(21,745)
Net result	$ 29,277	$ (34,033)

Financial instruments by cat117

Financial instruments by category - Financial assets and financial liabilities measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial instruments	$ 4,483	$ 3,398
Derivative financial liabilities	(552)	(7,068)
Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial instruments	4,463	2,789
Derivative financial liabilities	(498)	(1,196)
Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial instruments	20	609
Derivative financial liabilities	$ (54)	$ (5,872)

Financial instruments by cat118

Financial instruments by category - Fair values based on recognized valuation methods (Details) $ in Thousands	Dec. 31, 2017USD ($)
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	$ 3,931
Options | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	54
Futures | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	3,911
Foreign-currency interest-rate swaps | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	$ (34)

Trade and other receivables,119

Trade and other receivables, net - Summary of trade and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Non-current
Trade receivables	$ 6,597	$ 1,802
Advances to suppliers	2,363	1,930
Income tax credits	6,955	7,472
Non-income tax credits	1,863	1,853
Judicial deposits	3,191	3,280
Other receivables	1,138	1,075
Trade and other receivables, net	22,107	17,412
Current
Trade receivables	52,294	69,017
Prepaid expenses	11,565	8,302
Advances to suppliers	36,497	21,451
Income tax credits	2,046	7,116
Non-income tax credits	38,865	43,572
Cash collateral	380	3,546
Receivables from related parties (Note 31)	176	172
Other receivables	8,284	4,352
Subtotal	97,813	88,511
Trade and other receivables, net	150,107	157,528
Trade and other receivables	172,214	174,940
Reclassified from Property, plant and equipment	1,086	1,499
Gross | Trade receivables excluding related party
Current
Trade receivables	43,078	61,546
Gross | Trade receivables related party
Current
Trade receivables	10,218	8,114
Allowance for trade receivables
Current
Trade receivables	$ (1,002)	$ (643)

Trade and other receivables,120

Trade and other receivables, net - Carrying amounts of trade and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets [line items]
Trade and other receivables	$ 172,214	$ 174,940
US Dollar
Disclosure of financial assets [line items]
Trade and other receivables	50,400	54,012
Argentine Peso
Disclosure of financial assets [line items]
Trade and other receivables	48,911	45,641
Uruguay, Pesos
Disclosure of financial assets [line items]
Trade and other receivables	415	762
Brazilian Reais
Disclosure of financial assets [line items]
Trade and other receivables	$ 72,488	$ 74,525

Trade and other receivables,121

Trade and other receivables, net - Narrative (Details) $ in Thousands	Dec. 31, 2017USD ($)company	Dec. 31, 2016USD ($)company
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	27	17
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	$ 318	$ 5,264
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	$ 5,052	$ 14,641
Percentage of outstanding unimpaired trade receivables	89.00%	82.00%

Trade and other receivables,122

Trade and other receivables, net - Movements in allowance for trade receivables (Details) - Trade and other receivables - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance For Doubtful Trade Receivables [Roll Forward]
Beginning balance	$ 643	$ 481	$ 527
Charge of the year	758	387	152
Unused amounts reversed	(133)	(178)	(27)
Used during the year	(193)	0	(7)
Exchange differences	(73)	(47)	(164)
Ending balance	$ 1,002	$ 643	$ 481

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure Of Inventories [Abstract]
Raw materials	$ 46,836	$ 42,108
Finished goods	61,888	68,191	$ 47,624	$ 75,875
Stocks held by third parties	0	1,308
Others	195	147
Current inventories	$ 108,919	$ 111,754

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subclassifications of assets, liabilities and equities [abstract]
Cash at bank and on hand	$ 118,358	$ 130,001
Short-term bank deposits	150,837	28,567
Cash and cash equivalents	$ 269,195	$ 158,568	$ 198,894	$ 113,795

Disposals (Details)

Disposals (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2015USD ($)	Nov. 30, 2015USD ($)hectare	Jun. 30, 2014	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Disclosure of subsidiaries [line items]
Gain from disposal of farmland and other assets (Note 21)				$ 0	$ 0	$ 7,914
Sale of non-controlling interests in subsidiaries (Note 21)						21,964
Global Hisingen S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest sold in subsidiary			49.00%
Global Acamante S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest sold in subsidiary	49.00%
Global Carelio S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest sold in subsidiary	49.00%
Global Calidon S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest sold in subsidiary	49.00%
Global Mirabilis S.L.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest sold in subsidiary	49.00%
Global Acamante S.L.U., Global Calidon S.L.U., Global Carelio S.L.U. and Global Mirabilis S.L.U.
Disclosure of subsidiaries [line items]
Total consideration for disposal	$ 22,000
Sale of non-controlling interests in subsidiaries (Note 21)					19,900
Reserve from the sale of non- controlling interests in subsidiaries
Disclosure of subsidiaries [line items]
Sale of non-controlling interests in subsidiaries (Note 21)						16,066
Reserve from the sale of non- controlling interests in subsidiaries | Global Acamante S.L.U., Global Calidon S.L.U., Global Carelio S.L.U. and Global Mirabilis S.L.U.
Disclosure of subsidiaries [line items]
Sale of non-controlling interests in subsidiaries (Note 21)					16,100
Cumulative translation adjustment
Disclosure of subsidiaries [line items]
Sale of non-controlling interests in subsidiaries (Note 21)						3,881
Cumulative translation adjustment | Global Acamante S.L.U., Global Calidon S.L.U., Global Carelio S.L.U. and Global Mirabilis S.L.U.
Disclosure of subsidiaries [line items]
Sale of non-controlling interests in subsidiaries (Note 21)					3,900
Non- controlling interest
Disclosure of subsidiaries [line items]
Sale of non-controlling interests in subsidiaries (Note 21)						$ 2,017
Non- controlling interest | Global Acamante S.L.U., Global Calidon S.L.U., Global Carelio S.L.U. and Global Mirabilis S.L.U.
Disclosure of subsidiaries [line items]
Sale of non-controlling interests in subsidiaries (Note 21)					$ 2,000
Discontinued operations | La Canada Farm
Disclosure of subsidiaries [line items]
Number of hectares sold | hectare		3,399
Total consideration for disposal		$ 12,600
Gain from disposal of farmland and other assets (Note 21)		$ 7,900

Shareholders' contributions - N

Shareholders' contributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			51 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Sep. 24, 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock Repurchase Program, Authorized Percentage of Outstanding Stock					5.00%
Par value per share (in usd per share)	$ 1.5			$ 1.5
Purchase of treasury shares	$ 38,367	$ 4,772	$ 319
Treasury shares	4,643,396			4,643,396
Share Repurchase Program
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares repurchased under program				6,742,183
Employee share options exercised (in shares)				2,101,777
Purchase of treasury shares	$ 38,367	$ 4,772	$ 320

Shareholders' contributions - S

Shareholders' contributions - Summary of Share Capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in equity [abstract]
Total equity	$ 645,131	$ 671,673	$ 527,419	$ 777,227
Employee share options exercised	39	380	1,499
Restricted shares and units vested	0
Purchase of own shares	$ (38,367)	$ (4,772)	$ (319)
Share capital (Note 22)
Changes in equity [abstract]
Number of shares	122,382,000	122,382,000	122,382,000	122,382,000
Total equity	$ 183,573	$ 183,573	$ 183,573	$ 183,573
Employee share options exercised (in shares)	0	0	0
Restricted shares and units vested (in shares)	0	0	0
Purchase of own shares (in shares)	0	0	0
Share capital and share premium
Changes in equity [abstract]
Total equity	$ 1,092,507	$ 1,120,823	$ 1,121,247	$ 1,116,617
Employee share options exercised	50	438	1,786
Restricted shares and units vested	4,149	3,225	3,103
Purchase of own shares	(32,515)	(4,087)	(259)
Share Repurchase Program
Changes in equity [abstract]
Purchase of own shares	$ (38,367)	$ (4,772)	$ (320)

Equity-settled share-based p128

Equity-settled share-based payments - Options Schemes (Details)	1 Months Ended	12 Months Ended
	May 31, 2014	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2007	Dec. 31, 2004
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options exercisable in share-based payment arrangement		2,485,000	3,299,000	3,397,000
Stock Options, 2004 Stock Incentive Option Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum term of options (in years)						10 years
Extended term on options (in years)	10 years
Average exercise price per share, outstanding Jan 1 (usd per share) | $		$ 6.66	$ 6.67	$ 6.71
Average exercise price per share, forfeited (usd per share) | $		0	0	5.83
Average exercise price per share, exercised (usd per share) | $		5.83	6.96	7.11
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 6.66	$ 6.66	$ 6.67
Number of share options outstanding, Jan 1		1,641,000	1,696,000	1,916,000
Number of share options forfeited		0	0	(9,000)
Number of share options exercised		(7,000)	(55,000)	(211,000)
Number of share options outstanding, Dec 31		1,634,000	1,641,000	1,696,000
Stock Options, 2004 Stock Incentive Option Plan | May 1, 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 5.83
Number of share options outstanding, Jan 1		495,000	495,000
Number of share options outstanding, Dec 31		496,000	495,000	495,000
Stock Options, 2004 Stock Incentive Option Plan | May 1, 2025
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 5.83
Number of share options outstanding, Jan 1		452,000	461,000
Number of share options outstanding, Dec 31		452,000	452,000	461,000
Stock Options, 2004 Stock Incentive Option Plan | January 1, 2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 5.83
Number of share options outstanding, Jan 1		150,000	174,000
Number of share options outstanding, Dec 31		142,000	150,000	174,000
Stock Options, 2004 Stock Incentive Option Plan | February 16, 2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 7.11
Number of share options outstanding, Jan 1		103,000	103,000
Number of share options outstanding, Dec 31		103,000	103,000	103,000
Stock Options, 2004 Stock Incentive Option Plan | October 1, 2026
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 8.62
Number of share options outstanding, Jan 1		441,000	463,000
Number of share options outstanding, Dec 31		441,000	441,000	463,000
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum term of options (in years)					10 years
Average exercise price per share, outstanding Jan 1 (usd per share) | $		$ 13.07	$ 13.07	$ 13.07
Average exercise price per share, forfeited (usd per share) | $		13.40	12.98	13.01
Average exercise price per share, expired (usd per share) | $		12.82	0	0
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 13.31	$ 13.07	$ 13.07
Number of share options outstanding, Jan 1		1,658,000	1,701,000	1,729,000
Number of share options forfeited		4,000	43,000	28,000
Number of share options expired		(803,000)	0	0
Number of share options outstanding, Dec 31		851,000	1,658,000	1,701,000
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | From Nov 13, 2017 to Aug 25, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 12.82
Number of share options outstanding, Jan 1		908,000	937,000
Number of share options outstanding, Dec 31		105,000	908,000	937,000
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | January 30, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 13.40
Number of share options outstanding, Jan 1		595,000	608,000
Number of share options outstanding, Dec 31		595,000	595,000	608,000
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | June 1, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 12.82
Number of share options outstanding, Jan 1		3,000	3,000
Number of share options outstanding, Dec 31		3,000	3,000	3,000
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | November 1, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 13.40
Number of share options outstanding, Jan 1		11,000	11,000
Number of share options outstanding, Dec 31		11,000	11,000	11,000
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | From Jan 30, 2020 to Sep 1, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 13.40
Number of share options outstanding, Jan 1		110,000	110,000
Number of share options outstanding, Dec 31		106,000	110,000	110,000
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | From Jan 30, 2020 to Sep 1, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 12.82
Number of share options outstanding, Jan 1		31,000	31,000
Number of share options outstanding, Dec 31		31,000	31,000	31,000

Equity-settled share-based p129

Equity-settled share-based payments - Restricted Share and Restricted Stock Unit Plan (Details)	May 15, 2017USD ($)	Apr. 01, 2017USD ($)	May 15, 2016USD ($)	Apr. 01, 2016USD ($)	May 15, 2015USD ($)	Apr. 01, 2015USD ($)	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense | $							$ 5,552,000	$ 4,796,000	$ 4,396,000
Grant date, fair value (usd per share) | $	$ 12.14	$ 11.88	$ 12.52	$ 12.63	$ 8.62	$ 9.45
Possibility of ceasing employment before vesting	0.00%	0.00%	0.00%	5.00%	0.00%	5.00%
Restricted Stock And Restricted Stock Units (RSU) [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)							3 years
Vesting percentage							33.00%
Maximum shares authorised							2,474,701
Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense | $							$ 5,600,000	$ 4,800,000
Number of shares outstanding, Jan 1							1,000,000	1,018,000	861,000
Number of shares granted							488,000	464,000	626,000
Number of shares forfeited							(29,000)	(29,000)	(37,000)
Number of shares vested							(490,000)	(453,000)	(432,000)
Number of shares outstanding, Dec 31							969,000	1,000,000	1,018,000

Legal and other reserves (Detai

Legal and other reserves (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of reserves within equity [abstract]
Legal and other reserve	$ 4,139	$ 4,288
Distributable retained earnings	$ 0
Retained earnings, unappropriated		$ 922,821

Trade and other payables (Detai

Trade and other payables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Subclassifications of assets, liabilities and equities [abstract]
Payable from acquisition of property, plant and equipment	$ 521	$ 1,042
Other payables	306	385
Trade and other payables, current	827	1,427
Trade payables	82,824	77,325
Advances from customers	6,722	7,758
Amounts due to related parties (Note 31)	628	1,152
Current income tax liabilities	6,462	4,685
Other payables	1,787	1,238
Trade and other payables, current	98,423	92,158
Trade and other payables	$ 99,250	$ 93,585

Borrowings - Schedule of borrow

Borrowings - Schedule of borrowings (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-current
Non-current portion of non-current notes and debentures issued	$ 495,707,000	$ 0
Non-current	663,060,000	430,304,000
Current
Current notes and debentures issued and current portion of non-current notes and debentures issued	8,250,000	0
Current	154,898,000	205,092,000
Borrowings	817,958,000	635,396,000	$ 723,339,000
Collateralized liabilities	637,306	525,663
Bank overdrafts
Current
Current	6,214,000	90,000
Bank borrowings
Non-current
Non-current	167,315,000	430,202,000
Current
Current	140,367,000	204,923,000
Obligations under finance leases
Non-current
Non-current	38,000	102,000
Current
Current	$ 67,000	$ 79,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	Sep. 21, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [line items]
Issuance of senior notes		$ 495,678	$ 0	$ 0
Senior Notes due 2027
Disclosure of detailed information about borrowings [line items]
Issuance of senior notes	$ 495,700
Notes and debentures issued	$ 500,000
Senior Notes due 2027 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	6.00%
Brazilian Subsidiaries
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		1.84%	1.32%
Brazilian Subsidiaries | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis		4.13%
Brazilian Subsidiaries | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis		17.52%
Brazilian Subsidiaries | Fixed interest rate | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		2.50%
Brazilian Subsidiaries | Fixed interest rate | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		9.00%
Argentina Subsidiaries | LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis		1.25%
US Dollar | Argentina Subsidiaries | Fixed interest rate | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		6.11%
US Dollar | Argentina Subsidiaries | Fixed interest rate | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		7.00%
Argentine Peso | Argentina Subsidiaries | Fixed interest rate | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		9.90%
Argentine Peso | Argentina Subsidiaries | Fixed interest rate | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		28.75%

Borrowings - Maturity of borrow

Borrowings - Maturity of borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [line items]
Total debt	$ 817,958	$ 635,396	$ 723,339
Brazilian Subsidiaries
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	1.84%	1.32%
Brazilian Subsidiaries | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	4.13%
Brazilian Subsidiaries | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	17.52%
Fixed interest rate | Brazilian Subsidiaries | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	2.50%
Fixed interest rate | Brazilian Subsidiaries | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	9.00%
Fixed interest rate | US Dollar | Argentina Subsidiaries | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	6.11%
Fixed interest rate | US Dollar | Argentina Subsidiaries | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	7.00%
Fixed interest rate | Argentine Peso | Argentina Subsidiaries | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	9.90%
Fixed interest rate | Argentine Peso | Argentina Subsidiaries | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	28.75%
Borrowings excluding obligations under finance lease
Disclosure of detailed information about borrowings [line items]
Total debt	$ 817,853	$ 635,215
Borrowings excluding obligations under finance lease | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	721,051	214,571
Borrowings excluding obligations under finance lease | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	96,802	420,644
Borrowings excluding obligations under finance lease | Less than 1 year | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	132,998	67,682
Borrowings excluding obligations under finance lease | Less than 1 year | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	21,833	137,331
Borrowings excluding obligations under finance lease | Between 1 and 2 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	35,762	43,630
Borrowings excluding obligations under finance lease | Between 1 and 2 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	22,871	150,517
Borrowings excluding obligations under finance lease | Between 2 and 3 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	20,097	40,047
Borrowings excluding obligations under finance lease | Between 2 and 3 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	17,945	81,947
Borrowings excluding obligations under finance lease | Between 3 and 4 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	20,130	21,857
Borrowings excluding obligations under finance lease | Between 3 and 4 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	18,215	18,457
Borrowings excluding obligations under finance lease | Between 4 and 5 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	16,310	21,116
Borrowings excluding obligations under finance lease | Between 4 and 5 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	11,164	18,309
Borrowings excluding obligations under finance lease | Over 5 Years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	495,754	20,239
Borrowings excluding obligations under finance lease | Over 5 Years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	$ 4,774	$ 14,083

Borrowings - Brazilian Subsidia

Borrowings - Brazilian Subsidiaries (Details) $ in Thousands, R$ in Millions	Dec. 31, 2017USD ($)	Dec. 31, 2017BRL (R$)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 63,300		$ 111,800	$ 62,400
Total debt	817,958		635,396	$ 723,339
Brazilian Subsidiaries | Banco Do Brasil Loan Due November 2022
Disclosure of detailed information about borrowings [line items]
Nominal amount	130,000
Total debt	$ 27,600	R$ 91.3	33,700
Borrowings, interest rate	2.94%	2.94%
Borrowing, performance bonus	15.00%	15.00%
Brazilian Subsidiaries | Itau BBA FINAME Loan Due December 2022
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 45,900
Total debt	$ 7,600	R$ 25.2	9,300
Borrowings, interest rate	2.50%	2.50%
Brazilian Subsidiaries | Ita BBA Loan Due March 2019
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 75,000
Total debt			5,800
Brazilian Subsidiaries | Ita BBA Loan Due March 2019 | CDI Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	3.20%	3.20%
Brazilian Subsidiaries | Banco Do Brasil / Ita BBA Finem Loan Due January 2023
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 273,000
Total debt	$ 53,400	R$ 176.5	67,300
Borrowings, interest rate	6.77%	6.77%
Brazilian Subsidiaries | BNDES Finem Loan Due January 2023
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 215,000
Total debt	$ 41,400	R$ 136.9	50,300
Borrowings, interest rate	3.75%	3.75%
Brazilian Subsidiaries | ING / Rabobank / ABN / HSBC / Credit Agricole / Caixa Geral / Galena Due December 2018
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 160,000
Total debt			98,000
Brazilian Subsidiaries | ING / Rabobank / ABN / HSBC / Credit Agricole / Caixa Geral / Galena Due December 2018 | LIBOR 3M Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	4.40%	4.40%
Brazilian Subsidiaries | ING / Rabobank / Bladex / Credit Agricole / Votorantim / ABN Due December 2019
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 110,000
Total debt			110,000
Brazilian Subsidiaries | ING / Rabobank / Bladex / Credit Agricole / Votorantim / ABN Due December 2019 | LIBOR 3M Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	4.65%	4.65%
Brazilian Subsidiaries | Rabobank Due March 2019
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 40,000
Total debt			40,000
Brazilian Subsidiaries | Rabobank Due March 2019 | LIBOR 3M Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	3.50%	3.50%
Brazilian Subsidiaries | Tokyo-Mitsubishi Due August 2019
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 30,000
Total debt	$ 30,000		30,000
Borrowings, interest rate	6.35%	6.35%
Brazilian Subsidiaries | Bradesco Loan Due May 2019
Disclosure of detailed information about borrowings [line items]
Nominal amount | R$		R$ 90.0
Total debt			27,600
Brazilian Subsidiaries | Bradesco Loan Due May 2019 | CDI Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	2.10%	2.10%
Brazilian Subsidiaries | Votorantim Loan Due June 2019
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 15,000
Total debt	$ 10,000		$ 15,000
Brazilian Subsidiaries | Votorantim Loan Due June 2019 | LIBOR 3M Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	4.60%	4.60%

Borrowings - Argentinian Subsid

Borrowings - Argentinian Subsidiaries (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 63,300,000	$ 111,800,000	$ 62,400,000
Total debt	817,958,000	635,396,000	$ 723,339,000
Net book value of pledged assets	$ 265,099	575,882
IDB Tranche A Due Nov 2018 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	6.11%
IFC Tranche A Due Sept 2021 | LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	4.30%
IFC Trance B Due Sept 2023 | LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	4.00%
Argentina Subsidiaries | LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	1.25%
Argentina Subsidiaries | IDB Tranche A Due Nov 2018
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 20,000,000
Total debt	3,100,000	6,200,000
Net book value of pledged assets	24,770,000
Argentina Subsidiaries | IFC Tranche A Due Sept 2021
Disclosure of detailed information about borrowings [line items]
Nominal amount	20,000,000
Total debt	24,670,000	25,000,000
Net book value of pledged assets	75,000,000
Argentina Subsidiaries | IFC Trance B Due Sept 2023
Disclosure of detailed information about borrowings [line items]
Nominal amount	25,000,000
Total debt	$ 24,930,000	$ 25,000,000

Borrowings - Borrowings by curr

Borrowings - Borrowings by currency (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about borrowings [line items]
Total debt	$ 817,958	$ 635,396	$ 723,339

Borrowings - Evolution of borro

Borrowings - Evolution of borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about financial instruments [abstract]
Total debt	$ 817,958	$ 635,396	$ 723,339
Issuance of senior notes	495,678	0	0
Proceeds from long-term borrowings	232,433	167,385	299,343
Payments of long-term borrowings	(602,700)	(277,913)	(165,455)
Proceeds from short term loans	106,730	257,395
Payments of short-term borrowings	(64,787)	(272,033)	$ (208,309)
Payments of interest	(39,118)	(45,473)
Accrued interest	51,005	46,470
Exchange differences and translation, net	(4,588)	32,583
Others	$ 7,909	$ 3,643

Payroll and social securitie139

Payroll and social securities payable (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Non-current
Social security payable	$ 1,240	$ 1,235
Non-current payroll and social security liabilities	1,240	1,235
Current
Salaries payable	6,199	7,351
Social security payable	3,702	3,063
Provision for vacations	12,323	12,109
Provision for bonuses	5,043	4,321
Current payroll and social security liabilities	27,267	26,844
Total payroll and social security liabilities	$ 28,507	$ 28,079

Provisions for other liabili140

Provisions for other liabilities - Summary of Changes in Provisions for Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement In Other Provisions [Roll Forward]
Other provisions	$ 4,843	$ 3,889	$ 2,313
Additions	4,750	3,504
Used during year	(3,779)	(2,188)
Exchange differences	(17)	260
Labor, legal and other claims
Movement In Other Provisions [Roll Forward]
Other provisions	4,838	3,857	2,293
Additions	4,750	3,447
Used during year	(3,754)	(2,174)
Exchange differences	(15)	291
Others
Movement In Other Provisions [Roll Forward]
Other provisions	5	32	$ 20
Additions	0	57
Used during year	(25)	(14)
Exchange differences	$ (2)	$ (31)

Provisions for other liabili141

Provisions for other liabilities - Summary of Total Provisions (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other provisions [abstract]
Noncurrent provisions	$ 4,078	$ 3,299
Current provisions	765	590
Total provisions	$ 4,843	$ 3,889	$ 2,313

Provisions for other liabili142

Provisions for other liabilities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Tax, labor, civil, administrative and other proceedings
Disclosure of contingent liabilities [line items]
Contingent liabilities	$ 21	$ 18.2

Disclosure of leases and sim143

Disclosure of leases and similar arrangements - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Apr. 30, 2014
Disclosure of recognised finance lease as assets by lessee [line items]
Lease expense		$ 1,659,000	$ 1,381,000	$ 1,443,000
Average contract term (in years)		5 years
Minimum operating lease payments recognised as expense		$ 41,100,000	64,900,000	53,400,000
Minimum finance lease payments payable		$ 105	181
Lease term (in years)		10 years
Minimum lease payments receivable under cancellable operating lease		$ 1,518,000	1,482,000
Settlement gain, net		0	8,489,000	0
Lease Expense Capitalized
Disclosure of recognised finance lease as assets by lessee [line items]
Lease expense		14,000,000	6,800,000	$ 10,800,000
Marfrig Argentina S.A.
Disclosure of recognised finance lease as assets by lessee [line items]
Minimum lease payments receivable under cancellable operating lease					$ 500,000
Arbitration proceedings settlement amount	$ 9,000,000
Arbitration proceedings settlement amount collected			$ 7
Settlement gain, net		$ 8,500,000

Disclosure of leases and sim144

Disclosure of leases and similar arrangements - Future Minimum Rental Payments Due (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under cancellable operating lease	$ 9,075	$ 7,605
Less than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under cancellable operating lease	7,841	5,311
Later than 1 year and no later than 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under cancellable operating lease	$ 1,234	$ 2,294

Disclosure of leases and sim145

Disclosure of leases and similar arrangements - Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Analysis of income and expense [abstract]
Rental income	$ 771	$ 984	$ 1,309

Disclosure of leases and sim146

Disclosure of leases and similar arrangements - Future Minimum Rental Payments Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under cancellable operating lease	$ 1,518	$ 1,482
Less than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under cancellable operating lease	504	494
Later than 1 year and no later than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under cancellable operating lease	$ 1,014	$ 988

Group companies - Summary of Ow

Group companies - Summary of Ownership Interests in Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Argentina | Adeco Agropecuaria S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Argentina | Pilagá S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	99.94%	99.94%
Argentina | Cavok S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	51.00%	51.00%
Argentina | Establecimientos El Orden S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	51.00%	51.00%
Argentina | Bañado del Salado S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Argentina | Agro Invest S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	51.00%	51.00%
Argentina | Forsalta S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	51.00%	51.00%
Argentina | Dinaluca S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Argentina | Simoneta S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Argentina | Compañía Agroforestal S.M.S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Argentina | Energía Agro S.A.U.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Brazil | Adeco Agropecuaria Brasil Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Brazil | Adecoagro Vale do Ivinhema Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Brazil | Usina Monte Alegre Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Brazil | Adecoagro Energia Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Brazil | Adeco Brasil Participações S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Uruguay | Kelizer S.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Uruguay | Agroglobal S.A. (f.k.a. Adecoagro Uruguay S.A.)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Uruguay | Ladelux S.C.A.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
LUXEMBOURG | Adecoagro LP S.C.S.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
LUXEMBOURG | Adecoagro GP S.a.r.l.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
SPAIN | Spain Holding Companies
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%

Related-party transactions (Det

Related-party transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Entities with joint control or significant influence over entity
Disclosure of transactions between related parties [line items]
Cost of manufactured products sold and services rendered	$ 0	$ (42)	$ (2,304)
Other related parties
Disclosure of transactions between related parties [line items]
Receivables from related parties	176	172
Payables	(367)	(701)
Directors and senior management
Disclosure of transactions between related parties [line items]
Payables	(17,985)	(17,355)
Compensation selected employees	(7,040)	(5,213)	(7,528)
Joint ventures
Disclosure of transactions between related parties [line items]
Receivables from related parties	10,218	8,114
Payables	(261)	(451)
Sales of goods	2,487	372	2,201
Services	88	87	110
Interest income	308	$ 326	$ 74
Related party loan	$ 8,000
Borrowings, interest rate	3.00%

Critical accounting estimate149

Critical accounting estimates and judgments - Narrative (Details) - cash_generating_unit	Sep. 30, 2017	Sep. 30, 2016
Disclosure of information for cash-generating units [line items]
Number of cash-generating units	39	39
Argentina and Uruguay
Disclosure of information for cash-generating units [line items]
Number of cash-generating units	11	11
Brazil
Disclosure of information for cash-generating units [line items]
Number of cash-generating units	3	3

Critical accounting estimate150

Critical accounting estimates and judgments - Summary of Allocated Goodwill to CGUs in Argentina and Uruguay (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested	$ 12,412		$ 13,405
Total assets allocated to CGUs tested	1,607,201		1,455,766
Argentina
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested	$ 5,095		$ 5,980
Argentina | La Carolina | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		$ 35		$ 40
Argentina | La Carolina | Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		12		13
Argentina | El Orden | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		53		60
Argentina | El Orden | Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		4		5
Argentina | La Guarida | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		358		405
Argentina | La Guarida | Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		292		330
Argentina | Los Guayacanes | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		452		511
Argentina | Dona Marina | Rice
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		1,595		1,803
Argentina | Huelen | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		1,787		2,020
Argentina | El Colorado | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		787		890
Argentina | El Colorado | Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		115		130
Argentina | Cash-generating units
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested		5,490		6,207
Argentina and Uruguay | Cash-generating units
Disclosure of information for cash-generating units [line items]
Closing net book value of PPE items and other assets allocated to CGUs tested		34,668		36,901
Total assets allocated to CGUs tested		$ 40,158		$ 43,108

Critical accounting estimate151

Critical accounting estimates and judgments - Summary of Allocated Goodwill to CGUs in Brazil (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016
Disclosure of information for cash-generating units [line items]
Goodwill	$ 12,412		$ 13,405
Total assets allocated to CGUs tested	1,607,201		1,455,766
Sugar, Ethanol and Energy | AVI
Disclosure of information for cash-generating units [line items]
Goodwill		$ 5,012		$ 4,892
Sugar, Ethanol and Energy | UMA
Disclosure of information for cash-generating units [line items]
Goodwill		2,622		2,564
Brazil
Disclosure of information for cash-generating units [line items]
Goodwill	$ 7,317		$ 7,425
Brazil | Cash-generating units
Disclosure of information for cash-generating units [line items]
Goodwill		7,634		7,456
Closing net book value of PPE items and other assets allocated to CGUs tested		719,558		689,857
Total assets allocated to CGUs tested		$ 727,192		$ 697,313

Critical accounting estimate152

Critical accounting estimates and judgments - Summary of Key Assumptions (Details)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Disclosure of information for cash-generating units [line items]
Future pricing increases as a percentage	3.00%	1.00%
Future cost increases as a percentage	3.00%	1.00%
Discount rates	6.22%	6.50%
Perpetuity growth rate	2.00%	2.00%
UMA
Disclosure of information for cash-generating units [line items]
Financial projections (in years)	4 years	4 years
AVI
Disclosure of information for cash-generating units [line items]
Financial projections (in years)	7 years	7 years
Bottom of range
Disclosure of information for cash-generating units [line items]
Yield average growth rates	0.00%	0.00%
Top of range
Disclosure of information for cash-generating units [line items]
Yield average growth rates	1.00%	1.00%

Summary of significant accou153

Summary of significant accounting policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2017contract
Disclosure of detailed information about intangible assets [line items]
Number of power agreements	2
Bottom of range | Trademarks
Disclosure of detailed information about intangible assets [line items]
Useful lives of intangible assets	10 years
Bottom of range | Software
Disclosure of detailed information about intangible assets [line items]
Useful lives of intangible assets	3 years
Top of range | Trademarks
Disclosure of detailed information about intangible assets [line items]
Useful lives of intangible assets	20 years
Top of range | Software
Disclosure of detailed information about intangible assets [line items]
Useful lives of intangible assets	5 years
Expiration date 2018
Disclosure of detailed information about intangible assets [line items]
Power agreement term (in years)	10 years
Expiration date 2024
Disclosure of detailed information about intangible assets [line items]
Power agreement term (in years)	15 years
Expiration date 2025
Disclosure of detailed information about intangible assets [line items]
Power agreement term (in years)	15 years

Recent developments (Details)

Recent developments (Details) liters_per_day in Millions	Mar. 23, 2018liters_per_day
Disclosure of events after reporting period [Abstract]
Milk processing capacity (liters per day)	4