Adecoagro (AGRO) 20-F 29 Apr 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Document and Entity Information [Abstract]
Entity Registrant Name	Adecoagro S.A.
Entity Central Index Key	0001499505
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	AGRO
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock Outstanding	116,555,699

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	[1]	Dec. 31, 2016	[1]
Profit or loss [abstract]
Sales of goods and services rendered	$ 793,239	$ 933,178		$ 869,235
Cost of goods sold and services rendered	(609,965)	(766,727)		(678,581)
Initial recognition and changes in fair value of biological assets and agricultural produce	16,195	63,220		125,456
Changes in net realizable value of agricultural produce after harvest	(909)	8,852		(5,841)
Margin on manufacturing and agricultural activities before operating expenses	198,560	238,523		310,269
General and administrative expenses	(56,080)	(57,299)		(50,750)
Selling expenses	(90,215)	(95,399)		(80,673)
Other operating income, net	104,232	43,763		5,752
Profit from operations	156,497	129,588		184,598
Finance income	8,581	11,744		7,957
Finance costs	(271,263)	(131,349)		(165,380)
Other financial results - Net gain of inflation effects on the monetary items	81,928	0	[2]	0	[2]
Financial results, net	(180,754)	(119,605)		(157,423)
(Loss) / Profit before income tax	(24,257)	9,983		27,175
Income tax benefit / (expense)	1,024	4,992		(12,899)
(Loss) / Profit for the year	(23,233)	14,975	[2],[3]	14,276	[2],[3]
Attributable to:
Equity holders of the parent	(24,622)	13,198		11,568
Non-controlling interest	$ 1,389	$ 1,777		$ 2,708
(Loss) / Earnings per share from operations attributable to the equity holders of the parent during the year:
Basic earnings per share	$ (0.211)	$ 0.109		$ 0.095
Diluted earnings per share	$ (0.211)	$ 0.108		$ 0.094
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[3]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017	[2]	Dec. 31, 2016	[2]
Statement of comprehensive income [abstract]
(Loss) / Profit for the year	$ (23,233)		$ 14,975	[1],[3]	$ 14,276	[1],[3]
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	(121,296)		(21,233)		32,859
Cash flow hedge, net of income tax (Note 2)	(32,195)	[4]	12,608	[5]	100,615	[6]
Revaluation surplus net of income tax (Note 10, 12, 33)	405,906		0		0
Other comprehensive income / (loss) for the year	252,415		(8,625)		133,474
Total comprehensive income for the year	229,182		6,350		147,750
Attributable to:
Equity holders of the parent	213,641		6,322		147,376
Non-controlling interest	$ 15,541		$ 28		$ 374
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[3]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[4]	Net of 11,322 of Income tax.
[5]	Net of (52,282) of income tax.
[6]	Net of 49,106 of income tax.

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	[1]	Dec. 31, 2016	[1]
Non-Current Assets
Property, plant and equipment, net	$ 1,480,439	$ 831,377		$ 814,867
Investment property	40,725	42,342		44,581
Intangible assets, net	27,909	17,192		17,252
Biological assets	11,270	11,276		8,516
Deferred income tax assets	16,191	30,808		25,043
Trade and other receivables, net	38,820	22,107		17,412
Other assets	1,184	535		566
Total Non-Current Assets	1,616,538	955,637		928,237
Current Assets
Biological assets	94,117	156,718		136,888
Inventories	128,102	108,919		111,754
Trade and other receivables, net	158,686	150,107		157,528
Derivative financial instruments	6,286	4,483		3,398
Other assets	8	30		24
Cash and cash equivalents	273,635	269,195	[2]	158,568	[2]
Total Current Assets	660,834	689,452		568,160
TOTAL ASSETS	2,277,372	1,645,089		1,496,397
Capital and reserves attributable to equity holders of the parent
Share capital	183,573	183,573		183,573
Share premium	900,503	908,934		937,250
Cumulative translation adjustment	(666,037)	(552,604)		(533,120)
Equity-settled compensation	16,191	17,852		17,218
Cash flow hedge	(56,884)	(24,691)		(37,299)
Other reserves	32,380	0		0
Treasury shares	(8,741)	(6,967)		(1,859)
Revaluation surplus	383,889	0		0
Reserve from the sale of non-controlling interests in subsidiaries	41,574	41,574		41,574
Retained earnings	237,188	106,209		92,997
Equity attributable to equity holders of the parent	1,063,636	673,880		700,334
Non-controlling interest	44,509	9,139		11,970
TOTAL SHAREHOLDERS EQUITY	1,108,145	683,019	[3]	712,304	[4]
Non-Current Liabilities
Trade and other payables	211	827		1,427
Borrowings	718,484	663,060		430,304
Deferred income tax liabilities	168,171	10,457		14,689
Payroll and social liabilities	1,219	1,240		1,235
Derivatives financial instruments	0	0		662
Provisions for other liabilities	3,296	4,078		3,299
Total Non-Current Liabilities	891,381	679,662		451,616
Current Liabilities
Trade and other payables	106,226	98,423		92,158
Current income tax liabilities	1,398	503		1,387
Payroll and social liabilities	25,978	27,267		26,844
Borrowings	143,632	154,898		205,092
Derivative financial instruments	283	552		6,406
Provisions for other liabilities	329	765		590
Total Current Liabilities	277,846	282,408		332,477
TOTAL LIABILITIES	1,169,227	962,070		784,093
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES	$ 2,277,372	$ 1,645,089		$ 1,496,397
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[3]	2017 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[4]	2016 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands		Total		Subtotal		Share capital (Note 22)		Share premium (Note 22)		Cumulative translation adjustment		Equity-settled compensation		Cash flow hedge		Other reserves	Treasury shares		Revaluation surplus	Reserve from the sale of non-controlling interests in subsidiaries		Retained earnings		Non- controlling interest
Equity, beginning balance at Dec. 31, 2015		$ 564,150		$ 552,554		$ 183,573		$ 937,674		$ (568,316)		$ 16,631		$ (137,911)			$ (1,936)			$ 41,574		$ 81,265		$ 11,596
(Loss) / Profit for the year		14,276	[1],[2],[3]	11,568																		11,568		2,708
Exchange differences on translating foreign operations		32,859	[2]	35,196						35,196														(2,337)
Cash flow hedge, net of tax	[4]	100,615	[2]	100,612										100,612										3
Other comprehensive income / (loss) for the year		133,474	[2]	135,808						35,196				100,612										(2,334)
Total comprehensive income for the year		147,750	[2]	147,376						35,196				100,612								11,568		374
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)
Equity, ending balance at Dec. 31, 2016	[5]	712,304	[6]	700,334		183,573		937,250		(533,120)		17,218		(37,299)			(1,859)			41,574		92,997		11,970
(Loss) / Profit for the year		14,975	[1],[2],[3]	13,198																		13,198		1,777
Exchange differences on translating foreign operations		(21,233)	[2]	(19,484)						(19,484)														(1,749)
Cash flow hedge, net of tax	[7]	12,608	[2]	12,608										12,608
Other comprehensive income / (loss) for the year		(8,625)	[2]	(6,876)						(19,484)				12,608										(1,749)
Total comprehensive income for the year		6,350	[2]	6,322						(19,484)				12,608								13,198		28
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								4,149				(4,883)					734
Purchase of own shares (Note 22)		(38,367)		(38,367)				(32,515)									(5,852)
Dividends		(2,859)																						(2,859)
Equity, ending balance at Dec. 31, 2017		683,019	[6],[8]	673,880	[8]	183,573	[8]	908,934	[8]	(552,604)	[8]	17,852	[8]	(24,691)	[8]	$ 0	(6,967)	[8]	$ 0	41,574	[8]	106,209	[8]	9,139	[8]
Adjustment of opening net book amount for the application of IAS 29		208,178		187,941																		187,941		20,237
Total equity at the beginning of the financial year		891,197		861,821		183,573		908,934		(552,604)		17,852		(24,691)		0	(6,967)		0	41,574		294,150		29,376
(Loss) / Profit for the year		(23,233)		(24,622)																		(24,622)		1,389
Exchange differences on translating foreign operations		(121,296)		(113,433)						(113,433)														(7,863)
Cash flow hedge, net of tax	[9]	(32,195)		(32,193)										(32,193)										(2)
Revaluation surplus	[10]	405,906		383,889															383,889					22,017
Other comprehensive income / (loss) for the year		252,415		238,263						(113,433)				(32,193)					383,889					14,152
Total comprehensive income for the year		229,182		213,641						(113,433)				(32,193)					383,889			(24,622)		15,541
Reserves for the benefit of government grants (1)																32,380						(32,380)
Employee share options, forfeited												(40)										40
Value of employee services		3,899		3,899								3,899
Restricted shares, vested		0						4,775				(5,520)					745
Purchase of own shares (Note 22)		(15,725)		(15,725)				(13,206)									(2,519)
Dividends		(408)																						(408)
Equity, ending balance at Dec. 31, 2018		$ 1,108,145		$ 1,063,636		$ 183,573		$ 900,503		$ (666,037)		$ 16,191		$ (56,884)		$ 32,380	$ (8,741)		$ 383,889	$ 41,574		$ 237,188		$ 44,509
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[3]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[4]	Net of 49,106 of income tax.
[5]	2016 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[6]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.
[7]	Net of (52,282) of income tax.
[8]	2017 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[9]	Net of 11,322 of Income tax.
[10]	Net of 139,223 of Income tax.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of changes in equity [abstract]
Income tax relating to cash flow hedges of other comprehensive income	$ 11,322	$ 52,282	$ 49,106
Income tax relating to changes in revaluation surplus of other comprehensive income	$ (139,223)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Cash flows from operating activities:
(Loss) / Profit for the year		$ (23,233)		$ 14,975	[1],[2],[3]	$ 14,276	[1],[2],[3]
Adjustments for:
Income tax (benefit) / expense		(1,024)		(4,992)	[3]	12,899	[3]
Depreciation		153,034		150,071	[3]	126,799	[3]
Amortization		1,220		936	[3]	701	[3]
Loss from the disposal of other property items		95		986	[3]	1,255	[3]
Gain from the sale of farmland and other assets		(36,227)		0	[3]	0	[3]
Net gain from the Fair value adjustment of Investment properties		(13,409)		(4,302)	[3]	(14,049)	[3]
Equity settled share-based compensation granted		4,728		5,552	[3]	4,796	[3]
(Gain) / Loss from derivative financial instruments and forwards		(51,504)		(38,679)	[3]	21,745	[3]
Interest and other financial expense, net		44,347		53,446	[3]	44,734	[3]
Initial recognition and changes in fair value of non harvested biological assets (unrealized)		30,299		(14,645)	[3]	(9,811)	[3]
Changes in net realizable value of agricultural produce after harvest (unrealized)		647		(2,371)	[3]	90	[3]
Provision and allowances		2,126		825	[3]	341	[3]
Net gain of inflation effects on the monetary items		(81,928)		0	[1],[3]	0	[1],[3]
Foreign exchange losses, net		183,195		38,708	[3]	19,062	[3]
Cash flow hedge – transfer from equity		26,693		20,758	[3]	85,214	[3]
Subtotal		239,059		221,268	[3]	308,052	[3]
Changes in operating assets and liabilities:
(Increase) in trade and other receivables		(65,942)		(9,476)	[3]	(30,996)	[3]
(Increase) in inventories		(41,531)		(4,089)	[3]	(22,301)	[3]
Decrease / (Increase) in biological assets		2,958		(18,013)	[3]	(23,677)	[3]
(Increase) / Decrease in other assets		(777)		2	[3]	83	[3]
Decrease / (Increase) in derivative financial instruments		50,021		40,910	[3]	(17,892)	[3]
Increase in trade and other payables		31,148		6,555	[3]	39,054	[3]
Increase in payroll and social security liabilities		5,876		1,953	[3]	3,052	[3]
(Decrease) / Increase in provisions for other liabilities		(430)		855	[3]	1,175	[3]
Net cash generated from operating activities before taxes paid		220,382		239,965	[3]	256,550	[3]
Income tax paid		(1,869)		(2,860)	[3]	(1,149)	[3]
Net cash generated from operating activities		218,513		237,105	[3],[4]	255,401	[3],[4]
Cash flows from investing activities:
Purchases of property, plant and equipment		(207,069)		(198,550)	[3]	(132,392)	[3]
Purchase of cattle and non current biological assets		(5,706)		(1,694)	[3]	(1,713)	[3]
Purchases of intangible assets		(3,321)		(2,141)	[3]	(1,218)	[3]
Interest received		7,915		11,230	[3]	7,671	[3]
Proceeds from disposal of other property items		1,748		2,820	[3]	2,215	[3]
Proceeds from sale of farmland and other assets		31,511		0	[3]	3,423	[3]
Net cash used in investing activities		(174,922)		(188,335)	[3],[5]	(122,014)	[3],[5]
Cash flows from financing activities:
Issuance of senior notes		0		495,678	[3]	0	[3]
Proceeds from long-term borrowings		45,536		232,433	[3]	167,385	[3]
Payments of long-term borrowings		(124,349)		(602,700)	[3]	(277,913)	[3]
Proceeds from short-term borrowings		318,108		106,730	[3]	257,395	[3]
Payments of short-term borrowings		(190,630)		(64,787)	[3]	(272,033)	[3]
Interest paid		(50,021)		(41,612)	[3]	(48,400)	[3]
Prepayment related expenses		0		(6,080)	[3]	0	[3]
Proceeds from equity settled shared-based compensation exercised		0		39	[3]	380	[3]
Payment of derivatives financial instruments		(2,578)		(9,476)	[3]	(3,724)	[3]
Purchase of own shares		(15,725)		(38,367)	[3]	(4,772)	[3]
Dividends paid to non-controlling interest		(1,195)		(1,664)	[3]	0	[3]
Net cash (used) / generated from financing activities		(20,854)		70,194	[3],[6]	(181,682)	[3],[6]
Net increase / (decrease) in cash and cash equivalents		22,737		118,964	[3]	(48,295)	[3]
Cash and cash equivalents at beginning of year	[3]	269,195	[7]	158,568	[7]	198,894
Effect of exchange rate changes and inflation on cash and cash equivalents		(18,297)		(8,337)	[3],[8]	7,969	[3],[8]
Cash and cash equivalents at end of year		273,635		269,195	[3],[7]	158,568	[3],[7]
Entity Information [Line Items]
Net cash generated from operating activities		218,513		237,105	[3],[4]	255,401	[3],[4]
Net cash used in investing activities		(174,922)		(188,335)	[3],[5]	(122,014)	[3],[5]
Net cash (used) / generated from financing activities		(20,854)		70,194	[3],[6]	(181,682)	[3],[6]
Effect of exchange rate changes and inflation on cash and cash equivalents		(18,297)		$ (8,337)	[3],[8]	$ 7,969	[3],[8]
Argentine subsidiaries
Changes in operating assets and liabilities:
Net cash generated from operating activities	[4]	7,598
Cash flows from investing activities:
Net cash used in investing activities	[5]	4,122
Cash flows from financing activities:
Net cash (used) / generated from financing activities	[6]	(8,231)
Effect of exchange rate changes and inflation on cash and cash equivalents	[8]	(3,489)
Entity Information [Line Items]
Net cash generated from operating activities	[4]	7,598
Net cash used in investing activities	[5]	4,122
Net cash (used) / generated from financing activities	[6]	(8,231)
Effect of exchange rate changes and inflation on cash and cash equivalents	[8]	$ (3,489)
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[3]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[4]	Includes 7,598 of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries.
[5]	Includes 4,122 of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries.
[6]	Includes (8,231) of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries.
[7]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.
[8]	Includes (3,489) of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries.

General information

General information	12 Months Ended
	Dec. 31, 2018
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 12, 2019.

Financial risk management

Financial risk management	12 Months Ended
	Dec. 31, 2018
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 U.S. Dollars and may be affected by fluctuations in exchange rates. Currency risks as defined by IFRS 7 arise on account of monetary assets and liabilities being denominated in a currency that is not the functional currency. A significant majority of the Group’s business activities is conducted in the 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 U.S. Dollars. As such, these subsidiaries may hold U.S. Dollar denominated monetary balances at each year-end as indicated in the tables below. The Group’s net financial position exposure to the U.S. Dollar is managed on a case-by-case basis, partly by hedging certain expected cash flows with foreign exchange derivative contracts. The following tables show the net monetary position of the respective subsidiaries within the Group categorized by functional currency. Non-U.S. Dollar amounts are presented in U.S. Dollars for purpose of these tables. 2018 Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Argentine Peso (21,757 ) — — — (21,757 ) Brazilian Reais — 35,884 — — 35,884 U.S. Dollar (260,372 ) (480,501 ) 24,512 115,681 (600,680 ) Uruguayan Peso — — (909 ) — (909 ) Total (282,129 ) (444,617 ) 23,603 115,681 (587,462 ) 2017 Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Argentine Peso (21,958 ) — — — (21,958 ) Brazilian Reais — (17,134 ) — — (17,134 ) U.S. 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 ) The Group’s analysis shown on the tables below is carried out based on the exposure of each functional currency subsidiary against the U.S. Dollar. The Group estimated that, other factors being constant, a hypothetical 10% appreciation/depreciation of the U.S. Dollar against the respective functional currencies for the years ended December 31, 2018 and 2017 would have decreased/increased the Group’s Profit before income tax for the year. A 10% depreciation of the U.S. 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 U.S. Dollars (see Hedge Accounting - Cash Flow Hedge below for details). Functional currency Net monetary position Argentine Peso Brazilian Reais Uruguayan Peso Total 2018 U.S. Dollar (26,037 ) (48,050 ) 2,451 (71,636 ) 2017 U.S. Dollar (20,445 ) (46,197 ) 2,045 (64,597 ) The tables above only consider the effect of a hypothetical appreciation / depreciation of the U.S. Dollars on the Group’s net financial position. A hypothetical appreciation / depreciation of the U.S. Dollar against the functional currencies of the Group’s subsidiaries has historically had a positive / negative effect, respectively, on the fair value of the Group’s biological assets and the end prices of the Group’s agriculture produce, both of which are generally linked to the U.S. Dollar. Hedge Accounting Cash Flow Hedge 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 U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps. 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/ U.S. Dollar foreign currency risks related to operations in Brazil and Argentine Peso/U.S. Dollar in Argentina, respectively. As of December 31, 2018 and 2017 , approximately 19.5% and 24.6% , 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 2019 and 2023 . For the year ended December 31, 2018 , a total amount before income tax of US$ 75,822 gain (US$ 530 gain in 2017 ) was recognized in other comprehensive income and an amount of US$ 26,693 loss (US$ 20,758 loss in 2017 ) 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, 2018 , cash and cash equivalents of the Group totaled U$S 273.6 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, 2018 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 95,956 6 18 187 96,167 Borrowings 190,671 74,478 286,557 636,836 1,188,542 Derivative financial instruments 258 25 — — 283 Total 286,885 74,509 286,575 637,023 1,284,992 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 • 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, 2018 and 2017 is as follows: 2018 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Fixed rate: Argentine Peso 2,320 — — — 2,320 Brazilian Reais — 62,939 — — 62,939 U.S. Dollar 49,218 87,722 16,510 504,368 657,818 Subtotal fixed-rate borrowings 51,538 150,661 16,510 504,368 723,077 Variable rate: Brazilian Reais — 19,329 — — 19,329 U.S. Dollar 111,453 7,662 — — 119,115 Subtotal variable-rate borrowings 111,453 26,991 — — 138,444 Total borrowings as per analysis 162,991 177,652 16,510 504,368 861,521 Finance leases 595 — — — 595 Total borrowings as per statement of financial position 163,586 177,652 16,510 504,368 862,116 2017 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Fixed rate: Argentine Peso 6,448 — — — 6,448 Brazilian Reais — 96,951 — — 96,951 U.S. 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 U.S. 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 For the years ended December 31, 2018 and 2017 , 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. 2018 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Variable rate: Brazilian Reais — (193 ) — — (193 ) U.S. Dollar (1,115 ) (77 ) — — (1,192 ) Total effects on profit before income tax (1,115 ) (270 ) — — (1,385 ) 2017 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reias Uruguayan Peso U.S. Dollar Total Variable rate: Brazilian Reais — (277 ) — — (277 ) U.S. Dollar (496 ) (195 ) — — (691 ) Total effects on profit before income tax (496 ) (472 ) — — (968 ) 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, 2018 and 2017 , more than 87% and 97% , respectively, of the Group’s sales of crops were sold to 49 and 111 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 54 and 7 customers, which represented 100% and 100% of total sales of ethanol for the years ended December 31, 2018 and 2017 , respectively. Approximately 99% and 87% of the Group’s sales of sugar were concentrated in 19 and 24 well-known traders for the years ended December 31, 2018 and 2017 , respectively. The remaining 1% and 13% , which mainly relates to “crystal sugar”, were dispersed among several customers. In 2018 and 2017 , energy sales are 97% and 99% concentrated in 29 major customers. In the dairy segment, 92% and 100% of the sales were concentrated in 21 and 29 well-known customers in 2018 and 2017 , 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, 2018 and 2017 , 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, 2018 and 2017 , 5 and 4 banks (primarily JP Morgan, HSBC, Banco Safra, Banco do Brasil and Banco Bradesco) accounted for more than 78% and 78% , 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, 2018 , the Group invested in fixed-term bank deposits with mainly one bank (HSBC) and also entered into derivative contracts (currency forward). The Group’s exposure of credit risk arising from cash and cash equivalents is set out in Note 20. The Group’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk, interest rate risk and commodity price risk. The Group generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits the amount of credit exposure to any one counterparty based on an analysis of that counterparty's relative credit standing. The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty's obligations exceed the obligations with that counterparty. The Group also entered into crop commodity futures traded in the established trading markets of Argentina and Brazil through well-rated brokers. Management does not expect any counterparty to fail to meet its obligations. • Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, it may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or 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, 2018 , the strategy was to maintain the gearing ratio within 0.40 to 0.60 , as follows: 2018 2017 (*) Total debt 862,116 817,958 Total equity 1,108,145 683,019 Total capital 1,970,261 1,500,977 Gearing ratio 0.44 0.54 (*) Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33. • 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, 2018 : 2018 Type of derivative contract Quantities (thousands) (**) Notional amount Fair Value Asset/ (Liability) (Loss)/Gain (*) Futures: Sale Corn (97 ) (14,791 ) (209 ) (209 ) Soybean 25 8,089 527 177 Wheat (14 ) (2,483 ) (11 ) (85 ) Sugar 208,837 64,753 5,483 12,765 Options: Buy put Sugar 6,326 128 267 393 Sell call Sugar 1,118 132 (25 ) (156 ) Total 216,195 55,828 6,032 12,885 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 (*) 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 US$) plus 2.1% per year. At same moment and with same bank, the Company entered into a swap operation, which intention was 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 the year ended on December 31, 2018 , the Group entered into several currency forward contracts in order to hedge the fluctuation of the U.S. Dollar against Euro for a total notional amount of US$ 4.9 million . The currency forward contracts maturity date is January 2019. The outstanding contracts resulted in the recognition of a gain amounting to US$ 0.1 million in 2018 . 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 U.S. 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 2018 and 2017 , 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 U.S. 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 . Gains and losses on currency forward contracts are included within “Financial results, net” in the statement of income. ▪ Euro-bob price swap As Petrobras (the Brazilian oil state company) started to track the movements of the international gasoline to set its domestic prices in 2017, the Group's subsidiary in Brazil, Adecoagro Vale do Ivinhema entered into a swap operation in March 2018, which intention was to mitigate the effects of the gasoline volatility in the ethanol prices sold by the company. The swaps expired according to the due dates and as of December 31, 2018 all the swaps positions were already liquidated. The Group recorded a loss of US$ 1.6 million .

Segment information

Segment information	12 Months Ended
	Dec. 31, 2018
Operating Segments [Abstract]
Segment information	Segment information According to IFRS 8, operating segments are identified based on the ‘management approach’. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Management Committee. IFRS 8 stipulates external segment reporting based on the Group’s internal organizational and management structure and on internal financial reporting to the chief operating decision maker. The Group operates in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation. • The Company’s ‘Farming’ is further comprised of five reportable segments: • The Company’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 Company’s ‘Rice’ Segment consists of planting, harvesting, processing and marketing of rice. • The Company’s ‘Dairy’ Segment consists of the production and sale of raw milk and other dairy products. • The Company’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 Company’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 Company’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). Total segment assets and liabilities are measured in a manner consistent with that of the consolidated financial statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset. Effective July 1, 2018, the Group applied IAS 29 “Financial Reporting in Hyperinflationary Economies” (“IAS 29”) to its operations in Argentina. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy be adjusted for the effects of changes in the general price index and be expressed in terms of the current unit of measurement at the closing date of the reporting period (“inflation accounting”). In order to determine whether an economy is classified as hyperinflationary, IAS 29 sets forth a series of factors to be considered, including whether the amount of cumulative inflation nears or exceeds a threshold of 100 %. Accordingly, Argentina has been classified as a hyperinflationary economy under the terms of IAS 29 from July 1, 2018. (Please see Note 33 - Basis of preparation and presentations). According to IAS 29, all Argentine Peso-denominated non-monetary items in the statement of financial position are adjusted by applying a general price index from the date they were initially recognized to the end of the reporting period. Likewise, all Argentine Peso-denominated items in the statement of income should be expressed in terms of the measuring unit current at the end of the reporting period, consequently, income statement items are adjusted by applying a general price index on a monthly basis from the dates they were initially recognized in the financial statements to the end of the reporting period. This process is called “re-measurement”. Once the re-measurement process is completed, all Argentine Peso denominated accounts are translated into U.S. Dollars, the Group’s reporting currency, applying the guidelines in IAS 21 “The Effects of Changes in Foreign Exchange Rates”(“IAS 21”). IAS 21 requires that amounts be translated at the closing rate at the date of the most recent statement of financial position. This process is called “translation”. The re-measurement and translation processes are applied on a monthly basis until year-end. Due to this process, the re-measured and translated results of operations for a given month are subject to change until year-end, affecting comparison and analysis. Following the adoption of IAS 29 to the Argentine operations of the Group, management revised the information reviewed by the CODM. Accordingly, as from July 1, 2018, (commencement of hyper-inflation accounting in Argentina), the information provided to the CODM departs from the application of IAS 29 and IAS 21 re-measurement and translation processes as follows. The segment results of the Argentinean operations for each reporting period were adjusted for inflation and translated into the Group’s reporting currency using the reporting period average exchange rate. The translated amounts were not subsequently re-measured and translated in accordance with the IAS 29 and IAS 21 procedures outlined above. From January 1, 2018 through June 30, 2018, the Group’s segment results were still based on the IFRS measurement principles adopted until June 30, 2018. In order to evaluate the economic performance of businesses on a monthly basis, results of operations in Argentina are based on monthly data that have been adjusted for inflation and converted into the average exchange rate of the U.S. Dollar each month. These already converted figures are subsequently not readjusted and reconverted as described above under IAS 29 and IAS 21. It should be noted that this translation methodology for evaluating segment information is the same that the company uses to translate results of operation from its other subsidiaries from other countries that have not been designated hyperinflationary economies because it allows for a more accurate analysis of the economic performance of its business as a whole. The Group’s CODM believes that the exclusion of the re-measurement and translation processes from the segment reporting structure allows for a more useful presentation and facilitates period-to-period comparison and performance analysis. The following tables show a reconciliation of each reportable segment as per the information reviewed by the CODM and the reportable segment measured in accordance with IAS 29 and IAS 21 as per the consolidated financial statements. Crops Rice Dairy Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 164,538 (9,120 ) 155,418 100,013 (4,610 ) 95,403 33,201 (3,491 ) 29,710 Cost of goods and services rendered (165,988 ) 9,052 (156,936 ) (75,739 ) 766 (74,973 ) (31,488 ) 3,361 (28,127 ) Initial recognition and changes in fair value of biological assets and agricultural produce 36,422 (7,755 ) 28,667 8,967 (4,842 ) 4,125 7,295 (1,840 ) 5,455 Gain from changes in net realizable value of agricultural produce after harvest 2,704 (3,613 ) (909 ) — — — — — — Margin on Manufacturing and Agricultural Activities Before Operating Expenses 37,676 (11,436 ) 26,240 33,241 (8,686 ) 24,555 9,008 (1,970 ) 7,038 General and administrative expenses (4,239 ) 37 (4,202 ) (5,070 ) (869 ) (5,939 ) (2,034 ) (246 ) (2,280 ) Selling expenses (5,921 ) 474 (5,447 ) (15,465 ) 1,375 (14,090 ) (983 ) 41 (942 ) Other operating income, net 5,422 1,741 7,163 275 (58 ) 217 (1,055 ) 58 (997 ) Profit from Operations Before Financing and Taxation 32,938 (9,184 ) 23,754 12,981 (8,238 ) 4,743 4,936 (2,117 ) 2,819 Depreciation and amortization (1,697 ) (329 ) (2,026 ) (5,846 ) 5,840 (6 ) (2,253 ) (280 ) (2,533 ) Net gain from Fair value adjustment of investment property — — — — — — — — — All other segments Corporate Total Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Total segment reporting Adjustment Total as per statement of income Sales of goods sold and services rendered 1,919 (149 ) 1,770 — — — 810,609 (17,370 ) 793,239 Cost of goods and services rendered (1,412 ) 99 (1,313 ) — — — (623,243 ) 13,278 (609,965 ) Initial recognition and changes in fair value of biological assets and agricultural produce (806 ) (393 ) (1,199 ) — — — 31,025 (14,830 ) 16,195 Gain from changes in net realizable value of agricultural produce after harvest — — — — — — 2,704 (3,613 ) (909 ) Margin on Manufacturing and Agricultural Activities Before Operating Expenses (299 ) (443 ) (742 ) — — — 221,095 (22,535 ) 198,560 General and administrative expenses (155 ) (9 ) (164 ) (19,626 ) 1,433 (18,193 ) (56,426 ) 346 (56,080 ) Selling expenses (165 ) 16 (149 ) (178 ) 33 (145 ) (92,154 ) 1,939 (90,215 ) Other operating income, net 10,668 2,728 13,396 (167 ) 36 (131 ) 99,727 4,505 104,232 Profit from Operations Before Financing and Taxation 10,049 2,292 12,341 (19,971 ) 1,502 (18,469 ) 172,242 (15,745 ) 156,497 Depreciation and amortization (171 ) (6 ) (177 ) — — — (153,169 ) (1,085 ) (154,254 ) Net gain from Fair value adjustment of investment property 10,680 2,729 13,409 — — — 10,680 2,729 13,409 Sugar, Ethanol and Energy, and Land Transformation segments have not been reconciliated due to the lack of differences. 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, 2018 Farming Sugar, Ethanol and Energy Land Transformation Corporate Total Crops Rice Dairy All other segments Farming subtotal Sales of goods and services rendered 164,538 100,013 33,201 1,919 299,671 510,938 — — 810,609 Cost of goods sold and services rendered (165,988 ) (75,739 ) (31,488 ) (1,412 ) (274,627 ) (348,616 ) — — (623,243 ) Initial recognition and changes in fair value of biological assets and agricultural produce 36,422 8,967 7,295 (806 ) 51,878 (20,853 ) — — 31,025 Changes in net realizable value of agricultural produce after harvest 2,704 — — — 2,704 — — — 2,704 Margin on manufacturing and agricultural activities before operating expenses 37,676 33,241 9,008 (299 ) 79,626 141,469 — — 221,095 General and administrative expenses (4,239 ) (5,070 ) (2,034 ) (155 ) (11,498 ) (25,302 ) — (19,626 ) (56,426 ) Selling expenses (5,921 ) (15,465 ) (983 ) (165 ) (22,534 ) (69,442 ) — (178 ) (92,154 ) Other operating income, net 5,422 275 (1,055 ) 10,668 15,310 48,357 36,227 (167 ) 99,727 Profit / (loss) from operations before financing and taxation 32,938 12,981 4,936 10,049 60,904 95,082 36,227 (19,971 ) 172,242 Depreciation and amortization (1,697 ) (5,846 ) (2,253 ) (171 ) (9,967 ) (143,202 ) — — (153,169 ) Net gain from Fair value adjustment of investment property — — — 10,680 10,680 — — — 10,680 Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 8,205 (181 ) (599 ) 102 7,527 (37,808 ) — — (30,281 ) Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 28,217 9,148 7,894 (908 ) 44,351 16,955 — — 61,306 Changes in net realizable value of agricultural produce after harvest (unrealized) (647 ) — — — (647 ) — — — (647 ) Changes in net realizable value of agricultural produce after harvest (realized) 3,351 — — — 3,351 — — — 3,351 Farmlands and farmland improvements, net 547,842 173,481 727 22,891 744,941 51,567 — — 796,508 Machinery, equipment and other fixed assets, net 5,049 23,135 32,821 459 61,464 338,607 — — 400,071 Bearer plants, net 427 — — — 427 232,529 — — 232,956 Work in progress 8,690 5,214 14,317 18 28,239 22,665 — — 50,904 Investment property — — — 40,725 40,725 — — — 40,725 Goodwill 9,463 4,142 — 2,110 15,715 5,635 — — 21,350 Biological assets 27,347 17,173 10,298 3,094 57,912 47,475 — — 105,387 Finished goods 29,144 9,507 1,170 — 39,821 39,937 — — 79,758 Raw materials, stocks held by third parties and others 15,834 7,394 2,217 121 25,566 22,778 — — 48,344 Total segment assets 643,796 240,046 61,550 69,418 1,014,810 761,193 — — 1,776,003 Borrowings 111,692 58,999 543 4,860 176,094 600,810 — 85,212 862,116 Total segment liabilities 111,692 58,999 543 4,860 176,094 600,810 — 85,212 862,116 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 4,279 13,384 30,419 — (40 ) 43,763 Profit / (loss) from operations before financing and taxation 24,167 8,328 11,206 4,699 48,400 102,852 — (21,664 ) 129,588 Depreciation and amortization (1,511 ) (3,851 ) (1,037 ) (159 ) (6,558 ) (144,449 ) — — (151,007 ) Net gain from Fair value adjustment of investment property — — — 4,302 4,302 — — — 4,302 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 70,126 13,688 248 9,346 93,408 26,342 — — 119,750 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 — — — 42,342 42,342 — — — 42,342 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 166,527 84,079 29,146 59,351 339,103 823,941 — — 1,163,044 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 22,546 14,847 (8,903 ) — (192 ) 5,752 Profit / (loss) from operations before financing and taxation 26,093 8,932 4,753 22,942 62,720 142,835 — (20,957 ) 184,598 Depreciation and amortization (1,369 ) (2,766 ) (964 ) (192 ) (5,291 ) (122,209 ) — — (127,500 ) Net gain from Fair value adjustment of investment property — — — 14,049 14,049 — — — 14,049 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 ) Total segment assets and liabilities are measured in a manner consistent with that of the consolidated financial statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset. Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows: 2018 2017 Total reportable assets as per segment information 1,776,003 1,163,044 Intangible assets (excluding goodwill) 6,559 4,780 Deferred income tax assets 16,191 30,808 Trade and other receivables 197,506 172,214 Other assets 1,192 565 Derivative financial instruments 6,286 4,483 Cash and cash equivalents 273,635 269,195 Total assets as per the statement of financial position 2,277,372 1,645,089 2018 2017 Total reportable liabilities as per segment information 862,116 817,958 Trade and other payables 106,437 99,250 Deferred income tax liabilities 168,171 10,457 Payroll and social liabilities 27,197 28,507 Provisions for other liabilities 3,625 4,843 Current income tax liabilities 1,398 503 Derivative financial instruments 283 552 Total liabilities as per the statement of financial position 1,169,227 962,070 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, 2018 : Argentina Brazil Uruguay Total Property, plant and equipment 811,890 656,586 11,963 1,480,439 Investment property 40,725 — — 40,725 Goodwill 15,081 6,269 — 21,350 Non-current portion of biological assets 11,270 — — 11,270 Sales of goods and services rendered 207,480 496,966 106,163 810,609 Initial recognition and changes in fair value of biological assets and agricultural produce 45,985 (13,541 ) (1,419 ) 31,025 Changes in net realizable value of agricultural produce after harvest 1,148 1,436 120 2,704 As of and for the year ended December 31, 2017 : Argentina Brazil Uruguay Total Property, plant and equipment 113,758 710,523 7,096 831,377 Investment property 42,342 — — 42,342 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 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 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 )

Sales

Sales	12 Months Ended
	Dec. 31, 2018
Disclosure Of Revenue [Abstract]
Sales	Sales 2018 2017 2016 Manufactured products and services rendered: Rice 92,560 83,849 94,331 Ethanol 324,661 241,650 211,451 Sugar 128,377 305,688 330,895 Soybean oil and meal 14,059 6,119 — Energy 57,797 62,218 53,995 Powder milk 8,646 2,713 4,816 Services 487 1,144 1,160 Operating Leases 643 771 984 Others 7,826 5,273 1,423 635,056 709,425 699,055 Agricultural produce and biological assets: Soybean 66,471 79,408 63,797 Cattle for dairy 2,891 3,380 3,059 Corn 33,106 82,482 48,502 Cotton — 420 1,434 Milk 19,267 31,656 24,561 Wheat 30,091 14,835 16,951 Peanut 1,752 3,648 1,703 Sunflower 1,314 3,163 7,275 Rice 216 — 950 Barley 1,203 1,888 1,240 Seeds 461 727 625 Others 1,411 2,146 83 158,183 223,753 170,180 Total sales 793,239 933,178 869,235 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$ 68.1 million as of December 31, 2018 ( 2017 : US$ 63.3 million ; 2016 : US$ 111.8 million ) comprised primarily of 11,498 thousand tons of sugar (US$ 2.7 million ), 12,822 thousand m3 of ethanol (US$ 6.7 million ), 636,647 thousand mwh of energy (US$ 40.3 million ), 14,279 thousand tons of soybean (U$S 3.6 million ), 26,273 thousand tons of wheat (US$ 5.3 million ), and 53,927 thousand tons of corn (US$ 8.5 million ) which expire between February 2019 and December 2019.

Cost of goods sold and services

Cost of goods sold and services rendered	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Cost of goods sold and services rendered	Cost of goods sold and services rendered As of December 31, 2018 : 2018 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2018 (Note 19) 21,146 8,476 — — 32,266 61,888 Adjustment of opening net book amount for the application of IAS 29 42 1,354 — — — 1,396 Cost of production of manufactured products (Note 6) 17,930 61,600 7,546 36 349,495 436,607 Purchases 63,533 15,540 872 — 43,531 123,476 Agricultural produce 104,941 — 20,879 1,277 — 127,097 Transfer to raw material (24,375 ) — — — — (24,375 ) Direct agricultural selling expenses 12,629 — — — — 12,629 Tax recoveries (i) — — — — (32,380 ) (32,380 ) Changes in net realizable value of agricultural produce after harvest (909 ) — — — — (909 ) Finished goods at the end of December 31, 2018 (Note 19) (29,144 ) (9,507 ) (1,170 ) — (39,937 ) (79,758 ) Exchange differences (8,857 ) (2,490 ) — — (4,359 ) (15,706 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 156,936 74,973 28,127 1,313 348,616 609,965 (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, 2017 : 2017 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2017 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 — — — — (24,156 ) (24,156 ) Tax recoveries (i) 19,077 — — — — 19,077 Changes in net realizable value of agricultural produce after harvest (5,841 ) — — — — (5,841 ) Finished goods at the end of December 31, 2016 (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.

Expenses by nature

Expenses by nature	12 Months Ended
	Dec. 31, 2018
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, 2018 : 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 — 5,055 115 36 46,106 51,312 29,245 5,908 86,465 Raw materials and consumables 733 4,391 282 — 10,122 15,528 — — 15,528 Depreciation and amortization — 1,764 118 — 115,253 117,135 9,667 767 127,569 Fuel, lubricants and others — 117 — — 26,267 26,384 614 192 27,190 Maintenance and repairs — 1,452 30 — 19,715 21,197 1,573 365 23,135 Freights 47 2,519 436 — 685 3,687 — 24,700 28,387 Export taxes / selling taxes — — — — — — — 42,074 42,074 Export expenses — — — — — — — 2,774 2,774 Contractors and services 2,885 254 1,279 — 7,901 12,319 — — 12,319 Energy transmission — — — — — — — 2,689 2,689 Energy power — 1,239 138 — 1,340 2,717 145 57 2,919 Professional fees — 52 — — 484 536 7,781 556 8,873 Other taxes — 71 — — 1,841 1,912 1,309 10 3,231 Contingencies — — — — — — 1,345 — 1,345 Lease expense and similar arrangements — 276 3 — — 279 1,077 53 1,409 Third parties raw materials — 2,913 — — 13,154 16,067 — — 16,067 Others 3 1,697 223 — 5,067 6,990 3,324 10,070 20,384 Subtotal 3,668 21,800 2,624 36 247,935 276,063 56,080 90,215 422,358 Own agricultural produce consumed 14,262 39,800 4,922 — 101,560 160,544 — — 160,544 Total 17,930 61,600 7,546 36 349,495 436,607 56,080 90,215 582,902 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) 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 — 5,590 — 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

Salaries and social security ex

Salaries and social security expenses	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Salaries and social security expenses	Salaries and social security expenses 2018 2017 2016 Wages and salaries (i) 105,931 132,025 117,423 Social security costs 29,865 30,558 28,849 Equity-settled share-based compensation 4,728 5,552 4,796 140,524 168,135 151,068 (i) Includes US$ 32,636 , US$ 41,172 and US$ 28,475 , capitalized in Property, Plant and Equipment for the years 2018 , 2017 and 2016 , respectively.

Other operating income, net

Other operating income, net	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Other operating income, net	Other operating income, net 2018 2017 (*) 2016 (*) Gain from disposal of farmland and other assets (Note 21) 36,227 — — Gain / (Loss) from commodity derivative financial instrument 54,694 40,842 (16,007 ) Loss from disposal of other property items (95 ) (986 ) (1,255 ) Settlement agreement (Note 29) — — 8,489 Net gain from fair value adjustment of investment property 13,409 4,302 14,049 Losses related to energy business — (3,247 ) — Others (3 ) 2,852 476 104,232 43,763 5,752 (*) Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Financial results, net

Financial results, net	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Financial results, net	Financial results, net 2018 2017 2016 Finance income: - Interest income 7,915 11,230 7,671 - Other income 666 514 286 Finance income 8,581 11,744 7,957 Finance costs: - Interest expense (51,577 ) (52,308 ) (48,198 ) - Cash flow hedge – transfer from equity (Note 2) (26,693 ) (20,758 ) (85,214 ) - Foreign exchange losses, net (183,195 ) (38,708 ) (19,062 ) - Taxes (3,136 ) (3,705 ) (2,719 ) - Loss from interest rate/foreign exchange rate derivative financial instruments (3,024 ) (2,163 ) (5,694 ) - Prepayment related expenses (Note 26 - Brazilian subsidiaries) — (10,847 ) — - Other expenses (3,638 ) (2,860 ) (4,493 ) Finance costs (271,263 ) (131,349 ) (165,380 ) Other financial results - Net gain of inflation effects on the monetary items 81,928 — — Total financial results, net (180,754 ) (119,605 ) (157,423 )

Taxation

Taxation	12 Months Ended
	Dec. 31, 2018
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: 2018 2017 (*) 2016 (*) Current income tax (2,846 ) (13,425 ) (21,505 ) Deferred income tax 3,870 18,417 8,606 Income tax benefit / (expense) 1,024 4,992 (12,899 ) (*) Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33. 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) 30 % 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. Considering 2018 resulted in losses for Argentine subsidiaries, no deferred income tax liability was recognized for future tax dividends. Deferred tax assets and liabilities of the Group as of December 31, 2018 and 2017 , without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2018 2017 Deferred income tax asset to be recovered after more than 12 months 76,225 97,992 Deferred income tax asset to be recovered within 12 months 62,626 20,191 Deferred income tax assets 138,851 118,183 Deferred income tax liability to be settled after more than 12 months (289,158 ) (91,742 ) Deferred income tax liability to be settled within 12 months (1,673 ) (6,090 ) Deferred income tax liability (290,831 ) (97,832 ) Deferred income tax (liability) / assets, net (151,980 ) 20,351 The gross movement on the deferred income tax account is as follows: 2018 2017 Beginning of year 20,351 10,354 Tax effect on the opening net book amount for the application of IAS 29 (64,208 ) — Exchange differences 16,878 295 Effect of adoption of fair value valuation for farmlands (139,223 ) — Others (970 ) — Tax (charge) relating to cash flow hedge (i) 11,322 (8,715 ) Income tax benefit 3,870 18,417 End of year (151,980 ) 20,351 (i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$ 75,822 for the year ended December 31, 2018 ( 2017 : US$ (565) ); net of the reclassification from Equity to Income Statements of US$ (32,305) for the year ended December 31, 2018 ( 2017 : US$ (20,758) ) 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 Investment property Biological assets Others Total At January 1, 2017 58,832 13,543 14,122 17,475 103,972 Charged / (credited) to the statement of income 11,411 1,076 3,707 (15,583 ) 611 Exchange differences (4,437 ) (1,990 ) (1,057 ) 733 (6,751 ) At December 31, 2017 65,806 12,629 16,772 2,625 97,832 Charged / (credited) to the statement of income 31,237 2,730 (10,438 ) 1,570 25,099 Tax effect on the opening net book amount for the application of IAS 29 63,357 — 164 687 64,208 Effect of adoption of fair value valuation for farmlands 139,223 — — — 139,223 Exchange differences (29,040 ) (3,405 ) (3,032 ) (54 ) (35,531 ) At December 31, 2018 270,583 11,954 3,466 4,828 290,831 Deferred income tax assets Provisions Tax loss carry forwards Equity-settled share-based compensation Biological assets Others Total At January 1, 2017 2,431 97,118 5,640 — 9,137 114,326 Charged / (credited) to the statement of income (705 ) 11,907 41 — 7,785 19,028 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 — 13,902 118,183 (Credited) / charged to the statement of income 2,003 (10,798 ) (379 ) 4,572 33,571 28,969 Others — — — — (970 ) (970 ) Tax charge relating to cash flow hedge — 11,322 — — — 11,322 Exchange differences (526 ) (16,421 ) — 22 (1,728 ) (18,653 ) At December 31, 2018 3,960 80,220 5,302 4,594 44,775 138,851 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, 2018 , it is probable that the Group will realize some portion of the deferred tax assets in Brazil and Argentina. As of December 31, 2018 , the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina (1) 83,872 5 years Brazil 155,124 No expiration date. Uruguay 4,986 5 years Luxembourg 28,231 No expiration date. (1) As of December 31, 2018, the ageing of the determination tax loss carry forward in Argentina is as follows: Year of generation Amount 2015 17,536 2016 1,565 2017 15,889 2018 48,882 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$ 1.2 million in respect of losses amounting to US$ 4.7 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: 2018 2017 (*) 2016 (*) Tax calculated at the tax rates applicable to profits in the respective countries 2,956 (3,013 ) (7,156 ) Non-deductible items (2,249 ) (1,406 ) (3,304 ) Non-deductible items – changes in estimates on previous year — — (1,182 ) Effect of the changes in the statutory income tax rate in Argentina (1,013 ) 1,781 — Unused tax losses (4,181 ) (2,265 ) — Tax losses where no deferred tax asset was recognized (2,368 ) (29 ) (569 ) Non-taxable income 13,069 2,437 — Previously unrecognized tax losses now recouped to reduce tax expenses — 7,595 — Effect of IAS 29 on Argentina´s Shareholder´s equity and deferred income tax (5,825 ) — — Others 635 (108 ) (688 ) Income tax benefit / (expense) 1,024 4,992 (12,899 )

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2018
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). 2018 2017 2016 (Loss) / Profit from operations attributable to equity holders of the Group (24,622 ) 13,198 11,568 Weighted average number of shares in issue (thousands) 116,637 120,599 121,421 Basic (loss) / earnings per share from operations (0.211 ) 0.109 0.095 (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, 2018 , there were 737 thousands ( 2017 : 851 thousands ; 2016 : 1,658 thousands ) share options/restricted units outstanding that could potentially have a dilutive impact in the future but were antidilutive for the periods presented. 2018 2017 2016 (Loss) / Profit from operations attributable to equity holders of the Group (24,622 ) 13,198 11,568 Weighted average number of shares in issue (thousands) 116,637 120,599 121,421 Adjustments for: - Employee share options and restricted units (thousands) 1,198 1,604 1,695 Weighted average number of shares for diluted earnings per share (thousands) 117,835 122,203 123,116 Diluted (loss) / earnings per share from operations (0.211 ) 0.108 0.094

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2018
Property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment Changes in the Group’s property, plant and equipment in 2018 and 2017 were as follows: Farmlands (*) Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At January 1, 2017 Cost 122,117 20,907 305,748 633,536 341,666 15,067 21,641 1,460,682 Accumulated depreciation — (11,267 ) (115,693 ) (382,226 ) (125,497 ) (11,132 ) — (645,815 ) Net book amount 122,117 9,640 190,055 251,310 216,169 3,935 21,641 814,867 At December 31, 2017 Opening net book amount 122,117 9,640 190,055 251,310 216,169 3,935 21,641 814,867 Exchange differences (11,374 ) (1,219 ) (4,473 ) (5,853 ) (4,089 ) (390 ) (2,901 ) (30,299 ) Additions — — 15,495 62,101 84,278 2,351 37,856 202,081 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 110,743 9,007 192,844 246,080 238,910 4,158 29,635 831,377 Farmlands (*) Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At December 31, 2017 Cost 110,743 22,399 329,366 696,266 421,855 16,999 29,635 1,627,263 Accumulated depreciation — (13,392 ) (136,522 ) (450,186 ) (182,945 ) (12,841 ) — (795,886 ) Net book amount 110,743 9,007 192,844 246,080 238,910 4,158 29,635 831,377 Year ended December 31, 2018 Opening net book amount 110,743 9,007 192,844 246,080 238,910 4,158 29,635 831,377 Adjustment of opening net book amount for the application of IAS 29 211,328 11,520 22,563 5,181 — 1,140 856 252,588 Exchange differences (78,858 ) (3,310 ) (34,195 ) (49,222 ) (36,504 ) 1,410 (6,408 ) (207,087 ) Additions — 97 13,773 50,759 96,365 2,098 61,829 224,921 Revaluation surplus (Note 33) 545,129 — — — — — — 545,129 Reclassification from investment property 3,313 — — — — — — 3,313 Transfers — 2,012 14,264 18,577 — 49 (34,902 ) — Disposals — — (149 ) (2,144 ) — (85 ) (67 ) (2,445 ) Disposals of subsidiaries (11,471 ) — (593 ) (17 ) (1,667 ) — — (13,748 ) Reclassification to non-income tax credits (**) — — (114 ) (422 ) — — (39 ) (575 ) Depreciation — (3,002 ) (19,771 ) (63,644 ) (64,148 ) (2,469 ) — (153,034 ) Closing net book amount 780,184 16,324 188,622 205,148 232,956 6,301 50,904 1,480,439 At December 31, 2018 Cost of fair value 780,184 32,718 344,915 718,978 480,049 21,611 50,904 2,429,359 Accumulated depreciation — (16,394 ) (156,293 ) (513,830 ) (247,093 ) (15,310 ) — (948,920 ) Net book amount 780,184 16,324 188,622 205,148 232,956 6,301 50,904 1,480,439 (*) Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33. (**) 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, 2018 and 2017 , 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 - based on productivity The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date. Since September 2018 the Group changed the accounting policy for its farmlands (See Note 33 - Basis of presentation - Changes in accounting policies), adopting the valuation at Fair Value. For all farmlands with a total valuation of US$ 785 million as of December 31, 2018, the valuation was determined using sales Comparison Approach prepared by an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare (Level 3). The Group estimated that, other factors being constant, a 10% reduction on the Sales price for the period ended December 31, 2018 would have reduced the value of the farmlands on US$ 78.5 million , which would impact, net of its tax effect on the "Revaluation surplus" item in the statement of Changes in Shareholders' Equity. If farmlands were stated on the historical cost basis, the amount as of December 31, 2018 would be US$ 235 million ”. Depreciation charges are included in “Cost of production of Biological Assets”, “Cost of production of manufactures products”, “General and administrative expenses”, “Selling expenses” and capitalized in “Property, plant and equipment” for the years ended December 31, 2018 and 2017 . During the year ended December 31, 2018 , borrowing costs of US$ 12,764 ( 2017 :US$ 3,660 ) 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$ 349,400 as of December 31, 2018 ( 2017 : US$ 265,099 ).

Investment property

Investment property	12 Months Ended
	Dec. 31, 2018
Investment property [abstract]
Investment property	Investment property Changes in the Group’s investment property in 2018 and 2017 were as follows: 2018 2017 (*) Beginning of the year 42,342 44,581 Net gain from fair value adjustment (Note 8) 13,409 4,302 Reclassification to property, plant and equipment (i) (3,313 ) — Exchange difference (11,713 ) (6,541 ) End of the year 40,725 42,342 Fair value 40,725 42,342 Net book amount 40,725 42,342 (i) Relates to new contracts with third parties. Since September 2018 the Group changed the accounting policy for all Investment properties. (See Note 33 - Basis of presentation - Changes in accounting policies), adopting the valuation at Fair Value. For all Investment properties with a total valuation of US$ 40.7 million as of December 31, 2018, the valuation was determined using Sales Comparison Approach prepared by an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare (Level 3). The increase /decrease in the Fair value is recognized in the Statement of income under the line item "Other operating income, net". The Group estimated that, other factors being constant, a 10% reduction on the Sales price for the period ended December 31, 2018 would have reduced the value of the Investment properties on US$ 4.1 million , which would impact the line item "Net gain from fair value adjustment ".

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2018
Intangible Assets [Abstract]
Intangible assets	Intangible assets Changes in the Group’s intangible assets in 2018 and 2017 were as follows: Goodwill Software Others Total At January 1, 2017 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 Year ended December 31, 2018 Opening net book amount 12,412 3,851 929 17,192 Adjustment of opening net book amount for the application of IAS 29 (Note 33) 15,554 836 — 16,390 Exchange differences (6,616 ) (1,139 ) (20 ) (7,775 ) Additions — 3,217 105 3,322 Amortization charge (i) — (1,168 ) (52 ) (1,220 ) Closing net book amount 21,350 5,597 962 27,909 At December 31, 2018 Cost 21,350 10,163 2,781 34,294 Accumulated amortization — (4,566 ) (1,819 ) (6,385 ) Net book amount 21,350 5,597 962 27,909 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2018 and 2017 , 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, 2018
Agriculture1 [Abstract]
Biological assets	Biological assets Changes in the Group’s biological assets in 2018 and 2017 were as follows: 2018 Crops (ii) Rice (ii) Dairy All other segments Sugarcane (ii) Total Beginning of the year 31,745 29,717 9,338 4,016 93,178 167,994 Adjustment of opening net book amount for the application of IAS 29 640 17 — — — 657 Increase due to purchases — — — 906 — 906 Initial recognition and changes in fair value of biological assets (i) 28,663 4,125 5,455 (1,198 ) (20,850 ) 16,195 Decrease due to harvest / disposals (104,941 ) (39,578 ) (25,800 ) (1,278 ) (105,536 ) (277,133 ) Costs incurred during the year 78,984 33,121 23,731 1,769 94,121 231,726 Exchange differences (7,744 ) (10,229 ) (2,426 ) (1,121 ) (13,438 ) (34,958 ) End of the year 27,347 17,173 10,298 3,094 47,475 105,387 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 (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$ 4,257 for the year ended December 31, 2018 ( 2017 : US$ 12,036 ). In 2018 , an amount of US$ 2,414 ( 2017 : US$ 2,830 ) was attributable to price changes, and an amount of US$ 1,843 ( 2017 : US$ 9,206 ) 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, 2018 : Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits 2,710 5,336 3,429 540 9,408 21,423 Depreciation and amortization 147 — — — 3,436 3,583 Fertilizers, agrochemicals and seeds 34,961 10,189 — — 35,016 80,166 Fuel, lubricants and others 811 660 683 60 2,790 5,004 Maintenance and repairs 943 2,349 1,557 287 1,789 6,925 Freights 119 387 80 92 — 678 Contractors and services 23,231 10,571 — 38 5,621 39,461 Feeding expenses — — 9,795 146 — 9,941 Veterinary expenses — — 1,522 141 — 1,663 Energy power 109 2,432 764 — — 3,305 Professional fees 165 83 140 4 177 569 Other taxes 1,293 114 8 83 42 1,540 Lease expense and similar arrangements 11,868 174 — 3 34,666 46,711 Others 2,627 826 289 30 1,176 4,948 Subtotal 78,984 33,121 18,267 1,424 94,121 225,917 Own agricultural produce consumed — — 5,464 345 — 5,809 Total 78,984 33,121 23,731 1,769 94,121 231,726 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 Biological assets in December 31, 2018 and 2017 were as follows: 2018 2017 Non-current Cattle for dairy production (i) 9,859 8,989 Breeding cattle (ii) 1,310 1,984 Other cattle (ii) 101 303 11,270 11,276 Current Breeding cattle (iii) 1,683 1,729 Other cattle (iii) 439 349 Sown land – crops (ii) 27,347 31,745 Sown land – rice (ii) 17,173 29,717 Sown land – sugarcane (ii) 47,475 93,178 94,117 156,718 Total biological assets 105,387 167,994 (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$ 105,536 for the year ended December 31, 2018 ( 2017 : US$ 113,184 ). The following table presents the Group´s biological assets that are measured at fair value at December 31, 2018 and 2017 (see Note 17 to see the description of each fair value level): 2018 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 9,859 — 9,859 — 8,989 — 8,989 Breeding cattle 2,993 — — 2,993 3,713 — — 3,713 Other cattle — 540 — 540 — 652 — 652 Sown land – sugarcane — — 47,475 47,475 — — 93,178 93,178 Sown land – crops — — 27,347 27,347 — — 31,745 31,745 Sown land – rice — — 17,173 17,173 — — 29,717 29,717 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 2018 2017 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 – US$ per hectare; - Crops yield: 1.2 – 5.2 tn/ha for Wheat, 2.2 – 9.4 tn/ha for Corn, 1.1 - 4.1 tn/ha for Soybean and 1.5-2.1 for Sunflower - 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 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: 6.0 -7.4 tn/ha -Rice yield: 5.0 -5.9 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, 2018 , 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$ 7.9 million for sugarcane, US$ 2.8 million for crops and US$ 2.0 million for rice. 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.

Investments in joint ventures

Investments in joint ventures	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 and 2016 : % of ownership interest held Name of the entity Country of incorporation and operation December 31, 2018 December 31, 2017 December 31, 2016 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: 2018 2017 Assets: Non-current assets 9,860 7,931 Current assets 6,710 8,882 16,570 16,813 Liabilities: Non-current liabilities 25,949 22,002 Current liabilities 18,622 19,197 44,571 41,199 Net liabilities of joint venture (28,001 ) (24,386 ) 2018 2017 2016 Income 9,305 14,879 9,390 Expenses (31,989 ) (22,657 ) (16,048 ) Loss before income tax (22,684 ) (7,778 ) (6,658 ) 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, 2018
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) Financial assets at amortized cost. Financial assets at amortized cost, namely loans and receivables, are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables comprise “trade and other receivables” and “cash and cash equivalents” in the statement of financial position. The following tables show the carrying amounts of financial assets and financial liabilities by category of financial instrument and reconciliation to the corresponding line item in the statements of financial position, as appropriate. Since the line items “Trade and other receivables, net” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as other tax receivables or advance payments for services to be received in the future), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”. There was no reclassification between categories for the adoption of IFRS 9 (see Note 33). Financial assets at amortized cost Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2018 Assets as per statement of financial position Trade and other receivables 91,183 — 91,183 106,323 197,506 Derivative financial instruments — 6,286 6,286 — 6,286 Cash and cash equivalents 273,635 — 273,635 — 273,635 Total 364,818 6,286 371,104 106,323 477,427 Liabilities at fair value through profit or loss Financial liabilities at amortized cost Subtotal financial liabilities Non- financial liabilities Total Liabilities as per statement of financial position Trade and other payables — 96,167 96,167 10,270 106,437 Borrowings (excluding finance lease liabilities) (i) — 861,521 861,521 — 861,521 Finance leases — 595 595 — 595 Derivative financial instruments (i) 283 — 283 — 283 Total 283 958,283 958,566 10,270 968,836 (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 U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2). Financial assets at amortized cost 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 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 U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2). 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 IFRS 9. 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: Financial asset at amortized cost Assets/ liabilities at fair value through profit or loss Other financial liabilities at amortized cost Total December 31, 2018 Interest income (i) 7,915 — — 7,915 Interest expense (i) (35,794 ) — (15,783 ) (51,577 ) Foreign exchange gains / (losses) (i) (108,936 ) (41,218 ) (33,041 ) (183,195 ) Gain from derivative financial instruments (ii) — 51,670 — 51,670 Net result (136,815 ) 10,452 (48,824 ) (175,187 ) Financial assets at amortized cost Assets/ liabilities at fair value through profit or loss 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 ) Loss from derivative financial instruments (ii) — 38,679 — 38,679 Net result (46,372 ) 29,277 (24,012 ) (41,107 ) (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, 2018 and 2017 , 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, 2018 and 2017 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2018 6,286 — 6,286 Derivative financial instruments 2017 4,463 20 4,483 Liabilities Derivative financial instruments 2018 (254 ) (29 ) (283 ) Derivative financial instruments 2017 (498 ) (54 ) (552 ) There were no transfers within level 1 and 2 during the years ended December 31, 2018 and 2017 . 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 5,790 Options Quoted price — — 1 242 NDF Quoted price Foreign-exchange curve. Present value method 2 (29 ) 6,003

Trade and other receivables, ne

Trade and other receivables, net	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables, net	Trade and other receivables, net 2018 2017 Non-current Trade receivables — 6,597 Trade receivables — 6,597 Advances to suppliers 2,343 2,363 Income tax credits 4,429 6,955 Non-income tax credits (i) 15,998 1,863 Judicial deposits 2,908 3,191 Receivable from disposal of subsidiary (Note 21) 10,944 — Other receivables 2,198 1,138 Non-current portion 38,820 22,107 Current Trade receivables 60,167 43,078 Receivables from related parties (Note 31) 8,337 10,218 Less: Allowance for trade receivables (2,503 ) (1,002 ) Trade receivables – net 66,001 52,294 Prepaid expenses 9,396 11,565 Advances to suppliers 43,365 36,497 Income tax credits 2,560 2,046 Non-income tax credits (i) 28,232 38,865 Receivable from disposal of subsidiary (Note 21) 3,709 — Cash collateral 1,505 380 Receivables from related parties (Note 31) 324 176 Other receivables 3,594 8,284 Subtotal 92,685 97,813 Current portion 158,686 150,107 Total trade and other receivables, net 197,506 172,214 (i) Includes US$ 575 ( 2017 : 1,086 ) reclassified from property, plant and equipment. The fair values of current trade and other receivables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current trade and other receivables approximate their carrying amount, as the impact of discounting is not significant. The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies (expressed in U.S. Dollars): 2018 2017 Currency U.S. Dollar 52,342 50,400 Argentine Peso 42,896 48,911 Uruguayan Peso 534 415 Brazilian Reais 101,734 72,488 197,506 172,214 As of December 31, 2018 trade receivables of US$ 9,509 ( 2017 : US$ 5,052 ) were past due but not impaired. The ageing analysis of these receivables indicates that US$ 1,167 and US$ 318 are over 6 months in December 31, 2018 and 2017 , respectively. Since January 1, 2018, for trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see note 33.1 (i) for further details. Until December 31, 2017 the Group recognized an allowance for trade receivables when there was objective evidence that the Group would not be able to collect all amounts due according to the original terms of the receivables. Delinquency in payments was 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: 2018 2017 2016 At January 1 1,002 643 481 Charge of the year 2,468 758 387 Unused amounts reversed (237 ) (133 ) (178 ) Used during the year (281 ) (193 ) — Exchange differences (449 ) (73 ) (47 ) At December 31 2,503 1,002 643 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, 2018 , approximately 55% ( 2017 : 89% ) of the outstanding unimpaired trade receivables (neither past due not impaired) relate to sales to 24 well-known multinational companies with good credit quality standing, including but not limited to Raizen Combustiveis S.A., Camara de Comercializacao de Energia Electrica CCEE, Establecimientos Las Marias SACIFA, Cofco Resources S.A., Granar S.A., Rodoil Distribuidora de Combustiveis LTDA, 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, 2018 and 2017 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, 2018
Disclosure Of Inventories [Abstract]
Inventories	Inventories 2018 2017 Raw materials 48,140 46,836 Finished goods (Note 5) (1) 79,758 61,888 Others 204 195 128,102 108,919 (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, 2018
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents 2018 2017 Cash at bank and on hand 197,544 118,358 Short-term bank deposits 76,091 150,837 273,635 269,195

Disposals

Disposals	12 Months Ended
	Dec. 31, 2018
Non-current Assets Held For Sale And Discontinued Operations [Abstract]
Disposals	Disposals Year Ended December 31, 2018 In May 2018, the Group completed the sale of Q45 Negócios Imobiliários Ltda., a wholly owned subsidiary, which main underlying asset is the Rio De Janeiro Farm, for a selling price of US$ 34 million (Reais 120 million ), which was fully collected as of the date of these financial statements. This transaction resulted in a gain of US$ 22 million included in “Other operating income, net” under the line item “Gain from the sale of farmland and other assets”. In June 2018, the Group completed the sale of Q43 Negócios Imobiliários Ltda., a wholly owned subsidiary , which main underlying asset is the Conquista Farm, for a selling price of US$ 18.4 million (Reais 68 million ), of which US$ 2.0 million (Reais 7.5 million ) has already been collected and the balance will be collected in four annual installments starting in June 2019. This transaction resulted in a gain of US$ 14 million , included in “Other operating income, net” under the line item “Gain from the sale of farmland and other assets”

Shareholders' contributions

Shareholders' contributions	12 Months Ended
	Dec. 31, 2018
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, 2016 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 and units vested (Note 23) — 4,149 Purchase of own shares — (32,515 ) At December 31,2017 122,382 1,092,507 Restricted shares units vested (Note 23) — 4,775 Purchase of own shares — (13,206 ) At December 31,2018 122,382 1,084,076 (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 14, 2018, the Board of Directors approved the extension of the program for an additional twelve-month period, ending September 23, 2019. Repurchases of shares under the program are made from time to time in open market transactions in compliance with the trading conditions of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and applicable rules and regulations. The share repurchase program does not require Adecoagro to acquire any specific number or amount of shares and may be modified, suspended, reinstated or terminated at any time in the Company’s discretion and without prior notice. As of December 31, 2018 , the Company repurchased 8,421,549 shares under this program, of which 2,598,423 have been applied to some exercise of the Company’s stock option plan and restricted stock units plan. In 2018, 2017 and 2016 the Company repurchased shares for an amount of US$ 15,725 ; US$ 38,367 and US$ 4,772 , respectively. The outstanding treasury shares as of December 31, 2018 totaled 5,826,116 .

Equity-settled share-based paym

Equity-settled share-based payments	12 Months Ended
	Dec. 31, 2018
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: 2018 2017 2016 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 1,634 6.66 1,641 6.67 1,696 Exercised — — 5.83 (7 ) 6.96 (55 ) At December 31 6.66 1,634 6.66 1,634 6.66 1,641 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): 2018 2017 2016 May 1, 2024 5.83 496 496 495 May 1, 2025 5.83 452 452 452 January 1, 2026 5.83 142 142 150 February 16, 2026 7.11 103 103 103 October 1, 2026 8.62 441 441 441 (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: 2018 2017 2016 Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) At January 1 13.31 851 13.07 1,658 13.07 1,701 Forfeited 13.27 (11 ) 13.40 (4 ) 12.98 (43 ) Expired 12.82 (103 ) 12.82 (803 ) — — At December 31 13.37 737 13.31 851 13.07 1,658 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: 2018 2017 2016 From Nov 13, 2017 to Aug 25, 2018 12.82 — 105 908 January 30, 2019 13.40 595 595 595 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 97 106 110 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 2018 2,371 2017 2,485 2016 3,299 (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 3,982,658 , of which 3,896,809 have already been granted and 976,234 will be vested on future periods. The maximum numbers of ordinary shares is revised annually. At December 31, 2018 , the Group recognized compensation expense US$ 4.9 million related to the restricted stock units granted under the Restricted Share Plan ( 2017 : US$ 5.6 million and 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, 2016 May 15, 2016 Apr 1, 2017 May 15, 2017 Apr 1, 2018 May 15, 2018 Fair value 12.63 12.52 11.88 12.14 8.43 9.10 Possibility of ceasing employment before vesting — % — % — % — % — % — % 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) 2018 2017 2016 At January 1 969 1,000 1,018 Granted (1) 530 488 464 Forfeited (25 ) (29 ) (29 ) Vested (498 ) (490 ) (453 ) At December 31 976 969 1,000 (1) Approved by the Board of Directors of March 13, 2018 and the Shareholders Meeting of April 18, 2018.

Legal and other reserves

Legal and other reserves	12 Months Ended
	Dec. 31, 2018
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$ 3,664 as of December 31, 2018 ( 2017 : US$ 4,139 ) 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, 2018 , but the Company has distributable reserves in excess of US$ 918,131 . In the other reserves line, it is included the benefit that the Company has regarding ICMS conceded by the government of the Estate of Mato Grosso do Sul. In accordance with the Complementary Law 160/17, grants related to ICMS, conceded by any Estate of Brazil, were considered as Investments Grants. This investment grants will not be computed to calculate income tax, since they were accounted as an Equity Reserve. This reserve cannot be distribute, unless income tax is paid on the reserve.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables 2018 2017 Non-current Payable from acquisition of property, plant and equipment (i) — 521 Other payables 211 306 211 827 Current Trade payables 94,483 82,824 Advances from customers 3,813 6,722 Amounts due to related parties (Note 31) 354 628 Taxes payable 6,457 6,462 Other payables 1,119 1,787 106,226 98,423 Total trade and other payables 106,437 99,250 (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, 2018
Financial Instruments [Abstract]
Borrowings	Borrowings 2018 2017 Non-current Senior Notes 496,118 495,707 Bank borrowings 221,971 167,315 Obligations under finance leases 395 38 718,484 663,060 Current Senior Notes 8,250 8,250 Bank overdrafts 2,320 6,214 Bank borrowings 132,862 140,367 Obligations under finance leases 200 67 143,632 154,898 Total borrowings 862,116 817,958 As of December 31, 2018 , total bank borrowings include collateralized liabilities of US$ 87,738 ( 2017 : US$ 136,322 ). 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. 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. During 2018 and 2017 the Group was in compliance with these financial 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: 2018 2017 Fixed rate: Less than 1 year 105,708 132,998 Between 1 and 2 years 16,287 35,762 Between 2 and 3 years 25,704 20,097 Between 3 and 4 years 43,507 20,130 Between 4 and 5 years 26,415 16,310 More than 5 years 505,456 495,754 723,077 721,051 Variable rate: Less than 1 year 37,724 21,833 Between 1 and 2 years 17,278 22,871 Between 2 and 3 years 29,861 17,945 Between 3 and 4 years 22,886 18,215 Between 4 and 5 years 18,251 11,164 More than 5 years 12,444 4,774 138,444 96,802 861,521 817,853 Borrowings incurred by the Group’s subsidiaries in Brazil are repayable at various dates between January 2019 and September 2024 and bear either fixed interest rates ranging from 2.5% to 7.95% per annum or variable rates based on LIBOR or other specific base-rates plus spreads ranging from 6.89% to 12.03% per annum. At December 31, 2018 LIBOR (six months) was 2.88% ( 2017 : 1.84% ). Borrowings incurred by the Group´s subsidiaries in Argentina are repayable at various dates between January 2019 and June 2024 and bear either fixed interest rates ranging from 4.50% and 7.00% per annum for those borrowings denominated in U.S. Dollar, and a fixed interest rate at 62.00% 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 2018 2017 (In millions) Millions of Reais Millions of equivalent Dollars Millions of equivalent Dollars Banco Do Brasil (1) October 2012 R$ 130.0 R$ 72.7 18.8 27.6 November 2022 2.94% minus 15% of performance bonus Itau BBA FINAME Loan (2) December 2012 R$ 45.9 R$ 12.1 3.1 7.6 December 2022 2.50% Banco do Brasil / Itaú BBA Finem Loan (3) September 2013 R$ 273.0 R$ 147.1 38.0 53.4 January 2023 6.83% BNDES Finem Loan (4) November 2013 R$ 215.0 R$ 110.8 28.6 41.4 January 2023 3.75% Tokyo-Mitsubishi (5) August 2016 US$ 30.0 — 8.6 30.0 August 2019 6.35% ING Bank N.V. (6) October 2018 US$ 75.0 - 75.0 — October 2023 6.33% (1) Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; and (iii) 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; and (iii) 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) liens over the Ivinhema mill and equipment; and (iv) long term power purchase agreements (PPA). (4) Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts. (5) Collateralized by sales contracts. (6) Collateralized by sales contracts. 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 2018 and 2017 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 2018 2017 (In millions) (In millions) (In millions) IFC Tranche A (1) Dec-16 US$25.00 US$22.70 US$24.67 Sep-21 4.3% per annum IFC Tranche B (1) Dec-16 US$25.00 US$21.40 US$24.93 Sep-23 4% plus LIBOR Rabobank (2) Jun-18 US$50.00 US$50.00 — Jun-24 3% plus LIBOR (1) Collateralized by a US$ 113 million mortgage over Carmen farm, which is property of Adeco Agropecuaria S.A. (2) Collateralized by the pledged of the shares of Dinaluca S.A., Compañía Agroforestal S.M.S.A. y Bañado del Salado S.A. 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 2018 and 2017 the Group was in compliance with all financial covenants. The carrying amount of short-term borrowings is approximate its fair value due to the short-term maturity. Long term borrowings subject to variable rate approximate their fair value.The fair value of long-term subject to fix rate do not significant differ from their fair value. The fair value (level 2) of the notes equals US$ 460 million and US$ 497 million , 91.91% and 99.49% of the nominal amount. 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, 2018 and 2017 is as follow: 2018 2017 Amount at the beginning of the year 817,958 635,396 Issuance of senior notes — 495,678 Proceeds from long term borrowings 45,536 232,433 Payments of long term borrowings (124,349 ) (602,700 ) Proceeds from short term borrowings 318,108 106,730 Payments of short term borrowings (190,630 ) (64,787 ) Payments of interest (1). (47,401 ) (39,118 ) Accrued interest 61,186 51,005 Exchange differences, inflation and translation, net (19,506 ) (4,588 ) Others 1,214 7,909 Amount at the end of the year 862,116 817,958 (1): Excludes payment of interest related to trade and other payables.

Payroll and social securities p

Payroll and social securities payable	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Payroll and social security liabilities	Payroll and social security liabilities 2018 2017 Non-current Social security payable 1,219 1,240 1,219 1,240 Current Salaries payable 8,841 6,199 Social security payable 3,112 3,702 Provision for vacations 9,770 12,323 Provision for bonuses 4,255 5,043 25,978 27,267 Total payroll and social security liabilities 27,197 28,507

Provisions for other liabilitie

Provisions for other liabilities	12 Months Ended
	Dec. 31, 2018
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, 2017 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 Additions 1,147 — 1,147 Used during year (1,379 ) — (1,379 ) Exchange differences (986 ) — (986 ) At December 31, 2018 3,620 5 3,625 Analysis of total provisions: 2018 2017 Non current 3,296 4,078 Current 329 765 3,625 4,843 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$ 23.1 million and US$ 21.0 million as of December 31, 2018 and 2017 , respectively.

Disclosure of leases and simila

Disclosure of leases and similar arrangements	12 Months Ended
	Dec. 31, 2018
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$ 11.9 million for the year ended December 31, 2018 ( 2017 : US$ 14.0 million ; 2016 : US$ 6.8 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: 2018 2017 No later than 1 year 9,082 7,841 Later than 1 year and no later than 5 years 426 1,234 9,508 9,075 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 6 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$ 34.6 million for the year ended December 31, 2018 ( 2017 : US$ 41.10 million ; 2016 : US$ 38.5 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$ 595 and US$ 105 as of December 31, 2018 and 2017 , 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”: 2018 2017 2016 Rental income 643 771 984 The future minimum rental payments receivable under cancellable leases are as follows: 2018 2017 No later than 1 year 32 504 Later than 1 year and no later than 5 years 306 1,014 338 1,518 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 that date of this financial statements the Group 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, net" as of December 31, 2016. Finance leases: The Group does not act as a lessor in connection with finance leases.

Group companies

Group companies	12 Months Ended
	Dec. 31, 2018
Disclosure of subsidiaries [abstract]
Group companies	Group companies The following table details the subsidiaries that comprised the Group as of December 31, 2018 and 2017 : 2018 2017 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 — — L3N S.A. (e) Argentina — — Adeco Agropecuaria Brasil Ltda. (b) Brazil — — Adecoagro Vale do Ivinhema Ltda. ("AVI") (b) Brazil — — Adecoagro Commodities Ltda. (b) Brazil — — Usina Monte Alegre Ltda. ("UMA") (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 Hispania S.L.U.; Leterton España S.L.U.; Global Asterion S.L.U.; Global Acasto S.L.U.; Global Laertes S.L.U.; Global Seward S.L.U.; Global Pindaro S.L.U.; Global Pileo S.L.U.; Peak Texas S.L.U.; Peak City S.L.U.; Global Neimoidia 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. (e) Mainly dairy The percentage voting right for each principal subsidiary is the same as the percentage of capital stock held. Issued share capital represents only ordinary shares/ quotas, units or their equivalent. There are no preference shares or units issued in any subsidiary undertaking. 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, 2018
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) 2018 2017 2016 2018 2017 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) (2,279 ) (3,326 ) (42 ) — — Receivables from related parties (Note 18) — — — 324 176 Payables (Note 25) — — — (160 ) (367 ) Directors and senior management Employment Compensation selected employees (7,122 ) (7,040 ) (5,213 ) (16,353 ) (17,985 ) CHS Agro Joint venture Receivables from related parties (Note 18) (iii) — — — 8,337 10,218 Payables (Note 25) — — — (194 ) (261 ) Sales of goods 456 2,487 372 — — Services 210 88 87 — — Interest income 242 308 326 — — (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, 2018
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, 2018 and 39 CGUs as of September 30, 2017. As of September 30, 2018 and 2017, 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, 2018 and 2017: As of September 30, 2018, the Group identified 11 CGUs in Argentina and Uruguay (2017: 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 (2017: 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, 2018 September 30, 2017 La Carolina / Crops / Argentina 112 35 La Carolina / Cattle / Argentina 38 12 El Orden/ Crops / Argentina 170 53 El Orden/ Cattle / Argentina 14 4 La Guarida / Crops / Argentina 1,149 358 La Guarida / Cattle / Argentina 937 292 Los Guayacanes / Crops / Argentina 1,449 452 Doña Marina / Rice / Argentina 3,385 1,595 Huelen / Crops / Argentina 3,369 1,787 El Colorado / Crops / Argentina 1,484 787 El Colorado / Cattle / Argentina 216 115 Closing net book value of goodwill allocated to CGUs tested (Note 14) 12,323 5,490 Closing net book value of PPE items and other assets allocated to CGUs tested 179,545 34,668 Total assets allocated to CGUs tested 191,868 40,158 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2018 and 2017. CGUs tested based on a value-in-use model at September 30, 2018 and 2017: As of September 30, 2018, the Group identified 2 CGUs (2017: 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, 2018 September 30, 2017 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 0.11% per annum 1.13% per annum Future cost increases 3.11% per annum 0.09% per annum Discount rates 8.4% 7.6% 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, 2018 September 30, 2017 AVI / Sugar, Ethanol and Energy 3,966 5,012 UMA / Sugar, Ethanol and Energy 2,107 2,622 Closing net book value of goodwill allocated to CGUs tested (Note 14) 6,073 7,634 Closing net book value of PPE items and other assets allocated to CGUs tested 618,818 719,558 Total assets allocated to 3 CGUs tested 624,891 727,192 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2018 and 2017. 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, 2018, 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). (e) Fair value for farmlands and investment property Property, plant and equipment Farmlands are recognized at fair value based on periodic, but at least annual, valuations prepared by an external independent expert. A revaluation reserve is credited in shareholders’ equity. The valuation is determined using sales Comparison Approach. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare (Level 3) (see Note 12). Investment property Investment property consists of farmland for rental or for capital appreciation and not used in production or for sale in the ordinary course of business, and it is measured at fair value. The changes of the Fair value, which is based on an independent external expert, impacts the profit and loss of the period, in the line item Other operating income, net (see Note 13).

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2018
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. Financial reporting in a hyperinflation economy IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items. In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the Standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceeds 100 %. Considering the a significant increase in inflation during 2018, which exceeded the 100% three-year cumulative inflation rate, and that the rest of the indicators do not contradict the conclusion that Argentina should be considered a hyperinflationary economy for accounting purposes. It is agreed that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29 and that as from July 1, 2018, it will apply IAS 29 as from that date in the financial reporting of its subsidiaries and associates with Argentine peso as functional currency. Financial statements of a foreign entity with a functional currency of a country that has a highly inflationary economy, are restated to reflect changes in the general price level or index in that country before translation into U.S. Dollars. In adjusting for hyperinflation, a general price index is applied to all non-monetary items in the financial statements (including equity) and the resulting gain or loss, which is the gain or loss on the entity's net monetary position, is recognized in the income statement. Monetary items in the closing statement of financial position are not adjusted. The Group treated all Argentine subsidiaries as a hyperinflationary economy as all of them have argentine peso as functional currency. The results and financial position of all foreign entities with a functional currency of a country that has a highly inflationary economy are translated at closing rates after the restatement for changes in the general purchasing power argentine peso. The inflation adjustment on the initial balances was calculated by means of conversion factor derived from the Argentine price indexes published by the National Institute of Statistics and the year-over-year change in the index was 1.477. The main procedures for the above-mentioned adjustment are as follows: • Monetary assets and liabilities which are carried at amounts current at the balance sheet date are not restated because they are already expressed in terms of the monetary unit current at the balance sheet date. • Non-monetary assets and liabilities which are not carried at amounts current at the balance sheet date, and components of shareholders' equity are adjusted by applying the relevant conversion factors. • All items in the income statement are restated by applying the relevant conversion factors. The company has elected not to segregate the impact of inflation over financial results. • The effect of inflation on the Company’s net monetary position is included in the income statement, in "Other financial results" (Note 9). • The ongoing application of the re-translation of comparative amounts to closing exchanges rates under IAS 21 and the hyperinflation adjustments required by IAS 29 will lead to a difference in addition to the difference arising on the adoption of hyperinflation accounting. The comparative figures in these consolidated financial statements presented in a stable currency are not adjusted for subsequent changes in the price level or exchange rates. This resulted in an initial difference, arising on the adoption of hyperinflation accounting, between the closing equity of the previous year and the opening equity of the current year. The Company recognized this initial difference directly in equity. 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, biological assets and agricultural produce at the point of harvest and farmlands measured at fair value. The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 32. Description of accounting policies changed during the period. During the period ended September 30, 2018, the group has adopted the revaluation model for its farmlands within property, plant and equipment. Previously, the Company valued all these group of assets under the cost model. These amendments have resulted in an increase of property, plant and equipment of US$ 545 million . This higher valuation resulted in an increase of the deferred tax liability of US$ 139 million . This change in accordance with IAS 16 is applied prospectively. The Company also adopted the revaluation model for its investment property. The higher valuation resulted in an increase in Retained earning of US$ 45 million ; an increase in investment property of US$ 40 million as of December 31, 2017and an increase in Deferred tax liability of US$ 12 million . This change was applied retrospectively, in accordance with IAS 8. Consequently, prior year figures have been recast, as shown below: Balance sheet 31 December 2016 (Previously stated) Increase/ (Decrease) 31 December 2016 (Recast) 31 December 2017 (Previously stated) Increase/ (Decrease) 31 December 2017 (Recast) Property, plant and equipment (*) 802,608 12,259 814,867 820,931 10,446 831,377 Investment property 2,666 41,915 44,581 2,271 40,071 42,342 Deferred tax assets 38,586 (13,543 ) 25,043 43,437 (12,629 ) 30,808 Total assets 1,455,766 40,631 1,496,397 1,607,201 37,888 1,645,089 Retained earnings 50,998 41,999 92,997 60,984 45,225 106,209 Cumulative Translation Adjustment (527,364 ) (5,756 ) (533,120 ) (541,545 ) (11,059 ) (552,604 ) Non-controlling interest 7,582 4,388 11,970 5,417 3,722 9,139 Total equity 671,673 40,631 712,304 645,131 37,888 683,019 (*) Property, plant and equipment was impacted due to a transfer from investment property to Property plant and equipment ocurred in 2016. Profit and Loss December 31, 2017 Increase/ (Decrease) December 31, 2017 (recast) December 31, 2016 Increase/ (Decrease) December 31, 2016 (recast) Other operating income 39,461 4,302 43,763 (8,297 ) 14,049 5,752 Profit / (Loss) before income tax 5,681 4,302 9,983 13,126 14,049 27,175 Income tax (expense) / benefit 6,068 (1,076 ) 4,992 (9,387 ) (3,512 ) (12,899 ) Profit / (Loss) for the year 11,749 3,226 14,975 3,739 10,537 14,276 Basic earnings per share 0.083 0.026 0.109 0.017 0.078 0.095 Diluted earnings per share 0.082 0.026 0.108 0.017 0.077 0.094 The Company considers these changes better reflects the current value of its farmlands and Investments properties; and therefore provides more relevant information to management, users of the Financial Statements and others. (a) New and amended standards adopted by the Group: A number of new or amended standards became applicable for the current reporting period and the Group had to change its accounting policies as a result of adopting the following standards: – IFRS 9 Financial Instruments, and – IFRS 15 Revenue from Contracts with Customers. The impact of adopting IFRS 15 and IFRS 9 was not significant and therefore no cumulative effect upon adoption was recorded. The adoption of IFRS 15 was made by the modified retrospective method. In accordance with the transitional provisions of IFRS 9, comparative figures have not been restated. (b) Impact of standards issued but not yet applied by the Group Below is a description of the standards, amendments and interpretations issued by the IASB to existing standards that have been issued and are mandatory for the Group with closer adoption: 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 leases in particular. The standard applies to annual periods beginning on or after 1 January 2019. The Company’s management is currently evaluating the potential impact of our pending adoption of the new standard on our consolidated financial statements. 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 Group entities (except those that has the currency of a hyper-inflationary economy - Argentine subsidiaries) (see Note 33) 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 Farmlands are recognized at fair value based on periodic, but at least annual, valuations prepared by an external independent expert. A revaluation reserve is credited in shareholders’ equity. All other property, plant and equipment is recorded at cost, less accumulated depreciation and impairment losses, if any. Historical cost comprises the purchase price and any costs directly attributable to the acquisition. Under the definition of Property plant and equipment is included the bearer plants, such as sugarcane and coffee trees. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the statement of income when they are incurred. 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 consolidated 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 fair value. net of any impairment losses if any. The changes of the Fair value, which is based on an independent external expert, impacts the profit and loss of the period, in the line item Other operating income, net. Leases 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 (see Note 32 (a)). 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 at amortized cost, namely loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition (see Note 17). (a) Recognition and measurement Regular purchases and sales of financial assets are recognized on the trade-date – the date on which the Group commits to purchase or sell the asset. Financial assets not carried at fair value through profit or loss are initially recognized at fair value plus transaction costs. Financial assets carried at fair value through profit or loss are initially recognized at fair value and transaction costs are expensed in the statement of income. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortized cost using the effective interest method. Gains or losses arising from changes in the fair value of the “financial assets at fair value through profit or loss” category are presented in the statement of income within “Other operating income, net” in the period in which they arise. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets is impaired. Impairment testing of trade receivables is described in Note 33.15. (b) Offsetting f

Events occurring after the repo

Events occurring after the reporting period	12 Months Ended
	Dec. 31, 2018
Disclosure of events after reporting period [Abstract]
Disclosure of events after reporting period [text block]	Events occurring after the reporting period ▪ Acquisitions In January 2019, the Company acquired from CHS Argentina, the 50% of CHS Agro S.A. After this acquisition, we own 100% the CHS Agro S.A. Afterwards, the name of the Company changed to Girasoles del Plata S.A. The consideration for this operation was negligible. In January 2019, the Company acquired 100% of Olam Alimentos S.A. which main asset is a peanuts processing facility located in the Province of Córdoba, (currently Mani del Plata S.A.) from Olam Argentina S.A. and Olam International Ltd. for a total consideration of US$ 10 millions ; which payment was agreed to make in 3 annual instalments. The first payment was made on the closing date. In February 2019, the Company acquired two dairy facilities from SanCor, one in Chivilcoy, Province of Buenos Aires, which process fluid milk and an other one in Morteros, Province of Cordoba, which produces powder milk and cheese. Together with this 2 plants, we acquired the brands Las Tres Niñas and Angelita. The total consideration for this operations was US$ 47 million , which has already been disbursed. The Company is currently evaluating the impacts of the precedent transactions. ▪ Disposals In January 2019, the Group completed the sale of Q065 Negócios Imobiliários Ltda., a wholly owned subsidiary , which main underlying asset is the Alto Alegre Farm, for a selling price of US$ 16.6 million (Reais 62.5 million ), of which US$ 0.8 million (Reais 2.9 million ) has already been collected and the balance will be collected in seven annual installments starting in June 2019. This transaction resulted in a gain of US$ 9.3 million , that wiill be shown in the line “Other operating income, net” under the line item “Gain from the sale of farmland and other assets”.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2018
Corporate Information And Statement Of IFRS Compliance [Abstract]
Financial reporting in a hyperinflation economy	Financial reporting in a hyperinflation economy IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items. In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the Standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceeds 100 %. Considering the a significant increase in inflation during 2018, which exceeded the 100% three-year cumulative inflation rate, and that the rest of the indicators do not contradict the conclusion that Argentina should be considered a hyperinflationary economy for accounting purposes. It is agreed that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29 and that as from July 1, 2018, it will apply IAS 29 as from that date in the financial reporting of its subsidiaries and associates with Argentine peso as functional currency. Financial statements of a foreign entity with a functional currency of a country that has a highly inflationary economy, are restated to reflect changes in the general price level or index in that country before translation into U.S. Dollars. In adjusting for hyperinflation, a general price index is applied to all non-monetary items in the financial statements (including equity) and the resulting gain or loss, which is the gain or loss on the entity's net monetary position, is recognized in the income statement. Monetary items in the closing statement of financial position are not adjusted. The Group treated all Argentine subsidiaries as a hyperinflationary economy as all of them have argentine peso as functional currency. The results and financial position of all foreign entities with a functional currency of a country that has a highly inflationary economy are translated at closing rates after the restatement for changes in the general purchasing power argentine peso. The inflation adjustment on the initial balances was calculated by means of conversion factor derived from the Argentine price indexes published by the National Institute of Statistics and the year-over-year change in the index was 1.477. The main procedures for the above-mentioned adjustment are as follows: • Monetary assets and liabilities which are carried at amounts current at the balance sheet date are not restated because they are already expressed in terms of the monetary unit current at the balance sheet date. • Non-monetary assets and liabilities which are not carried at amounts current at the balance sheet date, and components of shareholders' equity are adjusted by applying the relevant conversion factors. • All items in the income statement are restated by applying the relevant conversion factors. The company has elected not to segregate the impact of inflation over financial results. • The effect of inflation on the Company’s net monetary position is included in the income statement, in "Other financial results" (Note 9). • The ongoing application of the re-translation of comparative amounts to closing exchanges rates under IAS 21 and the hyperinflation adjustments required by IAS 29 will lead to a difference in addition to the difference arising on the adoption of hyperinflation accounting. The comparative figures in these consolidated financial statements presented in a stable currency are not adjusted for subsequent changes in the price level or exchange rates. This resulted in an initial difference, arising on the adoption of hyperinflation accounting, between the closing equity of the previous year and the opening equity of the current year. The Company recognized this initial difference directly in equity.
Basis of preparation and presentation	Basis of preparation and presentation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (IFRIC). All IFRS issued by the IASB, effective at the time of preparing these consolidated financial statements have been applied. The consolidated financial statements have been prepared under the historical cost convention as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss, biological assets and agricultural produce at the point of harvest and farmlands measured at fair value. The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 32. Description of accounting policies changed during the period. During the period ended September 30, 2018, the group has adopted the revaluation model for its farmlands within property, plant and equipment. Previously, the Company valued all these group of assets under the cost model. These amendments have resulted in an increase of property, plant and equipment of US$ 545 million . This higher valuation resulted in an increase of the deferred tax liability of US$ 139 million . This change in accordance with IAS 16 is applied prospectively. The Company also adopted the revaluation model for its investment property. The higher valuation resulted in an increase in Retained earning of US$ 45 million ; an increase in investment property of US$ 40 million as of December 31, 2017and an increase in Deferred tax liability of US$ 12 million . This change was applied retrospectively, in accordance with IAS 8. Consequently, prior year figures have been recast, as shown below: Balance sheet 31 December 2016 (Previously stated) Increase/ (Decrease) 31 December 2016 (Recast) 31 December 2017 (Previously stated) Increase/ (Decrease) 31 December 2017 (Recast) Property, plant and equipment (*) 802,608 12,259 814,867 820,931 10,446 831,377 Investment property 2,666 41,915 44,581 2,271 40,071 42,342 Deferred tax assets 38,586 (13,543 ) 25,043 43,437 (12,629 ) 30,808 Total assets 1,455,766 40,631 1,496,397 1,607,201 37,888 1,645,089 Retained earnings 50,998 41,999 92,997 60,984 45,225 106,209 Cumulative Translation Adjustment (527,364 ) (5,756 ) (533,120 ) (541,545 ) (11,059 ) (552,604 ) Non-controlling interest 7,582 4,388 11,970 5,417 3,722 9,139 Total equity 671,673 40,631 712,304 645,131 37,888 683,019 (*) Property, plant and equipment was impacted due to a transfer from investment property to Property plant and equipment ocurred in 2016. Profit and Loss December 31, 2017 Increase/ (Decrease) December 31, 2017 (recast) December 31, 2016 Increase/ (Decrease) December 31, 2016 (recast) Other operating income 39,461 4,302 43,763 (8,297 ) 14,049 5,752 Profit / (Loss) before income tax 5,681 4,302 9,983 13,126 14,049 27,175 Income tax (expense) / benefit 6,068 (1,076 ) 4,992 (9,387 ) (3,512 ) (12,899 ) Profit / (Loss) for the year 11,749 3,226 14,975 3,739 10,537 14,276 Basic earnings per share 0.083 0.026 0.109 0.017 0.078 0.095 Diluted earnings per share 0.082 0.026 0.108 0.017 0.077 0.094 The Company considers these changes better reflects the current value of its farmlands and Investments properties; and therefore provides more relevant information to management, users of the Financial Statements and others.
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 Group entities (except those that has the currency of a hyper-inflationary economy - Argentine subsidiaries) (see Note 33) 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 Farmlands are recognized at fair value based on periodic, but at least annual, valuations prepared by an external independent expert. A revaluation reserve is credited in shareholders’ equity. All other property, plant and equipment is recorded at cost, less accumulated depreciation and impairment losses, if any. Historical cost comprises the purchase price and any costs directly attributable to the acquisition. Under the definition of Property plant and equipment is included the bearer plants, such as sugarcane and coffee trees. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the statement of income when they are incurred. 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 consolidated statement of income.
Investment property	Investment property Investment property consists of farmland for rental or for capital appreciation and not used in production or for sale in the ordinary course of business, and it is measured at fair value. net of any impairment losses if any. The changes of the Fair value, which is based on an independent external expert, impacts the profit and loss of the period, in the line item Other operating income, net.
Leases	Leases 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 (see Note 32 (a)). 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 at amortized cost, namely loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition (see Note 17). (a) Recognition and measurement Regular purchases and sales of financial assets are recognized on the trade-date – the date on which the Group commits to purchase or sell the asset. Financial assets not carried at fair value through profit or loss are initially recognized at fair value plus transaction costs. Financial assets carried at fair value through profit or loss are initially recognized at fair value and transaction costs are expensed in the statement of income. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortized cost using the effective interest method. Gains or losses arising from changes in the fair value of the “financial assets at fair value through profit or loss” category are presented in the statement of income within “Other operating income, net” in the period in which they arise. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets is impaired. Impairment testing of trade receivables is described in Note 33.15. (b) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. This right must not be contingent on future events and must be enforceable in any case.
Derivative financial instruments and hedging activities	Derivative financial instruments and hedging activities Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Commodity future contract fair values are computed with reference to quoted market prices on future exchanges markets. The fair values of commodity options are calculated using year-end market rates together with common option pricing models. The fair value of interest rate swaps has been calculated using a discounted cash flow analysis. The Group manages exposures to financial and commodity risks using hedging instruments that provide the appropriate economic outcome. The principal hedging instruments used may include commodity future contracts, put and call options, foreign exchange forward contracts and interest rate swaps. The Group does not use derivative financial instruments for speculative purposes. The Group’s policy is to apply hedge accounting to hedging relationships where it is both permissible under IFRS 9, practical to do so and its application reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9. Any derivatives that the Group holds to hedge these exposures are classified as “held for trading” and are shown in a separate line on the face of the statement of financial position. The method of recognizing gains or losses on derivatives depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Gains and losses on commodity derivatives are classified within “Other operating income, net”. Gains and losses on interest rate and foreign exchange rate derivatives are classified within ‘Financial results, net’. The Group designates certain derivatives as hedges of the foreign currency risk associated with highly probable forecast transactions (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the instruments that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flows of hedged items. Cash flow hedge The effective portion of the gain or loss on the instruments that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of income within "Finance income” or “Finance cost”, as appropriate. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. The gain or loss relating to the effective portion is recognized in the statement of income within "Finance income” or “Finance cost”, as appropriate. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the statement of income. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the statement of income.
Trade and other receivables and trade and other payables	Trade and other receivables and trade and other payables Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. In the case of receivables, less allowance for trade receivables. The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.
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. The Group’s agro-industrial activities comprise the selling of manufactured products (i.e. industrialized rice, milk-related products, ethanol, sugar, energy, among others). These sales are measured at the fair value of the consideration received or receivable, net of returns and allowances, trade and other discounts, and sales taxes, as applicable. Revenue is recognized when the full control have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, and there is no continuing management involvement with the goods. Transfers of control vary depending on the individual terms of the contract of sale. Revenues are recognised when control of the products has transferred, being when the products are delivered to the customer, having this full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. The Group also provides certain agricultural-related services such as grain warehousing/conditioning and other services, e.g. handling and drying services. Revenue from services is recognized as services are provided. The Group leases owned farmland property to third parties under operating lease agreements. Rental income is recognized on a straight-line basis over the period of the lease. The Group is a party to a 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, 2018
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-U.S. Dollar amounts are presented in U.S. Dollars for purpose of these tables. 2018 Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Argentine Peso (21,757 ) — — — (21,757 ) Brazilian Reais — 35,884 — — 35,884 U.S. Dollar (260,372 ) (480,501 ) 24,512 115,681 (600,680 ) Uruguayan Peso — — (909 ) — (909 ) Total (282,129 ) (444,617 ) 23,603 115,681 (587,462 ) 2017 Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Argentine Peso (21,958 ) — — — (21,958 ) Brazilian Reais — (17,134 ) — — (17,134 ) U.S. 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 ) A portion of this effect would have been recognized as other comprehensive income since a portion of the Company’s borrowings was used as cash flow hedge of the foreign exchange rate risk of a portion of its highly probable future sales in U.S. Dollars (see Hedge Accounting - Cash Flow Hedge below for details). Functional currency Net monetary position Argentine Peso Brazilian Reais Uruguayan Peso Total 2018 U.S. Dollar (26,037 ) (48,050 ) 2,451 (71,636 ) 2017 U.S. Dollar (20,445 ) (46,197 ) 2,045 (64,597 )
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, 2018 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 95,956 6 18 187 96,167 Borrowings 190,671 74,478 286,557 636,836 1,188,542 Derivative financial instruments 258 25 — — 283 Total 286,885 74,509 286,575 637,023 1,284,992 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
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, 2018 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 95,956 6 18 187 96,167 Borrowings 190,671 74,478 286,557 636,836 1,188,542 Derivative financial instruments 258 25 — — 283 Total 286,885 74,509 286,575 637,023 1,284,992 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
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, 2018 and 2017 is as follows: 2018 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Fixed rate: Argentine Peso 2,320 — — — 2,320 Brazilian Reais — 62,939 — — 62,939 U.S. Dollar 49,218 87,722 16,510 504,368 657,818 Subtotal fixed-rate borrowings 51,538 150,661 16,510 504,368 723,077 Variable rate: Brazilian Reais — 19,329 — — 19,329 U.S. Dollar 111,453 7,662 — — 119,115 Subtotal variable-rate borrowings 111,453 26,991 — — 138,444 Total borrowings as per analysis 162,991 177,652 16,510 504,368 861,521 Finance leases 595 — — — 595 Total borrowings as per statement of financial position 163,586 177,652 16,510 504,368 862,116 2017 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Fixed rate: Argentine Peso 6,448 — — — 6,448 Brazilian Reais — 96,951 — — 96,951 U.S. 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 U.S. 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 For the years ended December 31, 2018 and 2017 , 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. 2018 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Variable rate: Brazilian Reais — (193 ) — — (193 ) U.S. Dollar (1,115 ) (77 ) — — (1,192 ) Total effects on profit before income tax (1,115 ) (270 ) — — (1,385 ) 2017 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reias Uruguayan Peso U.S. Dollar Total Variable rate: Brazilian Reais — (277 ) — — (277 ) U.S. Dollar (496 ) (195 ) — — (691 ) Total effects on profit before income tax (496 ) (472 ) — — (968 )
Disclosure of capital risk management	During the year ended December 31, 2018 , the strategy was to maintain the gearing ratio within 0.40 to 0.60 , as follows: 2018 2017 (*) Total debt 862,116 817,958 Total equity 1,108,145 683,019 Total capital 1,970,261 1,500,977 Gearing ratio 0.44 0.54 (*) Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
Disclosure of financial instruments	As of December 31, 2018 : 2018 Type of derivative contract Quantities (thousands) (**) Notional amount Fair Value Asset/ (Liability) (Loss)/Gain (*) Futures: Sale Corn (97 ) (14,791 ) (209 ) (209 ) Soybean 25 8,089 527 177 Wheat (14 ) (2,483 ) (11 ) (85 ) Sugar 208,837 64,753 5,483 12,765 Options: Buy put Sugar 6,326 128 267 393 Sell call Sugar 1,118 132 (25 ) (156 ) Total 216,195 55,828 6,032 12,885 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 (*) 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, 2018
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: 2018 2017 Total reportable assets as per segment information 1,776,003 1,163,044 Intangible assets (excluding goodwill) 6,559 4,780 Deferred income tax assets 16,191 30,808 Trade and other receivables 197,506 172,214 Other assets 1,192 565 Derivative financial instruments 6,286 4,483 Cash and cash equivalents 273,635 269,195 Total assets as per the statement of financial position 2,277,372 1,645,089 2018 2017 Total reportable liabilities as per segment information 862,116 817,958 Trade and other payables 106,437 99,250 Deferred income tax liabilities 168,171 10,457 Payroll and social liabilities 27,197 28,507 Provisions for other liabilities 3,625 4,843 Current income tax liabilities 1,398 503 Derivative financial instruments 283 552 Total liabilities as per the statement of financial position 1,169,227 962,070 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, 2018 Farming Sugar, Ethanol and Energy Land Transformation Corporate Total Crops Rice Dairy All other segments Farming subtotal Sales of goods and services rendered 164,538 100,013 33,201 1,919 299,671 510,938 — — 810,609 Cost of goods sold and services rendered (165,988 ) (75,739 ) (31,488 ) (1,412 ) (274,627 ) (348,616 ) — — (623,243 ) Initial recognition and changes in fair value of biological assets and agricultural produce 36,422 8,967 7,295 (806 ) 51,878 (20,853 ) — — 31,025 Changes in net realizable value of agricultural produce after harvest 2,704 — — — 2,704 — — — 2,704 Margin on manufacturing and agricultural activities before operating expenses 37,676 33,241 9,008 (299 ) 79,626 141,469 — — 221,095 General and administrative expenses (4,239 ) (5,070 ) (2,034 ) (155 ) (11,498 ) (25,302 ) — (19,626 ) (56,426 ) Selling expenses (5,921 ) (15,465 ) (983 ) (165 ) (22,534 ) (69,442 ) — (178 ) (92,154 ) Other operating income, net 5,422 275 (1,055 ) 10,668 15,310 48,357 36,227 (167 ) 99,727 Profit / (loss) from operations before financing and taxation 32,938 12,981 4,936 10,049 60,904 95,082 36,227 (19,971 ) 172,242 Depreciation and amortization (1,697 ) (5,846 ) (2,253 ) (171 ) (9,967 ) (143,202 ) — — (153,169 ) Net gain from Fair value adjustment of investment property — — — 10,680 10,680 — — — 10,680 Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 8,205 (181 ) (599 ) 102 7,527 (37,808 ) — — (30,281 ) Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 28,217 9,148 7,894 (908 ) 44,351 16,955 — — 61,306 Changes in net realizable value of agricultural produce after harvest (unrealized) (647 ) — — — (647 ) — — — (647 ) Changes in net realizable value of agricultural produce after harvest (realized) 3,351 — — — 3,351 — — — 3,351 Farmlands and farmland improvements, net 547,842 173,481 727 22,891 744,941 51,567 — — 796,508 Machinery, equipment and other fixed assets, net 5,049 23,135 32,821 459 61,464 338,607 — — 400,071 Bearer plants, net 427 — — — 427 232,529 — — 232,956 Work in progress 8,690 5,214 14,317 18 28,239 22,665 — — 50,904 Investment property — — — 40,725 40,725 — — — 40,725 Goodwill 9,463 4,142 — 2,110 15,715 5,635 — — 21,350 Biological assets 27,347 17,173 10,298 3,094 57,912 47,475 — — 105,387 Finished goods 29,144 9,507 1,170 — 39,821 39,937 — — 79,758 Raw materials, stocks held by third parties and others 15,834 7,394 2,217 121 25,566 22,778 — — 48,344 Total segment assets 643,796 240,046 61,550 69,418 1,014,810 761,193 — — 1,776,003 Borrowings 111,692 58,999 543 4,860 176,094 600,810 — 85,212 862,116 Total segment liabilities 111,692 58,999 543 4,860 176,094 600,810 — 85,212 862,116 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 4,279 13,384 30,419 — (40 ) 43,763 Profit / (loss) from operations before financing and taxation 24,167 8,328 11,206 4,699 48,400 102,852 — (21,664 ) 129,588 Depreciation and amortization (1,511 ) (3,851 ) (1,037 ) (159 ) (6,558 ) (144,449 ) — — (151,007 ) Net gain from Fair value adjustment of investment property — — — 4,302 4,302 — — — 4,302 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 70,126 13,688 248 9,346 93,408 26,342 — — 119,750 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 — — — 42,342 42,342 — — — 42,342 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 166,527 84,079 29,146 59,351 339,103 823,941 — — 1,163,044 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 22,546 14,847 (8,903 ) — (192 ) 5,752 Profit / (loss) from operations before financing and taxation 26,093 8,932 4,753 22,942 62,720 142,835 — (20,957 ) 184,598 Depreciation and amortization (1,369 ) (2,766 ) (964 ) (192 ) (5,291 ) (122,209 ) — — (127,500 ) Net gain from Fair value adjustment of investment property — — — 14,049 14,049 — — — 14,049 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 )
Disclosure of geographical areas	As of and for the year ended December 31, 2018 : Argentina Brazil Uruguay Total Property, plant and equipment 811,890 656,586 11,963 1,480,439 Investment property 40,725 — — 40,725 Goodwill 15,081 6,269 — 21,350 Non-current portion of biological assets 11,270 — — 11,270 Sales of goods and services rendered 207,480 496,966 106,163 810,609 Initial recognition and changes in fair value of biological assets and agricultural produce 45,985 (13,541 ) (1,419 ) 31,025 Changes in net realizable value of agricultural produce after harvest 1,148 1,436 120 2,704 As of and for the year ended December 31, 2017 : Argentina Brazil Uruguay Total Property, plant and equipment 113,758 710,523 7,096 831,377 Investment property 42,342 — — 42,342 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 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 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 )

Sales (Tables)

Sales (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Revenue [Abstract]
Disclosure of sales	2018 2017 2016 Manufactured products and services rendered: Rice 92,560 83,849 94,331 Ethanol 324,661 241,650 211,451 Sugar 128,377 305,688 330,895 Soybean oil and meal 14,059 6,119 — Energy 57,797 62,218 53,995 Powder milk 8,646 2,713 4,816 Services 487 1,144 1,160 Operating Leases 643 771 984 Others 7,826 5,273 1,423 635,056 709,425 699,055 Agricultural produce and biological assets: Soybean 66,471 79,408 63,797 Cattle for dairy 2,891 3,380 3,059 Corn 33,106 82,482 48,502 Cotton — 420 1,434 Milk 19,267 31,656 24,561 Wheat 30,091 14,835 16,951 Peanut 1,752 3,648 1,703 Sunflower 1,314 3,163 7,275 Rice 216 — 950 Barley 1,203 1,888 1,240 Seeds 461 727 625 Others 1,411 2,146 83 158,183 223,753 170,180 Total sales 793,239 933,178 869,235

Cost of goods sold and servic_2

Cost of goods sold and services rendered (Tables)	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Cost of goods sold and services rendered	As of December 31, 2018 : 2018 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2018 (Note 19) 21,146 8,476 — — 32,266 61,888 Adjustment of opening net book amount for the application of IAS 29 42 1,354 — — — 1,396 Cost of production of manufactured products (Note 6) 17,930 61,600 7,546 36 349,495 436,607 Purchases 63,533 15,540 872 — 43,531 123,476 Agricultural produce 104,941 — 20,879 1,277 — 127,097 Transfer to raw material (24,375 ) — — — — (24,375 ) Direct agricultural selling expenses 12,629 — — — — 12,629 Tax recoveries (i) — — — — (32,380 ) (32,380 ) Changes in net realizable value of agricultural produce after harvest (909 ) — — — — (909 ) Finished goods at the end of December 31, 2018 (Note 19) (29,144 ) (9,507 ) (1,170 ) — (39,937 ) (79,758 ) Exchange differences (8,857 ) (2,490 ) — — (4,359 ) (15,706 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 156,936 74,973 28,127 1,313 348,616 609,965 (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, 2017 : 2017 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2017 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 — — — — (24,156 ) (24,156 ) Tax recoveries (i) 19,077 — — — — 19,077 Changes in net realizable value of agricultural produce after harvest (5,841 ) — — — — (5,841 ) Finished goods at the end of December 31, 2016 (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.

Expenses by nature (Tables)

Expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Expenses by nature	Expenses by nature for the year ended December 31, 2018 : 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 — 5,055 115 36 46,106 51,312 29,245 5,908 86,465 Raw materials and consumables 733 4,391 282 — 10,122 15,528 — — 15,528 Depreciation and amortization — 1,764 118 — 115,253 117,135 9,667 767 127,569 Fuel, lubricants and others — 117 — — 26,267 26,384 614 192 27,190 Maintenance and repairs — 1,452 30 — 19,715 21,197 1,573 365 23,135 Freights 47 2,519 436 — 685 3,687 — 24,700 28,387 Export taxes / selling taxes — — — — — — — 42,074 42,074 Export expenses — — — — — — — 2,774 2,774 Contractors and services 2,885 254 1,279 — 7,901 12,319 — — 12,319 Energy transmission — — — — — — — 2,689 2,689 Energy power — 1,239 138 — 1,340 2,717 145 57 2,919 Professional fees — 52 — — 484 536 7,781 556 8,873 Other taxes — 71 — — 1,841 1,912 1,309 10 3,231 Contingencies — — — — — — 1,345 — 1,345 Lease expense and similar arrangements — 276 3 — — 279 1,077 53 1,409 Third parties raw materials — 2,913 — — 13,154 16,067 — — 16,067 Others 3 1,697 223 — 5,067 6,990 3,324 10,070 20,384 Subtotal 3,668 21,800 2,624 36 247,935 276,063 56,080 90,215 422,358 Own agricultural produce consumed 14,262 39,800 4,922 — 101,560 160,544 — — 160,544 Total 17,930 61,600 7,546 36 349,495 436,607 56,080 90,215 582,902 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) 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 — 5,590 — 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

Salaries and social security _2

Salaries and social security expenses (Tables)	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Disclosure of salaries and social security expenses	2018 2017 2016 Wages and salaries (i) 105,931 132,025 117,423 Social security costs 29,865 30,558 28,849 Equity-settled share-based compensation 4,728 5,552 4,796 140,524 168,135 151,068 (i) Includes US$ 32,636 , US$ 41,172 and US$ 28,475 , capitalized in Property, Plant and Equipment for the years 2018 , 2017 and 2016 , respectively.

Other operating income, net (Ta

Other operating income, net (Tables)	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Summary of other operating income (expense)	2018 2017 (*) 2016 (*) Gain from disposal of farmland and other assets (Note 21) 36,227 — — Gain / (Loss) from commodity derivative financial instrument 54,694 40,842 (16,007 ) Loss from disposal of other property items (95 ) (986 ) (1,255 ) Settlement agreement (Note 29) — — 8,489 Net gain from fair value adjustment of investment property 13,409 4,302 14,049 Losses related to energy business — (3,247 ) — Others (3 ) 2,852 476 104,232 43,763 5,752 (*) Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Financial results, net (Tables)

Financial results, net (Tables)	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Disclosure of finance income (cost)	2018 2017 2016 Finance income: - Interest income 7,915 11,230 7,671 - Other income 666 514 286 Finance income 8,581 11,744 7,957 Finance costs: - Interest expense (51,577 ) (52,308 ) (48,198 ) - Cash flow hedge – transfer from equity (Note 2) (26,693 ) (20,758 ) (85,214 ) - Foreign exchange losses, net (183,195 ) (38,708 ) (19,062 ) - Taxes (3,136 ) (3,705 ) (2,719 ) - Loss from interest rate/foreign exchange rate derivative financial instruments (3,024 ) (2,163 ) (5,694 ) - Prepayment related expenses (Note 26 - Brazilian subsidiaries) — (10,847 ) — - Other expenses (3,638 ) (2,860 ) (4,493 ) Finance costs (271,263 ) (131,349 ) (165,380 ) Other financial results - Net gain of inflation effects on the monetary items 81,928 — — Total financial results, net (180,754 ) (119,605 ) (157,423 )

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2018
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: 2018 2017 (*) 2016 (*) Current income tax (2,846 ) (13,425 ) (21,505 ) Deferred income tax 3,870 18,417 8,606 Income tax benefit / (expense) 1,024 4,992 (12,899 )
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) 30 % 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. Considering 2018 resulted in losses for Argentine subsidiaries, no deferred income tax liability was recognized for future tax dividends.
Disclosure of temporary difference, unused tax losses and unused tax credits	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 Investment property Biological assets Others Total At January 1, 2017 58,832 13,543 14,122 17,475 103,972 Charged / (credited) to the statement of income 11,411 1,076 3,707 (15,583 ) 611 Exchange differences (4,437 ) (1,990 ) (1,057 ) 733 (6,751 ) At December 31, 2017 65,806 12,629 16,772 2,625 97,832 Charged / (credited) to the statement of income 31,237 2,730 (10,438 ) 1,570 25,099 Tax effect on the opening net book amount for the application of IAS 29 63,357 — 164 687 64,208 Effect of adoption of fair value valuation for farmlands 139,223 — — — 139,223 Exchange differences (29,040 ) (3,405 ) (3,032 ) (54 ) (35,531 ) At December 31, 2018 270,583 11,954 3,466 4,828 290,831 Deferred income tax assets Provisions Tax loss carry forwards Equity-settled share-based compensation Biological assets Others Total At January 1, 2017 2,431 97,118 5,640 — 9,137 114,326 Charged / (credited) to the statement of income (705 ) 11,907 41 — 7,785 19,028 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 — 13,902 118,183 (Credited) / charged to the statement of income 2,003 (10,798 ) (379 ) 4,572 33,571 28,969 Others — — — — (970 ) (970 ) Tax charge relating to cash flow hedge — 11,322 — — — 11,322 Exchange differences (526 ) (16,421 ) — 22 (1,728 ) (18,653 ) At December 31, 2018 3,960 80,220 5,302 4,594 44,775 138,851 Deferred tax assets and liabilities of the Group as of December 31, 2018 and 2017 , without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2018 2017 Deferred income tax asset to be recovered after more than 12 months 76,225 97,992 Deferred income tax asset to be recovered within 12 months 62,626 20,191 Deferred income tax assets 138,851 118,183 Deferred income tax liability to be settled after more than 12 months (289,158 ) (91,742 ) Deferred income tax liability to be settled within 12 months (1,673 ) (6,090 ) Deferred income tax liability (290,831 ) (97,832 ) Deferred income tax (liability) / assets, net (151,980 ) 20,351 The gross movement on the deferred income tax account is as follows: 2018 2017 Beginning of year 20,351 10,354 Tax effect on the opening net book amount for the application of IAS 29 (64,208 ) — Exchange differences 16,878 295 Effect of adoption of fair value valuation for farmlands (139,223 ) — Others (970 ) — Tax (charge) relating to cash flow hedge (i) 11,322 (8,715 ) Income tax benefit 3,870 18,417 End of year (151,980 ) 20,351 (i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$ 75,822 for the year ended December 31, 2018 ( 2017 : US$ (565) ); net of the reclassification from Equity to Income Statements of US$ (32,305) for the year ended December 31, 2018 ( 2017 : US$ (20,758) )
Disclosure of tax loss carryforwards	As of December 31, 2018 , the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina (1) 83,872 5 years Brazil 155,124 No expiration date. Uruguay 4,986 5 years Luxembourg 28,231 No expiration date. (1) As of December 31, 2018, the ageing of the determination tax loss carry forward in Argentina is as follows: Year of generation Amount 2015 17,536 2016 1,565 2017 15,889 2018 48,882
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: 2018 2017 (*) 2016 (*) Tax calculated at the tax rates applicable to profits in the respective countries 2,956 (3,013 ) (7,156 ) Non-deductible items (2,249 ) (1,406 ) (3,304 ) Non-deductible items – changes in estimates on previous year — — (1,182 ) Effect of the changes in the statutory income tax rate in Argentina (1,013 ) 1,781 — Unused tax losses (4,181 ) (2,265 ) — Tax losses where no deferred tax asset was recognized (2,368 ) (29 ) (569 ) Non-taxable income 13,069 2,437 — Previously unrecognized tax losses now recouped to reduce tax expenses — 7,595 — Effect of IAS 29 on Argentina´s Shareholder´s equity and deferred income tax (5,825 ) — — Others 635 (108 ) (688 ) Income tax benefit / (expense) 1,024 4,992 (12,899 )

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings per share [abstract]
Earnings per share	2018 2017 2016 (Loss) / Profit from operations attributable to equity holders of the Group (24,622 ) 13,198 11,568 Weighted average number of shares in issue (thousands) 116,637 120,599 121,421 Basic (loss) / earnings per share from operations (0.211 ) 0.109 0.095 2018 2017 2016 (Loss) / Profit from operations attributable to equity holders of the Group (24,622 ) 13,198 11,568 Weighted average number of shares in issue (thousands) 116,637 120,599 121,421 Adjustments for: - Employee share options and restricted units (thousands) 1,198 1,604 1,695 Weighted average number of shares for diluted earnings per share (thousands) 117,835 122,203 123,116 Diluted (loss) / earnings per share from operations (0.211 ) 0.108 0.094

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	Changes in the Group’s property, plant and equipment in 2018 and 2017 were as follows: Farmlands (*) Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At January 1, 2017 Cost 122,117 20,907 305,748 633,536 341,666 15,067 21,641 1,460,682 Accumulated depreciation — (11,267 ) (115,693 ) (382,226 ) (125,497 ) (11,132 ) — (645,815 ) Net book amount 122,117 9,640 190,055 251,310 216,169 3,935 21,641 814,867 At December 31, 2017 Opening net book amount 122,117 9,640 190,055 251,310 216,169 3,935 21,641 814,867 Exchange differences (11,374 ) (1,219 ) (4,473 ) (5,853 ) (4,089 ) (390 ) (2,901 ) (30,299 ) Additions — — 15,495 62,101 84,278 2,351 37,856 202,081 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 110,743 9,007 192,844 246,080 238,910 4,158 29,635 831,377 Farmlands (*) Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At December 31, 2017 Cost 110,743 22,399 329,366 696,266 421,855 16,999 29,635 1,627,263 Accumulated depreciation — (13,392 ) (136,522 ) (450,186 ) (182,945 ) (12,841 ) — (795,886 ) Net book amount 110,743 9,007 192,844 246,080 238,910 4,158 29,635 831,377 Year ended December 31, 2018 Opening net book amount 110,743 9,007 192,844 246,080 238,910 4,158 29,635 831,377 Adjustment of opening net book amount for the application of IAS 29 211,328 11,520 22,563 5,181 — 1,140 856 252,588 Exchange differences (78,858 ) (3,310 ) (34,195 ) (49,222 ) (36,504 ) 1,410 (6,408 ) (207,087 ) Additions — 97 13,773 50,759 96,365 2,098 61,829 224,921 Revaluation surplus (Note 33) 545,129 — — — — — — 545,129 Reclassification from investment property 3,313 — — — — — — 3,313 Transfers — 2,012 14,264 18,577 — 49 (34,902 ) — Disposals — — (149 ) (2,144 ) — (85 ) (67 ) (2,445 ) Disposals of subsidiaries (11,471 ) — (593 ) (17 ) (1,667 ) — — (13,748 ) Reclassification to non-income tax credits (**) — — (114 ) (422 ) — — (39 ) (575 ) Depreciation — (3,002 ) (19,771 ) (63,644 ) (64,148 ) (2,469 ) — (153,034 ) Closing net book amount 780,184 16,324 188,622 205,148 232,956 6,301 50,904 1,480,439 At December 31, 2018 Cost of fair value 780,184 32,718 344,915 718,978 480,049 21,611 50,904 2,429,359 Accumulated depreciation — (16,394 ) (156,293 ) (513,830 ) (247,093 ) (15,310 ) — (948,920 ) Net book amount 780,184 16,324 188,622 205,148 232,956 6,301 50,904 1,480,439 (*) Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33. (**) 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, 2018 and 2017 , 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 - based on productivity

Investment property (Tables)

Investment property (Tables)	12 Months Ended
	Dec. 31, 2018
Investment property [abstract]
Disclosure of detailed information about investment property	Changes in the Group’s investment property in 2018 and 2017 were as follows: 2018 2017 (*) Beginning of the year 42,342 44,581 Net gain from fair value adjustment (Note 8) 13,409 4,302 Reclassification to property, plant and equipment (i) (3,313 ) — Exchange difference (11,713 ) (6,541 ) End of the year 40,725 42,342 Fair value 40,725 42,342 Net book amount 40,725 42,342 (i) Relates to new contracts with third parties.

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2018
Intangible Assets [Abstract]
Change in group's intangible assets	Changes in the Group’s intangible assets in 2018 and 2017 were as follows: Goodwill Software Others Total At January 1, 2017 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 Year ended December 31, 2018 Opening net book amount 12,412 3,851 929 17,192 Adjustment of opening net book amount for the application of IAS 29 (Note 33) 15,554 836 — 16,390 Exchange differences (6,616 ) (1,139 ) (20 ) (7,775 ) Additions — 3,217 105 3,322 Amortization charge (i) — (1,168 ) (52 ) (1,220 ) Closing net book amount 21,350 5,597 962 27,909 At December 31, 2018 Cost 21,350 10,163 2,781 34,294 Accumulated amortization — (4,566 ) (1,819 ) (6,385 ) Net book amount 21,350 5,597 962 27,909 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2018 and 2017 , 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, 2018
Agriculture1 [Abstract]
Disclosure of reconciliation of changes in biological assets	Cost of production as of December 31, 2018 : Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits 2,710 5,336 3,429 540 9,408 21,423 Depreciation and amortization 147 — — — 3,436 3,583 Fertilizers, agrochemicals and seeds 34,961 10,189 — — 35,016 80,166 Fuel, lubricants and others 811 660 683 60 2,790 5,004 Maintenance and repairs 943 2,349 1,557 287 1,789 6,925 Freights 119 387 80 92 — 678 Contractors and services 23,231 10,571 — 38 5,621 39,461 Feeding expenses — — 9,795 146 — 9,941 Veterinary expenses — — 1,522 141 — 1,663 Energy power 109 2,432 764 — — 3,305 Professional fees 165 83 140 4 177 569 Other taxes 1,293 114 8 83 42 1,540 Lease expense and similar arrangements 11,868 174 — 3 34,666 46,711 Others 2,627 826 289 30 1,176 4,948 Subtotal 78,984 33,121 18,267 1,424 94,121 225,917 Own agricultural produce consumed — — 5,464 345 — 5,809 Total 78,984 33,121 23,731 1,769 94,121 231,726 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 Changes in the Group’s biological assets in 2018 and 2017 were as follows: 2018 Crops (ii) Rice (ii) Dairy All other segments Sugarcane (ii) Total Beginning of the year 31,745 29,717 9,338 4,016 93,178 167,994 Adjustment of opening net book amount for the application of IAS 29 640 17 — — — 657 Increase due to purchases — — — 906 — 906 Initial recognition and changes in fair value of biological assets (i) 28,663 4,125 5,455 (1,198 ) (20,850 ) 16,195 Decrease due to harvest / disposals (104,941 ) (39,578 ) (25,800 ) (1,278 ) (105,536 ) (277,133 ) Costs incurred during the year 78,984 33,121 23,731 1,769 94,121 231,726 Exchange differences (7,744 ) (10,229 ) (2,426 ) (1,121 ) (13,438 ) (34,958 ) End of the year 27,347 17,173 10,298 3,094 47,475 105,387 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 (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$ 4,257 for the year ended December 31, 2018 ( 2017 : US$ 12,036 ). In 2018 , an amount of US$ 2,414 ( 2017 : US$ 2,830 ) was attributable to price changes, and an amount of US$ 1,843 ( 2017 : US$ 9,206 ) 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, 2018 and 2017 were as follows: 2018 2017 Non-current Cattle for dairy production (i) 9,859 8,989 Breeding cattle (ii) 1,310 1,984 Other cattle (ii) 101 303 11,270 11,276 Current Breeding cattle (iii) 1,683 1,729 Other cattle (iii) 439 349 Sown land – crops (ii) 27,347 31,745 Sown land – rice (ii) 17,173 29,717 Sown land – sugarcane (ii) 47,475 93,178 94,117 156,718 Total biological assets 105,387 167,994 (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 table presents the Group´s biological assets that are measured at fair value at December 31, 2018 and 2017 (see Note 17 to see the description of each fair value level): 2018 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 9,859 — 9,859 — 8,989 — 8,989 Breeding cattle 2,993 — — 2,993 3,713 — — 3,713 Other cattle — 540 — 540 — 652 — 652 Sown land – sugarcane — — 47,475 47,475 — — 93,178 93,178 Sown land – crops — — 27,347 27,347 — — 31,745 31,745 Sown land – rice — — 17,173 17,173 — — 29,717 29,717 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 2018 2017 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 – US$ per hectare; - Crops yield: 1.2 – 5.2 tn/ha for Wheat, 2.2 – 9.4 tn/ha for Corn, 1.1 - 4.1 tn/ha for Soybean and 1.5-2.1 for Sunflower - 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 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: 6.0 -7.4 tn/ha -Rice yield: 5.0 -5.9 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. 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 5,790 Options Quoted price — — 1 242 NDF Quoted price Foreign-exchange curve. Present value method 2 (29 ) 6,003 The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2018 and 2017 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2018 6,286 — 6,286 Derivative financial instruments 2017 4,463 20 4,483 Liabilities Derivative financial instruments 2018 (254 ) (29 ) (283 ) Derivative financial instruments 2017 (498 ) (54 ) (552 )

Investments in joint ventures (

Investments in joint ventures (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 and 2016 : % of ownership interest held Name of the entity Country of incorporation and operation December 31, 2018 December 31, 2017 December 31, 2016 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: 2018 2017 Assets: Non-current assets 9,860 7,931 Current assets 6,710 8,882 16,570 16,813 Liabilities: Non-current liabilities 25,949 22,002 Current liabilities 18,622 19,197 44,571 41,199 Net liabilities of joint venture (28,001 ) (24,386 ) 2018 2017 2016 Income 9,305 14,879 9,390 Expenses (31,989 ) (22,657 ) (16,048 ) Loss before income tax (22,684 ) (7,778 ) (6,658 )

Financial instruments by cate_2

Financial instruments by category (Tables)	12 Months Ended
	Dec. 31, 2018
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”. There was no reclassification between categories for the adoption of IFRS 9 (see Note 33). Financial assets at amortized cost Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2018 Assets as per statement of financial position Trade and other receivables 91,183 — 91,183 106,323 197,506 Derivative financial instruments — 6,286 6,286 — 6,286 Cash and cash equivalents 273,635 — 273,635 — 273,635 Total 364,818 6,286 371,104 106,323 477,427 Liabilities at fair value through profit or loss Financial liabilities at amortized cost Subtotal financial liabilities Non- financial liabilities Total Liabilities as per statement of financial position Trade and other payables — 96,167 96,167 10,270 106,437 Borrowings (excluding finance lease liabilities) (i) — 861,521 861,521 — 861,521 Finance leases — 595 595 — 595 Derivative financial instruments (i) 283 — 283 — 283 Total 283 958,283 958,566 10,270 968,836 (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 U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2). Financial assets at amortized cost 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 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 U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).
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”. There was no reclassification between categories for the adoption of IFRS 9 (see Note 33). Financial assets at amortized cost Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2018 Assets as per statement of financial position Trade and other receivables 91,183 — 91,183 106,323 197,506 Derivative financial instruments — 6,286 6,286 — 6,286 Cash and cash equivalents 273,635 — 273,635 — 273,635 Total 364,818 6,286 371,104 106,323 477,427 Liabilities at fair value through profit or loss Financial liabilities at amortized cost Subtotal financial liabilities Non- financial liabilities Total Liabilities as per statement of financial position Trade and other payables — 96,167 96,167 10,270 106,437 Borrowings (excluding finance lease liabilities) (i) — 861,521 861,521 — 861,521 Finance leases — 595 595 — 595 Derivative financial instruments (i) 283 — 283 — 283 Total 283 958,283 958,566 10,270 968,836 (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 U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2). Financial assets at amortized cost 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 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 U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).
Disclosure of income, expense, gains and losses on financial	Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial asset at amortized cost Assets/ liabilities at fair value through profit or loss Other financial liabilities at amortized cost Total December 31, 2018 Interest income (i) 7,915 — — 7,915 Interest expense (i) (35,794 ) — (15,783 ) (51,577 ) Foreign exchange gains / (losses) (i) (108,936 ) (41,218 ) (33,041 ) (183,195 ) Gain from derivative financial instruments (ii) — 51,670 — 51,670 Net result (136,815 ) 10,452 (48,824 ) (175,187 ) Financial assets at amortized cost Assets/ liabilities at fair value through profit or loss 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 ) Loss from derivative financial instruments (ii) — 38,679 — 38,679 Net result (46,372 ) 29,277 (24,012 ) (41,107 ) (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 table presents the Group´s biological assets that are measured at fair value at December 31, 2018 and 2017 (see Note 17 to see the description of each fair value level): 2018 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 9,859 — 9,859 — 8,989 — 8,989 Breeding cattle 2,993 — — 2,993 3,713 — — 3,713 Other cattle — 540 — 540 — 652 — 652 Sown land – sugarcane — — 47,475 47,475 — — 93,178 93,178 Sown land – crops — — 27,347 27,347 — — 31,745 31,745 Sown land – rice — — 17,173 17,173 — — 29,717 29,717 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 2018 2017 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 – US$ per hectare; - Crops yield: 1.2 – 5.2 tn/ha for Wheat, 2.2 – 9.4 tn/ha for Corn, 1.1 - 4.1 tn/ha for Soybean and 1.5-2.1 for Sunflower - 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 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: 6.0 -7.4 tn/ha -Rice yield: 5.0 -5.9 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. 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 5,790 Options Quoted price — — 1 242 NDF Quoted price Foreign-exchange curve. Present value method 2 (29 ) 6,003 The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2018 and 2017 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2018 6,286 — 6,286 Derivative financial instruments 2017 4,463 20 4,483 Liabilities Derivative financial instruments 2018 (254 ) (29 ) (283 ) Derivative financial instruments 2017 (498 ) (54 ) (552 )
Disclosure of fair value measurement of liabilities	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 5,790 Options Quoted price — — 1 242 NDF Quoted price Foreign-exchange curve. Present value method 2 (29 ) 6,003 The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2018 and 2017 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2018 6,286 — 6,286 Derivative financial instruments 2017 4,463 20 4,483 Liabilities Derivative financial instruments 2018 (254 ) (29 ) (283 ) Derivative financial instruments 2017 (498 ) (54 ) (552 )

Trade and other receivables, _2

Trade and other receivables, net (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Summary of current and non-current trade and other receivables	2018 2017 Non-current Trade receivables — 6,597 Trade receivables — 6,597 Advances to suppliers 2,343 2,363 Income tax credits 4,429 6,955 Non-income tax credits (i) 15,998 1,863 Judicial deposits 2,908 3,191 Receivable from disposal of subsidiary (Note 21) 10,944 — Other receivables 2,198 1,138 Non-current portion 38,820 22,107 Current Trade receivables 60,167 43,078 Receivables from related parties (Note 31) 8,337 10,218 Less: Allowance for trade receivables (2,503 ) (1,002 ) Trade receivables – net 66,001 52,294 Prepaid expenses 9,396 11,565 Advances to suppliers 43,365 36,497 Income tax credits 2,560 2,046 Non-income tax credits (i) 28,232 38,865 Receivable from disposal of subsidiary (Note 21) 3,709 — Cash collateral 1,505 380 Receivables from related parties (Note 31) 324 176 Other receivables 3,594 8,284 Subtotal 92,685 97,813 Current portion 158,686 150,107 Total trade and other receivables, net 197,506 172,214 (i) Includes US$ 575 ( 2017 : 1,086 ) 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 U.S. Dollars): 2018 2017 Currency U.S. Dollar 52,342 50,400 Argentine Peso 42,896 48,911 Uruguayan Peso 534 415 Brazilian Reais 101,734 72,488 197,506 172,214
Disclosure of reconciliation of changes in allowance for trade receivables	Movements on the Group’s allowance for trade receivables are as follows: 2018 2017 2016 At January 1 1,002 643 481 Charge of the year 2,468 758 387 Unused amounts reversed (237 ) (133 ) (178 ) Used during the year (281 ) (193 ) — Exchange differences (449 ) (73 ) (47 ) At December 31 2,503 1,002 643

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Inventories [Abstract]
Disclosure of current inventories	2018 2017 Raw materials 48,140 46,836 Finished goods (Note 5) (1) 79,758 61,888 Others 204 195 128,102 108,919 (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, 2018
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of cash and cash equivalents	2018 2017 Cash at bank and on hand 197,544 118,358 Short-term bank deposits 76,091 150,837 273,635 269,195

Shareholders' contributions (Ta

Shareholders' contributions (Tables)	12 Months Ended
	Dec. 31, 2018
Statement of changes in equity [abstract]
Disclosure of share capital	Number of shares Share capital and share premium At January 1, 2016 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 and units vested (Note 23) — 4,149 Purchase of own shares — (32,515 ) At December 31,2017 122,382 1,092,507 Restricted shares units vested (Note 23) — 4,775 Purchase of own shares — (13,206 ) At December 31,2018 122,382 1,084,076 (1) Treasury shares were used to settle these options and units.

Equity-settled share-based pa_2

Equity-settled share-based payments Equity-settled share-based payments (Tables)	12 Months Ended
	Dec. 31, 2018
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: 2018 2017 2016 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 1,634 6.66 1,641 6.67 1,696 Exercised — — 5.83 (7 ) 6.96 (55 ) At December 31 6.66 1,634 6.66 1,634 6.66 1,641 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): 2018 2017 2016 May 1, 2024 5.83 496 496 495 May 1, 2025 5.83 452 452 452 January 1, 2026 5.83 142 142 150 February 16, 2026 7.11 103 103 103 October 1, 2026 8.62 441 441 441 (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: 2018 2017 2016 Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) At January 1 13.31 851 13.07 1,658 13.07 1,701 Forfeited 13.27 (11 ) 13.40 (4 ) 12.98 (43 ) Expired 12.82 (103 ) 12.82 (803 ) — — At December 31 13.37 737 13.31 851 13.07 1,658 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: 2018 2017 2016 From Nov 13, 2017 to Aug 25, 2018 12.82 — 105 908 January 30, 2019 13.40 595 595 595 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 97 106 110 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 2018 2,371 2017 2,485 2016 3,299
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, 2016 May 15, 2016 Apr 1, 2017 May 15, 2017 Apr 1, 2018 May 15, 2018 Fair value 12.63 12.52 11.88 12.14 8.43 9.10 Possibility of ceasing employment before vesting — % — % — % — % — % — %
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) 2018 2017 2016 At January 1 969 1,000 1,018 Granted (1) 530 488 464 Forfeited (25 ) (29 ) (29 ) Vested (498 ) (490 ) (453 ) At December 31 976 969 1,000 (1) Approved by the Board of Directors of March 13, 2018 and the Shareholders Meeting of April 18, 2018.

Trade and other payable (Tables

Trade and other payable (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Summary of trade and other payables	2018 2017 Non-current Payable from acquisition of property, plant and equipment (i) — 521 Other payables 211 306 211 827 Current Trade payables 94,483 82,824 Advances from customers 3,813 6,722 Amounts due to related parties (Note 31) 354 628 Taxes payable 6,457 6,462 Other payables 1,119 1,787 106,226 98,423 Total trade and other payables 106,437 99,250 (i) These trades payable are mainly collateralized by property, plant and equipment of the Group.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Disclosure of detailed information about borrowings	Bank Grant date Nominal amount Capital outstanding as of December 31 Maturity date Annual interest rate 2018 2017 (In millions) (In millions) (In millions) IFC Tranche A (1) Dec-16 US$25.00 US$22.70 US$24.67 Sep-21 4.3% per annum IFC Tranche B (1) Dec-16 US$25.00 US$21.40 US$24.93 Sep-23 4% plus LIBOR Rabobank (2) Jun-18 US$50.00 US$50.00 — Jun-24 3% plus LIBOR (1) Collateralized by a US$ 113 million mortgage over Carmen farm, which is property of Adeco Agropecuaria S.A. (2) Collateralized by the pledged of the shares of Dinaluca S.A., Compañía Agroforestal S.M.S.A. y Bañado del Salado S.A. 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 2018 2017 (In millions) Millions of Reais Millions of equivalent Dollars Millions of equivalent Dollars Banco Do Brasil (1) October 2012 R$ 130.0 R$ 72.7 18.8 27.6 November 2022 2.94% minus 15% of performance bonus Itau BBA FINAME Loan (2) December 2012 R$ 45.9 R$ 12.1 3.1 7.6 December 2022 2.50% Banco do Brasil / Itaú BBA Finem Loan (3) September 2013 R$ 273.0 R$ 147.1 38.0 53.4 January 2023 6.83% BNDES Finem Loan (4) November 2013 R$ 215.0 R$ 110.8 28.6 41.4 January 2023 3.75% Tokyo-Mitsubishi (5) August 2016 US$ 30.0 — 8.6 30.0 August 2019 6.35% ING Bank N.V. (6) October 2018 US$ 75.0 - 75.0 — October 2023 6.33% (1) Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; and (iii) 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; and (iii) 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) liens over the Ivinhema mill and equipment; and (iv) long term power purchase agreements (PPA). (4) Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts. (5) Collateralized by sales contracts. (6) Collateralized by sales contracts. 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: 2018 2017 Fixed rate: Less than 1 year 105,708 132,998 Between 1 and 2 years 16,287 35,762 Between 2 and 3 years 25,704 20,097 Between 3 and 4 years 43,507 20,130 Between 4 and 5 years 26,415 16,310 More than 5 years 505,456 495,754 723,077 721,051 Variable rate: Less than 1 year 37,724 21,833 Between 1 and 2 years 17,278 22,871 Between 2 and 3 years 29,861 17,945 Between 3 and 4 years 22,886 18,215 Between 4 and 5 years 18,251 11,164 More than 5 years 12,444 4,774 138,444 96,802 861,521 817,853 2018 2017 Non-current Senior Notes 496,118 495,707 Bank borrowings 221,971 167,315 Obligations under finance leases 395 38 718,484 663,060 Current Senior Notes 8,250 8,250 Bank overdrafts 2,320 6,214 Bank borrowings 132,862 140,367 Obligations under finance leases 200 67 143,632 154,898 Total borrowings 862,116 817,958 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, 2018 and 2017 is as follow: 2018 2017 Amount at the beginning of the year 817,958 635,396 Issuance of senior notes — 495,678 Proceeds from long term borrowings 45,536 232,433 Payments of long term borrowings (124,349 ) (602,700 ) Proceeds from short term borrowings 318,108 106,730 Payments of short term borrowings (190,630 ) (64,787 ) Payments of interest (1). (47,401 ) (39,118 ) Accrued interest 61,186 51,005 Exchange differences, inflation and translation, net (19,506 ) (4,588 ) Others 1,214 7,909 Amount at the end of the year 862,116 817,958 (1): Excludes payment of interest related to trade and other payables.

Payroll and social securities_2

Payroll and social securities payable (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Payroll and social security liabilities	2018 2017 Non-current Social security payable 1,219 1,240 1,219 1,240 Current Salaries payable 8,841 6,199 Social security payable 3,112 3,702 Provision for vacations 9,770 12,323 Provision for bonuses 4,255 5,043 25,978 27,267 Total payroll and social security liabilities 27,197 28,507

Provisions for other liabilit_2

Provisions for other liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2017 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 Additions 1,147 — 1,147 Used during year (1,379 ) — (1,379 ) Exchange differences (986 ) — (986 ) At December 31, 2018 3,620 5 3,625 Analysis of total provisions: 2018 2017 Non current 3,296 4,078 Current 329 765 3,625 4,843

Disclosure of leases and simi_2

Disclosure of leases and similar arrangements (Tables)	12 Months Ended
	Dec. 31, 2018
Leases1 [Abstract]
Disclosure of finance lease and operating lease by lessee	The future aggregate minimum lease payments under cancellable operating leases are as follows: 2018 2017 No later than 1 year 9,082 7,841 Later than 1 year and no later than 5 years 426 1,234 9,508 9,075
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”: 2018 2017 2016 Rental income 643 771 984 The future minimum rental payments receivable under cancellable leases are as follows: 2018 2017 No later than 1 year 32 504 Later than 1 year and no later than 5 years 306 1,014 338 1,518

Group companies (Tables)

Group companies (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of subsidiaries [abstract]
Disclosure of interests in subsidiaries	The following table details the subsidiaries that comprised the Group as of December 31, 2018 and 2017 : 2018 2017 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 — — L3N S.A. (e) Argentina — — Adeco Agropecuaria Brasil Ltda. (b) Brazil — — Adecoagro Vale do Ivinhema Ltda. ("AVI") (b) Brazil — — Adecoagro Commodities Ltda. (b) Brazil — — Usina Monte Alegre Ltda. ("UMA") (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 Hispania S.L.U.; Leterton España S.L.U.; Global Asterion S.L.U.; Global Acasto S.L.U.; Global Laertes S.L.U.; Global Seward S.L.U.; Global Pindaro S.L.U.; Global Pileo S.L.U.; Peak Texas S.L.U.; Peak City S.L.U.; Global Neimoidia 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. (e) Mainly dairy

Related-party transactions (Tab

Related-party transactions (Tables)	12 Months Ended
	Dec. 31, 2018
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) 2018 2017 2016 2018 2017 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) (2,279 ) (3,326 ) (42 ) — — Receivables from related parties (Note 18) — — — 324 176 Payables (Note 25) — — — (160 ) (367 ) Directors and senior management Employment Compensation selected employees (7,122 ) (7,040 ) (5,213 ) (16,353 ) (17,985 ) CHS Agro Joint venture Receivables from related parties (Note 18) (iii) — — — 8,337 10,218 Payables (Note 25) — — — (194 ) (261 ) Sales of goods 456 2,487 372 — — Services 210 88 87 — — Interest income 242 308 326 — — (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_2

Critical accounting estimates and judgments (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 September 30, 2017 AVI / Sugar, Ethanol and Energy 3,966 5,012 UMA / Sugar, Ethanol and Energy 2,107 2,622 Closing net book value of goodwill allocated to CGUs tested (Note 14) 6,073 7,634 Closing net book value of PPE items and other assets allocated to CGUs tested 618,818 719,558 Total assets allocated to 3 CGUs tested 624,891 727,192 The following table shows only the 11 CGUs (2017: 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, 2018 September 30, 2017 La Carolina / Crops / Argentina 112 35 La Carolina / Cattle / Argentina 38 12 El Orden/ Crops / Argentina 170 53 El Orden/ Cattle / Argentina 14 4 La Guarida / Crops / Argentina 1,149 358 La Guarida / Cattle / Argentina 937 292 Los Guayacanes / Crops / Argentina 1,449 452 Doña Marina / Rice / Argentina 3,385 1,595 Huelen / Crops / Argentina 3,369 1,787 El Colorado / Crops / Argentina 1,484 787 El Colorado / Cattle / Argentina 216 115 Closing net book value of goodwill allocated to CGUs tested (Note 14) 12,323 5,490 Closing net book value of PPE items and other assets allocated to CGUs tested 179,545 34,668 Total assets allocated to CGUs tested 191,868 40,158
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, 2018 September 30, 2017 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 0.11% per annum 1.13% per annum Future cost increases 3.11% per annum 0.09% per annum Discount rates 8.4% 7.6% 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, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (587,462)	$ (562,029)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(21,757)	(21,958)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	35,884	(17,134)
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(600,680)	(521,836)
Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(909)	(1,101)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(282,129)	(226,404)
Argentine Peso | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(21,757)	(21,958)
Argentine Peso | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(260,372)	(204,446)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(444,617)	(479,100)
Brazilian Reais | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	35,884	(17,134)
Brazilian Reais | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(480,501)	(461,966)
Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	23,603	19,350
Uruguay, Pesos | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	24,512	20,451
Uruguay, Pesos | Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(909)	(1,101)
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	115,681	124,125
US Dollar | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 115,681	$ 124,125

Financial risk management - Nar

Financial risk management - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)customerbank	Dec. 31, 2017USD ($)customerbank		Dec. 31, 2016USD ($)		Jul. 31, 2016BRL (R$)	Dec. 31, 2015USD ($)	[1]
Disclosure of major customers [line items]
Percentage of sales designated for hedging activities	19.50%	24.60%
Gain (loss) on hedge ineffectiveness recognised in other comprehensive income	$ 75,822	$ (530)
Reclassification adjustments on cash flow hedges for which hedged item affected profit or loss, net of tax	(26,693)	20,758
Cash and cash equivalents	$ 273,635	$ 269,195	[1],[2]	$ 158,568	[1],[2]		$ 198,894
Number of major banks | bank	5	4
Gearing ratio	44.00%	54.00%
Nominal amount	$ 68,100	$ 63,300		$ 111,800
Derivative financial liabilities	283	552
Notional amount	$ 55,828	$ 130,069
Bottom of range
Disclosure of major customers [line items]
Gearing ratio	40.00%
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%	78.00%
Number of major banks | bank	1
Credit risk | Crops
Disclosure of major customers [line items]
Percentage of sales	87.00%	97.00%
Number of well-known customers | customer	49	111
Credit risk | Ethanol
Disclosure of major customers [line items]
Percentage of sales	100.00%	100.00%
Number of well-known customers | customer	54	7
Credit risk | Sugar
Disclosure of major customers [line items]
Percentage of sales	99.00%	87.00%
Number of well-known customers | customer	19	24
Credit risk | Crystal Sugar
Disclosure of major customers [line items]
Percentage of sales	1.00%	13.00%
Credit risk | Energy
Disclosure of major customers [line items]
Percentage of sales	97.00%	99.00%
Number of well-known customers | customer	29
Credit risk | Dairy
Disclosure of major customers [line items]
Percentage of sales	92.00%	100.00%
Number of well-known customers | customer	21	29
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	4,900	$ 10,500
Gain (loss) on hedge ineffectiveness recognised in profit or loss	100	100
Brazilian Reais | Euro-bob swap
Disclosure of major customers [line items]
Gain (loss) on hedge ineffectiveness recognised in profit or loss	1,600
Brazilian Reais | Interest rate risk | Floating interest rate
Disclosure of major customers [line items]
Borrowings, interest rate						6.55%
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
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Financial risk management - Cur

Financial risk management - Currency Appreciation/Depreciation Effects on Net Monetary Position (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (587,462)	$ (562,029)
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(600,680)	(521,836)
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(282,129)	(226,404)
Argentine Peso | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(260,372)	(204,446)
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(444,617)	(479,100)
Brazilian Reais | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(480,501)	(461,966)
Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	23,603	19,350
Uruguay, Pesos | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	24,512	20,451
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	115,681	124,125
US Dollar | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	115,681	124,125
Currency risk | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(71,636)	(64,597)
Currency risk | Argentine Peso | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(26,037)	(20,445)
Currency risk | Brazilian Reais | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(48,050)	(46,197)
Currency risk | Uruguay, Pesos | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 2,451	$ 2,045

Financial risk management - Mat

Financial risk management - Maturity Analysis Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	$ 96,167	$ 86,066
Total debt	1,188,542	1,148,554
Derivative financial instruments	283	552
Total	1,284,992	1,235,172
Less than 1 year
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	95,956	85,239
Total debt	190,671	197,975
Derivative financial instruments	258	552
Total	286,885	283,766
Between 1 and 2 years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	6	557
Total debt	74,478	96,867
Derivative financial instruments	25	0
Total	74,509	97,424
Between 2 and 5 years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	18	49
Total debt	286,557	56,486
Derivative financial instruments	0	0
Total	286,575	56,535
Over 5 Years
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items]
Trade and other payables	187	221
Total debt	636,836	797,226
Derivative financial instruments	0	0
Total	$ 637,023	$ 797,447

Financial risk management - Ana

Financial risk management - Analysis of Borrowings after Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (587,462)	$ (562,029)
Finance leases	595	105
Total debt	862,116	817,958	$ 635,396
Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	861,521	817,853
Finance leases	595	105
Total debt	862,116	817,958
Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	723,077	721,051
Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	138,444	96,802
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(21,757)	(21,958)
Argentine Peso | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	2,320	6,448
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	35,884	(17,134)
Brazilian Reais | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	62,939	96,951
Brazilian Reais | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	19,329	27,668
US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(600,680)	(521,836)
US Dollar | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	657,818	617,652
US Dollar | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	119,115	69,134
Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(282,129)	(226,404)
Argentine Peso | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	162,991	125,010
Finance leases	595	105
Total debt	163,586	125,115
Argentine Peso | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	51,538	75,411
Argentine Peso | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	111,453	49,599
Argentine Peso | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(21,757)	(21,958)
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	2,320	6,448
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	(260,372)	(204,446)
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	49,218	68,963
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	111,453	49,599
Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(444,617)	(479,100)
Brazilian Reais | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	177,652	178,829
Finance leases	0	0
Total debt	177,652	178,829
Brazilian Reais | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	150,661	131,626
Brazilian Reais | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	26,991	47,203
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	35,884	(17,134)
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	62,939	96,951
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	19,329	27,668
Brazilian Reais | US Dollar
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(480,501)	(461,966)
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	87,722	34,675
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	7,662	19,535
Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	23,603	19,350
Uruguay, Pesos | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	16,510	10,010
Finance leases	0	0
Total debt	16,510	10,010
Uruguay, Pesos | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	16,510	10,010
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	24,512	20,451
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	16,510	10,010
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	115,681	124,125
US Dollar | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	504,368	504,004
Finance leases	0	0
Total debt	504,368	504,004
US Dollar | Fixed interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	504,368	504,004
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	115,681	124,125
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	504,368	504,004
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, 2018	Dec. 31, 2017		Dec. 31, 2016	[1]
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	$ (24,257)	$ 9,983	[1]	$ 27,175
Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	(1,385)	(968)
Floating interest rate | Interest rate risk | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	(1,115)	(496)
Floating interest rate | Interest rate risk | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	(270)	(472)
Floating interest rate | Interest rate risk | Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	0	0
Floating interest rate | Interest rate risk | US Dollar
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	0	0
Brazilian Reais | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	(193)	(277)
Brazilian Reais | Floating interest rate | Interest rate risk | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	0	0
Brazilian Reais | Floating interest rate | Interest rate risk | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	(193)	(277)
Brazilian Reais | Floating interest rate | Interest rate risk | Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	0	0
Brazilian Reais | Floating interest rate | Interest rate risk | US Dollar
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	0	0
US Dollar | Floating interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	(1,192)	(691)
US Dollar | Floating interest rate | Interest rate risk | Argentine Peso
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	(1,115)	(496)
US Dollar | Floating interest rate | Interest rate risk | Brazilian Reais
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	(77)	(195)
US Dollar | Floating interest rate | Interest rate risk | Uruguay, Pesos
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	0	0
US Dollar | Floating interest rate | Interest rate risk | US Dollar
Disclosure of detailed information about financial instruments [line items]
(Loss) / Profit before income tax	$ 0	$ 0
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Financial risk management - S_2

Financial risk management - Summary of Capital Risk Management (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Disclosure of detailed information about financial instruments [abstract]
Total debt	$ 862,116	$ 817,958		$ 635,396
Total equity	1,108,145	683,019	[1],[2]	$ 712,304	[2],[3]	$ 564,150
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES	$ 1,970,261	$ 1,500,977
Gearing ratio	44.00%	54.00%
[1]	2017 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.
[3]	2016 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Financial risk management - S_3

Financial risk management - Summary of Derivative Contracts (Details) ton in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)ton	Dec. 31, 2017USD ($)ton
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	216,195	347,451
Notional amount	$ 55,828	$ 130,069
Fair Value Asset/ (Liability)	6,032	3,965
Loss/(Gain)	$ 12,885	$ 3,336
Corn | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	(97)	(33)
Notional amount	$ (14,791)	$ (3,198)
Fair Value Asset/ (Liability)	(209)	48
Loss/(Gain)	$ (209)	$ 361
Soybean | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	25	83
Notional amount	$ 8,089	$ 19,195
Fair Value Asset/ (Liability)	527	670
Loss/(Gain)	$ 177	$ (765)
Wheat | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	(14)	(45)
Notional amount	$ (2,483)	$ (7,083)
Fair Value Asset/ (Liability)	(11)	(38)
Loss/(Gain)	$ (85)	$ (38)
Sugar | Futures
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	208,837	343,874
Notional amount	$ 64,753	$ 121,072
Fair Value Asset/ (Liability)	5,483	3,231
Loss/(Gain)	$ 12,765	$ 3,808
Sugar | Buy put
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	6,326
Notional amount	$ 128
Fair Value Asset/ (Liability)	267
Loss/(Gain)	$ 393
Sugar | Sell call
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton	1,118
Notional amount	$ 132
Fair Value Asset/ (Liability)	(25)
Loss/(Gain)	$ (156)
Sugar | Sell put
Disclosure of detailed information about financial instruments [line items]
Tons of biological asset | ton		3,572
Notional amount		$ 83
Fair Value Asset/ (Liability)		54
Loss/(Gain)		$ (30)

Segment information - Reconcil

Segment information - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of operating segments [line items]
Sales of goods and services rendered	$ 793,239	$ 933,178	[1]	$ 869,235	[1]
Cost of goods sold and services rendered	(609,965)	(766,727)	[1]	(678,581)	[1]
Initial recognition and changes in fair value of biological assets and agricultural produce	16,195	63,220	[1]	125,456	[1]
Changes in net realizable value of agricultural produce after harvest	(909)	8,852	[1]	(5,841)	[1]
Margin on manufacturing and agricultural activities before operating expenses	198,560	238,523	[1]	310,269	[1]
General and administrative expenses	(56,080)	(57,299)	[1]	(50,750)	[1]
Selling expenses	(90,215)	(95,399)	[1]	(80,673)	[1]
Other operating income, net	104,232	43,763	[1]	5,752	[1]
Profit from operations	156,497	129,588	[1]	184,598	[1]
Depreciation and amortization	(154,254)			(127,500)
Net gain from Fair value adjustment of investment property	13,409			14,049
IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(17,370)
Cost of goods sold and services rendered	13,278
Initial recognition and changes in fair value of biological assets and agricultural produce	(14,830)
Changes in net realizable value of agricultural produce after harvest	(3,613)
Margin on manufacturing and agricultural activities before operating expenses	(22,535)
General and administrative expenses	346
Selling expenses	1,939
Other operating income, net	4,505
Profit from operations	(15,745)
Depreciation and amortization	(1,085)
Net gain from Fair value adjustment of investment property	2,729
Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	810,609	933,178		869,235
Cost of goods sold and services rendered	(623,243)	(766,727)
Initial recognition and changes in fair value of biological assets and agricultural produce	31,025	63,220		125,456
Changes in net realizable value of agricultural produce after harvest	2,704	8,852		(5,841)
Margin on manufacturing and agricultural activities before operating expenses	221,095	238,523
General and administrative expenses	(56,426)	(57,299)
Selling expenses	(92,154)	(95,399)
Other operating income, net	99,727	43,763
Profit from operations	172,242	129,588
Depreciation and amortization	(153,169)	(151,007)
Net gain from Fair value adjustment of investment property	10,680	4,302
Corporate
Disclosure of operating segments [line items]
Sales of goods and services rendered		0		0
Cost of goods sold and services rendered		0		0
Initial recognition and changes in fair value of biological assets and agricultural produce		0		0
Changes in net realizable value of agricultural produce after harvest		0		0
Margin on manufacturing and agricultural activities before operating expenses	0	0		0
General and administrative expenses		(21,581)		(20,686)
Selling expenses		(43)		(79)
Other operating income, net		(40)		(192)
Profit from operations	(19,971)	(21,664)		(20,957)
Depreciation and amortization		0		0
Net gain from Fair value adjustment of investment property		0		0
Corporate | IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Margin on manufacturing and agricultural activities before operating expenses	0
Rice | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	0
Cost of goods sold and services rendered	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	0
General and administrative expenses	(19,626)
Selling expenses	(178)
Other operating income, net	(167)
Profit from operations	(19,971)
Depreciation and amortization	0
Net gain from Fair value adjustment of investment property	0
Rice | Corporate
Disclosure of operating segments [line items]
Sales of goods and services rendered	0
Cost of goods sold and services rendered	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0
Changes in net realizable value of agricultural produce after harvest	0
General and administrative expenses	(18,193)
Selling expenses	(145)
Other operating income, net	(131)
Profit from operations	(18,469)
Depreciation and amortization	0
Net gain from Fair value adjustment of investment property	0
Rice | Corporate | IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	0
Cost of goods sold and services rendered	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0
Changes in net realizable value of agricultural produce after harvest	0
General and administrative expenses	1,433
Selling expenses	33
Other operating income, net	36
Profit from operations	1,502
Depreciation and amortization	0
Net gain from Fair value adjustment of investment property	0
Farming | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	299,671	322,559		272,543
Cost of goods sold and services rendered	(274,627)	(305,221)		(258,088)
Initial recognition and changes in fair value of biological assets and agricultural produce	51,878	39,430		64,751
Changes in net realizable value of agricultural produce after harvest	2,704	8,852		(5,841)
Margin on manufacturing and agricultural activities before operating expenses	79,626	65,620		73,365
General and administrative expenses	(11,498)	(8,912)		(7,416)
Selling expenses	(22,534)	(21,692)		(18,076)
Other operating income, net	15,310	13,384		14,847
Profit from operations	60,904	48,400		62,720
Depreciation and amortization	(9,967)	(6,558)		(5,291)
Net gain from Fair value adjustment of investment property	10,680	4,302		14,049
Farming | Crops
Disclosure of operating segments [line items]
Sales of goods and services rendered	155,418
Cost of goods sold and services rendered	(156,936)
Initial recognition and changes in fair value of biological assets and agricultural produce	28,667
Changes in net realizable value of agricultural produce after harvest	(909)
Margin on manufacturing and agricultural activities before operating expenses	26,240
General and administrative expenses	(4,202)
Selling expenses	(5,447)
Other operating income, net	7,163
Profit from operations	23,754
Depreciation and amortization	(2,026)
Net gain from Fair value adjustment of investment property	0
Farming | Crops | IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(9,120)
Cost of goods sold and services rendered	9,052
Initial recognition and changes in fair value of biological assets and agricultural produce	(7,755)
Changes in net realizable value of agricultural produce after harvest	(3,613)
Margin on manufacturing and agricultural activities before operating expenses	(11,436)
General and administrative expenses	37
Selling expenses	474
Other operating income, net	1,741
Profit from operations	(9,184)
Depreciation and amortization	(329)
Net gain from Fair value adjustment of investment property	0
Farming | Crops | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	164,538	197,222		142,124
Cost of goods sold and services rendered	(165,988)	(196,302)		(141,731)
Initial recognition and changes in fair value of biological assets and agricultural produce	36,422	17,158		48,790
Changes in net realizable value of agricultural produce after harvest	2,704	8,852		(5,841)
Margin on manufacturing and agricultural activities before operating expenses	37,676	26,930		43,342
General and administrative expenses	(4,239)	(2,981)		(2,770)
Selling expenses	(5,921)	(7,501)		(5,692)
Other operating income, net	5,422	7,719		(8,787)
Profit from operations	32,938	24,167		26,093
Depreciation and amortization	(1,697)	(1,511)		(1,369)
Net gain from Fair value adjustment of investment property	0	0		0
Farming | Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	95,403
Cost of goods sold and services rendered	(74,973)
Initial recognition and changes in fair value of biological assets and agricultural produce	4,125
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	24,555
General and administrative expenses	(5,939)
Selling expenses	(14,090)
Other operating income, net	217
Profit from operations	4,743
Depreciation and amortization	(6)
Net gain from Fair value adjustment of investment property	0
Farming | Rice | IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(4,610)
Cost of goods sold and services rendered	766
Initial recognition and changes in fair value of biological assets and agricultural produce	(4,842)
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	(8,686)
General and administrative expenses	(869)
Selling expenses	1,375
Other operating income, net	(58)
Profit from operations	(8,238)
Depreciation and amortization	5,840
Net gain from Fair value adjustment of investment property	0
Farming | Rice | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	100,013	86,478		96,562
Cost of goods sold and services rendered	(75,739)	(71,087)		(83,574)
Initial recognition and changes in fair value of biological assets and agricultural produce	8,967	10,236		10,498
Changes in net realizable value of agricultural produce after harvest	0	0		0
Margin on manufacturing and agricultural activities before operating expenses	33,241	25,627		23,486
General and administrative expenses	(5,070)	(4,699)		(3,373)
Selling expenses	(15,465)	(13,324)		(11,583)
Other operating income, net	275	724		402
Profit from operations	12,981	8,328		8,932
Depreciation and amortization	(5,846)	(3,851)		(2,766)
Net gain from Fair value adjustment of investment property	0	0		0
Farming | Dairy
Disclosure of operating segments [line items]
Sales of goods and services rendered	29,710
Cost of goods sold and services rendered	(28,127)
Initial recognition and changes in fair value of biological assets and agricultural produce	5,455
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	7,038
General and administrative expenses	(2,280)
Selling expenses	(942)
Other operating income, net	(997)
Profit from operations	2,819
Depreciation and amortization	(2,533)
Net gain from Fair value adjustment of investment property	0
Farming | Dairy | IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(3,491)
Cost of goods sold and services rendered	3,361
Initial recognition and changes in fair value of biological assets and agricultural produce	(1,840)
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	(1,970)
General and administrative expenses	(246)
Selling expenses	41
Other operating income, net	58
Profit from operations	(2,117)
Depreciation and amortization	(280)
Net gain from Fair value adjustment of investment property	0
Farming | Dairy | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	33,201	37,523		32,897
Cost of goods sold and services rendered	(31,488)	(36,979)		(32,571)
Initial recognition and changes in fair value of biological assets and agricultural produce	7,295	11,769		5,476
Changes in net realizable value of agricultural produce after harvest	0	0		0
Margin on manufacturing and agricultural activities before operating expenses	9,008	12,313		5,802
General and administrative expenses	(2,034)	(1,058)		(983)
Selling expenses	(983)	(711)		(752)
Other operating income, net	(1,055)	662		686
Profit from operations	4,936	11,206		4,753
Depreciation and amortization	(2,253)	(1,037)		(964)
Net gain from Fair value adjustment of investment property	0	0		0
Farming | All other segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	1,770
Cost of goods sold and services rendered	(1,313)
Initial recognition and changes in fair value of biological assets and agricultural produce	(1,199)
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	(742)
General and administrative expenses	(164)
Selling expenses	(149)
Other operating income, net	13,396
Profit from operations	12,341
Depreciation and amortization	(177)
Net gain from Fair value adjustment of investment property	13,409
Farming | All other segments | IAS 29 and IAS 21 adjustment
Disclosure of operating segments [line items]
Sales of goods and services rendered	(149)
Cost of goods sold and services rendered	99
Initial recognition and changes in fair value of biological assets and agricultural produce	(393)
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	(443)
General and administrative expenses	(9)
Selling expenses	16
Other operating income, net	2,728
Profit from operations	2,292
Depreciation and amortization	(6)
Net gain from Fair value adjustment of investment property	2,729
Farming | All other segments | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	1,919	1,336		960
Cost of goods sold and services rendered	(1,412)	(853)		(212)
Initial recognition and changes in fair value of biological assets and agricultural produce	(806)	267		(13)
Changes in net realizable value of agricultural produce after harvest	0	0		0
Margin on manufacturing and agricultural activities before operating expenses	(299)	750		735
General and administrative expenses	(155)	(174)		(290)
Selling expenses	(165)	(156)		(49)
Other operating income, net	10,668	4,279		22,546
Profit from operations	10,049	4,699		22,942
Depreciation and amortization	(171)	(159)		(192)
Net gain from Fair value adjustment of investment property	$ 10,680	$ 4,302		$ 14,049
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Segment information - Segment

Segment information - Segment analysis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Disclosure of operating segments [line items]
Sales of goods and services rendered	$ 793,239	$ 933,178	[1]	$ 869,235	[1]
Cost of goods sold and services rendered	(609,965)	(766,727)	[1]	(678,581)	[1]
Initial recognition and changes in fair value of biological assets and agricultural produce	16,195	63,220	[1]	125,456	[1]
Changes in net realizable value of agricultural produce after harvest	(909)	8,852	[1]	(5,841)	[1]
Margin on manufacturing and agricultural activities before operating expenses	198,560	238,523	[1]	310,269	[1]
General and administrative expense	56,080	57,299	[1]	50,750	[1]
Selling expenses	(90,215)	(95,399)	[1]	(80,673)	[1]
Other operating income, net	104,232	43,763	[1]	5,752	[1]
Profit from operations	156,497	129,588	[1]	184,598	[1]
Depreciation and amortization	(154,254)			(127,500)
Net gain from Fair value adjustment of investment property	13,409			14,049
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)				9,811
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)				115,645
Changes in net realizable value of agricultural produce after harvest (unrealized)				(90)
Changes in net realizable value of agricultural produce after harvest (realized)				(5,751)
Investment property	40,725	42,342	[2]	44,581	[2]
Biological assets	105,387	167,994		145,404
Finished goods	79,758	61,888		68,191		$ 47,624
Inventories	128,102	108,919	[2]	111,754	[2]
Total debt	862,116	817,958		635,396
Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	810,609	933,178		869,235
Cost of goods sold and services rendered	(623,243)	(766,727)
Initial recognition and changes in fair value of biological assets and agricultural produce	31,025	63,220		125,456
Changes in net realizable value of agricultural produce after harvest	2,704	8,852		(5,841)
Margin on manufacturing and agricultural activities before operating expenses	221,095	238,523
General and administrative expense	56,426	57,299
Selling expenses	(92,154)	(95,399)
Other operating income, net	99,727	43,763
Profit from operations	172,242	129,588
Depreciation and amortization	(153,169)	(151,007)
Net gain from Fair value adjustment of investment property	10,680	4,302
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(30,281)	14,645
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	61,306	48,575
Changes in net realizable value of agricultural produce after harvest (unrealized)	(647)	2,371
Changes in net realizable value of agricultural produce after harvest (realized)	3,351	6,481
Farmlands and farmland improvements, net	796,508	119,750
Machinery, equipment and other fixed assets, net	400,071	443,082
Bearer plants, net	232,956	238,910
Work in progress	50,904	29,635
Investment property	40,725	42,342
Goodwill	21,350	12,412
Biological assets	105,387	167,994
Finished goods	79,758	61,888
Raw materials, stocks held by third parties and others	48,344	47,031
Total segment assets	1,776,003	1,163,044
Total debt	862,116	817,958
Total segment liabilities	862,116	817,958
Operating segments | Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	0
Cost of goods sold and services rendered	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	0
General and administrative expense	19,626
Selling expenses	(178)
Other operating income, net	(167)
Profit from operations	(19,971)
Depreciation and amortization	0
Net gain from Fair value adjustment of investment property	0
Corporate
Disclosure of operating segments [line items]
Sales of goods and services rendered		0		0
Cost of goods sold and services rendered		0		0
Initial recognition and changes in fair value of biological assets and agricultural produce		0		0
Changes in net realizable value of agricultural produce after harvest		0		0
Margin on manufacturing and agricultural activities before operating expenses	0	0		0
General and administrative expense		21,581		20,686
Selling expenses		(43)		(79)
Other operating income, net		(40)		(192)
Profit from operations	(19,971)	(21,664)		(20,957)
Depreciation and amortization		0		0
Net gain from Fair value adjustment of investment property		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	85,212	45,528
Total segment liabilities	85,212	45,528
Corporate | Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	0
Cost of goods sold and services rendered	0
Initial recognition and changes in fair value of biological assets and agricultural produce	0
Changes in net realizable value of agricultural produce after harvest	0
General and administrative expense	18,193
Selling expenses	(145)
Other operating income, net	(131)
Profit from operations	(18,469)
Depreciation and amortization	0
Net gain from Fair value adjustment of investment property	0
Farming | Crops
Disclosure of operating segments [line items]
Sales of goods and services rendered	155,418
Cost of goods sold and services rendered	(156,936)
Initial recognition and changes in fair value of biological assets and agricultural produce	28,667
Changes in net realizable value of agricultural produce after harvest	(909)
Margin on manufacturing and agricultural activities before operating expenses	26,240
General and administrative expense	4,202
Selling expenses	(5,447)
Other operating income, net	7,163
Profit from operations	23,754
Depreciation and amortization	(2,026)
Net gain from Fair value adjustment of investment property	0
Biological assets	27,347	31,745		28,189
Farming | Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	95,403
Cost of goods sold and services rendered	(74,973)
Initial recognition and changes in fair value of biological assets and agricultural produce	4,125
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	24,555
General and administrative expense	5,939
Selling expenses	(14,090)
Other operating income, net	217
Profit from operations	4,743
Depreciation and amortization	(6)
Net gain from Fair value adjustment of investment property	0
Biological assets	17,173	29,717		25,575
Farming | Dairy
Disclosure of operating segments [line items]
Sales of goods and services rendered	29,710
Cost of goods sold and services rendered	(28,127)
Initial recognition and changes in fair value of biological assets and agricultural produce	5,455
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	7,038
General and administrative expense	2,280
Selling expenses	(942)
Other operating income, net	(997)
Profit from operations	2,819
Depreciation and amortization	(2,533)
Net gain from Fair value adjustment of investment property	0
Biological assets	10,298	9,338		6,827
Farming | All other segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	1,770
Cost of goods sold and services rendered	(1,313)
Initial recognition and changes in fair value of biological assets and agricultural produce	(1,199)
Changes in net realizable value of agricultural produce after harvest	0
Margin on manufacturing and agricultural activities before operating expenses	(742)
General and administrative expense	164
Selling expenses	(149)
Other operating income, net	13,396
Profit from operations	12,341
Depreciation and amortization	(177)
Net gain from Fair value adjustment of investment property	13,409
Biological assets	3,094	4,016		2,433
Farming | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	299,671	322,559		272,543
Cost of goods sold and services rendered	(274,627)	(305,221)		(258,088)
Initial recognition and changes in fair value of biological assets and agricultural produce	51,878	39,430		64,751
Changes in net realizable value of agricultural produce after harvest	2,704	8,852		(5,841)
Margin on manufacturing and agricultural activities before operating expenses	79,626	65,620		73,365
General and administrative expense	11,498	8,912		7,416
Selling expenses	(22,534)	(21,692)		(18,076)
Other operating income, net	15,310	13,384		14,847
Profit from operations	60,904	48,400		62,720
Depreciation and amortization	(9,967)	(6,558)		(5,291)
Net gain from Fair value adjustment of investment property	10,680	4,302		14,049
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	7,527	11,720		9,532
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	44,351	27,710		55,219
Changes in net realizable value of agricultural produce after harvest (unrealized)	(647)	2,371		(90)
Changes in net realizable value of agricultural produce after harvest (realized)	3,351	6,481		(5,751)
Farmlands and farmland improvements, net	744,941	93,408
Machinery, equipment and other fixed assets, net	61,464	52,732
Bearer plants, net	427	2,084
Work in progress	28,239	8,313
Investment property	40,725	42,342
Goodwill	15,715	5,811
Biological assets	57,912	74,816
Finished goods	39,821	29,622
Raw materials, stocks held by third parties and others	25,566	29,975
Total segment assets	1,014,810	339,103
Total debt	176,094	138,792
Total segment liabilities	176,094	138,792
Farming | Operating segments | Crops
Disclosure of operating segments [line items]
Sales of goods and services rendered	164,538	197,222		142,124
Cost of goods sold and services rendered	(165,988)	(196,302)		(141,731)
Initial recognition and changes in fair value of biological assets and agricultural produce	36,422	17,158		48,790
Changes in net realizable value of agricultural produce after harvest	2,704	8,852		(5,841)
Margin on manufacturing and agricultural activities before operating expenses	37,676	26,930		43,342
General and administrative expense	4,239	2,981		2,770
Selling expenses	(5,921)	(7,501)		(5,692)
Other operating income, net	5,422	7,719		(8,787)
Profit from operations	32,938	24,167		26,093
Depreciation and amortization	(1,697)	(1,511)		(1,369)
Net gain from Fair value adjustment of investment property	0	0		0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	8,205	4,366		5,790
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	28,217	12,792		43,000
Changes in net realizable value of agricultural produce after harvest (unrealized)	(647)	2,371		(90)
Changes in net realizable value of agricultural produce after harvest (realized)	3,351	6,481		(5,751)
Farmlands and farmland improvements, net	547,842	70,126
Machinery, equipment and other fixed assets, net	5,049	21,365
Bearer plants, net	427	252
Work in progress	8,690	714
Investment property	0	0
Goodwill	9,463	3,221
Biological assets	27,347	31,745
Finished goods	29,144	21,146
Raw materials, stocks held by third parties and others	15,834	17,958
Total segment assets	643,796	166,527
Total debt	111,692	69,789
Total segment liabilities	111,692	69,789
Farming | Operating segments | Rice
Disclosure of operating segments [line items]
Sales of goods and services rendered	100,013	86,478		96,562
Cost of goods sold and services rendered	(75,739)	(71,087)		(83,574)
Initial recognition and changes in fair value of biological assets and agricultural produce	8,967	10,236		10,498
Changes in net realizable value of agricultural produce after harvest	0	0		0
Margin on manufacturing and agricultural activities before operating expenses	33,241	25,627		23,486
General and administrative expense	5,070	4,699		3,373
Selling expenses	(15,465)	(13,324)		(11,583)
Other operating income, net	275	724		402
Profit from operations	12,981	8,328		8,932
Depreciation and amortization	(5,846)	(3,851)		(2,766)
Net gain from Fair value adjustment of investment property	0	0		0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(181)	5,346		2,316
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	9,148	4,890		8,182
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	173,481	13,688
Machinery, equipment and other fixed assets, net	23,135	18,851
Bearer plants, net	0	0
Work in progress	5,214	1,940
Investment property	0	0
Goodwill	4,142	1,480
Biological assets	17,173	29,717
Finished goods	9,507	8,476
Raw materials, stocks held by third parties and others	7,394	9,927
Total segment assets	240,046	84,079
Total debt	58,999	62,790
Total segment liabilities	58,999	62,790
Farming | Operating segments | Dairy
Disclosure of operating segments [line items]
Sales of goods and services rendered	33,201	37,523		32,897
Cost of goods sold and services rendered	(31,488)	(36,979)		(32,571)
Initial recognition and changes in fair value of biological assets and agricultural produce	7,295	11,769		5,476
Changes in net realizable value of agricultural produce after harvest	0	0		0
Margin on manufacturing and agricultural activities before operating expenses	9,008	12,313		5,802
General and administrative expense	2,034	1,058		983
Selling expenses	(983)	(711)		(752)
Other operating income, net	(1,055)	662		686
Profit from operations	4,936	11,206		4,753
Depreciation and amortization	(2,253)	(1,037)		(964)
Net gain from Fair value adjustment of investment property	0	0		0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(599)	1,849		1,319
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	7,894	9,920		4,157
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	727	248
Machinery, equipment and other fixed assets, net	32,821	12,175
Bearer plants, net	0	0
Work in progress	14,317	5,659
Investment property	0	0
Goodwill	0	0
Biological assets	10,298	9,338
Finished goods	1,170	0
Raw materials, stocks held by third parties and others	2,217	1,726
Total segment assets	61,550	29,146
Total debt	543	2,384
Total segment liabilities	543	2,384
Farming | Operating segments | All other segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	1,919	1,336		960
Cost of goods sold and services rendered	(1,412)	(853)		(212)
Initial recognition and changes in fair value of biological assets and agricultural produce	(806)	267		(13)
Changes in net realizable value of agricultural produce after harvest	0	0		0
Margin on manufacturing and agricultural activities before operating expenses	(299)	750		735
General and administrative expense	155	174		290
Selling expenses	(165)	(156)		(49)
Other operating income, net	10,668	4,279		22,546
Profit from operations	10,049	4,699		22,942
Depreciation and amortization	(171)	(159)		(192)
Net gain from Fair value adjustment of investment property	10,680	4,302		14,049
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	102	159		107
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	(908)	108		(120)
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	22,891	9,346
Machinery, equipment and other fixed assets, net	459	341
Bearer plants, net	0	1,832
Work in progress	18	0
Investment property	40,725	42,342
Goodwill	2,110	1,110
Biological assets	3,094	4,016
Finished goods	0	0
Raw materials, stocks held by third parties and others	121	364
Total segment assets	69,418	59,351
Total debt	4,860	3,829
Total segment liabilities	4,860	3,829
Sugar, Ethanol and Energy
Disclosure of operating segments [line items]
Cost of goods sold and services rendered	(348,616)	(461,506)		(420,493)
Biological assets	47,475	93,178		82,380
Finished goods	39,937	32,266		49,601		$ 24,631
Sugar, Ethanol and Energy | Operating segments
Disclosure of operating segments [line items]
Sales of goods and services rendered	510,938	610,619		596,692
Cost of goods sold and services rendered	(348,616)	(461,506)		(420,493)
Initial recognition and changes in fair value of biological assets and agricultural produce	(20,853)	23,790		60,705
Changes in net realizable value of agricultural produce after harvest	0	0		0
Margin on manufacturing and agricultural activities before operating expenses	141,469	172,903		236,904
General and administrative expense	25,302	26,806		22,648
Selling expenses	(69,442)	(73,664)		(62,518)
Other operating income, net	48,357	30,419		(8,903)
Profit from operations	95,082	102,852		142,835
Depreciation and amortization	(143,202)	(144,449)		(122,209)
Net gain from Fair value adjustment of investment property	0	0		0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(37,808)	2,925		279
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	16,955	20,865		60,426
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	51,567	26,342
Machinery, equipment and other fixed assets, net	338,607	390,350
Bearer plants, net	232,529	236,826
Work in progress	22,665	21,322
Investment property	0	0
Goodwill	5,635	6,601
Biological assets	47,475	93,178
Finished goods	39,937	32,266
Raw materials, stocks held by third parties and others	22,778	17,056
Total segment assets	761,193	823,941
Total debt	600,810	633,638
Total segment liabilities	600,810	633,638
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	36,227	0		0
Profit from operations	36,227	0		0
Depreciation and amortization	0	0		0
Net gain from Fair value adjustment of investment property	0	0		0
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	0	0		0
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	0	0		0
Changes in net realizable value of agricultural produce after harvest (unrealized)	0	0		0
Changes in net realizable value of agricultural produce after harvest (realized)	0	0		$ 0
Farmlands and farmland improvements, net	0	0
Machinery, equipment and other fixed assets, net	0	0
Bearer plants, net	0	0
Work in progress	0	0
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
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Segment information - Total re

Segment information - Total reportable segments' assets and liabilities reconciliation to total assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	[2]
ASSETS
Deferred income tax assets	$ 16,191	$ 30,808	[1]	$ 25,043	[1]
Trade and other receivables	197,506	172,214
Cash and cash equivalents	273,635	269,195	[1],[2]	158,568	[1],[2]	$ 198,894
TOTAL ASSETS	2,277,372	1,645,089	[1]	1,496,397	[1]
LIABILITIES
Trade and other payables	106,437	99,250
Deferred income tax liabilities	168,171	10,457	[1]	14,689	[1]
Payroll and social liabilities	27,197	28,507
Current income tax liabilities	3,625	4,843		3,889
Taxes payable	6,457	6,462
TOTAL LIABILITIES	1,169,227	962,070	[1]	$ 784,093	[1]
Elimination of intersegment amounts
ASSETS
Total reportable assets as per segment information	1,776,003	1,163,044
Intangible assets (excluding goodwill)	6,559	4,780
Deferred income tax assets	16,191	30,808
Trade and other receivables	197,506	172,214
Other assets	1,192	565
Derivative financial instruments	6,286	4,483
Cash and cash equivalents	273,635	269,195
LIABILITIES
Total reportable liabilities as per segment information	862,116	817,958
Trade and other payables	106,437	99,250
Deferred income tax liabilities	168,171	10,457
Payroll and social liabilities	27,197	28,507
Current income tax liabilities	3,625	4,843
Taxes payable	1,398	503
Derivative financial instruments	$ 283	$ 552
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

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, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of geographical areas [line items]
Property, plant and equipment, net	$ 1,480,439	$ 831,377	[1]	$ 814,867	[1]
Investment property	40,725	42,342	[1]	44,581	[1]
Biological assets	11,270	11,276	[1]	8,516	[1]
Sales of goods and services rendered	793,239	933,178	[2]	869,235	[2]
Initial recognition and changes in fair value of biological assets and agricultural produce	16,195	63,220	[2]	125,456	[2]
Changes in net realizable value of agricultural produce after harvest	(909)	8,852	[2]	(5,841)	[2]
Operating segments
Disclosure of geographical areas [line items]
Property, plant and equipment, net	1,480,439	831,377
Investment property	40,725	42,342
Goodwill	21,350	12,412
Biological assets	11,270	11,276
Sales of goods and services rendered	810,609	933,178		869,235
Initial recognition and changes in fair value of biological assets and agricultural produce	31,025	63,220		125,456
Changes in net realizable value of agricultural produce after harvest	2,704	8,852		(5,841)
Operating segments | Argentina
Disclosure of geographical areas [line items]
Property, plant and equipment, net	811,890	113,758
Investment property	40,725	42,342
Goodwill	15,081	5,095
Biological assets	11,270	11,276
Sales of goods and services rendered	207,480	214,888		164,264
Initial recognition and changes in fair value of biological assets and agricultural produce	45,985	36,341		62,970
Changes in net realizable value of agricultural produce after harvest	1,148	5,705		(4,491)
Operating segments | Brazil
Disclosure of geographical areas [line items]
Property, plant and equipment, net	656,586	710,523
Investment property	0	0
Goodwill	6,269	7,317
Biological assets	0	0
Sales of goods and services rendered	496,966	545,859		432,468
Initial recognition and changes in fair value of biological assets and agricultural produce	(13,541)	26,326		62,556
Changes in net realizable value of agricultural produce after harvest	1,436	1,346		(958)
Operating segments | Uruguay
Disclosure of geographical areas [line items]
Property, plant and equipment, net	11,963	7,096
Investment property	0	0
Goodwill	0	0
Biological assets	0	0
Sales of goods and services rendered	106,163	172,431		272,503
Initial recognition and changes in fair value of biological assets and agricultural produce	(1,419)	553		(70)
Changes in net realizable value of agricultural produce after harvest	$ 120	$ 1,801		$ (392)
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Sales - Summary of Total Sales

Sales - Summary of Total Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of products and services [line items]
Total sales	$ 793,239	$ 933,178	[1]	$ 869,235	[1]
Soybean
Disclosure of products and services [line items]
Total sales	66,471	79,408		63,797
Cattle for dairy
Disclosure of products and services [line items]
Total sales	2,891	3,380		3,059
Corn
Disclosure of products and services [line items]
Total sales	33,106	82,482		48,502
Cotton
Disclosure of products and services [line items]
Total sales	0	420		1,434
Milk
Disclosure of products and services [line items]
Total sales	19,267	31,656		24,561
Wheat
Disclosure of products and services [line items]
Total sales	30,091	14,835		16,951
Peanut
Disclosure of products and services [line items]
Total sales	1,752	3,648		1,703
Sunflower
Disclosure of products and services [line items]
Total sales	1,314	3,163		7,275
Rice
Disclosure of products and services [line items]
Total sales	216	0		950
Barley
Disclosure of products and services [line items]
Total sales	1,203	1,888		1,240
Seeds
Disclosure of products and services [line items]
Total sales	461	727		625
Others
Disclosure of products and services [line items]
Total sales	1,411	2,146		83
Agricultural produce and biological assets
Disclosure of products and services [line items]
Total sales	158,183	223,753		170,180
Rice
Disclosure of products and services [line items]
Total sales	92,560	83,849		94,331
Ethanol
Disclosure of products and services [line items]
Total sales	324,661	241,650		211,451
Sugar
Disclosure of products and services [line items]
Total sales	128,377	305,688		330,895
Soybean oil and meal
Disclosure of products and services [line items]
Total sales	14,059	6,119		0
Energy
Disclosure of products and services [line items]
Total sales	57,797	62,218		53,995
Powder milk
Disclosure of products and services [line items]
Total sales	8,646	2,713		4,816
Services
Disclosure of products and services [line items]
Total sales	487	1,144		1,160
Operating Leases
Disclosure of products and services [line items]
Total sales	643	771		984
Others
Disclosure of products and services [line items]
Total sales	7,826	5,273		1,423
Manufactured products and services rendered
Disclosure of products and services [line items]
Total sales	$ 635,056	$ 709,425		$ 699,055
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Sales - Narrative (Details)

Sales - Narrative (Details) ton in Thousands, megawatt_hour in Thousands, cubic_meter in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)toncubic_metermegawatt_hour	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 68.1	$ 63.3	$ 111.8
Soybean
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 3.6
Derivative notional amount | ton	14,279
Wheat
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 5.3
Derivative notional amount | ton	26,273
Corn
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 8.5
Derivative notional amount | ton	53,927
Sugar
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 2.7
Derivative notional amount | ton	11,498
Ethanol
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 6.7
Cubic meters of product | cubic_meter	12,822
Energy
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 40.3
MWh of energy | megawatt_hour	636,647

Cost of goods sold and servic_3

Cost of goods sold and services rendered (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Jan. 01, 2018	Dec. 31, 2015
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	$ 79,758	$ 61,888		$ 68,191			$ 47,624
Adjustment of opening net book amount for the application of IAS 29		208,178				$ 657
Expenses	582,902	606,333		570,523
Purchases	123,476	186,137		142,416
(Increase) in biological assets	127,097	138,934		137,880
Transfer to raw material	(24,375)	(14,352)		(8,603)
Direct agricultural selling expenses	12,629	22,940		(24,156)
Tax recoveries	(32,380)	(28,478)		19,077
Changes in net realizable value of agricultural produce after harvest	(909)	8,852		(5,841)
Exchange differences	(15,706)	(7,244)		(725)
Cost of goods sold and services rendered, and direct agricultural selling expenses	609,965	766,727	[1]	678,581	[1]
IAS 29
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Adjustment of opening net book amount for the application of IAS 29						252,588
Sugar, Ethanol and Energy
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	39,937	32,266		49,601			24,631
Adjustment of opening net book amount for the application of IAS 29						0
Purchases	43,531	93,106		89,745
(Increase) in biological assets	0	1,015		0
Transfer to raw material	0	0		0
Direct agricultural selling expenses	0	0		(24,156)
Tax recoveries	(32,380)	(28,478)		0
Changes in net realizable value of agricultural produce after harvest	0	0		0
Exchange differences	(4,359)	(336)		3,083
Cost of goods sold and services rendered, and direct agricultural selling expenses	348,616	461,506		420,493
Crops | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	29,144	21,146		13,117			16,034
Purchases	63,533	82,842		25,954
(Increase) in biological assets	104,941	102,734		110,252
Transfer to raw material	(24,375)	(12,998)		(8,603)
Direct agricultural selling expenses	12,629	22,940		0
Tax recoveries	0	0		19,077
Changes in net realizable value of agricultural produce after harvest	(909)	8,852		(5,841)
Exchange differences	(8,857)	(5,604)		(2,503)
Cost of goods sold and services rendered, and direct agricultural selling expenses	156,936	196,302		141,731
Rice | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	9,507	8,476		5,473			6,904
Purchases	15,540	7,779		22,303
(Increase) in biological assets	0	0		0
Transfer to raw material	0	(1,354)		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	(2,490)	(1,304)		(1,414)
Cost of goods sold and services rendered, and direct agricultural selling expenses	74,973	71,087		83,574
Dairy | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods	1,170	0		0			55
Purchases	872	2,410		4,414
(Increase) in biological assets	20,879	34,569		27,628
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	0		103
Cost of goods sold and services rendered, and direct agricultural selling expenses	28,127	36,979		32,571
All other segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Finished goods		0		0
Purchases		0
(Increase) in biological assets		616
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		0
Cost of goods sold and services rendered, and direct agricultural selling expenses		853
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	1,277			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			6
Cost of goods sold and services rendered, and direct agricultural selling expenses	1,313			212
Cost of production of manufactured products
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	436,607	453,635		439,100
Cost of production of manufactured products | IAS 29
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Adjustment of opening net book amount for the application of IAS 29						1,396
Cost of production of manufactured products | Sugar, Ethanol and Energy
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	349,495	378,864		376,791
Cost of production of manufactured products | Sugar, Ethanol and Energy | IAS 29
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Adjustment of opening net book amount for the application of IAS 29						0
Cost of production of manufactured products | Crops | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	17,930	5,565		478
Cost of production of manufactured products | Crops | Farming | IAS 29
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Adjustment of opening net book amount for the application of IAS 29						42
Cost of production of manufactured products | Rice | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	61,600	68,969		61,254
Cost of production of manufactured products | Rice | Farming | IAS 29
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Adjustment of opening net book amount for the application of IAS 29						1,354
Cost of production of manufactured products | Dairy | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	7,546	0		371
Cost of production of manufactured products | Dairy | Farming | IAS 29
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Adjustment of opening net book amount for the application of IAS 29						0
Cost of production of manufactured products | All other segments
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses	$ 36	$ 237
Cost of production of manufactured products | All other segments | Farming
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Expenses				$ 206
Cost of production of manufactured products | All other segments | Farming | IAS 29
Disclosure of Cost of Goods Sold and Services Rendered [Line Items]
Adjustment of opening net book amount for the application of IAS 29						$ 0
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Expenses by nature (Details)

Expenses by nature (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	$ 86,465	$ 98,280	$ 96,314
Raw materials and consumables	15,528	13,617	11,420
Depreciation and amortization	127,569	127,211	109,177
Fuel, lubricants and others	27,190	26,077	27,211
Maintenance and repairs	23,135	20,413	24,370
Freights	28,387	40,328	35,221
Export taxes / selling taxes	42,074	36,808	29,375
Export expenses	2,774	3,511	3,649
Contractors and services	12,319	7,245	4,423
Energy transmission	2,689	3,312	2,890
Energy power	2,919	3,110	2,926
Professional fees	8,873	9,555	7,077
Other taxes	3,231	2,921	2,731
Contingencies	1,345	2,174	1,835
Lease expense and similar arrangements	1,409	1,659	1,381
Third parties raw materials	16,067	40,969	29,553
Tax recoveries			(11,527)
Others	20,384	16,811	15,834
Subtotal	422,358	454,001	393,860
Own agricultural produce consumed	160,544	152,332	176,663
Total	582,902	606,333	570,523
Cost of production of manufactured products
Disclosure of Expenses [Line Items]
Total	436,607	453,635	439,100
Cost of production of manufactured products | Farming | Crops
Disclosure of Expenses [Line Items]
Total	17,930	5,565	478
Cost of production of manufactured products | Farming | Rice
Disclosure of Expenses [Line Items]
Total	61,600	68,969	61,254
Cost of production of manufactured products | Farming | Dairy
Disclosure of Expenses [Line Items]
Total	7,546	0	371
Cost of production of manufactured products | Sugar, Ethanol and Energy
Disclosure of Expenses [Line Items]
Total	349,495	378,864	376,791
General and Administrative Expenses
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	29,245	33,969	30,935
Raw materials and consumables	0	0	0
Depreciation and amortization	9,667	6,162	5,006
Fuel, lubricants and others	614	454	450
Maintenance and repairs	1,573	1,189	931
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	145	190	795
Professional fees	7,781	7,519	5,495
Other taxes	1,309	845	653
Contingencies	1,345	2,174	1,835
Lease expense and similar arrangements	1,077	1,334	1,185
Third parties raw materials	0	0	0
Tax recoveries			0
Others	3,324	3,463	3,465
Subtotal	56,080	57,299	50,750
Own agricultural produce consumed	0	0	0
Total	56,080	57,299	50,750
Selling Expenses
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	5,908	6,724	5,358
Raw materials and consumables	0	0	0
Depreciation and amortization	767	778	695
Fuel, lubricants and others	192	242	368
Maintenance and repairs	365	469	390
Freights	24,700	33,682	29,976
Export taxes / selling taxes	42,074	36,808	29,375
Export expenses	2,774	3,511	3,649
Contractors and services	0	0	0
Energy transmission	2,689	3,312	2,890
Energy power	57	53	211
Professional fees	556	1,633	1,105
Other taxes	10	5	8
Contingencies	0	0	0
Lease expense and similar arrangements	53	56	51
Third parties raw materials	0	0	0
Tax recoveries			0
Others	10,070	8,126	6,597
Subtotal	90,215	95,399	80,673
Own agricultural produce consumed	0	0	0
Total	90,215	95,399	80,673
Operating segments | Cost of production of manufactured products
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	51,312	57,587	60,021
Raw materials and consumables	15,528	13,617	11,420
Depreciation and amortization	117,135	120,271	103,476
Fuel, lubricants and others	26,384	25,381	26,393
Maintenance and repairs	21,197	18,755	23,049
Freights	3,687	6,646	5,245
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	12,319	7,245	4,423
Energy transmission	0	0	0
Energy power	2,717	2,867	1,920
Professional fees	536	403	477
Other taxes	1,912	2,071	2,070
Contingencies	0	0	0
Lease expense and similar arrangements	279	269	145
Third parties raw materials	16,067	40,969	29,553
Tax recoveries			(11,527)
Others	6,990	5,222	5,772
Subtotal	276,063	301,303	262,437
Own agricultural produce consumed	160,544	152,332	176,663
Total	436,607	453,635	439,100
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
Raw materials and consumables	733	695	468
Depreciation and amortization	0	0	0
Fuel, lubricants and others	0	0	0
Maintenance and repairs	0	0	0
Freights	47	0	0
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	2,885	1,054	10
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
Others	3	6	0
Subtotal	3,668	1,755	478
Own agricultural produce consumed	14,262	3,810	0
Total	17,930	5,565	478
Operating segments | Cost of production of manufactured products | Farming | Rice
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	5,055	7,115	5,590
Raw materials and consumables	4,391	3,579	3,927
Depreciation and amortization	1,764	836	856
Fuel, lubricants and others	117	109	86
Maintenance and repairs	1,452	1,750	1,408
Freights	2,519	6,074	4,901
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	254	0	0
Energy transmission	0	0	0
Energy power	1,239	1,342	913
Professional fees	52	51	90
Other taxes	71	93	58
Contingencies	0	0	0
Lease expense and similar arrangements	276	269	145
Third parties raw materials	2,913	6,808	3,001
Tax recoveries			0
Others	1,697	955	1,344
Subtotal	21,800	28,981	22,319
Own agricultural produce consumed	39,800	39,988	38,935
Total	61,600	68,969	61,254
Operating segments | Cost of production of manufactured products | Farming | Dairy
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	115	0	0
Raw materials and consumables	282	0	0
Depreciation and amortization	118	0	0
Fuel, lubricants and others	0	0	0
Maintenance and repairs	30	0	0
Freights	436	0	14
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	1,279	0	39
Energy transmission	0	0	0
Energy power	138	0	0
Professional fees	0	0	0
Other taxes	0	0	0
Contingencies	0	0	0
Lease expense and similar arrangements	3	0	0
Third parties raw materials	0	0	0
Tax recoveries			0
Others	223	0	0
Subtotal	2,624	0	53
Own agricultural produce consumed	4,922	0	318
Total	7,546	0	371
Operating segments | Cost of production of manufactured products | Farming | All other segments
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	36	229	206
Raw materials and consumables	0	0	0
Depreciation and amortization	0	8	0
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
Others	0	0	0
Subtotal	36	237	206
Own agricultural produce consumed	0	0	0
Total	36	237	206
Operating segments | Cost of production of manufactured products | Sugar, Ethanol and Energy
Disclosure of Expenses [Line Items]
Salaries, social security expenses and employee benefits	46,106	50,243	54,225
Raw materials and consumables	10,122	9,343	7,025
Depreciation and amortization	115,253	119,427	102,620
Fuel, lubricants and others	26,267	25,272	26,307
Maintenance and repairs	19,715	17,005	21,641
Freights	685	572	330
Export taxes / selling taxes	0	0	0
Export expenses	0	0	0
Contractors and services	7,901	6,191	4,374
Energy transmission	0	0	0
Energy power	1,340	1,525	1,007
Professional fees	484	352	387
Other taxes	1,841	1,978	2,012
Contingencies	0	0	0
Lease expense and similar arrangements	0	0	0
Third parties raw materials	13,154	34,161	26,552
Tax recoveries			(11,527)
Others	5,067	4,261	4,428
Subtotal	247,935	270,330	239,381
Own agricultural produce consumed	101,560	108,534	137,410
Total	$ 349,495	$ 378,864	$ 376,791

Salaries and social security _3

Salaries and social security expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Salaries and social security expenses [abstract]
Wages and salaries	$ 105,931	$ 132,025	$ 117,423
Social security costs	29,865	30,558	28,849
Equity-settled share-based compensation	4,728	5,552	4,796
Salaries and social security expenses	140,524	168,135	151,068
Wages and salaries capitalized in property, plant and equipment	$ 32,636	$ 41,172	$ 28,475

Other operating income, net (De

Other operating income, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Analysis of income and expense [abstract]
Gain from disposal of farmland and other assets (Note 21)	$ 36,227	$ 0		$ 0
Gain / (Loss) from commodity derivative financial instrument	54,694	40,842		(16,007)
Loss from disposal of other property items	(95)	(986)		(1,255)
Settlement agreement (Note 29)	0	0		8,489
Net gain from fair value adjustment of investment property	13,409	4,302		14,049
Losses related to energy business	0	(3,247)		0
Others	(3)	2,852		476
Other operating income, net	$ 104,232	$ 43,763	[1]	$ 5,752	[1]
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Financial results, net (Details

Financial results, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Finance income:
Interest income	$ 7,915	$ 11,230		$ 7,671
Other financial results - Net gain of inflation effects on the monetary items	666	514		286
Finance income	8,581	11,744	[1]	7,957	[1]
Finance costs:
Interest expense	(51,577)	(52,308)		(48,198)
Cash flow hedge - transfer from equity	(26,693)	(20,758)		(85,214)
Foreign exchange losses, net	(183,195)	(38,708)		(19,062)
Taxes	(3,136)	(3,705)		(2,719)
Loss from interest rate/foreign exchange rate derivative financial instruments	3,024	2,163		5,694
Borrowing costs recognised as expense	0	(10,847)		0
Other expenses	(3,638)	(2,860)		(4,493)
Finance costs	271,263	131,349	[1]	165,380	[1]
Other financial results - Net gain of inflation effects on the monetary items	81,928	0	[1],[2]	0	[1],[2]
Financial results, net	$ (180,754)	$ (119,605)	[1]	$ (157,423)	[1]
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Taxation - Provision for conso

Taxation - Provision for consolidated income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Income Taxes [Abstract]
Current income tax	$ (2,846)	$ (13,425)		$ (21,505)
Deferred income tax	3,870	18,417		8,606
Income tax benefit / (expense)	$ 1,024	$ 4,992	[1]	$ (12,899)	[1]
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Taxation - Statutory tax rate

Taxation - Statutory tax rate (Details)	12 Months Ended
	Dec. 31, 2018
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	30.00%
Argentina | Years 2018 and 2019
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	30.00%
Applicable dividend tax rate	7.00%
Argentina | From years 2020 onwards
Disclosure Of Income Tax Jurisdiction [Line Items]
Applicable tax rate	25.00%
Applicable dividend tax rate	13.00%
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, 2018	Dec. 31, 2017
Disclosure Of Income Tax Jurisdiction [Line Items]
Gains (losses) before income tax of cash flow hedge	$ 75,822	$ (565)
Reclassification from Equity to Income Statements	(32,305)	$ (20,758)
Tax losses for which no deferred income tax asset recognized	1,200
Deferred tax asset carryforward	$ 4,700
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Operating loss carryforwards, expiration period	5 years
Uruguay
Disclosure Of Income Tax Jurisdiction [Line Items]
Operating loss carryforwards, expiration period	5 years
Brazil
Disclosure Of Income Tax Jurisdiction [Line Items]
Percentage of taxable profit that can be reduced by operating loss carryforwards (maximum)	30.00%

Taxation - Deferred tax assets

Taxation - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	$ 16,191	$ 30,808	[1]	$ 25,043	[1]
Deferred income tax liabilities	(168,171)	(10,457)	[1]	(14,689)	[1]
Deferred tax liability (asset)	(151,980)	20,351		10,354
Deferred tax assets temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets	138,851	118,183		114,326
Deferred tax liability temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liabilities	(290,831)	(97,832)		$ (103,972)
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	76,225	97,992
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	(289,158)	(91,742)
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	62,626	20,191
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	$ (1,673)	$ (6,090)
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Taxation - Gross movement on t

Taxation - Gross movement on the deferred income tax account (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018	Jan. 01, 2017
Changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset), beginning balance	$ 20,351	$ 10,354
Adjustment of opening net book amount for the application of IAS 29		208,178		$ 657
Exchange differences	16,878	295
Effect of adoption of fair value valuation for farmlands	(139,223)	0
Others	(970)	0
Tax (charge) relating to cash flow hedge (i)	11,322	(8,715)
Income tax benefit	3,870	18,417	$ 8,606
Deferred tax liability (asset), ending balance	(151,980)	20,351	$ 10,354
IAS 29
Changes in deferred tax liability (asset) [abstract]
Adjustment of opening net book amount for the application of IAS 29				252,588
Deferred tax liability temporary differences
Changes in deferred tax liability (asset) [abstract]
Exchange differences	$ (35,531)	$ (6,751)
Deferred tax liability temporary differences | IAS 29
Changes in deferred tax liability (asset) [abstract]
Adjustment of opening net book amount for the application of IAS 29				$ (64,208)	$ 0

Taxation - Movement in the def

Taxation - Movement in the deferred income tax assets and liabilities (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017		Jan. 01, 2018	Jan. 01, 2017
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance	[1]	$ 10,457	$ 14,689
Exchange differences		16,878	295
Adjustment of opening net book amount for the application of IAS 29			(208,178)		$ (657)
Deferred income tax liabilities, ending balance		168,171	10,457	[1]
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance	[1]	30,808	25,043
Others		(970)	0
Tax (charge) relating to cash flow hedge (i)		11,322	(8,715)
Exchange differences		16,878	295
Deferred income tax assets, ending balance		16,191	30,808	[1]
Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance		97,832	103,972
Charged/(credited) to the statement of income		25,099	611
Exchange differences		(35,531)	(6,751)
Effect of adoption of fair value valuation for farmlands		139,223
Deferred income tax liabilities, ending balance		290,831	97,832
Changes in deferred tax asset [Abstract]
Charged/(credited) to the statement of income		25,099	611
Exchange differences		(35,531)	(6,751)
Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income		28,969	19,028
Exchange differences		18,653	6,456
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance		118,183	114,326
Charged/(credited) to the statement of income		28,969	19,028
Others		(970)
Exchange differences		18,653	6,456
Deferred income tax assets, ending balance		138,851	118,183
IAS 29
Changes in deferred tax liability [abstract]
Adjustment of opening net book amount for the application of IAS 29					(252,588)
IAS 29 | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Adjustment of opening net book amount for the application of IAS 29					64,208	$ 0
Provisions | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income		2,003	(705)
Exchange differences		526	(757)
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance		2,483	2,431
Charged/(credited) to the statement of income		2,003	(705)
Others		0
Tax (charge) relating to cash flow hedge (i)		0	0
Exchange differences		526	(757)
Deferred income tax assets, ending balance		3,960	2,483
Tax loss carry forwards | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income		(10,798)	11,907
Exchange differences		16,421	4,193
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance		96,117	97,118
Charged/(credited) to the statement of income		(10,798)	11,907
Others		0
Tax (charge) relating to cash flow hedge (i)		11,322	(8,715)
Exchange differences		16,421	4,193
Deferred income tax assets, ending balance		80,220	96,117
Equity-settled share-based compensation | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income		(379)	41
Exchange differences		0
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance		5,681	5,640
Charged/(credited) to the statement of income		(379)	41
Others		0
Tax (charge) relating to cash flow hedge (i)		0	0
Exchange differences		0
Deferred income tax assets, ending balance		5,302	5,681
Biological assets | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income		4,572	0
Exchange differences		(22)	0
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance		0	0
Charged/(credited) to the statement of income		4,572	0
Others		0
Tax (charge) relating to cash flow hedge (i)		0	0
Exchange differences		(22)	0
Deferred income tax assets, ending balance		4,594	0
Others | Deferred tax assets temporary differences
Changes in deferred tax liability [abstract]
Charged/(credited) to the statement of income		33,571	7,785
Exchange differences		1,728	3,020
Changes in deferred tax asset [Abstract]
Deferred income tax assets, beginning balance		13,902	9,137
Charged/(credited) to the statement of income		33,571	7,785
Others		(970)
Tax (charge) relating to cash flow hedge (i)		0	0
Exchange differences		1,728	3,020
Deferred income tax assets, ending balance		44,775	13,902
Property, plant and equipment | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance		65,806	58,832
Charged/(credited) to the statement of income		31,237	11,411
Exchange differences		(29,040)	(4,437)
Effect of adoption of fair value valuation for farmlands		139,223
Deferred income tax liabilities, ending balance		270,583	65,806
Changes in deferred tax asset [Abstract]
Charged/(credited) to the statement of income		31,237	11,411
Exchange differences		(29,040)	(4,437)
Property, plant and equipment | IAS 29 | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Adjustment of opening net book amount for the application of IAS 29					63,357
Investment property
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance		12,629
Deferred income tax liabilities, ending balance		11,954	12,629
Investment property | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance			13,543
Charged/(credited) to the statement of income		2,730	1,076
Exchange differences		(3,405)	(1,990)
Effect of adoption of fair value valuation for farmlands		0
Changes in deferred tax asset [Abstract]
Charged/(credited) to the statement of income		2,730	1,076
Exchange differences		(3,405)	(1,990)
Investment property | IAS 29 | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Adjustment of opening net book amount for the application of IAS 29					0
Biological assets | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance		16,772	14,122
Charged/(credited) to the statement of income		(10,438)	3,707
Exchange differences		(3,032)	(1,057)
Effect of adoption of fair value valuation for farmlands		0
Deferred income tax liabilities, ending balance		3,466	16,772
Changes in deferred tax asset [Abstract]
Charged/(credited) to the statement of income		(10,438)	3,707
Exchange differences		(3,032)	(1,057)
Biological assets | IAS 29 | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Adjustment of opening net book amount for the application of IAS 29					164
Others | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Deferred income tax liabilities, beginning balance		2,625	17,475
Charged/(credited) to the statement of income		1,570	(15,583)
Exchange differences		(54)	733
Effect of adoption of fair value valuation for farmlands		0
Deferred income tax liabilities, ending balance		4,828	2,625
Changes in deferred tax asset [Abstract]
Charged/(credited) to the statement of income		1,570	(15,583)
Exchange differences		$ (54)	$ 733
Others | IAS 29 | Deferred tax liability temporary differences
Changes in deferred tax liability [abstract]
Adjustment of opening net book amount for the application of IAS 29					$ 687
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Taxation - Tax loss carryforwa

Taxation - Tax loss carryforwards and corresponding jurisdictions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Argentina
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 83,872
Expiration period	5 years
Argentina | 2015
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 17,536
Argentina | 2016
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	1,565
Argentina | 2017
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	15,889
Argentina | 2018
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	48,882
Brazil
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	155,124
Uruguay
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 4,986
Expiration period	5 years
LUXEMBOURG
Disclosure Of Income Tax Jurisdiction [Line Items]
Tax loss carry forward	$ 28,231

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, 2018	Dec. 31, 2017		Dec. 31, 2016
Income Taxes [Abstract]
Tax calculated at the tax rates applicable to profits in the respective countries	$ 2,956	$ (3,013)		$ (7,156)
Non-deductible items	(2,249)	(1,406)		(3,304)
Non-deductible items – changes in estimates on previous year	0	0		(1,182)
Effect of the changes in the statutory income tax rate in Argentina	(1,013)	1,781		0
Unused tax losses	(4,181)	(2,265)		0
Tax losses where no deferred tax asset was recognized	(2,368)	(29)		(569)
Non-taxable income	13,069	2,437		0
Previously unrecognized tax losses now recouped to reduce tax expenses	0	7,595		0
Effect of IAS 29 on Argentina´s Shareholder´s equity and deferred income tax	(5,825)	0		0
Others	635	(108)		(688)
Income tax benefit / (expense)	$ 1,024	$ 4,992	[1]	$ (12,899)	[1]
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

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, 2018	Dec. 31, 2017		Dec. 31, 2016
Earnings per share [abstract]
(Loss) / Profit from operations attributable to equity holders of the Group	$ (24,622)	$ 13,198		$ 11,568
Weighted average number of shares in issue (in shares)	116,637	120,599		121,421
Basic earnings / (loss) per share (in dollars per share)	$ (0.211)	$ 0.109	[1]	$ 0.095	[1]
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Earnings per share - Additional

Earnings per share - Additional information (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2018categoryshares	Dec. 31, 2017shares	Dec. 31, 2016shares
Earnings per share [abstract]
Number of categories of dilutive potential shares | category	2
Antidilutive securities | shares	737	851	1,658

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, 2018	Dec. 31, 2017		Dec. 31, 2016
Earnings per share [abstract]
Profit (loss), attributable to ordinary equity holders of parent entity	$ (24,622)	$ 13,198		$ 11,568
Weighted average number of shares in issue (in shares)	116,637	120,599		121,421
Adjustments for:
Employee share options and restricted units (in shares)	1,198	1,604		1,695
Weighted average number of shares for diluted earnings per share (in shares)	117,835	122,203		123,116
Diluted earnings / (loss) per share from operations (in dollars per share)	$ (0.211)	$ 0.108	[1]	$ 0.094	[1]
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Property, plant and equipment

Property, plant and equipment - Changes in property, plant and equipment (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017		Jan. 01, 2018
Changes in property, plant and equipment [abstract]
Opening net book amount	[1]	$ 831,377	$ 814,867
Adjustment of opening net book amount for the application of IAS 29			208,178		$ 657
Exchange differences		(207,087)	(30,299)
Additions		224,921	202,081
Revaluation surplus (Note 33)		545,129
Reclassification from investment property (Note 13)		3,313
Transfers		0	0
Disposals		(2,445)	(4,115)
Disposals of subsidiaries		(13,748)
Reclassification to non-income tax credits		(575)	(1,086)
Depreciation		(153,034)	(150,071)
Closing net book amount		1,480,439	831,377	[1]
IAS 29
Changes in property, plant and equipment [abstract]
Adjustment of opening net book amount for the application of IAS 29					252,588
Cost
Changes in property, plant and equipment [abstract]
Opening net book amount		1,627,263	1,460,682
Closing net book amount		2,429,359	1,627,263
Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount		(795,886)	(645,815)
Closing net book amount		(948,920)	(795,886)
Farmlands
Changes in property, plant and equipment [abstract]
Opening net book amount		110,743	122,117
Exchange differences		(78,858)	(11,374)
Additions		0	0
Revaluation surplus (Note 33)		545,129
Reclassification from investment property (Note 13)		3,313
Transfers		0	0
Disposals		0	0
Disposals of subsidiaries		(11,471)
Reclassification to non-income tax credits		0	0
Depreciation		0	0
Closing net book amount		780,184	110,743
Farmlands | IAS 29
Changes in property, plant and equipment [abstract]
Adjustment of opening net book amount for the application of IAS 29					211,328
Farmlands | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount		110,743	122,117
Closing net book amount		780,184	110,743
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		9,007	9,640
Exchange differences		(3,310)	(1,219)
Additions		97	0
Revaluation surplus (Note 33)		0
Reclassification from investment property (Note 13)		0
Transfers		2,012	2,711
Disposals		0	0
Disposals of subsidiaries		0
Reclassification to non-income tax credits		0	0
Depreciation		(3,002)	(2,125)
Closing net book amount		16,324	9,007
Farmland improvements | IAS 29
Changes in property, plant and equipment [abstract]
Adjustment of opening net book amount for the application of IAS 29					11,520
Farmland improvements | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount		22,399	20,907
Closing net book amount		32,718	22,399
Farmland improvements | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount		(13,392)	(11,267)
Closing net book amount		(16,394)	(13,392)
Buildings and facilities
Changes in property, plant and equipment [abstract]
Opening net book amount		192,844	190,055
Exchange differences		(34,195)	(4,473)
Additions		13,773	15,495
Revaluation surplus (Note 33)		0
Reclassification from investment property (Note 13)		0
Transfers		14,264	12,963
Disposals		(149)	(162)
Disposals of subsidiaries		(593)
Reclassification to non-income tax credits		(114)	(205)
Depreciation		(19,771)	(20,829)
Closing net book amount		188,622	192,844
Buildings and facilities | IAS 29
Changes in property, plant and equipment [abstract]
Adjustment of opening net book amount for the application of IAS 29					22,563
Buildings and facilities | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount		329,366	305,748
Closing net book amount		344,915	329,366
Buildings and facilities | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount		(136,522)	(115,693)
Closing net book amount		(156,293)	(136,522)
Machinery, equipment, furniture and fittings
Changes in property, plant and equipment [abstract]
Opening net book amount		246,080	251,310
Exchange differences		(49,222)	(5,853)
Additions		50,759	62,101
Revaluation surplus (Note 33)		0
Reclassification from investment property (Note 13)		0
Transfers		18,577	11,183
Disposals		(2,144)	(3,913)
Disposals of subsidiaries		(17)
Reclassification to non-income tax credits		(422)	(788)
Depreciation		(63,644)	(67,960)
Closing net book amount		205,148	246,080
Machinery, equipment, furniture and fittings | IAS 29
Changes in property, plant and equipment [abstract]
Adjustment of opening net book amount for the application of IAS 29					5,181
Machinery, equipment, furniture and fittings | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount		696,266	633,536
Closing net book amount		718,978	696,266
Machinery, equipment, furniture and fittings | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount		(450,186)	(382,226)
Closing net book amount		(513,830)	(450,186)
Bearer plants
Changes in property, plant and equipment [abstract]
Opening net book amount		238,910	216,169
Exchange differences		(36,504)	(4,089)
Additions		96,365	84,278
Revaluation surplus (Note 33)		0
Reclassification from investment property (Note 13)		0
Transfers		0	0
Disposals		0	0
Disposals of subsidiaries		(1,667)
Reclassification to non-income tax credits		0	0
Depreciation		(64,148)	(57,448)
Closing net book amount		232,956	238,910
Bearer plants | IAS 29
Changes in property, plant and equipment [abstract]
Adjustment of opening net book amount for the application of IAS 29					0
Bearer plants | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount		421,855	341,666
Closing net book amount		480,049	421,855
Bearer plants | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount		(182,945)	(125,497)
Closing net book amount		(247,093)	(182,945)
Others
Changes in property, plant and equipment [abstract]
Opening net book amount		4,158	3,935
Exchange differences		1,410	(390)
Additions		2,098	2,351
Revaluation surplus (Note 33)		0
Reclassification from investment property (Note 13)		0
Transfers		49	11
Disposals		(85)	(40)
Disposals of subsidiaries		0
Reclassification to non-income tax credits		0	0
Depreciation		(2,469)	(1,709)
Closing net book amount		6,301	4,158
Others | IAS 29
Changes in property, plant and equipment [abstract]
Adjustment of opening net book amount for the application of IAS 29					1,140
Others | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount		16,999	15,067
Closing net book amount		21,611	16,999
Others | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount		(12,841)	(11,132)
Closing net book amount		(15,310)	(12,841)
Work in progress
Changes in property, plant and equipment [abstract]
Opening net book amount		29,635	21,641
Exchange differences		(6,408)	(2,901)
Additions		61,829	37,856
Revaluation surplus (Note 33)		0
Reclassification from investment property (Note 13)		0
Transfers		(34,902)	(26,868)
Disposals		(67)	0
Disposals of subsidiaries		0
Reclassification to non-income tax credits		(39)	(93)
Depreciation		0	0
Closing net book amount		50,904	29,635
Work in progress | IAS 29
Changes in property, plant and equipment [abstract]
Adjustment of opening net book amount for the application of IAS 29					$ 856
Work in progress | Cost
Changes in property, plant and equipment [abstract]
Opening net book amount		29,635	21,641
Closing net book amount		50,904	29,635
Work in progress | Accumulated amortization
Changes in property, plant and equipment [abstract]
Opening net book amount		0	0
Closing net book amount		$ 0	$ 0
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Property, plant and equipment_2

Property, plant and equipment - Useful lives (Details)	12 Months Ended
	Dec. 31, 2018
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 equipment_3

Property, plant and equipment - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, net		$ 1,480,439,000	$ 831,377,000	[1]	$ 814,867,000	[1]
Borrowing costs capitalized		12,764	3,660
Net book value of pledged assets		349,400	265,099
IAS 16
Disclosure of detailed information about property, plant and equipment [line items]
Increase (decrease) in property, plant and equipment	$ 545,000,000
Farmlands
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, net	$ 785,000,000	780,184,000	$ 110,743,000		$ 122,117,000
Property, plant and equipment, cost		235,000,000
Farmlands | IAS 16
Disclosure of detailed information about property, plant and equipment [line items]
Increase (decrease) in property, plant and equipment		$ (79,000,000)
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Investment property (Details)

Investment property (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period	[1]	$ 42,342	$ 44,581
Net gain from fair value adjustment (Note 8)		13,409	4,302
Reclassification to property, plant and equipment (i)		(3,313)	0
Exchange difference		(11,713)	(6,541)
Investment property, end of period		40,725	42,342	[1]
Fair value
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period		42,342
Investment property, end of period		40,725	42,342
Fair value | Level 3
Disclosure of detailed information about investment property [line items]
Investment property, end of period		40,700
Increase (decrease) in investment property		4,100
Cost
Disclosure of detailed information about investment property [line items]
Investment property, beginning of period		42,342
Investment property, end of period		$ 40,725	$ 42,342
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Intangible assets (Details)

Intangible assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Jan. 01, 2018
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	$ 27,909,000	$ 17,192,000	[1]	$ 17,252,000	[1]
Adjustment of opening net book amount for the application of IAS 29		208,178,000				$ 657,000
Impairment loss	0	0		0
IAS 29
Reconciliation of changes in intangible assets other than goodwill [abstract]
Adjustment of opening net book amount for the application of IAS 29						252,588,000
Goodwill
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	21,350,000	12,412,000		13,405,000
Exchange differences	(6,616,000)	(993,000)
Additions	0	0
Amortisation, intangible assets other than goodwill	0	0
Goodwill | IAS 29
Reconciliation of changes in intangible assets other than goodwill [abstract]
Adjustment of opening net book amount for the application of IAS 29						15,554,000
Goodwill | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	21,350,000	12,412,000		13,405,000
Goodwill | Accumulated amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	0	0		0
Software
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	5,597,000	3,851,000		2,901,000
Exchange differences	(1,139,000)	(244,000)
Additions	3,217,000	2,089,000
Amortisation, intangible assets other than goodwill	(1,168,000)	(895,000)
Software | IAS 29
Reconciliation of changes in intangible assets other than goodwill [abstract]
Adjustment of opening net book amount for the application of IAS 29						836,000
Software | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	10,163,000	7,251,000		5,406,000
Software | Accumulated amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	(4,566,000)	(3,400,000)		(2,505,000)
Others
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	962,000	929,000		946,000
Exchange differences	(20,000)	(10,000)
Additions	105,000	34,000
Amortisation, intangible assets other than goodwill	(52,000)	(41,000)
Others | IAS 29
Reconciliation of changes in intangible assets other than goodwill [abstract]
Adjustment of opening net book amount for the application of IAS 29						0
Others | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	2,781,000	2,695,000		2,671,000
Others | Accumulated amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	(1,819,000)	(1,766,000)		(1,725,000)
Intangible assets
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	27,909,000	17,192,000		17,252,000
Exchange differences	(7,775,000)	(1,247,000)
Additions	3,322,000	2,123,000
Amortisation, intangible assets other than goodwill	(1,220,000)	(936,000)
Intangible assets | IAS 29
Reconciliation of changes in intangible assets other than goodwill [abstract]
Adjustment of opening net book amount for the application of IAS 29						$ 16,390,000
Intangible assets | Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	34,294,000	22,358,000		21,482,000
Intangible assets | Accumulated amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, net	$ (6,385,000)	$ (5,166,000)		$ (4,230,000)
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Biological assets - Changes in

Biological assets - Changes in bological assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018
Changes in biological assets [abstract]
Biological assets	$ 167,994	$ 145,404
Adjustment of opening net book amount for the application of IAS 29		208,178	$ 657
Increase due to purchases	906	1,694
Initial recognition and changes in fair value of biological assets	16,195	63,220
Decrease due to harvest / disposals	(277,133)	(294,945)
Costs incurred during the year	231,726	260,338
Exchange differences	(34,958)	(7,717)
Biological assets	105,387	167,994
Initial recognition and changes in fair value of biological assets, price changes	2,414	2,830
Initial recognition and changes in fair value of biological assets, physical changes	1,843	9,206
Dairy and cattle
Changes in biological assets [abstract]
Initial recognition and changes in fair value of biological assets	4,257	12,036
Sugar, Ethanol and Energy
Changes in biological assets [abstract]
Biological assets	93,178	82,380
Adjustment of opening net book amount for the application of IAS 29			0
Increase due to purchases	0	0
Initial recognition and changes in fair value of biological assets	(20,850)	23,790
Decrease due to harvest / disposals	(105,536)	(113,184)
Costs incurred during the year	94,121	101,277
Exchange differences	(13,438)	(1,085)
Biological assets	47,475	93,178
Crops | Farming
Changes in biological assets [abstract]
Biological assets	31,745	28,189
Adjustment of opening net book amount for the application of IAS 29			640
Increase due to purchases	0	0
Initial recognition and changes in fair value of biological assets	28,663	17,158
Decrease due to harvest / disposals	(104,941)	(102,734)
Costs incurred during the year	78,984	92,034
Exchange differences	(7,744)	(2,902)
Biological assets	27,347	31,745
Rice | Farming
Changes in biological assets [abstract]
Biological assets	29,717	25,575
Adjustment of opening net book amount for the application of IAS 29			17
Increase due to purchases	0	0
Initial recognition and changes in fair value of biological assets	4,125	10,236
Decrease due to harvest / disposals	(39,578)	(43,842)
Costs incurred during the year	33,121	39,547
Exchange differences	(10,229)	(1,799)
Biological assets	17,173	29,717
Dairy | Farming
Changes in biological assets [abstract]
Biological assets	9,338	6,827
Adjustment of opening net book amount for the application of IAS 29			0
Increase due to purchases	0	610
Initial recognition and changes in fair value of biological assets	5,455	11,769
Decrease due to harvest / disposals	(25,800)	(34,569)
Costs incurred during the year	23,731	26,002
Exchange differences	(2,426)	(1,301)
Biological assets	10,298	9,338
All other segments | Farming
Changes in biological assets [abstract]
Biological assets	4,016	2,433
Adjustment of opening net book amount for the application of IAS 29			$ 0
Increase due to purchases	906	1,084
Initial recognition and changes in fair value of biological assets	(1,198)	267
Decrease due to harvest / disposals	(1,278)	(616)
Costs incurred during the year	1,769	1,478
Exchange differences	(1,121)	(630)
Biological assets	$ 3,094	$ 4,016

Biological assets - Cost of pr

Biological assets - Cost of production (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	$ 225,917	$ 254,440
Costs incurred during the year, own produce consumed	5,809	5,898
Costs incurred during the year	231,726	260,338
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	21,423	28,683
Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,583	6,402
Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	80,166	77,515
Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,004	5,766
Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	6,925	8,183
Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	678	939
Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	39,461	48,706
Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	9,941	9,759
Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,663	1,931
Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,305	2,775
Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	569	676
Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,540	2,004
Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	46,711	53,952
Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4,948	7,149
Farming | Crops
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	78,984	92,034
Costs incurred during the year, own produce consumed	0	0
Costs incurred during the year	78,984	92,034
Farming | Crops | Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,710	3,999
Farming | Crops | Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	147	413
Farming | Crops | Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	34,961	35,715
Farming | Crops | Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	811	1,075
Farming | Crops | Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	943	1,303
Farming | Crops | Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	119	234
Farming | Crops | Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	23,231	29,738
Farming | Crops | Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | Crops | Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | Crops | Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	109	123
Farming | Crops | Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	165	180
Farming | Crops | Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,293	1,621
Farming | Crops | Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	11,868	13,057
Farming | Crops | Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,627	4,576
Farming | Rice
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	33,121	39,547
Costs incurred during the year, own produce consumed	0	0
Costs incurred during the year	33,121	39,547
Farming | Rice | Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,336	7,312
Farming | Rice | Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | Rice | Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	10,189	10,647
Farming | Rice | Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	660	666
Farming | Rice | Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,349	2,419
Farming | Rice | Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	387	500
Farming | Rice | Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	10,571	14,706
Farming | Rice | Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | Rice | Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | Rice | Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,432	1,954
Farming | Rice | Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	83	173
Farming | Rice | Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	114	156
Farming | Rice | Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	174	138
Farming | Rice | Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	826	876
Farming | Dairy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	18,267	20,213
Costs incurred during the year, own produce consumed	5,464	5,789
Costs incurred during the year	23,731	26,002
Farming | Dairy | Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,429	4,762
Farming | Dairy | Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | Dairy | Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	9
Farming | Dairy | Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	683	741
Farming | Dairy | Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,557	1,912
Farming | Dairy | Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	80	128
Farming | Dairy | Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | Dairy | Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	9,795	9,585
Farming | Dairy | Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,522	1,783
Farming | Dairy | Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	764	698
Farming | Dairy | Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	140	220
Farming | Dairy | Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	8	7
Farming | Dairy | Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | Dairy | Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	289	368
Farming | All other segments
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,424	1,369
Costs incurred during the year, own produce consumed	345	109
Costs incurred during the year	1,769	1,478
Farming | All other segments | Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	540	386
Farming | All other segments | Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | All other segments | Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | All other segments | Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	60	64
Farming | All other segments | Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	287	220
Farming | All other segments | Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	92	77
Farming | All other segments | Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	38	30
Farming | All other segments | Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	146	174
Farming | All other segments | Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	141	148
Farming | All other segments | Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Farming | All other segments | Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	4	19
Farming | All other segments | Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	83	129
Farming | All other segments | Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3	0
Farming | All other segments | Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	30	122
Sugar, Ethanol and Energy
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	94,121	101,277
Costs incurred during the year, own produce consumed	0	0
Costs incurred during the year	94,121	101,277
Sugar, Ethanol and Energy | Salaries, social security expenses and employee benefits
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	9,408	12,224
Sugar, Ethanol and Energy | Depreciation and amortization
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	3,436	5,989
Sugar, Ethanol and Energy | Fertilizers, agrochemicals and seeds
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	35,016	31,144
Sugar, Ethanol and Energy | Fuel, lubricants and others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	2,790	3,220
Sugar, Ethanol and Energy | Maintenance and repairs
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	1,789	2,329
Sugar, Ethanol and Energy | Freights
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Sugar, Ethanol and Energy | Contractors and services
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	5,621	4,232
Sugar, Ethanol and Energy | Feeding expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Sugar, Ethanol and Energy | Veterinary expenses
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Sugar, Ethanol and Energy | Energy power
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	0	0
Sugar, Ethanol and Energy | Professional fees
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	177	84
Sugar, Ethanol and Energy | Other taxes
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	42	91
Sugar, Ethanol and Energy | Lease expense and similar arrangements
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	34,666	40,757
Sugar, Ethanol and Energy | Others
Disclosure of reconciliation of changes in biological assets [line items]
Costs incurred during the year, excluding own produce consumed	$ 1,176	$ 1,207

Biological assets - Non-curren

Biological assets - Non-current and current biological assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	$ 11,270	$ 11,276	[1]	$ 8,516	[1]
Current biological assets	94,117	156,718	[1]	136,888	[1]
Biological assets	105,387	167,994		$ 145,404
Cattle for dairy production
Disclosure of detailed information about biological assets [line items]
Biological assets	9,859	8,989
Cattle for dairy production | Mature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	9,859	8,989
Breeding cattle
Disclosure of detailed information about biological assets [line items]
Biological assets	2,993	3,713
Breeding cattle | Mature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	1,310	1,984
Current biological assets	1,683	1,729
Other cattle
Disclosure of detailed information about biological assets [line items]
Biological assets	540	652
Other cattle | Mature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	439	349
Other cattle | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Non-current biological assets	101	303
Sown land – crops
Disclosure of detailed information about biological assets [line items]
Biological assets	27,347	31,745
Sown land – crops | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	27,347	31,745
Sown land – rice
Disclosure of detailed information about biological assets [line items]
Biological assets	17,173	29,717
Sown land – rice | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	17,173	29,717
Sown land – sugarcane
Disclosure of detailed information about biological assets [line items]
Biological assets	47,475	93,178
Sown land – sugarcane | Immature biological assets
Disclosure of detailed information about biological assets [line items]
Current biological assets	$ 47,475	$ 93,178
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Biological assets - Narrative

Biological assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about biological assets [line items]
Biological assets	$ 105,536	$ 113,184
Percentage of reasonably possible increase in estimated costs	10.00%	10.00%
Percentage of reasonably possible decrease in estimated costs	(10.00%)	(10.00%)
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	7,900,000	8,600,000
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	2,800,000	1,500,000
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	$ 2,000,000	$ 3,400,000

Biological assets - Biological

Biological assets - Biological assets measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value measurement of assets [line items]
Biological assets	$ 105,387	$ 167,994	$ 145,404
Cattle for dairy production
Disclosure of fair value measurement of assets [line items]
Biological assets	9,859	8,989
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	9,859	8,989
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	2,993	3,713
Breeding cattle | Level 1
Disclosure of fair value measurement of assets [line items]
Biological assets	2,993	3,713
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	540	652
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	540	652
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	47,475	93,178
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	47,475	93,178
Sown land – crops
Disclosure of fair value measurement of assets [line items]
Biological assets	27,347	31,745
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	27,347	31,745
Sown land – rice
Disclosure of fair value measurement of assets [line items]
Biological assets	17,173	29,717
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	$ 17,173	$ 29,717

Biological assets - Significan

Biological assets - Significant unobservable inputs (Details)	12 Months Ended
	Dec. 31, 2018ton / hectare$ / tonkilogram / ton$ / hectare	Dec. 31, 2017ton / 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	12	11.4
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	700
Harvest costs | $ / ton	15	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	1.2	1.5
Commercial costs	55	55
Production costs	140	200
Sown land – crops, wheat | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	5.2	5.1
Commercial costs	120	110
Production costs	460	540
Sown land – crops, corn | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	2.2	4
Commercial costs	85	107
Production costs	300	230
Sown land – crops, corn | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	9.4	8
Commercial costs	230	300
Production costs	620	550
Sown land – crops, soybean | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	1.1	1.4
Commercial costs	55	172
Production costs	260	250
Sown land – crops, soybean | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	4.1	3.4
Commercial costs	110	176
Production costs	460	350
Sown land – crops, sunflower | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	1.5	2.1
Commercial costs	45	10
Production costs	220	230
Sown land – crops, sunflower | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	2.1	3.5
Commercial costs	80	37
Production costs	360	350
Sown land – rice | Bottom of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	6	5
Commercial costs | $ / hectare	11	3
Production costs | $ / hectare	830	750
Sown land – rice | Top of range
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Plant yields	7.4	5.9
Commercial costs | $ / hectare	14	9
Production costs | $ / hectare	1,090	1,000

Investments in joint ventures -

Investments in joint ventures - Schedule of Investments in Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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 ventures_2

Investments in joint ventures - Summarized Financial Information of Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
ASSETS
Non-current assets	$ 1,616,538	$ 955,637	[1]	$ 928,237	[1]
Current assets	660,834	689,452	[1]	568,160	[1]
TOTAL ASSETS	2,277,372	1,645,089	[1]	1,496,397	[1]
LIABILITIES
Non-current liabilities	891,381	679,662	[1]	451,616	[1]
Current liabilities	277,846	282,408	[1]	332,477	[1]
TOTAL LIABILITIES	1,169,227	962,070	[1]	784,093	[1]
Profit (loss) [abstract]
Sales of goods and services rendered	793,239	933,178	[2]	869,235	[2]
Expenses	582,902	606,333		570,523
(Loss) / Profit before income tax	(24,257)	9,983	[2]	27,175	[2]
CHS AGRO S.A.
ASSETS
Non-current assets	9,860	7,931
Current assets	6,710	8,882
TOTAL ASSETS	16,570	16,813
LIABILITIES
Non-current liabilities	25,949	22,002
Current liabilities	18,622	19,197
TOTAL LIABILITIES	44,571	41,199
Net liabilities of joint venture	(28,001)	(24,386)
Profit (loss) [abstract]
Sales of goods and services rendered	9,305	14,879		9,390
Expenses	(31,989)	(22,657)		(16,048)
(Loss) / Profit before income tax	$ (22,684)	$ (7,778)		$ (6,658)
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Investments in joint ventures_3

Investments in joint ventures - Narrative (Details) - Financial guarantee contracts - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disclosure of joint ventures [line items]
Percent of profit	5.00%
Total capital percent	20.00%
CHS AGRO S.A.
Disclosure of joint ventures [line items]
Financial debt guaranteed		$ 9.8

Financial instruments by cate_3

Financial instruments by category - Carrying amounts of financial assets and financial liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	[1],[2]	Dec. 31, 2015	[1]
Assets as per statement of financial position
Trade and other receivables	$ 197,506	$ 172,214
Derivative financial instruments	6,286	4,483
Cash and cash equivalents	273,635	269,195	[1],[2]	$ 158,568		$ 198,894
Total	477,427	445,892
Liabilities as per statement of financial position
Trade and other payables	106,437	99,250
Borrowings (excluding finance lease liabilities)	861,521	817,853
Finance leases	595	105
Derivative financial instruments	283	552
Total	968,836	917,760
Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	96,167	86,066
Borrowings (excluding finance lease liabilities)	861,521	817,853
Finance leases	595	105
Derivative financial instruments	283	552
Total	958,566	904,576
Non- financial liabilities
Liabilities as per statement of financial position
Trade and other payables	10,270	13,184
Borrowings (excluding finance lease liabilities)	0	0
Finance leases	0	0
Derivative financial instruments	0	0
Total	10,270	13,184
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	283	552
Total	283	552
Financial liabilities at amortized cost | Financial Liability Instrument
Liabilities as per statement of financial position
Trade and other payables	96,167	86,066
Borrowings (excluding finance lease liabilities)	861,521	817,853
Finance leases	595	105
Derivative financial instruments	0	0
Total	958,283	904,024
Financial Assets Instruments
Assets as per statement of financial position
Trade and other receivables	91,183	68,869
Derivative financial instruments	6,286	4,483
Cash and cash equivalents	273,635	269,195
Total	371,104	342,547
Financial Assets Instruments | Financial asset at amortized cost
Assets as per statement of financial position
Trade and other receivables	91,183	68,869
Derivative financial instruments	0	0
Cash and cash equivalents	273,635	269,195
Total	364,818	338,064
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	6,286	4,483
Cash and cash equivalents	0	0
Total	6,286	4,483
Non- financial assets
Assets as per statement of financial position
Trade and other receivables	106,323	103,345
Derivative financial instruments	0	0
Cash and cash equivalents	0	0
Total	$ 106,323	$ 103,345
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Financial instruments by cate_4

Financial instruments by category - Income, expense, gains and losses on financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	$ 7,915	$ 11,230	$ 7,671
Interest expense	(51,577)	(52,308)	(48,198)
Foreign exchange gains/(losses)	(183,195)	(38,708)	$ (19,062)
Loss from derivative financial instruments	51,670	38,679
Net result	(175,187)	(41,107)
Financial liabilities at amortized cost
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	0	0
Interest expense	(15,783)	(10,340)
Foreign exchange gains/(losses)	(33,041)	(13,672)
Loss from derivative financial instruments	0	0
Net result	(48,824)	(24,012)
Financial asset at amortized cost
Disclosure Of Financial Assets And Financial Liabilities [Line Items]
Interest income	7,915	11,230
Interest expense	(35,794)	(41,968)
Foreign exchange gains/(losses)	(108,936)	(15,634)
Loss from derivative financial instruments	0	0
Net result	(136,815)	(46,372)
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)	(41,218)	(9,402)
Loss from derivative financial instruments	51,670	38,679
Net result	$ 10,452	$ 29,277

Financial instruments by cate_5

Financial instruments by category - Financial assets and financial liabilities measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial instruments	$ 6,286	$ 4,483
Derivative financial liabilities	(283)	(552)
Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial instruments	6,286	4,463
Derivative financial liabilities	(254)	(498)
Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial instruments	0	20
Derivative financial liabilities	$ (29)	$ (54)

Financial instruments by cate_6

Financial instruments by category - Fair values based on recognized valuation methods (Details) $ in Thousands	Dec. 31, 2018USD ($)
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	$ 6,003
Level 1 | Futures
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	5,790
Level 1 | Options
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	242
Level 2 | NDF
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets (liabilities)	$ (29)

Trade and other receivables, _3

Trade and other receivables, net - Summary of trade and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	[1]
Non-current
Trade receivables	$ 0	$ 6,597
Advances to suppliers	2,343	2,363
Income tax credits	4,429	6,955
Non-income tax credits	15,998	1,863
Judicial deposits	2,908	3,191
Receivable from disposal of subsidiary (Note 21)	10,944	0
Other receivables	2,198	1,138
Trade and other receivables, net	38,820	22,107	[1]	$ 17,412
Current
Trade receivables	66,001	52,294
Prepaid expenses	9,396	11,565
Advances to suppliers	43,365	36,497
Income tax credits	2,560	2,046
Non-income tax credits	28,232	38,865
Receivable from disposal of subsidiary (Note 21)	3,709	0
Cash collateral	1,505	380
Receivables from related parties (Note 31)	324	176
Other receivables	3,594	8,284
Subtotal	92,685	97,813
Trade and other receivables, net	158,686	150,107	[1]	$ 157,528
Trade and other receivables	197,506	172,214
Reclassified from Property, plant and equipment	575	1,086
Gross | Trade receivables excluding related party
Current
Trade receivables	60,167	43,078
Gross | Trade receivables related party
Current
Trade receivables	8,337	10,218
Allowance for trade receivables
Current
Trade receivables	$ (2,503)	$ (1,002)
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Trade and other receivables, _4

Trade and other receivables, net - Carrying amounts of trade and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets [line items]
Trade and other receivables	$ 197,506	$ 172,214
US Dollar
Disclosure of financial assets [line items]
Trade and other receivables	52,342	50,400
Argentine Peso
Disclosure of financial assets [line items]
Trade and other receivables	42,896	48,911
Uruguay, Pesos
Disclosure of financial assets [line items]
Trade and other receivables	534	415
Brazilian Reais
Disclosure of financial assets [line items]
Trade and other receivables	$ 101,734	$ 72,488

Trade and other receivables, _5

Trade and other receivables, net - Narrative (Details) $ in Thousands	Dec. 31, 2018USD ($)company	Dec. 31, 2017USD ($)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	24	24
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	$ 1,167	$ 318
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	$ 9,509	$ 5,052
Percentage of outstanding unimpaired trade receivables	55.00%	89.00%

Trade and other receivables, _6

Trade and other receivables, net - Movements in allowance for trade receivables (Details) - Trade and other receivables - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Allowance For Doubtful Trade Receivables [Roll Forward]
Beginning balance	$ 1,002	$ 643	$ 481
Charge of the year	2,468	758	387
Unused amounts reversed	(237)	(133)	(178)
Used during the year	(281)	(193)	0
Exchange differences	(449)	(73)	(47)
Ending balance	$ 2,503	$ 1,002	$ 643

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Inventories [abstract]
Raw materials	$ 48,140	$ 46,836
Finished goods	79,758	61,888		$ 68,191		$ 47,624
Others	204	195
Current inventories	$ 128,102	$ 108,919	[1]	$ 111,754	[1]
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	[1],[2]	Dec. 31, 2015	[1]
Cash and cash equivalents [abstract]
Cash at bank and on hand	$ 197,544	$ 118,358
Short-term bank deposits	76,091	150,837
Cash and cash equivalents	$ 273,635	$ 269,195	[1],[2]	$ 158,568		$ 198,894
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Disposals (Details)

Disposals (Details) $ in Thousands, R$ in Millions	1 Months Ended		12 Months Ended
	May 31, 2018USD ($)	May 31, 2018BRL (R$)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of subsidiaries [line items]
Gain from disposal			$ 36,227	$ 0	$ 0
Rio De Janeiro Farm | Negocios Imobiliarios Ltda.
Disclosure of subsidiaries [line items]
Total consideration for disposal	$ 34,000	R$ 120.0
Gain from disposal	22,000
Conquista Farms | Negocios Imobiliarios Ltda.
Disclosure of subsidiaries [line items]
Total consideration for disposal	18,000	68
Gain from disposal	14,000
Cash collected from sale of wholly owned subsidiary	$ 2,000	R$ 7.5

Shareholders' contributions - N

Shareholders' contributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			51 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Sep. 24, 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
Par value per share (in usd per share)	$ 1.5
Authorized percentage of outstanding stock					5.00%
Purchase of treasury shares	$ 15,725	$ 38,367	$ 4,772
Treasury shares	5,826,116
Share Repurchase Program
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares repurchased under program				8,421,549
Employee share options exercised (in shares)				2,598,423
Purchase of treasury shares	$ 15,725	$ 38,367	$ 4,772

Shareholders' contributions - S

Shareholders' contributions - Summary of Share Capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Share capital and share premium
Equity, beginning balance	$ 683,019	[1],[2]	$ 712,304	[2],[3]	$ 564,150
Employee share options exercised			39		380
Restricted shares and units vested	0
Purchase of own shares	(15,725)		(38,367)		(4,772)
Equity, ending balance	$ 1,108,145		$ 683,019	[1],[2]	$ 712,304	[2],[3]
Share capital (Note 22)
Number of shares
Number of shares (in shares)	122,382,000		122,382,000		122,382,000
Employee share options exercised (in shares)			0		0
Restricted shares and units vested (in shares)	0		0		0
Purchase of own shares (in shares)	0		0		0
Number of shares (in shares)	122,382,000		122,382,000		122,382,000
Share capital and share premium
Equity, beginning balance	$ 183,573	[1]	$ 183,573	[3]	$ 183,573
Equity, ending balance	183,573		183,573	[1]	183,573	[3]
Share capital and share premium
Share capital and share premium
Equity, beginning balance	1,092,507		1,120,823		1,121,247
Employee share options exercised			50		438
Restricted shares and units vested	4,775		4,149		3,225
Purchase of own shares	(13,206)		(32,515)		(4,087)
Equity, ending balance	$ 1,084,076		$ 1,092,507		$ 1,120,823
[1]	2017 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.
[3]	2016 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Equity-settled share-based pa_3

Equity-settled share-based payments - Options Schemes (Details)	1 Months Ended	12 Months Ended
	May 31, 2014	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)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		2,371,000	2,485,000	3,299,000
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	$ 6.66	$ 6.67
Average exercise price per share, exercised (usd per share) | $		0	5.83	6.96
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 6.66	$ 6.66	$ 6.66
Number of share options outstanding, Jan 1		1,634,000	1,641,000	1,696,000
Number of share options exercised		0	(7,000)	(55,000)
Number of share options outstanding, Dec 31		1,634,000	1,634,000	1,641,000
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		496,000	495,000
Number of share options outstanding, Dec 31		496,000	496,000	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	452,000
Number of share options outstanding, Dec 31		452,000	452,000	452,000
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		142,000	150,000
Number of share options outstanding, Dec 31		142,000	142,000	150,000
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	441,000
Number of share options outstanding, Dec 31		441,000	441,000	441,000
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) | $		$ 13.31	$ 13.07	$ 13.07
Average exercise price per share, forfeited (usd per share) | $		13.27	13.40	12.98
Average exercise price per share, expired (usd per share) | $		12.82	12.82	0
Average exercise price per share, outstanding Dec 31 (usd per share) | $		$ 13.37	$ 13.31	$ 13.07
Number of share options outstanding, Jan 1		851,000	1,658,000	1,701,000
Number of share options forfeited		11,000	4,000	43,000
Number of share options expired		(103,000)	(803,000)	0
Number of share options outstanding, Dec 31		737,000	851,000	1,658,000
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		105,000	908,000
Number of share options outstanding, Dec 31		0	105,000	908,000
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	595,000
Number of share options outstanding, Dec 31		595,000	595,000	595,000
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		106,000	110,000
Number of share options outstanding, Dec 31		97,000	106,000	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 pa_4

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, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense | $							$ 4,728,000	$ 5,552,000	$ 4,796,000
Grant date, fair value (usd per share) | $	$ 9.10	$ 8.43	$ 12.14	$ 11.88	$ 12.52	$ 12.63
Possibility of ceasing employment before vesting	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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							3,982,658
Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense | $							$ 4,900,000	$ 5,600,000	$ 4,800,000
Number of shares outstanding, Jan 1							969,000	1,000,000	1,018,000
Number of shares granted							530,000	488,000	464,000
Number of shares forfeited							(25,000)	(29,000)	(29,000)
Number of shares vested							(498,000)	(490,000)	(453,000)
Number of shares outstanding, Dec 31							976,000	969,000	1,000,000

Legal and other reserves (Detai

Legal and other reserves (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of reserves within equity [abstract]
Legal and other reserve	$ 3,664	$ 4,139
Distributable retained earnings	0
Retained earnings, unappropriated	$ 918,131

Trade and other payables (Detai

Trade and other payables (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	[1]
Non-current
Payable from acquisition of property, plant and equipment	$ 0	$ 521
Other payables	211	306
Trade and other payables, current	211	827	[1]	$ 1,427
Current
Trade payables	94,483	82,824
Advances from customers	3,813	6,722
Amounts due to related parties (Note 31)	354	628
Taxes payable	6,457	6,462
Other payables	1,119	1,787
Trade and other payables, current	106,226	98,423	[1]	$ 92,158
Trade and other payables	$ 106,437	$ 99,250
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Borrowings - Schedule of borrow

Borrowings - Schedule of borrowings (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Non-current
Non-current portion of non-current notes and debentures issued	$ 496,118,000	$ 495,707,000
Non-current	718,484,000	663,060,000	[1]	$ 430,304,000	[1]
Current
Current notes and debentures issued and current portion of non-current notes and debentures issued	8,250,000	8,250,000
Current	143,632,000	154,898,000	[1]	205,092,000	[1]
Borrowings	862,116,000	817,958,000		$ 635,396,000
Collateralized liabilities	87,738	136,322
Bank overdrafts
Current
Current	2,320,000	6,214,000
Bank borrowings
Non-current
Non-current	221,971,000	167,315,000
Current
Current	132,862,000	140,367,000
Obligations under finance leases
Non-current
Non-current	395,000	38,000
Current
Current	$ 200,000	$ 67,000
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	Sep. 21, 2017	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	[1]
Disclosure of detailed information about borrowings [line items]
Issuance of senior notes		$ 0	$ 495,678	[1]	$ 0
Level 2 | Fair value
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 460,000	$ 497,000
Borrowings, nominal percentage		91.91%	99.49%
Senior Notes due 2027
Disclosure of detailed information about borrowings [line items]
Issuance of senior notes	$ 495,700
Borrowings	$ 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		2.88%	1.84%
Brazilian Subsidiaries | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis		6.89%
Brazilian Subsidiaries | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis		12.03%
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		8.00%
US Dollar | Argentina Subsidiaries | Fixed interest rate | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		4.50%
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		62.00%
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Borrowings - Maturity of borrow

Borrowings - Maturity of borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Total debt	$ 862,116	$ 817,958	$ 635,396
Brazilian Subsidiaries
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis	2.88%	1.84%
Brazilian Subsidiaries | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	6.89%
Brazilian Subsidiaries | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	12.03%
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	8.00%
Fixed interest rate | US Dollar | Argentina Subsidiaries | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	4.50%
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	62.00%
Borrowings excluding obligations under finance lease
Disclosure of detailed information about borrowings [line items]
Total debt	$ 861,521	$ 817,853
Borrowings excluding obligations under finance lease | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	723,077	721,051
Borrowings excluding obligations under finance lease | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	138,444	96,802
Borrowings excluding obligations under finance lease | Less than 1 year | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	105,708	132,998
Borrowings excluding obligations under finance lease | Less than 1 year | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	37,724	21,833
Borrowings excluding obligations under finance lease | Between 1 and 2 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	16,287	35,762
Borrowings excluding obligations under finance lease | Between 1 and 2 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	17,278	22,871
Borrowings excluding obligations under finance lease | Between 2 and 3 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	25,704	20,097
Borrowings excluding obligations under finance lease | Between 2 and 3 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	29,861	17,945
Borrowings excluding obligations under finance lease | Between 3 and 4 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	43,507	20,130
Borrowings excluding obligations under finance lease | Between 3 and 4 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	22,886	18,215
Borrowings excluding obligations under finance lease | Between 4 and 5 years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	26,415	16,310
Borrowings excluding obligations under finance lease | Between 4 and 5 years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	18,251	11,164
Borrowings excluding obligations under finance lease | Over 5 Years | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	505,456	495,754
Borrowings excluding obligations under finance lease | Over 5 Years | Variable interest rate
Disclosure of detailed information about borrowings [line items]
Total debt	$ 12,444	$ 4,774

Borrowings - Brazilian Subsidia

Borrowings - Brazilian Subsidiaries (Details) $ in Thousands, R$ in Millions	Dec. 31, 2018USD ($)	Dec. 31, 2018BRL (R$)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 68,100		$ 63,300	$ 111,800
Total debt	862,116		817,958	$ 635,396
Brazilian Subsidiaries | Banco Do Brasil Loan Due November 2022
Disclosure of detailed information about borrowings [line items]
Nominal amount	130,000
Total debt	$ 0	R$ 72.7	27,600
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	$ 0	R$ 12.1	7,600
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	$ 273,000
Total debt	$ 0	R$ 147.1	53,400
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	6.83%	6.83%
Brazilian Subsidiaries | Banco Do Brasil / Ita BBA Finem Loan Due January 2023
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 215,000
Total debt	$ 0	R$ 110.8	41,400
Borrowings, interest rate	3.75%	3.75%
Brazilian Subsidiaries | BNDES Finem Loan Due January 2023
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 30,000
Total debt	$ 0	R$ 0.0	30,000
Borrowings, interest rate	6.35%	6.35%
Brazilian Subsidiaries | ING / Rabobank / ABN / HSBC / Credit Agricole / Caixa Geral / Galena Due December 2018
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 75,000
Total debt	$ 0		$ 0
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	6.33%	6.33%

Borrowings - Argentinian Subsid

Borrowings - Argentinian Subsidiaries (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 68,100,000	$ 63,300,000	$ 111,800,000
Total debt	862,116,000	817,958,000	$ 635,396,000
Net book value of pledged assets	$ 349,400	265,099
IDB Tranche A Due Nov 2018 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	4.30%
IFC Tranche A Due Sept 2021 | LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	4.00%
IFC Trance B Due Sept 2023 | LIBOR Variable Rate Basis
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	3.00%
Argentina Subsidiaries | IDB Tranche A Due Nov 2018
Disclosure of detailed information about borrowings [line items]
Nominal amount	$ 25,000,000
Total debt	22,700,000	24,700,000
Argentina Subsidiaries | IFC Tranche A Due Sept 2021
Disclosure of detailed information about borrowings [line items]
Nominal amount	25,000,000
Total debt	21,400,000	24,930,000
Net book value of pledged assets	113,000,000
Argentina Subsidiaries | IFC Trance B Due Sept 2023
Disclosure of detailed information about borrowings [line items]
Nominal amount	50,000,000
Total debt	$ 50,000,000	$ 0

Borrowings - Borrowings by curr

Borrowings - Borrowings by currency (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Total debt	$ 862,116	$ 817,958	$ 635,396

Borrowings - Evolution of borro

Borrowings - Evolution of borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of detailed information about financial instruments [abstract]
Total debt	$ 862,116	$ 817,958		$ 635,396
Issuance of senior notes	0	495,678	[1]	0	[1]
Proceeds from long-term borrowings	45,536	232,433	[1]	167,385	[1]
Payments of long-term borrowings	(124,349)	(602,700)	[1]	(277,913)	[1]
Proceeds from short term borrowings	318,108	106,730
Payments of short-term borrowings	(190,630)	(64,787)	[1]	$ (272,033)	[1]
Payments of interest (1).	(47,401)	(39,118)
Accrued interest	61,186	51,005
Exchange differences, inflation and translation, net	(19,506)	(4,588)
Others	$ 1,214	$ 7,909
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Payroll and social securities_3

Payroll and social securities payable (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	[1]
Non-current
Social security payable	$ 1,219	$ 1,240
Non-current payroll and social security liabilities	1,219	1,240	[1]	$ 1,235
Current
Salaries payable	8,841	6,199
Social security payable	3,112	3,702
Provision for vacations	9,770	12,323
Provision for bonuses	4,255	5,043
Current payroll and social security liabilities	25,978	27,267
Total payroll and social security liabilities	$ 27,197	$ 28,507
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Provisions for other liabilit_3

Provisions for other liabilities - Summary of Changes in Provisions for Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Movement In Other Provisions [Roll Forward]
Other provisions, beginning balance	$ 4,843	$ 3,889
Additions	1,147	4,750
Used during year	(1,379)	(3,779)
Exchange differences	(986)	(17)
Other provisions, ending balance	3,625	4,843
Labor, legal and other claims
Movement In Other Provisions [Roll Forward]
Other provisions, beginning balance	4,838	3,857
Additions	1,147	4,750
Used during year	(1,379)	(3,754)
Exchange differences	(986)	(15)
Other provisions, ending balance	3,620	4,838
Others
Movement In Other Provisions [Roll Forward]
Other provisions, beginning balance	5	32
Additions	0	0
Used during year	0	(25)
Exchange differences	0	(2)
Other provisions, ending balance	$ 5	$ 5

Provisions for other liabilit_4

Provisions for other liabilities - Summary of Total Provisions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of other provisions [abstract]
Noncurrent provisions	$ 3,296	$ 4,078	[1]	$ 3,299	[1]
Current provisions	329	765	[1]	590	[1]
Total provisions	$ 3,625	$ 4,843		$ 3,889
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Provisions for other liabilit_5

Provisions for other liabilities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Tax, labor, civil, administrative and other proceedings
Disclosure of contingent liabilities [line items]
Contingent liabilities	$ 23.1	$ 21

Disclosure of leases and simi_3

Disclosure of leases and similar arrangements - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Apr. 30, 2014
Disclosure of recognised finance lease as assets by lessee [line items]
Lease expense		$ 1,409,000	$ 1,659,000	$ 1,381,000
Average contract term (in years)		6 years
Minimum operating lease payments recognised as expense		$ 34,640,000	41,100,000	38,500,000
Minimum finance lease payments payable		$ 595	105
Lease term (in years)		10 years
Minimum lease payments receivable under cancellable operating lease		$ 338,000	1,518,000
Settlement gain, net		0	0	8,489,000
Lease Expense Capitalized
Disclosure of recognised finance lease as assets by lessee [line items]
Lease expense		$ 11,900,000	$ 14,000,000	6,800,000
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				7,000,000
Settlement gain, net				$ 8,500,000

Disclosure of leases and simi_4

Disclosure of leases and similar arrangements - Future Minimum Rental Payments Due (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under cancellable operating lease	$ 9,508	$ 9,075
Less than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under cancellable operating lease	9,082	7,841
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	$ 426	$ 1,234

Disclosure of leases and simi_5

Disclosure of leases and similar arrangements - Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Analysis of income and expense [abstract]
Rental income	$ 643	$ 771	$ 984

Disclosure of leases and simi_6

Disclosure of leases and similar arrangements - Future Minimum Rental Payments Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under cancellable operating lease	$ 338	$ 1,518
Less than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under cancellable operating lease	32	504
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	$ 306	$ 1,014

Group companies - Summary of Ow

Group companies - Summary of Ownership Interests in Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Argentina
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
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. (AVI)
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Brazil | Adecoagro Commodities Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%	0.00%
Brazil | Usina Monte Alegre Ltda. (UMA)
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, 2018	Dec. 31, 2017	Dec. 31, 2016
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	$ (2,279)	$ (3,326)	$ (42)
Other related parties
Disclosure of transactions between related parties [line items]
Receivables from related parties	324	176
Payables	(160)	(367)
Directors and senior management
Disclosure of transactions between related parties [line items]
Payables	(16,353)	(17,985)
Compensation selected employees	(7,122)	(7,040)	(5,213)
Joint ventures
Disclosure of transactions between related parties [line items]
Receivables from related parties	8,337	10,218
Payables	(194)	(261)
Sales of goods	456	2,487	372
Services	210	88	87
Interest income	242	$ 308	$ 326
Related party loan	$ 8,000
Borrowings, interest rate	3.00%

Critical accounting estimates_3

Critical accounting estimates and judgments - Narrative (Details) - cash_generating_unit	Sep. 30, 2018	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	2	3

Critical accounting estimates_4

Critical accounting estimates and judgments - Summary of Allocated Goodwill to CGUs in Argentina and Uruguay (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	[1]	Sep. 30, 2017	Dec. 31, 2016	[1]	Sep. 30, 2016
Disclosure of information for cash-generating units [line items]
Total assets allocated to CGUs tested	$ 2,277,372	$ 1,645,089			$ 1,496,397
Argentina | La Carolina | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				$ 112			$ 35
Argentina | La Carolina | Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				38			12
Argentina | El Orden | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				170			53
Argentina | El Orden | Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				14			4
Argentina | La Guarida | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				1,149			358
Argentina | La Guarida | Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				937			292
Argentina | Los Guayacanes | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				1,449			452
Argentina | Dona Marina | Rice
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				3,385			1,595
Argentina | Huelen | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				3,369			1,787
Argentina | El Colorado | Crops
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				1,484			787
Argentina | El Colorado | Cattle
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				216			115
Argentina | Cash-generating units
Disclosure of information for cash-generating units [line items]
Closing net book value of goodwill allocated to CGUs tested				12,323			5,490
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				179,545			34,668
Total assets allocated to CGUs tested				$ 191,868			$ 40,158
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Critical accounting estimates_5

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	0.11%	1.13%
Future cost increases as a percentage	3.11%	0.09%
Discount rates	8.43%	7.60%
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%	0.00%

Critical accounting estimates_6

Critical accounting estimates and judgments - Summary of Allocated Goodwill to CGUs in Brazil (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	[1]	Sep. 30, 2017	Dec. 31, 2016	[1]	Sep. 30, 2016
Disclosure of information for cash-generating units [line items]
Total assets allocated to CGUs tested	$ 2,277,372	$ 1,645,089			$ 1,496,397
Sugar, Ethanol and Energy | AVI
Disclosure of information for cash-generating units [line items]
Goodwill				$ 3,966			$ 5,012
Sugar, Ethanol and Energy | UMA
Disclosure of information for cash-generating units [line items]
Goodwill				2,107			2,622
Brazil | Cash-generating units
Disclosure of information for cash-generating units [line items]
Goodwill				6,073			7,634
Closing net book value of PPE items and other assets allocated to CGUs tested				618,818			719,558
Total assets allocated to CGUs tested				$ 624,891			$ 727,192
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.

Summary of significant accoun_3

Summary of significant accounting policies - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about intangible assets [line items]
Increase (decrease) retained earnings		$ 0
IAS 16
Disclosure of detailed information about intangible assets [line items]
Increase (decrease) in property, plant and equipment	$ 545,000,000
Increase (decrease) in deferred tax liability (asset)	$ 139,000,000
IAS 8
Disclosure of detailed information about intangible assets [line items]
Increase (decrease) in deferred tax liability (asset)			$ 12,000,000
Increase (decrease) retained earnings			45,000,000
Increase (decrease) in investment property			$ 40,000,000
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

Summary of significant accoun_4

Summary of significant accounting policies - Accounting policies changed during the period, Balance sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Property, plant and equipment, net	$ 1,480,439	$ 831,377	[1]	$ 814,867	[1]
Investment property	40,725	42,342	[1]	44,581	[1]
Deferred tax assets	16,191	30,808	[1]	25,043	[1]
TOTAL ASSETS	2,277,372	1,645,089	[1]	1,496,397	[1]
Retained earnings	237,188	106,209	[1]	92,997	[1]
Cumulative translation adjustment	(666,037)	(552,604)	[1]	(533,120)	[1]
Non-controlling interest	44,509	9,139	[1]	11,970	[1]
TOTAL SHAREHOLDERS EQUITY	$ 1,108,145	683,019	[1],[2]	712,304	[1],[3]	$ 564,150
Previously stated
Property, plant and equipment, net		820,931		802,608
Investment property		2,271		2,666
Deferred tax assets		43,437		38,586
TOTAL ASSETS		1,607,201		1,455,766
Retained earnings		60,984		50,998
Cumulative translation adjustment		(541,545)		(527,364)
Non-controlling interest		5,417		7,582
TOTAL SHAREHOLDERS EQUITY		645,131		671,673
Increase/ (Decrease)
Property, plant and equipment, net		10,446		12,259
Investment property		40,071		41,915
Deferred tax assets		(12,629)		(13,543)
TOTAL ASSETS		37,888		40,631
Retained earnings		45,225		41,999
Cumulative translation adjustment		(11,059)		(5,756)
Non-controlling interest		3,722		4,388
TOTAL SHAREHOLDERS EQUITY		$ 37,888		$ 40,631
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as in Note 33.
[2]	2017 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[3]	2016 information has been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Summary of significant accoun_5

Summary of significant accounting policies - Accounting policies changed during the period, Profit and Loss (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of effect of overlay approach reclassification on profit or loss [line items]
Other operating income, net	$ 104,232	$ 43,763	[1]	$ 5,752	[1]
(Loss) / Profit before income tax	(24,257)	9,983	[1]	27,175	[1]
Income tax benefit / (expense)	1,024	4,992	[1]	(12,899)	[1]
(Loss) / Profit for the year	$ (23,233)	$ 14,975	[1],[2],[3]	$ 14,276	[1],[2],[3]
Basic earnings / (loss) per share (in dollars per share)	$ (0.211)	$ 0.109	[1]	$ 0.095	[1]
Diluted earnings / (loss) per share from operations (in dollars per share)	$ (0.211)	$ 0.108	[1]	$ 0.094	[1]
Previously stated
Disclosure of effect of overlay approach reclassification on profit or loss [line items]
Other operating income, net		$ 39,461		$ (8,297)
(Loss) / Profit before income tax		5,681		13,126
Income tax benefit / (expense)		6,068		(9,387)
(Loss) / Profit for the year		$ 11,749		$ 3,739
Basic earnings / (loss) per share (in dollars per share)		$ 0.083		$ 0.017
Diluted earnings / (loss) per share from operations (in dollars per share)		$ 0.082		$ 0.017
Increase/ (Decrease)
Disclosure of effect of overlay approach reclassification on profit or loss [line items]
Other operating income, net		$ 4,302		$ 14,049
(Loss) / Profit before income tax		4,302		14,049
Income tax benefit / (expense)		(1,076)		(3,512)
(Loss) / Profit for the year		$ 3,226		$ 10,537
Basic earnings / (loss) per share (in dollars per share)		$ 0.026		$ 0.078
Diluted earnings / (loss) per share from operations (in dollars per share)		$ 0.026		$ 0.077
[1]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[2]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.
[3]	Prior periods have been recast to reflect the Company's change in accounting policy for Investment properties as described in Note 33.

Events occurring after the re_2

Events occurring after the reporting period (Details) $ in Thousands, R$ in Millions	1 Months Ended			12 Months Ended
	Feb. 28, 2019USD ($)plant	Jan. 31, 2019USD ($)installment	Jan. 31, 2019BRL (R$)installment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Gain from disposal				$ 36,227	$ 0	$ 0
Acquisitions
Disclosure of non-adjusting events after reporting period [line items]
Number of Plants | plant	2
Acquisitions | Las Tres Niñas and Angelita [Member]
Disclosure of non-adjusting events after reporting period [line items]
Total consideration paid (received)	$ 47,000
Girasoles del Plata S.A. | Acquisitions
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%
Mani del Plata S.A. | Acquisitions
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%
Total consideration paid (received)		$ 10,000
Number of payment installments | installment		3	3
Negocios Imobiliarios Ltda. | Alto Alegre Farm | Disposal of subsidiary
Disclosure of non-adjusting events after reporting period [line items]
Total consideration paid (received)		$ (16,600)	R$ 62.5
Cash collected from sale of wholly owned subsidiary		800	R$ 2.9
Gain from disposal		$ 9,000
CHS AGRO S.A.
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in joint venture				50.00%	50.00%	50.00%