Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
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 | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Common Stock Outstanding | 117,086,050 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Sales of goods and services rendered | $ 887,138 | $ 793,239 | $ 933,178 |
Cost of goods sold and services rendered | (671,173) | (609,965) | (766,727) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 68,589 | 16,195 | 63,220 |
Changes in net realizable value of agricultural produce after harvest | 1,825 | (909) | 8,852 |
Margin on manufacturing and agricultural activities before operating expenses | 286,379 | 198,560 | 238,523 |
General and administrative expenses | (57,202) | (56,080) | (57,299) |
Selling expenses | (106,972) | (90,215) | (95,399) |
Other operating income, net | (822) | 104,232 | 43,763 |
Profit from operations | 121,383 | 156,497 | 129,588 |
Finance income | 9,908 | 8,581 | 11,744 |
Finance costs | (202,566) | (271,263) | (131,349) |
Other financial results - Net gain of inflation effects on the monetary items | 92,437 | 81,928 | 0 |
Financial results, net | (100,221) | (180,754) | (119,605) |
Profit / (Loss) before income tax | 21,162 | (24,257) | 9,983 |
Income tax (expense) / benefit | (20,820) | 1,024 | 4,992 |
Profit / (Loss) for the year | 342 | (23,233) | 14,975 |
Attributable to: | |||
Equity holders of the parent | (772) | (24,622) | 13,198 |
Non-controlling interest | $ 1,114 | $ 1,389 | $ 1,777 |
(Loss) / Earnings per share from operations attributable to the equity holders of the parent during the year: | |||
Basic earnings per share (USD per share) | $ (0.007) | $ (0.211) | $ 0.109 |
Diluted earnings per share (USD per share) | $ (0.007) | $ (0.211) | $ 0.108 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Statement of comprehensive income [abstract] | ||||||
Profit / (Loss) for the year | $ 342 | $ (23,233) | $ 14,975 | |||
- Items that may be reclassified subsequently to profit or loss: | ||||||
Exchange differences on translating foreign operations | (27,828) | (121,296) | (21,233) | |||
Cash flow hedge, net of income tax (Note 2) | (19,420) | [1] | (32,195) | [2] | 12,608 | [3] |
- Items that will not be reclassified to profit or loss: | ||||||
Revaluation surplus net of income tax (Note 12, 14) | (31,929) | 405,906 | 0 | |||
Other comprehensive (loss) / income for the year | (79,177) | 252,415 | (8,625) | |||
Total comprehensive (loss) / income for the year | (78,835) | 229,182 | 6,350 | |||
Attributable to: | ||||||
Equity holders of the parent | (75,437) | 213,641 | 6,322 | |||
Non-controlling interest | $ (3,398) | $ 15,541 | $ 28 | |||
[1] | Net of (6,752) of Income tax. | |||||
[2] | Net of 11,322 of Income tax. | |||||
[3] | Net of (8,715) of income tax. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-Current Assets | |||
Property, plant and equipment | $ 1,493,220 | $ 1,480,439 | |
Right of use assets | 238,053 | 0 | |
Investment property | 34,295 | 40,725 | |
Intangible assets | 33,679 | 27,909 | |
Biological assets | 13,303 | 11,270 | |
Deferred income tax assets | 13,664 | 16,191 | |
Trade and other receivables, net | 44,993 | 38,820 | |
Other assets | 1,034 | 1,184 | |
Total Non-Current Assets | 1,872,241 | 1,616,538 | |
Current Assets | |||
Biological assets | 117,133 | 94,117 | |
Inventories | 112,790 | 128,102 | |
Trade and other receivables, net | 127,338 | 158,686 | |
Derivative financial instruments | 1,435 | 6,286 | |
Other assets | 94 | 8 | |
Cash and cash equivalents | 290,276 | 273,635 | |
Total Current Assets | 649,066 | 660,834 | |
TOTAL ASSETS | 2,521,307 | 2,277,372 | |
Capital and reserves attributable to equity holders of the parent | |||
Share capital | 183,573 | 183,573 | |
Share premium | 901,739 | 900,503 | |
Cumulative translation adjustment | (680,315) | (666,037) | |
Equity-settled compensation | 15,354 | 16,191 | |
Cash flow hedge | (76,303) | (56,884) | |
Other reserves | 66,047 | 32,380 | |
Treasury shares | (7,946) | (8,741) | |
Revaluation surplus | 337,877 | 383,889 | |
Reserve from the sale of non-controlling interests in subsidiaries | 41,574 | 41,574 | |
Retained earnings | 206,669 | 237,188 | |
Equity attributable to equity holders of the parent | 988,269 | 1,063,636 | |
Non-controlling interest | 40,614 | 44,509 | |
TOTAL SHAREHOLDERS EQUITY | 1,028,883 | 1,108,145 | [1] |
Non-Current Liabilities | |||
Trade and other payables | 3,599 | 211 | |
Borrowings | 780,202 | 718,484 | |
Lease liabilities | 174,570 | 0 | |
Deferred income tax liabilities | 165,508 | 168,171 | |
Payroll and social liabilities | 1,209 | 1,219 | |
Provisions for other liabilities | 2,936 | 3,296 | |
Total Non-Current Liabilities | 1,128,024 | 891,381 | |
Current Liabilities | |||
Trade and other payables | 106,887 | 106,226 | |
Current income tax liabilities | 754 | 1,398 | |
Payroll and social liabilities | 25,208 | 25,978 | |
Borrowings | 188,078 | 143,632 | |
Lease liabilities | 41,814 | 0 | |
Derivative financial instruments | 1,423 | 283 | |
Provisions for other liabilities | 236 | 329 | |
Total Current Liabilities | 364,400 | 277,846 | |
TOTAL LIABILITIES | 1,492,424 | 1,169,227 | |
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | $ 2,521,307 | $ 2,277,372 | |
[1] | Net of 139,223 of Income tax. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Subtotal | Share capital (Note 23) | Share premium (Note 23) | Cumulative translation adjustment | Equity-settled compensation | Cash flow hedge | Other reserves | Treasury shares | Revaluation surplus | Reserve from the sale of non-controlling interests in subsidiaries | Retained earnings | Non- controlling interest | ||||||||||||
Balance at beginning of period at Dec. 31, 2016 | $ 712,304 | $ 700,334 | $ 183,573 | $ 937,250 | $ (533,120) | $ 17,218 | $ (37,299) | $ (1,859) | $ 41,574 | $ 92,997 | $ 11,970 | ||||||||||||||
Profit / (Loss) for the year | 14,975 | 13,198 | 13,198 | 1,777 | |||||||||||||||||||||
Exchange differences on translating foreign operations | (21,233) | (19,484) | (19,484) | (1,749) | |||||||||||||||||||||
Cash flow hedge, net of tax | [1] | 12,608 | 12,608 | 12,608 | 0 | ||||||||||||||||||||
Other comprehensive (loss) / income for the year | (8,625) | (6,876) | (19,484) | 12,608 | (1,749) | ||||||||||||||||||||
Total comprehensive (loss) / income for the year | 6,350 | 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) | |||||||||||||||||||||||
Balance at end of period at Dec. 31, 2017 | 683,019 | 673,880 | 183,573 | 908,934 | (552,604) | 17,852 | (24,691) | $ 0 | (6,967) | $ 0 | 41,574 | 106,209 | 9,139 | ||||||||||||
Adjustment of opening balance for the application of IAS 29 | 208,178 | 187,941 | 187,941 | 20,237 | |||||||||||||||||||||
Balance at beginning of period | 891,197 | 861,821 | 183,573 | 908,934 | (552,604) | 17,852 | (24,691) | 0 | (6,967) | 0 | 41,574 | 294,150 | 29,376 | ||||||||||||
Profit / (Loss) 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 | [2] | (32,195) | (32,193) | (32,193) | (2) | ||||||||||||||||||||
Revaluation surplus | [3] | 405,906 | 383,889 | 383,889 | 22,017 | ||||||||||||||||||||
Other comprehensive (loss) / income for the year | 252,415 | 238,263 | (113,433) | (32,193) | 383,889 | 14,152 | |||||||||||||||||||
Total comprehensive (loss) / 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 | [4] | 32,380 | (32,380) | ||||||||||||||||||||||
Employee share options, forfeited | (40) | 40 | |||||||||||||||||||||||
Value of employee services | 3,899 | 3,899 | 3,899 | ||||||||||||||||||||||
Restricted shares, vested | 4,775 | (5,520) | 745 | ||||||||||||||||||||||
Purchase of own shares (Note 22) | (15,725) | (15,725) | (13,206) | (2,519) | |||||||||||||||||||||
Dividends | (408) | (408) | |||||||||||||||||||||||
Balance at end of period at Dec. 31, 2018 | 1,108,145 | [3] | 1,063,636 | [3] | 183,573 | [3] | 900,503 | [3] | (666,037) | [3] | 16,191 | [3] | (56,884) | [3] | 32,380 | (8,741) | [3] | 383,889 | 41,574 | [3] | 237,188 | [3] | 44,509 | [3] | |
Profit / (Loss) for the year | 342 | (772) | (772) | 1,114 | |||||||||||||||||||||
Exchange differences on translating foreign operations | (27,828) | (26,461) | (14,278) | (12,183) | (1,367) | ||||||||||||||||||||
Cash flow hedge, net of tax | [5] | (19,420) | (19,419) | (19,419) | (1) | ||||||||||||||||||||
Revaluation surplus | [6] | (31,929) | (28,785) | (28,785) | (3,144) | ||||||||||||||||||||
Reserve of the revaluation surplus derived from the disposals of assets | [7] | (5,044) | 5,044 | ||||||||||||||||||||||
Other comprehensive (loss) / income for the year | (79,177) | (74,665) | (14,278) | (19,419) | (46,012) | 5,044 | (4,512) | ||||||||||||||||||
Total comprehensive (loss) / income for the year | (78,835) | (75,437) | (14,278) | (19,419) | (46,012) | 4,272 | (3,398) | ||||||||||||||||||
Reserves for the benefit of government grants | [8] | 34,791 | (34,791) | ||||||||||||||||||||||
Value of employee services | 3,612 | 3,612 | 3,612 | ||||||||||||||||||||||
Restricted shares, vested | 721 | 721 | 4,455 | (4,449) | 715 | ||||||||||||||||||||
Restricted shares, forfeited | 5 | (5) | |||||||||||||||||||||||
Restricted shares, granted | (1,129) | 1,129 | |||||||||||||||||||||||
Purchase of own shares (Note 22) | (4,263) | (4,263) | (3,219) | (1,044) | |||||||||||||||||||||
Dividends | (497) | (497) | |||||||||||||||||||||||
Balance at end of period at Dec. 31, 2019 | $ 1,028,883 | $ 988,269 | $ 183,573 | $ 901,739 | $ (680,315) | $ 15,354 | $ (76,303) | $ 66,047 | $ (7,946) | $ 337,877 | $ 41,574 | $ 206,669 | $ 40,614 | ||||||||||||
[1] | Net of (8,715) of income tax. | ||||||||||||||||||||||||
[2] | Net of 11,322 of Income tax. | ||||||||||||||||||||||||
[3] | Net of 139,223 of Income tax. | ||||||||||||||||||||||||
[4] | Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business. (please see Note 25). | ||||||||||||||||||||||||
[5] | Net of (6,752) of Income tax. | ||||||||||||||||||||||||
[6] | Net of 10,480 of Income tax. | ||||||||||||||||||||||||
[7] | Net of 2,978 of Income tax. | ||||||||||||||||||||||||
[8] | Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business. (please see Note 25). |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of changes in equity [abstract] | |||
Income tax relating to cash flow hedges included in other comprehensive income | $ (6,752) | $ 11,322 | $ (8,715) |
Income tax relating to changes in revaluation surplus included in other comprehensive income | 10,480 | $ (139,223) | |
Income tax relating to changes in revaluation surplus derived from disposal of assets included in other comprehensive income | $ 2,978 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cash flows from operating activities: | ||||
Profit / (Loss) for the year | $ 342 | $ (23,233) | $ 14,975 | |
Adjustments for: | ||||
Income tax expense / (benefit) | 20,820 | (1,024) | (4,992) | |
Depreciation | 173,208 | 153,034 | 150,071 | |
Amortization | 1,231 | 1,220 | 936 | |
Depreciation of right of use assets | 45,168 | 0 | 0 | |
Loss from the disposal of other property items | 329 | 95 | 986 | |
Gain from the sale of farmland and other assets | (1,354) | (36,227) | 0 | |
Acquisition of subsidiaries | (149) | 0 | 0 | |
Net (loss) / gain from the Fair value adjustment of Investment properties | 325 | (13,409) | (4,302) | |
Equity settled share-based compensation granted | 4,734 | 4,728 | 5,552 | |
Gain from derivative financial instruments and forwards | (469) | (51,504) | (38,679) | |
Interest, finance cost related to lease liabilities and other financial expense, net | 62,653 | 44,347 | 53,446 | |
Initial recognition and changes in fair value of non harvested biological assets (unrealized) | (1,720) | 30,299 | (14,645) | |
Changes in net realizable value of agricultural produce after harvest (unrealized) | 481 | 647 | (2,371) | |
Provision and allowances | 2,778 | 2,126 | 825 | |
Net gain of inflation effects on the monetary items | (92,437) | (81,928) | 0 | |
Foreign exchange losses, net | 108,458 | 183,195 | 38,708 | |
Cash flow hedge – transfer from equity | 15,594 | 26,693 | 20,758 | |
Subtotal | 339,992 | 239,059 | 221,268 | |
Changes in operating assets and liabilities: | ||||
Increase in trade and other receivables | (17,664) | (65,942) | (9,476) | |
(Increase) / Decrease in inventories | 9,998 | (41,531) | (4,089) | |
(Increase) / Decrease in biological assets | (27,037) | 2,958 | (18,013) | |
(Increase) / Decrease in other assets | (210) | (777) | 2 | |
Decrease in derivative financial instruments | 3,997 | 50,021 | 40,910 | |
Increase in trade and other payables | 13,102 | 31,148 | 6,555 | |
Increase in payroll and social security liabilities | 2,565 | 5,876 | 1,953 | |
(Decrease) / Increase in provisions for other liabilities | (351) | (430) | 855 | |
Net cash generated from operating activities before taxes paid | 324,392 | 220,382 | 239,965 | |
Income tax paid | (2,282) | (1,869) | (2,860) | |
Net cash generated from operating activities | [1] | 322,110 | 218,513 | 237,105 |
Cash flows from investing activities: | ||||
Acquisition of business, net of cash and cash equivalents acquired | 683 | 0 | 0 | |
Purchases of property, plant and equipment | (252,450) | (207,069) | (198,550) | |
Purchase of cattle and non current biological assets | (4,950) | (5,706) | (1,694) | |
Purchases of intangible assets | (8,617) | (3,321) | (2,141) | |
Interest received and others | 8,139 | 7,915 | 11,230 | |
Proceeds from disposal of other property items | 2,652 | 1,748 | 2,820 | |
Proceeds from the sale of farmland and other assets | 5,833 | 31,511 | 0 | |
Net cash used in investing activities | [2] | (248,710) | (174,922) | (188,335) |
Cash flows from financing activities: | ||||
Issuance of senior notes | 0 | 0 | 495,678 | |
Proceeds from long-term borrowings | 108,271 | 45,536 | 232,433 | |
Payments of long-term borrowings | (101,826) | (124,349) | (602,700) | |
Proceeds from short-term borrowings | 193,977 | 318,108 | 106,730 | |
Payments of short-term borrowings | (127,855) | (190,630) | (64,787) | |
Interest paid | (57,662) | (50,021) | (41,612) | |
Prepayment related expenses | 0 | 0 | (6,080) | |
Proceeds from equity settled shared-based compensation exercised | 0 | 0 | 39 | |
Collection of derivatives financial instruments | 1,481 | (2,578) | (9,476) | |
Lease payments | (49,081) | 0 | 0 | |
Purchase of own shares | (4,263) | (15,725) | (38,367) | |
Dividends paid to non-controlling interest | (905) | (1,195) | (1,664) | |
Net cash (used) / generated from financing activities | [3] | (37,863) | (20,854) | 70,194 |
Net increase in cash and cash equivalents | 35,537 | 22,737 | 118,964 | |
Cash and cash equivalents at beginning of year | 273,635 | 269,195 | 158,568 | |
Effect of exchange rate changes and inflation on cash and cash equivalents | [4] | (18,896) | (18,297) | (8,337) |
Cash and cash equivalents at end of year | $ 290,276 | $ 273,635 | $ 269,195 | |
[1] | Includes 23,550 and 7,598 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2019 and 2018, respectively. | |||
[2] | Includes 3,851 and 4,122 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2019 and 2018, respectively. | |||
[3] | Includes (14,340) and (8,231) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2019 and 2018, respectively. | |||
[4] | Includes (13,061) and (3,489) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2019 and 2018, respectively. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Entity Information [Line Items] | |||
Net cash generated from operating activities | [1] | $ 322,110 | $ 218,513 |
Net cash used in investing activities | [2] | (248,710) | (174,922) |
Net cash (used) / generated from financing activities | [3] | (37,863) | (20,854) |
Effect of exchange rate changes and inflation on cash and cash equivalents | [4] | (18,896) | (18,297) |
Argentine subsidiaries | |||
Entity Information [Line Items] | |||
Net cash generated from operating activities | [1] | 23,550 | 7,598 |
Net cash used in investing activities | [2] | 3,851 | 4,122 |
Net cash (used) / generated from financing activities | [3] | (14,340) | (8,231) |
Effect of exchange rate changes and inflation on cash and cash equivalents | [4] | $ (13,061) | $ (3,489) |
[1] | Includes 23,550 and 7,598 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2019 and 2018, respectively. | ||
[2] | Includes 3,851 and 4,122 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2019 and 2018, respectively. | ||
[3] | Includes (14,340) and (8,231) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2019 and 2018, respectively. | ||
[4] | Includes (13,061) and (3,489) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for 2019 and 2018, respectively. |
General information
General information | 12 Months Ended |
Dec. 31, 2019 | |
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 10, 2020. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2019 | |
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. In Argentina, recent economical events forced the government to impose certain restrictions in the exchange markets, such as: – Set specific deadlines to enter and settle exports – Prior authorization of the BCRA for the formation of external assets for companies – Prior authorization of the BCRA for the payment of debts related to companies abroad – Deferral of payment of certain public debt instruments. – Fuel price control • 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. 2019 (*) Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Argentine Peso (19,733 ) — — (560 ) (20,293 ) Brazilian Reais — (196,081 ) — — (196,081 ) U.S. Dollar (317,296 ) (438,604 ) 21,586 48,091 (686,223 ) Uruguayan Peso — — (2,086 ) — (2,086 ) Total (337,029 ) (634,685 ) 19,500 47,531 (904,683 ) (*) It includes lease liabilities for the adoption of IFRS 16 (See Note 35.1) 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 ) 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, 2019 and 2018 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 2019 U.S. Dollar (31,730 ) (43,860 ) 2,159 (73,431 ) 2018 U.S. Dollar (26,037 ) (48,050 ) 2,451 (71,636 ) 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, 2019 and 2018 , approximately 30.2% and 19.5% , 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 2020 and 2024 . For the year ended December 31, 2019 , a total amount before income tax of US$ 54,312 gain (US$ 75,822 gain in 2018 ) was recognized in other comprehensive income and an amount of US$ 15,594 loss (US$ 26,693 loss in 2018 ) was reclassified from equity to profit or loss within “Financial results, net”. • Raw material price risk Inflation in the costs of raw materials and goods and services from industry suppliers and manufacturers presents risks to project economics. A significant portion of the Group’s cost structure includes the cost of raw materials primarily seeds, fertilizers and agrochemicals, among others. Prices for these raw materials may vary significantly. • End-product price risk Prices for commodity products have historically been cyclical, reflecting overall economic conditions and changes in capacity within the industry, which affect the profitability of entities engaged in the agribusiness industry. The Group combines different actions to minimize price risk. A percentage of crops are to be sold during and post harvest period. The Group manages minimum and maximum prices for each commodity as well as gross margin per each crop as to decide when and how to sell. End-product price risks are hedged if economically viable and possible by entering into forward contracts with major trading houses or by using derivative financial instruments, consisting mainly of crops and sugar future contracts, but also includes occasionally put and call options. A movement in end-product futures prices would result in a change in the fair value of the end product hedging contracts. These fair value changes, after taxes, are recorded in the consolidated statement of income. Contract positions are designed to ensure that the Group would receive a defined minimum price for certain quantities of its production. The counterparties to these instruments generally are major financial institutions. In entering into these contracts, the Group has assumed the risk that might arise from the possible inability of counterparties to meet the terms of their contracts. The Group does not expect any material losses as a result of counterparty defaults. The Group is also obliged to pay margin deposits and premiums for these instruments. These estimates represent only the sensitivity of the financial instruments to market risk and not the Group exposure to end product price risks as a whole, since the crops and cattle products sales are not financial instruments within the scope of IFRS 7 disclosure requirements. • Liquidity risk The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature, and that borrowing facilities are not available to meet cash requirements. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and statement of financial position. Prudent liquidity risk management includes managing the profile of debt maturities and funding sources close oversight of cash flows projections, maintaining sufficient cash, and ensuring the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. The Group's ability to fund its existing and prospective debt requirements is managed by maintaining diversified funding sources with adequate available funding lines from high quality lenders; and reaching to have long-term financial facilities. During 2017 the Company issued a 10 years Note, which improved the maturity of the borrowings (see Note 26). As of December 31, 2019 , cash and cash equivalents of the Group totaled U$S 290.3 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 where discounting is not applied. At December 31, 2019 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 94,821 3,399 30 170 98,420 Borrowings 122,403 154,682 230,058 681,819 1,188,962 Leases Liabilities 46,370 52,372 89,259 121,081 309,082 Derivative financial instruments 1,423 — — — 1,423 Total 265,017 210,453 319,347 803,070 1,597,887 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 • 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 27. 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, 2019 and 2018 is as follows: 2019 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Fixed rate: Argentine Peso 549 — — — 549 Brazilian Reais — 142,142 — — 142,142 U.S. Dollar 128,464 77,378 15,113 504,814 725,769 Subtotal fixed-rate borrowings 129,013 219,520 15,113 504,814 868,460 Variable rate: Brazilian Reais — 13,604 — — 13,604 U.S. Dollar 79,339 6,877 — — 86,216 Subtotal variable-rate borrowings 79,339 20,481 — — 99,820 Total borrowings as per statement of financial position 208,352 240,001 15,113 504,814 968,280 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 For the years ended December 31, 2019 and 2018 , 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. 2019 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Variable rate: Brazilian Reais — (136 ) — — (136 ) U.S. Dollar (793 ) (69 ) — — (862 ) Total effects on profit before income tax (793 ) (205 ) — — (998 ) 2018 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reias 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 ) 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, 2019 and 2018 , more than 96% and 87% , respectively, of the Group’s sales of crops were sold to 42 and 49 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 52 and 54 customers, which represented 100% of total sales of ethanol for the years ended December 31, 2019 and 2018 , respectively. Approximately 86% and 99% of the Group’s sales of sugar were concentrated in 66 and 19 well-known traders for the years ended December 31, 2019 and 2018 , respectively. The remaining 14% and 1% , which mainly relates to “crystal sugar”, were dispersed among several customers. In 2019 and 2018 , energy sales are 94% and 97% concentrated in 55 major customers. In the dairy segment, 70% and 92% of the sales were concentrated in 36 and 21 well-known customers in 2019 and 2018 , 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 19. 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, 2019 and 2018 , 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, 2019 and 2018 , 8 and 5 banks (primarily JP Morgan, HSBC, Banco Safra, Banco do Brasil, Banco Bradesco, Banco Santander, Credit Agricole and Banco ABC) accounted for more than 85% 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, 2019 , the Group invested in fixed-term bank deposits with mainly six bank (HSBC, Credit Agricole, Banco do Brasil, Banco Safra, Banco Bradesco and Banco ABC) 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 21. The Group’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk, interest rate risk and commodity price risk. The Group generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits the amount of credit exposure to any one counterparty based on an analysis of that counterparty's relative credit standing. The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty's obligations exceed the obligations with that counterparty. The Group also entered into crop commodity futures traded in the established trading markets of Argentina and Brazil through well-rated brokers. Management does not expect any counterparty to fail to meet its obligations. • Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, it may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or buy own shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total debt (including current and non-current borrowings as shown in the consolidated statement of financial position, if applicable) divided by total capital. Total capital is calculated as equity, as shown in the consolidated statement of financial position, plus total debt. During the year ended December 31, 2019 , the strategy was to maintain the gearing ratio within 0.40 to 0.60 , as follows: 2019 2018 Total debt 968,280 862,116 Total equity 1,028,883 1,108,145 Total capital 1,997,163 1,970,261 Gearing ratio 0.48 0.44 • 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, 2019 : 2019 Type of derivative contract Quantities (thousands) (**) Notional amount Fair Value Asset/ (Liability) (Loss)/Gain (*) Futures: Sale Corn 221 923 445 (446 ) Soybean 107 7,118 759 (687 ) Wheat 13 515 (28 ) 28 Sugar 101,498 29,409 (1,342 ) 1,155 Total 101,839 37,965 (166 ) 50 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 (*) 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$, plus a fixed rate of 6.55% . The swap expired on September 2017. As of expiration date, the group recognized in 2017 a gain of US$ 3 million included whitin "Financial Results, net.” ▪ Currency forward During the year ended December 31, 2019 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$ 5.1 million . The currency forward contracts entered in 2019 had maturity dates ranging between February 2020 and October 2020. These contracts resulted in a recognition of a loss of US$ 1.1 million and US$ 2.0 million in 2019 and 2018 respectively. 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 was January 2019. The outstanding contracts resulted in the recognition of a gain amounting to US$ 0.1 million in 2018 . 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, 2019 | |
Disclosure of operating segments [abstract] | |
Segment information | Segment information According to IFRS 8, operating segments are identified based on the ‘management approach’. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Management Committee. IFRS 8 stipulates external segment reporting based on the Group’s internal organizational and management structure and on internal financial reporting to the chief operating decision maker. The Group operates in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation. • The 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 industrialized products, including UHT, cheese and powder milk among others. • 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 has 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 for the years ended December 31, 2019 and 2018. Segment reconciliation for the year ended December 31, 2019 : 2019 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 168,938 (2,492 ) 166,446 102,162 (1,006 ) 101,156 84,767 (945 ) 83,822 Cost of goods and services rendered (159,197 ) 2,687 (156,510 ) (74,480 ) 529 (73,951 ) (77,532 ) 838 (76,694 ) Initial recognition and changes in fair value of biological assets and agricultural produce 30,290 (549 ) 29,741 13,194 (979 ) 12,215 13,741 (231 ) 13,510 Gain from changes in net realizable value of agricultural produce after harvest 1,542 283 1,825 — — — — — — Margin on Manufacturing and Agricultural Activities Before Operating Expenses 41,573 (71 ) 41,502 40,876 (1,456 ) 39,420 20,976 (338 ) 20,638 General and administrative expenses (5,446 ) (87 ) (5,533 ) (6,752 ) 147 (6,605 ) (4,188 ) 90 (4,098 ) Selling expenses (12,852 ) 128 (12,724 ) (21,072 ) 498 (20,574 ) (6,252 ) 18 (6,234 ) Other operating income, net (1,133 ) (225 ) (1,358 ) 282 (15 ) 267 (635 ) (68 ) (703 ) Profit from Operations Before Financing and Taxation 22,142 (255 ) 21,887 13,334 (826 ) 12,508 9,901 (298 ) 9,603 Depreciation and amortization (4,662 ) (137 ) (4,799 ) (6,994 ) 171 (6,823 ) (5,064 ) 98 (4,966 ) Net (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2019 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 3,904 27 3,931 — — — 891,554 (4,416 ) 887,138 Cost of goods and services rendered (3,412 ) (40 ) (3,452 ) — — — (675,187 ) 4,014 (671,173 ) Initial recognition and changes in fair value of biological assets and agricultural produce (40 ) 53 13 — — — 70,295 (1,706 ) 68,589 Gain from changes in net realizable value of agricultural produce after harvest — — — — — — 1,542 283 1,825 Margin on Manufacturing and Agricultural Activities Before Operating Expenses 452 40 492 — — — 288,204 (1,825 ) 286,379 General and administrative expenses (167 ) 17 (150 ) (19,319 ) 428 (18,891 ) (57,797 ) 595 (57,202 ) Selling expenses (171 ) (11 ) (182 ) (165 ) 23 (142 ) (107,628 ) 656 (106,972 ) Other operating income, net (956 ) 602 (354 ) (175 ) 21 (154 ) (1,137 ) 315 (822 ) Profit from Operations Before Financing and Taxation (842 ) 648 (194 ) (19,659 ) 472 (19,187 ) 121,642 (259 ) 121,383 Depreciation and amortization (181 ) 4 (177 ) (20 ) 3 (17 ) (174,578 ) 139 (174,439 ) Net (loss) / gain from Fair value adjustment of investment property (927 ) 602 (325 ) — — — (927 ) 602 (325 ) Sugar, Ethanol and Energy, and Land Transformation segments have not been reconciled due to the lack of differences. Segment reconciliation for the year ended December 31, 2018: 2018 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 (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2018 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 (loss) / 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 reconciled 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, 2019 Farming Sugar, Ethanol and Energy Land Transformation Corporate Total Crops Rice Dairy All other segments Farming subtotal Sales of goods and services rendered 168,938 102,162 84,767 3,904 359,771 531,783 — — 891,554 Cost of goods sold and services rendered (159,197 ) (74,480 ) (77,532 ) (3,412 ) (314,621 ) (360,566 ) — — (675,187 ) Initial recognition and changes in fair value of biological assets and agricultural produce 30,290 13,194 13,741 (40 ) 57,185 13,110 — — 70,295 Changes in net realizable value of agricultural produce after harvest 1,542 — — — 1,542 — — — 1,542 Margin on manufacturing and agricultural activities before operating expenses 41,573 40,876 20,976 452 103,877 184,327 — — 288,204 General and administrative expenses (5,446 ) (6,752 ) (4,188 ) (167 ) (16,553 ) (21,925 ) — (19,319 ) (57,797 ) Selling expenses (12,852 ) (21,072 ) (6,252 ) (171 ) (40,347 ) (67,116 ) — (165 ) (107,628 ) Other operating income, net (1,133 ) 282 (635 ) (956 ) (2,442 ) 126 1,354 (175 ) (1,137 ) Profit / (loss) from operations before financing and taxation 22,142 13,334 9,901 (842 ) 44,535 95,412 1,354 (19,659 ) 121,642 Depreciation and amortization (4,662 ) (6,994 ) (5,064 ) (181 ) (16,901 ) (157,657 ) — (20 ) (174,578 ) Net (loss) / gain from Fair value adjustment of investment property — — — (927 ) (927 ) — — — (927 ) Reverse of revaluation surplus derived from the disposals of assets before taxes — — — — — — 8,022 — 8,022 Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 6,091 509 (3,957 ) (72 ) 2,571 (851 ) — — 1,720 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 24,199 12,685 17,698 32 54,614 13,961 — — 68,575 Changes in net realizable value of agricultural produce after harvest (unrealized) (481 ) — — — (481 ) — — — (481 ) Changes in net realizable value of agricultural produce after harvest (realized) 2,023 — — — 2,023 — — — 2,023 Farmlands and farmland improvements, net 474,922 142,864 611 52,874 671,271 63,594 — — 734,865 Machinery, equipment and other fixed assets, net 29,038 25,425 74,403 507 129,373 316,304 — — 445,677 Bearer plants, net 592 — — — 592 252,928 — — 253,520 Work in progress 11,457 15,669 15,394 1,214 43,734 15,424 — — 59,158 Right of use assest 4,378 567 371 — 5,316 231,832 — 905 238,053 Investment property — — — 34,295 34,295 — — — 34,295 Goodwill 9,896 3,890 — 817 14,603 5,417 — — 20,020 Biological assets 38,404 21,484 11,521 3,673 75,082 55,354 — — 130,436 Finished goods 17,830 5,805 4,779 — 28,414 36,864 — — 65,278 Raw materials, stocks held by third parties and others 17,187 4,876 5,156 90 27,309 20,203 — — 47,512 Total segment assets 603,704 220,580 112,235 93,470 1,029,989 997,920 — 905 2,028,814 Borrowings 28,045 45,602 100,262 — 173,909 240,001 — 554,370 968,280 Lease liabilities 4,857 490 378 — 5,725 209,700 — 959 216,384 Total segment liabilities 32,902 46,092 100,640 — 179,634 449,701 — 555,329 1,184,664 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 (loss) / 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 (loss) / 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 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: 2019 2018 Total reportable assets as per segment information 2,028,814 1,776,003 Intangible assets (excluding goodwill) 13,659 6,559 Deferred income tax assets 13,664 16,191 Trade and other receivables 172,331 197,506 Other assets 1,128 1,192 Derivative financial instruments 1,435 6,286 Cash and cash equivalents 290,276 273,635 Total assets as per the statement of financial position 2,521,307 2,277,372 2019 2018 Total reportable liabilities as per segment information 1,184,664 862,116 Trade and other payables 110,486 106,437 Deferred income tax liabilities 165,508 168,171 Payroll and social liabilities 26,417 27,197 Provisions for other liabilities 3,172 3,625 Current income tax liabilities 754 1,398 Derivative financial instruments 1,423 283 Total liabilities as per the statement of financial position 1,492,424 1,169,227 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, 2019 : Argentina Brazil Uruguay Total Property, plant and equipment 834,248 648,471 10,501 1,493,220 Investment property 34,295 — — 34,295 Goodwill 14,603 5,417 — 20,020 Non-current portion of biological assets 13,303 — — 13,303 Sales of goods and services rendered 229,547 462,174 199,833 891,554 Initial recognition and changes in fair value of biological assets and agricultural produce 55,760 13,167 1,368 70,295 Changes in net realizable value of agricultural produce after harvest 2,682 (8 ) (1,132 ) 1,542 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 Sales of goods and services rendered 214,888 545,859 172,431 933,178 Initial recognition and changes in fair value of biological assets and agricultural produce 36,341 26,326 553 63,220 Loss from changes in net realizable value of agricultural produce after harvest 5,705 1,346 1,801 8,852 |
Sales
Sales | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Sales | Sales 2019 2018 2017 Manufactured products and services rendered: Ethanol 373,847 324,661 241,650 Sugar 97,710 128,377 305,688 Energy 60,913 57,797 62,218 Peanut 28,928 — — Sunflower 7,534 — — Cotton 623 — — Rice 97,515 92,560 83,849 Fluid milk (UHT) 38,441 — — Powder milk 20,722 8,646 2,713 Other diary products 8,856 — — Soybean oil and meal 1,062 14,059 6,119 Services 4,521 487 1,144 Rental income 564 643 771 Others 3,401 7,826 5,273 744,637 635,056 709,425 Agricultural produce and biological assets: Soybean 44,538 66,471 79,408 Corn 59,714 33,106 82,482 Wheat 18,733 30,091 14,835 Peanut — 1,752 3,648 Sunflower 701 1,314 3,163 Barley 1,085 1,203 1,888 Seeds 734 461 727 Milk 9,977 19,267 31,656 Cattle 3,452 1,279 467 Cattle for dairy 2,169 1,612 2,913 Others 1,398 1,627 2,566 142,501 158,183 223,753 Total sales 887,138 793,239 933,178 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$ 71.7 million as of December 31, 2019 ( 2018 : US$ 63.3 million ; 2017 : US$ 111.8 million ) comprised primarily of 42,125 thousand m3 of ethanol (US$ 4.8 million ), 649,245 thousand mwh of energy (US$ 39.0 million ), 71,739 thousand tons of soybean (U$S 10.3 million ), 18,012 thousand tons of wheat (US$ 3.1 million ), and 56,255 thousand tons of corn (US$ 13.5 million ) which expire between January and December 2020. |
Cost of goods sold and services
Cost of goods sold and services rendered | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Cost of goods sold and services rendered | Cost of goods sold and services rendered As of December 31, 2019 : 2019 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finish goods at the beginning of 2019 (Note 20) 29,144 9,507 1,170 — 39,937 79,758 Cost of production of manufactured products (Note 6) 33,952 66,386 68,851 — 354,964 524,153 Purchases 21,715 3,095 (656 ) — 44,577 68,731 Agricultural produce 108,732 — 12,146 3,452 — 124,330 Transfer to raw material (35,757 ) — — — — (35,757 ) Direct agricultural selling expenses 15,752 — — — — 15,752 Tax recoveries (i) — — — — (32,995 ) (32,995 ) Changes in net realizable value of agricultural produce after harvest 1,825 — — — — 1,825 Finished goods at the end of December 31, 2019 (Note 20) (17,830 ) (5,805 ) (4,779 ) — (36,864 ) (65,278 ) Exchange differences (1,023 ) 768 (38 ) — (9,053 ) (9,346 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 156,510 73,951 76,694 3,452 360,566 671,173 (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, 2018 : 2018 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2018 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 20) (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 (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. |
Expenses by nature
Expenses by nature | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 : 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 1,880 4,738 4,412 — 39,768 50,798 27,492 6,211 84,501 Raw materials and consumables 314 6,527 10,151 — 15,683 32,675 — — 32,675 Depreciation and amortization 2,581 1,897 2,140 — 122,025 128,643 11,212 868 140,723 Depreciation of right of use assets — 116 344 — 6,794 7,254 2,007 5 9,266 Fuel, lubricants and others 228 83 1,381 — 25,430 27,122 593 225 27,940 Maintenance and repairs 290 1,120 985 — 19,694 22,089 1,755 534 24,378 Freights 146 2,405 1,959 — 784 5,294 — 23,130 28,424 Export taxes / selling taxes — — — — — — — 52,312 52,312 Export expenses — — — — — — — 5,552 5,552 Contractors and services 1,051 138 40 — 9,381 10,610 — — 10,610 Energy transmission — — — — — — 88 3,057 3,145 Energy power 725 1,298 1,659 — 1,181 4,863 145 145 5,153 Professional fees 20 65 127 — 175 387 8,065 1,047 9,499 Other taxes 1 74 81 — 1,241 1,397 1,089 28 2,514 Contingencies — — — — — — 459 — 459 Lease expense and similar arrangements 83 171 78 — — 332 831 125 1,288 Third parties raw materials 7,136 5,629 18,131 — 11,243 42,139 — — 42,139 Tax recoveries — — — — (396 ) (396 ) — — (396 ) Others 431 695 681 — 2,324 4,131 3,466 13,733 21,330 Subtotal 14,886 24,956 42,169 — 255,327 337,338 57,202 106,972 501,512 Own agricultural produce consumed 19,066 41,430 26,682 — 99,637 186,815 — — 186,815 Total 33,952 66,386 68,851 — 354,964 524,153 57,202 106,972 688,327 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) 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 — 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 |
Salaries and social security ex
Salaries and social security expenses | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Salaries and social security expenses | Salaries and social security expenses 2019 2018 2017 Wages and salaries (i) 104,400 105,931 132,025 Social security costs 30,888 29,865 30,558 Equity-settled share-based compensation 4,734 4,728 5,552 140,022 140,524 168,135 (i) Includes US$ 32,714 , US$ 32,636 and US$ 41,172 , capitalized in Property, Plant and Equipment for the years 2019 , 2018 and 2017 , respectively. |
Other operating income, net
Other operating income, net | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Other operating income, net | Other operating income, net 2019 2018 2017 Gain from disposal of farmland and other assets (Note 22) 1,354 36,227 — (Loss) / gain from commodity derivative financial instrument (618 ) 54,694 40,842 Loss from disposal of other property items (329 ) (95 ) (986 ) Net (loss) / gain from fair value adjustment of investment property (325 ) 13,409 4,302 Losses related to energy business — — (3,247 ) Others (904 ) (3 ) 2,852 (822 ) 104,232 43,763 |
Financial results, net
Financial results, net | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Financial results, net | Financial results, net 2019 2018 2017 Finance income: - Interest income 7,319 7,915 11,230 - Gain from interest rate/foreign exchange rate derivative financial instruments 1,189 — — - Other income 1,400 666 514 Finance income 9,908 8,581 11,744 Finance costs: - Interest expense (60,134 ) (51,577 ) (52,308 ) - Finance cost related to lease liabilities (9,524 ) — — - Cash flow hedge – transfer from equity (Note 2) (15,594 ) (26,693 ) (20,758 ) - Foreign exchange losses, net (108,458 ) (183,195 ) (38,708 ) - Taxes (4,364 ) (3,136 ) (3,705 ) - Loss from interest rate/foreign exchange rate derivative financial instruments — (3,024 ) (2,163 ) - Borrowings prepayment related expenses (Brazilian subsidiaries) — — (10,847 ) - Other expenses (4,492 ) (3,638 ) (2,860 ) Finance costs (202,566 ) (271,263 ) (131,349 ) Other financial results - Net gain of inflation effects on the monetary items 92,437 81,928 — Total financial results, net (100,221 ) (180,754 ) (119,605 ) |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 2018 2017 Current income tax 666 (2,846 ) (13,425 ) Deferred income tax (21,486 ) 3,870 18,417 Income tax (expense) / benefit (20,820 ) 1,024 4,992 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 24.94 % (i) During 2017 and 2019, the Argentine Government introduced changes in the income tax. The income tax rate will be reduced to 30% for the years 2018 to 2020, and to 25% from 2021 onwards. A new tax on dividends is created with a rate of 7% for the years 2018 to 2020, and 13% from 2021 onwards. Considering 2018 resulted in losses for Argentine subsidiaries, no deferred income tax liability was recognized for future withholding tax on dividends. Deferred tax assets and liabilities of the Group as of December 31, 2019 and 2018 , without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2019 2018 Deferred income tax asset to be recovered after more than 12 months 108,294 73,805 Deferred income tax asset to be recovered within 12 months 35,973 62,626 Deferred income tax assets 144,267 136,431 Deferred income tax liability to be settled after more than 12 months (292,871 ) (286,738 ) Deferred income tax liability to be settled within 12 months (3,240 ) (1,673 ) Deferred income tax liability (296,111 ) (288,411 ) Deferred income tax liability / assets, net (151,844 ) (151,980 ) The gross movement on the deferred income tax account is as follows: 2019 2018 Beginning of year (151,980 ) 20,351 Tax effect on the opening net book amount for the application of IAS 29 — (64,208 ) Exchange differences 4,877 16,878 Effect of adoption of fair value valuation for farmlands 10,480 (139,223 ) Acquisition of subsidiary (3,515 ) — Disposal of subsidiary 3,730 — Others (705 ) (970 ) Tax credit relating to cash flow hedge (i) 6,755 11,322 Income tax benefit (expense) / benefit (21,486 ) 3,870 End of year (151,844 ) (151,980 ) (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, 2019 ( 2018 : US$ (565) ); net of the reclassification from Equity to the Income Statement of US$ (32,305) for the year ended December 31, 2019 ( 2018 : 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, 2018 65,806 12,629 16,772 2,625 97,832 Charged / (credited) to the statement of income 31,237 2,730 (10,438 ) (1,088 ) 22,441 Tax effect on the opening net book amount for the application of IAS 29 63,357 — 164 — 63,521 Effect of adoption of fair value valuation for farmlands 139,223 — — — 139,223 Exchange differences (29,040 ) (3,405 ) (3,032 ) 871 (34,606 ) At December 31, 2018 270,583 11,954 3,466 2,408 288,411 Charged / (credited) to the statement of income 31,745 331 912 (1,939 ) 31,049 Acquisition of subsidiary 3,603 — — — 3,603 Farmlands revaluation (10,480 ) — — — (10,480 ) Disposals of subsidiaries (3,730 ) — — — (3,730 ) Exchange differences (10,862 ) (378 ) (199 ) (1,303 ) (12,742 ) At December 31, 2019 280,859 11,907 4,179 (834 ) 296,111 Deferred income tax assets Provisions Tax loss carry forwards Equity-settled share-based compensation Biological assets Others Total At January 1, 2018 2,483 96,117 5,681 — 13,902 118,183 Charged / (credited) to the statement of income 2,003 (10,798 ) (379 ) 4,572 30,913 26,311 Tax effect on the opening net book amount for the application of IAS 29 — — — — (687 ) (687 ) Others — — — — (970 ) (970 ) Tax charge relating to cash flow hedge — 11,322 — — — 11,322 Exchange differences (526 ) (16,421 ) — 22 (803 ) (17,728 ) At December 31, 2018 3,960 80,220 5,302 4,594 42,355 136,431 (Credited) / charged to the statement of income (604 ) 11,080 (1,568 ) (117 ) 772 9,563 Acquisition of subsidiaries 7 134 — — (53 ) 88 Others — — — — (705 ) (705 ) Tax charge relating to cash flow hedge — 6,755 — — — 6,755 Exchange differences (126 ) (3,707 ) (1,161 ) 31 (2,902 ) (7,865 ) At December 31, 2019 3,237 94,482 2,573 4,508 39,467 144,267 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, 2019 , it is probable that the Group will realize some portion of the deferred tax assets in Brazil and Argentina. As of December 31, 2019 , the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina (1) 136,205 5 years Brazil 169,209 No expiration date. Uruguay 4,371 5 years Luxembourg 29,834 No expiration date. (1) As of December 31, 2019, the aging of the determination tax loss carry forward in Argentina is as follows: Year of generation Amount 2015 11,359 2016 3,138 2017 12,627 2018 30,383 2019 78,698 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$ 4.9 million as of December 31, 2018, in respect of losses amounting to US$ 19.5 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: 2019 2018 2017 Tax calculated at the tax rates applicable to profits in the respective countries (7,250 ) 2,956 (3,013 ) Non-deductible items (1,511 ) (2,249 ) (1,406 ) Effect of the changes in the statutory income tax rate in Argentina 3,115 (1,013 ) 1,781 Unused tax losses (3,742 ) (4,181 ) (2,265 ) Tax losses where no deferred tax asset was recognized 1,910 (2,368 ) (29 ) Non-taxable income 11,545 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 (23,805 ) (5,825 ) — Others (1,082 ) 635 (108 ) Income tax (expense) / benefit (20,820 ) 1,024 4,992 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
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 24). 2019 2018 2017 (Loss) / Profit from operations attributable to equity holders of the Group (772 ) (24,622 ) 13,198 Weighted average number of shares in issue (thousands) 117,252 116,637 120,599 Basic (loss) / earnings per share from operations (0.007 ) (0.211 ) 0.109 (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, 2019 , there were 737 thousands ( 2018 : 851 thousands ; 2017 : 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. 2019 2018 2017 (Loss) / Profit from operations attributable to equity holders of the Group (772 ) (24,622 ) 13,198 Weighted average number of shares in issue (thousands) 117,252 116,637 120,599 Adjustments for: - Employee share options and restricted units (thousands) 645 1,198 1,604 Weighted average number of shares for diluted earnings per share (thousands) 117,897 117,835 122,203 Diluted (loss) / earnings per share from operations (0.007 ) (0.211 ) 0.108 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment Changes in the Group’s property, plant and equipment in 2019 and 2018 were as follows: Farmlands Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At January 1, 2018 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 At 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 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 Farmlands Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At December 31, 2018 Fair value for farmlands / Cost 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 Year ended December 31, 2019 Opening net book amount 780,184 16,324 188,622 205,148 232,956 6,301 50,904 1,480,439 Exchange differences (25,205 ) (536 ) (6,846 ) (8,770 ) (9,802 ) (207 ) (3,170 ) (54,536 ) Additions 1,738 62 38,570 62,320 102,813 2,160 54,488 262,151 Revaluation surplus (42,384 ) — — — — — — (42,384 ) Acquisition of subsidiaries 815 — 24,126 5,280 — 437 — 30,658 Reclassification from investment property 4,816 — — — — — — 4,816 Transfers — 12,643 13,614 16,772 — 35 (43,064 ) — Disposals — — (81 ) (3,308 ) — (129 ) — (3,518 ) Disposals of subsidiaries (10,379 ) — (571 ) (22 ) — — — (10,972 ) Reclassification to non-income tax credits (*) — — — (226 ) — — — (226 ) Depreciation — (3,213 ) (24,714 ) (70,921 ) (72,447 ) (1,913 ) — (173,208 ) Closing net book amount 709,585 25,280 232,720 206,273 253,520 6,684 59,158 1,493,220 At December 31, 2019 Fair value for farmlands / Cost 709,585 44,887 413,727 791,024 573,060 23,907 59,158 2,615,348 Accumulated depreciation — (19,607 ) (181,007 ) (584,751 ) (319,540 ) (17,223 ) — (1,122,128 ) Net book amount 709,585 25,280 232,720 206,273 253,520 6,684 59,158 1,493,220 (*) 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, 2019 and 2018 , 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. Farmlands are measured at Fair Value. For all farmlands with a total valuation of US$ 710 million as of December 31, 2019, 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, 2019 would have reduced the value of the farmlands on US$ 71 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, 2019 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, 2019 and 2018 . During the year ended December 31, 2019 , borrowing costs of US$ 13,904 ( 2018 :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$ 324,129 as of December 31, 2019 ( 2018 : US$ 265,099 ). |
Right of use assets
Right of use assets | 12 Months Ended |
Dec. 31, 2019 | |
Rights of Use [Abstract] | |
Right of use assets | Right of use assets Changes in the Group’s right of use assets in 2019 were as follows: Agricultural partnerships Others Total At January 1, 2019 Adoption of IFRS 16 194,763 10,174 204,937 Exchange differences 1,582 (14,364 ) (12,782 ) Additions and re-measurement 60,770 30,296 91,066 Depreciation (37,278 ) (7,890 ) (45,168 ) Closing net book amount 219,837 18,216 238,053 Since January 1,2019, the Company mandatorily adopted IFRS 16, (Note 35.1). Agricultural partnership has an average of 6 years duration. As of December 31, 2019 included within Right of use assets balances are US$ 706 related to the net book value of assets under finance leases. Depreciation charges are included in “Cost of production of Biological Assets”, “Cost of production of manufactures products”, “General and administrative expenses”, “Selling expenses” and capitalized in “Property, plant and equipment” for the year ended December 31, 2019 . |
Investment property
Investment property | 12 Months Ended |
Dec. 31, 2019 | |
Investment property [abstract] | |
Investment property | Investment property Changes in the Group’s investment property in 2019 and 2018 were as follows: 2019 2018 Beginning of the year 40,725 42,342 Net (loss) / gain from fair value adjustment (Note 8) (325 ) 13,409 Reclassification to property, plant and equipment (i) (4,816 ) (3,313 ) Exchange difference (1,289 ) (11,713 ) End of the year 34,295 40,725 Fair value 34,295 40,725 Net book amount 34,295 40,725 (i) Relates to new contracts with third parties. The accounting policy for all Investment properties are measured at Fair Value. For all Investment properties with a total valuation of US$ 34.2 million and US$ 40.7 million as of December 31, 2019 and 2018 respectively, 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, 2019 and 2018 would have reduced the value of the Investment properties on US$ 3.4 million and US$ 4.1 million respectively, which would impact the line item "Net gain from fair value adjustment ". |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | Intangible assets Changes in the Group’s intangible assets in 2019 and 2018 were as follows: Goodwill Software Trademarks Others Total At January 1, 2018 Cost 12,412 7,251 2,461 234 22,358 Accumulated amortization — (3,400 ) (1,556 ) (210 ) (5,166 ) Net book amount 12,412 3,851 905 24 17,192 Year ended December 31, 2018 Opening net book amount 12,412 3,851 905 24 17,192 Adjustment of opening net book amount for the application of IAS 29 15,554 836 — — 16,390 Exchange differences (6,616 ) (1,139 ) (19 ) (1 ) (7,775 ) Additions — 3,217 — 105 3,322 Amortization charge (i) — (1,168 ) — (52 ) (1,220 ) Closing net book amount 21,350 5,597 886 76 27,909 At December 31, 2018 Cost 21,350 10,165 2,442 338 34,295 Accumulated amortization — (4,568 ) (1,556 ) (262 ) (6,386 ) Net book amount 21,350 5,597 886 76 27,909 Year ended December 31, 2019 Opening net book amount 21,350 5,597 886 76 27,909 Exchange differences (695 ) (329 ) (1 ) (16 ) (1,041 ) Additions — 2,080 6,431 106 8,617 Acquisition of subsidiaries — 66 — — 66 Disposal (635 ) (6 ) — — (641 ) Amortization charge (i) — (1,147 ) — (84 ) (1,231 ) Closing net book amount 20,020 6,261 7,316 82 33,679 At December 31, 2019 Cost 20,020 11,976 8,872 428 41,296 Accumulated amortization — (5,715 ) (1,556 ) (346 ) (7,617 ) Net book amount 20,020 6,261 7,316 82 33,679 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2019 and 2018 , 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, 2019 | |
Agriculture1 [Abstract] | |
Biological assets | Biological assets Changes in the Group’s biological assets in 2019 and 2018 were as follows: 2019 Crops (ii) Rice (ii) Dairy All other segments Sugarcane (ii) Total Beginning of the year 27,347 17,173 10,298 3,094 47,475 105,387 Increase due to purchases — — — 1,080 — 1,080 Initial recognition and changes in fair value of biological assets (i) 29,741 12,215 13,510 13 13,110 68,589 Decrease due to harvest / disposals (108,732 ) (39,331 ) (38,828 ) (3,452 ) (103,551 ) (293,894 ) Costs incurred during the year 93,715 32,802 26,735 3,035 100,775 257,062 Exchange differences (3,667 ) (1,375 ) (194 ) (97 ) (2,455 ) (7,788 ) End of the year 38,404 21,484 11,521 3,673 55,354 130,436 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 (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, 2019 ( 2018 : US$ 12,036 ). In 2019 , an amount of US$ 2,414 ( 2018 : US$ 2,830 ) was attributable to price changes, and an amount of US$ 1,843 ( 2018 : 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, 2019 : Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits 2,600 5,192 3,776 582 10,657 22,807 Depreciation and amortization 3 — — — 5,465 5,468 Depreciation of right of use assets — — — — 31,190 31,190 Fertilizers, agrochemicals and seeds 40,767 9,924 — 33 40,355 91,079 Fuel, lubricants and others 886 678 889 77 3,031 5,561 Maintenance and repairs 996 2,648 1,582 253 2,254 7,733 Freights 1,446 318 89 151 — 2,004 Contractors and services 27,782 10,745 3 96 5,161 43,787 Feeding expenses 3 — 10,538 810 — 11,351 Veterinary expenses — — 2,020 209 — 2,229 Energy power 69 2,310 979 10 — 3,368 Professional fees 196 74 138 4 214 626 Other taxes 1,182 105 8 96 43 1,434 Lease expense and similar arrangements 14,767 53 3 8 1,417 16,248 Others 3,018 755 307 28 988 5,096 Subtotal 93,715 32,802 20,332 2,357 100,775 249,981 Own agricultural produce consumed — — 6,403 678 — 7,081 Total 93,715 32,802 26,735 3,035 100,775 257,062 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 Biological assets in December 31, 2019 and 2018 were as follows: 2019 2018 Non-current Cattle for dairy production (i) 11,397 9,859 Breeding cattle (ii) 1,783 1,310 Other cattle (ii) 123 101 13,303 11,270 Current Breeding cattle (iii) 1,677 1,683 Other cattle (iii) 214 439 Sown land – crops (ii) 38,404 27,347 Sown land – rice (ii) 21,484 17,173 Sown land – sugarcane (ii) 55,354 47,475 117,133 94,117 Total biological assets 130,436 105,387 (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, 2019 ( 2018 : US$ 113,184 ). The following table presents the Group´s biological assets that are measured at fair value at December 31, 2019 and 2018 (see Note 17 to see the description of each fair value level): 2019 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 11,397 — 11,397 — 9,859 — 9,859 Breeding cattle 3,460 — — 3,460 2,993 — — 2,993 Other cattle 1 336 — 337 — 540 — 540 Sown land – sugarcane — — 55,354 55,354 — — 47,475 47,475 Sown land – crops — — 38,404 38,404 — — 27,347 27,347 Sown land – rice — — 21,484 21,484 — — 17,173 17,173 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 2019 2018 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: 0.95 – 4.69 tn/ha for Wheat, 2.5 – 10 tn/ha for Corn, 1.19 - 3.8 tn/ha for Soybean and 1.6-3 for Sunflower - 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 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: 6.5 -7.5 tn/ha -Rice yield: 6.0 -7.4 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, 2019 , 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, 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$ 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, 2019 | |
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 and 2017 : % of ownership interest held Name of the entity Country of incorporation and operation 2018 2017 CHS AGRO S.A. Argentina 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. In January 2019, the Company acquired, the remaining 50% of CHS Agro S.A. a joint venture between the Company and CHS Argentina S.A. After this acquisition, the Company own 100% of CHS Agro S.A. which has since been renamed as Girasoles del Plata S.A. (See Note 22). Thus, the Company is not part of any Joint Venture as of December 31, 2019. The following amounts represent the assets (including goodwill) and liabilities, and income and expenses of the joint ventures: 2018 Assets: Non-current assets 9,860 Current assets 6,710 16,570 Liabilities: Non-current liabilities 25,949 Current liabilities 18,622 44,571 Net liabilities of joint venture (28,001 ) 2018 2017 Income 9,305 14,879 Expenses (31,989 ) (22,657 ) Loss before income tax (22,684 ) (7,778 ) |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments by category | Financial instruments by category The Group classified its financial assets in the following categories: (a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorized as held for trading unless they are designated as hedges. For all years presented, the Group’s financial assets at fair value through profit or loss comprise mainly 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. Financial assets at amortized cost Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2019 Assets as per statement of financial position Trade and other receivables 88,113 — 88,113 84,218 172,331 Derivative financial instruments — 1,435 1,435 — 1,435 Cash and cash equivalents 290,276 — 290,276 — 290,276 Total 378,389 1,435 379,824 84,218 464,042 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 — 98,420 98,420 12,066 110,486 Borrowings (excluding lease liabilities) (i) — 968,280 968,280 — 968,280 Leases Liabilities — 216,384 216,384 — 216,384 Derivative financial instruments (i) 1,423 — 1,423 — 1,423 Total 1,423 1,283,084 1,284,507 12,066 1,296,573 (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, 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). From January 1, 2019, the group applied IFRS 16. 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 in 2018. 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 27. 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, 2019 Interest income (i) 7,319 — — 7,319 Interest expense (i) (35,208 ) (27 ) (24,899 ) (60,134 ) Foreign exchange losses (i) (19,807 ) (16,227 ) (72,424 ) (108,458 ) (Loss) / gain from derivative financial instruments (ii) (870 ) 1,441 — 571 Finance cost related to lease liabilities — (9,524 ) — (9,524 ) Financial assets at amortized cost Assets/ liabilities at fair value through profit or loss 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 (i) Included in “Financial Results, net” in the consolidated statement of income. (ii) Included in “Other operating income, net” and “Financial Results, net” in the consolidated statement of income. Determining fair values IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 13. This valuation hierarchy provides for three levels. The allocation reflects which of the fair values derive from transactions in the market and where valuation is based on models because market transactions are lacking. The level in the fair value hierarchy is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. As of December 31, 2019 and 2018 , 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, 2019 and 2018 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2019 1,257 178 1,435 Derivative financial instruments 2018 6,286 — 6,286 Liabilities Derivative financial instruments 2019 (1,423 ) — (1,423 ) Derivative financial instruments 2018 (254 ) (29 ) (283 ) There were no transfers within level 1 and 2 during the years ended December 31, 2019 and 2018 . 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 (166 ) NDF Quoted price Foreign-exchange curve. Present value method 2 178 12 |
Trade and other receivables, ne
Trade and other receivables, net | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables, net | Trade and other receivables, net 2019 2018 Non-current Advances to suppliers 723 2,343 Income tax credits 5,240 4,429 Non-income tax credits (i) 16,895 15,998 Judicial deposits 2,596 2,908 Receivable from disposal of subsidiary 17,047 10,944 Other receivables 2,492 2,198 Non-current portion 44,993 38,820 Current Trade receivables 55,271 60,167 Receivables from related parties (Note 33) — 8,337 Less: Allowance for trade receivables (3,773 ) (2,503 ) Trade receivables – net 51,498 66,001 Prepaid expenses 12,521 9,396 Advances to suppliers 14,417 43,365 Income tax credits 1,059 2,560 Non-income tax credits (i) 33,363 28,232 Receivable from disposal of subsidiary (Note 22) 5,716 3,709 Cash collateral 23 1,505 Receivables from related parties (Note 33) — 324 Other receivables 8,741 3,594 Subtotal 75,840 92,685 Current portion 127,338 158,686 Total trade and other receivables, net 172,331 197,506 (i) Includes US$ 226 (2018: US$ 575 ) 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): 2019 2018 Currency U.S. Dollar 37,131 52,342 Argentine Peso 45,520 42,896 Uruguayan Peso 999 534 Brazilian Reais 88,681 101,734 172,331 197,506 As of December 31, 2019 trade receivables of US$ 11,284 ( 2018 : US$ 5,052 ) were past due but not impaired. The ageing analysis of these receivables indicates that US$ 381 and US$ 318 are over 6 months in December 31, 2019 and 2018 , 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. 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: 2019 2018 2017 At January 1 2,503 1,002 643 Charge of the year 3,656 2,468 758 Acquisition of subsidiary 46 — — Unused amounts reversed (1,314 ) (237 ) (133 ) Used during the year (48 ) (281 ) (193 ) Exchange differences (1,070 ) (449 ) (73 ) At December 31 3,773 2,503 1,002 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, 2019 , approximately 26% ( 2018 : 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, 2019 and 2018 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, 2019 | |
Disclosure of Inventories [Abstract] | |
Inventories | Inventories 2019 2018 Raw materials 47,501 48,140 Finished goods (Note 5) (1) 65,278 79,758 Others 11 204 112,790 128,102 (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, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents 2019 2018 Cash at bank and on hand 124,701 197,544 Short-term bank deposits 165,575 76,091 290,276 273,635 |
Disposals and Acquisitions
Disposals and Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about business combination [abstract] | |
Disposals and Acquisitions | Disposals and acquisitions Acquisitions In January 2019, the Company acquired, the remaining 50% of CHS Agro S.A. a joint venture between the Company and CHS Argentina S.A. After this acquisition, we own 100% of CHS Agro S.A. which has since been renamed as Girasoles del Plata S.A. The consideration for this operation was nominal. At the day of the acquisition, we had our participation valued at 0 . As a result of this transaction, the Company recognized a gain in the line item Other Operating Income of USD 0.2 million . Net assets acquired are as follows: Property, plant and equipment 21,800 Intangible assets, net 41 Inventories 1,866 Trade and other receivables, net 4,492 Deferred income tax liabilities (4,546 ) Trade and other payables (1,031 ) Current income tax liabilities (5 ) Payroll and Social liabilities (153 ) Borrowings (23,062 ) Cash and cash equivalents added as a result of the business combination 747 Total net assets added as a result of business combination 149 Fair value of previously held equity interest 74 Gain for bargain purchase 75 In January 2019, the Company acquired 100% of Olam Alimentos S.A. whose principal asset is a peanuts processing facility located in the Province of Córdoba, (currently Mani del Plata S.A.) from Olam International Ltd. The consideration for this acquisition was USD 10 million to be disbursed in three installments, with the first payment made at closing. This transaction qualifies as a purchase of assets. In February 2019, the Company acquired two dairy facilities from SanCor Cooperativas Unidas Limitada ("SanCor"). The first facility is located in Chivilcoy, Province of Buenos Aires and processes fluid milk while the second facility is located in Morteros, Province of Cordoba and produces powder milk and cheese. Together with these facilities, we also acquired the brands Las Tres Niñas and Angelita. The total consideration for these operations was US$ 47 million . This transaction qualifies as a purchase of assets. Disposals 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” 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$ 5.6 million (Reais 21.4 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” under the line item “Gain from the sale of farmland and other assets” In January 2019, we 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$ 2.2 million (Reais 8.4 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 before tax of US$ 1.5 million , and also in the reclassification of Revaluation surplus to retained earnings of U$S 8.0 million . |
Shareholders' contributions
Shareholders' contributions | 12 Months Ended |
Dec. 31, 2019 | |
Statement of changes in equity [abstract] | |
Shareholders' contributions | Shareholders' contributions The share capital of the Group is represented by common shares with a nominal value of US$ 1.5 per share and one vote each. Number of shares Share capital and share premium At January 1, 2017 122,382 1,120,823 Employee share options exercised (Note 24) (1) — 50 Restricted shares and units vested (Note 24) — 4,149 Purchase of own shares — (32,515 ) At December 31,2017 122,382 1,092,507 Restricted shares and units vested (Note 24) — 4,775 Purchase of own shares — (13,206 ) At December 31,2018 122,382 1,084,076 Restricted shares units vested (Note 24) — 4,455 Purchase of own shares — (3,219 ) At December 31,2019 122,382 1,085,312 (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 13, 2019, the Board of Directors approved the extension of the program for an additional twelve-month period, ending September 23, 2020. 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, 2019 , the Company repurchased 9,117,747 shares under this program, of which 3,828,042 have been applied to some exercise of the Company’s stock option plan and restricted stock units plan. In 2019, 2018 and 2017 the Company repurchased shares for an amount of US$ 4,263 ; US$ 15,725 ; US$ 38,367 , respectively. The outstanding treasury shares as of December 31, 2019 totaled 5,295,765 . |
Equity-settled share-based paym
Equity-settled share-based payments | 12 Months Ended |
Dec. 31, 2019 | |
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 and restricted shares to senior and medium management and key employees of the Group’s subsidiaries. (a) Option Schemes The fair value of the options under the Option Schemes was measured at the date of grant using the Black-Scholes valuation technique. As of the date of these financial statements all options has already been vested and expensed. The Adecoagro/ IFH 2004 Stock Incentive Option Plan was effectively established in 2004 and is administered by the Compensation Committee of the Company. Options are exercisable over a ten -year period. In May 2014 this period was extended for another ten year-period. Movements in the number of equity-settled options outstanding and their related weighted average exercise prices under the Adecoagro/ IFH 2004 Stock Incentive Option Plan are as follows: 2019 2018 2017 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 1,634 6.66 1,641 Exercised — — — — 5.83 (7 ) At December 31 6.66 1,634 6.66 1,634 6.66 1,634 Options outstanding at year end under this Plan have the following expiry date and exercise prices: Exercise price per share Shares (in thousands) Expiry date (i): 2019 2018 2017 May 1, 2024 5.83 496 496 496 May 1, 2025 5.83 452 452 452 January 1, 2026 5.83 142 142 142 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: 2019 2018 2017 Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) At January 1 13.37 737 13.31 851 13.07 1,658 Forfeited 13.40 — 13.27 (11 ) 13.40 (4 ) Expired 12.82 (609 ) 12.82 (103 ) 12.82 (803 ) At December 31 13.26 128 13.37 737 13.31 851 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: 2019 2018 2017 From Nov 13, 2017 to Aug 25, 2018 12.82 — — 105 January 30, 2019 13.40 — 595 595 June 1, 2019 12.82 — 3 3 November 1, 2019 13.40 — 11 11 From Jan 30, 2020 to Sep 1, 2020 13.40 97 97 106 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 2019 1,762 2018 2,371 2017 2,485 (b) Restricted Stock Unit Plan The Restricted Share and Restricted Stock Unit Plan was effectively established in 2010 and amended in November 2011. It is administered by the Compensation Committee of the Company. Restricted shares or units under these Plan vest over a 3 -year period from the date of grant at 33% on each anniversary of the grant date. Participants are entitled to receive one common share of the Company for each restricted share or restricted unit granted. There are no performance requirements for the delivery of common shares, except that a participant’s employment with the Group must not have been terminated prior to the relevant vesting date. If the participant ceases to be an employee for any reason, any unvested restricted share or unit shall not be converted into common shares. The maximum number of ordinary shares with respect to which awards may be made under the Plan is 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 are revised annually. At December 31, 2019 , the Group recognized compensation expense US$ 4.8 million related to the restricted stock units granted under the Restricted Share Plan ( 2018 : US$ 4.9 million and 2017: US$ 5.6 million ). The restricted shares under the Restricted Share Plan were measured at fair value at the date of grant. Key grant-date fair value and other assumptions under the Restricted Share Plan are detailed below: Grant Date Apr 1, 2017 May 15, 2017 Apr 1, 2018 May 15, 2018 Apr 1, 2019 May 15, 2019 Fair value 11.88 12.14 8.43 9.10 7.00 7.20 Possibility of ceasing employment before vesting — % — % — % — % — % — % Movements in the number of restricted shares outstanding under the Restricted Share Plan are as follows: Restricted shares (thousand) Restricted stock units (thousands) Restricted stock units (thousands) Restricted stock units (thousands) 2019 2019 2018 2017 At January 1 — 976 969 1,000 Granted (1) 753 20 530 488 Forfeited (3 ) (12 ) (25 ) (29 ) Vested — (476 ) (498 ) (490 ) At December 31 750 508 976 969 (1) Approved by the Board of Directors of March 12, 2019 and the Shareholders Meeting of April 17, 2019. |
Legal and other reserves
Legal and other reserves | 12 Months Ended |
Dec. 31, 2019 | |
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$ 3,699 as of December 31, 2019 ( 2018 : US$ 3,664 ) 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, 2019 , but the Company has distributable reserves in excess of US$ 935,220 . 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, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables 2019 2018 Non-current Payable from acquisition of property, plant and equipment 3,394 — Other payables 205 211 3,599 211 Current Trade payables 90,594 94,483 Advances from customers 2,980 3,813 Taxes payable 9,086 6,457 Payables from acquisition of property, plant and equipment 3,596 — Other payables 631 1,473 106,887 106,226 Total trade and other payables 110,486 106,437 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, 2019 | |
Financial Instruments [Abstract] | |
Borrowings | Borrowings 2019 2018 Non-current Senior Notes 496,564 496,118 Bank borrowings 283,638 221,971 Obligations under finance leases — 395 780,202 718,484 Current Senior Notes 8,250 8,250 Bank overdrafts 27 2,320 Bank borrowings 179,801 132,862 Obligations under finance leases — 200 188,078 143,632 Total borrowings 968,280 862,116 As of December 31, 2019 , total bank borrowings include collateralized liabilities of US$ 210,525 ( 2018 : US$ 268,765 ). 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 2019 and 2018 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: 2019 2018 Fixed rate: Less than 1 year 120,154 105,708 Between 1 and 2 years 46,247 16,287 Between 2 and 3 years 55,453 25,704 Between 3 and 4 years 40,725 43,507 Between 4 and 5 years 10,331 26,415 More than 5 years 595,550 505,456 868,460 723,077 Variable rate: Less than 1 year 67,924 37,724 Between 1 and 2 years 20,007 17,278 Between 2 and 3 years 7,197 29,861 Between 3 and 4 years 4,692 22,886 Between 4 and 5 years — 18,251 More than 5 years — 12,444 99,820 138,444 968,280 861,521 Borrowings incurred by the Group’s subsidiaries in Brazil are repayable at various dates between January 2020 and November 2027 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 5.47% to 8.33% per annum. At December 31, 2019 LIBOR (six months) was 1.91% ( 2018 : 2.88% ). Borrowings incurred by the Group´s subsidiaries in Argentina are repayable at various dates between January 2020 and June 2024 and bear either fixed interest rates ranging from 5.68% and 7.50% per annum or variable rates based on LIBOR or other specific base-rates plus spreads ranging from from 4.00% to 4.75% for those borrowings denominated in U.S. Dollar, and a fixed interest rate at 61.00% 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 2019 2018 (In millions) Millions of Reais Millions of equivalent Dollars Millions of equivalent Dollars Banco Do Brasil (1) October 2012 R$ 130.0 R$ 54.2 13.4 18.8 November 2022 2.94% minus 15% of performance bonus Itau BBA FINAME Loan (2) December 2012 R$ 45.9 R$ 6.5 1.6 3.1 December 2022 2.50% Banco do Brasil / Itaú BBA Finem Loan (3) September 2013 R$ 273.0 R$ 66.3 16.5 38.0 January 2023 6.83% BNDES Finem Loan (4) November 2013 R$ 215.0 R$ 83.7 20.8 28.6 January 2023 3.75% ING Bank N.V. (5) October 2018 US$ 75.0 — 75.0 75.0 October 2023 6.33% Certificados Recebíveis do Agronegócio (CRA) December 2019 R$ 400.0 — 99.2 — November 2027 3,8% + IPCA (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. In December 2019, Adecoagro Vale do Ivinhema placed R$ 400.0 million in Certificados de Recebíveis do Agronegócio (CRA), due in November 2027 and bearing an interest of IPCA (Brazilian official inflation rate) + 3.80% per annum. This debt was issued with no guarantee. The above mentioned loans, except the CRA, contain certain customary financial covenants and restrictions which require 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 2019 and 2018 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 2019 2018 (In millions) (In millions) (In millions) IFC Tranche A (1) 2016 USD 25 18.18 22.70 September 2023 4.3% per annum IFC Tranche B (1) 2016 USD 25 14.29 21.40 September 2021 4% plus LIBOR Rabobank (2) 2018 USD 50 50.00 50.00 June 2024 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. and 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 2019 and 2018 the Group was in compliance with all financial covenants. The carrying amount of short-term borrowings is approximate its fair value due to the short-term maturity. Long term borrowings subject to variable rate approximate their fair value.The fair value of long-term subject to fix rate do not significant differ from their fair value. The fair value (level 2) of the notes as of December 31 2018 and 2019 equals US$ 460 million and US$ 497 million , 91.91% and 99.49% of the nominal amount, respectively. The breakdown of the Group´s borrowing by currency is included in Note 2 - Interest rate risk. Evolution of the Group's borrowings as December 31, 2019 and 2018 is as follow: 2019 2018 Amount at the beginning of the year 862,116 817,958 Proceeds from long term borrowings 108,271 45,536 Payments of long term borrowings (101,826 ) (124,349 ) Proceeds from short term borrowings 193,977 318,108 Payments of short term borrowings (127,855 ) (190,630 ) Payments of interest (1) (55,195 ) (47,401 ) Accrued interest 56,943 61,186 Acquisition of subsidiaries 12,823 — Exchange differences, inflation and translation, net 3,618 (19,506 ) Others 15,408 1,214 Amount at the end of the year 968,280 862,116 (1) Excludes payment of interest related to trade and other payables. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of leases [Abstract] | |
Lease liabilities | Lease liabilities Since January 1,2019 the Group mandatorily adopted IFRS 16 (Note 29 and 35.1). 2019 2018 Lease liabilities Non-current 174,570 — Current 41,814 — 216,384 — The maturity of the Group´s lease liabilities is as follows: 2019 Less than 1 year 41,813 Between 1 and 2 years 46,657 Between 2 and 3 years 28,197 Between 3 and 4 years 21,160 Between 4 and 5 years 18,427 More than 5 years 60,130 216,384 |
Payroll and social securities p
Payroll and social securities payable | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Payroll and social security liabilities | Payroll and social security liabilities 2019 2018 Non-current Social security payable 1,209 1,219 1,209 1,219 Current Salaries payable 3,290 3,785 Social security payable 3,025 3,112 Provision for vacations 8,808 9,770 Provision for bonuses 10,085 9,311 25,208 25,978 Total payroll and social security liabilities 26,417 27,197 |
Provisions for other liabilitie
Provisions for other liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 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 Additions 527 41 568 Used during year (774 ) — (774 ) Exchange differences (247 ) — (247 ) At December 31, 2019 3,126 46 3,172 Analysis of total provisions: 2019 2018 Non current 2,936 3,296 Current 236 329 3,172 3,625 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, 2019 and 2018 , respectively. |
Disclosure of leases and simila
Disclosure of leases and similar arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Leases1 [Abstract] | |
Disclosure of leases and similar arrangements | Disclosure of leases and similar arrangements As explained in note 35.1 above, the Group has changed its accounting policy for leases where the Group is the lessee. The new policy and the impact of the change is described in Note 35.1. 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$ 0.0 million for the year ended December 31, 2019 ( 2018 : US$ 14.0 million ; 2017 : 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: 2019 2018 No later than 1 year — 9,082 Later than 1 year and no later than 5 years — 426 — 9,508 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$ 9.2 million for the year ended December 31, 2019 ( 2018 : US$ 41.10 million ; 2017 : 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$ 522 and US$ 595 as of December 31, 2019 and 2018 , 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”: 2019 2018 2017 Rental income 564 643 771 The future minimum rental payments receivable under cancellable leases are as follows: 2019 2018 No later than 1 year — 32 Later than 1 year and no later than 5 years — 306 — 338 Finance leases: The Group does not act as a lessor in connection with finance leases. |
Group companies
Group companies | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of subsidiaries [abstract] | |
Group companies | Group companies The following table details the subsidiaries that comprised the Group as of December 31, 2019 and 2018 : 2019 2018 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. (d) Argentina — — Maní del Plata S.A. (a) Argentina — — Girasoles del Plata S.A. (a) Argentina — — Adeco Agropecuaria Brasil S.A. (b) Brazil — — Adecoagro Vale do Ivinhema S.A. ("AVI") (b) Brazil — — Usina Monte Alegre Ltda. ("UMA") (b) Brazil — — Monte Alegre Energia Ltda. (b) Brazil — — Adecoagro Energia Ltda. (b) Brazil — — Kelizer S.A. (a) Uruguay — — Adecoagro Uruguay S.A. (a) Uruguay — — Holdings companies: Adeco Brasil Participações S.A. — Brazil — — Adecoagro LP S.C.S. — 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; Global Acamante S.L.U.; Global Carelio S.L.U.; Global Calidon S.L.U.; Global Mirabilis S.L.U. Global Anceo S.L.U.Global Hisingen S.L.U. (d) Mainly dairy The percentage voting right for each principal subsidiary is the same as the percentage of capital stock held. Issued share capital represents only ordinary shares/ quotas, units or their equivalent. There are no preference shares or units issued in any subsidiary undertaking. 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, 2019 | |
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) 2019 2018 2017 2019 2018 Directors and senior management Employment Compensation selected employees (5,232 ) (7,122 ) (7,040 ) (15,499 ) (16,353 ) Girasoles del Plata S.A (ii) Joint venture Receivable from related parties (Note 19) (i) — — — — 8,337 Payables (Note 26) — — — — (194 ) Sales of goods — 456 2,487 — — Services — 210 88 — — Interest income — 242 308 — — (i) It includes US$ 8 million of a loan that accruing a 3% interest rate per year with the final maturity in 2022. (ii) Since February 2019, Girasoles del Plata S.A. (formerly CHS Agro S.A.) is fully part of the Group. |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Changes in Accounting Policies, Accounting Estimates and Errors [Abstract] | |
Critical accounting estimates and judgments | Critical accounting estimates and judgments Critical accounting policies are those that are most important to the portrayal of the Group’s financial condition, results of operations and cash flows, and require management to make difficult, subjective or complex judgments and estimates about matters that are inherently uncertain. Management bases its estimates on historical experience and other assumptions that it believes are reasonable. The Group’s critical accounting policies are discussed below. Actual results could differ from estimates used in employing the critical accounting policies and these could have a material impact on the Group’s results of operations. The Group also has other policies that are considered key accounting policies, such as the policy for revenue recognition. However, these other policies, which are discussed in the notes to the Group’s financial statements, do not meet the definition of critical accounting estimates, because they do not generally require estimates to be made or judgments that are difficult or subjective. (a)Impairment of non-financial assets At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets could have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where the asset does not generate cash flows that are independently, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The Group’s property, plant and equipment items generally do not generate independent cash flows. In the case of Goodwill, any goodwill acquired is allocated to the cash-generating unit (‘CGU’) expected to benefit from the business combination. CGU to which goodwill is allocated is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount of the CGU may be impaired. The carrying amount of the CGU is compared to its recoverable amount, which is the higher of fair value less costs to sell and the value in use. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. The impairment review requires management to undertake certain significant judgments, including estimating the recoverable value of the CGU to which goodwill is allocated, based on either fair value less costs-to-sell or the value-in-use, as appropriate, in order to reach a conclusion on whether it deems the goodwill is impaired or not. For purposes of the impairment testing, each CGU represents the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or group of assets. Farmlands may be used for different activities that may generate independent cash flows. Those farmlands that are used for more than one segment activity (i.e. crops and cattle or rental income), the farmland is further subdivided into two or more CGUs, as appropriate, for purposes of impairment testing. For its properties in Brazil, management identified a farmland together with its related mill as separate CGUs. Most of the farmlands in Argentina and Uruguay are treated as single CGUs. Based on these criteria, management identified a total amount of 40 CGUs as of September 30, 2019 and 37 CGUs as of September 30, 2018. As of September 30, 2019 and 2018, due to the fact that there were no impairment indicators, the Group only tested those CGUs with allocated goodwill in Argentina and Brazil. CGUs tested based on a fair-value-less-costs-to-sell model at September 30, 2019 and 2018: As of September 30, 2019, the Group identified 12 CGUs in Argentina (2018: 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. 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, which relies on results of sales of similar agricultural properties to estimate the value of the CGU. This approach is based on the theory that the fair value of a property is directly related to the selling prices of similar properties. Fair values are determined by extensive analysis which includes current and potential soil productivity of the land (the ability to produce crops and maintain livestock) projected margins derived from soil use, rental value obtained for soil use, if applicable, and other factors such as climate and location. Farmland ratings are established by considering such factors as soil texture and quality, yields, topography, drainage and rain levels. Farmland may contain farm outbuildings. A farm outbuilding is any improvement or structure that is used for farming operations. Outbuildings are valued based on their size, age and design. Based on the factors described above, each farm property is assigned different soil classifications for the purposes of establishing a value, Soil classifications quantify the factors that contribute to the agricultural capability of the soil. Soil classifications range from the most productive to the least productive. The first step to establishing an assessment for a farm property is a sales investigation that identifies the valid farm sales in the area where the farm is located. A price per hectare is assigned for each soil class within each farm property. This price per hectare is determined based on the quantitative and qualitative analysis mainly described above. The results are then tested against actual sales, if any, and current market conditions to ensure the values produced are accurate, consistent and fair. The following table shows only the 12 CGUs (2018: 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, 2019 September 30, 2018 La Carolina / Crops / Argentina 162 112 La Carolina / Cattle / Argentina 26 38 El Orden / Crops / Argentina 175 170 El Orden / Cattle / Argentina 6 14 La Guarida / Crops / Argentina 1,158 1,149 La Guarida / Cattle / Argentina 597 937 Los Guayacanes / Crops / Argentina 2,145 1,449 Doña Marina / Rice / Argentina 3,734 3,385 Huelen / Crops / Argentina 3,716 3,369 El Colorado / Crops / Argentina 1,857 1,484 El Colorado / Cattle / Argentina 18 216 Closing net book value of goodwill allocated to CGUs tested (Note 15) 13,594 12,323 Closing net book value of PPE items allocated to CGUs tested 162,844 179,545 Total assets allocated to CGUs tested 176,438 191,868 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2019 and 2018. CGUs tested based on a value-in-use model at September 30, 2019 and 2018: As of September 30, 2019, the Group identified 2 CGUs (2018: 2 CGUs) in Brazil to be tested based on this model (all CGUs with allocated goodwill). The determination of the value-in-use calculation required the use of significant estimates and assumptions related to management’s cash flow projections. In performing the value-in-use calculation, the Group applied pre-tax rates to discount the future pre-tax cash flows. In each case, these key assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information, such as appropriate market data. In calculating value-in-use, management may be assisted by the work of external advisors. The key assumptions used by management in the value-in-use calculations which are considered to be most sensitive to the calculation are: Key Assumptions September 30, 2019 September 30, 2018 Financial projections Covers 4 years for UMA (*) Covers 4 years for UMA Covers 7 years for AVI (**) Covers 7 years for AVI Yield average growth rates 0-1% 0-1% Future pricing increases 0,11% per annum 0,11% per annum Future cost decrease 0,78% per annum 3,11% per annum Discount rates 7% 8% Perpetuity growth rate 1% 2% (*) UMA stands for Usina Monte Alegre LTDA. (**) AVI stands for Adecoagro VAle Do Ivinhema S.A. Discount rates are based on the risk-free rate for U. S. government bonds, adjusted for a risk premium to reflect the increased risk of investing in South America and Brazil in particular. The risk premium adjustment is assessed for factors specific to the respective CGUs and reflects the countries that the CGUs operate in. The following table shows only the 2 CGUs where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one: CGU/ Operating segment September 30, 2019 September 30, 2018 AVI / Sugar, Ethanol and Energy 3,813 3,966 UMA / Sugar, Ethanol and Energy 1,430 2,107 Closing net book value of goodwill allocated to CGUs tested (Note 15) 5,243 6,073 Closing net book value of PPE items allocated to CGUs tested 614,702 618,818 Total assets allocated to 2 CGUs tested 619,945 624,891 Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2019 and 2018. Management views these assumptions are conservative and does not believe that any reasonable change in the assumptions would cause the carrying value of these CGU’s to exceed the recoverable amount. The Company's goodwill and property, plant and equipment balances allocated to the cash generating units with allocated goodwill in Argentina and Brazil were U$S 176 million and U$S 652 million , respectively at December 31, 2019. As of December 31, 2019, 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 35.11. 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. The discounted cash flow model includes significant assumptions relating to the cash flow projections including future market prices, estimated yields at the point of harvest, estimated production cycle, future costs of harvesting and other costs, and estimated discount rate. Market prices are generally determined by reference to observable data in the principal market for the agricultural produce. Harvesting costs and other costs are estimated based on historical and statistical data. Yields are estimated based on several factors including the location of the farmland and soil type, environmental conditions, infrastructure and other restrictions and growth at the time of measurement. Yields are subject to a high degree of uncertainty and may be affected by several factors out of the Group’s control including but not limited to extreme or unusual weather conditions, plagues and other crop diseases, among other factors. The significant assumptions discussed above are highly sensitive. Reasonable shifts in assumptions including but not limited to increases or decreases in prices, costs and discount factors used would result in a significant increase or decrease to the fair value of biological assets. In addition, cash flows are projected over a number of years and based on estimated production. Estimates of production in themselves are dependent on various assumptions, in addition to those described above, including but not limited to several factors such as location, environmental conditions and other restrictions. Changes in these estimates could materially impact on estimated production, and could therefore affect estimates of future cash flows used in the assessment of fair value (see Note 16). (c) Income taxes The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. Deferred tax assets are reviewed each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be settled. Deferred tax assets and liabilities are not discounted. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment (see Note 10). (d) Fair value for farmlands and investment property Property, plant and equipment Farmlands are recognized at fair value based on periodic, but at least annual, valuations prepared by an external independent expert. A revaluation reserve is credited in shareholders’ equity. The valuation is determined using sales Comparison Approach. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare (Level 3) (see Note 12). Investment property Investment property consists of farmland for rental or for capital appreciation and not used in production or for sale in the ordinary course of business, and it is measured at fair value. The changes 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 14). |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
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 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 1.538. 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. 35.1 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 34. Description of accounting policies changed during the fiscal-year. Leases For fiscal years beginning on January 1st, 2019 and onward the adoption of IFRS 16 - Leases it is mandatory. We disclose herein the new accounting policies that have been applied from January 1, 2019, where they are different to those applied in prior periods. IFRS 16 was adopted following the simplified approach, without restating comparative. The reclassifications and the adjustments arising from the new lease accounting rules are directly recognized in the opening balance sheet on January 1, 2019. The Company has adopted IFRS 16 Leases from January 1, 2019, but has not restated comparatives for previous reporting period as permitted under the specific transition provisions in the Standard. On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. In the previous year, the Company only recognize lease liabilities in relation to leases that were classified as "Finance leases" under IAS 17 Leases. For the initial recognition, these liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The adoption of IFRS 16 Leases from January 1, 2019, resulted in changes in accounting policies and adjustments to the amounts recognized in the financial statements. Right-of-use assets The total of the right-of-use assets are included under such type in the Statement of Financial Position: Right of use Lease liabilities Closing balance as of December 31, 2018 — — Initial recognition 204,937 (204,937 ) Reclassifications from Trade and other receivables, net — 26,794 Opening balance as of January 1, 2019 204,937 (178,143 ) The impact of the adoption of IFRS 16 did not have effect in retained earnings at January 1, 2019. Initial measurement of lease liability: 2019 Operating lease commitments disclosed as of December 31, 2018 9,508 Finance leases 595 (Less): short-term leases not recognised as a liability (9,308 ) Add: adjustments as a result of a different treatment 199,929 Add: adjustments relating to changes in the index or rate affecting variable payments 4,213 Initial recognition of lease liability 204,937 According with the adoption of IFRS 16, the new accounting policy for leases is as follows: Leases are recognized as a right-of-use asset and corresponding liability at the date of which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In determining the lease term, the Company considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Short term leases are recognized on a straight line basis as an expense in the income statement. Accounting as lessee The Company recognizes a right-of-use asset and a lease liability at the commencement date of each lease contract that grants the right to control the use of an identified asset during a period of time. The commencement date is the date in which the lessor makes an underlying asset available for use by the lessee. The Company applied exemptions for leases with a duration lower than 12 months, with a value lower than thirty thousand dollars and/or with clauses related to variable payments. These leases have been considered as short-term leases and, accordingly, no right-of-use asset or lease liability have been recognized. The weighted average lessee’s incremental borrowing rate applied to lease liabilities recognised in the statement of financial position at the date of initial application was 7.06% . At initial recognition, the right-of-use asset is measured considering: • The value of the initial measurement of the lease liability; • Any lease payments made at or before the commencement date, less any lease incentives; and • Any initial direct costs incurred by the lessee; and After initial recognition, the right-of-use assets are measured at cost, less any accumulated depreciation and/or impairment losses, and adjusted for any re-measurement of the lease liability. Depreciation of the right-of-use asset is calculated using the straight-line method over the estimated duration of the lease contract. The lease liability is initially measured at the present value of the lease payments that are not paid at such date, including the following concepts: • Variable lease payments that depend on an index or rate, initially measured using the index or rate as of the commencement date; • Amounts expected to be payable by the lessee under residual value guarantees; • The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and • Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease; • Fixed payments, less any lease incentives receivable; After the commencement date, the Company measures the lease liability by: • Increasing the carrying amount to reflect interest on the lease liability; • Reducing the carrying amount to reflect lease payments made; and • Re-measuring the carrying amount to reflect any reassessment or lease modifications. The above mentioned inputs for the valuation of the right of use assets and lease liabilities including the determination of the contracts within the scope of the standard, the contract term ant interest rate used in the discounted cash flow involved a high degree of management´s estimations. Early adoption of IFRS 3 Amendment The IASB has issued narrow-scope amendments to IFRS 3,'Business combinations', to improve the definition of a business. The amended definition emphasizes that the output of a business is to provide goods and services to customers, whereas the previous definition focused on returns in the form of dividends, lower costs or other economic benefits to investors and others. Entities are required to apply the amendments to transactions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020. The Company applied this amendment form the period beginning on 1 January 2019. Description of accounting policies changed during the previous year. 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. Also 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 . 35.2 Scope of consolidation The consolidated financial statements include the results of the Company and all of its subsidiaries from the date that control commences to the date that control ceases. They also include the Group’s share of the net income of its jointly-controlled entities on an equity-accounted basis from the point at which joint control commences, to the date that it ceases. (a) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date that control commences and deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. 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. 35.3 Segment reporting According to IFRS 8, operating segments are identified based on the ‘management approach’. This approach stipulates external segment reporting based on the Group’s internal organizational and management structure and on internal financial reporting to the chief operating decision maker (the Management Committee in the case of the Company) 35.4 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in US dollars, which is the Group’s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, in the line Item “Finance income” or “Finance cost”, as appropriate. (c) Group companies The results and financial position of Group entities (except those that has the currency of a hyper-inflationary economy - Argentine subsidiaries) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; • income and expenses for each statement of income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and • all resulting exchange differences are recognized as a separate component of equity. When a foreign operation is 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. 35.5 Property, plant and equipment Farmlands are initially recorded at fair value and subsequently under the revaluation model based on periodic, but at least annual, valuations prepared by an external independent expert. A revaluation reserve is credited in shareholders’ equity. All other property, plant and equipment is recorded at cost, less accumulated depreciation and impairment losses, if any. Historical cost comprises the purchase price and any costs directly attributable to the acquisition. Under the definition of Property plant and equipment is included the bearer plants, such as sugarcane and coffee trees. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the statement of income when they are incurred. 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. 35.6 Investment property Investment property consists of farmland for rental or for capital appreciation and not used in production or for sale in the ordinary course of business, and it is measured at fair value 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. 35.7 Leases As explained in note 35.1 above, the Group has changed its accounting policy for leases where the Group is the lessee. The new policy and the impact of the change is described in Note 35.1. Until December 31, 2018 the Group classified its leases at the inception as finance or operating leases. Leases were 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 were 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, were included as “Borrowings”. From 2019 onwards, leases are accounted under the IFRS 16. 35.8 Goodwill Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill on acquisition is initially measured at cost. being the excess of the consideration over the fair value of the Group’s share of net assets of the acquired subsidiary undertaking at the acquisition date. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. It is allocated to those cash generating units expected to benefit from the acquisition for the purpose of impairment testing. Goodwill 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 34 (a)). Gains and losses on the disposal of a Group entity include any goodwill relating to the entity sold (see Note 35.10). 35.9 Other intangible assets Other intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortization and impairment losses, if any. These intangible assets comprise 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. 35.10 Impairment of assets Goodwill The Company conducts an impairment test annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. If the recoverable amount of the cash-generating unit is less than its carrying amount , the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the cash generating unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset may in the unit. Impairment losses recognized for goodwill cannot be reversed in a subsequent period. Recoverable amount is the higher of the fair value less costs to sell and value in use. In determining the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted (see Note 34 (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. 35.11 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 includng rice: Growing crops including rice, for which biological growth is not significant, are measured at cost, which approximates fair value. Expenditure on growing crops includes land preparation expenses and other direct expenses incurred during the sowing period including labor, seedlings, agrochemicals and fertilizers among others. Otherwise, biological assets are measured at fair value less estimated point-of-sale costs at initial recognition and at any subsequent period. Point-of-sale costs include all costs that would be necessary to sell the assets The fair value of growing crops including rice is measured based on a formula, which takes into consideration the 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 including rice to be obtained. The tons are then multiplied by a net cash flow determined at the future crop prices less the direct costs to be incurred. This amount is discounted at a discount rate, which reflects current market assessments of the assets involved and the time value of money. • Growing herd and cattle: Livestock are measured at fair value less estimated point-of-sale costs, with any changes therein recognized in the statement of income, on initial recognition as well as subsequently at each reporting period. The fair value of livestock is determined based on the actual selling prices less estimated point-of-sale costs in the markets where the Group operates. • Sugarcane: Sugarcane planting costs form part of Property plant and equipment. The agricultur |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of events after reporting period [Abstract] | |
Subsequent events | Subsequent events In December 2019, a novel strain of coronavirus (“COVID-19”) was reported to have surfaced in China and started spreading to the rest of the world in early 2020. The COVID-19 virus is impacting economic activity worldwide and poses the risk that Adecoagro or its employees, contractors, suppliers, customers and other business partners may be prevented from conducting certain business activities for an indefinite period of time, including due to shutdowns mandated by governmental authorities or otherwise adopted by companies as a preventive measure. Given the uncertainty around the extent and timing of the future spread of COVID-19 and the imposition or relaxation of protective measures, it is not possible to predict the COVID-19’s effects on the industry, generally, and to reasonably estimate the financial effect on the Company. As of the date of this annual report, the Company did not identify any situation that could affect these financial statements as of December 31, 2019. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 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 1.538. 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 34. Description of accounting policies changed during the fiscal-year. Leases For fiscal years beginning on January 1st, 2019 and onward the adoption of IFRS 16 - Leases it is mandatory. We disclose herein the new accounting policies that have been applied from January 1, 2019, where they are different to those applied in prior periods. IFRS 16 was adopted following the simplified approach, without restating comparative. The reclassifications and the adjustments arising from the new lease accounting rules are directly recognized in the opening balance sheet on January 1, 2019. The Company has adopted IFRS 16 Leases from January 1, 2019, but has not restated comparatives for previous reporting period as permitted under the specific transition provisions in the Standard. On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. In the previous year, the Company only recognize lease liabilities in relation to leases that were classified as "Finance leases" under IAS 17 Leases. For the initial recognition, these liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The adoption of IFRS 16 Leases from January 1, 2019, resulted in changes in accounting policies and adjustments to the amounts recognized in the financial statements. Right-of-use assets The total of the right-of-use assets are included under such type in the Statement of Financial Position: Right of use Lease liabilities Closing balance as of December 31, 2018 — — Initial recognition 204,937 (204,937 ) Reclassifications from Trade and other receivables, net — 26,794 Opening balance as of January 1, 2019 204,937 (178,143 ) The impact of the adoption of IFRS 16 did not have effect in retained earnings at January 1, 2019. Initial measurement of lease liability: 2019 Operating lease commitments disclosed as of December 31, 2018 9,508 Finance leases 595 (Less): short-term leases not recognised as a liability (9,308 ) Add: adjustments as a result of a different treatment 199,929 Add: adjustments relating to changes in the index or rate affecting variable payments 4,213 Initial recognition of lease liability 204,937 According with the adoption of IFRS 16, the new accounting policy for leases is as follows: Leases are recognized as a right-of-use asset and corresponding liability at the date of which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. In determining the lease term, the Company considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Short term leases are recognized on a straight line basis as an expense in the income statement. Accounting as lessee The Company recognizes a right-of-use asset and a lease liability at the commencement date of each lease contract that grants the right to control the use of an identified asset during a period of time. The commencement date is the date in which the lessor makes an underlying asset available for use by the lessee. The Company applied exemptions for leases with a duration lower than 12 months, with a value lower than thirty thousand dollars and/or with clauses related to variable payments. These leases have been considered as short-term leases and, accordingly, no right-of-use asset or lease liability have been recognized. The weighted average lessee’s incremental borrowing rate applied to lease liabilities recognised in the statement of financial position at the date of initial application was 7.06% . At initial recognition, the right-of-use asset is measured considering: • The value of the initial measurement of the lease liability; • Any lease payments made at or before the commencement date, less any lease incentives; and • Any initial direct costs incurred by the lessee; and After initial recognition, the right-of-use assets are measured at cost, less any accumulated depreciation and/or impairment losses, and adjusted for any re-measurement of the lease liability. Depreciation of the right-of-use asset is calculated using the straight-line method over the estimated duration of the lease contract. The lease liability is initially measured at the present value of the lease payments that are not paid at such date, including the following concepts: • Variable lease payments that depend on an index or rate, initially measured using the index or rate as of the commencement date; • Amounts expected to be payable by the lessee under residual value guarantees; • The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and • Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease; • Fixed payments, less any lease incentives receivable; After the commencement date, the Company measures the lease liability by: • Increasing the carrying amount to reflect interest on the lease liability; • Reducing the carrying amount to reflect lease payments made; and • Re-measuring the carrying amount to reflect any reassessment or lease modifications. The above mentioned inputs for the valuation of the right of use assets and lease liabilities including the determination of the contracts within the scope of the standard, the contract term ant interest rate used in the discounted cash flow involved a high degree of management´s estimations. Early adoption of IFRS 3 Amendment The IASB has issued narrow-scope amendments to IFRS 3,'Business combinations', to improve the definition of a business. The amended definition emphasizes that the output of a business is to provide goods and services to customers, whereas the previous definition focused on returns in the form of dividends, lower costs or other economic benefits to investors and others. Entities are required to apply the amendments to transactions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020. The Company applied this amendment form the period beginning on 1 January 2019. Description of accounting policies changed during the previous year. 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. Also 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 . |
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) 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 initially recorded at fair value and subsequently under the revaluation model based on periodic, but at least annual, valuations prepared by an external independent expert. A revaluation reserve is credited in shareholders’ equity. All other property, plant and equipment is recorded at cost, less accumulated depreciation and impairment losses, if any. Historical cost comprises the purchase price and any costs directly attributable to the acquisition. Under the definition of Property plant and equipment is included the bearer plants, such as sugarcane and coffee trees. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the statement of income when they are incurred. 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 As explained in note 35.1 above, the Group has changed its accounting policy for leases where the Group is the lessee. The new policy and the impact of the change is described in Note 35.1. Until December 31, 2018 the Group classified its leases at the inception as finance or operating leases. Leases were 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 were 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, were included as “Borrowings”. From 2019 onwards, leases are accounted under the IFRS 16. |
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 34 (a)). Gains and losses on the disposal of a Group entity include any goodwill relating to the entity sold (see Note 35.10). |
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 The Company conducts an impairment test annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. If the recoverable amount of the cash-generating unit is less than its carrying amount , the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the cash generating unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset may in the unit. Impairment losses recognized for goodwill cannot be reversed in a subsequent period. Recoverable amount is the higher of the fair value less costs to sell and value in use. In determining the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted (see Note 34 (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 includng rice: Growing crops including rice, for which biological growth is not significant, are measured at cost, which approximates fair value. Expenditure on growing crops includes land preparation expenses and other direct expenses incurred during the sowing period including labor, seedlings, agrochemicals and fertilizers among others. Otherwise, biological assets are measured at fair value less estimated point-of-sale costs at initial recognition and at any subsequent period. Point-of-sale costs include all costs that would be necessary to sell the assets The fair value of growing crops including rice is measured based on a formula, which takes into consideration the 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 including rice to be obtained. The tons are then multiplied by a net cash flow determined at the future crop prices less the direct costs to be incurred. This amount is discounted at a discount rate, which reflects current market assessments of the assets involved and the time value of money. • Growing herd and cattle: Livestock are measured at fair value less estimated point-of-sale costs, with any changes therein recognized in the statement of income, on initial recognition as well as subsequently at each reporting period. The fair value of livestock is determined based on the actual selling prices less estimated point-of-sale costs in the markets where the Group operates. • Sugarcane: Sugarcane planting costs form part of Property plant and equipment. The agricultural produce growing on sugarcane is classified as biological assets and are measured at fair value less cost to sell. The fair value of agricultural produce growing on sugarcane depends on the variety, location and maturity of the plantation. Agricultural produce growing in the Sugarcane, for which biological growth is not significant, is valued at cost, which approximates fair value. Expenditure on the agricultural produce growing in the sugarcane consists mainly of labor, agrochemicals and fertilizers among others. When it has attained significant biological growth, it is measured at fair value through a discounted cash flow model. 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 18). (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 35.15. (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 | 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 15 -year power agreement for the sale of electricity which expires in 2042. The delivery period starts in April and ends in November of each year. The Group is also a party to two 15 -year power agreements which delivery period starts in March and ends in December of each year, these two agreements will expire in 2024 and 2025, respectively. Prices under all the agreements are adjusted annually for inflation. Revenue related to the sale of electricity under these two agreements is recorded based upon output delivered. |
Farmlands sales | Farmlands sales The Group’s strategy is to profit from land appreciation value generated through the transformation of its productive capabilities. Therefore, the Group may seek to realize value from the sale of farmland assets and businesses. Farmland sales are not recognized until (i) the sale is completed, (ii) the Group has determined that it is probable the buyer will pay, (iii) the amount of revenue can be measured reliably, and (iv) the Group has transferred to the buyer the risk of ownership, and does not have a continuing involvement. Gains from “farmland sales” are included in the statement of income under the line item “Other operating income, net”. |
Assets held for sale and discontinued operations | Assets held for sale and discontinued operations When the Group intends to dispose of, or classify as held for sale, a business component that represents a separate major line of business or geographical area of operations, or a subsidiary acquired exclusively with a view to resale, it classifies such operations as discontinued. The post tax profit or loss of the discontinued operations is shown as a single amount on the face of the statement of income, separate from the other results of the Group. Assets and liabilities classified as held for sale are measured at the lower of carrying value and fair value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a disposal rather than through continuing use. This condition is regarded as met only when management is committed to the sale (disposal), the sale (disposal) is highly probable and expected to be completed within one year from classification and the asset is available for immediate sale (disposal) in its present condition. The statements of income for the comparative periods are represented to show the discontinued operations separate from the continuing operations. |
Earnings per share | Earnings per share Basic earnings per share is calculated by dividing the net income for the year attributable to equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted net earnings per share is computed by dividing the net income for the period by the weighted average number of ordinary shares outstanding, and when dilutive, adjusted for the effect of all potentially dilutive shares, including share options, on an as-if converted basis. |
Equity-settled share-based payments | Equity-settled share-based payments The Group issues equity settled share-based payments to certain directors, senior management and employees. Options under the awards were measured at fair value at the date of grant. An expense is recognized to spread the fair value of each award over the vesting period on a straight-line basis, after allowing for an estimate of the awards that will eventually vest. The estimate of the level of vesting is reviewed at least annually, with any impact on the cumulative charge being recognized immediately. |
Research and development | Research and development Research phase expenditure is expensed as incurred. Development expenditure is capitalized as an internally generated intangible asset only if it meets strict criteria, relating in particular to technical feasibility and generation of future economic benefits. Research expenses have been immaterial to date. The Group has not capitalized any development expenses to date. |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Nature and Extent of Risks Arising from Financial Instruments | 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 2019 U.S. Dollar (31,730 ) (43,860 ) 2,159 (73,431 ) 2018 U.S. Dollar (26,037 ) (48,050 ) 2,451 (71,636 ) 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. 2019 (*) Subsidiaries’ functional currency Net monetary position (Liability)/ Asset Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Argentine Peso (19,733 ) — — (560 ) (20,293 ) Brazilian Reais — (196,081 ) — — (196,081 ) U.S. Dollar (317,296 ) (438,604 ) 21,586 48,091 (686,223 ) Uruguayan Peso — — (2,086 ) — (2,086 ) Total (337,029 ) (634,685 ) 19,500 47,531 (904,683 ) (*) It includes lease liabilities for the adoption of IFRS 16 (See Note 35.1) 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 ) |
Schedule 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 where discounting is not applied. At December 31, 2019 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 94,821 3,399 30 170 98,420 Borrowings 122,403 154,682 230,058 681,819 1,188,962 Leases Liabilities 46,370 52,372 89,259 121,081 309,082 Derivative financial instruments 1,423 — — — 1,423 Total 265,017 210,453 319,347 803,070 1,597,887 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 |
Schedule 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 where discounting is not applied. At December 31, 2019 Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 Years Total Trade and other payables 94,821 3,399 30 170 98,420 Borrowings 122,403 154,682 230,058 681,819 1,188,962 Leases Liabilities 46,370 52,372 89,259 121,081 309,082 Derivative financial instruments 1,423 — — — 1,423 Total 265,017 210,453 319,347 803,070 1,597,887 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 |
Schedule of Financial Instruments by Type of Interest Rate | The following tables show a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary 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, 2019 and 2018 is as follows: 2019 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Fixed rate: Argentine Peso 549 — — — 549 Brazilian Reais — 142,142 — — 142,142 U.S. Dollar 128,464 77,378 15,113 504,814 725,769 Subtotal fixed-rate borrowings 129,013 219,520 15,113 504,814 868,460 Variable rate: Brazilian Reais — 13,604 — — 13,604 U.S. Dollar 79,339 6,877 — — 86,216 Subtotal variable-rate borrowings 79,339 20,481 — — 99,820 Total borrowings as per statement of financial position 208,352 240,001 15,113 504,814 968,280 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 For the years ended December 31, 2019 and 2018 , 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. 2019 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reais Uruguayan Peso U.S. Dollar Total Variable rate: Brazilian Reais — (136 ) — — (136 ) U.S. Dollar (793 ) (69 ) — — (862 ) Total effects on profit before income tax (793 ) (205 ) — — (998 ) 2018 Subsidiaries’ functional currency Rate per currency denomination Argentine Peso Brazilian Reias 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 ) |
Schedule of Capital Risk Management | During the year ended December 31, 2019 , the strategy was to maintain the gearing ratio within 0.40 to 0.60 , as follows: 2019 2018 Total debt 968,280 862,116 Total equity 1,028,883 1,108,145 Total capital 1,997,163 1,970,261 Gearing ratio 0.48 0.44 |
Schedule of Financial Instruments | The following tables show the outstanding positions for each type of derivative contract as of the date of each statement of financial position: ▪ Futures/ options As of December 31, 2019 : 2019 Type of derivative contract Quantities (thousands) (**) Notional amount Fair Value Asset/ (Liability) (Loss)/Gain (*) Futures: Sale Corn 221 923 445 (446 ) Soybean 107 7,118 759 (687 ) Wheat 13 515 (28 ) 28 Sugar 101,498 29,409 (1,342 ) 1,155 Total 101,839 37,965 (166 ) 50 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 (*) 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, 2019 | |
Disclosure of operating segments [abstract] | |
Schedule of Operating Segments | Segment reconciliation for the year ended December 31, 2019 : 2019 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 168,938 (2,492 ) 166,446 102,162 (1,006 ) 101,156 84,767 (945 ) 83,822 Cost of goods and services rendered (159,197 ) 2,687 (156,510 ) (74,480 ) 529 (73,951 ) (77,532 ) 838 (76,694 ) Initial recognition and changes in fair value of biological assets and agricultural produce 30,290 (549 ) 29,741 13,194 (979 ) 12,215 13,741 (231 ) 13,510 Gain from changes in net realizable value of agricultural produce after harvest 1,542 283 1,825 — — — — — — Margin on Manufacturing and Agricultural Activities Before Operating Expenses 41,573 (71 ) 41,502 40,876 (1,456 ) 39,420 20,976 (338 ) 20,638 General and administrative expenses (5,446 ) (87 ) (5,533 ) (6,752 ) 147 (6,605 ) (4,188 ) 90 (4,098 ) Selling expenses (12,852 ) 128 (12,724 ) (21,072 ) 498 (20,574 ) (6,252 ) 18 (6,234 ) Other operating income, net (1,133 ) (225 ) (1,358 ) 282 (15 ) 267 (635 ) (68 ) (703 ) Profit from Operations Before Financing and Taxation 22,142 (255 ) 21,887 13,334 (826 ) 12,508 9,901 (298 ) 9,603 Depreciation and amortization (4,662 ) (137 ) (4,799 ) (6,994 ) 171 (6,823 ) (5,064 ) 98 (4,966 ) Net (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2019 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 3,904 27 3,931 — — — 891,554 (4,416 ) 887,138 Cost of goods and services rendered (3,412 ) (40 ) (3,452 ) — — — (675,187 ) 4,014 (671,173 ) Initial recognition and changes in fair value of biological assets and agricultural produce (40 ) 53 13 — — — 70,295 (1,706 ) 68,589 Gain from changes in net realizable value of agricultural produce after harvest — — — — — — 1,542 283 1,825 Margin on Manufacturing and Agricultural Activities Before Operating Expenses 452 40 492 — — — 288,204 (1,825 ) 286,379 General and administrative expenses (167 ) 17 (150 ) (19,319 ) 428 (18,891 ) (57,797 ) 595 (57,202 ) Selling expenses (171 ) (11 ) (182 ) (165 ) 23 (142 ) (107,628 ) 656 (106,972 ) Other operating income, net (956 ) 602 (354 ) (175 ) 21 (154 ) (1,137 ) 315 (822 ) Profit from Operations Before Financing and Taxation (842 ) 648 (194 ) (19,659 ) 472 (19,187 ) 121,642 (259 ) 121,383 Depreciation and amortization (181 ) 4 (177 ) (20 ) 3 (17 ) (174,578 ) 139 (174,439 ) Net (loss) / gain from Fair value adjustment of investment property (927 ) 602 (325 ) — — — (927 ) 602 (325 ) Total reportable segments’ assets and liabilities are reconciled to total assets as per the statement of financial position as follows: 2019 2018 Total reportable assets as per segment information 2,028,814 1,776,003 Intangible assets (excluding goodwill) 13,659 6,559 Deferred income tax assets 13,664 16,191 Trade and other receivables 172,331 197,506 Other assets 1,128 1,192 Derivative financial instruments 1,435 6,286 Cash and cash equivalents 290,276 273,635 Total assets as per the statement of financial position 2,521,307 2,277,372 2019 2018 Total reportable liabilities as per segment information 1,184,664 862,116 Trade and other payables 110,486 106,437 Deferred income tax liabilities 165,508 168,171 Payroll and social liabilities 26,417 27,197 Provisions for other liabilities 3,172 3,625 Current income tax liabilities 754 1,398 Derivative financial instruments 1,423 283 Total liabilities as per the statement of financial position 1,492,424 1,169,227 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, 2019 Farming Sugar, Ethanol and Energy Land Transformation Corporate Total Crops Rice Dairy All other segments Farming subtotal Sales of goods and services rendered 168,938 102,162 84,767 3,904 359,771 531,783 — — 891,554 Cost of goods sold and services rendered (159,197 ) (74,480 ) (77,532 ) (3,412 ) (314,621 ) (360,566 ) — — (675,187 ) Initial recognition and changes in fair value of biological assets and agricultural produce 30,290 13,194 13,741 (40 ) 57,185 13,110 — — 70,295 Changes in net realizable value of agricultural produce after harvest 1,542 — — — 1,542 — — — 1,542 Margin on manufacturing and agricultural activities before operating expenses 41,573 40,876 20,976 452 103,877 184,327 — — 288,204 General and administrative expenses (5,446 ) (6,752 ) (4,188 ) (167 ) (16,553 ) (21,925 ) — (19,319 ) (57,797 ) Selling expenses (12,852 ) (21,072 ) (6,252 ) (171 ) (40,347 ) (67,116 ) — (165 ) (107,628 ) Other operating income, net (1,133 ) 282 (635 ) (956 ) (2,442 ) 126 1,354 (175 ) (1,137 ) Profit / (loss) from operations before financing and taxation 22,142 13,334 9,901 (842 ) 44,535 95,412 1,354 (19,659 ) 121,642 Depreciation and amortization (4,662 ) (6,994 ) (5,064 ) (181 ) (16,901 ) (157,657 ) — (20 ) (174,578 ) Net (loss) / gain from Fair value adjustment of investment property — — — (927 ) (927 ) — — — (927 ) Reverse of revaluation surplus derived from the disposals of assets before taxes — — — — — — 8,022 — 8,022 Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 6,091 509 (3,957 ) (72 ) 2,571 (851 ) — — 1,720 Initial recognition and changes in fair value of biological assets and agricultural produce (realized) 24,199 12,685 17,698 32 54,614 13,961 — — 68,575 Changes in net realizable value of agricultural produce after harvest (unrealized) (481 ) — — — (481 ) — — — (481 ) Changes in net realizable value of agricultural produce after harvest (realized) 2,023 — — — 2,023 — — — 2,023 Farmlands and farmland improvements, net 474,922 142,864 611 52,874 671,271 63,594 — — 734,865 Machinery, equipment and other fixed assets, net 29,038 25,425 74,403 507 129,373 316,304 — — 445,677 Bearer plants, net 592 — — — 592 252,928 — — 253,520 Work in progress 11,457 15,669 15,394 1,214 43,734 15,424 — — 59,158 Right of use assest 4,378 567 371 — 5,316 231,832 — 905 238,053 Investment property — — — 34,295 34,295 — — — 34,295 Goodwill 9,896 3,890 — 817 14,603 5,417 — — 20,020 Biological assets 38,404 21,484 11,521 3,673 75,082 55,354 — — 130,436 Finished goods 17,830 5,805 4,779 — 28,414 36,864 — — 65,278 Raw materials, stocks held by third parties and others 17,187 4,876 5,156 90 27,309 20,203 — — 47,512 Total segment assets 603,704 220,580 112,235 93,470 1,029,989 997,920 — 905 2,028,814 Borrowings 28,045 45,602 100,262 — 173,909 240,001 — 554,370 968,280 Lease liabilities 4,857 490 378 — 5,725 209,700 — 959 216,384 Total segment liabilities 32,902 46,092 100,640 — 179,634 449,701 — 555,329 1,184,664 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 (loss) / 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 (loss) / 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 Segment reconciliation for the year ended December 31, 2018: 2018 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 (loss) / gain from Fair value adjustment of investment property — — — — — — — — — 2018 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 (loss) / gain from Fair value adjustment of investment property 10,680 2,729 13,409 — — — 10,680 2,729 13,409 |
Schedule of Geographical Areas | As of and for the year ended December 31, 2019 : Argentina Brazil Uruguay Total Property, plant and equipment 834,248 648,471 10,501 1,493,220 Investment property 34,295 — — 34,295 Goodwill 14,603 5,417 — 20,020 Non-current portion of biological assets 13,303 — — 13,303 Sales of goods and services rendered 229,547 462,174 199,833 891,554 Initial recognition and changes in fair value of biological assets and agricultural produce 55,760 13,167 1,368 70,295 Changes in net realizable value of agricultural produce after harvest 2,682 (8 ) (1,132 ) 1,542 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 Sales of goods and services rendered 214,888 545,859 172,431 933,178 Initial recognition and changes in fair value of biological assets and agricultural produce 36,341 26,326 553 63,220 Loss from changes in net realizable value of agricultural produce after harvest 5,705 1,346 1,801 8,852 |
Sales (Tables)
Sales (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Schedule of Sales | 2019 2018 2017 Manufactured products and services rendered: Ethanol 373,847 324,661 241,650 Sugar 97,710 128,377 305,688 Energy 60,913 57,797 62,218 Peanut 28,928 — — Sunflower 7,534 — — Cotton 623 — — Rice 97,515 92,560 83,849 Fluid milk (UHT) 38,441 — — Powder milk 20,722 8,646 2,713 Other diary products 8,856 — — Soybean oil and meal 1,062 14,059 6,119 Services 4,521 487 1,144 Rental income 564 643 771 Others 3,401 7,826 5,273 744,637 635,056 709,425 Agricultural produce and biological assets: Soybean 44,538 66,471 79,408 Corn 59,714 33,106 82,482 Wheat 18,733 30,091 14,835 Peanut — 1,752 3,648 Sunflower 701 1,314 3,163 Barley 1,085 1,203 1,888 Seeds 734 461 727 Milk 9,977 19,267 31,656 Cattle 3,452 1,279 467 Cattle for dairy 2,169 1,612 2,913 Others 1,398 1,627 2,566 142,501 158,183 223,753 Total sales 887,138 793,239 933,178 |
Cost of goods sold and servic_2
Cost of goods sold and services rendered (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Cost of goods sold and services rendered | As of December 31, 2019 : 2019 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finish goods at the beginning of 2019 (Note 20) 29,144 9,507 1,170 — 39,937 79,758 Cost of production of manufactured products (Note 6) 33,952 66,386 68,851 — 354,964 524,153 Purchases 21,715 3,095 (656 ) — 44,577 68,731 Agricultural produce 108,732 — 12,146 3,452 — 124,330 Transfer to raw material (35,757 ) — — — — (35,757 ) Direct agricultural selling expenses 15,752 — — — — 15,752 Tax recoveries (i) — — — — (32,995 ) (32,995 ) Changes in net realizable value of agricultural produce after harvest 1,825 — — — — 1,825 Finished goods at the end of December 31, 2019 (Note 20) (17,830 ) (5,805 ) (4,779 ) — (36,864 ) (65,278 ) Exchange differences (1,023 ) 768 (38 ) — (9,053 ) (9,346 ) Cost of goods sold and services rendered, and direct agricultural selling expenses 156,510 73,951 76,694 3,452 360,566 671,173 (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, 2018 : 2018 Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Finished goods at the beginning of 2018 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 20) (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 (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. |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Schedule of Expenses by Nature | The following table provides the additional disclosure required on the nature of expenses and their relationship to the function within the Group: Expenses by nature for the year ended December 31, 2019 : 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 1,880 4,738 4,412 — 39,768 50,798 27,492 6,211 84,501 Raw materials and consumables 314 6,527 10,151 — 15,683 32,675 — — 32,675 Depreciation and amortization 2,581 1,897 2,140 — 122,025 128,643 11,212 868 140,723 Depreciation of right of use assets — 116 344 — 6,794 7,254 2,007 5 9,266 Fuel, lubricants and others 228 83 1,381 — 25,430 27,122 593 225 27,940 Maintenance and repairs 290 1,120 985 — 19,694 22,089 1,755 534 24,378 Freights 146 2,405 1,959 — 784 5,294 — 23,130 28,424 Export taxes / selling taxes — — — — — — — 52,312 52,312 Export expenses — — — — — — — 5,552 5,552 Contractors and services 1,051 138 40 — 9,381 10,610 — — 10,610 Energy transmission — — — — — — 88 3,057 3,145 Energy power 725 1,298 1,659 — 1,181 4,863 145 145 5,153 Professional fees 20 65 127 — 175 387 8,065 1,047 9,499 Other taxes 1 74 81 — 1,241 1,397 1,089 28 2,514 Contingencies — — — — — — 459 — 459 Lease expense and similar arrangements 83 171 78 — — 332 831 125 1,288 Third parties raw materials 7,136 5,629 18,131 — 11,243 42,139 — — 42,139 Tax recoveries — — — — (396 ) (396 ) — — (396 ) Others 431 695 681 — 2,324 4,131 3,466 13,733 21,330 Subtotal 14,886 24,956 42,169 — 255,327 337,338 57,202 106,972 501,512 Own agricultural produce consumed 19,066 41,430 26,682 — 99,637 186,815 — — 186,815 Total 33,952 66,386 68,851 — 354,964 524,153 57,202 106,972 688,327 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) 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 — 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 |
Salaries and social security _2
Salaries and social security expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Schedule of Salaries and Social Security Expenses | 2019 2018 2017 Wages and salaries (i) 104,400 105,931 132,025 Social security costs 30,888 29,865 30,558 Equity-settled share-based compensation 4,734 4,728 5,552 140,022 140,524 168,135 (i) Includes US$ 32,714 , US$ 32,636 and US$ 41,172 , capitalized in Property, Plant and Equipment for the years 2019 , 2018 and 2017 , respectively. |
Other operating income, net (Ta
Other operating income, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Schedule of Other Operating Income (Expense) | 2019 2018 2017 Gain from disposal of farmland and other assets (Note 22) 1,354 36,227 — (Loss) / gain from commodity derivative financial instrument (618 ) 54,694 40,842 Loss from disposal of other property items (329 ) (95 ) (986 ) Net (loss) / gain from fair value adjustment of investment property (325 ) 13,409 4,302 Losses related to energy business — — (3,247 ) Others (904 ) (3 ) 2,852 (822 ) 104,232 43,763 |
Financial results, net (Tables)
Financial results, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Schedule of Finance Income (Cost) | 2019 2018 2017 Finance income: - Interest income 7,319 7,915 11,230 - Gain from interest rate/foreign exchange rate derivative financial instruments 1,189 — — - Other income 1,400 666 514 Finance income 9,908 8,581 11,744 Finance costs: - Interest expense (60,134 ) (51,577 ) (52,308 ) - Finance cost related to lease liabilities (9,524 ) — — - Cash flow hedge – transfer from equity (Note 2) (15,594 ) (26,693 ) (20,758 ) - Foreign exchange losses, net (108,458 ) (183,195 ) (38,708 ) - Taxes (4,364 ) (3,136 ) (3,705 ) - Loss from interest rate/foreign exchange rate derivative financial instruments — (3,024 ) (2,163 ) - Borrowings prepayment related expenses (Brazilian subsidiaries) — — (10,847 ) - Other expenses (4,492 ) (3,638 ) (2,860 ) Finance costs (202,566 ) (271,263 ) (131,349 ) Other financial results - Net gain of inflation effects on the monetary items 92,437 81,928 — Total financial results, net (100,221 ) (180,754 ) (119,605 ) |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Schedule of Major Components of Tax Expense (Income) | The details of the provision for the Group’s consolidated income tax are as follows: 2019 2018 2017 Current income tax 666 (2,846 ) (13,425 ) Deferred income tax (21,486 ) 3,870 18,417 Income tax (expense) / benefit (20,820 ) 1,024 4,992 |
Schedule of Applicable Tax Rate by Tax Jurisdiction | The statutory tax rate in the countries where the Group operates for all of the years presented are: Tax Jurisdiction Income Tax Rate Argentina (i) 30 % Brazil 34 % Uruguay 25 % Spain 25 % Luxembourg 24.94 % (i) During 2017 and 2019, the Argentine Government introduced changes in the income tax. The income tax rate will be reduced to 30% for the years 2018 to 2020, and to 25% from 2021 onwards. A new tax on dividends is created with a rate of 7% for the years 2018 to 2020, and 13% from 2021 onwards. Considering 2018 resulted in losses for Argentine subsidiaries, no deferred income tax liability was recognized for future withholding tax on dividends. |
Schedule of Temporary Difference, Unused Tax Losses and Unused Tax Credits | The gross movement on the deferred income tax account is as follows: 2019 2018 Beginning of year (151,980 ) 20,351 Tax effect on the opening net book amount for the application of IAS 29 — (64,208 ) Exchange differences 4,877 16,878 Effect of adoption of fair value valuation for farmlands 10,480 (139,223 ) Acquisition of subsidiary (3,515 ) — Disposal of subsidiary 3,730 — Others (705 ) (970 ) Tax credit relating to cash flow hedge (i) 6,755 11,322 Income tax benefit (expense) / benefit (21,486 ) 3,870 End of year (151,844 ) (151,980 ) (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, 2019 ( 2018 : US$ (565) ); net of the reclassification from Equity to the Income Statement of US$ (32,305) for the year ended December 31, 2019 ( 2018 : US$ (20,758) ) Deferred tax assets and liabilities of the Group as of December 31, 2019 and 2018 , without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows: 2019 2018 Deferred income tax asset to be recovered after more than 12 months 108,294 73,805 Deferred income tax asset to be recovered within 12 months 35,973 62,626 Deferred income tax assets 144,267 136,431 Deferred income tax liability to be settled after more than 12 months (292,871 ) (286,738 ) Deferred income tax liability to be settled within 12 months (3,240 ) (1,673 ) Deferred income tax liability (296,111 ) (288,411 ) Deferred income tax liability / assets, net (151,844 ) (151,980 ) 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, 2018 65,806 12,629 16,772 2,625 97,832 Charged / (credited) to the statement of income 31,237 2,730 (10,438 ) (1,088 ) 22,441 Tax effect on the opening net book amount for the application of IAS 29 63,357 — 164 — 63,521 Effect of adoption of fair value valuation for farmlands 139,223 — — — 139,223 Exchange differences (29,040 ) (3,405 ) (3,032 ) 871 (34,606 ) At December 31, 2018 270,583 11,954 3,466 2,408 288,411 Charged / (credited) to the statement of income 31,745 331 912 (1,939 ) 31,049 Acquisition of subsidiary 3,603 — — — 3,603 Farmlands revaluation (10,480 ) — — — (10,480 ) Disposals of subsidiaries (3,730 ) — — — (3,730 ) Exchange differences (10,862 ) (378 ) (199 ) (1,303 ) (12,742 ) At December 31, 2019 280,859 11,907 4,179 (834 ) 296,111 Deferred income tax assets Provisions Tax loss carry forwards Equity-settled share-based compensation Biological assets Others Total At January 1, 2018 2,483 96,117 5,681 — 13,902 118,183 Charged / (credited) to the statement of income 2,003 (10,798 ) (379 ) 4,572 30,913 26,311 Tax effect on the opening net book amount for the application of IAS 29 — — — — (687 ) (687 ) Others — — — — (970 ) (970 ) Tax charge relating to cash flow hedge — 11,322 — — — 11,322 Exchange differences (526 ) (16,421 ) — 22 (803 ) (17,728 ) At December 31, 2018 3,960 80,220 5,302 4,594 42,355 136,431 (Credited) / charged to the statement of income (604 ) 11,080 (1,568 ) (117 ) 772 9,563 Acquisition of subsidiaries 7 134 — — (53 ) 88 Others — — — — (705 ) (705 ) Tax charge relating to cash flow hedge — 6,755 — — — 6,755 Exchange differences (126 ) (3,707 ) (1,161 ) 31 (2,902 ) (7,865 ) At December 31, 2019 3,237 94,482 2,573 4,508 39,467 144,267 |
Schedule of Tax Loss Carryforwards | As of December 31, 2019 , the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows: Jurisdiction Tax loss carry forward Expiration period Argentina (1) 136,205 5 years Brazil 169,209 No expiration date. Uruguay 4,371 5 years Luxembourg 29,834 No expiration date. (1) As of December 31, 2019, the aging of the determination tax loss carry forward in Argentina is as follows: Year of generation Amount 2015 11,359 2016 3,138 2017 12,627 2018 30,383 2019 78,698 |
Schedule of Reconciliation of Accounting Profit by Applicable Tax Rate and Average Effective Tax Rate | The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2019 2018 2017 Tax calculated at the tax rates applicable to profits in the respective countries (7,250 ) 2,956 (3,013 ) Non-deductible items (1,511 ) (2,249 ) (1,406 ) Effect of the changes in the statutory income tax rate in Argentina 3,115 (1,013 ) 1,781 Unused tax losses (3,742 ) (4,181 ) (2,265 ) Tax losses where no deferred tax asset was recognized 1,910 (2,368 ) (29 ) Non-taxable income 11,545 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 (23,805 ) (5,825 ) — Others (1,082 ) 635 (108 ) Income tax (expense) / benefit (20,820 ) 1,024 4,992 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
Schedule of Earnings per Share | 2019 2018 2017 (Loss) / Profit from operations attributable to equity holders of the Group (772 ) (24,622 ) 13,198 Weighted average number of shares in issue (thousands) 117,252 116,637 120,599 Basic (loss) / earnings per share from operations (0.007 ) (0.211 ) 0.109 2019 2018 2017 (Loss) / Profit from operations attributable to equity holders of the Group (772 ) (24,622 ) 13,198 Weighted average number of shares in issue (thousands) 117,252 116,637 120,599 Adjustments for: - Employee share options and restricted units (thousands) 645 1,198 1,604 Weighted average number of shares for diluted earnings per share (thousands) 117,897 117,835 122,203 Diluted (loss) / earnings per share from operations (0.007 ) (0.211 ) 0.108 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Schedule of Detailed Information about Property, Plant and Equipment | Changes in the Group’s property, plant and equipment in 2019 and 2018 were as follows: Farmlands Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At January 1, 2018 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 At 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 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 Farmlands Farmland improvements Buildings and facilities Machinery, equipment, furniture and fittings Bearer plants Others Work in progress Total At December 31, 2018 Fair value for farmlands / Cost 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 Year ended December 31, 2019 Opening net book amount 780,184 16,324 188,622 205,148 232,956 6,301 50,904 1,480,439 Exchange differences (25,205 ) (536 ) (6,846 ) (8,770 ) (9,802 ) (207 ) (3,170 ) (54,536 ) Additions 1,738 62 38,570 62,320 102,813 2,160 54,488 262,151 Revaluation surplus (42,384 ) — — — — — — (42,384 ) Acquisition of subsidiaries 815 — 24,126 5,280 — 437 — 30,658 Reclassification from investment property 4,816 — — — — — — 4,816 Transfers — 12,643 13,614 16,772 — 35 (43,064 ) — Disposals — — (81 ) (3,308 ) — (129 ) — (3,518 ) Disposals of subsidiaries (10,379 ) — (571 ) (22 ) — — — (10,972 ) Reclassification to non-income tax credits (*) — — — (226 ) — — — (226 ) Depreciation — (3,213 ) (24,714 ) (70,921 ) (72,447 ) (1,913 ) — (173,208 ) Closing net book amount 709,585 25,280 232,720 206,273 253,520 6,684 59,158 1,493,220 At December 31, 2019 Fair value for farmlands / Cost 709,585 44,887 413,727 791,024 573,060 23,907 59,158 2,615,348 Accumulated depreciation — (19,607 ) (181,007 ) (584,751 ) (319,540 ) (17,223 ) — (1,122,128 ) Net book amount 709,585 25,280 232,720 206,273 253,520 6,684 59,158 1,493,220 (*) 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, 2019 and 2018 , 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 |
Right of use assets (Tables)
Right of use assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Rights of Use [Abstract] | |
Schedule of Changes in Right of Use Assets | Changes in the Group’s right of use assets in 2019 were as follows: Agricultural partnerships Others Total At January 1, 2019 Adoption of IFRS 16 194,763 10,174 204,937 Exchange differences 1,582 (14,364 ) (12,782 ) Additions and re-measurement 60,770 30,296 91,066 Depreciation (37,278 ) (7,890 ) (45,168 ) Closing net book amount 219,837 18,216 238,053 The total of the right-of-use assets are included under such type in the Statement of Financial Position: Right of use Lease liabilities Closing balance as of December 31, 2018 — — Initial recognition 204,937 (204,937 ) Reclassifications from Trade and other receivables, net — 26,794 Opening balance as of January 1, 2019 204,937 (178,143 ) |
Investment property (Tables)
Investment property (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investment property [abstract] | |
Schedule of Detailed Information about Investment Property | Changes in the Group’s investment property in 2019 and 2018 were as follows: 2019 2018 Beginning of the year 40,725 42,342 Net (loss) / gain from fair value adjustment (Note 8) (325 ) 13,409 Reclassification to property, plant and equipment (i) (4,816 ) (3,313 ) Exchange difference (1,289 ) (11,713 ) End of the year 34,295 40,725 Fair value 34,295 40,725 Net book amount 34,295 40,725 (i) Relates to new contracts with third parties. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Change in Intangible Assets | Changes in the Group’s intangible assets in 2019 and 2018 were as follows: Goodwill Software Trademarks Others Total At January 1, 2018 Cost 12,412 7,251 2,461 234 22,358 Accumulated amortization — (3,400 ) (1,556 ) (210 ) (5,166 ) Net book amount 12,412 3,851 905 24 17,192 Year ended December 31, 2018 Opening net book amount 12,412 3,851 905 24 17,192 Adjustment of opening net book amount for the application of IAS 29 15,554 836 — — 16,390 Exchange differences (6,616 ) (1,139 ) (19 ) (1 ) (7,775 ) Additions — 3,217 — 105 3,322 Amortization charge (i) — (1,168 ) — (52 ) (1,220 ) Closing net book amount 21,350 5,597 886 76 27,909 At December 31, 2018 Cost 21,350 10,165 2,442 338 34,295 Accumulated amortization — (4,568 ) (1,556 ) (262 ) (6,386 ) Net book amount 21,350 5,597 886 76 27,909 Year ended December 31, 2019 Opening net book amount 21,350 5,597 886 76 27,909 Exchange differences (695 ) (329 ) (1 ) (16 ) (1,041 ) Additions — 2,080 6,431 106 8,617 Acquisition of subsidiaries — 66 — — 66 Disposal (635 ) (6 ) — — (641 ) Amortization charge (i) — (1,147 ) — (84 ) (1,231 ) Closing net book amount 20,020 6,261 7,316 82 33,679 At December 31, 2019 Cost 20,020 11,976 8,872 428 41,296 Accumulated amortization — (5,715 ) (1,556 ) (346 ) (7,617 ) Net book amount 20,020 6,261 7,316 82 33,679 (i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the years ended December 31, 2019 and 2018 , 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, 2019 | |
Agriculture1 [Abstract] | |
Schedule of Reconciliation of Changes in Biological Assets | Cost of production as of December 31, 2019 : Crops Rice Dairy All other segments Sugar, Ethanol and Energy Total Salaries, social security expenses and employee benefits 2,600 5,192 3,776 582 10,657 22,807 Depreciation and amortization 3 — — — 5,465 5,468 Depreciation of right of use assets — — — — 31,190 31,190 Fertilizers, agrochemicals and seeds 40,767 9,924 — 33 40,355 91,079 Fuel, lubricants and others 886 678 889 77 3,031 5,561 Maintenance and repairs 996 2,648 1,582 253 2,254 7,733 Freights 1,446 318 89 151 — 2,004 Contractors and services 27,782 10,745 3 96 5,161 43,787 Feeding expenses 3 — 10,538 810 — 11,351 Veterinary expenses — — 2,020 209 — 2,229 Energy power 69 2,310 979 10 — 3,368 Professional fees 196 74 138 4 214 626 Other taxes 1,182 105 8 96 43 1,434 Lease expense and similar arrangements 14,767 53 3 8 1,417 16,248 Others 3,018 755 307 28 988 5,096 Subtotal 93,715 32,802 20,332 2,357 100,775 249,981 Own agricultural produce consumed — — 6,403 678 — 7,081 Total 93,715 32,802 26,735 3,035 100,775 257,062 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 Changes in the Group’s biological assets in 2019 and 2018 were as follows: 2019 Crops (ii) Rice (ii) Dairy All other segments Sugarcane (ii) Total Beginning of the year 27,347 17,173 10,298 3,094 47,475 105,387 Increase due to purchases — — — 1,080 — 1,080 Initial recognition and changes in fair value of biological assets (i) 29,741 12,215 13,510 13 13,110 68,589 Decrease due to harvest / disposals (108,732 ) (39,331 ) (38,828 ) (3,452 ) (103,551 ) (293,894 ) Costs incurred during the year 93,715 32,802 26,735 3,035 100,775 257,062 Exchange differences (3,667 ) (1,375 ) (194 ) (97 ) (2,455 ) (7,788 ) End of the year 38,404 21,484 11,521 3,673 55,354 130,436 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 (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, 2019 ( 2018 : US$ 12,036 ). In 2019 , an amount of US$ 2,414 ( 2018 : US$ 2,830 ) was attributable to price changes, and an amount of US$ 1,843 ( 2018 : US$ 9,206 ) was attributable to physical changes. (ii) Biological assets that are measured at fair value within level 3 of the hierarchy. |
Schedule of Detailed Information about Biological Assets | Biological assets in December 31, 2019 and 2018 were as follows: 2019 2018 Non-current Cattle for dairy production (i) 11,397 9,859 Breeding cattle (ii) 1,783 1,310 Other cattle (ii) 123 101 13,303 11,270 Current Breeding cattle (iii) 1,677 1,683 Other cattle (iii) 214 439 Sown land – crops (ii) 38,404 27,347 Sown land – rice (ii) 21,484 17,173 Sown land – sugarcane (ii) 55,354 47,475 117,133 94,117 Total biological assets 130,436 105,387 (i) Classified as bearer and mature biological assets. (ii) Classified as consumable and immature biological assets. (iii) Classified as consumable and mature biological assets. |
Schedule of Fair Value Measurement of Assets | The following table presents the Group´s biological assets that are measured at fair value at December 31, 2019 and 2018 (see Note 17 to see the description of each fair value level): 2019 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 11,397 — 11,397 — 9,859 — 9,859 Breeding cattle 3,460 — — 3,460 2,993 — — 2,993 Other cattle 1 336 — 337 — 540 — 540 Sown land – sugarcane — — 55,354 55,354 — — 47,475 47,475 Sown land – crops — — 38,404 38,404 — — 27,347 27,347 Sown land – rice — — 21,484 21,484 — — 17,173 17,173 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 2019 2018 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: 0.95 – 4.69 tn/ha for Wheat, 2.5 – 10 tn/ha for Corn, 1.19 - 3.8 tn/ha for Soybean and 1.6-3 for Sunflower - 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 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: 6.5 -7.5 tn/ha -Rice yield: 6.0 -7.4 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 (166 ) NDF Quoted price Foreign-exchange curve. Present value method 2 178 12 The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2019 and 2018 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2019 1,257 178 1,435 Derivative financial instruments 2018 6,286 — 6,286 Liabilities Derivative financial instruments 2019 (1,423 ) — (1,423 ) Derivative financial instruments 2018 (254 ) (29 ) (283 ) |
Investments in joint ventures (
Investments in joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of joint ventures [abstract] | |
Schedule of Interests in Joint Ventures | The table below lists the Group’s investment in joint ventures for the years ended December 31 2018 and 2017 : % of ownership interest held Name of the entity Country of incorporation and operation 2018 2017 CHS AGRO S.A. Argentina 50 % 50 % |
Schedule of Joint Ventures 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 Assets: Non-current assets 9,860 Current assets 6,710 16,570 Liabilities: Non-current liabilities 25,949 Current liabilities 18,622 44,571 Net liabilities of joint venture (28,001 ) 2018 2017 Income 9,305 14,879 Expenses (31,989 ) (22,657 ) Loss before income tax (22,684 ) (7,778 ) |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule 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. Financial assets at amortized cost Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2019 Assets as per statement of financial position Trade and other receivables 88,113 — 88,113 84,218 172,331 Derivative financial instruments — 1,435 1,435 — 1,435 Cash and cash equivalents 290,276 — 290,276 — 290,276 Total 378,389 1,435 379,824 84,218 464,042 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 — 98,420 98,420 12,066 110,486 Borrowings (excluding lease liabilities) (i) — 968,280 968,280 — 968,280 Leases Liabilities — 216,384 216,384 — 216,384 Derivative financial instruments (i) 1,423 — 1,423 — 1,423 Total 1,423 1,283,084 1,284,507 12,066 1,296,573 (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, 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). |
Schedule 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. Financial assets at amortized cost Assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total December 31, 2019 Assets as per statement of financial position Trade and other receivables 88,113 — 88,113 84,218 172,331 Derivative financial instruments — 1,435 1,435 — 1,435 Cash and cash equivalents 290,276 — 290,276 — 290,276 Total 378,389 1,435 379,824 84,218 464,042 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 — 98,420 98,420 12,066 110,486 Borrowings (excluding lease liabilities) (i) — 968,280 968,280 — 968,280 Leases Liabilities — 216,384 216,384 — 216,384 Derivative financial instruments (i) 1,423 — 1,423 — 1,423 Total 1,423 1,283,084 1,284,507 12,066 1,296,573 (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, 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). |
Schedule of Income, Expense, Gains and Losses on Financial Instruments | Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial asset at amortized cost Assets/ liabilities at fair value through profit or loss Other financial liabilities at amortized cost Total December 31, 2019 Interest income (i) 7,319 — — 7,319 Interest expense (i) (35,208 ) (27 ) (24,899 ) (60,134 ) Foreign exchange losses (i) (19,807 ) (16,227 ) (72,424 ) (108,458 ) (Loss) / gain from derivative financial instruments (ii) (870 ) 1,441 — 571 Finance cost related to lease liabilities — (9,524 ) — (9,524 ) Financial assets at amortized cost Assets/ liabilities at fair value through profit or loss 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 (i) Included in “Financial Results, net” in the consolidated statement of income. (ii) Included in “Other operating income, net” and “Financial Results, net” in the consolidated statement of income. |
Schedule of Fair Value Measurement of Assets | The following table presents the Group´s biological assets that are measured at fair value at December 31, 2019 and 2018 (see Note 17 to see the description of each fair value level): 2019 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cattle for dairy production — 11,397 — 11,397 — 9,859 — 9,859 Breeding cattle 3,460 — — 3,460 2,993 — — 2,993 Other cattle 1 336 — 337 — 540 — 540 Sown land – sugarcane — — 55,354 55,354 — — 47,475 47,475 Sown land – crops — — 38,404 38,404 — — 27,347 27,347 Sown land – rice — — 21,484 21,484 — — 17,173 17,173 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 2019 2018 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: 0.95 – 4.69 tn/ha for Wheat, 2.5 – 10 tn/ha for Corn, 1.19 - 3.8 tn/ha for Soybean and 1.6-3 for Sunflower - 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 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: 6.5 -7.5 tn/ha -Rice yield: 6.0 -7.4 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 (166 ) NDF Quoted price Foreign-exchange curve. Present value method 2 178 12 The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2019 and 2018 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2019 1,257 178 1,435 Derivative financial instruments 2018 6,286 — 6,286 Liabilities Derivative financial instruments 2019 (1,423 ) — (1,423 ) Derivative financial instruments 2018 (254 ) (29 ) (283 ) |
Schedule 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 (166 ) NDF Quoted price Foreign-exchange curve. Present value method 2 178 12 The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2019 and 2018 and their allocation to the fair value hierarchy: Level 1 Level 2 Total Assets Derivative financial instruments 2019 1,257 178 1,435 Derivative financial instruments 2018 6,286 — 6,286 Liabilities Derivative financial instruments 2019 (1,423 ) — (1,423 ) Derivative financial instruments 2018 (254 ) (29 ) (283 ) |
Trade and other receivables, _2
Trade and other receivables, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Current and Non-Current Trade and Other Receivables | 2019 2018 Non-current Advances to suppliers 723 2,343 Income tax credits 5,240 4,429 Non-income tax credits (i) 16,895 15,998 Judicial deposits 2,596 2,908 Receivable from disposal of subsidiary 17,047 10,944 Other receivables 2,492 2,198 Non-current portion 44,993 38,820 Current Trade receivables 55,271 60,167 Receivables from related parties (Note 33) — 8,337 Less: Allowance for trade receivables (3,773 ) (2,503 ) Trade receivables – net 51,498 66,001 Prepaid expenses 12,521 9,396 Advances to suppliers 14,417 43,365 Income tax credits 1,059 2,560 Non-income tax credits (i) 33,363 28,232 Receivable from disposal of subsidiary (Note 22) 5,716 3,709 Cash collateral 23 1,505 Receivables from related parties (Note 33) — 324 Other receivables 8,741 3,594 Subtotal 75,840 92,685 Current portion 127,338 158,686 Total trade and other receivables, net 172,331 197,506 (i) Includes US$ 226 (2018: US$ 575 ) reclassified from property, plant and equipment. |
Schedule of Carrying Amounts of Trade and Other Receivables by Currency | The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies (expressed in U.S. Dollars): 2019 2018 Currency U.S. Dollar 37,131 52,342 Argentine Peso 45,520 42,896 Uruguayan Peso 999 534 Brazilian Reais 88,681 101,734 172,331 197,506 |
Schedule of Reconciliation of Changes in Allowance for Trade Receivables | Movements on the Group’s allowance for trade receivables are as follows: 2019 2018 2017 At January 1 2,503 1,002 643 Charge of the year 3,656 2,468 758 Acquisition of subsidiary 46 — — Unused amounts reversed (1,314 ) (237 ) (133 ) Used during the year (48 ) (281 ) (193 ) Exchange differences (1,070 ) (449 ) (73 ) At December 31 3,773 2,503 1,002 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Inventories [Abstract] | |
Schedule of Current Inventories | 2019 2018 Raw materials 47,501 48,140 Finished goods (Note 5) (1) 65,278 79,758 Others 11 204 112,790 128,102 (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, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents | 2019 2018 Cash at bank and on hand 124,701 197,544 Short-term bank deposits 165,575 76,091 290,276 273,635 |
Disposals and Acquisitions (Tab
Disposals and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of Net Assets Acquired | Net assets acquired are as follows: Property, plant and equipment 21,800 Intangible assets, net 41 Inventories 1,866 Trade and other receivables, net 4,492 Deferred income tax liabilities (4,546 ) Trade and other payables (1,031 ) Current income tax liabilities (5 ) Payroll and Social liabilities (153 ) Borrowings (23,062 ) Cash and cash equivalents added as a result of the business combination 747 Total net assets added as a result of business combination 149 Fair value of previously held equity interest 74 Gain for bargain purchase 75 |
Shareholders' contributions (Ta
Shareholders' contributions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement of changes in equity [abstract] | |
Schedule of Share Capital | Number of shares Share capital and share premium At January 1, 2017 122,382 1,120,823 Employee share options exercised (Note 24) (1) — 50 Restricted shares and units vested (Note 24) — 4,149 Purchase of own shares — (32,515 ) At December 31,2017 122,382 1,092,507 Restricted shares and units vested (Note 24) — 4,775 Purchase of own shares — (13,206 ) At December 31,2018 122,382 1,084,076 Restricted shares units vested (Note 24) — 4,455 Purchase of own shares — (3,219 ) At December 31,2019 122,382 1,085,312 (1) Treasury shares were used to settle these options and units. |
Equity-settled share-based pa_2
Equity-settled share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Payment Arrangements [Abstract] | |
Schedule of Share Options | Movements in the number of equity-settled options outstanding and their related weighted average exercise prices under the Adecoagro/ IFH 2007/2008 Equity Incentive Plan are as follows: 2019 2018 2017 Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) Average exercise price per share Options (thousands) At January 1 13.37 737 13.31 851 13.07 1,658 Forfeited 13.40 — 13.27 (11 ) 13.40 (4 ) Expired 12.82 (609 ) 12.82 (103 ) 12.82 (803 ) At December 31 13.26 128 13.37 737 13.31 851 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: 2019 2018 2017 From Nov 13, 2017 to Aug 25, 2018 12.82 — — 105 January 30, 2019 13.40 — 595 595 June 1, 2019 12.82 — 3 3 November 1, 2019 13.40 — 11 11 From Jan 30, 2020 to Sep 1, 2020 13.40 97 97 106 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 2019 1,762 2018 2,371 2017 2,485 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: 2019 2018 2017 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 1,634 6.66 1,641 Exercised — — — — 5.83 (7 ) At December 31 6.66 1,634 6.66 1,634 6.66 1,634 Options outstanding at year end under this Plan have the following expiry date and exercise prices: Exercise price per share Shares (in thousands) Expiry date (i): 2019 2018 2017 May 1, 2024 5.83 496 496 496 May 1, 2025 5.83 452 452 452 January 1, 2026 5.83 142 142 142 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. |
Schedule of Indirect Measurement of Fair Value of Goods or Services Received | Key grant-date fair value and other assumptions under the Restricted Share Plan are detailed below: Grant Date Apr 1, 2017 May 15, 2017 Apr 1, 2018 May 15, 2018 Apr 1, 2019 May 15, 2019 Fair value 11.88 12.14 8.43 9.10 7.00 7.20 Possibility of ceasing employment before vesting — % — % — % — % — % — % |
Schedule of Other Equity Instruments | Movements in the number of restricted shares outstanding under the Restricted Share Plan are as follows: Restricted shares (thousand) Restricted stock units (thousands) Restricted stock units (thousands) Restricted stock units (thousands) 2019 2019 2018 2017 At January 1 — 976 969 1,000 Granted (1) 753 20 530 488 Forfeited (3 ) (12 ) (25 ) (29 ) Vested — (476 ) (498 ) (490 ) At December 31 750 508 976 969 (1) Approved by the Board of Directors of March 12, 2019 and the Shareholders Meeting of April 17, 2019. |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade and Other Payables | 2019 2018 Non-current Payable from acquisition of property, plant and equipment 3,394 — Other payables 205 211 3,599 211 Current Trade payables 90,594 94,483 Advances from customers 2,980 3,813 Taxes payable 9,086 6,457 Payables from acquisition of property, plant and equipment 3,596 — Other payables 631 1,473 106,887 106,226 Total trade and other payables 110,486 106,437 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Schedule of Detailed Information about Borrowings | Evolution of the Group's borrowings as December 31, 2019 and 2018 is as follow: 2019 2018 Amount at the beginning of the year 862,116 817,958 Proceeds from long term borrowings 108,271 45,536 Payments of long term borrowings (101,826 ) (124,349 ) Proceeds from short term borrowings 193,977 318,108 Payments of short term borrowings (127,855 ) (190,630 ) Payments of interest (1) (55,195 ) (47,401 ) Accrued interest 56,943 61,186 Acquisition of subsidiaries 12,823 — Exchange differences, inflation and translation, net 3,618 (19,506 ) Others 15,408 1,214 Amount at the end of the year 968,280 862,116 (1) Excludes payment of interest related to trade and other payables. 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 2019 2018 (In millions) Millions of Reais Millions of equivalent Dollars Millions of equivalent Dollars Banco Do Brasil (1) October 2012 R$ 130.0 R$ 54.2 13.4 18.8 November 2022 2.94% minus 15% of performance bonus Itau BBA FINAME Loan (2) December 2012 R$ 45.9 R$ 6.5 1.6 3.1 December 2022 2.50% Banco do Brasil / Itaú BBA Finem Loan (3) September 2013 R$ 273.0 R$ 66.3 16.5 38.0 January 2023 6.83% BNDES Finem Loan (4) November 2013 R$ 215.0 R$ 83.7 20.8 28.6 January 2023 3.75% ING Bank N.V. (5) October 2018 US$ 75.0 — 75.0 75.0 October 2023 6.33% Certificados Recebíveis do Agronegócio (CRA) December 2019 R$ 400.0 — 99.2 — November 2027 3,8% + IPCA (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. 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 2019 2018 (In millions) (In millions) (In millions) IFC Tranche A (1) 2016 USD 25 18.18 22.70 September 2023 4.3% per annum IFC Tranche B (1) 2016 USD 25 14.29 21.40 September 2021 4% plus LIBOR Rabobank (2) 2018 USD 50 50.00 50.00 June 2024 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. and Bañado del Salado S.A. 2019 2018 Non-current Senior Notes 496,564 496,118 Bank borrowings 283,638 221,971 Obligations under finance leases — 395 780,202 718,484 Current Senior Notes 8,250 8,250 Bank overdrafts 27 2,320 Bank borrowings 179,801 132,862 Obligations under finance leases — 200 188,078 143,632 Total borrowings 968,280 862,116 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: 2019 2018 Fixed rate: Less than 1 year 120,154 105,708 Between 1 and 2 years 46,247 16,287 Between 2 and 3 years 55,453 25,704 Between 3 and 4 years 40,725 43,507 Between 4 and 5 years 10,331 26,415 More than 5 years 595,550 505,456 868,460 723,077 Variable rate: Less than 1 year 67,924 37,724 Between 1 and 2 years 20,007 17,278 Between 2 and 3 years 7,197 29,861 Between 3 and 4 years 4,692 22,886 Between 4 and 5 years — 18,251 More than 5 years — 12,444 99,820 138,444 968,280 861,521 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of leases [Abstract] | |
Schedule of Lease Liabilities | Since January 1,2019 the Group mandatorily adopted IFRS 16 (Note 29 and 35.1). 2019 2018 Lease liabilities Non-current 174,570 — Current 41,814 — 216,384 — |
Schedule of Maturity Lease Liabilities | The maturity of the Group´s lease liabilities is as follows: 2019 Less than 1 year 41,813 Between 1 and 2 years 46,657 Between 2 and 3 years 28,197 Between 3 and 4 years 21,160 Between 4 and 5 years 18,427 More than 5 years 60,130 216,384 |
Payroll and social securities_2
Payroll and social securities payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Payroll and Social Security Liabilities | 2019 2018 Non-current Social security payable 1,209 1,219 1,209 1,219 Current Salaries payable 3,290 3,785 Social security payable 3,025 3,112 Provision for vacations 8,808 9,770 Provision for bonuses 10,085 9,311 25,208 25,978 Total payroll and social security liabilities 26,417 27,197 |
Provisions for other liabilit_2
Provisions for other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other provisions [abstract] | |
Schedule of Changes in Provisions for Other Liabilities | The table below shows the movements in the Group's provisions for other liabilities categorized by type of provision: Labor, legal and other claims Others Total At January 1, 2018 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 Additions 527 41 568 Used during year (774 ) — (774 ) Exchange differences (247 ) — (247 ) At December 31, 2019 3,126 46 3,172 Analysis of total provisions: 2019 2018 Non current 2,936 3,296 Current 236 329 3,172 3,625 |
Disclosure of leases and simi_2
Disclosure of leases and similar arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases1 [Abstract] | |
Schedule of Finance Lease and Operating Lease by Lessee | The future aggregate minimum lease payments under cancellable operating leases are as follows: 2019 2018 No later than 1 year — 9,082 Later than 1 year and no later than 5 years — 426 — 9,508 |
Schedule 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”: 2019 2018 2017 Rental income 564 643 771 The future minimum rental payments receivable under cancellable leases are as follows: 2019 2018 No later than 1 year — 32 Later than 1 year and no later than 5 years — 306 — 338 |
Group companies (Tables)
Group companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of subsidiaries [abstract] | |
Schedule of Interests in Subsidiaries | The following table details the subsidiaries that comprised the Group as of December 31, 2019 and 2018 : 2019 2018 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. (d) Argentina — — Maní del Plata S.A. (a) Argentina — — Girasoles del Plata S.A. (a) Argentina — — Adeco Agropecuaria Brasil S.A. (b) Brazil — — Adecoagro Vale do Ivinhema S.A. ("AVI") (b) Brazil — — Usina Monte Alegre Ltda. ("UMA") (b) Brazil — — Monte Alegre Energia Ltda. (b) Brazil — — Adecoagro Energia Ltda. (b) Brazil — — Kelizer S.A. (a) Uruguay — — Adecoagro Uruguay S.A. (a) Uruguay — — Holdings companies: Adeco Brasil Participações S.A. — Brazil — — Adecoagro LP S.C.S. — 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; Global Acamante S.L.U.; Global Carelio S.L.U.; Global Calidon S.L.U.; Global Mirabilis S.L.U. Global Anceo S.L.U.Global Hisingen S.L.U. (d) Mainly dairy |
Related-party transactions (Tab
Related-party transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
Schedule of Balances and Transactions with Related Parties | The following is a summary of the balances and transactions with related parties: Related party Relationship Description of transaction Income (loss) included in the statement of income Balance receivable (payable)/(equity) 2019 2018 2017 2019 2018 Directors and senior management Employment Compensation selected employees (5,232 ) (7,122 ) (7,040 ) (15,499 ) (16,353 ) Girasoles del Plata S.A (ii) Joint venture Receivable from related parties (Note 19) (i) — — — — 8,337 Payables (Note 26) — — — — (194 ) Sales of goods — 456 2,487 — — Services — 210 88 — — Interest income — 242 308 — — (i) It includes US$ 8 million of a loan that accruing a 3% interest rate per year with the final maturity in 2022. (ii) Since February 2019, Girasoles del Plata S.A. (formerly CHS Agro S.A.) is fully part of the Group. |
Critical accounting estimates_2
Critical accounting estimates and judgments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Changes in Accounting Policies, Accounting Estimates and Errors [Abstract] | |
Schedule of Goodwill Allocated | The following table shows only the 12 CGUs (2018: 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, 2019 September 30, 2018 La Carolina / Crops / Argentina 162 112 La Carolina / Cattle / Argentina 26 38 El Orden / Crops / Argentina 175 170 El Orden / Cattle / Argentina 6 14 La Guarida / Crops / Argentina 1,158 1,149 La Guarida / Cattle / Argentina 597 937 Los Guayacanes / Crops / Argentina 2,145 1,449 Doña Marina / Rice / Argentina 3,734 3,385 Huelen / Crops / Argentina 3,716 3,369 El Colorado / Crops / Argentina 1,857 1,484 El Colorado / Cattle / Argentina 18 216 Closing net book value of goodwill allocated to CGUs tested (Note 15) 13,594 12,323 Closing net book value of PPE items allocated to CGUs tested 162,844 179,545 Total assets allocated to CGUs tested 176,438 191,868 |
Schedule of Key Assumptions in Valuation Calculations | The following table shows only the 2 CGUs where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one: CGU/ Operating segment September 30, 2019 September 30, 2018 AVI / Sugar, Ethanol and Energy 3,813 3,966 UMA / Sugar, Ethanol and Energy 1,430 2,107 Closing net book value of goodwill allocated to CGUs tested (Note 15) 5,243 6,073 Closing net book value of PPE items allocated to CGUs tested 614,702 618,818 Total assets allocated to 2 CGUs tested 619,945 624,891 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, 2019 September 30, 2018 Financial projections Covers 4 years for UMA (*) Covers 4 years for UMA Covers 7 years for AVI (**) Covers 7 years for AVI Yield average growth rates 0-1% 0-1% Future pricing increases 0,11% per annum 0,11% per annum Future cost decrease 0,78% per annum 3,11% per annum Discount rates 7% 8% Perpetuity growth rate 1% 2% (*) UMA stands for Usina Monte Alegre LTDA. (**) AVI stands for Adecoagro VAle Do Ivinhema S.A. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Corporate Information and Statement of IFRS Compliance [Abstract] | |
Schedule of Right-of-Use Assets and Lease Liabilities | Changes in the Group’s right of use assets in 2019 were as follows: Agricultural partnerships Others Total At January 1, 2019 Adoption of IFRS 16 194,763 10,174 204,937 Exchange differences 1,582 (14,364 ) (12,782 ) Additions and re-measurement 60,770 30,296 91,066 Depreciation (37,278 ) (7,890 ) (45,168 ) Closing net book amount 219,837 18,216 238,053 The total of the right-of-use assets are included under such type in the Statement of Financial Position: Right of use Lease liabilities Closing balance as of December 31, 2018 — — Initial recognition 204,937 (204,937 ) Reclassifications from Trade and other receivables, net — 26,794 Opening balance as of January 1, 2019 204,937 (178,143 ) |
Schedule of Initial Measurement of Lease Liability | Initial measurement of lease liability: 2019 Operating lease commitments disclosed as of December 31, 2018 9,508 Finance leases 595 (Less): short-term leases not recognised as a liability (9,308 ) Add: adjustments as a result of a different treatment 199,929 Add: adjustments relating to changes in the index or rate affecting variable payments 4,213 Initial recognition of lease liability 204,937 |
Financial risk management - Net
Financial risk management - Net Monetary Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ (904,683) | $ (587,462) |
Argentine Peso | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (20,293) | (21,757) |
Brazilian Reais | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (196,081) | 35,884 |
US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (686,223) | (600,680) |
Uruguay, Pesos | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (2,086) | (909) |
Argentine Peso | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (337,029) | (282,129) |
Argentine Peso | Argentine Peso | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (19,733) | (21,757) |
Argentine Peso | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (317,296) | (260,372) |
Brazilian Reais | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (634,685) | (444,617) |
Brazilian Reais | Brazilian Reais | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (196,081) | 35,884 |
Brazilian Reais | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (438,604) | (480,501) |
Uruguay, Pesos | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 19,500 | 23,603 |
Uruguay, Pesos | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 21,586 | 24,512 |
Uruguay, Pesos | Uruguay, Pesos | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (2,086) | (909) |
US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 47,531 | 115,681 |
US Dollar | Argentine Peso | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (560) | |
US Dollar | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 48,091 | $ 115,681 |
Financial risk management - Nar
Financial risk management - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)customerbank | Dec. 31, 2018USD ($)customerbank | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2016BRL (R$) | |
Disclosure of major customers [line items] | |||||
Proportion of sales designated for hedging activities (as a percent) | 30.20% | 19.50% | |||
Gain (loss) on hedge ineffectiveness recognised in other comprehensive income | $ 54,312 | $ 75,822 | |||
Reclassification adjustments on cash flow hedges for which hedged item affected profit or loss, net of tax | 15,594 | 26,693 | |||
Cash and cash equivalents | $ 290,276 | $ 273,635 | $ 269,195 | $ 158,568 | |
Number of major banks | bank | 8 | 5 | |||
Gearing ratio | 48.00% | 44.00% | |||
Notional amount | $ 37,965 | $ 55,828 | |||
Forward contract | |||||
Disclosure of major customers [line items] | |||||
Notional amount | $ 71,700 | $ 63,300 | $ 111,800 | ||
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 percent) | 1.00% | ||||
Interest rate risk | Bradesco | |||||
Disclosure of major customers [line items] | |||||
Notional amount | R$ | R$ 90000000 | ||||
Interest rate risk | Floating interest rate | |||||
Disclosure of major customers [line items] | |||||
Interest rate on borrowings (as a percent) | 2.10% | ||||
Interest rate risk | Fixed interest rate | |||||
Disclosure of major customers [line items] | |||||
Interest rate on borrowings (as a percent) | 6.55% | ||||
Credit risk | |||||
Disclosure of major customers [line items] | |||||
Number of major banks | bank | 6 | ||||
Proportion of total cash deposited in major banks (as a percent) | 85.00% | 78.00% | |||
Credit risk | Crops | |||||
Disclosure of major customers [line items] | |||||
Proportion of sales (as a percent) | 96.00% | 87.00% | |||
Number of well-known customers | customer | 42 | 49 | |||
Credit risk | Ethanol | |||||
Disclosure of major customers [line items] | |||||
Proportion of sales (as a percent) | 100.00% | ||||
Number of well-known customers | customer | 52 | 54 | |||
Credit risk | Sugar | |||||
Disclosure of major customers [line items] | |||||
Proportion of sales (as a percent) | 86.00% | 99.00% | |||
Number of well-known customers | customer | 66 | 19 | |||
Credit risk | Crystal Sugar | |||||
Disclosure of major customers [line items] | |||||
Proportion of sales (as a percent) | 14.00% | 1.00% | |||
Credit risk | Energy | |||||
Disclosure of major customers [line items] | |||||
Proportion of sales (as a percent) | 94.00% | 97.00% | |||
Number of well-known customers | customer | 55 | ||||
Credit risk | Dairy | |||||
Disclosure of major customers [line items] | |||||
Proportion of sales (as a percent) | 70.00% | 92.00% | |||
Number of well-known customers | customer | 36 | 21 | |||
Currency risk | |||||
Disclosure of major customers [line items] | |||||
Sensitivity analysis for types of market risk (as a percent) | 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 | $ 3,000 | ||||
US Dollar | Currency risk | Forward contract | |||||
Disclosure of major customers [line items] | |||||
Notional amount | $ 4,900 | ||||
Gain (loss) on hedge ineffectiveness recognised in profit or loss | 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 | Currency risk | Forward contract | |||||
Disclosure of major customers [line items] | |||||
Notional amount | 5,100 | ||||
Gain (loss) on hedge ineffectiveness recognised in profit or loss | $ 1,100 | $ 2,000 |
Financial risk management - Cur
Financial risk management - Currency Appreciation/Depreciation Effects on Net Monetary Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ (904,683) | $ (587,462) |
US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (686,223) | (600,680) |
Argentine Peso | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (337,029) | (282,129) |
Argentine Peso | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (317,296) | (260,372) |
Brazilian Reais | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (634,685) | (444,617) |
Brazilian Reais | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (438,604) | (480,501) |
Uruguay, Pesos | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 19,500 | 23,603 |
Uruguay, Pesos | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 21,586 | 24,512 |
Currency risk | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (73,431) | (71,636) |
Currency risk | Argentine Peso | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (31,730) | (26,037) |
Currency risk | Brazilian Reais | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (43,860) | (48,050) |
Currency risk | Uruguay, Pesos | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 2,159 | $ 2,451 |
Financial risk management - Mat
Financial risk management - Maturity Analysis Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | $ 98,420 | $ 96,167 |
Borrowings | 1,188,962 | 1,188,542 |
Leases Liabilities | 309,082 | |
Derivative financial instruments | 1,423 | 283 |
Total | 1,597,887 | 1,284,992 |
Less than 1 year | ||
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | 94,821 | 95,956 |
Borrowings | 122,403 | 190,671 |
Leases Liabilities | 46,370 | |
Derivative financial instruments | 1,423 | 258 |
Total | 265,017 | 286,885 |
Between 1 and 2 years | ||
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | 3,399 | 6 |
Borrowings | 154,682 | 74,478 |
Leases Liabilities | 52,372 | |
Derivative financial instruments | 0 | 25 |
Total | 210,453 | 74,509 |
Between 2 and 5 years | ||
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | 30 | 18 |
Borrowings | 230,058 | 286,557 |
Leases Liabilities | 89,259 | |
Derivative financial instruments | 0 | 0 |
Total | 319,347 | 286,575 |
Over 5 Years | ||
Disclosure of Maturity Analysis for Non-Derivative and Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | 170 | 187 |
Borrowings | 681,819 | 636,836 |
Leases Liabilities | 121,081 | |
Derivative financial instruments | 0 | 0 |
Total | $ 803,070 | $ 637,023 |
Financial risk management - Ana
Financial risk management - Analysis of Borrowings after Interest Rate Swaps (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | $ (904,683) | $ (587,462) | ||
Finance leases | $ 595 | 595 | ||
Total debt | 968,280 | 862,116 | $ 817,958 | |
Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 861,521 | |||
Finance leases | 595 | |||
Total debt | 968,280 | 862,116 | ||
Fixed interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 868,460 | 723,077 | ||
Floating interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 99,820 | 138,444 | ||
Argentine Peso | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | (20,293) | (21,757) | ||
Argentine Peso | Fixed interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 549 | 2,320 | ||
Brazilian Reais | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | (196,081) | 35,884 | ||
Brazilian Reais | Fixed interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 142,142 | 62,939 | ||
Brazilian Reais | Floating interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 13,604 | 19,329 | ||
US Dollar | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | (686,223) | (600,680) | ||
US Dollar | Fixed interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 725,769 | 657,818 | ||
US Dollar | Floating interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 86,216 | 119,115 | ||
Argentine Peso | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | (337,029) | (282,129) | ||
Argentine Peso | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 162,991 | |||
Finance leases | 595 | |||
Total debt | 208,352 | 163,586 | ||
Argentine Peso | Fixed interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 129,013 | 51,538 | ||
Argentine Peso | Floating interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 79,339 | 111,453 | ||
Argentine Peso | Argentine Peso | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | (19,733) | (21,757) | ||
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 | 549 | 2,320 | ||
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 | (317,296) | (260,372) | ||
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 | 128,464 | 49,218 | ||
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 | 79,339 | 111,453 | ||
Brazilian Reais | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | (634,685) | (444,617) | ||
Brazilian Reais | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 177,652 | |||
Finance leases | 0 | |||
Total debt | 240,001 | 177,652 | ||
Brazilian Reais | Fixed interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 219,520 | 150,661 | ||
Brazilian Reais | Floating interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 20,481 | 26,991 | ||
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 | (196,081) | 35,884 | ||
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 | 142,142 | 62,939 | ||
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 | 13,604 | 19,329 | ||
Brazilian Reais | US Dollar | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | (438,604) | (480,501) | ||
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 | 77,378 | 87,722 | ||
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 | 6,877 | 7,662 | ||
Uruguay, Pesos | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 19,500 | 23,603 | ||
Uruguay, Pesos | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 16,510 | |||
Finance leases | 0 | |||
Total debt | 15,113 | 16,510 | ||
Uruguay, Pesos | Fixed interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 15,113 | 16,510 | ||
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 | 21,586 | 24,512 | ||
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 | 15,113 | 16,510 | ||
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 | 47,531 | 115,681 | ||
US Dollar | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 504,368 | |||
Finance leases | 0 | |||
Total debt | 504,814 | 504,368 | ||
US Dollar | Fixed interest rate | Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | 504,814 | 504,368 | ||
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 | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk exposure associated with instruments sharing characteristic | (560) | |||
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 | 48,091 | 115,681 | ||
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 | 504,814 | 504,368 | ||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | $ 21,162 | $ (24,257) | $ 9,983 |
Floating interest rate | Interest rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | (998) | (1,385) | |
Floating interest rate | Interest rate risk | Argentine Peso | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | (793) | (1,115) | |
Floating interest rate | Interest rate risk | Brazilian Reais | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | (205) | (270) | |
Floating interest rate | Interest rate risk | Uruguay, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | 0 | 0 | |
Floating interest rate | Interest rate risk | US Dollar | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | 0 | 0 | |
Brazilian Reais | Floating interest rate | Interest rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | (136) | (193) | |
Brazilian Reais | Floating interest rate | Interest rate risk | Argentine Peso | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | 0 | 0 | |
Brazilian Reais | Floating interest rate | Interest rate risk | Brazilian Reais | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | (136) | (193) | |
Brazilian Reais | Floating interest rate | Interest rate risk | Uruguay, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | 0 | 0 | |
Brazilian Reais | Floating interest rate | Interest rate risk | US Dollar | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | 0 | 0 | |
US Dollar | Floating interest rate | Interest rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | (862) | (1,192) | |
US Dollar | Floating interest rate | Interest rate risk | Argentine Peso | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | (793) | (1,115) | |
US Dollar | Floating interest rate | Interest rate risk | Brazilian Reais | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | (69) | (77) | |
US Dollar | Floating interest rate | Interest rate risk | Uruguay, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | 0 | 0 | |
US Dollar | Floating interest rate | Interest rate risk | US Dollar | |||
Disclosure of detailed information about financial instruments [line items] | |||
Profit / (Loss) before income tax | $ 0 | $ 0 |
Financial risk management - Cap
Financial risk management - Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about financial instruments [abstract] | |||||
Total debt | $ 968,280 | $ 862,116 | $ 817,958 | ||
Total equity | 1,028,883 | 1,108,145 | [1] | $ 683,019 | $ 712,304 |
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | $ 1,997,163 | $ 1,970,261 | |||
Gearing ratio | 48.00% | 44.00% | |||
[1] | Net of 139,223 of Income tax. |
Financial risk management - Der
Financial risk management - Derivative Contracts (Details) ton in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ton | Dec. 31, 2018USD ($)ton | |
Disclosure of detailed information about financial instruments [line items] | ||
Tons of biological asset | ton | 101,839 | 216,195 |
Notional amount | $ 37,965 | $ 55,828 |
Fair Value Asset/ (Liability) | (166) | 6,032 |
Loss/(Gain) | $ 50 | $ 12,885 |
Corn | Futures | ||
Disclosure of detailed information about financial instruments [line items] | ||
Tons of biological asset | ton | 221 | (97) |
Notional amount | $ 923 | $ (14,791) |
Fair Value Asset/ (Liability) | 445 | (209) |
Loss/(Gain) | $ (446) | $ (209) |
Soybean | Futures | ||
Disclosure of detailed information about financial instruments [line items] | ||
Tons of biological asset | ton | 107 | 25 |
Notional amount | $ 7,118 | $ 8,089 |
Fair Value Asset/ (Liability) | 759 | 527 |
Loss/(Gain) | $ (687) | $ 177 |
Wheat | Futures | ||
Disclosure of detailed information about financial instruments [line items] | ||
Tons of biological asset | ton | 13 | (14) |
Notional amount | $ 515 | $ (2,483) |
Fair Value Asset/ (Liability) | (28) | (11) |
Loss/(Gain) | $ 28 | $ (85) |
Sugar | Futures | ||
Disclosure of detailed information about financial instruments [line items] | ||
Tons of biological asset | ton | 101,498 | 208,837 |
Notional amount | $ 29,409 | $ 64,753 |
Fair Value Asset/ (Liability) | (1,342) | 5,483 |
Loss/(Gain) | $ 1,155 | $ 12,765 |
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) |
Segment information - Reconcil
Segment information - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | $ 887,138 | $ 793,239 | $ 933,178 |
Cost of goods sold and services rendered | (671,173) | (609,965) | (766,727) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 68,589 | 16,195 | 63,220 |
Changes in net realizable value of agricultural produce after harvest | 1,825 | (909) | 8,852 |
Margin on manufacturing and agricultural activities before operating expenses | 286,379 | 198,560 | 238,523 |
General and administrative expenses | (57,202) | (56,080) | (57,299) |
Selling expenses | (106,972) | (90,215) | (95,399) |
Other operating income, net | (822) | 104,232 | 43,763 |
Profit from operations | 121,383 | 156,497 | 129,588 |
Depreciation and amortization | (174,439) | (154,254) | (151,007) |
Net (loss) / gain from Fair value adjustment of investment property | (325) | 13,409 | 4,302 |
IAS 29 and IAS 21 adjustment | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | (4,416) | (17,370) | |
Cost of goods sold and services rendered | 4,014 | (13,278) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | (1,706) | (14,830) | |
Changes in net realizable value of agricultural produce after harvest | 283 | (3,613) | |
Margin on manufacturing and agricultural activities before operating expenses | (1,825) | (22,535) | |
General and administrative expenses | 595 | (346) | |
Selling expenses | 656 | (1,939) | |
Other operating income, net | 315 | 4,505 | |
Profit from operations | (259) | (15,745) | |
Depreciation and amortization | 139 | 1,085 | |
Net (loss) / gain from Fair value adjustment of investment property | 602 | 2,729 | |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 891,554 | 810,609 | 933,178 |
Cost of goods sold and services rendered | (675,187) | (623,243) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | 70,295 | 31,025 | 63,220 |
Changes in net realizable value of agricultural produce after harvest | 1,542 | 2,704 | 8,852 |
Margin on manufacturing and agricultural activities before operating expenses | 288,204 | 221,095 | |
General and administrative expenses | (57,797) | (56,426) | |
Selling expenses | (107,628) | (92,154) | |
Other operating income, net | (1,137) | 99,727 | |
Profit from operations | 121,642 | 172,242 | |
Depreciation and amortization | (174,578) | (153,169) | |
Net (loss) / gain from Fair value adjustment of investment property | (927) | 10,680 | |
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 | (19,626) | (21,581) | |
Selling expenses | (178) | (43) | |
Other operating income, net | (167) | (40) | |
Profit from operations | (19,659) | (19,971) | (21,664) |
Depreciation and amortization | 0 | 0 | |
Net (loss) / 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 | 0 | |
Rice | Operating segments | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 0 | 0 | |
Cost of goods sold and services rendered | 0 | 0 | |
Initial recognition and changes in fair value of biological assets and agricultural produce | 0 | 0 | |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |
Margin on manufacturing and agricultural activities before operating expenses | 0 | 0 | |
General and administrative expenses | (19,319) | (19,626) | |
Selling expenses | (165) | (178) | |
Other operating income, net | (175) | (167) | |
Profit from operations | (19,659) | (19,971) | |
Depreciation and amortization | (20) | 0 | |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |
Rice | 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 | |
General and administrative expenses | (18,891) | (18,193) | |
Selling expenses | (142) | (145) | |
Other operating income, net | (154) | (131) | |
Profit from operations | (19,187) | (18,469) | |
Depreciation and amortization | (17) | 0 | |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |
Rice | Corporate | IAS 29 and IAS 21 adjustment | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 0 | 0 | |
Cost of goods sold and services rendered | 0 | 0 | |
Initial recognition and changes in fair value of biological assets and agricultural produce | 0 | 0 | |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |
General and administrative expenses | 428 | (1,433) | |
Selling expenses | 23 | (33) | |
Other operating income, net | 21 | 36 | |
Profit from operations | 472 | 1,502 | |
Depreciation and amortization | 3 | 0 | |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |
Farming | Operating segments | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 359,771 | 299,671 | 322,559 |
Cost of goods sold and services rendered | (314,621) | (274,627) | (305,221) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 57,185 | 51,878 | 39,430 |
Changes in net realizable value of agricultural produce after harvest | 1,542 | 2,704 | 8,852 |
Margin on manufacturing and agricultural activities before operating expenses | 103,877 | 79,626 | 65,620 |
General and administrative expenses | (16,553) | (11,498) | (8,912) |
Selling expenses | (40,347) | (22,534) | (21,692) |
Other operating income, net | (2,442) | 15,310 | 13,384 |
Profit from operations | 44,535 | 60,904 | 48,400 |
Depreciation and amortization | (16,901) | (9,967) | (6,558) |
Net (loss) / gain from Fair value adjustment of investment property | (927) | 10,680 | 4,302 |
Farming | Crops | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 166,446 | 155,418 | |
Cost of goods sold and services rendered | (156,510) | (156,936) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | 29,741 | 28,667 | |
Changes in net realizable value of agricultural produce after harvest | 1,825 | (909) | |
Margin on manufacturing and agricultural activities before operating expenses | 41,502 | 26,240 | |
General and administrative expenses | (5,533) | (4,202) | |
Selling expenses | (12,724) | (5,447) | |
Other operating income, net | (1,358) | 7,163 | |
Profit from operations | 21,887 | 23,754 | |
Depreciation and amortization | (4,799) | (2,026) | |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |
Farming | Crops | IAS 29 and IAS 21 adjustment | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | (2,492) | (9,120) | |
Cost of goods sold and services rendered | (2,687) | (9,052) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | (549) | (7,755) | |
Changes in net realizable value of agricultural produce after harvest | 283 | (3,613) | |
Margin on manufacturing and agricultural activities before operating expenses | (71) | (11,436) | |
General and administrative expenses | 87 | (37) | |
Selling expenses | (128) | (474) | |
Other operating income, net | (225) | 1,741 | |
Profit from operations | (255) | (9,184) | |
Depreciation and amortization | 137 | 329 | |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |
Farming | Crops | Operating segments | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 168,938 | 164,538 | 197,222 |
Cost of goods sold and services rendered | (159,197) | (165,988) | (196,302) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 30,290 | 36,422 | 17,158 |
Changes in net realizable value of agricultural produce after harvest | 1,542 | 2,704 | 8,852 |
Margin on manufacturing and agricultural activities before operating expenses | 41,573 | 37,676 | 26,930 |
General and administrative expenses | (5,446) | (4,239) | (2,981) |
Selling expenses | (12,852) | (5,921) | (7,501) |
Other operating income, net | (1,133) | 5,422 | 7,719 |
Profit from operations | 22,142 | 32,938 | 24,167 |
Depreciation and amortization | (4,662) | (1,697) | (1,511) |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | 0 |
Farming | Rice | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 101,156 | 95,403 | |
Cost of goods sold and services rendered | (73,951) | (74,973) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | 12,215 | 4,125 | |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |
Margin on manufacturing and agricultural activities before operating expenses | 39,420 | 24,555 | |
General and administrative expenses | (6,605) | (5,939) | |
Selling expenses | (20,574) | (14,090) | |
Other operating income, net | 267 | 217 | |
Profit from operations | 12,508 | 4,743 | |
Depreciation and amortization | (6,823) | (6) | |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |
Farming | Rice | IAS 29 and IAS 21 adjustment | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | (1,006) | (4,610) | |
Cost of goods sold and services rendered | (529) | (766) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | (979) | (4,842) | |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |
Margin on manufacturing and agricultural activities before operating expenses | (1,456) | (8,686) | |
General and administrative expenses | (147) | 869 | |
Selling expenses | (498) | (1,375) | |
Other operating income, net | (15) | (58) | |
Profit from operations | (826) | (8,238) | |
Depreciation and amortization | (171) | (5,840) | |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |
Farming | Rice | Operating segments | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 102,162 | 100,013 | 86,478 |
Cost of goods sold and services rendered | (74,480) | (75,739) | (71,087) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 13,194 | 8,967 | 10,236 |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | 0 |
Margin on manufacturing and agricultural activities before operating expenses | 40,876 | 33,241 | 25,627 |
General and administrative expenses | (6,752) | (5,070) | (4,699) |
Selling expenses | (21,072) | (15,465) | (13,324) |
Other operating income, net | 282 | 275 | 724 |
Profit from operations | 13,334 | 12,981 | 8,328 |
Depreciation and amortization | (6,994) | (5,846) | (3,851) |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | 0 |
Farming | Dairy | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 83,822 | 29,710 | |
Cost of goods sold and services rendered | (76,694) | (28,127) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | 13,510 | 5,455 | |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |
Margin on manufacturing and agricultural activities before operating expenses | 20,638 | 7,038 | |
General and administrative expenses | (4,098) | (2,280) | |
Selling expenses | (6,234) | (942) | |
Other operating income, net | (703) | (997) | |
Profit from operations | 9,603 | 2,819 | |
Depreciation and amortization | (4,966) | (2,533) | |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |
Farming | Dairy | IAS 29 and IAS 21 adjustment | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | (945) | (3,491) | |
Cost of goods sold and services rendered | (838) | (3,361) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | (231) | (1,840) | |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |
Margin on manufacturing and agricultural activities before operating expenses | (338) | (1,970) | |
General and administrative expenses | (90) | 246 | |
Selling expenses | (18) | (41) | |
Other operating income, net | (68) | 58 | |
Profit from operations | (298) | (2,117) | |
Depreciation and amortization | (98) | 280 | |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |
Farming | Dairy | Operating segments | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 84,767 | 33,201 | 37,523 |
Cost of goods sold and services rendered | (77,532) | (31,488) | (36,979) |
Initial recognition and changes in fair value of biological assets and agricultural produce | 13,741 | 7,295 | 11,769 |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | 0 |
Margin on manufacturing and agricultural activities before operating expenses | 20,976 | 9,008 | 12,313 |
General and administrative expenses | (4,188) | (2,034) | (1,058) |
Selling expenses | (6,252) | (983) | (711) |
Other operating income, net | (635) | (1,055) | 662 |
Profit from operations | 9,901 | 4,936 | 11,206 |
Depreciation and amortization | (5,064) | (2,253) | (1,037) |
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | 0 |
Farming | All other segments | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 3,931 | 1,770 | |
Cost of goods sold and services rendered | (3,452) | (1,313) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | 13 | (1,199) | |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |
Margin on manufacturing and agricultural activities before operating expenses | 492 | (742) | |
General and administrative expenses | (150) | (164) | |
Selling expenses | (182) | (149) | |
Other operating income, net | (354) | 13,396 | |
Profit from operations | (194) | 12,341 | |
Depreciation and amortization | (177) | (177) | |
Net (loss) / gain from Fair value adjustment of investment property | (325) | 13,409 | |
Farming | All other segments | IAS 29 and IAS 21 adjustment | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 27 | (149) | |
Cost of goods sold and services rendered | (40) | (99) | |
Initial recognition and changes in fair value of biological assets and agricultural produce | 53 | (393) | |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |
Margin on manufacturing and agricultural activities before operating expenses | 40 | (443) | |
General and administrative expenses | 17 | 9 | |
Selling expenses | (11) | (16) | |
Other operating income, net | 602 | 2,728 | |
Profit from operations | 648 | 2,292 | |
Depreciation and amortization | 4 | 6 | |
Net (loss) / gain from Fair value adjustment of investment property | 602 | 2,729 | |
Farming | All other segments | Operating segments | |||
Disclosure of operating segments [line items] | |||
Sales of goods and services rendered | 3,904 | 1,919 | 1,336 |
Cost of goods sold and services rendered | (3,412) | (1,412) | (853) |
Initial recognition and changes in fair value of biological assets and agricultural produce | (40) | (806) | 267 |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | 0 |
Margin on manufacturing and agricultural activities before operating expenses | 452 | (299) | 750 |
General and administrative expenses | (167) | (155) | (174) |
Selling expenses | (171) | (165) | (156) |
Other operating income, net | (956) | 10,668 | 4,279 |
Profit from operations | (842) | 10,049 | 4,699 |
Depreciation and amortization | (181) | (171) | (159) |
Net (loss) / gain from Fair value adjustment of investment property | $ (927) | $ 10,680 | $ 4,302 |
Segment information - Segment
Segment information - Segment Analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | $ 887,138 | $ 793,239 | $ 933,178 | ||
Cost of goods sold and services rendered | (671,173) | (609,965) | (766,727) | ||
Initial recognition and changes in fair value of biological assets and agricultural produce | 68,589 | 16,195 | 63,220 | ||
Changes in net realizable value of agricultural produce after harvest | 1,825 | (909) | 8,852 | ||
Margin on manufacturing and agricultural activities before operating expenses | 286,379 | 198,560 | 238,523 | ||
General and administrative expense | 57,202 | 56,080 | 57,299 | ||
Selling expenses | (106,972) | (90,215) | (95,399) | ||
Other operating income, net | (822) | 104,232 | 43,763 | ||
Profit from operations | 121,383 | 156,497 | 129,588 | ||
Depreciation and amortization | (174,439) | (154,254) | (151,007) | ||
Net (loss) / gain from Fair value adjustment of investment property | (325) | 13,409 | 4,302 | ||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 14,645 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 48,575 | ||||
Changes in net realizable value of agricultural produce after harvest (unrealized) | 2,371 | ||||
Changes in net realizable value of agricultural produce after harvest (realized) | 6,481 | ||||
Right of use assets | 238,053 | 0 | $ 204,937 | ||
Investment property | 34,295 | 40,725 | 42,342 | ||
Biological assets | 130,436 | 105,387 | 167,994 | ||
Finished goods | 65,278 | 79,758 | 61,888 | $ 68,191 | |
Total debt | 968,280 | 862,116 | 817,958 | ||
Leases Liabilities | 216,384 | 0 | $ 178,143 | ||
Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 891,554 | 810,609 | 933,178 | ||
Cost of goods sold and services rendered | (675,187) | (623,243) | |||
Initial recognition and changes in fair value of biological assets and agricultural produce | 70,295 | 31,025 | 63,220 | ||
Changes in net realizable value of agricultural produce after harvest | 1,542 | 2,704 | 8,852 | ||
Margin on manufacturing and agricultural activities before operating expenses | 288,204 | 221,095 | |||
General and administrative expense | 57,797 | 56,426 | |||
Selling expenses | (107,628) | (92,154) | |||
Other operating income, net | (1,137) | 99,727 | |||
Profit from operations | 121,642 | 172,242 | |||
Depreciation and amortization | (174,578) | (153,169) | |||
Net (loss) / gain from Fair value adjustment of investment property | (927) | 10,680 | |||
Reserve of the revaluation surplus derived from the disposals of assets | 8,022 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 1,720 | (30,281) | |||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 68,575 | 61,306 | |||
Changes in net realizable value of agricultural produce after harvest (unrealized) | (481) | (647) | |||
Changes in net realizable value of agricultural produce after harvest (realized) | 2,023 | 3,351 | |||
Farmlands and farmland improvements, net | 734,865 | 796,508 | |||
Machinery, equipment and other fixed assets, net | 445,677 | 400,071 | |||
Bearer plants, net | 253,520 | 232,956 | |||
Work in progress | 59,158 | 50,904 | |||
Right of use assets | 238,053 | ||||
Investment property | 34,295 | 40,725 | |||
Goodwill | 20,020 | 21,350 | |||
Biological assets | 130,436 | 105,387 | |||
Finished goods | 65,278 | 79,758 | |||
Raw materials, stocks held by third parties and others | 47,512 | 48,344 | |||
Total segment assets | 2,028,814 | 1,776,003 | |||
Total debt | 968,280 | 862,116 | |||
Leases Liabilities | 216,384 | ||||
Total segment liabilities | 1,184,664 | 862,116 | |||
Operating segments | Rice | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 0 | 0 | |||
Cost of goods sold and services rendered | 0 | 0 | |||
Initial recognition and changes in fair value of biological assets and agricultural produce | 0 | 0 | |||
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |||
Margin on manufacturing and agricultural activities before operating expenses | 0 | 0 | |||
General and administrative expense | 19,319 | 19,626 | |||
Selling expenses | (165) | (178) | |||
Other operating income, net | (175) | (167) | |||
Profit from operations | (19,659) | (19,971) | |||
Depreciation and amortization | (20) | 0 | |||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 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 | 19,626 | 21,581 | |||
Selling expenses | (178) | (43) | |||
Other operating income, net | (167) | (40) | |||
Profit from operations | (19,659) | (19,971) | (21,664) | ||
Depreciation and amortization | 0 | 0 | |||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |||
Reserve of the revaluation surplus derived from the disposals of assets | 0 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 0 | 0 | 0 | ||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 0 | 0 | 0 | ||
Changes in net realizable value of agricultural produce after harvest (unrealized) | 0 | 0 | 0 | ||
Changes in net realizable value of agricultural produce after harvest (realized) | 0 | 0 | 0 | ||
Farmlands and farmland improvements, net | 0 | 0 | |||
Machinery, equipment and other fixed assets, net | 0 | 0 | |||
Bearer plants, net | 0 | 0 | |||
Work in progress | 0 | 0 | |||
Right of use assets | 905 | ||||
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 | 905 | 0 | |||
Total debt | 554,370 | 85,212 | |||
Leases Liabilities | 959 | ||||
Total segment liabilities | 555,329 | 85,212 | |||
Corporate | Rice | |||||
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 | |||
General and administrative expense | 18,891 | 18,193 | |||
Selling expenses | (142) | (145) | |||
Other operating income, net | (154) | (131) | |||
Profit from operations | (19,187) | (18,469) | |||
Depreciation and amortization | (17) | 0 | |||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |||
Farming | Crops | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 166,446 | 155,418 | |||
Cost of goods sold and services rendered | (156,510) | (156,936) | |||
Initial recognition and changes in fair value of biological assets and agricultural produce | 29,741 | 28,667 | |||
Changes in net realizable value of agricultural produce after harvest | 1,825 | (909) | |||
Margin on manufacturing and agricultural activities before operating expenses | 41,502 | 26,240 | |||
General and administrative expense | 5,533 | 4,202 | |||
Selling expenses | (12,724) | (5,447) | |||
Other operating income, net | (1,358) | 7,163 | |||
Profit from operations | 21,887 | 23,754 | |||
Depreciation and amortization | (4,799) | (2,026) | |||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |||
Biological assets | 38,404 | 27,347 | 31,745 | ||
Farming | Rice | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 101,156 | 95,403 | |||
Cost of goods sold and services rendered | (73,951) | (74,973) | |||
Initial recognition and changes in fair value of biological assets and agricultural produce | 12,215 | 4,125 | |||
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |||
Margin on manufacturing and agricultural activities before operating expenses | 39,420 | 24,555 | |||
General and administrative expense | 6,605 | 5,939 | |||
Selling expenses | (20,574) | (14,090) | |||
Other operating income, net | 267 | 217 | |||
Profit from operations | 12,508 | 4,743 | |||
Depreciation and amortization | (6,823) | (6) | |||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |||
Biological assets | 21,484 | 17,173 | 29,717 | ||
Farming | Dairy | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 83,822 | 29,710 | |||
Cost of goods sold and services rendered | (76,694) | (28,127) | |||
Initial recognition and changes in fair value of biological assets and agricultural produce | 13,510 | 5,455 | |||
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |||
Margin on manufacturing and agricultural activities before operating expenses | 20,638 | 7,038 | |||
General and administrative expense | 4,098 | 2,280 | |||
Selling expenses | (6,234) | (942) | |||
Other operating income, net | (703) | (997) | |||
Profit from operations | 9,603 | 2,819 | |||
Depreciation and amortization | (4,966) | (2,533) | |||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | |||
Biological assets | 11,521 | 10,298 | 9,338 | ||
Farming | All other segments | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 3,931 | 1,770 | |||
Cost of goods sold and services rendered | (3,452) | (1,313) | |||
Initial recognition and changes in fair value of biological assets and agricultural produce | 13 | (1,199) | |||
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | |||
Margin on manufacturing and agricultural activities before operating expenses | 492 | (742) | |||
General and administrative expense | 150 | 164 | |||
Selling expenses | (182) | (149) | |||
Other operating income, net | (354) | 13,396 | |||
Profit from operations | (194) | 12,341 | |||
Depreciation and amortization | (177) | (177) | |||
Net (loss) / gain from Fair value adjustment of investment property | (325) | 13,409 | |||
Biological assets | 3,673 | 3,094 | 4,016 | ||
Farming | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 359,771 | 299,671 | 322,559 | ||
Cost of goods sold and services rendered | (314,621) | (274,627) | (305,221) | ||
Initial recognition and changes in fair value of biological assets and agricultural produce | 57,185 | 51,878 | 39,430 | ||
Changes in net realizable value of agricultural produce after harvest | 1,542 | 2,704 | 8,852 | ||
Margin on manufacturing and agricultural activities before operating expenses | 103,877 | 79,626 | 65,620 | ||
General and administrative expense | 16,553 | 11,498 | 8,912 | ||
Selling expenses | (40,347) | (22,534) | (21,692) | ||
Other operating income, net | (2,442) | 15,310 | 13,384 | ||
Profit from operations | 44,535 | 60,904 | 48,400 | ||
Depreciation and amortization | (16,901) | (9,967) | (6,558) | ||
Net (loss) / gain from Fair value adjustment of investment property | (927) | 10,680 | 4,302 | ||
Reserve of the revaluation surplus derived from the disposals of assets | 0 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 2,571 | 7,527 | 11,720 | ||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 54,614 | 44,351 | 27,710 | ||
Changes in net realizable value of agricultural produce after harvest (unrealized) | (481) | (647) | 2,371 | ||
Changes in net realizable value of agricultural produce after harvest (realized) | 2,023 | 3,351 | 6,481 | ||
Farmlands and farmland improvements, net | 671,271 | 744,941 | |||
Machinery, equipment and other fixed assets, net | 129,373 | 61,464 | |||
Bearer plants, net | 592 | 427 | |||
Work in progress | 43,734 | 28,239 | |||
Right of use assets | 5,316 | ||||
Investment property | 34,295 | 40,725 | |||
Goodwill | 14,603 | 15,715 | |||
Biological assets | 75,082 | 57,912 | |||
Finished goods | 28,414 | 39,821 | |||
Raw materials, stocks held by third parties and others | 27,309 | 25,566 | |||
Total segment assets | 1,029,989 | 1,014,810 | |||
Total debt | 173,909 | 176,094 | |||
Leases Liabilities | 5,725 | ||||
Total segment liabilities | 179,634 | 176,094 | |||
Farming | Operating segments | Crops | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 168,938 | 164,538 | 197,222 | ||
Cost of goods sold and services rendered | (159,197) | (165,988) | (196,302) | ||
Initial recognition and changes in fair value of biological assets and agricultural produce | 30,290 | 36,422 | 17,158 | ||
Changes in net realizable value of agricultural produce after harvest | 1,542 | 2,704 | 8,852 | ||
Margin on manufacturing and agricultural activities before operating expenses | 41,573 | 37,676 | 26,930 | ||
General and administrative expense | 5,446 | 4,239 | 2,981 | ||
Selling expenses | (12,852) | (5,921) | (7,501) | ||
Other operating income, net | (1,133) | 5,422 | 7,719 | ||
Profit from operations | 22,142 | 32,938 | 24,167 | ||
Depreciation and amortization | (4,662) | (1,697) | (1,511) | ||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | 0 | ||
Reserve of the revaluation surplus derived from the disposals of assets | 0 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 6,091 | 8,205 | 4,366 | ||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 24,199 | 28,217 | 12,792 | ||
Changes in net realizable value of agricultural produce after harvest (unrealized) | (481) | (647) | 2,371 | ||
Changes in net realizable value of agricultural produce after harvest (realized) | 2,023 | 3,351 | 6,481 | ||
Farmlands and farmland improvements, net | 474,922 | 547,842 | |||
Machinery, equipment and other fixed assets, net | 29,038 | 5,049 | |||
Bearer plants, net | 592 | 427 | |||
Work in progress | 11,457 | 8,690 | |||
Right of use assets | 4,378 | ||||
Investment property | 0 | 0 | |||
Goodwill | 9,896 | 9,463 | |||
Biological assets | 38,404 | 27,347 | |||
Finished goods | 17,830 | 29,144 | |||
Raw materials, stocks held by third parties and others | 17,187 | 15,834 | |||
Total segment assets | 603,704 | 643,796 | |||
Total debt | 28,045 | 111,692 | |||
Leases Liabilities | 4,857 | ||||
Total segment liabilities | 32,902 | 111,692 | |||
Farming | Operating segments | Rice | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 102,162 | 100,013 | 86,478 | ||
Cost of goods sold and services rendered | (74,480) | (75,739) | (71,087) | ||
Initial recognition and changes in fair value of biological assets and agricultural produce | 13,194 | 8,967 | 10,236 | ||
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | 0 | ||
Margin on manufacturing and agricultural activities before operating expenses | 40,876 | 33,241 | 25,627 | ||
General and administrative expense | 6,752 | 5,070 | 4,699 | ||
Selling expenses | (21,072) | (15,465) | (13,324) | ||
Other operating income, net | 282 | 275 | 724 | ||
Profit from operations | 13,334 | 12,981 | 8,328 | ||
Depreciation and amortization | (6,994) | (5,846) | (3,851) | ||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | 0 | ||
Reserve of the revaluation surplus derived from the disposals of assets | 0 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 509 | (181) | 5,346 | ||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 12,685 | 9,148 | 4,890 | ||
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 | 142,864 | 173,481 | |||
Machinery, equipment and other fixed assets, net | 25,425 | 23,135 | |||
Bearer plants, net | 0 | 0 | |||
Work in progress | 15,669 | 5,214 | |||
Right of use assets | 567 | ||||
Investment property | 0 | 0 | |||
Goodwill | 3,890 | 4,142 | |||
Biological assets | 21,484 | 17,173 | |||
Finished goods | 5,805 | 9,507 | |||
Raw materials, stocks held by third parties and others | 4,876 | 7,394 | |||
Total segment assets | 220,580 | 240,046 | |||
Total debt | 45,602 | 58,999 | |||
Leases Liabilities | 490 | ||||
Total segment liabilities | 46,092 | 58,999 | |||
Farming | Operating segments | Dairy | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 84,767 | 33,201 | 37,523 | ||
Cost of goods sold and services rendered | (77,532) | (31,488) | (36,979) | ||
Initial recognition and changes in fair value of biological assets and agricultural produce | 13,741 | 7,295 | 11,769 | ||
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | 0 | ||
Margin on manufacturing and agricultural activities before operating expenses | 20,976 | 9,008 | 12,313 | ||
General and administrative expense | 4,188 | 2,034 | 1,058 | ||
Selling expenses | (6,252) | (983) | (711) | ||
Other operating income, net | (635) | (1,055) | 662 | ||
Profit from operations | 9,901 | 4,936 | 11,206 | ||
Depreciation and amortization | (5,064) | (2,253) | (1,037) | ||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | 0 | ||
Reserve of the revaluation surplus derived from the disposals of assets | 0 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | (3,957) | (599) | 1,849 | ||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 17,698 | 7,894 | 9,920 | ||
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 | 611 | 727 | |||
Machinery, equipment and other fixed assets, net | 74,403 | 32,821 | |||
Bearer plants, net | 0 | 0 | |||
Work in progress | 15,394 | 14,317 | |||
Right of use assets | 371 | ||||
Investment property | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Biological assets | 11,521 | 10,298 | |||
Finished goods | 4,779 | 1,170 | |||
Raw materials, stocks held by third parties and others | 5,156 | 2,217 | |||
Total segment assets | 112,235 | 61,550 | |||
Total debt | 100,262 | 543 | |||
Leases Liabilities | 378 | ||||
Total segment liabilities | 100,640 | 543 | |||
Farming | Operating segments | All other segments | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 3,904 | 1,919 | 1,336 | ||
Cost of goods sold and services rendered | (3,412) | (1,412) | (853) | ||
Initial recognition and changes in fair value of biological assets and agricultural produce | (40) | (806) | 267 | ||
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | 0 | ||
Margin on manufacturing and agricultural activities before operating expenses | 452 | (299) | 750 | ||
General and administrative expense | 167 | 155 | 174 | ||
Selling expenses | (171) | (165) | (156) | ||
Other operating income, net | (956) | 10,668 | 4,279 | ||
Profit from operations | (842) | 10,049 | 4,699 | ||
Depreciation and amortization | (181) | (171) | (159) | ||
Net (loss) / gain from Fair value adjustment of investment property | (927) | 10,680 | 4,302 | ||
Reserve of the revaluation surplus derived from the disposals of assets | 0 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | (72) | 102 | 159 | ||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 32 | (908) | 108 | ||
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 | 52,874 | 22,891 | |||
Machinery, equipment and other fixed assets, net | 507 | 459 | |||
Bearer plants, net | 0 | 0 | |||
Work in progress | 1,214 | 18 | |||
Right of use assets | 0 | ||||
Investment property | 34,295 | 40,725 | |||
Goodwill | 817 | 2,110 | |||
Biological assets | 3,673 | 3,094 | |||
Finished goods | 0 | 0 | |||
Raw materials, stocks held by third parties and others | 90 | 121 | |||
Total segment assets | 93,470 | 69,418 | |||
Total debt | 0 | 4,860 | |||
Leases Liabilities | 0 | ||||
Total segment liabilities | 0 | 4,860 | |||
Sugar, Ethanol and Energy | |||||
Disclosure of operating segments [line items] | |||||
Cost of goods sold and services rendered | (360,566) | (348,616) | (461,506) | ||
Biological assets | 55,354 | 47,475 | 93,178 | ||
Finished goods | 36,864 | 39,937 | 32,266 | $ 49,601 | |
Sugar, Ethanol and Energy | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Sales of goods and services rendered | 531,783 | 510,938 | 610,619 | ||
Cost of goods sold and services rendered | (360,566) | (348,616) | (461,506) | ||
Initial recognition and changes in fair value of biological assets and agricultural produce | 13,110 | (20,853) | 23,790 | ||
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | 0 | ||
Margin on manufacturing and agricultural activities before operating expenses | 184,327 | 141,469 | 172,903 | ||
General and administrative expense | 21,925 | 25,302 | 26,806 | ||
Selling expenses | (67,116) | (69,442) | (73,664) | ||
Other operating income, net | 126 | 48,357 | 30,419 | ||
Profit from operations | 95,412 | 95,082 | 102,852 | ||
Depreciation and amortization | (157,657) | (143,202) | (144,449) | ||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | 0 | ||
Reserve of the revaluation surplus derived from the disposals of assets | 0 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | (851) | (37,808) | 2,925 | ||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 13,961 | 16,955 | 20,865 | ||
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 | 63,594 | 51,567 | |||
Machinery, equipment and other fixed assets, net | 316,304 | 338,607 | |||
Bearer plants, net | 252,928 | 232,529 | |||
Work in progress | 15,424 | 22,665 | |||
Right of use assets | 231,832 | ||||
Investment property | 0 | 0 | |||
Goodwill | 5,417 | 5,635 | |||
Biological assets | 55,354 | 47,475 | |||
Finished goods | 36,864 | 39,937 | |||
Raw materials, stocks held by third parties and others | 20,203 | 22,778 | |||
Total segment assets | 997,920 | 761,193 | |||
Total debt | 240,001 | 600,810 | |||
Leases Liabilities | 209,700 | ||||
Total segment liabilities | 449,701 | 600,810 | |||
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 | 1,354 | 36,227 | 0 | ||
Profit from operations | 1,354 | 36,227 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | ||
Net (loss) / gain from Fair value adjustment of investment property | 0 | 0 | 0 | ||
Reserve of the revaluation surplus derived from the disposals of assets | 8,022 | ||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 0 | 0 | 0 | ||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 0 | 0 | 0 | ||
Changes in net realizable value of agricultural produce after harvest (unrealized) | 0 | 0 | 0 | ||
Changes in net realizable value of agricultural produce after harvest (realized) | 0 | 0 | $ 0 | ||
Farmlands and farmland improvements, net | 0 | 0 | |||
Machinery, equipment and other fixed assets, net | 0 | 0 | |||
Bearer plants, net | 0 | 0 | |||
Work in progress | 0 | 0 | |||
Right of use assets | 0 | ||||
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 | |||
Leases Liabilities | 0 | ||||
Total segment liabilities | $ 0 | $ 0 |
Segment information - Assets a
Segment information - Assets and Liabilities Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Deferred income tax assets | $ 13,664 | $ 16,191 | ||
Trade and other receivables | 172,331 | 197,506 | ||
Cash and cash equivalents | 290,276 | 273,635 | $ 269,195 | $ 158,568 |
TOTAL ASSETS | 2,521,307 | 2,277,372 | ||
LIABILITIES | ||||
Trade and other payables | 110,486 | 106,437 | ||
Deferred income tax liabilities | 165,508 | 168,171 | ||
Payroll and social liabilities | 26,417 | 27,197 | ||
Provisions for other liabilities | 3,172 | 3,625 | $ 4,843 | |
Current income tax liabilities | 9,086 | 6,457 | ||
TOTAL LIABILITIES | 1,492,424 | 1,169,227 | ||
Elimination of intersegment amounts | ||||
ASSETS | ||||
Total reportable assets as per segment information | 2,028,814 | 1,776,003 | ||
Intangible assets (excluding goodwill) | 13,659 | 6,559 | ||
Deferred income tax assets | 13,664 | 16,191 | ||
Trade and other receivables | 172,331 | 197,506 | ||
Other assets | 1,128 | 1,192 | ||
Derivative financial instruments | 1,435 | 6,286 | ||
Cash and cash equivalents | 290,276 | 273,635 | ||
LIABILITIES | ||||
Total reportable liabilities as per segment information | 1,184,664 | 862,116 | ||
Trade and other payables | 110,486 | 106,437 | ||
Deferred income tax liabilities | 165,508 | 168,171 | ||
Payroll and social liabilities | 26,417 | 27,197 | ||
Provisions for other liabilities | 3,172 | 3,625 | ||
Current income tax liabilities | 754 | 1,398 | ||
Derivative financial instruments | $ 1,423 | $ 283 |
Segment information - Non-Curr
Segment information - Non-Current Assets, Net Revenue and Fair Value Gains (Losses) by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Property, plant and equipment | $ 1,493,220 | $ 1,480,439 | $ 831,377 |
Investment property | 34,295 | 40,725 | 42,342 |
Biological assets | 13,303 | 11,270 | |
Sales of goods and services rendered | 887,138 | 793,239 | 933,178 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 68,589 | 16,195 | 63,220 |
Changes in net realizable value of agricultural produce after harvest | 1,825 | (909) | 8,852 |
Operating segments | |||
Disclosure of geographical areas [line items] | |||
Property, plant and equipment | 1,493,220 | 1,480,439 | |
Investment property | 34,295 | 40,725 | |
Goodwill | 20,020 | 21,350 | |
Biological assets | 13,303 | 11,270 | |
Sales of goods and services rendered | 891,554 | 810,609 | 933,178 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 70,295 | 31,025 | 63,220 |
Changes in net realizable value of agricultural produce after harvest | 1,542 | 2,704 | 8,852 |
Operating segments | Argentina | |||
Disclosure of geographical areas [line items] | |||
Property, plant and equipment | 834,248 | 811,890 | |
Investment property | 34,295 | 40,725 | |
Goodwill | 14,603 | 15,081 | |
Biological assets | 13,303 | 11,270 | |
Sales of goods and services rendered | 229,547 | 207,480 | 214,888 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 55,760 | 45,985 | 36,341 |
Changes in net realizable value of agricultural produce after harvest | 2,682 | 1,148 | 5,705 |
Operating segments | Brazil | |||
Disclosure of geographical areas [line items] | |||
Property, plant and equipment | 648,471 | 656,586 | |
Investment property | 0 | 0 | |
Goodwill | 5,417 | 6,269 | |
Biological assets | 0 | 0 | |
Sales of goods and services rendered | 462,174 | 496,966 | 545,859 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 13,167 | (13,541) | 26,326 |
Changes in net realizable value of agricultural produce after harvest | (8) | 1,436 | 1,346 |
Operating segments | Uruguay | |||
Disclosure of geographical areas [line items] | |||
Property, plant and equipment | 10,501 | 11,963 | |
Investment property | 0 | 0 | |
Goodwill | 0 | 0 | |
Biological assets | 0 | 0 | |
Sales of goods and services rendered | 199,833 | 106,163 | 172,431 |
Initial recognition and changes in fair value of biological assets and agricultural produce | 1,368 | (1,419) | 553 |
Changes in net realizable value of agricultural produce after harvest | $ (1,132) | $ 120 | $ 1,801 |
Sales - Total Sales (Details)
Sales - Total Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of products and services [line items] | |||
Total sales | $ 887,138 | $ 793,239 | $ 933,178 |
Soybean | |||
Disclosure of products and services [line items] | |||
Total sales | 44,538 | 66,471 | 79,408 |
Corn | |||
Disclosure of products and services [line items] | |||
Total sales | 59,714 | 33,106 | 82,482 |
Wheat | |||
Disclosure of products and services [line items] | |||
Total sales | 18,733 | 30,091 | 14,835 |
Peanut | |||
Disclosure of products and services [line items] | |||
Total sales | 0 | 1,752 | 3,648 |
Sunflower | |||
Disclosure of products and services [line items] | |||
Total sales | 701 | 1,314 | 3,163 |
Barley | |||
Disclosure of products and services [line items] | |||
Total sales | 1,085 | 1,203 | 1,888 |
Seeds | |||
Disclosure of products and services [line items] | |||
Total sales | 734 | 461 | 727 |
Milk | |||
Disclosure of products and services [line items] | |||
Total sales | 9,977 | 19,267 | 31,656 |
Cattle | |||
Disclosure of products and services [line items] | |||
Total sales | 3,452 | 1,279 | 467 |
Cattle for dairy | |||
Disclosure of products and services [line items] | |||
Total sales | 2,169 | 1,612 | 2,913 |
Others | |||
Disclosure of products and services [line items] | |||
Total sales | 1,398 | 1,627 | 2,566 |
Agricultural produce and biological assets | |||
Disclosure of products and services [line items] | |||
Total sales | 142,501 | 158,183 | 223,753 |
Ethanol | |||
Disclosure of products and services [line items] | |||
Total sales | 373,847 | 324,661 | 241,650 |
Sugar | |||
Disclosure of products and services [line items] | |||
Total sales | 97,710 | 128,377 | 305,688 |
Energy | |||
Disclosure of products and services [line items] | |||
Total sales | 60,913 | 57,797 | 62,218 |
Peanut | |||
Disclosure of products and services [line items] | |||
Total sales | 28,928 | 0 | 0 |
Sunflower | |||
Disclosure of products and services [line items] | |||
Total sales | 7,534 | 0 | 0 |
Cotton | |||
Disclosure of products and services [line items] | |||
Total sales | 623 | 0 | 0 |
Rice | |||
Disclosure of products and services [line items] | |||
Total sales | 97,515 | 92,560 | 83,849 |
Fluid milk (UHT) | |||
Disclosure of products and services [line items] | |||
Total sales | 38,441 | 0 | 0 |
Powder milk | |||
Disclosure of products and services [line items] | |||
Total sales | 20,722 | 8,646 | 2,713 |
Other diary products | |||
Disclosure of products and services [line items] | |||
Total sales | 8,856 | 0 | 0 |
Soybean oil and meal | |||
Disclosure of products and services [line items] | |||
Total sales | 1,062 | 14,059 | 6,119 |
Services | |||
Disclosure of products and services [line items] | |||
Total sales | 4,521 | 487 | 1,144 |
Rental income | |||
Disclosure of products and services [line items] | |||
Total sales | 564 | 643 | 771 |
Others | |||
Disclosure of products and services [line items] | |||
Total sales | 3,401 | 7,826 | 5,273 |
Manufactured products and services rendered | |||
Disclosure of products and services [line items] | |||
Total sales | $ 744,637 | $ 635,056 | $ 709,425 |
Sales - Narrative (Details)
Sales - Narrative (Details) ton in Thousands, megawatt_hour in Thousands, cubic_meter in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)toncubic_metermegawatt_hour | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract assets | $ 37,965 | $ 55,828 | |
Forward contract | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract assets | 71,700 | $ 63,300 | $ 111,800 |
Forward contract | Soybean | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract assets | $ 10,300 | ||
Derivative notional amount | ton | 71,739 | ||
Forward contract | Wheat | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract assets | $ 3,100 | ||
Derivative notional amount | ton | 18,012 | ||
Forward contract | Corn | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract assets | $ 13,500 | ||
Derivative notional amount | ton | 56,255 | ||
Forward contract | Ethanol | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract assets | $ 4,800 | ||
Cubic meters of product | cubic_meter | 42,125 | ||
Forward contract | Energy | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract assets | $ 39,000 | ||
MWh of energy | megawatt_hour | 649,245 |
Cost of goods sold and servic_3
Cost of goods sold and services rendered - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Finished goods at beginning of period | $ 79,758 | $ 61,888 | $ 68,191 | |
Adjustment of opening net book amount for the application of IAS 29 | 208,178 | |||
Cost of production of manufactured products | 688,327 | 582,902 | 606,333 | |
Purchases | 68,731 | 123,476 | 186,137 | |
Agricultural produce | 124,330 | 127,097 | 138,934 | |
Transfer to raw material | (35,757) | (24,375) | (14,352) | |
Direct agricultural selling expenses | 15,752 | 12,629 | 22,940 | |
Tax recoveries | (32,995) | (32,380) | (28,478) | |
Changes in net realizable value of agricultural produce after harvest | 1,825 | (909) | 8,852 | |
Finished goods at end of period | 65,278 | 79,758 | 61,888 | |
Exchange differences | (9,346) | (15,706) | (7,244) | |
Cost of goods sold and services rendered, and direct agricultural selling expenses | 671,173 | 609,965 | 766,727 | |
IAS 29 | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Adjustment of opening net book amount for the application of IAS 29 | $ 1,396 | |||
Sugar, Ethanol and Energy | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Finished goods at beginning of period | 39,937 | 32,266 | 49,601 | |
Purchases | 44,577 | 43,531 | 93,106 | |
Agricultural produce | 0 | 0 | 1,015 | |
Transfer to raw material | 0 | 0 | 0 | |
Direct agricultural selling expenses | 0 | 0 | 0 | |
Tax recoveries | (32,995) | (32,380) | (28,478) | |
Changes in net realizable value of agricultural produce after harvest | 0 | 0 | 0 | |
Finished goods at end of period | 36,864 | 39,937 | 32,266 | |
Exchange differences | (9,053) | (4,359) | (336) | |
Cost of goods sold and services rendered, and direct agricultural selling expenses | 360,566 | 348,616 | 461,506 | |
Sugar, Ethanol and Energy | IAS 29 | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 0 | |||
Crops | Farming | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Finished goods at beginning of period | 29,144 | 21,146 | 13,117 | |
Purchases | 21,715 | 63,533 | 82,842 | |
Agricultural produce | 108,732 | 104,941 | 102,734 | |
Transfer to raw material | (35,757) | (24,375) | (12,998) | |
Direct agricultural selling expenses | 15,752 | 12,629 | 22,940 | |
Tax recoveries | 0 | 0 | 0 | |
Changes in net realizable value of agricultural produce after harvest | 1,825 | (909) | 8,852 | |
Finished goods at end of period | 17,830 | 29,144 | 21,146 | |
Exchange differences | (1,023) | (8,857) | (5,604) | |
Cost of goods sold and services rendered, and direct agricultural selling expenses | 156,510 | 156,936 | 196,302 | |
Crops | Farming | IAS 29 | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 42 | |||
Rice | Farming | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Finished goods at beginning of period | 9,507 | 8,476 | 5,473 | |
Purchases | 3,095 | 15,540 | 7,779 | |
Agricultural produce | 0 | 0 | 0 | |
Transfer to raw material | 0 | 0 | (1,354) | |
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 | |
Finished goods at end of period | 5,805 | 9,507 | 8,476 | |
Exchange differences | 768 | (2,490) | (1,304) | |
Cost of goods sold and services rendered, and direct agricultural selling expenses | 73,951 | 74,973 | 71,087 | |
Rice | Farming | IAS 29 | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 1,354 | |||
Dairy | Farming | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Finished goods at beginning of period | 1,170 | 0 | 0 | |
Purchases | (656) | 872 | 2,410 | |
Agricultural produce | 12,146 | 20,879 | 34,569 | |
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 | |
Finished goods at end of period | 4,779 | 1,170 | 0 | |
Exchange differences | (38) | 0 | 0 | |
Cost of goods sold and services rendered, and direct agricultural selling expenses | 76,694 | 28,127 | 36,979 | |
Dairy | Farming | IAS 29 | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 0 | |||
All other segments | Farming | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Finished goods at beginning of period | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | |
Agricultural produce | 3,452 | 1,277 | 616 | |
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 | |
Finished goods at end of period | 0 | 0 | 0 | |
Exchange differences | 0 | 0 | 0 | |
Cost of goods sold and services rendered, and direct agricultural selling expenses | 3,452 | 1,313 | 853 | |
All other segments | Farming | IAS 29 | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Adjustment of opening net book amount for the application of IAS 29 | $ 0 | |||
Cost of production of manufactured products | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Cost of production of manufactured products | 524,153 | 436,607 | 453,635 | |
Cost of production of manufactured products | Sugar, Ethanol and Energy | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Cost of production of manufactured products | 354,964 | 349,495 | 378,864 | |
Cost of production of manufactured products | Crops | Farming | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Cost of production of manufactured products | 33,952 | 17,930 | 5,565 | |
Cost of production of manufactured products | Rice | Farming | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Cost of production of manufactured products | 66,386 | 61,600 | 68,969 | |
Cost of production of manufactured products | Dairy | Farming | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Cost of production of manufactured products | 68,851 | 7,546 | 0 | |
Cost of production of manufactured products | All other segments | Farming | ||||
Cost of Goods Sold and Services Rendered [Roll Forward] | ||||
Cost of production of manufactured products | $ 0 | $ 36 | $ 237 |
Expenses by nature - Summary (D
Expenses by nature - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Expenses [Line Items] | |||
Salaries, social security expenses and employee benefits | $ 84,501 | $ 86,465 | $ 98,280 |
Raw materials and consumables | 32,675 | 15,528 | 13,617 |
Depreciation and amortization | 140,723 | 127,569 | 127,211 |
Depreciation of right of use assets | 9,266 | ||
Fuel, lubricants and others | 27,940 | 27,190 | 26,077 |
Maintenance and repairs | 24,378 | 23,135 | 20,413 |
Freights | 28,424 | 28,387 | 40,328 |
Export taxes / selling taxes | 52,312 | 42,074 | 36,808 |
Export expenses | 5,552 | 2,774 | 3,511 |
Contractors and services | 10,610 | 12,319 | 7,245 |
Energy transmission | 3,145 | 2,689 | 3,312 |
Energy power | 5,153 | 2,919 | 3,110 |
Professional fees | 9,499 | 8,873 | 9,555 |
Other taxes | 2,514 | 3,231 | 2,921 |
Contingencies | 459 | 1,345 | 2,174 |
Lease expense and similar arrangements | 1,288 | 1,409 | 1,659 |
Third parties raw materials | 42,139 | 16,067 | 40,969 |
Tax recoveries | (396) | ||
Others | 21,330 | 20,384 | 16,811 |
Subtotal | 501,512 | 422,358 | 454,001 |
Own agricultural produce consumed | 186,815 | 160,544 | 152,332 |
Total | 688,327 | 582,902 | 606,333 |
Cost of production of manufactured products | |||
Disclosure of Expenses [Line Items] | |||
Total | 524,153 | 436,607 | 453,635 |
Cost of production of manufactured products | Farming | Crops | |||
Disclosure of Expenses [Line Items] | |||
Total | 33,952 | 17,930 | 5,565 |
Cost of production of manufactured products | Farming | Rice | |||
Disclosure of Expenses [Line Items] | |||
Total | 66,386 | 61,600 | 68,969 |
Cost of production of manufactured products | Farming | Dairy | |||
Disclosure of Expenses [Line Items] | |||
Total | 68,851 | 7,546 | 0 |
Cost of production of manufactured products | Sugar, Ethanol and Energy | |||
Disclosure of Expenses [Line Items] | |||
Total | 354,964 | 349,495 | 378,864 |
General and Administrative Expenses | |||
Disclosure of Expenses [Line Items] | |||
Salaries, social security expenses and employee benefits | 27,492 | 29,245 | 33,969 |
Raw materials and consumables | 0 | 0 | 0 |
Depreciation and amortization | 11,212 | 9,667 | 6,162 |
Depreciation of right of use assets | 2,007 | ||
Fuel, lubricants and others | 593 | 614 | 454 |
Maintenance and repairs | 1,755 | 1,573 | 1,189 |
Freights | 0 | 0 | 0 |
Export taxes / selling taxes | 0 | 0 | 0 |
Export expenses | 0 | 0 | 0 |
Contractors and services | 0 | 0 | 0 |
Energy transmission | 88 | 0 | 0 |
Energy power | 145 | 145 | 190 |
Professional fees | 8,065 | 7,781 | 7,519 |
Other taxes | 1,089 | 1,309 | 845 |
Contingencies | 459 | 1,345 | 2,174 |
Lease expense and similar arrangements | 831 | 1,077 | 1,334 |
Third parties raw materials | 0 | 0 | 0 |
Tax recoveries | 0 | ||
Others | 3,466 | 3,324 | 3,463 |
Subtotal | 57,202 | 56,080 | 57,299 |
Own agricultural produce consumed | 0 | 0 | 0 |
Total | 57,202 | 56,080 | 57,299 |
Selling Expenses | |||
Disclosure of Expenses [Line Items] | |||
Salaries, social security expenses and employee benefits | 6,211 | 5,908 | 6,724 |
Raw materials and consumables | 0 | 0 | 0 |
Depreciation and amortization | 868 | 767 | 778 |
Depreciation of right of use assets | 5 | ||
Fuel, lubricants and others | 225 | 192 | 242 |
Maintenance and repairs | 534 | 365 | 469 |
Freights | 23,130 | 24,700 | 33,682 |
Export taxes / selling taxes | 52,312 | 42,074 | 36,808 |
Export expenses | 5,552 | 2,774 | 3,511 |
Contractors and services | 0 | 0 | 0 |
Energy transmission | 3,057 | 2,689 | 3,312 |
Energy power | 145 | 57 | 53 |
Professional fees | 1,047 | 556 | 1,633 |
Other taxes | 28 | 10 | 5 |
Contingencies | 0 | 0 | 0 |
Lease expense and similar arrangements | 125 | 53 | 56 |
Third parties raw materials | 0 | 0 | 0 |
Tax recoveries | 0 | ||
Others | 13,733 | 10,070 | 8,126 |
Subtotal | 106,972 | 90,215 | 95,399 |
Own agricultural produce consumed | 0 | 0 | 0 |
Total | 106,972 | 90,215 | 95,399 |
Operating segments | Cost of production of manufactured products | |||
Disclosure of Expenses [Line Items] | |||
Salaries, social security expenses and employee benefits | 50,798 | 51,312 | 57,587 |
Raw materials and consumables | 32,675 | 15,528 | 13,617 |
Depreciation and amortization | 128,643 | 117,135 | 120,271 |
Depreciation of right of use assets | 7,254 | ||
Fuel, lubricants and others | 27,122 | 26,384 | 25,381 |
Maintenance and repairs | 22,089 | 21,197 | 18,755 |
Freights | 5,294 | 3,687 | 6,646 |
Export taxes / selling taxes | 0 | 0 | 0 |
Export expenses | 0 | 0 | 0 |
Contractors and services | 10,610 | 12,319 | 7,245 |
Energy transmission | 0 | 0 | 0 |
Energy power | 4,863 | 2,717 | 2,867 |
Professional fees | 387 | 536 | 403 |
Other taxes | 1,397 | 1,912 | 2,071 |
Contingencies | 0 | 0 | 0 |
Lease expense and similar arrangements | 332 | 279 | 269 |
Third parties raw materials | 42,139 | 16,067 | 40,969 |
Tax recoveries | (396) | ||
Others | 4,131 | 6,990 | 5,222 |
Subtotal | 337,338 | 276,063 | 301,303 |
Own agricultural produce consumed | 186,815 | 160,544 | 152,332 |
Total | 524,153 | 436,607 | 453,635 |
Operating segments | Cost of production of manufactured products | Farming | Crops | |||
Disclosure of Expenses [Line Items] | |||
Salaries, social security expenses and employee benefits | 1,880 | 0 | 0 |
Raw materials and consumables | 314 | 733 | 695 |
Depreciation and amortization | 2,581 | 0 | 0 |
Depreciation of right of use assets | 0 | ||
Fuel, lubricants and others | 228 | 0 | 0 |
Maintenance and repairs | 290 | 0 | 0 |
Freights | 146 | 47 | 0 |
Export taxes / selling taxes | 0 | 0 | 0 |
Export expenses | 0 | 0 | 0 |
Contractors and services | 1,051 | 2,885 | 1,054 |
Energy transmission | 0 | 0 | 0 |
Energy power | 725 | 0 | 0 |
Professional fees | 20 | 0 | 0 |
Other taxes | 1 | 0 | 0 |
Contingencies | 0 | 0 | 0 |
Lease expense and similar arrangements | 83 | 0 | 0 |
Third parties raw materials | 7,136 | 0 | 0 |
Tax recoveries | 0 | ||
Others | 431 | 3 | 6 |
Subtotal | 14,886 | 3,668 | 1,755 |
Own agricultural produce consumed | 19,066 | 14,262 | 3,810 |
Total | 33,952 | 17,930 | 5,565 |
Operating segments | Cost of production of manufactured products | Farming | Rice | |||
Disclosure of Expenses [Line Items] | |||
Salaries, social security expenses and employee benefits | 4,738 | 5,055 | 7,115 |
Raw materials and consumables | 6,527 | 4,391 | 3,579 |
Depreciation and amortization | 1,897 | 1,764 | 836 |
Depreciation of right of use assets | 116 | ||
Fuel, lubricants and others | 83 | 117 | 109 |
Maintenance and repairs | 1,120 | 1,452 | 1,750 |
Freights | 2,405 | 2,519 | 6,074 |
Export taxes / selling taxes | 0 | 0 | 0 |
Export expenses | 0 | 0 | 0 |
Contractors and services | 138 | 254 | 0 |
Energy transmission | 0 | 0 | 0 |
Energy power | 1,298 | 1,239 | 1,342 |
Professional fees | 65 | 52 | 51 |
Other taxes | 74 | 71 | 93 |
Contingencies | 0 | 0 | 0 |
Lease expense and similar arrangements | 171 | 276 | 269 |
Third parties raw materials | 5,629 | 2,913 | 6,808 |
Tax recoveries | 0 | ||
Others | 695 | 1,697 | 955 |
Subtotal | 24,956 | 21,800 | 28,981 |
Own agricultural produce consumed | 41,430 | 39,800 | 39,988 |
Total | 66,386 | 61,600 | 68,969 |
Operating segments | Cost of production of manufactured products | Farming | Dairy | |||
Disclosure of Expenses [Line Items] | |||
Salaries, social security expenses and employee benefits | 4,412 | 115 | 0 |
Raw materials and consumables | 10,151 | 282 | 0 |
Depreciation and amortization | 2,140 | 118 | 0 |
Depreciation of right of use assets | 344 | ||
Fuel, lubricants and others | 1,381 | 0 | 0 |
Maintenance and repairs | 985 | 30 | 0 |
Freights | 1,959 | 436 | 0 |
Export taxes / selling taxes | 0 | 0 | 0 |
Export expenses | 0 | 0 | 0 |
Contractors and services | 40 | 1,279 | 0 |
Energy transmission | 0 | 0 | 0 |
Energy power | 1,659 | 138 | 0 |
Professional fees | 127 | 0 | 0 |
Other taxes | 81 | 0 | 0 |
Contingencies | 0 | 0 | 0 |
Lease expense and similar arrangements | 78 | 3 | 0 |
Third parties raw materials | 18,131 | 0 | 0 |
Tax recoveries | 0 | ||
Others | 681 | 223 | 0 |
Subtotal | 42,169 | 2,624 | 0 |
Own agricultural produce consumed | 26,682 | 4,922 | 0 |
Total | 68,851 | 7,546 | 0 |
Operating segments | Cost of production of manufactured products | Farming | All other segments | |||
Disclosure of Expenses [Line Items] | |||
Salaries, social security expenses and employee benefits | 0 | 36 | 229 |
Raw materials and consumables | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 8 |
Depreciation of right of use assets | 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 | 0 | 36 | 237 |
Own agricultural produce consumed | 0 | 0 | 0 |
Total | 0 | 36 | 237 |
Operating segments | Cost of production of manufactured products | Sugar, Ethanol and Energy | |||
Disclosure of Expenses [Line Items] | |||
Salaries, social security expenses and employee benefits | 39,768 | 46,106 | 50,243 |
Raw materials and consumables | 15,683 | 10,122 | 9,343 |
Depreciation and amortization | 122,025 | 115,253 | 119,427 |
Depreciation of right of use assets | 6,794 | ||
Fuel, lubricants and others | 25,430 | 26,267 | 25,272 |
Maintenance and repairs | 19,694 | 19,715 | 17,005 |
Freights | 784 | 685 | 572 |
Export taxes / selling taxes | 0 | 0 | 0 |
Export expenses | 0 | 0 | 0 |
Contractors and services | 9,381 | 7,901 | 6,191 |
Energy transmission | 0 | 0 | 0 |
Energy power | 1,181 | 1,340 | 1,525 |
Professional fees | 175 | 484 | 352 |
Other taxes | 1,241 | 1,841 | 1,978 |
Contingencies | 0 | 0 | 0 |
Lease expense and similar arrangements | 0 | 0 | 0 |
Third parties raw materials | 11,243 | 13,154 | 34,161 |
Tax recoveries | (396) | ||
Others | 2,324 | 5,067 | 4,261 |
Subtotal | 255,327 | 247,935 | 270,330 |
Own agricultural produce consumed | 99,637 | 101,560 | 108,534 |
Total | $ 354,964 | $ 349,495 | $ 378,864 |
Salaries and social security _3
Salaries and social security expenses - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Salaries and social security expenses [abstract] | |||
Wages and salaries | $ 104,400 | $ 105,931 | $ 132,025 |
Social security costs | 30,888 | 29,865 | 30,558 |
Equity-settled share-based compensation | 4,734 | 4,728 | 5,552 |
Salaries and social security expenses | 140,022 | 140,524 | 168,135 |
Wages and salaries capitalized in property, plant and equipment | $ 32,714 | $ 32,636 | $ 41,172 |
Other operating income, net - S
Other operating income, net - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |||
Gain from disposal of farmland and other assets (Note 22) | $ 1,354 | $ 36,227 | $ 0 |
(Loss) / gain from commodity derivative financial instrument | (618) | 54,694 | 40,842 |
Loss from disposal of other property items | (329) | (95) | (986) |
Net (loss) / gain from fair value adjustment of investment property | (325) | 13,409 | 4,302 |
Losses related to energy business | 0 | 0 | (3,247) |
Others | (904) | (3) | 2,852 |
Other operating income, net | $ (822) | $ 104,232 | $ 43,763 |
Financial results, net - Summar
Financial results, net - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance income: | |||
Interest income | $ 7,319 | $ 7,915 | $ 11,230 |
Gain from interest rate/foreign exchange rate derivative financial instruments | 1,189 | 0 | 0 |
Other income | 1,400 | 666 | 514 |
Finance income | 9,908 | 8,581 | 11,744 |
Finance costs: | |||
Interest expense | (60,134) | (51,577) | (52,308) |
Finance cost related to lease liabilities | (9,524) | 0 | 0 |
Cash flow hedge - transfer from equity | (15,594) | (26,693) | (20,758) |
Foreign exchange losses, net | (108,458) | (183,195) | (38,708) |
Taxes | (4,364) | (3,136) | (3,705) |
Loss from interest rate/foreign exchange rate derivative financial instruments | 0 | 3,024 | 2,163 |
Borrowing costs recognised as expense | 0 | 0 | (10,847) |
Other expenses | (4,492) | (3,638) | (2,860) |
Finance costs | 202,566 | 271,263 | 131,349 |
Other financial results - Net gain of inflation effects on the monetary items | 92,437 | 81,928 | 0 |
Financial results, net | $ (100,221) | $ (180,754) | $ (119,605) |
Taxation - Provision for Conso
Taxation - Provision for Consolidated Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Current income tax | $ 666 | $ (2,846) | $ (13,425) |
Deferred income tax | (21,486) | 3,870 | 18,417 |
Income tax (expense) / benefit | $ (20,820) | $ 1,024 | $ 4,992 |
Taxation - Statutory Tax Rate
Taxation - Statutory Tax Rate (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Argentina | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Applicable tax rate | 30.00% |
Argentina | Years 2018 - 2020 | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Applicable tax rate | 30.00% |
Applicable dividend tax rate | 7.00% |
Argentina | From years 2021 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 | 24.94% |
Taxation - Narrative (Details)
Taxation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Income Tax Jurisdiction [Line Items] | ||
Gains (losses) before income tax of cash flow hedge | $ 75,822 | $ (565) |
Reclassification from equity to income statement | $ (32,305) | (20,758) |
Tax losses for which no deferred income tax asset recognized | 4,900 | |
Deferred tax asset carryforward | $ 19,500 | |
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] | ||
Proportion of taxable profit that can be reduced by operating loss carryforwards (maximum) (as a percent) | 30.00% |
Taxation - Deferred Tax Assets
Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | $ 13,664 | $ 16,191 | |
Deferred income tax liabilities | (165,508) | (168,171) | |
Deferred tax liability (asset) | (151,844) | (151,980) | $ 20,351 |
Deferred tax assets temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | 144,267 | 136,431 | 118,183 |
Deferred tax liability temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities | (296,111) | (288,411) | $ (97,832) |
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 | 108,294 | 73,805 | |
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 | (292,871) | (286,738) | |
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 | 35,973 | 62,626 | |
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 | $ (3,240) | $ (1,673) |
Taxation - Gross Movement on t
Taxation - Gross Movement on the Deferred Income Tax Account (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | |
Changes in deferred tax liability (asset) [abstract] | |||||
Deferred tax liability (asset), beginning balance | $ (151,980) | $ 20,351 | |||
Tax effect on the opening net book amount for the application of IAS 29 | $ 208,178 | ||||
Exchange differences | 4,877 | 16,878 | |||
Effect of adoption of fair value valuation for farmlands | 10,480 | (139,223) | |||
Acquisition of subsidiary | (3,515) | 0 | |||
Disposal of subsidiary | 3,730 | 0 | |||
Others | (705) | (970) | |||
Tax credit relating to cash flow hedge | 6,755 | 11,322 | |||
Income tax benefit (expense) / benefit | (21,486) | 3,870 | 18,417 | ||
Deferred tax liability (asset), ending balance | (151,844) | (151,980) | $ 20,351 | ||
IAS 29 | |||||
Changes in deferred tax liability (asset) [abstract] | |||||
Tax effect on the opening net book amount for the application of IAS 29 | $ 1,396 | ||||
Deferred tax liability temporary differences | |||||
Changes in deferred tax liability (asset) [abstract] | |||||
Exchange differences | $ (12,742) | $ (34,606) | |||
Deferred tax liability temporary differences | IAS 29 | |||||
Changes in deferred tax liability (asset) [abstract] | |||||
Tax effect on the opening net book amount for the application of IAS 29 | 63,521 | ||||
Deferred tax asset (liability) temporary differences | IAS 29 | |||||
Changes in deferred tax liability (asset) [abstract] | |||||
Tax effect on the opening net book amount for the application of IAS 29 | $ 0 | $ (64,208) |
Taxation - Movement of Deferre
Taxation - Movement of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Changes in deferred tax liability [abstract] | ||||
Deferred income tax liabilities, beginning balance | $ 168,171 | |||
Tax effect on the opening net book amount for the application of IAS 29 | $ 208,178 | |||
Exchange differences | 4,877 | $ 16,878 | ||
Deferred income tax liabilities, ending balance | 165,508 | 168,171 | ||
Changes in deferred tax asset [Abstract] | ||||
Deferred income tax assets, beginning balance | 16,191 | |||
Tax effect on the opening net book amount for the application of IAS 29 | $ (208,178) | |||
Others | (705) | (970) | ||
Tax credit relating to cash flow hedge | 6,755 | 11,322 | ||
Exchange differences | 4,877 | 16,878 | ||
Deferred income tax assets, ending balance | 13,664 | 16,191 | ||
Deferred tax liability temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Deferred income tax liabilities, beginning balance | 288,411 | 97,832 | ||
Charged/(credited) to the statement of income | 31,049 | 22,441 | ||
Acquisition of subsidiary | 3,603 | |||
Effect of adoption of fair value valuation for farmlands | (10,480) | 139,223 | ||
Disposals of subsidiaries | (3,730) | |||
Exchange differences | (12,742) | (34,606) | ||
Deferred income tax liabilities, ending balance | 296,111 | 288,411 | ||
Changes in deferred tax asset [Abstract] | ||||
Charged/(credited) to the statement of income | 31,049 | 22,441 | ||
Exchange differences | (12,742) | (34,606) | ||
Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Charged/(credited) to the statement of income | 9,563 | 26,311 | ||
Exchange differences | 7,865 | 17,728 | ||
Changes in deferred tax asset [Abstract] | ||||
Deferred income tax assets, beginning balance | 136,431 | 118,183 | ||
Charged/(credited) to the statement of income | 9,563 | 26,311 | ||
Acquisition of subsidiaries | 88 | |||
Others | (705) | (970) | ||
Tax credit relating to cash flow hedge | 6,755 | 11,322 | ||
Exchange differences | 7,865 | 17,728 | ||
Deferred income tax assets, ending balance | 144,267 | 136,431 | ||
IAS 29 | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | $ 1,396 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | (1,396) | |||
IAS 29 | Deferred tax liability temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 63,521 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | (63,521) | |||
IAS 29 | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 687 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | (687) | |||
Provisions | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Charged/(credited) to the statement of income | (604) | 2,003 | ||
Exchange differences | 126 | 526 | ||
Changes in deferred tax asset [Abstract] | ||||
Deferred income tax assets, beginning balance | 3,960 | 2,483 | ||
Charged/(credited) to the statement of income | (604) | 2,003 | ||
Acquisition of subsidiaries | 7 | |||
Others | 0 | 0 | ||
Tax credit relating to cash flow hedge | 0 | 0 | ||
Exchange differences | 126 | 526 | ||
Deferred income tax assets, ending balance | 3,237 | 3,960 | ||
Provisions | IAS 29 | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Tax loss carry forwards | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Charged/(credited) to the statement of income | 11,080 | (10,798) | ||
Exchange differences | 3,707 | 16,421 | ||
Changes in deferred tax asset [Abstract] | ||||
Deferred income tax assets, beginning balance | 80,220 | 96,117 | ||
Charged/(credited) to the statement of income | 11,080 | (10,798) | ||
Acquisition of subsidiaries | 134 | |||
Others | 0 | 0 | ||
Tax credit relating to cash flow hedge | 6,755 | (11,322) | ||
Exchange differences | 3,707 | 16,421 | ||
Deferred income tax assets, ending balance | 94,482 | 80,220 | ||
Tax loss carry forwards | IAS 29 | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Equity-settled share-based compensation | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Charged/(credited) to the statement of income | (1,568) | (379) | ||
Exchange differences | 1,161 | 0 | ||
Changes in deferred tax asset [Abstract] | ||||
Deferred income tax assets, beginning balance | 5,302 | 5,681 | ||
Charged/(credited) to the statement of income | (1,568) | (379) | ||
Acquisition of subsidiaries | 0 | |||
Others | 0 | 0 | ||
Tax credit relating to cash flow hedge | 0 | 0 | ||
Exchange differences | 1,161 | 0 | ||
Deferred income tax assets, ending balance | 2,573 | 5,302 | ||
Equity-settled share-based compensation | IAS 29 | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Biological assets | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Charged/(credited) to the statement of income | (117) | 4,572 | ||
Exchange differences | (31) | (22) | ||
Changes in deferred tax asset [Abstract] | ||||
Deferred income tax assets, beginning balance | 4,594 | 0 | ||
Charged/(credited) to the statement of income | (117) | 4,572 | ||
Acquisition of subsidiaries | 0 | |||
Others | 0 | 0 | ||
Tax credit relating to cash flow hedge | 0 | 0 | ||
Exchange differences | (31) | (22) | ||
Deferred income tax assets, ending balance | 4,508 | 4,594 | ||
Biological assets | IAS 29 | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Others | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Charged/(credited) to the statement of income | 772 | 30,913 | ||
Exchange differences | 2,902 | 803 | ||
Changes in deferred tax asset [Abstract] | ||||
Deferred income tax assets, beginning balance | 42,355 | 13,902 | ||
Charged/(credited) to the statement of income | 772 | 30,913 | ||
Acquisition of subsidiaries | (53) | |||
Others | (705) | (970) | ||
Tax credit relating to cash flow hedge | 0 | 0 | ||
Exchange differences | 2,902 | 803 | ||
Deferred income tax assets, ending balance | 39,467 | 42,355 | ||
Others | IAS 29 | Deferred tax assets temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 687 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | (687) | |||
Property, plant and equipment | Deferred tax liability temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Deferred income tax liabilities, beginning balance | 270,583 | 65,806 | ||
Charged/(credited) to the statement of income | 31,745 | 31,237 | ||
Acquisition of subsidiary | 3,603 | |||
Effect of adoption of fair value valuation for farmlands | (10,480) | 139,223 | ||
Disposals of subsidiaries | (3,730) | |||
Exchange differences | (10,862) | (29,040) | ||
Deferred income tax liabilities, ending balance | 280,859 | 270,583 | ||
Changes in deferred tax asset [Abstract] | ||||
Charged/(credited) to the statement of income | 31,745 | 31,237 | ||
Exchange differences | (10,862) | (29,040) | ||
Property, plant and equipment | IAS 29 | Deferred tax liability temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 63,357 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the 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 | 11,954 | |||
Deferred income tax liabilities, ending balance | 11,907 | 11,954 | ||
Investment property | Deferred tax liability temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Deferred income tax liabilities, beginning balance | 12,629 | |||
Charged/(credited) to the statement of income | 331 | 2,730 | ||
Acquisition of subsidiary | 0 | |||
Effect of adoption of fair value valuation for farmlands | 0 | 0 | ||
Disposals of subsidiaries | 0 | |||
Exchange differences | (378) | (3,405) | ||
Changes in deferred tax asset [Abstract] | ||||
Charged/(credited) to the statement of income | 331 | 2,730 | ||
Exchange differences | (378) | (3,405) | ||
Investment property | IAS 29 | Deferred tax liability temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the 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 | 3,466 | 16,772 | ||
Charged/(credited) to the statement of income | 912 | (10,438) | ||
Acquisition of subsidiary | 0 | |||
Effect of adoption of fair value valuation for farmlands | 0 | 0 | ||
Disposals of subsidiaries | 0 | |||
Exchange differences | (199) | (3,032) | ||
Deferred income tax liabilities, ending balance | 4,179 | 3,466 | ||
Changes in deferred tax asset [Abstract] | ||||
Charged/(credited) to the statement of income | 912 | (10,438) | ||
Exchange differences | (199) | (3,032) | ||
Biological assets | IAS 29 | Deferred tax liability temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 164 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the 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 | 2,408 | 2,625 | ||
Charged/(credited) to the statement of income | (1,939) | (1,088) | ||
Acquisition of subsidiary | 0 | |||
Effect of adoption of fair value valuation for farmlands | 0 | 0 | ||
Disposals of subsidiaries | 0 | |||
Exchange differences | (1,303) | 871 | ||
Deferred income tax liabilities, ending balance | (834) | 2,408 | ||
Changes in deferred tax asset [Abstract] | ||||
Charged/(credited) to the statement of income | (1,939) | (1,088) | ||
Exchange differences | $ (1,303) | $ 871 | ||
Others | IAS 29 | Deferred tax liability temporary differences | ||||
Changes in deferred tax liability [abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | 0 | |||
Changes in deferred tax asset [Abstract] | ||||
Tax effect on the opening net book amount for the application of IAS 29 | $ 0 |
Taxation - Tax Loss Carryforwa
Taxation - Tax Loss Carryforwards and Corresponding Jurisdictions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Argentina | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Tax loss carry forward | $ 136,205 |
Expiration period | 5 years |
Argentina | 2015 | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Tax loss carry forward | $ 11,359 |
Argentina | 2016 | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Tax loss carry forward | 3,138 |
Argentina | 2017 | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Tax loss carry forward | 12,627 |
Argentina | 2018 | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Tax loss carry forward | 30,383 |
Argentina | 2019 | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Tax loss carry forward | 78,698 |
Brazil | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Tax loss carry forward | 169,209 |
Uruguay | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Tax loss carry forward | $ 4,371 |
Expiration period | 5 years |
Luxembourg | |
Disclosure Of Income Tax Jurisdiction [Line Items] | |
Tax loss carry forward | $ 29,834 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Tax calculated at the tax rates applicable to profits in the respective countries | $ (7,250) | $ 2,956 | $ (3,013) |
Non-deductible items | (1,511) | (2,249) | (1,406) |
Effect of the changes in the statutory income tax rate in Argentina | 3,115 | (1,013) | 1,781 |
Unused tax losses | (3,742) | (4,181) | (2,265) |
Tax losses where no deferred tax asset was recognized | 1,910 | (2,368) | (29) |
Non-taxable income | 11,545 | 13,069 | 2,437 |
Previously unrecognized tax losses now recouped to reduce tax expenses | 0 | 0 | 7,595 |
Effect of IAS 29 on Argentina´s Shareholder´s equity and deferred income tax | (23,805) | (5,825) | 0 |
Others | (1,082) | 635 | (108) |
Income tax (expense) / benefit | $ (20,820) | $ 1,024 | $ 4,992 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
(Loss) / Profit from operations attributable to equity holders of the Group | $ (772) | $ (24,622) | $ 13,198 |
Weighted average number of shares in issue (shares) | 117,252 | 116,637 | 120,599 |
Basic (loss) / earnings per share from operations (USD per share) | $ (0.007) | $ (0.211) | $ 0.109 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019categoryshares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Earnings per share [abstract] | |||
Number of categories of dilutive potential shares | category | 2 | ||
Antidilutive securities (shares) | 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
(Loss) / Profit from operations attributable to equity holders of the Group | $ (772) | $ (24,622) | $ 13,198 |
Weighted average number of shares in issue (shares) | 117,252 | 116,637 | 120,599 |
Adjustments for: | |||
Employee share options and restricted units (shares) | 645 | 1,198 | 1,604 |
Weighted average number of shares for diluted earnings per share (shares) | 117,897 | 117,835 | 122,203 |
Diluted (loss) / earnings per share from operations (USD per share) | $ (0.007) | $ (0.211) | $ 0.108 |
Property, plant and equipment
Property, plant and equipment - Changes in Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | $ 1,480,439 | $ 831,377 | ||
Adjustment of opening net book amount for the application of IAS 29 | $ 208,178 | |||
Exchange differences | (54,536) | (207,087) | ||
Additions | 262,151 | 224,921 | ||
Revaluation surplus | (42,384) | 545,129 | ||
Acquisition of subsidiaries | 30,658 | |||
Reclassification from investment property | 4,816 | 3,313 | ||
Transfers | 0 | 0 | ||
Disposals | (3,518) | (2,445) | ||
Disposals of subsidiaries | (10,972) | (13,748) | ||
Reclassification to non-income tax credits | (226) | (575) | ||
Depreciation | (173,208) | (153,034) | ||
Closing net book amount | 1,493,220 | 1,480,439 | ||
IAS 29 | ||||
Changes in property, plant and equipment [abstract] | ||||
Adjustment of opening net book amount for the application of IAS 29 | $ 1,396 | |||
IAS 29 - Total Assets [Member] | ||||
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 | 2,429,359 | 1,627,263 | ||
Closing net book amount | 2,615,348 | 2,429,359 | ||
Accumulated amortization | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | (948,920) | (795,886) | ||
Closing net book amount | (1,122,128) | (948,920) | ||
Farmlands | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | 780,184 | 110,743 | ||
Exchange differences | (25,205) | (78,858) | ||
Additions | 1,738 | 0 | ||
Revaluation surplus | (42,384) | 545,129 | ||
Acquisition of subsidiaries | 815 | |||
Reclassification from investment property | 4,816 | 3,313 | ||
Transfers | 0 | 0 | ||
Disposals | 0 | 0 | ||
Disposals of subsidiaries | (10,379) | (11,471) | ||
Reclassification to non-income tax credits | 0 | 0 | ||
Depreciation | 0 | 0 | ||
Closing net book amount | 709,585 | 780,184 | ||
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 | 780,184 | 110,743 | ||
Closing net book amount | 709,585 | 780,184 | ||
Farmlands | Accumulated amortization | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | 0 | 0 | ||
Closing net book amount | 0 | 0 | ||
Farmland improvements | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | 16,324 | 9,007 | ||
Exchange differences | (536) | (3,310) | ||
Additions | 62 | 97 | ||
Revaluation surplus | 0 | 0 | ||
Acquisition of subsidiaries | 0 | |||
Reclassification from investment property | 0 | 0 | ||
Transfers | 12,643 | 2,012 | ||
Disposals | 0 | 0 | ||
Disposals of subsidiaries | 0 | 0 | ||
Reclassification to non-income tax credits | 0 | 0 | ||
Depreciation | (3,213) | (3,002) | ||
Closing net book amount | 25,280 | 16,324 | ||
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 | 32,718 | 22,399 | ||
Closing net book amount | 44,887 | 32,718 | ||
Farmland improvements | Accumulated amortization | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | (16,394) | (13,392) | ||
Closing net book amount | (19,607) | (16,394) | ||
Buildings and facilities | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | 188,622 | 192,844 | ||
Exchange differences | (6,846) | (34,195) | ||
Additions | 38,570 | 13,773 | ||
Revaluation surplus | 0 | 0 | ||
Acquisition of subsidiaries | 24,126 | |||
Reclassification from investment property | 0 | 0 | ||
Transfers | 13,614 | 14,264 | ||
Disposals | (81) | (149) | ||
Disposals of subsidiaries | (571) | (593) | ||
Reclassification to non-income tax credits | 0 | (114) | ||
Depreciation | (24,714) | (19,771) | ||
Closing net book amount | 232,720 | 188,622 | ||
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 | 344,915 | 329,366 | ||
Closing net book amount | 413,727 | 344,915 | ||
Buildings and facilities | Accumulated amortization | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | (156,293) | (136,522) | ||
Closing net book amount | (181,007) | (156,293) | ||
Machinery, equipment, furniture and fittings | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | 205,148 | 246,080 | ||
Exchange differences | (8,770) | (49,222) | ||
Additions | 62,320 | 50,759 | ||
Revaluation surplus | 0 | 0 | ||
Acquisition of subsidiaries | 5,280 | |||
Reclassification from investment property | 0 | 0 | ||
Transfers | 16,772 | 18,577 | ||
Disposals | (3,308) | (2,144) | ||
Disposals of subsidiaries | (22) | (17) | ||
Reclassification to non-income tax credits | (226) | (422) | ||
Depreciation | (70,921) | (63,644) | ||
Closing net book amount | 206,273 | 205,148 | ||
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 | 718,978 | 696,266 | ||
Closing net book amount | 791,024 | 718,978 | ||
Machinery, equipment, furniture and fittings | Accumulated amortization | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | (513,830) | (450,186) | ||
Closing net book amount | (584,751) | (513,830) | ||
Bearer plants | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | 232,956 | 238,910 | ||
Exchange differences | (9,802) | (36,504) | ||
Additions | 102,813 | 96,365 | ||
Revaluation surplus | 0 | 0 | ||
Acquisition of subsidiaries | 0 | |||
Reclassification from investment property | 0 | 0 | ||
Transfers | 0 | 0 | ||
Disposals | 0 | 0 | ||
Disposals of subsidiaries | 0 | (1,667) | ||
Reclassification to non-income tax credits | 0 | 0 | ||
Depreciation | (72,447) | (64,148) | ||
Closing net book amount | 253,520 | 232,956 | ||
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 | 480,049 | 421,855 | ||
Closing net book amount | 573,060 | 480,049 | ||
Bearer plants | Accumulated amortization | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | (247,093) | (182,945) | ||
Closing net book amount | (319,540) | (247,093) | ||
Others | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | 6,301 | 4,158 | ||
Exchange differences | (207) | 1,410 | ||
Additions | 2,160 | 2,098 | ||
Revaluation surplus | 0 | 0 | ||
Acquisition of subsidiaries | 437 | |||
Reclassification from investment property | 0 | 0 | ||
Transfers | 35 | 49 | ||
Disposals | (129) | (85) | ||
Disposals of subsidiaries | 0 | 0 | ||
Reclassification to non-income tax credits | 0 | 0 | ||
Depreciation | (1,913) | (2,469) | ||
Closing net book amount | 6,684 | 6,301 | ||
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 | 21,611 | 16,999 | ||
Closing net book amount | 23,907 | 21,611 | ||
Others | Accumulated amortization | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | (15,310) | (12,841) | ||
Closing net book amount | (17,223) | (15,310) | ||
Work in progress | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | 50,904 | 29,635 | ||
Exchange differences | (3,170) | (6,408) | ||
Additions | 54,488 | 61,829 | ||
Revaluation surplus | 0 | 0 | ||
Acquisition of subsidiaries | 0 | |||
Reclassification from investment property | 0 | 0 | ||
Transfers | (43,064) | (34,902) | ||
Disposals | 0 | (67) | ||
Disposals of subsidiaries | 0 | 0 | ||
Reclassification to non-income tax credits | 0 | (39) | ||
Depreciation | 0 | 0 | ||
Closing net book amount | 59,158 | 50,904 | ||
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 | 50,904 | 29,635 | ||
Closing net book amount | 59,158 | 50,904 | ||
Work in progress | Accumulated amortization | ||||
Changes in property, plant and equipment [abstract] | ||||
Opening net book amount | 0 | 0 | ||
Closing net book amount | $ 0 | $ 0 |
Property, plant and equipment_2
Property, plant and equipment - Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment | $ 1,493,220 | $ 1,480,439 | $ 831,377 | |
Borrowing costs capitalized | 13,904 | 3,660 | ||
Net book value of pledged assets | 324,129 | 265,099 | ||
IAS 16 | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Increase (decrease) in property, plant and equipment | $ 545,000 | |||
Farmlands | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment | 709,585 | $ 780,184 | $ 110,743 | |
Property, plant and equipment, cost | 235,000 | |||
Farmlands | IAS 16 | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Increase (decrease) in property, plant and equipment | $ (71,000) |
Right of use assets - Summary (
Right of use assets - Summary (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Adoption of IFRS 16 | $ 204,937 | |||
Exchange differences | $ (12,782) | |||
Additions and re-measurement | 91,066 | |||
Depreciation | (45,168) | $ 0 | $ 0 | |
Closing net book amount | 204,937 | 238,053 | $ 0 | |
Agricultural partnerships | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Adoption of IFRS 16 | 194,763 | |||
Exchange differences | 1,582 | |||
Additions and re-measurement | 60,770 | |||
Depreciation | (37,278) | |||
Closing net book amount | 219,837 | |||
Others | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Adoption of IFRS 16 | $ 10,174 | |||
Exchange differences | (14,364) | |||
Additions and re-measurement | 30,296 | |||
Depreciation | (7,890) | |||
Closing net book amount | $ 18,216 |
Right of use assets - Narrative
Right of use assets - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Rights of Use [Abstract] | |
Average duration of agricultural partnership | 6 years |
Net book value of assets under finance leases | $ 706 |
Investment property - Summary (
Investment property - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about investment property [line items] | ||
Investment property, beginning of period | $ 40,725 | $ 42,342 |
Net (loss) / gain from fair value adjustment (Note 8) | (325) | 13,409 |
Reclassification to property, plant and equipment (i) | (4,816) | (3,313) |
Exchange difference | (1,289) | (11,713) |
Investment property, end of period | 34,295 | 40,725 |
Cost | ||
Disclosure of detailed information about investment property [line items] | ||
Investment property, beginning of period | 40,725 | |
Investment property, end of period | 34,295 | 40,725 |
Fair value | ||
Disclosure of detailed information about investment property [line items] | ||
Investment property, beginning of period | 40,725 | |
Investment property, end of period | $ 34,295 | $ 40,725 |
Investment property - Narrative
Investment property - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about investment property [line items] | |||
Investment property | $ 34,295 | $ 40,725 | $ 42,342 |
Fair value | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 34,295 | 40,725 | |
Level 3 | Fair value | |||
Disclosure of detailed information about investment property [line items] | |||
Investment property | 34,200 | 40,700 | |
Increase (decrease) in investment property | $ 3,400 | $ 4,100 |
Intangible assets - Summary (De
Intangible assets - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | $ 27,909 | |||
Adjustment of opening net book amount for the application of IAS 29 | $ 208,178 | |||
Intangible assets at end of period | 33,679 | $ 27,909 | ||
IAS 29 | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Adjustment of opening net book amount for the application of IAS 29 | $ 1,396 | |||
Goodwill | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 21,350 | 12,412 | ||
Adjustment of opening net book amount for the application of IAS 29 | 15,554 | |||
Exchange differences | (695) | (6,616) | ||
Additions | 0 | 0 | ||
Acquisition of subsidiaries | 0 | |||
Disposal | (635) | |||
Amortization charge | 0 | 0 | ||
Intangible assets at end of period | 20,020 | 21,350 | ||
Goodwill | Cost | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 21,350 | 12,412 | ||
Intangible assets at end of period | 20,020 | 21,350 | ||
Goodwill | Accumulated amortization | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 0 | 0 | ||
Intangible assets at end of period | 0 | 0 | ||
Software | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 5,597 | 3,851 | ||
Adjustment of opening net book amount for the application of IAS 29 | 836 | |||
Exchange differences | (329) | (1,139) | ||
Additions | 2,080 | 3,217 | ||
Acquisition of subsidiaries | 66 | |||
Disposal | (6) | |||
Amortization charge | (1,147) | (1,168) | ||
Intangible assets at end of period | 6,261 | 5,597 | ||
Software | Cost | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 10,165 | 7,251 | ||
Intangible assets at end of period | 11,976 | 10,165 | ||
Software | Accumulated amortization | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | (4,568) | (3,400) | ||
Intangible assets at end of period | (5,715) | (4,568) | ||
Trademarks | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 886 | 905 | ||
Adjustment of opening net book amount for the application of IAS 29 | 0 | |||
Exchange differences | (1) | (19) | ||
Additions | 6,431 | 0 | ||
Acquisition of subsidiaries | 0 | |||
Disposal | 0 | |||
Amortization charge | 0 | 0 | ||
Intangible assets at end of period | 7,316 | 886 | ||
Trademarks | Cost | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 2,442 | 2,461 | ||
Intangible assets at end of period | 8,872 | 2,442 | ||
Trademarks | Accumulated amortization | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | (1,556) | (1,556) | ||
Intangible assets at end of period | (1,556) | (1,556) | ||
Others | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 76 | 24 | ||
Adjustment of opening net book amount for the application of IAS 29 | 0 | |||
Exchange differences | (16) | (1) | ||
Additions | 106 | 105 | ||
Acquisition of subsidiaries | 0 | |||
Disposal | 0 | |||
Amortization charge | (84) | (52) | ||
Intangible assets at end of period | 82 | 76 | ||
Others | Cost | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 338 | 234 | ||
Intangible assets at end of period | 428 | 338 | ||
Others | Accumulated amortization | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | (262) | (210) | ||
Intangible assets at end of period | (346) | (262) | ||
Intangible assets | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 27,909 | 17,192 | ||
Adjustment of opening net book amount for the application of IAS 29 | $ 16,390 | |||
Exchange differences | (1,041) | (7,775) | ||
Additions | 8,617 | 3,322 | ||
Acquisition of subsidiaries | 66 | |||
Disposal | (641) | |||
Amortization charge | (1,231) | (1,220) | ||
Intangible assets at end of period | 33,679 | 27,909 | ||
Intangible assets | Cost | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | 34,295 | 22,358 | ||
Intangible assets at end of period | 41,296 | 34,295 | ||
Intangible assets | Accumulated amortization | ||||
Activity of Intangible Assets [Roll Forward] | ||||
Intangible assets at beginning of period | (6,386) | (5,166) | ||
Intangible assets at end of period | $ (7,617) | $ (6,386) |
Biological assets - Changes in
Biological assets - Changes in Biological Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Changes in biological assets [abstract] | ||||
Biological assets | $ 105,387 | $ 167,994 | ||
Adjustment of opening net book amount for the application of IAS 29 | $ 208,178 | |||
Increase due to purchases | 1,080 | 906 | ||
Initial recognition and changes in fair value of biological assets | 68,589 | 16,195 | ||
Decrease due to harvest / disposals | (293,894) | (277,133) | ||
Costs incurred during the year | 257,062 | 231,726 | ||
Exchange differences | (7,788) | (34,958) | ||
Biological assets | 130,436 | 105,387 | ||
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 | 47,475 | 93,178 | ||
Increase due to purchases | 0 | 0 | ||
Initial recognition and changes in fair value of biological assets | 13,110 | (20,850) | ||
Decrease due to harvest / disposals | (103,551) | (105,536) | ||
Costs incurred during the year | 100,775 | 94,121 | ||
Exchange differences | (2,455) | (13,438) | ||
Biological assets | 55,354 | 47,475 | ||
Crops | Farming | ||||
Changes in biological assets [abstract] | ||||
Biological assets | 27,347 | 31,745 | ||
Increase due to purchases | 0 | 0 | ||
Initial recognition and changes in fair value of biological assets | 29,741 | 28,663 | ||
Decrease due to harvest / disposals | (108,732) | (104,941) | ||
Costs incurred during the year | 93,715 | 78,984 | ||
Exchange differences | (3,667) | (7,744) | ||
Biological assets | 38,404 | 27,347 | ||
Rice | Farming | ||||
Changes in biological assets [abstract] | ||||
Biological assets | 17,173 | 29,717 | ||
Increase due to purchases | 0 | 0 | ||
Initial recognition and changes in fair value of biological assets | 12,215 | 4,125 | ||
Decrease due to harvest / disposals | (39,331) | (39,578) | ||
Costs incurred during the year | 32,802 | 33,121 | ||
Exchange differences | (1,375) | (10,229) | ||
Biological assets | 21,484 | 17,173 | ||
Dairy | Farming | ||||
Changes in biological assets [abstract] | ||||
Biological assets | 10,298 | 9,338 | ||
Increase due to purchases | 0 | 0 | ||
Initial recognition and changes in fair value of biological assets | 13,510 | 5,455 | ||
Decrease due to harvest / disposals | (38,828) | (25,800) | ||
Costs incurred during the year | 26,735 | 23,731 | ||
Exchange differences | (194) | (2,426) | ||
Biological assets | 11,521 | 10,298 | ||
All other segments | Farming | ||||
Changes in biological assets [abstract] | ||||
Biological assets | 3,094 | 4,016 | ||
Increase due to purchases | 1,080 | 906 | ||
Initial recognition and changes in fair value of biological assets | 13 | (1,198) | ||
Decrease due to harvest / disposals | (3,452) | (1,278) | ||
Costs incurred during the year | 3,035 | 1,769 | ||
Exchange differences | (97) | (1,121) | ||
Biological assets | $ 3,673 | $ 3,094 | ||
IAS 29 | ||||
Changes in biological assets [abstract] | ||||
Adjustment of opening net book amount for the application of IAS 29 | $ 1,396 | |||
IAS 29 | Sugar, Ethanol and Energy | ||||
Changes in biological assets [abstract] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 0 | |||
Biological assets | IAS 29 | ||||
Changes in biological assets [abstract] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 657 | |||
Biological assets | IAS 29 | Sugar, Ethanol and Energy | ||||
Changes in biological assets [abstract] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 0 | |||
Biological assets | IAS 29 | Crops | Farming | ||||
Changes in biological assets [abstract] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 640 | |||
Biological assets | IAS 29 | Rice | Farming | ||||
Changes in biological assets [abstract] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 17 | |||
Biological assets | IAS 29 | Dairy | Farming | ||||
Changes in biological assets [abstract] | ||||
Adjustment of opening net book amount for the application of IAS 29 | 0 | |||
Biological assets | IAS 29 | All other segments | Farming | ||||
Changes in biological assets [abstract] | ||||
Adjustment of opening net book amount for the application of IAS 29 | $ 0 |
Biological assets - Cost of Pro
Biological assets - Cost of Production (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | $ 249,981 | $ 225,917 |
Costs incurred during the year, own produce consumed | 7,081 | 5,809 |
Costs incurred during the year | 257,062 | 231,726 |
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 | 22,807 | 21,423 |
Depreciation and amortization | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 5,468 | 3,583 |
Depreciation of right of use assets | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 31,190 | |
Fertilizers, agrochemicals and seeds | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 91,079 | 80,166 |
Fuel, lubricants and others | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 5,561 | 5,004 |
Maintenance and repairs | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 7,733 | 6,925 |
Freights | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 2,004 | 678 |
Contractors and services | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 43,787 | 39,461 |
Feeding expenses | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 11,351 | 9,941 |
Veterinary expenses | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 2,229 | 1,663 |
Energy power | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 3,368 | 3,305 |
Professional fees | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 626 | 569 |
Other taxes | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 1,434 | 1,540 |
Lease expense and similar arrangements | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 16,248 | 46,711 |
Others | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 5,096 | 4,948 |
Farming | Crops | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 93,715 | 78,984 |
Costs incurred during the year, own produce consumed | 0 | 0 |
Costs incurred during the year | 93,715 | 78,984 |
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 | 2,600 | 2,710 |
Farming | Crops | Depreciation and amortization | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 3 | 147 |
Farming | Crops | Depreciation of right of use assets | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 0 | |
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 | 40,767 | 34,961 |
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 | 886 | 811 |
Farming | Crops | Maintenance and repairs | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 996 | 943 |
Farming | Crops | Freights | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 1,446 | 119 |
Farming | Crops | Contractors and services | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 27,782 | 23,231 |
Farming | Crops | Feeding expenses | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 3 | 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 | 69 | 109 |
Farming | Crops | Professional fees | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 196 | 165 |
Farming | Crops | Other taxes | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 1,182 | 1,293 |
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 | 14,767 | 11,868 |
Farming | Crops | Others | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 3,018 | 2,627 |
Farming | Rice | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 32,802 | 33,121 |
Costs incurred during the year, own produce consumed | 0 | 0 |
Costs incurred during the year | 32,802 | 33,121 |
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 | 5,192 | 5,336 |
Farming | Rice | Depreciation and amortization | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 0 | 0 |
Farming | Rice | Depreciation of right of use assets | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 0 | |
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 | 9,924 | 10,189 |
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 | 678 | 660 |
Farming | Rice | Maintenance and repairs | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 2,648 | 2,349 |
Farming | Rice | Freights | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 318 | 387 |
Farming | Rice | Contractors and services | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 10,745 | 10,571 |
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 | 2,310 | 2,432 |
Farming | Rice | Professional fees | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 74 | 83 |
Farming | Rice | Other taxes | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 105 | 114 |
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 | 53 | 174 |
Farming | Rice | Others | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 755 | 826 |
Farming | Dairy | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 20,332 | 18,267 |
Costs incurred during the year, own produce consumed | 6,403 | 5,464 |
Costs incurred during the year | 26,735 | 23,731 |
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 | 3,776 | 3,429 |
Farming | Dairy | Depreciation and amortization | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 0 | 0 |
Farming | Dairy | Depreciation of right of use assets | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 0 | |
Farming | Dairy | Fertilizers, agrochemicals and seeds | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 0 | 0 |
Farming | Dairy | Fuel, lubricants and others | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 889 | 683 |
Farming | Dairy | Maintenance and repairs | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 1,582 | 1,557 |
Farming | Dairy | Freights | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 89 | 80 |
Farming | Dairy | Contractors and services | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 3 | 0 |
Farming | Dairy | Feeding expenses | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 10,538 | 9,795 |
Farming | Dairy | Veterinary expenses | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 2,020 | 1,522 |
Farming | Dairy | Energy power | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 979 | 764 |
Farming | Dairy | Professional fees | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 138 | 140 |
Farming | Dairy | Other taxes | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 8 | 8 |
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 | 3 | 0 |
Farming | Dairy | Others | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 307 | 289 |
Farming | All other segments | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 2,357 | 1,424 |
Costs incurred during the year, own produce consumed | 678 | 345 |
Costs incurred during the year | 3,035 | 1,769 |
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 | 582 | 540 |
Farming | All other segments | Depreciation and amortization | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 0 | 0 |
Farming | All other segments | Depreciation of right of use assets | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 0 | |
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 | 33 | 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 | 77 | 60 |
Farming | All other segments | Maintenance and repairs | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 253 | 287 |
Farming | All other segments | Freights | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 151 | 92 |
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 | 96 | 38 |
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 | 810 | 146 |
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 | 209 | 141 |
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 | 10 | 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 | 4 |
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 | 96 | 83 |
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 | 8 | 3 |
Farming | All other segments | Others | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 28 | 30 |
Sugar, Ethanol and Energy | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 100,775 | 94,121 |
Costs incurred during the year, own produce consumed | 0 | 0 |
Costs incurred during the year | 100,775 | 94,121 |
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 | 10,657 | 9,408 |
Sugar, Ethanol and Energy | Depreciation and amortization | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 5,465 | 3,436 |
Sugar, Ethanol and Energy | Depreciation of right of use assets | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 31,190 | |
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 | 40,355 | 35,016 |
Sugar, Ethanol and Energy | Fuel, lubricants and others | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | 3,031 | 2,790 |
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 | 2,254 | 1,789 |
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 | 5,161 | 5,621 |
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 | 214 | 177 |
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 | 43 | 42 |
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 | 1,417 | 34,666 |
Sugar, Ethanol and Energy | Others | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||
Costs incurred during the year, excluding own produce consumed | $ 988 | $ 1,176 |
Biological assets - Non-Current
Biological assets - Non-Current and Current Biological Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about biological assets [line items] | |||
Non-current biological assets | $ 13,303 | $ 11,270 | |
Current biological assets | 117,133 | 94,117 | |
Biological assets | 130,436 | 105,387 | $ 167,994 |
Cattle for dairy production | |||
Disclosure of detailed information about biological assets [line items] | |||
Biological assets | 11,397 | 9,859 | |
Cattle for dairy production | Mature biological assets | |||
Disclosure of detailed information about biological assets [line items] | |||
Non-current biological assets | 11,397 | 9,859 | |
Breeding cattle | |||
Disclosure of detailed information about biological assets [line items] | |||
Biological assets | 3,460 | 2,993 | |
Breeding cattle | Mature biological assets | |||
Disclosure of detailed information about biological assets [line items] | |||
Non-current biological assets | 1,783 | 1,310 | |
Current biological assets | 1,677 | 1,683 | |
Other cattle | |||
Disclosure of detailed information about biological assets [line items] | |||
Biological assets | 337 | 540 | |
Other cattle | Mature biological assets | |||
Disclosure of detailed information about biological assets [line items] | |||
Current biological assets | 214 | 439 | |
Other cattle | Immature biological assets | |||
Disclosure of detailed information about biological assets [line items] | |||
Non-current biological assets | 123 | 101 | |
Sown land – crops | |||
Disclosure of detailed information about biological assets [line items] | |||
Biological assets | 38,404 | 27,347 | |
Sown land – crops | Immature biological assets | |||
Disclosure of detailed information about biological assets [line items] | |||
Current biological assets | 38,404 | 27,347 | |
Sown land – rice | |||
Disclosure of detailed information about biological assets [line items] | |||
Biological assets | 21,484 | 17,173 | |
Sown land – rice | Immature biological assets | |||
Disclosure of detailed information about biological assets [line items] | |||
Current biological assets | 21,484 | 17,173 | |
Sown land – sugarcane | |||
Disclosure of detailed information about biological assets [line items] | |||
Biological assets | 55,354 | 47,475 | |
Sown land – sugarcane | Immature biological assets | |||
Disclosure of detailed information about biological assets [line items] | |||
Current biological assets | $ 55,354 | $ 47,475 |
Biological assets - Narrative (
Biological assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 7,900 | $ 8,600 |
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | 7,900 | 8,600 |
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 | 2,800 | 1,500 |
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | 2,800 | 1,500 |
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 | 2,000 | 3,400 |
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ 2,000 | $ 3,400 |
Biological assets - Biological
Biological assets - Biological Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value measurement of assets [line items] | |||
Biological assets | $ 130,436 | $ 105,387 | $ 167,994 |
Cattle for dairy production | |||
Disclosure of fair value measurement of assets [line items] | |||
Biological assets | 11,397 | 9,859 | |
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 | 11,397 | 9,859 | |
Cattle for dairy production | Level 3 | |||
Disclosure of fair value measurement of assets [line items] | |||
Biological assets | 0 | 0 | |
Breeding cattle | |||
Disclosure of fair value measurement of assets [line items] | |||
Biological assets | 3,460 | 2,993 | |
Breeding cattle | Level 1 | |||
Disclosure of fair value measurement of assets [line items] | |||
Biological assets | 3,460 | 2,993 | |
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 | 337 | 540 | |
Other cattle | Level 1 | |||
Disclosure of fair value measurement of assets [line items] | |||
Biological assets | 1 | 0 | |
Other cattle | Level 2 | |||
Disclosure of fair value measurement of assets [line items] | |||
Biological assets | 336 | 540 | |
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 | 55,354 | 47,475 | |
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 | 55,354 | 47,475 | |
Sown land – crops | |||
Disclosure of fair value measurement of assets [line items] | |||
Biological assets | 38,404 | 27,347 | |
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 | 38,404 | 27,347 | |
Sown land – rice | |||
Disclosure of fair value measurement of assets [line items] | |||
Biological assets | 21,484 | 17,173 | |
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 | $ 21,484 | $ 17,173 |
Biological assets - Significant
Biological assets - Significant Unobservable Inputs (Details) | 12 Months Ended | |
Dec. 31, 2019ton / hectare$ / tonkilogram / ton$ / hectare | Dec. 31, 2018ton / 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 | 12 |
Sown land – sugarcane | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 100 | 100 |
TRS value | kilogram / ton | 140 | 140 |
Maintenance costs | $ / hectare | 700 | 700 |
Harvest costs | $ / ton | 15 | 15 |
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 | 0.95 | 1.2 |
Commercial costs | 6 | 55 |
Production costs | 115 | 140 |
Sown land – crops, wheat | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 4.69 | 5.2 |
Commercial costs | 43 | 120 |
Production costs | 574 | 460 |
Sown land – crops, corn | Bottom of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 2.5 | 2.2 |
Commercial costs | 2 | 85 |
Production costs | 198 | 300 |
Sown land – crops, corn | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 10 | 9.4 |
Commercial costs | 51 | 230 |
Production costs | 859 | 620 |
Sown land – crops, soybean | Bottom of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 1.19 | 1.1 |
Commercial costs | 7 | 55 |
Production costs | 159 | 260 |
Sown land – crops, soybean | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 3.8 | 4.1 |
Commercial costs | 59 | 110 |
Production costs | 679 | 460 |
Sown land – crops, sunflower | Bottom of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 1.6 | 1.5 |
Commercial costs | 2 | 45 |
Production costs | 233 | 220 |
Sown land – crops, sunflower | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 3 | 2.1 |
Commercial costs | 71 | 80 |
Production costs | 641 | 360 |
Sown land – rice | Bottom of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 6.5 | 6 |
Commercial costs | $ / hectare | 8 | 11 |
Production costs | $ / hectare | 750 | 830 |
Sown land – rice | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Plant yields | 7.5 | 7.4 |
Commercial costs | $ / hectare | 12 | 14 |
Production costs | $ / hectare | 950 | 1,090 |
Investments in joint ventures -
Investments in joint ventures - Summary (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CHS AGRO S.A. | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture (as a percent) | 100.00% | 50.00% | 50.00% |
Investments in joint ventures_2
Investments in joint ventures - Narrative (Details) - CHS AGRO S.A. | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture (as a percent) | 100.00% | 50.00% | 50.00% | |
Proportion of ownership interest in joint venture acquired (as a percent) | 50.00% |
Investments in joint ventures_3
Investments in joint ventures - Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Non-current assets | $ 1,872,241 | $ 1,616,538 | |
Current assets | 649,066 | 660,834 | |
TOTAL ASSETS | 2,521,307 | 2,277,372 | |
LIABILITIES | |||
Non-current liabilities | 1,128,024 | 891,381 | |
Current liabilities | 364,400 | 277,846 | |
TOTAL LIABILITIES | 1,492,424 | 1,169,227 | |
Profit (loss) [abstract] | |||
Sales of goods and services rendered | 887,138 | 793,239 | $ 933,178 |
Expenses | (688,327) | (582,902) | (606,333) |
Profit / (Loss) before income tax | $ 21,162 | (24,257) | 9,983 |
CHS AGRO S.A. | |||
ASSETS | |||
Non-current assets | 9,860 | ||
Current assets | 6,710 | ||
TOTAL ASSETS | 16,570 | ||
LIABILITIES | |||
Non-current liabilities | 25,949 | ||
Current liabilities | 18,622 | ||
TOTAL LIABILITIES | 44,571 | ||
Net liabilities of joint venture | (28,001) | ||
Profit (loss) [abstract] | |||
Sales of goods and services rendered | 9,305 | 14,879 | |
Expenses | (31,989) | (22,657) | |
Profit / (Loss) before income tax | $ (22,684) | $ (7,778) |
Financial instruments by cate_3
Financial instruments by category - Carrying amounts of financial assets and financial liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets as per statement of financial position | |||||
Trade and other receivables | $ 172,331 | $ 197,506 | |||
Derivative financial instruments | 1,435 | 6,286 | |||
Cash and cash equivalents | 290,276 | 273,635 | $ 269,195 | $ 158,568 | |
Total | 464,042 | 477,427 | |||
Liabilities as per statement of financial position | |||||
Trade and other payables | 110,486 | 106,437 | |||
Borrowings (excluding finance lease liabilities) | 968,280 | 861,521 | |||
Finance leases | $ 595 | 595 | |||
Leases Liabilities | 216,384 | $ 178,143 | 0 | ||
Derivative financial instruments | 1,423 | 283 | |||
Total | 1,296,573 | 968,836 | |||
Financial Liability Instrument | |||||
Liabilities as per statement of financial position | |||||
Trade and other payables | 98,420 | 96,167 | |||
Borrowings (excluding finance lease liabilities) | 968,280 | 861,521 | |||
Finance leases | 595 | ||||
Leases Liabilities | 216,384 | ||||
Derivative financial instruments | 1,423 | 283 | |||
Total | 1,284,507 | 958,566 | |||
Non- financial liabilities | |||||
Liabilities as per statement of financial position | |||||
Trade and other payables | 12,066 | 10,270 | |||
Borrowings (excluding finance lease liabilities) | 0 | 0 | |||
Finance leases | 0 | ||||
Leases Liabilities | 0 | ||||
Derivative financial instruments | 0 | 0 | |||
Total | 12,066 | 10,270 | |||
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 | ||||
Leases Liabilities | 0 | ||||
Derivative financial instruments | 1,423 | 283 | |||
Total | 1,423 | 283 | |||
Financial liabilities at amortized cost | Financial Liability Instrument | |||||
Liabilities as per statement of financial position | |||||
Trade and other payables | 98,420 | 96,167 | |||
Borrowings (excluding finance lease liabilities) | 968,280 | 861,521 | |||
Finance leases | 595 | ||||
Leases Liabilities | 216,384 | ||||
Derivative financial instruments | 0 | 0 | |||
Total | 1,283,084 | 958,283 | |||
Financial Assets Instruments | |||||
Assets as per statement of financial position | |||||
Trade and other receivables | 88,113 | 91,183 | |||
Derivative financial instruments | 1,435 | 6,286 | |||
Cash and cash equivalents | 290,276 | 273,635 | |||
Total | 379,824 | 371,104 | |||
Financial Assets Instruments | Financial asset at amortized cost | |||||
Assets as per statement of financial position | |||||
Trade and other receivables | 88,113 | 91,183 | |||
Derivative financial instruments | 0 | 0 | |||
Cash and cash equivalents | 290,276 | 273,635 | |||
Total | 378,389 | 364,818 | |||
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 | 1,435 | 6,286 | |||
Cash and cash equivalents | 0 | 0 | |||
Total | 1,435 | 6,286 | |||
Non- financial assets | |||||
Assets as per statement of financial position | |||||
Trade and other receivables | 84,218 | 106,323 | |||
Derivative financial instruments | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Total | $ 84,218 | $ 106,323 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | |||
Interest income | $ 7,319 | $ 7,915 | $ 11,230 |
Interest expense | (60,134) | (51,577) | (52,308) |
Foreign exchange gains/(losses) | (108,458) | (183,195) | $ (38,708) |
(Loss) / gain from derivative financial instruments (ii) | 571 | 51,670 | |
Finance cost related to lease liabilities | (9,524) | ||
Financial liabilities at amortized cost | |||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | |||
Interest income | 0 | 0 | |
Interest expense | (24,899) | (15,783) | |
Foreign exchange gains/(losses) | (72,424) | (33,041) | |
(Loss) / gain from derivative financial instruments (ii) | 0 | 0 | |
Finance cost related to lease liabilities | 0 | ||
Financial asset at amortized cost | |||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | |||
Interest income | 7,319 | 7,915 | |
Interest expense | (35,208) | (35,794) | |
Foreign exchange gains/(losses) | (19,807) | (108,936) | |
(Loss) / gain from derivative financial instruments (ii) | (870) | 0 | |
Finance cost related to lease liabilities | 0 | ||
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 | (27) | 0 | |
Foreign exchange gains/(losses) | (16,227) | (41,218) | |
(Loss) / gain from derivative financial instruments (ii) | 1,441 | $ 51,670 | |
Finance cost related to lease liabilities | $ (9,524) |
Financial instruments by cate_5
Financial instruments by category - Financial assets and financial liabilities measured at fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Derivative financial instruments | $ 1,435 | $ 6,286 |
Derivative financial liabilities | (1,423) | (283) |
Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Derivative financial instruments | 1,257 | 6,286 |
Derivative financial liabilities | (1,423) | (254) |
Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Derivative financial instruments | 178 | 0 |
Derivative financial liabilities | $ 0 | $ (29) |
Financial instruments by cate_6
Financial instruments by category - Fair values based on recognized valuation methods (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |
Derivative financial assets (liabilities) | $ 12 |
Level 1 | Futures | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |
Derivative financial assets (liabilities) | (166) |
Level 2 | NDF | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |
Derivative financial assets (liabilities) | $ 178 |
Trade and other receivables, _3
Trade and other receivables, net - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current | ||
Advances to suppliers | $ 723 | $ 2,343 |
Income tax credits | 5,240 | 4,429 |
Non-income tax credits | 16,895 | 15,998 |
Judicial deposits | 2,596 | 2,908 |
Receivable from disposal of subsidiary | 17,047 | 10,944 |
Other receivables | 2,492 | 2,198 |
Non-current portion | 44,993 | 38,820 |
Current | ||
Trade receivables | (51,498) | (66,001) |
Prepaid expenses | 12,521 | 9,396 |
Advances to suppliers | 14,417 | 43,365 |
Income tax credits | 1,059 | 2,560 |
Non-income tax credits | 33,363 | 28,232 |
Receivable from disposal of subsidiary (Note 22) | 5,716 | 3,709 |
Cash collateral | 23 | 1,505 |
Receivables from related parties (Note 33) | 0 | 324 |
Other receivables | 8,741 | 3,594 |
Subtotal | 75,840 | 92,685 |
Trade and other receivables, net | 127,338 | 158,686 |
Trade and other receivables | 172,331 | 197,506 |
Reclassified from Property, plant and equipment | 226 | 575 |
Gross | Trade receivables excluding related party | ||
Current | ||
Trade receivables | (55,271) | (60,167) |
Gross | Trade receivables related party | ||
Current | ||
Trade receivables | 0 | (8,337) |
Allowance for trade receivables | ||
Current | ||
Trade receivables | $ (3,773) | $ (2,503) |
Trade and other receivables, _4
Trade and other receivables, net - Carrying Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||
Trade and other receivables | $ 172,331 | $ 197,506 |
US Dollar | ||
Disclosure of financial assets [line items] | ||
Trade and other receivables | 37,131 | 52,342 |
Argentine Peso | ||
Disclosure of financial assets [line items] | ||
Trade and other receivables | 45,520 | 42,896 |
Uruguay, Pesos | ||
Disclosure of financial assets [line items] | ||
Trade and other receivables | 999 | 534 |
Brazilian Reais | ||
Disclosure of financial assets [line items] | ||
Trade and other receivables | $ 88,681 | $ 101,734 |
Trade and other receivables, _5
Trade and other receivables, net - Narrative (Details) $ in Thousands | Dec. 31, 2019USD ($)company | Dec. 31, 2018USD ($) |
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 | |
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 | $ 381 | $ 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 | $ 11,284 | $ 5,052 |
Proportion of outstanding unimpaired trade receivables (as a percent) | 26.00% | 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance For Doubtful Trade Receivables [Roll Forward] | |||
Beginning balance | $ 2,503 | $ 1,002 | $ 643 |
Charge of the year | 3,656 | 2,468 | 758 |
Acquisition of subsidiary | 46 | 0 | 0 |
Unused amounts reversed | (1,314) | (237) | (133) |
Used during the year | (48) | (281) | (193) |
Exchange differences | (1,070) | (449) | (73) |
Ending balance | $ 3,773 | $ 2,503 | $ 1,002 |
Inventories - Summary (Details)
Inventories - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories [abstract] | ||||
Raw materials | $ 47,501 | $ 48,140 | ||
Finished goods | 65,278 | 79,758 | $ 61,888 | $ 68,191 |
Others | 11 | 204 | ||
Current inventories | $ 112,790 | $ 128,102 |
Cash and cash equivalents - Sum
Cash and cash equivalents - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | ||||
Cash at bank and on hand | $ 124,701 | $ 197,544 | ||
Short-term bank deposits | 165,575 | 76,091 | ||
Cash and cash equivalents | $ 290,276 | $ 273,635 | $ 269,195 | $ 158,568 |
Disposals and Acquisitions - Na
Disposals and Acquisitions - Narrative (Details) R$ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2019USD ($)dairy_facility | Jan. 31, 2019BRL (R$)installment | Jan. 31, 2019USD ($)installment | Jun. 30, 2018BRL (R$)installment | Jun. 30, 2018USD ($)installment | May 31, 2018BRL (R$) | May 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Disclosure of subsidiaries [line items] | |||||||||||
Gain from disposal | $ 1,354,000 | $ 36,227,000 | $ 0 | ||||||||
Rio De Janeiro Farm | Negocios Imobiliarios Ltda. | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total consideration for disposal | R$ 120.0 | $ 34,000,000 | |||||||||
Gain from disposal | $ 22,000,000 | ||||||||||
Conquista Farms | Negocios Imobiliarios Ltda. | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Number of installments to transfer consideration | installment | 4 | 4 | |||||||||
Total consideration for disposal | R$ 68.0 | $ 18,400,000 | |||||||||
Gain from disposal | 14,000,000 | ||||||||||
Cash collected from sale of wholly owned subsidiary | R$ 21.4 | $ 5,600,000 | |||||||||
Alto Alegre Farm | Negocios Imobiliarios Ltda. | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Gain (loss) from acquisition | $ 1,500,000 | ||||||||||
Number of installments to transfer consideration | installment | 7 | 7 | |||||||||
Total consideration for disposal | R$ 62.5 | $ 16,600,000 | |||||||||
Cash collected from sale of wholly owned subsidiary | R$ 8.4 | 2,200,000 | |||||||||
Reclassification of revaluation surplus to retained earnings | [1] | $ 8,000,000 | |||||||||
CHS AGRO S.A. | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Voting equity interests acquired (as a percent) | 50.00% | ||||||||||
Proportion of ownership interest in subsidiary (as a percent) | 100.00% | 100.00% | |||||||||
Value of participation | $ 0 | ||||||||||
Gain (loss) from acquisition | $ 200,000 | ||||||||||
Olam Alimentos S.A. | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Voting equity interests acquired (as a percent) | 100.00% | ||||||||||
Consideration transferred, acquisition-date fair value | $ 10,000,000 | ||||||||||
Number of installments to transfer consideration | installment | 3 | 3 | |||||||||
SanCor | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Consideration transferred, acquisition-date fair value | $ 47,000,000 | ||||||||||
Number of dairy facilities acquired | dairy_facility | 2 | ||||||||||
[1] | Net of 2,978 of Income tax. |
Disposals and Acquisitions - Ne
Disposals and Acquisitions - Net Assets Acquired (Details) - CHS AGRO S.A. $ in Thousands | 1 Months Ended |
Jan. 31, 2019USD ($) | |
Disclosure of detailed information about business combination [line items] | |
Property, plant and equipment | $ 21,800 |
Intangible assets, net | 41 |
Inventories | 1,866 |
Trade and other receivables, net | 4,492 |
Deferred income tax liabilities | (4,546) |
Trade and other payables | (1,031) |
Current income tax liabilities | (5) |
Payroll and Social liabilities | (153) |
Borrowings | (23,062) |
Cash and cash equivalents added as a result of the business combination | 747 |
Total net assets added as a result of business combination | 149 |
Fair value of previously held equity interest | 74 |
Gain for bargain purchase | $ 75 |
Shareholders' contributions - N
Shareholders' contributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 75 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Sep. 24, 2013 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Par value per share (USD per share) | $ 1.5 | $ 1.5 | |||
Authorized proportion of outstanding stock (as a percent) | 5.00% | ||||
Purchase of treasury shares | $ 4,263 | $ 15,725 | $ 38,367 | ||
Treasury stock (shares) | 5,295,765 | 5,295,765 | |||
Share Repurchase Program | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock repurchased under program (shares) | 9,117,747 | ||||
Employee stock options exercised (shares) | 3,828,042 | ||||
Purchase of treasury shares | $ 4,263 | $ 15,725 | $ 38,367 |
Shareholders' contributions - S
Shareholders' contributions - Share Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Share capital and share premium | |||||
Balance at beginning of period | $ 1,108,145 | [1] | $ 683,019 | $ 712,304 | |
Employee share options exercised | 39 | ||||
Restricted shares and units vested | 721 | ||||
Purchase of own shares | (4,263) | (15,725) | (38,367) | ||
Balance at end of period | $ 1,028,883 | $ 1,108,145 | [1] | $ 683,019 | |
Share capital (Note 23) | |||||
Number of shares | |||||
Stock at beginning of period (shares) | 122,382,000 | 122,382,000 | 122,382,000 | ||
Employee share options exercised (shares) | 0 | ||||
Restricted shares and units vested (shares) | 0 | 0 | 0 | ||
Purchase of own shares (shares) | 0 | 0 | 0 | ||
Stock at end of period (shares) | 122,382,000 | 122,382,000 | 122,382,000 | ||
Share capital and share premium | |||||
Balance at beginning of period | $ 183,573 | [1] | $ 183,573 | $ 183,573 | |
Balance at end of period | 183,573 | 183,573 | [1] | 183,573 | |
Share capital and share premium | |||||
Share capital and share premium | |||||
Balance at beginning of period | 1,084,076 | 1,092,507 | 1,120,823 | ||
Employee share options exercised | 50 | ||||
Restricted shares and units vested | 4,455 | 4,775 | 4,149 | ||
Purchase of own shares | (3,219) | (13,206) | (32,515) | ||
Balance at end of period | $ 1,085,312 | $ 1,084,076 | $ 1,092,507 | ||
[1] | Net of 139,223 of Income tax. |
Equity-settled share-based pa_3
Equity-settled share-based payments - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2007 | Dec. 31, 2004 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based compensation expense | $ 4,734 | $ 4,728 | $ 5,552 | |||
Stock Options, 2004 Stock Incentive Option Plan | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Maximum term of options | 10 years | |||||
Extended term on options | 10 years | |||||
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 | 10 years | |||||
Restricted Stock and Restricted Stock Units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period | 3 years | |||||
Vesting rate (as a percent) | 33.00% | |||||
Maximum stock authorized (shares) | 3,982,658 | |||||
Stock already granted (shares) | 3,896,809 | |||||
Stock vested in future periods (shares) | 976,234 | |||||
Restricted Stock Units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based compensation expense | $ 4,800 | $ 4,900 | $ 5,600 |
Equity-settled share-based pa_4
Equity-settled share-based payments - Options Schemes (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Options (thousands) | |||
Stock exercisable in share-based payment arrangement (shares) | 1,762,000 | 2,371,000 | 2,485,000 |
Stock Options, 2004 Stock Incentive Option Plan | |||
Average exercise price per share | |||
Outstanding at beginning of period (USD per share) | $ | $ 6.66 | $ 6.66 | $ 6.66 |
Exercised (USD per share) | $ | 0 | 0 | 5.83 |
Outstanding at end of period (USD per share) | $ | $ 6.66 | $ 6.66 | $ 6.66 |
Options (thousands) | |||
Outstanding at beginning of period (shares) | 1,634,000 | 1,634,000 | 1,641,000 |
Exercised (shares) | 0 | 0 | (7,000) |
Outstanding at end of period (shares) | 1,634,000 | 1,634,000 | 1,634,000 |
Stock Options, 2004 Stock Incentive Option Plan | May 1, 2024 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 5.83 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 496,000 | 496,000 | |
Outstanding at end of period (shares) | 496,000 | 496,000 | 496,000 |
Stock Options, 2004 Stock Incentive Option Plan | May 1, 2025 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 5.83 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 452,000 | 452,000 | |
Outstanding at end of period (shares) | 452,000 | 452,000 | 452,000 |
Stock Options, 2004 Stock Incentive Option Plan | January 1, 2026 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 5.83 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 142,000 | 142,000 | |
Outstanding at end of period (shares) | 142,000 | 142,000 | 142,000 |
Stock Options, 2004 Stock Incentive Option Plan | February 16, 2026 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 7.11 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 103,000 | 103,000 | |
Outstanding at end of period (shares) | 103,000 | 103,000 | 103,000 |
Stock Options, 2004 Stock Incentive Option Plan | October 1, 2026 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 8.62 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 441,000 | 441,000 | |
Outstanding at end of period (shares) | 441,000 | 441,000 | 441,000 |
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | |||
Average exercise price per share | |||
Outstanding at beginning of period (USD per share) | $ | $ 13.37 | $ 13.31 | $ 13.07 |
Forfeited (USD per share) | $ | 13.40 | 13.27 | 13.40 |
Expired (USD per share) | $ | 12.82 | 12.82 | 12.82 |
Outstanding at end of period (USD per share) | $ | $ 13.26 | $ 13.37 | $ 13.31 |
Options (thousands) | |||
Outstanding at beginning of period (shares) | 737,000 | 851,000 | 1,658,000 |
Forfeited (shares) | 0 | (11,000) | (4,000) |
Expired (shares) | (609,000) | (103,000) | (803,000) |
Outstanding at end of period (shares) | 128,000 | 737,000 | 851,000 |
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | From Nov 13, 2017 to Aug 25, 2018 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 12.82 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 0 | 105,000 | |
Outstanding at end of period (shares) | 0 | 0 | 105,000 |
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | January 30, 2019 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 13.40 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 595,000 | 595,000 | |
Outstanding at end of period (shares) | 0 | 595,000 | 595,000 |
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | June 1, 2019 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 12.82 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 3,000 | 3,000 | |
Outstanding at end of period (shares) | 0 | 3,000 | 3,000 |
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | November 1, 2019 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 13.40 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 11,000 | 11,000 | |
Outstanding at end of period (shares) | 0 | 11,000 | 11,000 |
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | From Jan 30, 2020 to Sep 1, 2020 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 13.40 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 97,000 | 106,000 | |
Outstanding at end of period (shares) | 97,000 | 97,000 | 106,000 |
Share Options, Adecoagro/ IFH 2007/ 2008 Equity Incentive Plan | From Jan 30, 2020 to Sep 1, 2020 | |||
Average exercise price per share | |||
Outstanding at end of period (USD per share) | $ | $ 12.82 | ||
Options (thousands) | |||
Outstanding at beginning of period (shares) | 31,000 | 31,000 | |
Outstanding at end of period (shares) | 31,000 | 31,000 | 31,000 |
Equity-settled share-based pa_5
Equity-settled share-based payments - Key Grant Date Fair Value and Other Assumptions (Details) - USD ($) | May 15, 2019 | Apr. 01, 2019 | May 15, 2018 | Apr. 01, 2018 | May 15, 2017 | Apr. 01, 2017 |
Share-Based Payment Arrangements [Abstract] | ||||||
Grant date, fair value (USD per share) | $ 7.20 | $ 7 | $ 9.10 | $ 8.43 | $ 12.14 | $ 11.88 |
Possibility of ceasing employment before vesting (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Equity-settled share-based pa_6
Equity-settled share-based payments - Restricted Share and Restricted Stock Unit Plan (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted shares | |||
Movement of Share-Based Payment Arrangement [Roll Forward] | |||
Balance at beginning of period (shares) | 0 | ||
Granted (shares) | 753,000 | ||
Forfeited (shares) | (3,000) | ||
Vested (shares) | 0 | ||
Balance at end of period (shares) | 750,000 | 0 | |
Restricted Stock Units | |||
Movement of Share-Based Payment Arrangement [Roll Forward] | |||
Balance at beginning of period (shares) | 976,000 | 969,000 | 1,000,000 |
Granted (shares) | 20,000 | 530,000 | 488,000 |
Forfeited (shares) | (12,000) | (25,000) | (29,000) |
Vested (shares) | (476,000) | (498,000) | (490,000) |
Balance at end of period (shares) | 508,000 | 976,000 | 969,000 |
Legal and other reserves - Narr
Legal and other reserves - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reserves within equity [abstract] | ||
Legal and other reserve | $ 3,699,000 | $ 3,664,000 |
Distributable retained earnings | 0 | |
Retained earnings, unappropriated | $ 935,220,000 |
Trade and other payables - Summ
Trade and other payables - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current | ||
Payable from acquisition of property, plant and equipment | $ 3,394 | $ 0 |
Other payables | 205 | 211 |
Trade and other payables, non-current | 3,599 | 211 |
Current | ||
Trade payables | 90,594 | 94,483 |
Advances from customers | 2,980 | 3,813 |
Taxes payable | 9,086 | 6,457 |
Payables from acquisition of property, plant and equipment | 3,596 | 0 |
Other payables | 631 | 1,473 |
Trade and other payables, current | 106,887 | 106,226 |
Trade and other payables | $ 110,486 | $ 106,437 |
Borrowings - Borrowings (Detail
Borrowings - Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current | |||
Non-current portion of non-current notes and debentures issued | $ 496,564 | $ 496,118 | |
Non-current | 780,202 | 718,484 | |
Current | |||
Current notes and debentures issued and current portion of non-current notes and debentures issued | 8,250 | 8,250 | |
Current | 188,078 | 143,632 | |
Borrowings | 968,280 | 862,116 | $ 817,958 |
Bank overdrafts | |||
Current | |||
Current | 27 | 2,320 | |
Bank borrowings | |||
Non-current | |||
Non-current | 283,638 | 221,971 | |
Current | |||
Current | 179,801 | 132,862 | |
Obligations under finance leases | |||
Non-current | |||
Non-current | 0 | 395 | |
Current | |||
Current | $ 0 | $ 200 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Sep. 21, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||||
Collateralized liabilities | $ 210,525,000 | $ 268,765,000 | ||
Issuance of senior notes | 0 | 0 | $ 495,678,000 | |
Nominal amount | 37,965,000 | 55,828,000 | ||
Level 2 | Fair value | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 460,000,000 | $ 497,000,000 | ||
Borrowings, nominal rate (as a percent) | 91.91% | 99.49% | ||
Senior Notes due 2027 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 500,000,000 | |||
Issuance of senior notes | $ 495,700,000 | |||
Senior Notes due 2027 | Fixed interest rate | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate on borrowings (as a percent) | 6.00% | |||
Brazilian Subsidiaries | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (as a percent) | 5.47% | |||
Brazilian Subsidiaries | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (as a percent) | 8.33% | |||
Brazilian Subsidiaries | Fixed interest rate | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate on borrowings (as a percent) | 2.50% | |||
Brazilian Subsidiaries | Fixed interest rate | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate on borrowings (as a percent) | 7.95% | |||
Brazilian Subsidiaries | LIBOR Variable Rate Basis | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate basis (as a percent) | 1.91% | 2.88% | ||
Brazilian Subsidiaries | Ecoagro XP CRA Loan Due November 2027 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal amount | $ 400,000,000 | |||
Brazilian Subsidiaries | Ecoagro XP CRA Loan Due November 2027 | IPCA | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (as a percent) | 3.80% | |||
US Dollar | Argentina Subsidiaries | Fixed interest rate | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate on borrowings (as a percent) | 5.68% | |||
US Dollar | Argentina Subsidiaries | Fixed interest rate | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate on borrowings (as a percent) | 7.50% | |||
US Dollar | Argentina Subsidiaries | LIBOR Variable Rate Basis | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate on borrowings (as a percent) | 4.00% | |||
US Dollar | Argentina Subsidiaries | LIBOR Variable Rate Basis | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate on borrowings (as a percent) | 4.75% | |||
Argentine Peso | Argentina Subsidiaries | Fixed interest rate | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate on borrowings (as a percent) | 61.00% |
Borrowings - Maturity of Borrow
Borrowings - Maturity of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | |||
Total debt | $ 968,280 | $ 862,116 | $ 817,958 |
Borrowings excluding obligations under finance lease | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 968,280 | 861,521 | |
Borrowings excluding obligations under finance lease | Fixed interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 868,460 | 723,077 | |
Borrowings excluding obligations under finance lease | Variable interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 99,820 | 138,444 | |
Borrowings excluding obligations under finance lease | Less than 1 year | Fixed interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 120,154 | 105,708 | |
Borrowings excluding obligations under finance lease | Less than 1 year | Variable interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 67,924 | 37,724 | |
Borrowings excluding obligations under finance lease | Between 1 and 2 years | Fixed interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 46,247 | 16,287 | |
Borrowings excluding obligations under finance lease | Between 1 and 2 years | Variable interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 20,007 | 17,278 | |
Borrowings excluding obligations under finance lease | Between 2 and 3 years | Fixed interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 55,453 | 25,704 | |
Borrowings excluding obligations under finance lease | Between 2 and 3 years | Variable interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 7,197 | 29,861 | |
Borrowings excluding obligations under finance lease | Between 3 and 4 years | Fixed interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 40,725 | 43,507 | |
Borrowings excluding obligations under finance lease | Between 3 and 4 years | Variable interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 4,692 | 22,886 | |
Borrowings excluding obligations under finance lease | Between 4 and 5 years | Fixed interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 10,331 | 26,415 | |
Borrowings excluding obligations under finance lease | Between 4 and 5 years | Variable interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 0 | 18,251 | |
Borrowings excluding obligations under finance lease | Over 5 Years | Fixed interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | 595,550 | 505,456 | |
Borrowings excluding obligations under finance lease | Over 5 Years | Variable interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt | $ 0 | $ 12,444 |
Borrowings - Brazilian Subsidia
Borrowings - Brazilian Subsidiaries (Details) R$ in Millions | Dec. 31, 2019BRL (R$) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Nominal amount | $ 37,965,000 | $ 55,828,000 | ||
Total debt | 968,280,000 | 862,116,000 | $ 817,958,000 | |
Brazilian Subsidiaries | Banco Do Brasil Loan Due November 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal amount | 130,000,000 | |||
Total debt | R$ 54.2 | $ 0 | 0 | |
Interest rate on borrowings (as a percent) | 2.94% | 2.94% | ||
Performance bonus (as a percent) | 15.00% | 15.00% | ||
Brazilian Subsidiaries | Itau BBA FINAME Loan Due December 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal amount | $ 45,900,000 | |||
Total debt | R$ 6.5 | $ 0 | 0 | |
Interest rate on borrowings (as a percent) | 2.50% | 2.50% | ||
Brazilian Subsidiaries | Ita BBA Loan Due March 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal amount | $ 273,000,000 | |||
Total debt | R$ 66.3 | $ 0 | 0 | |
Brazilian Subsidiaries | Ita BBA Loan Due March 2019 | CDI Variable Rate Basis | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (as a percent) | 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 | $ 215,000,000 | |||
Total debt | R$ 83.7 | $ 0 | 0 | |
Interest rate on borrowings (as a percent) | 3.75% | 3.75% | ||
Brazilian Subsidiaries | ING / Rabobank / ABN / HSBC / Credit Agricole / Caixa Geral / Galena Due December 2018 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal amount | $ 75,000,000 | |||
Total debt | R$ 0.0 | $ 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] | ||||
Adjustment to interest rate basis (as a percent) | 6.33% | 6.33% | ||
Brazilian Subsidiaries | Ecoagro XP CRA Loan Due November 2027 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal amount | $ 400,000,000 | |||
Total debt | R$ 0.0 | $ 0 | $ 0 | |
Brazilian Subsidiaries | Ecoagro XP CRA Loan Due November 2027 | IPCA | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (as a percent) | 3.80% | 3.80% |
Borrowings - Argentinian Subsid
Borrowings - Argentinian Subsidiaries (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | |||
Nominal amount | $ 37,965 | $ 55,828 | |
Total debt | 968,280 | 862,116 | $ 817,958 |
Net book value of pledged assets | $ 324,129 | 265,099 | |
IDB Tranche A Due Nov 2018 | Fixed interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate on borrowings (as a percent) | 4.30% | ||
IFC Tranche A Due Sept 2021 | LIBOR Variable Rate Basis | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis (as a percent) | 4.00% | ||
IFC Trance B Due Sept 2023 | LIBOR Variable Rate Basis | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis (as a percent) | 3.00% | ||
Argentina Subsidiaries | IDB Tranche A Due Nov 2018 | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal amount | $ 25,000 | ||
Total debt | 18,180 | 22,700 | |
Argentina Subsidiaries | IFC Tranche A Due Sept 2021 | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal amount | 25,000 | ||
Total debt | 14,290 | 21,400 | |
Net book value of pledged assets | 113,000 | ||
Argentina Subsidiaries | IFC Trance B Due Sept 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal amount | 50,000 | ||
Total debt | $ 50,000 | $ 50,000 |
Borrowings - Evolution of Borro
Borrowings - Evolution of Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Borrowings [Roll Forward] | |||
Amount at the beginning of the year | $ 862,116 | $ 817,958 | |
Proceeds from long-term borrowings | 108,271 | 45,536 | $ 232,433 |
Payments of long-term borrowings | (101,826) | (124,349) | (602,700) |
Proceeds from short term borrowings | 193,977 | 318,108 | |
Payments of short-term borrowings | (127,855) | (190,630) | (64,787) |
Payments of interest | (55,195) | (47,401) | |
Accrued interest | 56,943 | 61,186 | |
Acquisition of subsidiaries | 12,823 | 0 | |
Exchange differences, inflation and translation, net | 3,618 | (19,506) | |
Others | 15,408 | 1,214 | |
Amount at the end of the year | $ 968,280 | $ 862,116 | $ 817,958 |
Lease liabilities - Summary (De
Lease liabilities - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lease liabilities | |||
Non-current | $ 174,570 | $ 0 | |
Current | 41,814 | 0 | |
Lease liabilities | $ 216,384 | $ 178,143 | $ 0 |
Lease liabilities - Maturity of
Lease liabilities - Maturity of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease payments to be paid | $ 216,384 |
Less than 1 year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease payments to be paid | 41,813 |
Between 1 and 2 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease payments to be paid | 46,657 |
Between 2 and 3 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease payments to be paid | 28,197 |
Between 3 and 4 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease payments to be paid | 21,160 |
Between 4 and 5 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease payments to be paid | 18,427 |
More than 5 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease payments to be paid | $ 60,130 |
Payroll and social securities_3
Payroll and social securities payable - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current | ||
Social security payable | $ 1,209 | $ 1,219 |
Non-current payroll and social security liabilities | 1,209 | 1,219 |
Current | ||
Salaries payable | 3,290 | 3,785 |
Social security payable | 3,025 | 3,112 |
Provision for vacations | 8,808 | 9,770 |
Provision for bonuses | 10,085 | 9,311 |
Current payroll and social security liabilities | 25,208 | 25,978 |
Total payroll and social security liabilities | $ 26,417 | $ 27,197 |
Provisions for other liabilit_3
Provisions for other liabilities - Changes in Provisions for Other Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movement In Other Provisions [Roll Forward] | ||
Other provisions, beginning balance | $ 3,625 | $ 4,843 |
Additions | 568 | 1,147 |
Used during year | (774) | (1,379) |
Exchange differences | (247) | (986) |
Other provisions, ending balance | 3,172 | 3,625 |
Labor, legal and other claims | ||
Movement In Other Provisions [Roll Forward] | ||
Other provisions, beginning balance | 3,620 | 4,838 |
Additions | 527 | 1,147 |
Used during year | (774) | (1,379) |
Exchange differences | (247) | (986) |
Other provisions, ending balance | 3,126 | 3,620 |
Others | ||
Movement In Other Provisions [Roll Forward] | ||
Other provisions, beginning balance | 5 | 5 |
Additions | 41 | 0 |
Used during year | 0 | 0 |
Exchange differences | 0 | 0 |
Other provisions, ending balance | $ 46 | $ 5 |
Provisions for other liabilit_4
Provisions for other liabilities - Total Provisions (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [abstract] | |||
Noncurrent provisions | $ 2,936 | $ 3,296 | |
Current provisions | 236 | 329 | |
Total provisions | $ 3,172 | $ 3,625 | $ 4,843 |
Provisions for other liabilit_5
Provisions for other liabilities - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of recognised finance lease as assets by lessee [line items] | |||
Lease expense | $ 1,288 | $ 1,409 | $ 1,659 |
Average contract term (in years) | 6 years | ||
Minimum operating lease payments recognised as expense | $ 9,200 | 41,100 | 38,500 |
Minimum finance lease payments payable | $ 522 | 595 | |
Lease term (in years) | 10 years | ||
Lease Expense Capitalized | |||
Disclosure of recognised finance lease as assets by lessee [line items] | |||
Lease expense | $ 0 | $ 14,000 | $ 6,800 |
Disclosure of leases and simi_4
Disclosure of leases and similar arrangements - Future Minimum Rental Payments Due (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under cancellable operating lease | $ 0 | $ 9,508 |
Less than 1 year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under cancellable operating lease | 0 | 9,082 |
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 | $ 0 | $ 426 |
Disclosure of leases and simi_5
Disclosure of leases and similar arrangements - Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases1 [Abstract] | |||
Rental income | $ 564 | $ 643 | $ 771 |
Disclosure of leases and simi_6
Disclosure of leases and similar arrangements - Future Minimum Rental Payments Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease payments receivable under cancellable operating lease | $ 0 | $ 338 |
Less than 1 year | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease payments receivable under cancellable operating lease | 0 | 32 |
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 | $ 0 | $ 306 |
Group companies - Ownership Int
Group companies - Ownership Interests in Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Argentina | Adeco Agropecuaria S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Argentina | Pilagá S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 99.94% | 99.94% |
Argentina | Cavok S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 51.00% | 51.00% |
Argentina | Establecimientos El Orden S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 51.00% | 51.00% |
Argentina | Bañado del Salado S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Argentina | Agro Invest S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 51.00% | 51.00% |
Argentina | Forsalta S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 51.00% | 51.00% |
Argentina | Dinaluca S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Argentina | Simoneta S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Argentina | Compañía Agroforestal S.M.S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Argentina | Energía Agro S.A.U. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Argentina | L3N S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Argentina | Maní del Plata S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Argentina | Girasoles del Plata S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Brazil | Adeco Agropecuaria Brasil S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Brazil | Adecoagro Vale do Ivinhema S.A. (AVI) | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Brazil | Usina Monte Alegre Ltda. (UMA) | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Brazil | Monte Alegre Combustíveis Ltda. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Brazil | Adecoagro Energia Ltda. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Brazil | Adeco Brasil Participações S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Uruguay | Kelizer S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Uruguay | Adecoagro Uruguay S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Uruguay | Ladelux S.C.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Luxembourg | Adecoagro LP S.C.S. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Luxembourg | Adecoagro GP S.a.r.l. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Spain | Spain Holding Companies | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary (as a percent) | 0.00% | 0.00% |
Related-party transactions - Su
Related-party transactions - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Directors and senior management | |||
Disclosure of transactions between related parties [line items] | |||
Compensation selected employees | $ (5,232) | $ (7,122) | $ (7,040) |
Payables (Note 26) | (15,499) | (16,353) | |
Joint venture | |||
Disclosure of transactions between related parties [line items] | |||
Receivables from related parties | 0 | 8,337 | |
Payables (Note 26) | 0 | (194) | |
Sales of goods | 0 | 456 | 2,487 |
Services | 0 | 210 | 88 |
Interest income | 0 | $ 242 | $ 308 |
Related party loan | $ 8,000 | ||
Interest rate on borrowings (as a percent) | 3.00% |
Critical accounting estimates_3
Critical accounting estimates and judgments - Narrative (Details) $ in Thousands | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($)cash_generating_unit | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($)cash_generating_unit |
Disclosure of information for cash-generating units [line items] | ||||
Number of cash-generating units | cash_generating_unit | 40 | 37 | ||
Total assets allocated to CGUs tested | $ | $ 2,521,307 | $ 2,277,372 | ||
Argentina | ||||
Disclosure of information for cash-generating units [line items] | ||||
Number of cash-generating units | cash_generating_unit | 12 | 11 | ||
Argentina | Cash-generating units | ||||
Disclosure of information for cash-generating units [line items] | ||||
Total assets allocated to CGUs tested | $ | 176,000 | $ 176,438 | $ 191,868 | |
Brazil | ||||
Disclosure of information for cash-generating units [line items] | ||||
Number of cash-generating units | cash_generating_unit | 2 | 2 | ||
Brazil | Cash-generating units | ||||
Disclosure of information for cash-generating units [line items] | ||||
Total assets allocated to CGUs tested | $ | $ 652,000 | $ 619,945 | $ 624,891 |
Critical accounting estimates_4
Critical accounting estimates and judgments - Allocated Goodwill to CGUs in Argentina (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Disclosure of information for cash-generating units [line items] | ||||
Total assets allocated to CGUs tested | $ 2,521,307 | $ 2,277,372 | ||
Argentina | La Carolina | Crops | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | $ 162 | $ 112 | ||
Argentina | La Carolina | Cattle | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 26 | 38 | ||
Argentina | El Orden | Crops | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 175 | 170 | ||
Argentina | El Orden | Cattle | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 6 | 14 | ||
Argentina | La Guarida | Crops | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 1,158 | 1,149 | ||
Argentina | La Guarida | Cattle | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 597 | 937 | ||
Argentina | Los Guayacanes | Crops | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 2,145 | 1,449 | ||
Argentina | Dona Marina | Rice | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 3,734 | 3,385 | ||
Argentina | Huelen | Crops | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 3,716 | 3,369 | ||
Argentina | El Colorado | Crops | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 1,857 | 1,484 | ||
Argentina | El Colorado | Cattle | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 18 | 216 | ||
Argentina | Cash-generating units | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 13,594 | 12,323 | ||
Closing net book value of PPE items allocated to CGUs tested | 162,844 | 179,545 | ||
Total assets allocated to CGUs tested | $ 176,000 | $ 176,438 | $ 191,868 |
Critical accounting estimates_5
Critical accounting estimates and judgments - Key Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of information for cash-generating units [line items] | ||
Future pricing increases (as a percent) | 0.11% | 0.11% |
Future cost increases (as a percent) | 0.78% | 3.11% |
Discount rates (as a percent) | 7.00% | 8.00% |
Perpetuity growth rate (as a percent) | 1.00% | 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 (as a percent) | 0.00% | 0.00% |
Top of range | ||
Disclosure of information for cash-generating units [line items] | ||
Yield average growth rates (as a percent) | 1.00% | 1.00% |
Critical accounting estimates_6
Critical accounting estimates and judgments - Allocated Goodwill to CGUs in Brazil (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Disclosure of information for cash-generating units [line items] | ||||
Total assets allocated to CGUs tested | $ 2,521,307 | $ 2,277,372 | ||
Sugar, Ethanol and Energy | AVI | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | $ 3,813 | $ 3,966 | ||
Sugar, Ethanol and Energy | UMA | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 1,430 | 2,107 | ||
Brazil | Cash-generating units | ||||
Disclosure of information for cash-generating units [line items] | ||||
Closing net book value of goodwill allocated to CGUs tested (Note 15) | 5,243 | 6,073 | ||
Closing net book value of PPE items allocated to CGUs tested | 614,702 | 618,818 | ||
Total assets allocated to CGUs tested | $ 652,000 | $ 619,945 | $ 624,891 |
Summary of significant accoun_4
Summary of significant accounting policies - Narrative (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($)contract | Dec. 31, 2017USD ($) | Jan. 01, 2019 | |
Disclosure of detailed information about intangible assets [line items] | ||||
Weighted-average interest rate of leases (as a percent) | 7.06% | |||
Increase (decrease) retained earnings | $ 0 | |||
Number of power agreements | contract | 2 | |||
Expiration Date 2042 | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Power agreement terms | 15 years | |||
Expiration date 2024 | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Power agreement terms | 15 years | |||
Expiration date 2025 | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Power agreement terms | 15 years | |||
Trademarks | Bottom of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful lives of intangible assets | 10 years | |||
Trademarks | Top of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful lives of intangible assets | 20 years | |||
Software | Bottom of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful lives of intangible assets | 3 years | |||
Software | Top of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful lives of intangible assets | 5 years | |||
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 |
Summary of significant accoun_5
Summary of significant accounting policies - Right-of-Use Assets (Details) $ in Thousands | Jan. 01, 2019USD ($) |
Right of use | |
Closing balance as of December 31, 2018 | $ 0 |
Initial recognition | 204,937 |
Opening balance as of January 1, 2019 | 204,937 |
Lease liabilities | |
Closing balance as of December 31, 2018 | 0 |
Initial recognition | (204,937) |
Reclassifications from Trade and other receivables, net | 26,794 |
Opening balance as of January 1, 2019 | $ (178,143) |
Summary of significant accoun_6
Summary of significant accounting policies - Initial Measurement of Lease Liability (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2018 |
Corporate Information and Statement of IFRS Compliance [Abstract] | ||
Operating lease commitments disclosed as of December 31, 2018 | $ 9,508 | |
Finance leases | 595 | $ 595 |
(Less): short-term leases not recognised as a liability | (9,308) | |
Add: adjustments as a result of a different treatment | 199,929 | |
Add: adjustments relating to changes in the index or rate affecting variable payments | 4,213 | |
Initial recognition of lease liability | $ 204,937 |