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Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2017
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of nature and extent of risks arising from financial instruments | The following tables show the net monetary position of the respective subsidiaries within the Group categorized by functional currency. Non-US dollar amounts are presented in US dollars for purpose of these tables.
| 2017
| Subsidiaries’ functional currency
Net monetary position (Liability)/ Asset | Argentine Peso | Brazilian Reais | Uruguayan Peso | US Dollar | Total
Argentine Peso | (21,958 | ) | — |  | — |  | — |  | (21,958 | )
Brazilian Reais | — |  | (17,134 | ) | — |  | — |  | (17,134 | )
US Dollar | (204,446 | ) | (461,966 | ) | 20,451 |  | 124,125 |  | (521,836 | )
Uruguayan Peso | — |  | — |  | (1,101 | ) | — |  | (1,101 | )
Total | (226,404 | ) | (479,100 | ) | 19,350 |  | 124,125 |  | (562,029 | )
| 2016
| Subsidiaries’ functional currency
Net monetary position (Liability)/ Asset | Argentine Peso | Brazilian Reais | Uruguayan Peso | US Dollar | Total
Argentine Peso | 1,518 |  | — |  | — |  | — |  | 1,518 |
Brazilian Reais | — |  | (203,070 | ) | — |  | — |  | (203,070 | )
US Dollar | (44,088 | ) | (307,088 | ) | (7,714 | ) | 78,801 |  | (280,089 | )
Uruguayan Peso | — |  | — |  | (35 | ) | — |  | (35 | )
Total | (42,570 | ) | (510,158 | ) | (7,749 | ) | 78,801 |  | (481,676 | )
A portion of this effect would have been recognized as other comprehensive income since a portion of the Company’s borrowings was used as cash flow hedge of the foreign exchange rate risk of a portion of its highly probable future sales in US dollars (see Hedge Accounting - Cash Flow Hedge below for details).
| Functional currency
Net monetary position | Argentine Peso | Brazilian Reais | Uruguayan Peso | Total
2017 | US Dollar | (20,445 | ) | (46,197 | ) | 2,045 |  | (64,597 | )
2016 | US Dollar | (4,409 | ) | (30,709 | ) | (771 | ) | (35,889 | )
Disclosure of maturity analysis for non-derivative financial liabilities | The tables below analyzes the Group’s non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and as a result they do not reconcile to the amounts disclosed on the statement of financial position except for short-term payables when discounting is not applied.
At December 31, 2017 | Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over 5 Years | Total
Trade and other payables | 85,239 |  | 557 |  | 49 |  | 221 |  | 86,066 |
Borrowings | 197,975 |  | 96,867 |  | 56,486 |  | 797,226 |  | 1,148,554 |
Derivative financial instruments | 552 |  | — |  | — |  | — |  | 552 |
Total | 283,766 |  | 97,424 |  | 56,535 |  | 797,447 |  | 1,235,172 |
At December 31, 2016 | Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over 5 Years | Total
Trade and other payables | 79,715 |  | 1,082 |  | 19 |  | 326 |  | 81,142 |
Borrowings | 239,588 |  | 218,717 |  | 221,036 |  | 35,702 |  | 715,043 |
Derivative financial instruments | 6,406 |  | 662 |  | — |  | — |  | 7,068 |
Total | 325,709 |  | 220,461 |  | 221,055 |  | 36,028 |  | 803,253 |
Disclosure of maturity analysis for derivative financial liabilities | The tables below analyzes the Group’s non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and as a result they do not reconcile to the amounts disclosed on the statement of financial position except for short-term payables when discounting is not applied.
At December 31, 2017 | Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over 5 Years | Total
Trade and other payables | 85,239 |  | 557 |  | 49 |  | 221 |  | 86,066 |
Borrowings | 197,975 |  | 96,867 |  | 56,486 |  | 797,226 |  | 1,148,554 |
Derivative financial instruments | 552 |  | — |  | — |  | — |  | 552 |
Total | 283,766 |  | 97,424 |  | 56,535 |  | 797,447 |  | 1,235,172 |
At December 31, 2016 | Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over 5 Years | Total
Trade and other payables | 79,715 |  | 1,082 |  | 19 |  | 326 |  | 81,142 |
Borrowings | 239,588 |  | 218,717 |  | 221,036 |  | 35,702 |  | 715,043 |
Derivative financial instruments | 6,406 |  | 662 |  | — |  | — |  | 7,068 |
Total | 325,709 |  | 220,461 |  | 221,055 |  | 36,028 |  | 803,253 |
Disclosure of financial instruments by type of interest rate | The following tables show a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary issuing the loans (excluding finance leases). These analyses are performed after giving effect to interest rate swaps. The analysis for the year ended December 31, 2017 and 2016 is as follows:
| 2017
| Subsidiaries’ functional currency
Rate per currency denomination | Argentine Peso | Brazilian Reais | Uruguayan Peso | US Dollar | Total
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso | 6,448 |  | — |  | — |  | — |  | 6,448 |
Brazilian Reais | — |  | 96,951 |  | — |  | — |  | 96,951 |
US Dollar | 68,963 |  | 34,675 |  | 10,010 |  | 504,004 |  | 617,652 |
Subtotal fixed-rate borrowings | 75,411 |  | 131,626 |  | 10,010 |  | 504,004 |  | 721,051 |
Variable rate: |  |  |  |  |  |  |  |  |
Brazilian Reais | — |  | 27,668 |  | — |  | — |  | 27,668 |
US Dollar | 49,599 |  | 19,535 |  | — |  | — |  | 69,134 |
Subtotal variable-rate borrowings | 49,599 |  | 47,203 |  | — |  | — |  | 96,802 |
Total borrowings as per analysis | 125,010 |  | 178,829 |  | 10,010 |  | 504,004 |  | 817,853 |
Finance leases | 105 |  | — |  | — |  | — |  | 105 |
Total borrowings as per statement of financial position | 125,115 |  | 178,829 |  | 10,010 |  | 504,004 |  | 817,958 |
| 2016
| Subsidiaries’ functional currency
Rate per currency denomination | Argentine Peso | Brazilian Reais | Uruguayan Peso | US Dollar | Total
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso | 1,005 |  | — |  | — |  | — |  | 1,005 |
Brazilian Reais | — |  | 131,495 |  | — |  | — |  | 131,495 |
US Dollar | 15,065 |  | 37,937 |  | 29,069 |  | — |  | 82,071 |
Subtotal fixed-rate borrowings | 16,070 |  | 169,432 |  | 29,069 |  | — |  | 214,571 |
Variable rate: |  |  |  |  |  |  |  |  |
Brazilian Reais | — |  | 65,408 |  | — |  | — |  | 65,408 |
US Dollar | 48,677 |  | 306,559 |  | — |  | — |  | 355,236 |
Subtotal variable-rate borrowings | 48,677 |  | 371,967 |  | — |  | — |  | 420,644 |
Total borrowings as per analysis | 64,747 |  | 541,399 |  | 29,069 |  | — |  | 635,215 |
Finance leases | 181 |  | — |  | — |  | — |  | 181 |
Total borrowings as per statement of financial position | 64,928 |  | 541,399 |  | 29,069 |  | — |  | 635,396 |
For the years ended December 31, 2017 and 2016, if interest rates on floating-rate borrowings had been 1% higher with all other variables held constant, the Group’s Profit before income tax for the years would have decreased as shown below. A 1% decrease in interest rates would have an equal and opposite effect on the income statement.
| 2017
| Subsidiaries’ functional currency
Rate per currency denomination | Argentine Peso | Brazilian Reais | Uruguayan Peso | US Dollar | Total
Variable rate: |  |  |  |  |  |  |  |  |
Brazilian Reais | — |  | (277 | ) | — |  | — |  | (277 | )
US Dollar | (496 | ) | (195 | ) | — |  | — |  | (691 | )
Total effects on profit before income tax | (496 | ) | (472 | ) | — |  | — |  | (968 | )
| 2016
| Subsidiaries’ functional currency
Rate per currency denomination | Argentine Peso | Brazilian Reias | Uruguayan Peso | US Dollar | Total
Variable rate: |  |  |  |  |  |  |  |  |
Brazilian Reais | — |  | (654 | ) | — |  | — |  | (654 | )
US Dollar | (487 | ) | (3,066 | ) | — |  | — |  | (3,553 | )
Total effects on profit before income tax | (487 | ) | (3,720 | ) | — |  | — |  | (4,207 | )
Disclosure of capital risk management | During the year ended December 31, 2017, the strategy was to maintain the gearing ratio within 0.45 to 0.60, as follows:
| 2017 |  | 2016
Total debt | 817,958 |  |  | 635,396 |
Total equity | 645,131 |  |  | 671,673 |
Total capital | 1,463,089 |  |  | 1,307,069 |
Gearing ratio | 0.56 |  |  | 0.49 |
Disclosure of financial instruments | As of December 31, 2017:
|  | 2017
Type of derivative contract |  | Quantities (thousands) (**) |  | Notional amount |  | Fair Value Asset/ (Liability) |  | (Loss)/Gain (*)
Futures: |  |  |  |  |  |  |  |  |  |  |  |
Sale |  |  |  |  |  |  |  |  |  |  |  |
Corn |  | (33 | ) |  | (3,198 | ) |  | 48 |  |  | 361 |
Soybean |  | 83 |  |  | 19,195 |  |  | 670 |  |  | (765 | )
Wheat |  | (45 | ) |  | (7,083 | ) |  | (38 | ) |  | (38 | )
Sugar |  | 343,874 |  |  | 121,072 |  |  | 3,231 |  |  | 3,808 |
Options: |  |  |  |  |  |  |  |  |  |  |  |
Sell put |  |  |  |  |  |  |  |  |  |  |  |
Sugar |  | 3,572 |  |  | 83 |  |  | 54 |  |  | (30 | )
Total |  | 347,451 |  |  | 130,069 |  |  | 3,965 |  |  | 3,336 |
As of December 31, 2016:
|  | 2016
Type of derivative contract |  | Quantities (thousands) (**) |  | Notional amount |  | Fair Value Asset/ (Liability) |  | (Loss)/Gain (*)
Futures: |  |  |  |  |  |  |  |  |  |  |  |
Sale |  |  |  |  |  |  |  |  |  |  |  |
Corn |  | 66 |  |  | 9,436 |  |  | 46 |  |  | 46 |
Soybean |  | 120 |  |  | 42,330 |  |  | (1,171 | ) |  | (1,170 | )
Sugar |  | 17,020 |  |  | 9,144 |  |  | 722 |  |  | 64 |
Ethanol |  | 6,900 |  |  | 3,978 |  |  | (40 | ) |  | (40 | )
Options: |  |  |  |  |  |  |  |  |  |  |  |
Buy put |  |  |  |  |  |  |  |  |  |  |  |
Soybean |  | 14 |  |  | 464 |  |  | 644 |  |  | 181 |
Sugar |  | 70,510 |  |  | (6,734 | ) |  | 5,374 |  |  | 352 |
Sell call |  |  |  |  |  |  |  |  |  |  |  |
Sugar |  | 54,597 |  |  | 3,058 |  |  | (3,219 | ) |  | (105 | )
Sell put |  |  |  |  |  |  |  |  |  |  |  |
Sugar |  | 14,528 |  |  | 748 |  |  | (763 | ) |  | (1,625 | )
Total |  | 163,755 |  |  | 62,424 |  |  | 1,593 |  |  | (2,297 | )
(*) Included in the line item “(Loss) / Gain from commodity derivative financial instruments” of Note 8. (**) All quantities expressed in tons and m3. Commodity future contract fair values are computed with reference to quoted market prices on future exchanges.

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