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Financial instruments by category (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial Instruments [Abstract] |
Disclosure of financial assets | The following tables show the carrying amounts of financial assets and financial liabilities by category of financial instrument and reconciliation to the corresponding line item in the statements of financial position, as appropriate. Since the line items “Trade and other receivables, net” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as other tax receivables or advance payments for services to be received in the future), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”.
| Loans and receivables |  | Assets at fair value through profit or loss |  | Subtotal financial assets |  | Non- financial assets |  | Total
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets as per statement of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables | 68,869 |  |  | — |  |  | 68,869 |  |  | 103,345 |  |  | 172,214 |
Derivative financial instruments | — |  |  | 4,483 |  |  | 4,483 |  |  | — |  |  | 4,483 |
Cash and cash equivalents | 269,195 |  |  | — |  |  | 269,195 |  |  | — |  |  | 269,195 |
Total | 338,064 |  |  | 4,483 |  |  | 342,547 |  |  | 103,345 |  |  | 445,892 |
| Liabilities at fair value through profit or loss |  | Other financial liabilities at amortized cost |  | Subtotal financial liabilities |  | Non- financial liabilities |  | Total
Liabilities as per statement of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables | — |  |  | 86,066 |  |  | 86,066 |  |  | 13,184 |  |  | 99,250 |
Borrowings (excluding finance lease liabilities)(i) | — |  |  | 817,853 |  |  | 817,853 |  |  | — |  |  | 817,853 |
Finance leases | — |  |  | 105 |  |  | 105 |  |  | — |  |  | 105 |
Derivative financial instruments (i) | 552 |  |  | — |  |  | 552 |  |  | — |  |  | 552 |
Total | 552 |  |  | 904,024 |  |  | 904,576 |  |  | 13,184 |  |  | 917,760 |
(i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).
| Loans and receivables |  | Assets at fair value through profit or loss |  | Subtotal financial assets |  | Non- financial assets |  | Total
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets as per statement of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables | 79,964 |  |  | — |  |  | 79,964 |  |  | 94,976 |  |  | 174,940 |
Derivative financial instruments | — |  |  | 3,398 |  |  | 3,398 |  |  | — |  |  | 3,398 |
Cash and cash equivalents | 158,568 |  |  | — |  |  | 158,568 |  |  | — |  |  | 158,568 |
Total | 238,532 |  |  | 3,398 |  |  | 241,930 |  |  | 94,976 |  |  | 336,906 |
| Liabilities at fair value through profit or loss |  | Other financial liabilities at amortized cost |  | Subtotal financial liabilities |  | Non- financial liabilities |  | Total
Liabilities as per statement of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables | — |  |  | 81,142 |  |  | 81,142 |  |  | 12,443 |  |  | 93,585 |
Borrowings (excluding finance lease liabilities) (i) | — |  |  | 635,215 |  |  | 635,215 |  |  | — |  |  | 635,215 |
Finance leases | — |  |  | 181 |  |  | 181 |  |  | — |  |  | 181 |
Derivative financial instruments (i) | 7,068 |  |  | — |  |  | 7,068 |  |  | — |  |  | 7,068 |
Total | 7,068 |  |  | 716,538 |  |  | 723,606 |  |  | 12,443 |  |  | 736,049 |
(i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).
Disclosure of financial liabilities | The following tables show the carrying amounts of financial assets and financial liabilities by category of financial instrument and reconciliation to the corresponding line item in the statements of financial position, as appropriate. Since the line items “Trade and other receivables, net” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as other tax receivables or advance payments for services to be received in the future), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”.
| Loans and receivables |  | Assets at fair value through profit or loss |  | Subtotal financial assets |  | Non- financial assets |  | Total
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets as per statement of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables | 68,869 |  |  | — |  |  | 68,869 |  |  | 103,345 |  |  | 172,214 |
Derivative financial instruments | — |  |  | 4,483 |  |  | 4,483 |  |  | — |  |  | 4,483 |
Cash and cash equivalents | 269,195 |  |  | — |  |  | 269,195 |  |  | — |  |  | 269,195 |
Total | 338,064 |  |  | 4,483 |  |  | 342,547 |  |  | 103,345 |  |  | 445,892 |
| Liabilities at fair value through profit or loss |  | Other financial liabilities at amortized cost |  | Subtotal financial liabilities |  | Non- financial liabilities |  | Total
Liabilities as per statement of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables | — |  |  | 86,066 |  |  | 86,066 |  |  | 13,184 |  |  | 99,250 |
Borrowings (excluding finance lease liabilities)(i) | — |  |  | 817,853 |  |  | 817,853 |  |  | — |  |  | 817,853 |
Finance leases | — |  |  | 105 |  |  | 105 |  |  | — |  |  | 105 |
Derivative financial instruments (i) | 552 |  |  | — |  |  | 552 |  |  | — |  |  | 552 |
Total | 552 |  |  | 904,024 |  |  | 904,576 |  |  | 13,184 |  |  | 917,760 |
(i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).
| Loans and receivables |  | Assets at fair value through profit or loss |  | Subtotal financial assets |  | Non- financial assets |  | Total
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets as per statement of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables | 79,964 |  |  | — |  |  | 79,964 |  |  | 94,976 |  |  | 174,940 |
Derivative financial instruments | — |  |  | 3,398 |  |  | 3,398 |  |  | — |  |  | 3,398 |
Cash and cash equivalents | 158,568 |  |  | — |  |  | 158,568 |  |  | — |  |  | 158,568 |
Total | 238,532 |  |  | 3,398 |  |  | 241,930 |  |  | 94,976 |  |  | 336,906 |
| Liabilities at fair value through profit or loss |  | Other financial liabilities at amortized cost |  | Subtotal financial liabilities |  | Non- financial liabilities |  | Total
Liabilities as per statement of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables | — |  |  | 81,142 |  |  | 81,142 |  |  | 12,443 |  |  | 93,585 |
Borrowings (excluding finance lease liabilities) (i) | — |  |  | 635,215 |  |  | 635,215 |  |  | — |  |  | 635,215 |
Finance leases | — |  |  | 181 |  |  | 181 |  |  | — |  |  | 181 |
Derivative financial instruments (i) | 7,068 |  |  | — |  |  | 7,068 |  |  | — |  |  | 7,068 |
Total | 7,068 |  |  | 716,538 |  |  | 723,606 |  |  | 12,443 |  |  | 736,049 |
(i) Effective July 1, 2013,the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).
Disclosure of income, expense, gains and losses on financial | Income, expense, gains and losses on financial instruments can be assigned to the following categories:
| Loans and receivables |  | Assets/ liabilities at fair value through profit or loss |  | Other financial liabilities at amortized cost |  | Total
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
Interest income (i) | 11,230 |  |  | — |  |  | — |  |  | 11,230 |
Interest expense (i) | (41,968 | ) |  | — |  |  | (10,340 | ) |  | (52,308 | )
Foreign exchange gains/ (losses) (i) | (15,634 | ) |  | (9,402 | ) |  | (13,672 | ) |  | (38,708 | )
Gain from derivative financial instruments(ii) | — |  |  | 38,679 |  |  | — |  |  | 38,679 |
Net result | (46,372 | ) |  | 29,277 |  |  | (24,012 | ) |  | (41,107 | )
| Loans and receivables |  | Assets/ liabilities at fair value through profit or loss |  | Other financial liabilities at amortized cost |  | Total
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |
Interest income (i) | 7,671 |  |  | — |  |  | — |  |  | 7,671 |
Interest expense (i) | (39,533 | ) |  | — |  |  | (8,665 | ) |  | (48,198 | )
Foreign exchange gains/ (losses) (i) | 4,737 |  |  | (12,288 | ) |  | (11,511 | ) |  | (19,062 | )
Loss from derivative financial instruments(ii) | — |  |  | (21,745 | ) |  | — |  |  | (21,745 | )
Net result | (27,125 | ) |  | (34,033 | ) |  | (20,176 | ) |  | (81,334 | )
(i) | Included in “Financial Results, net” in the statement of income.
(ii) | Included in “Other operating income, net” and “Financial Results, net” in the statement of income.
Disclosure of fair value measurement of assets | The following significant unobservable inputs were used to measure the Group´s biological assets using the discounted cash flow valuation technique:
Description |  | Unobservable inputs |  | Range of unobservable inputs |  | Relationship of unobservable inputs to fair value
|  |  |  | 2017 |  | 2016 |  |
Sown land – sugarcane |  | Sugarcane yield – tonnes per hectare; Sugarcane TRS (kg of sugar per ton of cane) Production Costs – US$ per hectare. (Include maintenance, harvest and leasing costs) |  | -Sugarcane yield: 60-100 tn/ha -Sugarcane TRS: 120-140 kg of sugar/ton of cane -Maintenance costs: 500-700 US$/ha -Harvest costs: 9.0 -14.0 US$/ton of cane -Leasing costs: 11.4-14.4 tn/ha |  | -Sugarcane yield: 60-100 tn/ha -Sugarcane TRS: 120-140 kg of sugar/ton of cane -Maintenance costs: 500-600 US$/ha -Harvest costs: 9.0 -14.0 US$/ton of cane -Leasing costs: 12.0-14.4 tn/ha |  | The higher the sugarcane yield, the higher the fair value. The higher the maintenance, harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher the fair value.
Sown land – crops |  | Crops yield – tonnes per hectare; Commercial Costs – usd per hectare; Production Costs – US$ per hectare. |  | - Crops yield: 1.5 – 5.1 tn/ha for Wheat, 4.0 – 8.0 tn/ha for Corn, 1.4 - 3.4 tn/ha for Soybean and 2.1-3.5 for Sunflower - Commercial Costs: 50-110 US$/ha for Wheat, 107-300 US$/ha for Corn, 172-176 US$/ha for Soybean and 10-37 US$/ha for Sunflower - Production Costs: 200-540 US$/ha for Wheat, 230-500 US$/ha for Corn, 250-350 US$/ha for Soybean and 230-350 US$/ha for Sunflower |  | - Crops yield: 2.0 – 2.8 tn/ha for Wheat, 5.4 – 7.7 tn/ha for Corn, 2.7 - 3.8 tn/ha for Soybean and 1.5-2.1 for Sunflower - Commercial Costs: 66-97 US$/ha for Wheat, 150-225 US$/ha for Corn, 70-110 US$/ha for Soybean and 65-90 US$/ha for Sunflower - Production Costs: 170-250 US$/ha for Wheat, 350-550 US$/ha for Corn, 270-400 US$/ha for Soybean and 200-300 US$/ha 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; Commercial Costs – usd per hectare; Production Costs – US$ per hectare. |  | -Rice yield: 5.0 -5.9 tn/ha -Commercial Costs: 3-9 US$/ha -Production Costs: 750-1,000 US$/ha |  | -Rice yield: 5.1 -6.1 tn/ha -Commercial Costs: 8-15 US$/ha -Production Costs: 750-1,000 US$/ha |  | The higher the rice yield, the higher the fair value. The higher the commercial and direct costs per hectare, the lower the fair value.
The following table presents the Group´s biological assets that are measured at fair value at December 31, 2017 and 2016 (see Note 17 to see the description of each fair value level):
| 2017 |  | 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cattle for dairy production | — |  |  | 8,989 |  |  | — |  |  | 8,989 |  |  | — |  |  | 6,584 |  |  | — |  |  | 6,584 |
Breeding cattle | 3,713 |  |  | — |  |  | — |  |  | 3,713 |  |  | 2,034 |  |  | — |  |  | — |  |  | 2,034 |
Other cattle | — |  |  | 652 |  |  | — |  |  | 652 |  |  | — |  |  | 642 |  |  | — |  |  | 642 |
Sown land – sugarcane | — |  |  | — |  |  | 93,178 |  |  | 93,178 |  |  | — |  |  | — |  |  | 82,380 |  |  | 82,380 |
Sown land – crops | — |  |  | — |  |  | 31,745 |  |  | 31,745 |  |  | — |  |  | — |  |  | 28,189 |  |  | 28,189 |
Sown land – rice | — |  |  | — |  |  | 29,717 |  |  | 29,717 |  |  | — |  |  | — |  |  | 25,575 |  |  | 25,575 |
When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for this purpose, details of which may be obtained from the following table:
Class |  | Pricing Method |  | Parameters |  | Pricing Model |  | Level |  | Total
Futures |  | Quoted price |  | — |  | — |  | 1 |  | 3,911 |
Options |  | Quoted price |  | — |  | — |  | 1 |  | 54 |
Foreign-currency interest-rate swaps |  | Theoretical price |  | Swap curve; Money market interest-rate curve; Foreign-exchange curve. |  | Present value method |  | 2 |  | (34 | )
|  |  |  |  |  |  |  |  |  | 3,931 |
The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2017 and 2016 and their allocation to the fair value hierarchy:
|  |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | 2017 |  | 4,463 |  |  | 20 |  |  | 4,483 |
Derivative financial instruments | 2016 |  | 2,789 |  |  | 609 |  |  | 3,398 |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | 2017 |  | (498 | ) |  | (54 | ) |  | (552 | )
Derivative financial instruments | 2016 |  | (1,196 | ) |  | (5,872 | ) |  | (7,068 | )
Disclosure of fair value measurement of liabilities | The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2017 and 2016 and their allocation to the fair value hierarchy:
|  |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | 2017 |  | 4,463 |  |  | 20 |  |  | 4,483 |
Derivative financial instruments | 2016 |  | 2,789 |  |  | 609 |  |  | 3,398 |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | 2017 |  | (498 | ) |  | (54 | ) |  | (552 | )
Derivative financial instruments | 2016 |  | (1,196 | ) |  | (5,872 | ) |  | (7,068 | )
When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for this purpose, details of which may be obtained from the following table:
Class |  | Pricing Method |  | Parameters |  | Pricing Model |  | Level |  | Total
Futures |  | Quoted price |  | — |  | — |  | 1 |  | 3,911 |
Options |  | Quoted price |  | — |  | — |  | 1 |  | 54 |
Foreign-currency interest-rate swaps |  | Theoretical price |  | Swap curve; Money market interest-rate curve; Foreign-exchange curve. |  | Present value method |  | 2 |  | (34 | )
|  |  |  |  |  |  |  |  |  | 3,931 |

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