Investments in joint ventures

12 Months Ended

Dec. 31, 2017

Disclosure of joint ventures [abstract]

The table below lists the Group’s investment in joint ventures for the years ended December 31, 2017, 2016 and 2015:



		% of ownership interest held
Name of the entity	Country of incorporation and operation	December 31, 2017		December 31, 2016		December 31, 2015
CHS AGRO S.A. (i)	Argentina	50	%	50	%	50	%

On February 26, 2013, the Group formed CHS AGRO, a joint venture with CHS Inc. CHS Inc. is a leading farmer-owned energy, grains and foods company based in the United States. The Group holds a 50% interest in CHS AGRO. On October 2014, CHS AGRO finished its sunflower processing plant in the city of Pehuajo, Province of Buenos Aires, Argentina.

The following amounts represent the assets (including goodwill) and liabilities, and income and expenses of the joint ventures:



	2017		2016
Assets:
Non-current assets	7,931		17,185
Current assets	8,882		9,316
	16,813		26,501
Liabilities:
Non-current liabilities	22,002		22,000
Current liabilities	19,197		15,273
	41,199		37,273
Net assets of joint venture	(24,386	)	(10,772	)



	2017		2016		2015
Income	14,879		9,390		14,201
Expenses	(22,657	)	(16,048	)	(22,934	)
Loss before income tax	(7,778	)	(6,658	)	(8,733	)

The shares in the joint ventures were not publicly traded for any of the years presented.

There are no contingent liabilities relating to the Group’s interest in the joint ventures, and no contingent liabilities of the ventures themselves.

According to the laws of certain of the countries in which the Group operates, 5% of the profit of the year is separated to constitute legal reserves until they reach legal capped amounts (20% of total capital). These legal reserves are not available for dividend distribution and can only be released to absorb losses. The Group’s joint ventures have not reached the legal capped amounts.

The Group guarantees some financial debt of CHS AGRO for an amount of $9.8 million.