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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Profit / (Loss) for the year $ 11,749 $ 3,739 $ (4,351)
Adjustments for:      
Income tax (benefit) / expense (6,068) 9,387 (7,954)
Depreciation 150,071 126,799 103,816
Amortization 936 701 585
Gain from disposal of farmlands and other assets 0 0 (7,914)
Loss/(Gain) from the disposal of other property items 986 1,255 (721)
Equity settled share-based compensation granted 5,552 4,796 4,396
(Gain) / Loss from derivative financial instruments and forwards (38,679) 21,745 (17,686)
Interest and other financial expense, net 53,446 44,734 43,822
Initial recognition and changes in fair value of non harvested biological assets (unrealized) (14,645) (9,811) (11,326)
Changes in net realizable value of agricultural produce after harvest (unrealized) (2,371) 90 (4,406)
Provision and allowances 825 341 (79)
Share of loss from joint venture 0 0 2,685
Foreign exchange losses, net 38,708 19,062 23,423
Cash flow hedge – transfer from equity 20,758 85,214 32,700
Subtotal 221,268 308,052 156,990
Changes in operating assets and liabilities:      
(Increase) in trade and other receivables (9,476) (30,996) (2,300)
(Increase) in inventories (4,089) (22,301) (9,275)
(Increase) in biological assets (18,013) (23,677) (20,154)
Decrease / (Increase) in other assets 2 83 (871)
Decrease / (Increase) in derivative financial instruments 40,910 (17,892) 25,880
Increase / (Decrease) in trade and other payables 6,555 39,054 (9,871)
Increase in payroll and social security liabilities 1,953 3,052 4,996
Increase in provisions for other liabilities 855 1,175 21
Net cash generated from operating activities before taxes paid 239,965 256,550 145,416
Income tax paid (2,860) (1,149) (230)
Net cash generated from operating activities 237,105 255,401 145,186
Cash flows from investing activities:      
Purchases of property, plant and equipment (198,550) (132,392) (141,464)
Purchase of cattle and non current biological assets (1,694) (1,713) (306)
Purchases of intangible assets (2,141) (1,218) (1,203)
Interest received 11,230 7,671 8,201
Proceeds from disposal of other property items 2,820 2,215 1,303
Proceeds from sale of farmland and other assets 0 0 12,610
Proceeds from disposal of subsidiaries 0 3,423 3,890
Loans to joint venture 0 0 (8,082)
Net cash used in investing activities (188,335) (122,014) (125,051)
Cash flows from financing activities:      
Issuance of senior notes 495,678 0 0
Proceeds from long-term borrowings 232,433 167,385 299,343
Payments of long-term borrowings (602,700) (277,913) (165,455)
Proceeds from short-term borrowings 106,730 257,395 211,045
Payments of short-term borrowings (64,787) (272,033) (208,309)
Interest paid (41,612) (48,400) (48,438)
Prepayment related expenses (6,080) 0 0
Net proceeds from the sale of non-controlling interest in subsidiaries 0 0 21,964
Proceeds from equity settled shared-based compensation exercised 39 380 1,259
Payment of derivatives financial instruments (9,476) (3,724) (18,676)
Purchase of own shares (38,367) (4,772) (320)
Dividends paid to non-controlling interest (1,664) 0 0
Net cash generated/used from financing activities 70,194 (181,682) 92,413
Net increase / (decrease) in cash and cash equivalents 118,964 (48,295) 112,548
Cash and cash equivalents at beginning of year 158,568 198,894 113,795
Effect of exchange rate changes on cash and cash equivalents (8,337) 7,969 (27,449)
Cash and cash equivalents at end of year $ 269,195 $ 158,568 $ 198,894