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Financial instruments by category (Tables) | 12 Months Ended
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Dec. 31, 2020
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”.
| Financial assets at amortized cost |  | Assets at fair value through profit or loss |  | Subtotal financial assets |  | Non- financial assets |  | Total
December 31, 2020 |  |  |  |  |  |  |  |  |
Assets as per statement of financial position |  |  |  |  |  |  |  |  |
Trade and other receivables | 109,231 |  |  | — |  |  | 109,231 |  |  | 88,697 |  |  | 197,928 |
Derivative financial instruments | — |  |  | 2,102 |  |  | 2,102 |  |  | — |  |  | 2,102 |
Cash and cash equivalents | 336,282 |  |  | — |  |  | 336,282 |  |  | — |  |  | 336,282 |
Total | 445,513 |  |  | 2,102 |  |  | 447,615 |  |  | 88,697 |  |  | 536,312 |
| 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 | — |  |  | 114,813 |  |  | 114,813 |  |  | 11,792 |  |  | 126,605 |
Borrowings (i) | — |  |  | 971,090 |  |  | 971,090 |  |  | — |  |  | 971,090 |
Leases Liabilities | — |  |  | 195,772 |  |  | 195,772 |  |  | — |  |  | 195,772 |
Derivative financial instruments (i) | 13,141 |  |  | — |  |  | 13,141 |  |  | — |  |  | 13,141 |
Total | 13,141 |  |  | 1,281,675 |  |  | 1,294,816 |  |  | 11,792 |  |  | 1,306,608 |
(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, 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 (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).
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”.
| Financial assets at amortized cost |  | Assets at fair value through profit or loss |  | Subtotal financial assets |  | Non- financial assets |  | Total
December 31, 2020 |  |  |  |  |  |  |  |  |
Assets as per statement of financial position |  |  |  |  |  |  |  |  |
Trade and other receivables | 109,231 |  |  | — |  |  | 109,231 |  |  | 88,697 |  |  | 197,928 |
Derivative financial instruments | — |  |  | 2,102 |  |  | 2,102 |  |  | — |  |  | 2,102 |
Cash and cash equivalents | 336,282 |  |  | — |  |  | 336,282 |  |  | — |  |  | 336,282 |
Total | 445,513 |  |  | 2,102 |  |  | 447,615 |  |  | 88,697 |  |  | 536,312 |
| 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 | — |  |  | 114,813 |  |  | 114,813 |  |  | 11,792 |  |  | 126,605 |
Borrowings (i) | — |  |  | 971,090 |  |  | 971,090 |  |  | — |  |  | 971,090 |
Leases Liabilities | — |  |  | 195,772 |  |  | 195,772 |  |  | — |  |  | 195,772 |
Derivative financial instruments (i) | 13,141 |  |  | — |  |  | 13,141 |  |  | — |  |  | 13,141 |
Total | 13,141 |  |  | 1,281,675 |  |  | 1,294,816 |  |  | 11,792 |  |  | 1,306,608 |
(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, 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 (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).
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 / liabilities at amortized cost |  | Assets/ liabilities at fair value through profit or loss |  | Other financial liabilities at amortized cost |  | Total
December 31, 2020 |  |  |  |  |  |  |
Interest income (i) | 4,084 |  |  | — |  |  | — |  |  | 4,084 |
Interest expense (i) | (58,282) |  |  | — |  |  | — |  |  | (58,282) |
Foreign exchange (losses) / gain (i) | (109,266) |  |  | — |  |  | — |  |  | (109,266) |
Loss from derivative financial instruments (ii) | — |  |  | (8,228) |  |  | — |  |  | (8,228) |
Finance cost related to lease liabilities | (12,532) |  |  | — |  |  | — |  |  | (12,532) |
| Financial assets / liabilities 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) | 6,390 |  |  | — |  |  | — |  |  | 6,390 |
Interest expense (i) | (56,441) |  |  | (27) |  |  |  |  | (56,468) |
Foreign exchange gains losses (i) | (19,807) |  |  | (5,972) |  |  | — |  |  | (25,779) |
(Loss) / gain from derivative financial instruments (ii) | (870) |  |  | 1,441 |  |  | — |  |  | 571 |
Finance cost related to lease liabilities | (9,524) |  |  | — |  |  | — |  |  | (9,524) |
(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, 2020 and 2019 (see Note 18 to see the description of each fair value level):
| 2020 |  | 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cattle for dairy production | — |  |  | 12,600 |  |  | — |  |  | 12,600 |  |  | — |  |  | 11,397 |  |  | — |  |  | 11,397 |
Breeding cattle | 4,581 |  |  | — |  |  | — |  |  | 4,581 |  |  | 3,460 |  |  | — |  |  | — |  |  | 3,460 |
Other cattle | — |  |  | 455 |  |  | — |  |  | 455 |  |  | — |  |  | 337 |  |  | — |  |  | 337 |
Sown land – sugarcane | — |  |  | — |  |  | 71,506 |  |  | 71,506 |  |  | — |  |  | — |  |  | 55,354 |  |  | 55,354 |
Sown land – crops | — |  |  | — |  |  | 47,489 |  |  | 47,489 |  |  | — |  |  | — |  |  | 38,404 |  |  | 38,404 |
Sown land – rice | — |  |  | — |  |  | 29,062 |  |  | 29,062 |  |  | — |  |  | — |  |  | 21,484 |  |  | 21,484 |
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
|  |  |  | 2020 |  | 2019 |  |
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: 400-600 US$/ha -Harvest costs: 6.0-12.0 US$/ton of cane -Leasing costs: 12.0-14.4 tn/ha |  | '-Sugarcane yield: 60-100tn/ha - Sugarcane TRS: 120-140kg of sugar/ton of cane - Maintenance costs: 500-700 US$/ha - Harvest costs: 9.0-15.0 US$/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 – US$ per hectare; Production Costs – US$ per hectare. |  | '- Crops yield: 0.95 – 5.5 tn/ha for Wheat, 2.5 – 11 tn/ha for Corn, 0.8 - 3.8 tn/ha for Soybean, 0.6 - 3 for Sunflower and 2.5 - 3.5 tn/ha for Peanut - Commercial Costs: 6-43 US$/tn for Wheat, 2-51 US$/ton for Corn, 7-59 US$/ton for Soybean, 1-71 US$/ton for Sunflower and 22-31 US$/ha for Peanut - Production Costs: 115-612 US$/ha for Wheat, 198-990 US$/ha for Corn, 159-750 US$/ha for Soybean, 233-641 US$/ha for Sunflower and 695-1400 US$/ha for Peanut |  | '- 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 - Commercial Costs: 6-43 US$/ha for Wheat, 2-51 US$/ha for Corn, 7-59 US$/ha for Soybean and 2-71 US$/ha for Sunflower - Production Costs: 115-574 US$/ha for Wheat, 198-859 US$/ha for Corn, 159-679 US$/ha for Soybean and 233-641 US$/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 – US$ per hectare; Production Costs – US$ per hectare. |  | '-Rice yield: 6.5 -7.5 tn/ha -Commercial Costs: 8-16 US$/ha -Production Costs: 750-950 US$/ha |  | '-Rice yield: 6.5 -7.5 tn/ha -Commercial Costs: 8-12 US$/ha -Production Costs: 750-950 US$/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 tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2020 and 2019 and their allocation to the fair value hierarchy:
|  |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |
Derivative financial instruments | 2020 |  | 151 |  |  | 1,951 |  |  | 2,102 |
Derivative financial instruments | 2019 |  | 1,257 |  |  | 178 |  |  | 1,435 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments | 2020 |  | (12,984) |  |  | (157) |  |  | (13,141) |
Derivative financial instruments | 2019 |  | (1,423) |  |  | — |  |  | (1,423) |
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 |  | (12,833) |
NDF |  | Quoted price |  | Swap curve |  | Present value method |  | 2 |  | (30) |
Interest-rate swaps |  | Theoretical price |  | Money market interest-rate curve |  | Present value method |  | 2 |  | 1,824 |
|  |  |  |  |  |  |  |  |  | (11,039) |
Schedule 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, 2020 and 2019 and their allocation to the fair value hierarchy:
|  |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |
Derivative financial instruments | 2020 |  | 151 |  |  | 1,951 |  |  | 2,102 |
Derivative financial instruments | 2019 |  | 1,257 |  |  | 178 |  |  | 1,435 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments | 2020 |  | (12,984) |  |  | (157) |  |  | (13,141) |
Derivative financial instruments | 2019 |  | (1,423) |  |  | — |  |  | (1,423) |
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 |  | (12,833) |
NDF |  | Quoted price |  | Swap curve |  | Present value method |  | 2 |  | (30) |
Interest-rate swaps |  | Theoretical price |  | Money market interest-rate curve |  | Present value method |  | 2 |  | 1,824 |
|  |  |  |  |  |  |  |  |  | (11,039) |

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