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Investment property | 12 Months Ended
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Dec. 31, 2020
Investment property [abstract] |
Investment property | Investment property Changes in the Group’s investment property in 2020 and 2019 were as follows:
| 2020 |  | 2019
Beginning of the year | 34,295 |  |  | 40,725 |
Net gain / (loss) from fair value adjustment (Note 8) | 1,077 |  |  | (325) |
Reclassification to property, plant and equipment (i) | (3,127) |  |  | (4,816) |
Exchange difference | (1,066) |  |  | (1,289) |
End of the year | 31,179 |  |  | 34,295 |
Fair value | 31,179 |  |  | 34,295 |
Net book amount | 31,179 |  |  | 34,295 |
(i) Relates with the expiration of contracts with third parties. The accounting policy for all Investment properties are measured at Fair Value. For all Investment properties with a total valuation of US$ 31.2 million and US$ 34.2 million as of December 31, 2020 and 2019 respectively, the valuation was determined using Sales Comparison Approach prepared by an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare (Level 3). The increase /decrease in the Fair value is recognized in the Statement of income under the line item "Other operating income, net". The Group estimated that, other factors being constant, a 10% reduction on the Sales price for the period ended December 31, 2020 and 2019 would have reduced the value of the Investment properties on US$ 3.1 million and US$ 3.4 million respectively, which would impact the line item "Net gain from fair value adjustment ".

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- Definition The entire disclosure for investment property. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 40 -IssueDate 2020-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=40&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS40_g74-79_TI -URIDate 2020-01-01 + Details
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- References No definition available. + Details
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