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Financial risk management (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about financial instruments [abstract]

Schedule of Nature and Extent of Risks Arising from Financial Instruments

The following tables show the net monetary position of the respective subsidiaries within the Group categorized by functional currency. Non-U.S. Dollar amounts are presented in U.S. Dollars for purpose of these tables.

			2020
			Subsidiaries’ functional currency
Net monetary position (Liability)/ Asset			Argentine Peso			Brazilian Reais			Uruguayan Peso			U.S. Dollar			Total
Argentine Peso			(115,097)			—			—			(288)			(115,385)
Brazilian Reais			—			(298,039)			—			—			(298,039)
U.S. Dollar			(193,353)			(307,611)			20,720			47,122			(433,122)
Uruguayan Peso			—			—			(655)			—			(655)
Total			(308,450)			(605,650)			20,065			46,834			(847,201)

			2019
			Subsidiaries’ functional currency
Net monetary position (Liability)/ Asset			Argentine Peso			Brazilian Reais			Uruguayan Peso			U.S. Dollar			Total
Argentine Peso			(19,733)			—			—			(560)			(20,293)
Brazilian Reais			—			(196,081)			—			—			(196,081)
U.S. Dollar			(317,296)			(438,604)			21,586			48,091			(686,223)
Uruguayan Peso			—			—			(2,086)			—			(2,086)
Total			(337,029)			(634,685)			19,500			47,531			(904,683)

A portion of this effect would have been recognized as other comprehensive income since a portion of the Company’s borrowings was used as cash flow hedge of the foreign exchange rate risk of a portion of its highly probable future sales in U.S. Dollars (see Hedge Accounting - Cash Flow Hedge below for details).

						Functional currency
Net monetary position						Argentine Peso			Brazilian Reais			Uruguayan Peso			Total
2020			U.S. Dollar			(19,335)			(30,761)			2,072			(48,024)
2019			U.S. Dollar			(31,730)			(43,860)			2,159			(73,431)

Schedule of Maturity Analysis for Non-Derivative Financial Liabilities

The tables below analyzes the Group’s non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and as a result they do not reconcile to the amounts disclosed on the statement of financial position except for short-term payables where discounting is not applied.

At December 31, 2020			Less than 1 year			Between 1 and 2 years			Between 2 and 5 years			Over 5 Years			Total
Trade and other payables			114,523			15			22			253			114,813
Borrowings			286,588			132,266			197,941			713,321			1,330,116
Leases Liabilities			36,714			20,608			74,565			65,639			197,526
Derivative financial instruments			13,141			—			—			—			13,141
Total			450,966			152,889			272,528			779,213			1,655,596

At December 31, 2019			Less than 1 year			Between 1 and 2 years			Between 2 and 5 years			Over 5 Years			Total
Trade and other payables			94,821			3,399			30			170			98,420
Borrowings			122,403			154,682			230,058			681,819			1,188,962
Leases Liabilities			46,370			52,372			89,259			121,081			309,082
Derivative financial instruments			1,423			—			—			—			1,423
Total			265,017			210,453			319,347			803,070			1,597,887

Schedule of Maturity Analysis for Derivative Financial Liabilities

The tables below analyzes the Group’s non-derivative financial liabilities and derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and as a result they do not reconcile to the amounts disclosed on the statement of financial position except for short-term payables where discounting is not applied.

At December 31, 2020			Less than 1 year			Between 1 and 2 years			Between 2 and 5 years			Over 5 Years			Total
Trade and other payables			114,523			15			22			253			114,813
Borrowings			286,588			132,266			197,941			713,321			1,330,116
Leases Liabilities			36,714			20,608			74,565			65,639			197,526
Derivative financial instruments			13,141			—			—			—			13,141
Total			450,966			152,889			272,528			779,213			1,655,596

At December 31, 2019			Less than 1 year			Between 1 and 2 years			Between 2 and 5 years			Over 5 Years			Total
Trade and other payables			94,821			3,399			30			170			98,420
Borrowings			122,403			154,682			230,058			681,819			1,188,962
Leases Liabilities			46,370			52,372			89,259			121,081			309,082
Derivative financial instruments			1,423			—			—			—			1,423
Total			265,017			210,453			319,347			803,070			1,597,887

Schedule of Financial Instruments by Type of Interest Rate

The following tables show a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary issuing the loans. These analyses are performed after giving effect to interest rate swaps.

 The analysis for the year ended December 31, 2020 and 2019 is as follows:

			2020
			Subsidiaries’ functional currency
Rate per currency denomination			Argentine Peso			Brazilian Reais			Uruguayan Peso			U.S. Dollar			Total
Fixed rate:
Argentine Peso			81,283			—			—			—			81,283
Brazilian Reais			—			22,834			—			—			22,834
U.S. Dollar			30,671			75,592			2,002			505,259			613,524
Subtotal fixed-rate borrowings			111,954			98,426			2,002			505,259			717,641
Variable rate:
Brazilian Reais			—			184,123			—			—			184,123
U.S. Dollar			66,584			2,742			—			—			69,326
Subtotal variable-rate borrowings			66,584			186,865			—			—			253,449
Total borrowings as per statement of financial position			178,538			285,291			2,002			505,259			971,090

			2019
			Subsidiaries’ functional currency
Rate per currency denomination			Argentine Peso			Brazilian Reais			Uruguayan Peso			U.S. Dollar			Total
Fixed rate:
Argentine Peso			549			—			—			—			549
Brazilian Reais			—			142,142			—			—			142,142
U.S. Dollar			128,464			77,378			15,113			504,814			725,769
Subtotal fixed-rate borrowings			129,013			219,520			15,113			504,814			868,460
Variable rate:
Brazilian Reais			—			13,604			—			—			13,604
U.S. Dollar			79,339			6,877			—			—			86,216
Subtotal variable-rate borrowings			79,339			20,481			—			—			99,820
Total borrowings as per statement of financial position			208,352			240,001			15,113			504,814			968,280

For the years ended December 31, 2020 and 2019, if interest rates on floating-rate borrowings had been 1% higher with all other variables held constant, the Group’s Profit before income tax for the years would have decreased as shown below. A 1% decrease in interest rates would have an equal and opposite effect on the income statement.

			2020
			Subsidiaries’ functional currency
Rate per currency denomination			Argentine Peso			Brazilian Reais			Uruguayan Peso			U.S. Dollar			Total
Variable rate:
Brazilian Reais			—			(1,841)			—			—			(1,841)
U.S. Dollar			(666)			(27)						—			(693)
Total effects on profit before income tax			(666)			(1,868)			—			—			(2,534)

			2019
			Subsidiaries’ functional currency
Rate per currency denomination			Argentine Peso			Brazilian Reias			Uruguayan Peso			U.S. Dollar			Total
Variable rate:
Brazilian Reais			—			(136)			—			—			(136)
U.S. Dollar			(793)			(69)			—			—			(862)
Total effects on profit before income tax			(793)			(205)			—			—			(998)

Schedule of Capital Risk Management

During the year ended December 31, 2020, the strategy was to maintain the gearing ratio within 0.40 to 0.60, as follows:

			2020						2019
Total borrowings			971,090						968,280
Total equity			963,724						1,028,883
Total capital			1,934,814						1,997,163
Gearing ratio			0.50						0.48

Schedule of Financial Instruments

The following tables show the outstanding positions for each type of derivative contract as of the date of each statement of financial position:

▪ Futures/ options

As of December 31, 2020:

						2020
Type of derivative contract						Quantities (thousands) (**)						Notional amount						Fair Value Asset/ (Liability)						(Loss)/Gain (*)
Futures:
Sale
Corn						52						6,027						(2,846)						2,846
Soybean						32						7,242						(3,380)						3,380
Wheat						(19)						(4,272)						151						(151)
Sugar						217						63,025						(6,738)						5,538
Ethanol						1						277						(20)						3
Total						283						72,299						(12,833)						11,616

As of December 31, 2019:

						2019
Type of derivative contract						Quantities (thousands) (**)						Notional amount						Fair Value Asset/ (Liability)						(Loss)/Gain (*)
Futures:
Sale
Corn						221						923						445						(446)
Soybean						107						7,118						759						(687)
Wheat						13						515						(28)						28
Sugar						101						29,409						(1,342)						1,155
Total						442						37,965						(166)						50

(*) Included in the line item “(Loss) / Gain from commodity derivative financial instruments” of Note 8.

(**) All quantities expressed in tons and m3.

Commodity future contract fair values are computed with reference to quoted market prices on future exchanges.

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The disclosure of financial instruments by type of interest rate. [Refer: Financial instruments, class [member]]

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The disclosure of information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed. [Refer: Financial instruments, class [member]]

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The disclosure of a maturity analysis for derivative financial liabilities, including the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows. [Refer: Derivative financial liabilities]

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The disclosure of a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities. [Refer: Derivative financial liabilities]

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