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Financial instruments by category (Tables)

12 Months Ended

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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