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Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2021
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.
| 2021
| Subsidiaries’ functional currency
Net monetary position (Liability)/ Asset | Argentine Peso | Brazilian Reais | Uruguayan Peso |  | U.S. Dollar | Total
Argentine Peso | (33,002) |  | — |  | — |  |  | — |  | (33,002) |
Brazilian Reais | — |  | (396,288) |  | — |  |  | — |  | (396,288) |
U.S. Dollar | (267,448) |  | (270,213) |  | 21,773 |  |  | 30,490 |  | (485,398) |
Uruguayan Peso | — |  | — |  | (1,837) |  |  | — |  | (1,837) |
Total | (300,450) |  | (666,501) |  | 19,936 |  |  | 30,490 |  | (916,525) |
| 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) |
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
2021 | U.S. Dollar | (26,745) |  | (27,021) |  | 2,177 |  |  | (51,589) |
2020 | U.S. Dollar | (19,335) |  | (30,761) |  | 2,072 |  |  | (48,024) |
Schedule of Maturity Analysis for Derivative and 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, 2021 | Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over 5 Years | Total
Trade and other payables | 153,175 |  | 15 |  | 22 |  | 247 |  | 153,459 |
Borrowings | 153,311 |  | 57,849 |  | 245,538 |  | 577,178 |  | 1,033,876 |
Leases Liabilities | 53,384 |  | 53,172 |  | 122,625 |  | 123,180 |  | 352,361 |
Derivative financial instruments | 1,283 |  | — |  | — |  | — |  | 1,283 |
Total | 361,153 |  | 111,036 |  | 368,185 |  | 700,605 |  | 1,540,979 |
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 |
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 debt holder. These analyses are performed after giving effect to interest rate swaps. The analysis for the year ended December 31, 2021 and 2020 is as follows:
| 2021
| Subsidiaries’ functional currency
Rate per currency denomination | Argentine Peso | Brazilian Reais | Uruguayan Peso | U.S. Dollar | Total
Fixed rate: |  |  |  |  |
Argentine Peso | 11,769 |  | — |  | — |  | — |  | 11,769 |
Brazilian Reais | — |  | 10,887 |  | — |  | — |  | 10,887 |
U.S. Dollar | 96,456 |  | 342,522 |  | — |  | 165,173 |  | 604,151 |
Subtotal fixed-rate borrowings | 108,225 |  | 353,409 |  | — |  | 165,173 |  | 626,807 |
Variable rate: |  |  |  |  |
Brazilian Reais | — |  | 169,597 |  | — |  | — |  | 169,597 |
U.S. Dollar | 19,793 |  | 1,454 |  | — |  | — |  | 21,247 |
Subtotal variable-rate borrowings | 19,793 |  | 171,051 |  | — |  | — |  | 190,844 |
Total borrowings as per statement of financial position | 128,018 |  | 524,460 |  | — |  | 165,173 |  | 817,651 |
| 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 |  | 423,286 |  | 2,002 |  | 157,565 |  | 613,524 |
Subtotal fixed-rate borrowings | 111,954 |  | 446,120 |  | 2,002 |  | 157,565 |  | 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 |  | 632,985 |  | 2,002 |  | 157,565 |  | 971,090 |
For the years ended December 31, 2021 and 2020, 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.
| 2021
| Subsidiaries’ functional currency
Rate per currency denomination | Argentine Peso | Brazilian Reais | Uruguayan Peso | U.S. Dollar | Total
Variable rate: |  |  |  |  |
Brazilian Reais | — |  | (2) |  | — |  | — |  | (2) |
U.S. Dollar | — |  | — |  |  | — |  | — |
Total effects on profit before income tax | — |  | (2) |  | — |  | — |  | (2) |
| 2020
| Subsidiaries’ functional currency
Rate per currency denomination | Argentine Peso | Brazilian Reias | 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) |
Schedule of Capital Risk Management | During the year ended December 31, 2021, the strategy was to maintain the gearing ratio within 0.40 to 0.60, as follows:
| 2021 |  | 2020
Total borrowings | 817,651 |  |  | 971,090 |
Total equity | 1,047,830 |  |  | 963,724 |
Total capital | 1,865,481 |  |  | 1,934,814 |
Gearing ratio | 0.44 |  |  | 0.50 |
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, 2021:
|  | 2021
Type of derivative contract |  | Quantities (thousands) (**) |  | Notional amount |  | Fair Value Asset/ (Liability) |  | (Loss)/Gain (*)
Futures: |  |  |  |  |  |  |  |
Sale |  |  |  |  |  |  |  |
Corn |  | 6 |  |  | 935 |  |  | 157 |  |  | 157 |
Soybean |  | 55 |  |  | 17,782 |  |  | (1,283) |  |  | (1,283) |
Sugar |  | 87 |  |  | 35,922 |  |  | 671 |  |  | 292 |
Total |  | 148 |  |  | 54,639 |  |  | (455) |  |  | (834) |
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 |
(*) Included in the line item “(Loss) / Gain from commodity derivative financial instruments” of Note 8. (**) All quantities expressed in tons and m 3. Commodity future contract fair values are computed with reference to quoted market prices on future exchanges.

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