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Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Subtotal
Share capital (Note 22)
Share premium (Note 22)
Cumulative translation adjustment
Equity-settled compensation
Cash flow hedge
Other reserves
Treasury shares
Revaluation surplus
Reserve from the sale of non-controlling interests in subsidiaries
Retained earnings
Non- controlling interest
Balance at beginning of period at Dec. 31, 2019 $ 1,028,883 $ 988,269 $ 183,573 $ 901,739 $ (492,374) $ 15,354 $ (76,303) $ 66,047 $ (7,946) $ 337,877 $ 41,574 $ 18,728 $ 40,614
Profit for the year 1,070 412                   412 658
Exchange differences on translation of foreign operations (78,961) (77,843)     (62,670)         (15,173)     (1,118)
Cash flow hedge, net of tax [1] (14,386) (14,386)         (14,386)           0
Revaluation surplus [2] 29,453 28,464               28,464     989
Reserve of the revaluation surplus derived from the disposals of assets [3] 0                 (7,598)   7,598  
Other comprehensive income / (loss) for the year (63,894) (63,765)     (62,670)   (14,386)     5,693   7,598 (129)
Total comprehensive income / (loss) for the year (62,824) (63,353)     (62,670)   (14,386)     5,693   8,010 529
Reserves for the benefit of government grants [4] 0             18,067       (18,067)  
Value of employee services 3,266 3,266       3,266              
Restricted shares, vested 1,224 1,224   4,182   (3,825)   383 484        
Restricted shares, forfeited 0             36 (36)        
Restricted shares, granted 0             (1,127) 1,127        
Purchase of own shares (4,365) (4,365)   (3,106)         (1,259)        
Dividends to non-controlling interest (2,460)                       (2,460)
Balance at end of period at Dec. 31, 2020 963,724 925,041 183,573 902,815 (555,044) 14,795 (90,689) 83,406 (7,630) 343,570 41,574 8,671 38,683
Profit for the year 130,717 130,669                   130,669 48
Exchange differences on translation of foreign operations 121,146 112,166     40,435         71,731     8,980
Cash flow hedge, net of tax [5] 29,758 29,757         29,757            
Revaluation surplus [6] (136,622) (125,319)               (125,319)     (11,303)
Reserve of the revaluation surplus derived from the disposals of assets [3] 0                 0   0  
Other comprehensive income / (loss) for the year 14,282 16,604     40,435   29,757     (53,588)   0 (2,322)
Total comprehensive income / (loss) for the year 144,999 147,273     40,435   29,757     (53,588)   130,669 (2,274)
Reserves for the benefit of government grants [7] 0             23,605       (23,605)  
Value of employee services 5,420 5,420       5,420              
Restricted shares, vested 448 448   3,594   (4,142)   734 262        
Restricted shares, forfeited 0             27 (27)        
Restricted shares, granted 0             (1,600) 1,600        
Purchase of own shares (66,463) (66,463)   (55,349)         (11,114)        
Dividends to non-controlling interest (298)                       (298)
Balance at end of period at Dec. 31, 2021 1,047,830 1,011,719 183,573 851,060 (514,609) 16,073 (60,932) 106,172 (16,909) 289,982 41,574 115,735 36,111
Profit for the year 108,606 108,138                   108,138 468
Exchange differences on translation of foreign operations 98,741 93,947     58,580         35,367     4,794
Cash flow hedge, net of tax [8] 16,060 16,060         16,060           0
Revaluation surplus [9] (46,903) (43,440)               (43,440)     (3,463)
Other comprehensive income / (loss) for the year 67,898 66,567     58,580   16,060     (8,073)   0 1,331
Total comprehensive income / (loss) for the year 176,504 174,705     58,580   16,060     (8,073)   108,138 1,799
Reduction of issued share capital of the company 0   (16,500)           16,500        
Reserves for the benefit of government grants [10] 0             21,531       (21,531)  
Employee shares, exercised 2,124 2,124   2,432   (778)     470        
Value of employee services 7,563 7,563       7,563              
Restricted shares, vested 1,824 1,824   4,647   (4,066)   1,243 0        
Restricted shares, forfeited 0             85 (85)        
Restricted shares, granted 0             (2,106) 2,106        
Purchase of own shares (36,844) (36,844)   (29,970)         (6,874)        
Dividends to shareholders (35,000) (35,000)   (35,000)                  
Dividends to non-controlling interest                         (358)
Balance at end of period at Dec. 31, 2022 $ 1,163,643 $ 1,126,091 $ 167,073 $ 793,169 $ (456,029) $ 18,792 $ (44,872) $ 126,925 $ (4,792) $ 281,909 $ 41,574 $ 202,342 $ 37,552
[1] Net of $5,729 of income tax.
[2] Net of $11,790 of Income tax.
[3] Net of $3,458 of Income tax
[4] Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business. (please see Note 24).
[5] Net of $2,526 of Income tax
[6] Net of $9,953 of Income tax.
[7] Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business. (please see Note 24).
[8] Net of $7,337 of Income tax.
[9] Net of $25,307 of Income tax.
[10] Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business. (please see Note 24).