XML 78 R53.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Taxation (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Schedule of Major Components of Tax Expense (Income) The details of the provision for the Group’s consolidated income tax are as follows:
 202320222021
Current income tax4,570 (4,655)(4,338)
Deferred income tax(83,243)(22,103)(39,499)
Income tax expense(78,673)(26,758)(43,837)
Schedule of Applicable Tax Rate by Tax Jurisdiction
The statutory tax rate in the countries where the Group operates for all of the years presented are:
 
Tax JurisdictionIncome Tax Rate
Argentina (i)35 %
Brazil34 %
Uruguay25 %
Spain25 %
Luxembourg24.94 %
Chile27 %
 
(i) In June 2021, the Argentine Government introduced changes to the income tax laws whereby it established an increasing rate scheme starting at 25% up to 35% for income tax gains over Argentine Pesos 143 million (US$ 0.2 million). The revised scheme was effective as from fiscal year 2021. It also established a 7% withholding tax for dividends.
Schedule of Temporary Difference, Unused Tax Losses and Unused Tax Credits
Deferred tax assets and liabilities of the Group as of December 31, 2023 and 2022, without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows:

 20232022
Deferred income tax asset to be recovered after more than 12 months36,028 127,878 
Deferred income tax asset to be recovered within 12 months43,337 17,862 
Deferred income tax assets79,365 145,740 
Deferred income tax liability to be settled after more than 12 months(427,360)(371,047)
Deferred income tax liability to be settled within 12 months(18,559)(67,349)
Deferred income tax liability(445,919)(438,396)
Deferred income tax liability, net(366,554)(292,656)
The gross movement on the deferred income tax account is as follows:

 20232022
Beginning of year(292,656)(255,527)
Exchange differences69,707 (30,187)
Changes of fair value valuation for farmlands(62,988)25,307 
Acquisition of subsidiary (Note 21)— (1,562)
Disposal of farmland10,492 — 
Others632 (1,247)
Tax credit relating to cash flow hedge (i)(8,498)(7,337)
Income tax expense(83,243)(22,103)
End of year(366,554)(292,656)
 
(i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$7,319 for the year ended December 31, 2023 (2022: US$15,621; 2021: US$46,145); net of the reclassification from Equity to the Income Statement of US$ 49,737 for the year ended December 31, 2023 (2022: US$ 40,388; 2021: US$26,031).
The movement in the deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Deferred income tax
liabilities		Property,
plant and
equipment		Investment propertyBiological
assets		OthersTotal
At January 1, 2022355,158 9,881 11,259 8,757 385,055 
Charged / (credited) to the statement of income20,354 (2,181)18,105 232 36,510 
Farmlands revaluation(25,307)— — — (25,307)
Acquisition of subsidiary1,562 — — — 1,562 
Exchange differences37,379 1,279 1,097 821 40,576 
At December 31, 2022389,146 8,979 30,461 9,810 438,396 
Charged / (credited) to the statement of income18,229 9,760 (2,984)12,460 37,465 
Farmlands revaluation62,988 — — — 62,988 
Acquisition of subsidiaries(10,492)— — — (10,492)
Exchange differences(75,928)(2,851)(4,097)438 (82,438)
At December 31, 2023383,943 15,888 23,380 22,708 445,919 
 
Deferred income tax
assets		ProvisionsTax loss
carry
forwards		Equity-settled
share-based
compensation		BorrowingsBiological
assets		OthersTotal
At January 1, 20229,279 81,557 4,822 34,797 66 (993)129,528 
(Credited) / charged to the statement of income(3,900)29,087 — (11,115)(66)401 14,407 
Tax charge relating to cash flow hedge— (7,337)— — — — (7,337)
Exchange differences1,243 6,888 — 2,250 — 8 10,389 
Others— — (1,247)— — — (1,247)
At December 31, 20226,622 110,195 3,575 25,932 — (584)145,740 
Charged / (credited) to the statement of income1,064 (29,585)— (26,696)3,242 6,197 (45,778)
Tax charge relating to cash flow hedge— (8,498)— — — — (8,498)
Exchange differences3,752 (15,011)— 1,137 (3,242)633 (12,731)
Others— — 440 — — 192 632 
At December 31, 202311,438 57,101 4,015 373 — 6,438 79,365 
Schedule of Tax Loss Carryforwards
As of December 31, 2023, the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows:
JurisdictionTax loss carry forwardExpiration period
Argentina (1)22,158 5 years
Brazil135,479 No expiration date.
Uruguay5,173 5 years
Luxembourg16,866 No expiration date.
 
(1) As of December 31, 2023, the aging of the determination tax loss carry forward in Argentina is as follows:
Year of generationAmount
2019426 
2020768 
202116 
202218,856 
20232,092 
Schedule of Reconciliation of Accounting Profit by Applicable Tax Rate and Average Effective Tax Rate
The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the tax rates applicable to profits in the respective countries as follows:
 
 202320222021
Tax calculated at the tax rates applicable to profits in the respective countries(103,860)(43,827)(54,291)
Non-deductible items(1,616)(1,921)(3,459)
Effect of the changes in the statutory income tax rate in Argentina1,280 (2,237)(31,962)
Unused tax losses— — 482 
Tax losses where no deferred tax asset was recognized(706)(107)— 
Non-taxable income19,994 16,879 13,604 
Previously unrecognized tax losses now recouped to reduce tax expenses (1)
38,646 19,419 38,121 
Effect of IAS 29 and tax adjustment per inflation in Argentina(29,526)(18,195)(6,402)
Others(2,885)3,231 70 
Income tax expense(78,673)(26,758)(43,837)
 
(1) 2023 includes 37,151 of adjustment by inflation of tax loss carryforwards in Argentina (16,044 in 2022).