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Investment property
 12 Months Ended
Dec. 31, 2024
Investment property [abstract]  
Investment property Investment property
 
Changes in the Group’s investment property in 2024 and 2023 were as follows:
 
 20242023
Beginning of the year33,364 33,330 
Net (loss) / gain from fair value adjustment (Note 8)(23,375)10,620 
Exchange difference23,553 (10,586)
End of the year33,542 33,364 
Fair value33,542 33,364 
Net book amount33,542 33,364 
 
Investment properties are measured at fair value using a sales comparison approach prepared by an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant assumption being the price per hectare (Level 3). The increase/decrease in the fair value of investment property is recognized in the Statement of income under the line item “Other operating income, net”. The Group estimated that, other factors being constant, a 10% reduction on the sales price for the period ended December 31, 2024 and 2023 would have caused a reduction of US$3.4 million and US$3.3 million respectively in the value of the investment properties, which would impact the line item “Net gain from fair value adjustment”.