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Financial risk management (Tables)

12 Months Ended

Dec. 31, 2024

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.


	2024
	Subsidiaries’ functional currency
Net monetary position (Liability)/ Asset	Argentine Peso	Brazilian Reais	Uruguayan Peso	U.S. Dollar	Total
Argentine Peso	3,374	—	—	—	3,374
Brazilian Reais	—	(553,476)	—	—	(553,476)
U.S. Dollar	(189,915)	(201,818)	35,958	(22,319)	(378,094)
Uruguayan Peso	—	—	(4,476)	—	(4,476)

Total	(186,541)	(755,294)	31,482	(22,319)	(932,672)


	2023
	Subsidiaries’ functional currency
Net monetary position (Liability)/ Asset	Argentine Peso	Brazilian Reais	Uruguayan Peso	U.S. Dollar	Total
Argentine Peso	(70,608)	—	—	(39)	(70,647)
Brazilian Reais	—	(575,933)	—	—	(575,933)
U.S. Dollar	(90,313)	(262,485)	19,226	82,423	(251,149)
Uruguayan Peso	—	—	(2,711)	—	(2,711)
Total	(160,921)	(838,418)	16,515	82,384	(900,440)


		Functional currency
Net monetary position		Argentine Peso	Brazilian Reais	Uruguayan Peso	Total
2024	U.S. Dollar	(47,479)	(20,182)	3,596	(64,065)
2023	U.S. Dollar	(22,578)	(26,249)	1,923	(46,904)

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, 2024	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	Over 5 Years	Total
Trade and other payables	174,096	767	—	—	174,863
Borrowings	242,332	153,989	500,453	107,225	1,003,999
Leases Liabilities	66,365	82,192	183,204	196,594	528,355
Derivative financial instruments	5,779	—	—	—	5,779
Total	488,572	236,948	683,657	303,819	1,712,996


At December 31, 2023	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	Over 5 Years	Total
Trade and other payables	163,873	528	82	398	164,881
Borrowings	254,162	83,359	723,250	2,013	1,062,784
Leases Liabilities	69,858	84,059	206,413	233,484	593,814
Derivative financial instruments	169	—	—	—	169
Total	488,062	167,946	929,745	235,895	1,821,648

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, 2024 and 2023 is as follows:


	2024
	Subsidiaries’ functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reais	U.S. Dollar	Total
Fixed rate:
Argentine Peso	8,827	—	—	8,827
Brazilian Reais	—	39,370	—	39,370
U.S. Dollar	83,500	292,293	152,782	528,575
Subtotal fixed-rate borrowings	92,327	331,663	152,782	576,772
Variable rate:

Brazilian Reais	—	189,339	—	189,339
U.S. Dollar	13,445	—	—	13,445
Subtotal variable-rate borrowings	13,445	189,339	—	202,784


Total borrowings as per statement of financial position	105,772	521,002	152,782	779,556


	2023
	Subsidiaries’ functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reais	U.S. Dollar	Total
Fixed rate:
Argentine Peso	35,318	—	—	35,318
Brazilian Reais	—	14,575	—	14,575
U.S. Dollar	36,050	373,939	167,088	577,077
Subtotal fixed-rate borrowings	71,368	388,514	167,088	626,970
Variable rate:
Argentine Peso	51,460	—	—	51,460
Brazilian Reais	—	210,186	—	210,186
U.S. Dollar	16,333	—	—	16,333
Subtotal variable-rate borrowings	67,793	210,186	—	277,979


Total borrowings as per statement of financial position	139,161	598,700	167,088	904,949

For the years ended December 31, 2024 and 2023, 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.


	2024
	Subsidiaries’ functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reais	Total
Variable rate:

Brazilian Reais	—	(2)	(2)
U.S. Dollar	—	—	—
Total effects on profit before income tax	—	(2)	(2)


	2023
	Subsidiaries’ functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reias	Total
Variable rate:
Argentine peso	(515)	—	(515)
Brazilian Reais	—	(2,102)	(2,102)
U.S. Dollar	(163)	—	(163)
Total effects on profit before income tax	(678)	(2,102)	(2,780)

Schedule of Capital Risk Management

During the year ended December 31, 2024, the strategy was to maintain the gearing ratio within 0.30 to 0.60, as follows:


	2024	2023
Total borrowings	779,556	904,949
Total equity	1,408,101	1,265,648
Total capital	2,187,657	2,170,597
Gearing ratio	0.36	0.42

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, 2024:


	2024
Type of derivative contract	Quantities (thousands) (**)	Notional amount	Fair Value Asset/ (Liability)	(Loss)/Gain (*)
Futures:
Sale

Soybean	2	407	(18)	(18)
Wheat	3	697	16	16
Sugar	46	19,357	854	3,446

OTC:
Sugar	5	2,509	160	828







Total	56	22,970	1,012	4,272

As of December 31, 2023:


	2023
Type of derivative contract	Quantities (thousands) (**)	Notional amount	Fair Value Asset/ (Liability)	(Loss)/Gain (*)
Futures:
Sale

Soybean	3	518	(9)	(9)
Wheat	2	537	(12)	(12)
Sugar	157	79,404	8,678	8,586

OTC:
Sugar	112	55,696	5,141	5,250





Total	274	136,155	13,798	13,815

(*) Included in the line item “gain / (loss) from commodity derivative financial instruments” of Note 8.

(**) All quantities expressed either in tons or cubic meters, as applicable.

Commodity future contract fair values are computed with reference to quoted market prices on future exchanges.