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Taxation (Tables)
 12 Months Ended
Dec. 31, 2024
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:
 202420232022
Current income tax(14,335)4,570 (4,655)
Deferred income tax71,350 (83,243)(22,103)
Income tax benefit / (expense)57,015 (78,673)(26,758)
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
Argentina35 %
Brazil34 %
Uruguay25 %
Spain25 %
Luxembourg24.94 %
Chile27 %
Schedule of Temporary Difference, Unused Tax Losses and Unused Tax Credits
Deferred tax assets and liabilities of the Group as of December 31, 2024 and 2023, without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows:

 20242023
Deferred income tax asset to be recovered after more than 12 months23,428 36,028 
Deferred income tax asset to be recovered within 12 months77,777 43,337 
Deferred income tax assets101,205 79,365 
Deferred income tax liability to be settled after more than 12 months(272,403)(427,360)
Deferred income tax liability to be settled within 12 months(143,631)(18,559)
Deferred income tax liability(416,034)(445,919)
Deferred income tax liability, net(314,829)(366,554)
The gross movement on the deferred income tax account is as follows:

 20242023
Beginning of year(366,554)(292,656)
Exchange differences(160,927)69,707 
Changes of fair value valuation for farmlands144,971 (62,988)
Disposal of farmland2,265 10,492 
Others1,158 632 
Tax credit relating to cash flow hedge (i)(7,092)(8,498)
Income tax benefit / (expense)71,350 (83,243)
End of year(314,829)(366,554)
 
(i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$601 for the year ended December 31, 2024 (2023: US$7,319; 2022: US$15,621); net of the reclassification from Equity to the Income Statement of US$ 26,997 for the year ended December 31, 2024 (2023: US$ 49,737; 2022:
US$ 40,388).
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, 2023389,146 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 
Disposals of farmland(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 
Charged / (credited) to the statement of income(11,199)(17,396)550 (8,815)(36,860)
Farmlands revaluation(144,971)— — — (144,971)
Disposals of farmland(2,265)— — — (2,265)
Exchange differences137,102 11,215 8,679 (2,785)154,211 
At December 31, 2024362,610 9,707 32,609 11,108 416,034 
 
Deferred income tax
assets		ProvisionsTax loss
carry
forwards		Equity-settled
share-based
compensation		BorrowingsBiological
assets		OthersTotal
At January 1, 20236,622110,195 3,575 25,932 — (584)145,740 
(Credited) / charged 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 
Charged / (credited) to the statement of income(4,433)27,133 — 14,828 9,176 (12,214)34,490 
Tax charge relating to cash flow hedge— (7,092)— — — — (7,092)
Exchange differences4,555 (6,200)— (1,712)(6,643)3,284 (6,716)
Others— — 964 — — 194 1,158 
At December 31, 202411,560 70,942 4,979 13,489 2,533 (2,298)101,205 
Schedule of Tax Loss Carryforwards
As of December 31, 2024, the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows:
JurisdictionTax loss carry forward
Argentina (1)104,947 
Brazil93,253 
Uruguay5,667 
Luxembourg19,209 
 
(1) As of December 31, 2024, the aging of the determination tax loss carry forward in Argentina is as follows:
Year of generationAmount
2020499 
2021157 
202229,873 
20231,204 
202473,213 
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:
 
 202420232022
Tax calculated at the tax rates applicable to profits in the respective countries(8,735)(103,860)(43,827)
Non-deductible items(316)(1,616)(1,921)
Effect of the changes in the statutory income tax rate in Argentina— 1,280 (2,237)
Tax losses where no deferred tax asset was recognized(20)(706)(107)
Non-taxable income15,215 19,994 16,879 
Previously unrecognized tax losses now recouped to reduce tax expenses (1)
9,908 38,646 19,419 
Effect of IAS 29 and tax adjustment per inflation in Argentina36,563 (29,526)(18,195)
Others4,400 (2,885)3,231 
Income tax expense57,015 (78,673)(26,758)
 
(1) 2024 includes US$8,832 of adjustment by inflation of tax loss carryforwards in Argentina (US$37,151 in 2023 and US$16,044 in 2022).