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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Profit for the year $ 92,101 $ 226,721 $ 108,606
Adjustments for:      
Income tax (benefit) / expense (57,015) 78,673 26,758
Depreciation 223,843 198,288 188,775
Amortization 2,314 1,730 2,265
Depreciation of right of use assets 77,867 74,085 63,339
Loss / (gain) from the disposal of other property items 2,408 (4,747) (3,718)
Gain from the sale of farmland and other assets (6,050) (6,334) 0
Impairment due to fire 14,259 0 0
Bargain purchase gain on acquisition 0 0 (10,107)
Net loss / (gain) from the fair value adjustment of Investment properties 23,375 (10,620) 2,961
Equity settled share-based compensation granted 6,680 8,581 10,227
(Gain) / loss from derivative financial instruments and forwards (1,153) (8,605) 13,685
Interest, finance cost related to lease liabilities and other financial expense, net 68,315 16,428 83,130
Initial recognition and changes in fair value of non-harvested biological assets (unrealized) 18,301 17,663 (44,935)
Changes in net realizable value of agricultural produce after harvest (unrealized) 7,327 (2,599) (72)
Provision and allowances (1,820) 654 999
Tax credits recognized (19,486) 0 0
Net (gain) / loss of inflation effects on the monetary items (2,421) (28,816) 2,144
Foreign exchange losses / (gain), net 37,569 (90,930) (19,278)
Cash flow hedge – transfer from equity 28,650 36,863 40,195
Subtotal 515,064 507,035 464,974
Changes in operating assets and liabilities:      
(Increase) / decrease in trade and other receivables (68,299) 3,683 (60,753)
Decrease / (increase) in inventories 3,089 (12,410) 45,437
Increase in biological assets (38,861) (23,393) (3,686)
Increase in other assets (2,054) (37) (1,056)
Decrease / (increase) in derivative financial instruments 21,820 (11,181) (9,661)
Decrease in trade and other payables (100,346) (43,925) (64,502)
Increase in payroll and social security liabilities 4,093 15,674 7,681
Increase / (decrease) in provisions for other liabilities 1,110 803 (290)
Net cash generated from operating activities before taxes paid 335,616 436,249 378,144
Income tax paid (7,285) (1,342) (8,118)
Net cash generated from operating activities 328,331 434,907 370,026
Cash flows from investing activities:      
Acquisition of subsidiaries net of cash and cash equivalents acquired (16,184) (3,193) 1,120
Purchases of property, plant and equipment (260,211) (241,623) (217,776)
Purchase of cattle and non-current biological assets (1,928) (511) (9,096)
Purchases of intangible assets (1,190) (1,291) (3,350)
Interest received and others [1] 7,847 62,120 5,199
Proceeds from disposal of other property items 2,332 4,094 2,770
Proceeds from the sale of farmland and other assets 23,259 33,242 9,879
Proceeds from the sale of subsidiary 0 0 10,000
Acquisition of short-term investment (47,886) (106,897) (98,010)
Disposals of short-term investment 62,396 142,507 0
Net cash used in investing activities (231,565) (111,552) (299,264)
Cash flows from financing activities:      
Proceeds from long-term borrowings 126,757 7,739 41,082
Payments of long-term borrowings (105,749) (24,105) (14,012)
Proceeds from short-term borrowings 169,901 448,532 347,928
Payments of short-term borrowings (239,947) (420,276) (192,648)
Interest paid (24,629) (55,476) (44,788)
Proceeds from exercise of employee share options 99 214 2,124
Collections / (payments) of derivatives financial instruments 669 (32) 118
Lease payments (98,478) (104,097) (91,175)
Purchase of own shares (66,887) (26,242) (36,844)
Dividends paid to non-controlling interest (736) 0 (358)
Dividends paid to shareholders (35,000) (35,000) (35,000)
Net cash used in financing activities (274,000) (208,743) (23,573)
Net (decrease) / increase in cash and cash equivalents (177,234) 114,612 47,189
Cash and cash equivalents at beginning of year 339,781 230,653 199,766
Effect of exchange rate changes and inflation on cash and cash equivalents 48,697 (5,484) (16,302)
Cash and cash equivalents at end of year $ 211,244 $ 339,781 $ 230,653
[1] Includes 238 in 2024 related to gains on bond arbitrage transactions (54,687 in 2023 and nil in 2022) of which the combined effect of IAS 29 and 21 of the Argentine subsidiaries is (105) for 2024, 30,544 in 2023 and nil 2022.
For non-cash transactions, see Note 13 for Right of Use Assets and related to acquisition of subsidiaries, see Note 21.