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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adecoagro SA | NYSE:AGRO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.24 | 0 | 12:00:00 |
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Adecoagro S.A.
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Date: November 13, 2017
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By:
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/s/ Carlos Boero Hughes
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Name:
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Carlos Boero Hughes
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Title:
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Chief Financial Officer
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Nine-months ended September 30
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Three-months ended September 30
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Note
|
2017
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|
2016
|
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2017
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2016
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|
|
|
|
|
|
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(unaudited)
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||||||
Sales of goods and services rendered
|
4
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657,609
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537,147
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262,988
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246,443
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Cost of goods sold and services rendered
|
5
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(542,199)
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(428,865)
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(206,890)
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|
(190,437)
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Initial recognition and changes in fair value of biological assets and agricultural produce
|
14
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24,226
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108,924
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1,524
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25,430
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Changes in net realizable value of agricultural produce after harvest
|
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8,036
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(6,206)
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4,843
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(5,837)
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Margin on Manufacturing and Agricultural Activities Before Operating Expenses
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147,672
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211,000
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62,465
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75,599
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General and administrative expenses
|
6
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(44,483)
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(36,204)
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(15,982)
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(14,594)
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Selling expenses
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6
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(64,758)
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(50,015)
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(27,681)
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(22,850)
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Other operating income / (loss), net
|
8
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39,400
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|
(22,953)
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|
3,262
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|
11,208
|
Profit from Operations Before Financing and Taxation
|
|
77,831
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|
101,828
|
|
22,064
|
|
49,363
|
Finance income
|
9
|
8,742
|
|
6,975
|
|
3,520
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|
1,904
|
Finance costs
|
9
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(76,679)
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(114,093)
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(31,269)
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(46,175)
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Financial results, net
|
9
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(67,937)
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(107,118)
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(27,749)
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(44,271)
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Profit / (loss) Before Income Tax
|
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9,894
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(5,290)
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|
(5,685)
|
|
5,092
|
Income tax expense / (benefit)
|
10
|
(3,084)
|
|
(2,901)
|
|
2,727
|
|
1,715
|
Profit / (loss) for the Period
|
|
6,810
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(8,191)
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(2,958)
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|
6,807
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Attributable to:
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Equity holders of the parent
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5,684
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(9,792)
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(3,010)
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6,593
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Non-controlling interest
|
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1,126
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1,601
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|
52
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214
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Earnings per share attributable to the equity holders of the parent during the period:
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Basic
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0.047
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(0.081)
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(0.025)
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0.054
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Diluted
|
|
0.046
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(0.081)
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(0.025)
|
|
0.053
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Nine-months ended September 30
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Three-months ended September 30
|
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|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
||||||
|
|
|
|
|
|
|
|
|
Profit / (loss) for the period
|
|
6,810
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|
(8,191)
|
|
(2,958)
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|
6,807
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss:
|
|
|
|
|
|
|
|
|
Exchange differences on translating foreign operations
|
|
6,910
|
|
44,857
|
|
15,384
|
|
(2,969)
|
Cash flow hedge, net of tax (Note 2)
|
|
13,202
|
|
80,859
|
|
15,710
|
|
14,888
|
Other comprehensive earnings for the period
|
|
20,112
|
|
125,716
|
|
31,094
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|
11,919
|
Total comprehensive earnings for the period
|
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26,922
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|
117,525
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|
28,136
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18,726
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Attributable to:
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Equity holders of the parent
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26,380
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117,091
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28,346
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|
18,650
|
Non-controlling interest
|
|
542
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|
434
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(210)
|
|
76
|
|
|
September 30,
|
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December 31,
|
|
|
Note
|
2017
|
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2016
|
|
|
|
(unaudited)
|
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ASSETS
|
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Non-Current Assets
|
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Property, plant and equipment
|
11
|
847,443
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|
802,608
|
Investment property
|
12
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2,447
|
|
|
2,666
|
Intangible assets
|
13
|
17,658
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|
|
17,252
|
Biological assets
|
14
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9,117
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|
|
8,516
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Deferred income tax assets
|
10
|
42,911
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|
|
38,586
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Trade and other receivables
|
16
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17,763
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|
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17,412
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Other assets
|
|
768
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|
|
566
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Total Non-Current Assets
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938,107
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887,606
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Current Assets
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Biological assets
|
14
|
97,257
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|
136,888
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Inventories
|
17
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173,678
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|
|
111,754
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Trade and other receivables
|
16
|
203,622
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157,528
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Derivative financial instruments
|
15
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5,673
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|
3,398
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Other assets
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|
36
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|
|
24
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Cash and cash equivalents
|
18
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523,175
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|
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158,568
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Total Current Assets
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1,003,441
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568,160
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TOTAL ASSETS
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1,941,548
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1,455,766
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SHAREHOLDERS EQUITY
|
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Capital and reserves attributable to equity holders of the parent
|
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Share capital
|
19
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183,573
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|
|
183,573
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Share premium
|
19
|
931,751
|
|
|
937,250
|
Cumulative translation adjustment
|
|
(519,870)
|
|
|
(527,364)
|
Equity-settled compensation
|
|
16,538
|
|
|
17,218
|
Cash flow hedge
|
|
(24,097)
|
|
|
(37,299)
|
Treasury shares
|
|
(2,759)
|
|
|
(1,859)
|
Reserve from the sale of non-controlling interests in subsidiaries
|
|
41,574
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|
|
41,574
|
Retained earnings
|
|
56,682
|
|
|
50,998
|
Equity attributable to equity holders of the parent
|
|
683,392
|
|
|
664,091
|
Non-controlling interest
|
|
6,460
|
|
|
7,582
|
TOTAL SHAREHOLDERS EQUITY
|
|
689,852
|
|
|
671,673
|
LIABILITIES
|
|
|
|
|
|
Non-Current Liabilities
|
|
|
|
|
|
Trade and other payables
|
21
|
871
|
|
|
1,427
|
Borrowings
|
22
|
925,589
|
|
|
430,304
|
Deferred income tax liabilities
|
10
|
14,493
|
|
|
14,689
|
Payroll and social security liabilities
|
23
|
1,204
|
|
|
1,235
|
Derivatives financial instruments
|
15
|
-
|
|
|
662
|
Provisions for other liabilities
|
|
4,055
|
|
|
3,299
|
Total Non-Current Liabilities
|
|
946,212
|
|
|
451,616
|
Current Liabilities
|
|
|
|
|
|
Trade and other payables
|
21
|
75,065
|
|
|
92,158
|
Current income tax liabilities
|
|
11,553
|
|
|
1,387
|
Payroll and social security liabilities
|
23
|
34,324
|
|
|
26,844
|
Borrowings
|
22
|
183,288
|
|
|
205,092
|
Derivative financial instruments
|
15
|
795
|
|
|
6,406
|
Provisions for other liabilities
|
|
459
|
|
|
590
|
Total Current Liabilities
|
|
305,484
|
|
|
332,477
|
TOTAL LIABILITIES
|
|
1,251,696
|
|
|
784,093
|
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES
|
|
1,941,548
|
|
|
1,455,766
|
|
|
Attributable to equity holders of the parent
|
|
|
|
|||||||||||
|
|
Share Capital (Note 19)
|
Share Premium
|
Cumulative Translation Adjustment
|
Equity-settled Compensation
|
Cash flow hedge
|
Treasury shares
|
Reserve from the sale of non-controlling interests in subsidiaries
|
Retained Earnings
|
Subtotal
|
Non-Controlling Interest
|
Total Shareholders’ Equity
|
||||
Balance at January 1, 2016
|
|
183,573
|
937,674
|
(568,316)
|
16,631
|
(137,911)
|
(1,936)
|
41,574
|
48,795
|
520,084
|
|
7,335
|
527,419
|
|||
Loss for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,792)
|
(9,792)
|
|
1,601
|
(8,191)
|
|||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
- Items that may be reclassified subsequently to profit or loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Exchange differences on translating foreign operations
|
|
-
|
-
|
46,026
|
-
|
-
|
-
|
-
|
-
|
46,026
|
|
(1,169)
|
44,857
|
|||
Cash flow hedge (*)
|
|
-
|
-
|
-
|
-
|
80,857
|
-
|
-
|
-
|
80,857
|
|
2
|
80,859
|
|||
Other comprehensive income for the period
|
|
-
|
-
|
46,026
|
-
|
80,857
|
-
|
-
|
-
|
126,883
|
|
(1,167)
|
125,716
|
|||
Total comprehensive income for the period
|
|
-
|
-
|
46,026
|
-
|
80,857
|
-
|
-
|
(9,792)
|
117,091
|
|
434
|
117,525
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Employee share options (Note 20)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
- Exercised
|
|
-
|
323
|
-
|
(102)
|
-
|
55
|
-
|
-
|
276
|
|
-
|
276
|
|||
- Forfeited
|
|
-
|
-
|
-
|
(98)
|
-
|
-
|
-
|
98
|
-
|
|
-
|
-
|
|||
Restricted shares (Note 20):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
- Value of employee services
|
|
-
|
-
|
-
|
3,925
|
-
|
-
|
-
|
-
|
3,925
|
|
-
|
3,925
|
|||
- Vested
|
|
-
|
3,225
|
-
|
(3,905)
|
-
|
680
|
-
|
-
|
-
|
|
-
|
-
|
|||
-Purchase of own shares (Note 19)
|
|
-
|
(886)
|
-
|
-
|
-
|
(141)
|
-
|
-
|
(1,027
|
)
|
-
|
(1,027)
|
|||
Balance at September 30, 2016 (unaudited)
|
|
183,573
|
940,336
|
(522,290)
|
16,451
|
(57,054)
|
(1,342)
|
41,574
|
39,101
|
640,349
|
|
7,769
|
648,118
|
|
|
Attributable to equity holders of the parent
|
|
|
|
||||||||||
|
|
Share Capital (Note 19)
|
Share Premium
|
Cumulative Translation Adjustment
|
Equity-settled Compensation
|
Cash flow hedge
|
Treasury shares
|
Reserve from the sale of non-controlling interests in subsidiaries
|
Retained Earnings
|
Subtotal
|
Non-Controlling Interest
|
Total Shareholders’ Equity
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance at January 1, 2017
|
|
183,573
|
937,250
|
(527,364)
|
17,218
|
(37,299)
|
(1,859)
|
41,574
|
50,998
|
664,091
|
7,582
|
671,673
|
|||
Profit for the period
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,684
|
5,684
|
1,126
|
6,810
|
|||
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
- Items that may be reclassified subsequently to profit or loss:
|
|
-
|
-
|
7,494
|
-
|
-
|
-
|
-
|
-
|
7,494
|
(584)
|
6,910
|
|||
Exchange differences on translating foreign operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cash flow hedge (*)
|
|
-
|
-
|
-
|
-
|
13,202
|
-
|
-
|
-
|
13,202
|
-
|
13,202
|
|||
Other comprehensive income for the period
|
|
-
|
-
|
7,494
|
-
|
13,202
|
-
|
-
|
-
|
20,696
|
(584)
|
20,112
|
|||
Total comprehensive income for the period
|
|
-
|
-
|
7,494
|
-
|
13,202
|
-
|
-
|
5,684
|
26,380
|
542
|
26,922
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Employee share options (Note 20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
-Exercised
|
|
-
|
50
|
-
|
(21)
|
-
|
10
|
-
|
-
|
39
|
-
|
39
|
|||
Restricted shares (Note 20):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
- Value of employee services
|
|
-
|
-
|
-
|
4,224
|
-
|
-
|
-
|
-
|
4,224
|
-
|
4,224
|
|||
- Vested
|
|
-
|
4,149
|
-
|
(4,883)
|
-
|
734
|
-
|
-
|
-
|
-
|
-
|
|||
- Purchase of own shares
|
|
-
|
(9,698)
|
-
|
-
|
-
|
(1,644)
|
-
|
-
|
(11,342)
|
-
|
(11,342)
|
|||
- Dividends
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,664)
|
(1,664)
|
|||
Balance at September 30, 2017 (unaudited)
|
|
183,573
|
931,751
|
(519,870)
|
16,538
|
(24,097)
|
(2,759)
|
41,574
|
56,682
|
683,392
|
6,460
|
689,852
|
|
Note
|
September 30,
2017
|
|
September 30,
2016
|
|
|
(unaudited)
|
||
Cash flows from operating activities:
|
|
|
|
|
Profit / (Loss) for the period
|
|
6,810
|
|
(8,191)
|
Adjustments for
:
|
|
|
|
|
Income tax expense
|
10
|
3,084
|
|
2,901
|
Depreciation
|
11
|
108,721
|
|
81,887
|
Amortization
|
13
|
665
|
|
482
|
Loss / (Gain) from disposal of other property items
|
8
|
529
|
|
(77)
|
Equity settled share-based compensation granted
|
7, 20
|
4,224
|
|
3,925
|
(Gain) / loss from derivative financial instruments
|
8, 9
|
(38,781)
|
|
38,540
|
Interest and other expense, net
|
9
|
33,737
|
|
30,996
|
Initial recognition and changes in fair value of non harvested biological assets (unrealized)
|
|
8,390
|
|
(36,464)
|
Changes in net realizable value of agricultural produce after harvest (unrealized)
|
|
(3,211)
|
|
840
|
Provision and allowances
|
|
673
|
|
100
|
Foreign exchange losses, net
|
9
|
18,510
|
|
15,184
|
Cash flow hedge – transfer from equity
|
9
|
10,689
|
|
52,186
|
Subtotal
|
|
154,040
|
|
182,309
|
Changes in operating assets and liabilities:
|
|
|
|
|
Increase in trade and other receivables
|
|
(48,530)
|
|
(77,361)
|
(Increase) / Decrease in inventories
|
|
(56,892)
|
|
46,936
|
Decrease / (Increase) in biological assets
|
|
24,560
|
|
(107,314)
|
(Increase) / Decrease in other assets
|
|
(207)
|
|
51
|
(Increase) / Decrease in derivative financial instruments
|
|
40,136
|
|
(27,411)
|
(Decrease) / increase in trade and other payables
|
|
(19,942)
|
|
11,986
|
Increase in payroll and social security liabilities
|
|
7,268
|
|
5,888
|
Increase in provisions for other liabilities
|
|
429
|
|
1,008
|
Net cash generated in operating activities before taxes paid
|
|
100,862
|
|
36,092
|
Income tax paid
|
|
(2,248)
|
|
(1,001)
|
Net cash generated from operating activities
|
|
98,614
|
|
35,091
|
|
Note
|
September 30,
2017
|
|
September 30,
2016
|
|
|
(unaudited)
|
||
Cash flows from investing activities:
|
|
|
|
|
Purchases of property, plant and equipment
|
11
|
(142,223)
|
|
(92,930)
|
Purchases of cattle
|
|
(1,007)
|
|
-
|
Purchases of intangible assets
|
13
|
(1,390)
|
|
(1,017)
|
Interest received
|
9
|
8,446
|
|
6,723
|
Proceeds from sale of property, plant and equipment
|
|
1,859
|
|
1,550
|
Proceeds from disposal of subsidiaries
|
|
-
|
|
3,423
|
Net cash used in investing activities
|
|
(134,315)
|
|
(82,251)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from equity settled share-based compensation exercise
|
|
39
|
|
276
|
Issuance of senior notes
|
|
496,151
|
|
-
|
Proceeds from long-term borrowings
|
|
230,391
|
|
111,580
|
Payments of long-term borrowings
|
|
(329,872)
|
|
(162,729)
|
Proceeds from short-term borrowings
|
|
92,728
|
|
207,446
|
Payment of short-term borrowings
|
|
(28,492)
|
|
(144,520)
|
Payment of derivatives financial instruments
|
|
(9,364)
|
|
(2,330)
|
Interest paid
|
|
(33,438)
|
|
(31,815)
|
Purchase of own shares
|
|
(11,342)
|
|
(1,028)
|
Dividends paid to non-controlling interest
|
|
(1,506)
|
|
-
|
Net cash generated from financing activities
|
|
405,295
|
|
(23,120)
|
Net decrease in cash and cash equivalents
|
|
369,594
|
|
(70,280)
|
Cash and cash equivalents at beginning of period
|
18
|
158,568
|
|
198,894
|
Effect of exchange rate changes on cash and cash equivalents
|
18
|
(4,987)
|
|
7,868
|
Cash and cash equivalents at end of period
|
|
523,175
|
|
136,482
|
1.
|
General information
|
2.
|
Financial risk management
|
2.
|
Financial risk management (continued)
|
•
|
Exchange rate risk
|
|
September 30, 2017
|
||||
|
(unaudited)
|
||||
|
Functional currency
|
||||
Net monetary position (Liability)/ Asset
|
Argentine
Peso
|
Brazilian
Reais
|
Uruguayan
Peso
|
US Dollar
|
Total
|
Argentine Peso
|
3,304
|
-
|
-
|
-
|
3,304
|
Brazilian Reais
|
-
|
(150,010)
|
-
|
-
|
(150,010)
|
US Dollar
|
(126,768)
|
(170,428)
|
19,639
|
(121,676)
|
(399,233)
|
Uruguayan Peso
|
-
|
-
|
(454)
|
-
|
(454)
|
Total
|
(123,464)
|
(320,438)
|
19,185
|
(121,676)
|
(546,393)
|
|
September 30, 2017
|
||||
|
(unaudited)
|
||||
|
Functional currency
|
||||
Net monetary position
|
Argentine
Peso
|
Brazilian
Reais
|
Uruguayan
Peso
|
US Dollar
|
Total
|
US Dollar
|
(12,677)
|
(17,043)
|
1,964
|
-
|
(27,756)
|
(Decrease) or increase in Profit Before Income Tax
|
(12,677)
|
(17,043)
|
1,964
|
-
|
(27,756)
|
2.
|
Financial risk management (continued)
|
•
|
Interest rate risk
|
|
|
|
September 30, 2017
|
||||||
|
|
|
(unaudited)
|
||||||
|
|
|
Functional currency
|
||||||
Rate per currency denomination
|
Argentine
Peso
|
|
Brazilian
Reais
|
|
Uruguayan
Peso
|
|
US Dollar
|
|
Total
|
Fixed rate:
|
|
|
|
|
|
|
|
|
|
Argentine Peso
|
4,117
|
|
-
|
|
-
|
|
-
|
|
4,117
|
Brazilian Reais
|
-
|
|
116,753
|
|
-
|
|
-
|
|
116,753
|
US Dollar
|
81,513
|
|
35,345
|
|
26,526
|
|
496,929
|
|
640,313
|
Subtotal Fixed-rate borrowings
|
85,630
|
|
152,098
|
|
26,526
|
|
496,929
|
|
761,183
|
Variable rate:
|
|
|
|
|
|
|
|
|
|
Brazilian Reais
|
-
|
|
64,821
|
|
-
|
|
-
|
|
64,821
|
US Dollar
|
48,418
|
|
234,336
|
|
-
|
|
-
|
|
282,754
|
Subtotal Variable-rate borrowings
|
48,418
|
|
299,157
|
|
-
|
|
-
|
|
347,575
|
Total borrowings as per analysis
|
134,048
|
|
451,255
|
|
26,526
|
|
496,929
|
|
1,108,758
|
Finance leases
|
119
|
|
-
|
|
-
|
|
-
|
|
119
|
Total borrowings at September 30, 2017
|
134,167
|
|
451,255
|
|
26,526
|
|
496,929
|
|
1,108,877
|
•
|
Credit risk
|
2.
|
Financial risk management (continued)
|
•
|
Derivative financial instruments
|
§
|
Futures / Options
|
|
|
September 30, 2017
|
||||||
Type of
|
|
Quantities (thousands)
(**)
|
|
Notional
|
|
Market
|
|
Profit / (Loss)
(*)
|
derivative contract
|
|
|
amount
|
|
Value Asset/ (Liability)
|
|
||
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
Futures:
|
|
|
|
|
|
|
|
|
Sale
|
|
|
|
|
|
|
|
|
Corn
|
|
96
|
|
17,484
|
|
1,690
|
|
(1,512)
|
Soybean
|
|
159
|
|
50,646
|
|
(173)
|
|
(66)
|
Wheat
|
|
(40)
|
|
(6,370)
|
|
249
|
|
(249)
|
Sugar
|
|
110,312
|
|
54,159
|
|
3,534
|
|
5,904
|
Options:
|
|
|
|
|
|
|
|
|
Buy call
|
|
|
|
|
|
|
|
|
Soybean
|
|
(2)
|
|
36
|
|
4
|
|
(32)
|
Total
|
|
110,525
|
|
115,955
|
|
5,304
|
|
4,045
|
2.
|
Financial risk management (continued)
|
§
|
Other derivative financial instruments
|
3.
|
Segment information
|
•
|
The Group’s
‘Farming’
line of business is further comprised of three reportable segments:
|
§
|
The Group’s
‘Crops’
Segment consists of planting, harvesting and sale of grains, oilseeds and fibers (including wheat, corn, soybeans, cotton and sunflowers, among others), and to a lesser extent the provision of grain warehousing/conditioning, handling and drying services to third parties, and the purchase and sale of crops produced by third parties crops. Each underlying crop in the Crops segment does not represent a separate operating segment. Management seeks to maximize the use of the land through the cultivation of one or more type of crops. Types and surface amount of crops cultivated may vary from harvest year to harvest year depending on several factors, some of them out of the Group´s control. Management is focused on the long-term performance of the productive land, and to that extent, the performance is assessed considering the aggregated combination, if any, of crops planted in the land. A single manager is responsible for the management of operating activity of all crops rather than for each individual crop.
|
§
|
The Group’s
‘Rice’
Segment consists of planting, harvesting, processing and marketing of rice;
|
§
|
The Group’s
‘Dairy’
Segment consists of the production and sale of raw milk;
|
§
|
The Group’s
‘All Other Segments’
column consists of the aggregation of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for disclosure and for which the Group's management does not consider them to be significance Coffee and Cattle.
|
•
|
The Group’s
‘Sugar, Ethanol and Energy’
Segment consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and marketed;
|
•
|
The Group’s
‘Land Transformation’
Segment comprises the (i) identification and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition of assets (generating profits).
|
3.
|
Segment information (continued)
|
|
Farming
|
|
Sugar, Ethanol and Energy
|
|
Land Transformation
|
|
Corporate
|
|
Total
|
||||||||
|
Crops
|
|
Rice
|
|
Dairy
|
|
All Other Segments
|
|
Farming subtotal
|
|
|
|
|
||||
Sales of goods and services rendered
|
144,097
|
|
59,497
|
|
28,253
|
|
813
|
|
232,660
|
|
424,949
|
|
-
|
|
-
|
|
657,609
|
Cost of goods sold and services rendered
|
(143,355)
|
|
(50,133)
|
|
(27,921)
|
|
(324)
|
|
(221,733)
|
|
(320,466)
|
|
-
|
|
-
|
|
(542,199)
|
Initial recognition and changes in fair value of biological assets and agricultural produce
|
13,451
|
|
6,228
|
|
7,426
|
|
(244)
|
|
26,861
|
|
(2,635)
|
|
-
|
|
-
|
|
24,226
|
Changes in net realizable value of agricultural produce after harvest
|
8,036
|
|
-
|
|
-
|
|
-
|
|
8,036
|
|
-
|
|
-
|
|
-
|
|
8,036
|
Margin on Manufacturing and Agricultural Activities Before Operating Expenses
|
22,229
|
|
15,592
|
|
7,758
|
|
245
|
|
45,824
|
|
101,848
|
|
-
|
|
-
|
|
147,672
|
General and administrative expenses
|
(2,168)
|
|
(3,384)
|
|
(742)
|
|
(130)
|
|
(6,424)
|
|
(21,850)
|
|
-
|
|
(16,209)
|
|
(44,483)
|
Selling expenses
|
(5,250)
|
|
(8,721)
|
|
(667)
|
|
(39)
|
|
(14,677)
|
|
(49,990)
|
|
-
|
|
(91)
|
|
(64,758)
|
Other operating income, net
|
7,201
|
|
623
|
|
530
|
|
(161)
|
|
8,193
|
|
31,236
|
|
-
|
|
(29)
|
|
39,400
|
Profit / (loss) from Operations Before Financing and Taxation
|
22,012
|
|
4,110
|
|
6,879
|
|
(85)
|
|
32,916
|
|
61,244
|
|
-
|
|
(16,329)
|
|
77,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
(1,040)
|
|
(2,797)
|
|
(737)
|
|
(89)
|
|
(4,663)
|
|
(104,723)
|
|
-
|
|
-
|
|
(109,386)
|
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)
|
3,695
|
|
3,610
|
|
508
|
|
(132)
|
|
7,681
|
|
(16,071)
|
|
-
|
|
-
|
|
(8,390)
|
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)
|
9,756
|
|
2,618
|
|
6,918
|
|
(112)
|
|
19,180
|
|
13,436
|
|
-
|
|
-
|
|
32,616
|
Changes in net realizable value of agricultural produce after harvest (unrealized)
|
3,211
|
|
-
|
|
-
|
|
-
|
|
3,211
|
|
-
|
|
-
|
|
-
|
|
3,211
|
Changes in net realizable value of agricultural produce after harvest (realized)
|
4,825
|
|
-
|
|
-
|
|
-
|
|
4,825
|
|
-
|
|
-
|
|
-
|
|
4,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Farmlands and farmland improvements, net
|
62,833
|
|
13,666
|
|
303
|
|
9,974
|
|
86,776
|
|
27,389
|
|
-
|
|
-
|
|
114,165
|
Machinery, equipment, building and facilities, and other fixed assets, net
|
20,715
|
|
15,317
|
|
6,800
|
|
385
|
|
43,217
|
|
417,655
|
|
-
|
|
-
|
|
460,872
|
Bearer plants, net
|
-
|
|
-
|
|
-
|
|
1,913
|
|
1,913
|
|
237,305
|
|
-
|
|
-
|
|
239,218
|
Work in progress
|
1,324
|
|
4,638
|
|
6,438
|
|
-
|
|
12,400
|
|
20,788
|
|
-
|
|
-
|
|
33,188
|
Investment property
|
-
|
|
-
|
|
-
|
|
2,447
|
|
2,447
|
|
-
|
|
-
|
|
-
|
|
2,447
|
Goodwill
|
3,471
|
|
1,595
|
|
-
|
|
1,165
|
|
6,231
|
|
6,893
|
|
-
|
|
-
|
|
13,124
|
Biological assets
|
15,412
|
|
10,757
|
|
7,413
|
|
3,927
|
|
37,509
|
|
68,865
|
|
-
|
|
-
|
|
106,374
|
Finished goods
|
40,657
|
|
11,687
|
|
-
|
|
-
|
|
52,344
|
|
70,468
|
|
-
|
|
-
|
|
122,812
|
Raw materials, Stocks held by third parties and others
|
11,459
|
|
21,354
|
|
2,590
|
|
31
|
|
35,434
|
|
15,432
|
|
-
|
|
-
|
|
50,866
|
Total segment assets
|
155,871
|
|
79,014
|
|
23,544
|
|
19,842
|
|
278,271
|
|
864,795
|
|
-
|
|
-
|
|
1,143,066
|
Borrowings
|
94,285
|
|
63,490
|
|
4,116
|
|
4,098
|
|
165,989
|
|
641,301
|
|
-
|
|
301,587
|
|
1,108,877
|
Total segment liabilities
|
94,285
|
|
63,490
|
|
4,116
|
|
4,098
|
|
165,989
|
|
641,301
|
|
-
|
|
301,587
|
|
1,108,877
|
3.
|
Segment information (continued)
|
|
Farming
|
|
Sugar, Ethanol and Energy
|
|
Land Transformation
|
|
Corporate
|
|
Total
|
||||||||||||||||
|
Crops
|
|
Rice
|
|
Dairy
|
|
All Other Segments
|
|
Farming subtotal
|
|
|
|
|
||||||||||||
Sales of goods and services rendered
|
109,648
|
|
80,889
|
|
21,413
|
|
777
|
|
212,727
|
|
324,420
|
|
-
|
|
-
|
|
537,147
|
||||||||
Cost of goods sold and services rendered
|
(109,268)
|
|
(69,792)
|
|
(21,298)
|
|
(142)
|
|
(200,500)
|
|
(228,365)
|
|
-
|
|
-
|
|
(428,865)
|
||||||||
Initial recognition and changes in fair value of biological assets and agricultural produce
|
42,852
|
|
10,047
|
|
3,707
|
|
128
|
|
56,734
|
|
52,190
|
|
-
|
|
-
|
|
108,924
|
||||||||
Changes in net realizable value of agricultural produce after harvest
|
(6,206)
|
|
-
|
|
-
|
|
-
|
|
(6,206)
|
|
-
|
|
-
|
|
-
|
|
(6,206)
|
||||||||
Margin on Manufacturing and Agricultural Activities Before Operating Expenses
|
37,026
|
|
21,144
|
|
3,822
|
|
763
|
|
62,755
|
|
148,245
|
|
-
|
|
-
|
|
211,000
|
||||||||
General and administrative expenses
|
(1,934)
|
|
(2,283)
|
|
(740)
|
|
(195)
|
|
(5,152)
|
|
(15,169)
|
|
-
|
|
(15,883)
|
|
(36,204)
|
||||||||
Selling expenses
|
(4,421)
|
|
(9,238)
|
|
(476)
|
|
(46)
|
|
(14,181)
|
|
(35,803)
|
|
-
|
|
(31)
|
|
(50,015)
|
||||||||
Other operating (loss)/income, net
|
(8,796)
|
|
314
|
|
468
|
|
8,137
|
|
123
|
|
(22,877)
|
|
-
|
|
(199)
|
|
(22,953)
|
||||||||
Profit / (loss) from Operations Before Financing and Taxation
|
21,875
|
|
9,937
|
|
3,074
|
|
8,659
|
|
43,545
|
|
74,396
|
|
-
|
|
(16,113)
|
|
101,828
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
(1,029)
|
|
(1,880)
|
|
(723)
|
|
(156)
|
|
(3,788)
|
|
(78,581)
|
|
-
|
|
-
|
|
(82,369)
|
||||||||
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)
|
9,886
|
|
4,017
|
|
1,001
|
|
128
|
|
15,032
|
|
21,432
|
|
-
|
|
-
|
|
36,464
|
||||||||
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)
|
32,966
|
|
6,030
|
|
2,706
|
|
-
|
|
41,702
|
|
30,758
|
|
-
|
|
-
|
|
72,460
|
||||||||
Changes in net realizable value of agricultural produce after harvest (unrealized)
|
(840)
|
|
-
|
|
-
|
|
-
|
|
(840)
|
|
-
|
|
-
|
|
-
|
|
(840)
|
||||||||
Changes in net realizable value of agricultural produce after harvest (realized)
|
(5,366)
|
|
-
|
|
-
|
|
-
|
|
(5,366)
|
|
-
|
|
-
|
|
-
|
|
(5,366)
|
||||||||
As of December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Farmlands and farmland improvements, net
|
68,224
|
|
18,868
|
|
168
|
|
5,504
|
|
92,764
|
|
26,734
|
|
-
|
|
-
|
|
119,498
|
||||||||
Machinery, equipment, building and facilities, and other fixed assets, net
|
3,892
|
|
14,949
|
|
7,449
|
|
467
|
|
26,757
|
|
418,543
|
|
-
|
|
-
|
|
445,300
|
||||||||
Bearer plants, net
|
-
|
|
-
|
|
-
|
|
1,860
|
|
1,860
|
|
214,309
|
|
-
|
|
-
|
|
216,169
|
||||||||
Work in progress
|
1,100
|
|
3,274
|
|
2,727
|
|
-
|
|
7,101
|
|
14,540
|
|
-
|
|
-
|
|
21,641
|
||||||||
Investment property
|
-
|
|
-
|
|
-
|
|
2,666
|
|
2,666
|
|
-
|
|
-
|
|
-
|
|
2,666
|
||||||||
Goodwill
|
3,782
|
|
1,737
|
|
-
|
|
1,186
|
|
6,705
|
|
6,700
|
|
-
|
|
-
|
|
13,405
|
||||||||
Biological assets
|
28,189
|
|
25,575
|
|
6,827
|
|
2,433
|
|
63,024
|
|
82,380
|
|
-
|
|
-
|
|
145,404
|
||||||||
Finished goods
|
13,415
|
|
5,474
|
|
-
|
|
-
|
|
18,889
|
|
|
49,302
|
|
|
-
|
|
|
-
|
|
|
68,191
|
||||
Raw materials, Stocks held by third parties and others
|
16,147
|
|
6,628
|
|
2,060
|
|
-
|
|
24,835
|
|
18,728
|
|
-
|
|
-
|
|
43,563
|
||||||||
Total segment assets
|
134,749
|
|
76,505
|
|
19,231
|
|
14,116
|
|
244,601
|
|
831,236
|
|
-
|
|
-
|
|
1,075,837
|
||||||||
Borrowings
|
43,878
|
|
47,156
|
|
616
|
|
10,449
|
|
102,099
|
|
533,297
|
|
-
|
|
-
|
|
635,396
|
||||||||
Total segment liabilities
|
43,878
|
|
47,156
|
|
616
|
|
10,449
|
|
102,099
|
|
533,297
|
|
-
|
|
-
|
|
635,396
|
4.
|
Sales
|
|
|
September 30,
2017
|
|
September 30,
2016
|
|
|
(unaudited)
|
||
Sales of manufactured products and services rendered:
|
|
|
|
|
Ethanol (*)
|
|
146,418
|
|
107,834
|
Sugar (*)
|
|
232,442
|
|
186,575
|
Soybean oil and meal
|
|
5,123
|
|
-
|
Rice (*)
|
|
57,927
|
|
78,811
|
Energy
|
|
46,088
|
|
29,791
|
Powder milk (*)
|
|
2,660
|
|
1,575
|
Operating leases
|
|
527
|
|
799
|
Services
|
|
1,106
|
|
1,254
|
Others (*)
|
|
3,997
|
|
1,165
|
|
|
496,288
|
|
407,804
|
Sales of agricultural produce and biological assets:
|
|
|
|
|
Soybean (*)
|
|
61,854
|
|
56,108
|
Cattle for dairy production
|
|
2,185
|
|
2,212
|
Corn (*)
|
|
55,081
|
|
35,609
|
Pop Corn
|
|
215
|
|
-
|
Cotton
|
|
310
|
|
1,275
|
Milk
|
|
23,166
|
|
17,234
|
Wheat (*)
|
|
9,385
|
|
6,910
|
Sunflower (*)
|
|
2,932
|
|
6,364
|
Peanut
|
|
3,400
|
|
-
|
Barley
|
|
1,693
|
|
723
|
Seeds
|
|
458
|
|
273
|
Others (*)
|
|
642
|
|
2,635
|
|
|
161,321
|
|
129,343
|
Total sales
|
|
657,609
|
|
537,147
|
5.
|
Cost of goods sold and services rendered
|
|
September 30, 2017
|
||||||||||
|
Crops
|
|
Rice
|
|
Dairy
|
|
All other segments
|
|
Sugar, Ethanol and Energy
|
|
Total
|
Finished goods at the beginning of 2017 (Note 17)
|
13,117
|
|
5,473
|
|
-
|
|
-
|
|
49,601
|
|
68,191
|
Cost of production of manufactured products (Note 6)
|
3,424
|
|
52,718
|
|
-
|
|
172
|
|
287,834
|
|
344,148
|
Purchases
|
61,815
|
|
4,277
|
|
2,570
|
|
-
|
|
69,084
|
|
137,746
|
Agricultural produce
|
91,508
|
|
-
|
|
25,351
|
|
152
|
|
-
|
|
117,011
|
Transfer to raw material
|
(5,763)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(5,763)
|
Direct agricultural selling expenses
|
14,916
|
|
-
|
|
-
|
|
-
|
|
-
|
|
14,916
|
Tax recoveries (i)
|
-
|
|
-
|
|
-
|
|
-
|
|
(17,733)
|
|
(17,733)
|
Changes in net realizable value of agricultural produce after harvest
|
8,036
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,036
|
Finished goods as of September 30, 2017 (Note 17)
|
(40,657)
|
|
(11,687)
|
|
-
|
|
-
|
|
(70,468)
|
|
(122,812)
|
Exchange differences
|
(3,041)
|
|
(648)
|
|
-
|
|
-
|
|
2,148
|
|
(1,541)
|
Cost of goods sold and services rendered, and direct agricultural selling expenses year
|
143,355
|
|
50,133
|
|
27,921
|
|
324
|
|
320,466
|
|
542,199
|
|
September 30, 2016
|
||||||||||
|
Crops
|
|
Rice
|
|
Dairy
|
|
All other segments
|
|
Sugar, Ethanol and Energy
|
|
Total
|
Finished goods at the beginning of 2016
|
16,034
|
|
6,904
|
|
55
|
|
-
|
|
24,631
|
|
47,624
|
Cost of production of manufactured products (Note 6)
|
419
|
|
47,701
|
|
204
|
|
142
|
|
241,360
|
|
289,826
|
Purchases
|
17,332
|
|
20,655
|
|
1,803
|
|
-
|
|
57,695
|
|
97,485
|
Agricultural produce
|
97,082
|
|
-
|
|
19,445
|
|
-
|
|
-
|
|
116,527
|
Transfer to raw material
|
(4,522)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(4,522)
|
Direct agricultural selling expenses
|
14,757
|
|
-
|
|
-
|
|
-
|
|
-
|
|
14,757
|
Tax recoveries (i)
|
-
|
|
-
|
|
-
|
|
-
|
|
(10,969)
|
|
(10,969)
|
Changes in net realizable value of agricultural produce after harvest
|
(6,206)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(6,206)
|
Finished goods as of September 30, 2016
|
(22,560)
|
|
(4,218)
|
|
(189)
|
|
-
|
|
(88,288)
|
|
(115,255)
|
Exchange differences
|
(3,068)
|
|
(1,250)
|
|
(20)
|
|
-
|
|
3,936
|
|
(402)
|
Cost of goods sold and services rendered, and direct agricultural selling expenses year
|
109,268
|
|
69,792
|
|
21,298
|
|
142
|
|
228,365
|
|
428,865
|
6.
|
Expenses by nature
|
|
|
Cost of production of manufactured products (Note 5)
|
|
General and Administrative Expenses
|
|
Selling Expenses
|
|
Total
|
||||||||||
|
|
Crops
|
|
Rice
|
|
Dairy
|
|
All other segments
|
|
Sugar, Ethanol and Energy
|
|
Total
|
|
|
|
|||
Salaries, social security expenses and employee benefits
|
|
-
|
|
5,551
|
|
-
|
|
165
|
|
38,979
|
|
44,695
|
|
27,083
|
|
4,992
|
|
76,770
|
Raw materials and consumables
|
|
605
|
|
2,627
|
|
-
|
|
-
|
|
6,480
|
|
9,712
|
|
-
|
|
-
|
|
9,712
|
Depreciation and amortization
|
|
-
|
|
600
|
|
-
|
|
7
|
|
88,514
|
|
89,121
|
|
4,439
|
|
548
|
|
94,108
|
Fuel, lubricants and others
|
|
-
|
|
80
|
|
-
|
|
-
|
|
19,567
|
|
19,647
|
|
350
|
|
204
|
|
20,201
|
Maintenance and repairs
|
|
-
|
|
1,038
|
|
-
|
|
-
|
|
12,713
|
|
13,751
|
|
815
|
|
388
|
|
14,954
|
Freights
|
|
-
|
|
4,881
|
|
-
|
|
-
|
|
373
|
|
5,254
|
|
-
|
|
23,474
|
|
28,728
|
Export taxes / selling taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
22,948
|
|
22,948
|
Export expenses
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,211
|
|
2,211
|
Contractors and services
|
|
623
|
|
-
|
|
-
|
|
-
|
|
4,836
|
|
5,459
|
|
-
|
|
-
|
|
5,459
|
Energy transmission
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,415
|
|
2,415
|
Energy power
|
|
-
|
|
1,083
|
|
-
|
|
-
|
|
110
|
|
1,193
|
|
133
|
|
42
|
|
1,368
|
Professional fees
|
|
-
|
|
32
|
|
-
|
|
-
|
|
279
|
|
311
|
|
5,541
|
|
1,245
|
|
7,097
|
Other taxes
|
|
-
|
|
59
|
|
-
|
|
-
|
|
1,415
|
|
1,474
|
|
792
|
|
4
|
|
2,270
|
Contingencies
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,833
|
|
-
|
|
1,833
|
Lease expense and similar arrangements
|
|
-
|
|
181
|
|
-
|
|
-
|
|
-
|
|
181
|
|
1,042
|
|
42
|
|
1,265
|
Third parties raw materials
|
|
-
|
|
6,167
|
|
-
|
|
-
|
|
26,295
|
|
32,462
|
|
-
|
|
-
|
|
32,462
|
Tax recoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6
|
|
6
|
|
-
|
|
-
|
|
6
|
Others
|
|
5
|
|
585
|
|
-
|
|
-
|
|
4,307
|
|
4,897
|
|
2,455
|
|
6,245
|
|
13,597
|
Subtotal
|
|
1,233
|
|
22,884
|
|
-
|
|
172
|
|
203,874
|
|
228,163
|
|
44,483
|
|
64,758
|
|
337,404
|
Own agricultural produce consumed
|
|
2,191
|
|
29,834
|
|
-
|
|
-
|
|
83,960
|
|
115,985
|
|
-
|
|
-
|
|
115,985
|
Total
|
|
3,424
|
|
52,718
|
|
-
|
|
172
|
|
287,834
|
|
344,148
|
|
44,483
|
|
64,758
|
|
453,389
|
6.
|
Expenses by nature (continued)
|
|
Cost of production of manufactured products (Note 5)
|
|
General and Administrative Expenses
|
|
Selling Expenses
|
|
Total
|
||||||||||
|
Crops
|
|
Rice
|
|
Dairy
|
|
All other segments
|
|
Sugar, Ethanol and Energy
|
|
Total
|
|
|
|
|||
Salaries, social security expenses and employee benefits
|
-
|
|
4,263
|
|
-
|
|
118
|
|
38,515
|
|
42,896
|
|
21,199
|
|
3,843
|
|
67,938
|
Raw materials and consumables
|
419
|
|
2,313
|
|
3
|
|
-
|
|
4,834
|
|
7,569
|
|
-
|
|
-
|
|
7,569
|
Depreciation and amortization
|
-
|
|
652
|
|
-
|
|
24
|
|
65,062
|
|
65,738
|
|
3,443
|
|
518
|
|
69,699
|
Fuel, lubricants and others
|
-
|
|
67
|
|
-
|
|
-
|
|
18,359
|
|
18,426
|
|
296
|
|
93
|
|
18,815
|
Maintenance and repairs
|
-
|
|
894
|
|
-
|
|
-
|
|
14,853
|
|
15,747
|
|
672
|
|
291
|
|
16,710
|
Freights
|
-
|
|
3,904
|
|
12
|
|
-
|
|
218
|
|
4,134
|
|
-
|
|
17,987
|
|
22,121
|
Export taxes / selling taxes
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
16,076
|
|
16,076
|
Export expenses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,088
|
|
3,088
|
Contractors and services
|
-
|
|
-
|
|
28
|
|
-
|
|
2,851
|
|
2,879
|
|
-
|
|
-
|
|
2,879
|
Energy transmission
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,092
|
|
2,092
|
Veterinary expenses
|
-
|
|
751
|
|
-
|
|
-
|
|
815
|
|
1,566
|
|
109
|
|
39
|
|
1,714
|
Professional fees
|
-
|
|
71
|
|
-
|
|
-
|
|
298
|
|
369
|
|
4,614
|
|
844
|
|
5,827
|
Other taxes
|
-
|
|
44
|
|
-
|
|
-
|
|
1,459
|
|
1,503
|
|
596
|
|
-
|
|
2,099
|
Contingencies
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,979
|
|
-
|
|
1,979
|
Lease expense and similar arrangements
|
-
|
|
91
|
|
-
|
|
-
|
|
-
|
|
91
|
|
884
|
|
39
|
|
1,014
|
Third parties raw materials
|
-
|
|
2,045
|
|
-
|
|
-
|
|
16,799
|
|
18,844
|
|
-
|
|
-
|
|
18,844
|
Tax recoveries
|
-
|
|
-
|
|
-
|
|
-
|
|
(7,611)
|
|
(7,611)
|
|
-
|
|
-
|
|
(7,611)
|
Others
|
-
|
|
605
|
|
161
|
|
-
|
|
2,235
|
|
3,001
|
|
2,412
|
|
5,105
|
|
10,518
|
Subtotal
|
419
|
|
15,700
|
|
204
|
|
142
|
|
158,687
|
|
175,152
|
|
36,204
|
|
50,015
|
|
261,371
|
Own agricultural produce consumed
|
-
|
|
32,001
|
|
-
|
|
-
|
|
82,673
|
|
114,674
|
|
-
|
|
-
|
|
114,674
|
Total
|
419
|
|
47,701
|
|
204
|
|
142
|
|
241,360
|
|
289,826
|
|
36,204
|
|
50,015
|
|
376,045
|
7.
|
Salaries and social security expenses
|
|
September 30,
2017
|
|
September 30,
2016
|
|
|
(unaudited)
|
|||
Wages and salaries
|
99,454
|
|
|
84,533
|
Social security costs
|
24,618
|
|
|
20,283
|
Equity-settled share-based compensation
|
4,224
|
|
|
3,925
|
|
128,296
|
|
|
108,741
|
Number of employees
|
7,918
|
|
|
8,364
|
8.
|
Other operating income / (loss), net
|
|
September 30,
2017
|
|
September 30,
2016
|
|
(unaudited)
|
||
Gain/(Loss) from commodity derivative financial instruments
|
40,833
|
|
(31,701)
|
(Loss)/Gain from disposal of other property items
|
(529)
|
|
77
|
Losses related to energy business
|
(3,247)
|
|
-
|
Settlement agreement (Note 25)
|
-
|
|
8,131
|
Others
|
2,343
|
|
540
|
|
39,400
|
|
(22,953)
|
|
September 30,
2017
|
|
September 30,
2016
|
|
(unaudited)
|
||
Finance income:
|
|
|
|
- Interest income
|
8,446
|
|
6,723
|
- Other income
|
296
|
|
252
|
Finance income
|
8,742
|
|
6,975
|
|
|
|
|
Finance costs:
|
|
|
|
- Interest expense
|
(39,953)
|
|
(35,428)
|
- Cash flow hedge – transfer from equity
|
(10,689)
|
|
(52,186)
|
- Foreign exchange losses, net
|
(18,510)
|
|
(15,184)
|
- Taxes
|
(2,276)
|
|
(1,913)
|
- Loss from interest rate/foreign exchange rate derivative financial
|
(2,052)
|
|
(6,839)
|
- Other expenses
|
(3,199)
|
|
(2,543)
|
Finance costs
|
(76,679)
|
|
(114,093)
|
Total financial results, net
|
(67,937)
|
|
(107,118)
|
10.
|
Taxation
|
|
September 30,
2017
|
|
September 30,
2016
|
|
(unaudited)
|
||
Current income tax
|
(13,307)
|
|
(5,783)
|
Deferred income tax
|
10,223
|
|
2,882
|
Income tax expense
|
(3,084)
|
|
(2,901)
|
|
|
September 30,
2017
|
|
September 30,
2016
|
|
|
(unaudited)
|
||
|
Beginning of period asset
|
23,897
|
|
53,108
|
|
Exchange differences
|
1,073
|
|
10,548
|
|
Tax charge relating to cash flow hedge (i)
|
(6,775)
|
|
(41,903)
|
|
Income tax expense
|
10,223
|
|
2,882
|
|
End of period asset
|
28,418
|
|
24,635
|
(i)
|
Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income net of the amount reclassified from equity to profit and loss amounting to U$S 10,689 loss for the nine-month period ended September 30, 2017.
|
|
September 30,
2017
|
|
September 30,
2016
|
|
(unaudited)
|
||
Tax calculated at the tax rates applicable to profits in the respective countries
|
(3,071)
|
|
1,511
|
Non-deductible items
|
(1,203)
|
|
(2,432)
|
Non-taxable items
|
1,449
|
|
-
|
Non-deductible items – Change in estimates or previous year
|
-
|
|
(1,180)
|
Tax losses where no deferred tax asset was recognized
|
-
|
|
(112)
|
Others
|
(259)
|
|
(688)
|
Income tax expense
|
(3,084)
|
|
(2,901)
|
11.
|
Property, plant and equipment
|
|
Farmlands
|
|
Farmland improvements
|
|
Buildings and facilities
|
|
Machinery, equipment, furniture and
Fittings
|
|
Bearer plants
|
|
Others
|
|
Work in progress
|
|
Total
|
Nine-month period ended September
30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening net book amount.
|
114,527
|
|
5,141
|
|
167,468
|
|
226,049
|
|
156,671
|
|
3,920
|
|
23,113
|
|
696,889
|
Exchange differences
|
(3,347)
|
|
(725)
|
|
27,813
|
|
47,426
|
|
33,995
|
|
188
|
|
(392)
|
|
104,958
|
Additions
|
-
|
|
-
|
|
5,857
|
|
26,683
|
|
50,952
|
|
1,245
|
|
12,905
|
|
97,642
|
Transfers
|
-
|
|
3,866
|
|
4,154
|
|
6,016
|
|
-
|
|
-
|
|
(14,036)
|
|
-
|
Disposals
|
-
|
|
-
|
|
(7)
|
|
(2,029)
|
|
-
|
|
(78)
|
|
-
|
|
(2,114)
|
Reclassification to non-income tax credits (*)
|
-
|
|
-
|
|
(966)
|
|
(226)
|
|
-
|
|
-
|
|
(39)
|
|
(1,231)
|
Reclassification from investment property (Note 12)
|
1,335
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,335
|
Depreciation (Note 6)
|
-
|
|
(1,006)
|
|
(11,101)
|
|
(42,341)
|
|
(26,349)
|
|
(1,090)
|
|
-
|
|
(81,887)
|
Closing net book amount
|
112,515
|
|
7,276
|
|
193,218
|
|
261,578
|
|
215,269
|
|
4,185
|
|
21,551
|
|
815,592
|
At September 30, 2016 (
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
112,515
|
|
18,030
|
|
304,324
|
|
625,907
|
|
420,624
|
|
14,899
|
|
21,551
|
|
1,517,850
|
Accumulated depreciation
|
-
|
|
(10,754)
|
|
(111,106)
|
|
(364,329)
|
|
(205,355)
|
|
(10,714)
|
|
-
|
|
(702,258)
|
Net book amount
|
112,515
|
|
7,276
|
|
193,218
|
|
261,578
|
|
215,269
|
|
4,185
|
|
21,551
|
|
815,592
|
Nine-month period ended September
30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening net book amount
|
109,858
|
|
9,640
|
|
190,055
|
|
251,310
|
|
216,169
|
|
3,935
|
|
21,641
|
|
802,608
|
Exchange differences
|
(3,720)
|
|
(708)
|
|
3,832
|
|
6,030
|
|
6,168
|
|
(136)
|
|
(920)
|
|
10,546
|
Additions
|
-
|
|
-
|
|
9,076
|
|
50,554
|
|
61,608
|
|
1,753
|
|
23,959
|
|
146,950
|
Transfers
|
-
|
|
612
|
|
3,184
|
|
7,591
|
|
-
|
|
12
|
|
(11,399)
|
|
-
|
Disposals
|
-
|
|
-
|
|
(120)
|
|
(2,860)
|
|
-
|
|
(29)
|
|
-
|
|
(3,009)
|
Reclassification to non-income tax credits (*)
|
-
|
|
-
|
|
(165)
|
|
(673)
|
|
-
|
|
-
|
|
(93)
|
|
(931)
|
Depreciation (Note 6)
|
-
|
|
(1,517)
|
|
(12,328)
|
|
(48,910)
|
|
(44,727)
|
|
(1,239)
|
|
-
|
|
(108,721)
|
Closing net book amount
|
106,138
|
|
8,027
|
|
193,534
|
|
263,042
|
|
239,218
|
|
4,296
|
|
33,188
|
|
847,443
|
At September 30, 2017
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
106,138
|
|
20,298
|
|
316,968
|
|
676,281
|
|
489,300
|
|
16,249
|
|
33,188
|
|
1,658,422
|
Accumulated depreciation
|
-
|
|
(12,271)
|
|
(123,434)
|
|
(413,239)
|
|
(250,082)
|
|
(11,953)
|
|
-
|
|
(810,979)
|
Net book amount
|
106,138
|
|
8,027
|
|
193,534
|
|
263,042
|
|
239,218
|
|
4,296
|
|
33,188
|
|
847,443
|
11.
|
Property, plant and equipment (continued)
|
12.
|
Investment property
|
|
|
September 30, 2017
|
|
September 30,
2016
|
|
|
(unaudited)
|
||
Beginning of the period
|
|
2,666
|
|
4,796
|
Reclassification to Property, plant and equipment
|
|
-
|
|
(1,335)
|
Exchange differences
|
|
(219)
|
|
(694)
|
End of the period
|
|
2,447
|
|
2,767
|
Cost
|
|
2,447
|
|
2,767
|
Net book amount
|
|
2,447
|
|
2,767
|
|
|
September 30,
2017
|
|
September 30, 2016
|
|
|
(unaudited)
|
||
Rental income
|
|
511
|
|
777
|
13.
|
Intangible assets
|
|
|
Goodwill
|
|
Software
|
|
Others
|
|
Total
|
Nine-month period ended September 30, 2016
|
|
|
|
|
|
|
|
|
Opening net book amount
|
|
13,510
|
|
2,200
|
|
951
|
|
16,661
|
Exchange differences
|
|
151
|
|
229
|
|
(4)
|
|
376
|
Additions
|
|
-
|
|
987
|
|
30
|
|
1,017
|
Amortization charge (i) (Note 6)
|
|
-
|
|
(450)
|
|
(32)
|
|
(482)
|
Closing net book amount
|
|
13,661
|
|
2,966
|
|
945
|
|
17,572
|
At September 30, 2016
(unaudited)
|
|
|
|
|
|
|
|
|
Cost
|
|
13,661
|
|
5,260
|
|
2,662
|
|
21,583
|
Accumulated amortization
|
|
-
|
|
(2,294)
|
|
(1,717)
|
|
(4,011)
|
Net book amount
|
|
13,661
|
|
2,966
|
|
945
|
|
17,572
|
|
|
|
|
|
|
|
|
|
Nine-month period ended September 30, 2017
|
|
|
|
|
|
|
|
|
Opening net book amount
|
|
13,405
|
|
2,901
|
|
946
|
|
17,252
|
Exchange differences
|
|
(281)
|
|
(35)
|
|
(3)
|
|
(319)
|
Additions
|
|
-
|
|
1,361
|
|
29
|
|
1,390
|
Amortization charge (i) (Note 6)
|
|
-
|
|
(633)
|
|
(32)
|
|
(665)
|
Closing net book amount
|
|
13,124
|
|
3,594
|
|
940
|
|
17,658
|
At September 30, 2017
(unaudited)
|
|
|
|
|
|
|
|
|
Cost
|
|
13,124
|
|
6,733
|
|
2,697
|
|
22,554
|
Accumulated amortization
|
|
-
|
|
(3,139)
|
|
(1,757)
|
|
(4,896)
|
Net book amount
|
|
13,124
|
|
3,594
|
|
940
|
|
17,658
|
14.
|
Biological assets
|
|
September 30, 2017
|
||||||||||
|
Crops (i)
|
|
Rice (i)
|
|
Dairy
|
|
All other segments
|
|
Sugarcane (i)
|
|
Total
|
Beginning of the year
|
28,189
|
|
25,575
|
|
6,827
|
|
2,433
|
|
82,380
|
|
145,404
|
Increase due to purchases
|
-
|
|
-
|
|
-
|
|
1,007
|
|
-
|
|
1,007
|
Initial recognition and changes in fair value of biological assets
|
13,451
|
|
6,228
|
|
7,426
|
|
(244)
|
|
(2,635)
|
|
24,226
|
Decrease due to harvest / disposals
|
(91,508)
|
|
(43,696)
|
|
(2,187)
|
|
(152)
|
|
(87,142)
|
|
(224,685)
|
Decrease due to sales of agricultural produce
|
-
|
|
-
|
|
(23,164)
|
|
-
|
|
-
|
|
(23,164)
|
Costs incurred during the year
|
66,309
|
|
22,575
|
|
19,156
|
|
1,212
|
|
74,102
|
|
183,354
|
Exchange differences
|
(1,029)
|
|
75
|
|
(645)
|
|
(329)
|
|
2,160
|
|
232
|
End of the period year
|
15,412
|
|
10,757
|
|
7,413
|
|
3,927
|
|
68,865
|
|
106,374
|
|
September 30, 2016
|
||||||||||
|
Crops (i)
|
|
Rice (i)
|
|
Dairy
|
|
All other segments
|
|
Sugarcane (i)
|
|
Total
|
Beginning of the year
|
22,536
|
|
23,131
|
|
6,786
|
|
288
|
|
59,077
|
|
111,818
|
Increase due to purchases
|
-
|
|
-
|
|
-
|
|
1,713
|
|
-
|
|
1,713
|
Initial recognition and changes in fair value of biological assets
|
42,852
|
|
10,047
|
|
3,707
|
|
128
|
|
52,190
|
|
108,924
|
Decrease due to harvest / disposals
|
(97,082)
|
|
(38,516)
|
|
(2,211)
|
|
-
|
|
(85,190)
|
|
(222,999)
|
Decrease due to sales of agricultural produce
|
-
|
|
-
|
|
(17,234)
|
|
-
|
|
-
|
|
(17,234)
|
Costs incurred during the year
|
44,715
|
|
20,510
|
|
17,209
|
|
503
|
|
65,974
|
|
148,911
|
Exchange differences
|
(1,627)
|
|
(2,721)
|
|
(1,077)
|
|
(150)
|
|
14,207
|
|
8,632
|
End of the period year
|
11,394
|
|
12,451
|
|
7,180
|
|
2,482
|
|
106,258
|
|
139,765
|
(i)
|
Biological assets that are measured at fair value within level 3 of the hierarchy.
|
14.
|
Biological assets (continued)
|
|
September 30, 2017
|
||||||||||
|
Crops
|
|
Rice
|
|
Dairy
|
|
All other segments
|
|
Sugar, Ethanol and Energy
|
|
Total
|
Salaries, social security expenses and employee benefits
|
2,692
|
|
5,355
|
|
3,433
|
|
247
|
|
8,495
|
|
20,222
|
Depreciation and amortization
|
297
|
|
-
|
|
-
|
|
-
|
|
3,850
|
|
4,147
|
Fertilizers, agrochemicals and seeds
|
23,312
|
|
1,791
|
|
13
|
|
-
|
|
21,644
|
|
46,760
|
Fuel, lubricants and others
|
708
|
|
480
|
|
564
|
|
43
|
|
2,272
|
|
4,067
|
Maintenance and repairs
|
1,254
|
|
1,708
|
|
1,340
|
|
148
|
|
1,511
|
|
5,961
|
Freights
|
171
|
|
453
|
|
75
|
|
50
|
|
-
|
|
749
|
Contractors and services
|
20,025
|
|
10,192
|
|
-
|
|
19
|
|
2,976
|
|
33,212
|
Feeding expenses
|
-
|
|
-
|
|
7,137
|
|
119
|
|
-
|
|
7,256
|
Veterinary expenses
|
-
|
|
-
|
|
1,324
|
|
113
|
|
-
|
|
1,437
|
Energy power
|
92
|
|
960
|
|
552
|
|
-
|
|
-
|
|
1,604
|
Professional fees
|
129
|
|
77
|
|
154
|
|
18
|
|
59
|
|
437
|
Other taxes
|
1,426
|
|
112
|
|
7
|
|
101
|
|
72
|
|
1,718
|
Lease expense and similar arrangements
|
12,671
|
|
115
|
|
-
|
|
-
|
|
32,409
|
|
45,195
|
Others
|
3,532
|
|
1,332
|
|
339
|
|
275
|
|
814
|
|
6,292
|
Subtotal
|
66,309
|
|
22,575
|
|
14,938
|
|
1,133
|
|
74,102
|
|
179,057
|
Own agricultural produce consumed
|
-
|
|
-
|
|
4,218
|
|
79
|
|
-
|
|
4,297
|
Total
|
66,309
|
|
22,575
|
|
19,156
|
|
1,212
|
|
74,102
|
|
183,354
|
|
September 30, 2016
|
||||||||||
|
Crops
|
|
Rice
|
|
Dairy
|
|
All other segments
|
|
Sugar, Ethanol and Energy
|
|
Total
|
Salaries, social security expenses and employee benefits
|
2,819
|
|
4,143
|
|
2,710
|
|
137
|
|
9,202
|
|
19,011
|
Depreciation and amortization
|
293
|
|
-
|
|
-
|
|
-
|
|
4,082
|
|
4,375
|
Fertilizers, agrochemicals and seeds
|
11,884
|
|
1,067
|
|
91
|
|
-
|
|
17,042
|
|
30,084
|
Fuel, lubricants and others
|
882
|
|
582
|
|
577
|
|
11
|
|
2,377
|
|
4,429
|
Maintenance and repairs
|
602
|
|
2,183
|
|
1,340
|
|
56
|
|
1,786
|
|
5,967
|
Freights
|
1,105
|
|
435
|
|
90
|
|
8
|
|
-
|
|
1,638
|
Contractors and services
|
15,107
|
|
9,919
|
|
-
|
|
-
|
|
1,985
|
|
27,011
|
Feeding expenses
|
-
|
|
-
|
|
6,221
|
|
5
|
|
-
|
|
6,226
|
Veterinary expenses
|
-
|
|
-
|
|
1,271
|
|
30
|
|
-
|
|
1,301
|
Energy power
|
90
|
|
444
|
|
397
|
|
1
|
|
-
|
|
932
|
Professional fees
|
112
|
|
63
|
|
107
|
|
-
|
|
129
|
|
411
|
Other taxes
|
1,136
|
|
98
|
|
6
|
|
74
|
|
90
|
|
1,404
|
Lease expense and similar arrangements
|
7,219
|
|
239
|
|
5
|
|
-
|
|
28,334
|
|
35,797
|
Others
|
3,466
|
|
1,337
|
|
564
|
|
181
|
|
947
|
|
6,495
|
Subtotal
|
44,715
|
|
20,510
|
|
13,379
|
|
503
|
|
65,974
|
|
145,081
|
Own agricultural produce consumed
|
-
|
|
-
|
|
3,830
|
|
-
|
|
-
|
|
3,830
|
Total
|
44,715
|
|
20,510
|
|
17,209
|
|
503
|
|
65,974
|
|
148,911
|
14.
|
Biological assets (continued)
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(unaudited)
|
|
|
Non-current
|
|
|
|
Cattle for dairy production
|
7,003
|
|
6,584
|
Breeding cattle
|
1,742
|
|
1,533
|
Other cattle
|
372
|
|
399
|
|
9,117
|
|
8,516
|
Current
|
|
|
|
Breeding cattle
|
1,842
|
|
501
|
Other cattle
|
410
|
|
243
|
Sown land – crops
|
15,383
|
|
28,189
|
Sown land – rice
|
10,757
|
|
25,575
|
Sown land – sugarcane
|
68,865
|
|
82,380
|
|
97,257
|
|
136,888
|
Total biological assets
|
106,374
|
|
145,404
|
15.
|
Financial instruments
|
|
2017
|
||||
|
Level 1
|
|
Level 2
|
|
Total
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Derivative financial instruments
|
5,657
|
|
16
|
|
5,673
|
Total assets
|
5,657
|
|
16
|
|
5,673
|
Liabilities
|
|
|
|
|
|
Derivative financial instruments
|
(353)
|
|
(442)
|
|
(795)
|
Total liabilities
|
(353)
|
|
(442)
|
|
(795)
|
15.
|
Financial instruments
(continued)
|
Class
|
|
Pricing Method
|
|
Parameters
|
|
Pricing Model
|
|
Level
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
Quoted price
|
|
-
|
|
-
|
|
1
|
|
5,300
|
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
Quoted price
|
|
-
|
|
-
|
|
1
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
Foreign-currency interest-rate swaps
|
|
Theoretical price
|
|
Swap curve
|
|
Present value method
|
|
2
|
|
(426)
|
|
|
|
|
|
|
|
|
|
|
4,878
|
16.
|
Trade and other receivables, net
|
|
September 30,
2017
|
|
December 31,
2016
|
|
|
(unaudited)
|
|
|
|
Non current
|
|
|
|
|
Trade receivables
|
1,586
|
|
|
1,802
|
Trade receivables – net
|
1,586
|
|
|
1,802
|
Advances to suppliers
|
2,354
|
|
|
1,930
|
Income tax credits
|
7,327
|
|
|
7,472
|
Non-income tax credits (i)
|
1,710
|
|
|
1,853
|
Judicial deposits
|
3,500
|
|
|
3,280
|
Other receivables
|
1,286
|
|
|
1,075
|
Non current portion
|
17,763
|
|
|
17,412
|
Current
|
|
|
|
|
Trade receivables
|
79,582
|
|
|
61,546
|
Receivables from related parties (Note 26)
|
11,076
|
|
|
8,114
|
Less: Allowance for trade receivables
|
(1,030)
|
|
|
(643)
|
Trade receivables – net
|
89,628
|
|
|
69,017
|
Prepaid expenses
|
9,790
|
|
|
8,302
|
Advance to suppliers
|
42,812
|
|
|
21,451
|
Income tax credits
|
7,024
|
|
|
7,116
|
Non-income tax credits (i)
|
46,372
|
|
|
43,572
|
Cash collateral
|
7
|
|
|
3,546
|
Receivables from related parties (Note 26)
|
810
|
|
|
172
|
Other receivables
|
7,179
|
|
|
4,352
|
Subtotal
|
113,994
|
|
|
88,511
|
Current portion
|
203,622
|
|
|
157,528
|
Total trade and other receivables, net
|
221,385
|
|
|
174,940
|
16.
|
Trade and other receivables, net (continued)
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(unaudited)
|
|
|
Currency
|
|
|
|
US Dollar
|
91,042
|
|
54,012
|
Argentine Peso
|
27,862
|
|
45,641
|
Uruguayan Peso
|
598
|
|
762
|
Brazilian Reais
|
101,883
|
|
74,525
|
|
221,385
|
|
174,940
|
17.
|
Inventories
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(unaudited)
|
|
|
Raw materials
|
50,734
|
|
42,108
|
Finished goods
|
122,812
|
|
68,191
|
Stocks held by third parties
|
-
|
|
1,308
|
Others
|
132
|
|
147
|
|
173,678
|
|
111,754
|
18.
|
Cash and cash equivalents
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(unaudited)
|
|
|
Cash at bank and on hand
|
468,305
|
|
130,001
|
Short-term bank deposits
|
54,870
|
|
28,567
|
|
523,175
|
|
158,568
|
19.
|
Shareholder´s Contributions
|
|
|
|
Number of shares (thousands)
|
|
Share capital and share premium
|
At January 1, 2016
|
|
|
122,382
|
|
1,121,247
|
Employee share options exercised (Note 20)
|
|
|
-
|
|
323
|
Restricted share vested
|
|
|
-
|
|
3,225
|
Purchase of own shares
|
|
|
-
|
|
(886)
|
At September 30, 2016
|
|
|
122,382
|
|
1,123,909
|
|
|
|
|
|
|
At January 1, 2017
|
|
|
122,382
|
|
1,120,823
|
Employee share options exercised (Note 20)
|
|
|
-
|
|
50
|
Restricted share vested
|
|
|
-
|
|
4,149
|
Purchase of own shares
|
|
|
-
|
|
(9,698)
|
At September 30, 2017
|
|
|
122,382
|
|
1,115,324
|
20.
|
Equity-settled share-based payments
|
(a)
|
Option Schemes
|
(b)
|
Restricted Share and Restricted Stock Unit Plan
|
21.
|
Trade and other payables
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(unaudited)
|
|
|
Non-current
|
|
|
|
Payable from acquisition of property, plant and equipment (i)
|
521
|
|
1,042
|
Other payables
|
350
|
|
385
|
|
871
|
|
1,427
|
Current
|
|
|
|
Trade payables
|
63,830
|
|
77,325
|
Advances from customers
|
6,488
|
|
7,758
|
Amounts due to related parties (Note 26)
|
316
|
|
1,152
|
Taxes payable
|
3,384
|
|
4,685
|
Other payables
|
1,047
|
|
1,238
|
|
75,065
|
|
92,158
|
Total trade and other payables
|
75,936
|
|
93,585
|
(i)
|
These trades payable are mainly collateralized by property, plant and equipment.
|
22.
|
Borrowings
|
|
September 30,
2017
|
|
December 31,
2016
|
|
|
(unaudited)
|
|
|
|
Non-current
|
|
|
|
|
Senior Notes (*)
|
496,179
|
|
|
-
|
Bank borrowings (*)
|
429,342
|
|
|
430,202
|
Obligations under finance leases
|
68
|
|
|
102
|
|
925,589
|
|
|
430,304
|
Current
|
|
|
|
|
Senior Notes (*)
|
750
|
|
|
-
|
Bank overdrafts
|
3,714
|
|
|
90
|
Bank borrowings (*)
|
178,773
|
|
|
204,923
|
Obligations under finance leases
|
51
|
|
|
79
|
|
183,288
|
|
|
205,092
|
Total borrowings
|
1,108,877
|
|
|
635,396
|
22.
|
Borrowings (continued)
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(unaudited)
|
|
|
Fixed rate:
|
|
|
|
Less than 1 year
|
146,316
|
|
67,682
|
Between 1 and 2 years
|
43,863
|
|
43,630
|
Between 2 and 3 years
|
25,258
|
|
40,047
|
Between 3 and 4 years
|
22,434
|
|
21,857
|
Between 4 and 5 years
|
21,751
|
|
21,116
|
More than 5 years
|
501,561
|
|
20,239
|
|
761,183
|
|
214,571
|
Variable rate:
|
|
|
|
Less than 1 year
|
36,921
|
|
137,331
|
Between 1 and 2 years
|
103,514
|
|
150,517
|
Between 2 and 3 years
|
95,303
|
|
81,947
|
Between 3 and 4 years
|
86,111
|
|
18,457
|
Between 4 and 5 years
|
20,969
|
|
18,309
|
More than 5 years
|
4,757
|
|
14,083
|
|
347,575
|
|
420,644
|
|
1,108,758
|
|
635,215
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(unaudited)
|
|
|
Currency
|
|
|
|
US Dollar
|
923,067
|
|
437,307
|
Brazilian Reais
|
181,574
|
|
196,903
|
Argentine Peso
|
4,236
|
|
1,186
|
|
1,108,877
|
|
635,396
|
|
|
|
|
23.
|
Payroll and social security liabilities
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(unaudited)
|
|
|
Non-current
|
|
|
|
Social security payable
|
1,204
|
|
1,235
|
|
1,204
|
|
1,235
|
Current
|
|
|
|
Salaries payable
|
13,804
|
|
7,351
|
Social security payable
|
3,164
|
|
3,063
|
Provision for vacations
|
12,927
|
|
12,109
|
Provision for bonuses
|
4,429
|
|
4,321
|
|
34,324
|
|
26,844
|
Total payroll and social security liabilities
|
35,528
|
|
28,079
|
24.
|
Provisions for other liabilities
|
25.
|
Disclosure of leases and similar arrangements
|
26.
|
Related-party transactions
|
Related party
|
|
Relationship
|
|
Description of transaction
|
|
Income / (loss) included in the statement of income
|
|
Balance receivable / (payable)
|
||||
|
|
|
September 30, 2017
|
|
September 30, 2016
|
|
September 30, 2017
|
|
December
31, 2016
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
Mario Jorge de Lemos Vieira/ Cia Agropecuaria Monte Alegre/ Alfenas Agricola Ltda/ Marcelo Weyland Barbosa Vieira/ Paulo Albert Weyland Vieira
|
|
(i)
|
|
Receivables (Note 16)
|
|
-
|
|
-
|
|
810
|
|
172
|
|
|
Payables (Note 21)
|
|
-
|
|
-
|
|
(183)
|
|
(701)
|
||
CHS Agro
|
|
Joint venture
|
|
Services
|
|
69
|
|
370
|
|
-
|
|
-
|
|
|
Sales of good
|
|
2,471
|
|
-
|
|
-
|
|
-
|
||
|
|
Payables (Note 21)
|
|
-
|
|
-
|
|
(133)
|
|
(451)
|
||
|
|
Interest income
|
|
245
|
|
69
|
|
-
|
|
-
|
||
|
|
Receivables (Note 16)
|
|
-
|
|
-
|
|
11,076
|
|
8,114
|
||
Directors and senior management
|
|
Employment
|
|
Compensation selected employees
|
|
(6,145)
|
|
(5,994)
|
|
(16,675)
|
|
(17,355)
|
27.
|
Basis of preparation and presentation
|
27.
|
Basis of preparation and presentation (continued)
|
28.
|
Critical accounting estimates and judgments
|
28.
|
Critical accounting estimates and judgments (continued)
|
CGU / Operating segment / Country
|
|
September 30,
2017
|
|
September 30,
2016
|
La Carolina / Crops / Argentina
|
|
35
|
|
40
|
La Carolina / Cattle / Argentina
|
|
12
|
|
13
|
El Orden / Crops / Argentina
|
|
53
|
|
60
|
El Orden / Cattle / Argentina
|
|
4
|
|
5
|
La Guarida / Crops / Argentina
|
|
358
|
|
405
|
La Guarida / Cattle / Argentina
|
|
292
|
|
330
|
Los Guayacanes / Crops / Argentina
|
|
452
|
|
511
|
Doña Marina / Rice / Argentina
|
|
1,595
|
|
1,803
|
Huelen / Crops / Argentina
|
|
1,787
|
|
2,020
|
El Colorado / Crops / Argentina
|
|
787
|
|
890
|
El Colorado / Cattle / Argentina
|
|
115
|
|
130
|
Closing net book value of goodwill allocated to CGUs tested (Note 13)
|
|
5,490
|
|
6,207
|
Closing net book value of PPE items and other assets allocated to CGUs tested
|
|
34,668
|
|
36,901
|
Total assets allocated to CGUs tested
|
|
40,158
|
|
43,108
|
28.
|
Critical accounting estimates and judgments (continued)
|
Key Assumptions
|
|
September 30,
2017
|
|
September 30,
2016
|
Financial projections
|
|
Covers 4 years for UMA
|
|
Covers 4 years for UMA
|
|
|
Cover 7 years for AVI
|
|
Cover 7 years for AVI
|
Yield average growth rates
|
|
0-1%
|
|
0-1%
|
Future pricing increases
|
|
3% per annum
|
|
3% per annum
|
Future cost increase
|
|
1% per annum
|
|
3% per annum
|
Discount rates
|
|
7.6%
|
|
9.3%
|
Perpetuity growth rate
|
|
2.0%
|
|
2.0%
|
CGU/ Operating segment
|
|
September 30,
2017
|
|
September 30,
2016
|
AVI / Sugar, Ethanol and Energy
|
|
5,012
|
|
4,892
|
UMA / Sugar, Ethanol and Energy
|
|
2,622
|
|
2,564
|
Closing net book value of goodwill allocated to CGUs tested (Note 13)
|
|
7,634
|
|
7,456
|
Closing net book value of PPE items and other assets allocated to CGUs tested
|
|
719,558
|
|
689,857
|
Total assets allocated to 3 CGUs tested
|
|
727,192
|
|
697,313
|
1 Year Adecoagro Chart |
1 Month Adecoagro Chart |
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