| Dec'17 | Dec'16 | Dec'15 | ||||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Profit / (Loss) for the year | ||||||
11,749 | 3,739 | -4,351 | ||||
Adjustments for: | ||||||
Income tax (benefit) / expense | ||||||
-6,068 | 9,387 | -7,954 | ||||
Depreciation | ||||||
150,071 | 126,799 | 103,816 | ||||
Amortization | ||||||
936 | 701 | 585 | ||||
Gain from disposal of farmlands and other assets | ||||||
0 | 0 | -7,914 | ||||
Loss/(Gain) from the disposal of other property items | ||||||
986 | 1,255 | -721 | ||||
Equity settled share-based compensation granted | ||||||
5,552 | 4,796 | 4,396 | ||||
(Gain) / Loss from derivative financial instruments and forwards | ||||||
38,679 | -21,745 | 17,686 | ||||
Interest and other financial expense, net | ||||||
53,446 | 44,734 | 43,822 | ||||
Initial recognition and changes in fair value of non harvested biological assets (unrealized) | ||||||
-14,645 | -9,811 | -11,326 | ||||
Changes in net realizable value of agricultural produce after harvest (unrealized) | ||||||
-2,371 | 90 | -4,406 | ||||
Provision and allowances | ||||||
825 | 341 | -79 | ||||
Share of loss from joint venture | ||||||
0 | 0 | -2,685 | ||||
Foreign exchange losses, net | ||||||
38,708 | 19,062 | 23,423 | ||||
Cash flow hedge transfer from equity | ||||||
-20,758 | -85,214 | -32,700 | ||||
Subtotal | ||||||
221,268 | 308,052 | 156,990 | ||||
Changes in operating assets and liabilities: | ||||||
(Increase) in trade and other receivables | ||||||
-9,476 | -30,996 | -2,300 | ||||
(Increase) in inventories | ||||||
-4,089 | -22,301 | -9,275 | ||||
(Increase) in biological assets | ||||||
-18,013 | -23,677 | -20,154 | ||||
Decrease / (Increase) in other assets | ||||||
2 | 83 | -871 | ||||
Decrease / (Increase) in derivative financial instruments | ||||||
-40,910 | 17,892 | -25,880 | ||||
Increase / (Decrease) in trade and other payables | ||||||
6,555 | 39,054 | -9,871 | ||||
Increase in payroll and social security liabilities | ||||||
1,953 | 3,052 | 4,996 | ||||
Increase in provisions for other liabilities | ||||||
855 | 1,175 | 21 | ||||
Net cash generated from operating activities before taxes paid | ||||||
239,965 | 256,550 | 145,416 | ||||
Income tax paid | ||||||
2,860 | 1,149 | 230 | ||||
Net cash generated from operating activities | ||||||
237,105 | 255,401 | 145,186 | ||||
Cash flows from investing activities: | ||||||
Purchases of property, plant and equipment | ||||||
198,550 | 132,392 | 141,464 | ||||
Purchase of cattle and non current biological assets | ||||||
1,694 | 1,713 | 306 | ||||
Purchases of intangible assets | ||||||
2,141 | 1,218 | 1,203 | ||||
Interest received | ||||||
11,230 | 7,671 | 8,201 | ||||
Proceeds from disposal of other property items | ||||||
2,820 | 2,215 | 1,303 | ||||
Proceeds from sale of farmland and other assets | ||||||
0 | 0 | 12,610 | ||||
Proceeds from disposal of subsidiaries | ||||||
0 | 3,423 | 3,890 | ||||
Loans to joint venture | ||||||
0 | 0 | 8,082 | ||||
Net cash used in investing activities | ||||||
-188,335 | -122,014 | -125,051 | ||||
Cash flows from financing activities: | ||||||
Issuance of senior notes | ||||||
495,678 | 0 | 0 | ||||
Proceeds from long-term borrowings | ||||||
232,433 | 167,385 | 299,343 | ||||
Payments of long-term borrowings | ||||||
602,700 | 277,913 | 165,455 | ||||
Proceeds from short-term borrowings | ||||||
106,730 | 257,395 | 211,045 | ||||
Payments of short-term borrowings | ||||||
64,787 | 272,033 | 208,309 | ||||
Interest paid | ||||||
41,612 | 48,400 | 48,438 | ||||
Prepayment related expenses | ||||||
6,080 | 0 | 0 | ||||
Net proceeds from the sale of non-controlling interest in subsidiaries | ||||||
0 | 0 | 21,964 | ||||
Proceeds from equity settled shared-based compensation exercised | ||||||
39 | 380 | 1,259 | ||||
Payment of derivatives financial instruments | ||||||
9,476 | 3,724 | 18,676 | ||||
Purchase of own shares | ||||||
38,367 | 4,772 | 320 | ||||
Dividends paid to non-controlling interest | ||||||
1,664 | 0 | 0 | ||||
Net cash generated/used from financing activities | ||||||
70,194 | -181,682 | 92,413 | ||||
Net increase / (decrease) in cash and cash equivalents | ||||||
118,964 | -48,295 | 112,548 | ||||
Effect of exchange rate changes on cash and cash equivalents | ||||||
-8,337 | 7,969 | -27,449 | ||||