As filed with the Securities and Exchange Commission on May 9, 2018
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F/A
(Amendment No. 1)
ANNUAL REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2017
Commission File Number: 33-99720
CELULOSA ARAUCO Y CONSTITUCIÓN S.A.
(Exact name of Registrant as specified in its charter)
Arauco and Constitution Pulp Inc.
(Translation of Registrants name into English)
Republic of Chile
(Jurisdiction of incorporation or organization)
Avenida El Golf 150
14th Floor
Las Condes, Santiago
Chile
(Address of principal executive offices)
Gianfranco Truffello
Tel.: 56-2-2461-7221
E-mail: gianfranco.truffello@arauco.cl
Avenida El Golf 150
14th Floor
Las Condes, Santiago
Chile
(Name, telephone, e-mail and/or facsimile number and address of company contact person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
None
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
Title of each class: |
7.250% Notes due 2019 |
5.000% Notes due 2021 |
4.750% Notes due 2022 |
4.500% Notes due 2024 |
3.875% Notes due 2027 |
5.500% Notes due 2047 |
Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the annual report: Shares of Common Stock, without par value: 113,159,655
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, and emerging growth company in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||
Non-Accelerated Filer | ☒ | Emerging Growth Company | ☐ |
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| The term new or revised financial accounting standard refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statement included in this filing:
U.S. GAAP ☐ |
International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ |
Other ☐ |
If Other has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Explanatory Note
Celulosa Arauco y Constitución S.A. (Arauco) is filing this Amendment No. 1 (the Form 20-F/A) to its Annual Report on Form 20-F for the fiscal year ended December 31, 2017 (the Form 20-F), which was originally filed with the Securities and Exchange Commission on April 23, 2018, to submit the Interactive Data File (as defined in Rule 11 of Regulation S-T) with respect to the audited consolidated financial statements of Arauco and its subsidiaries for that fiscal year as Exhibit 101 to the Form 20-F in accordance with Rule 405 of Regulation S-T. Exhibit 101 was omitted from the Form 20-F in accordance with the 30-day grace period provided under Rule 405(a)(2)(ii) of Regulation S-T.
Except as set forth above, this Form 20-F/A does not modify or update any of the disclosures in the Form 20-F. This Form 20-F/A speaks as of the time of filing of the Form 20-F, does not reflect events that may have occurred subsequent to such filing, and does not modify or update in any way disclosures made in the Form 20-F.
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Item 19. Exhibits
101.INS* XBRL Instance Document
101.SCH* XBRL Taxonomy Extension Schema Linkbase Document
101. CAL* XBRL Taxonomy Extension Calculation Linkbase Document
101. DEF* XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* XBRL Taxonomy Extension Label Linkbase Document
101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document
* | In accordance with Rule 402 of Regulation S-T, the information in these exhibits shall not be deemed to be filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. |
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Signature
The registrant hereby certifies that it meets all of the requirements for filing this Amendment No. 1 to Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No.1 to Form 20-F on its behalf.
CELULOSA ARAUCO Y CONSTITUCIÓN S.A. | ||
By: | /s/ Matías Domeyko | |
Matías Domeyko | ||
Chief Executive Officer |
Date: May 9, 2018
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Document And Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ARAUCO & CONSTITUTION PULP INC |
Entity Central Index Key | 0001004156 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 113,159,655 |
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Statements of profit or loss | |||
Revenue | $ 5,238,341 | $ 4,761,385 | $ 5,146,740 |
Cost of sales | (3,574,532) | (3,498,905) | (3,511,425) |
Gross profit | 1,663,809 | 1,262,480 | 1,635,315 |
Other income | 111,513 | 257,863 | 273,026 |
Distribution costs | (523,300) | (496,473) | (528,470) |
Administrative expenses | (521,294) | (474,469) | (551,977) |
Other expense | (240,165) | (77,415) | (83,388) |
Profit from operating activities | 490,563 | 471,986 | 744,506 |
Finance income | 19,640 | 29,701 | 50,284 |
Finance costs | (287,958) | (258,467) | (262,962) |
Share of profit of associates and joint ventures accounted for using equity method | 17,017 | 23,939 | 6,748 |
Exchange rate differences | 98 | (3,935) | (41,171) |
Profit before income tax | 239,360 | 263,224 | 497,405 |
Income Tax | 30,992 | (45,647) | (129,694) |
Net Profit | 270,352 | 217,577 | 367,711 |
Net profit attributable to | |||
Net profit attributable to parent company | 269,724 | 213,801 | 362,689 |
Net profit attributable to non-controlling interests | 628 | 3,776 | 5,022 |
Net Profit | $ 270,352 | $ 217,577 | $ 367,711 |
Basic and diluted earnings per share (in U.S.$ per share) | |||
Basic and diluted earnings per share from continuing operations | $ 2.3836 | $ 1.8894 | $ 3.2051 |
Basic and diluted earnings per share | $ 2.3836 | $ 1.8894 | $ 3.2051 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands |
Total |
Issued capital [member] |
Reserve of exchange differences on translation [member] |
Reserve of cash flow hedges [member] |
Reserve of actuarial losses on defined benefit plans [member] |
Other reserves [member] |
Total Other reserves [member] |
Retained Earnings [Member] |
Equity attributable to owners of parent [member] |
Non-controlling interests [member] |
---|---|---|---|---|---|---|---|---|---|---|
Opening balance at Dec. 31, 2014 | $ 6,814,736 | $ 353,618 | $ (498,495) | $ (53,022) | $ (15,790) | $ (3,745) | $ (571,052) | $ 6,984,564 | $ 6,767,130 | $ 47,606 |
Comprehensive income | ||||||||||
Net profit | 367,711 | 362,689 | 362,689 | 5,022 | ||||||
Other comprehensive income, net of tax | (389,145) | (374,275) | (2,374) | (878) | (781) | (378,308) | (378,308) | (10,837) | ||
Comprehensive income | (21,434) | 0 | (374,275) | (2,374) | (878) | (781) | (378,308) | 362,689 | (15,619) | (5,815) |
Dividends | (146,029) | (142,801) | (142,801) | (3,228) | ||||||
Increase (decrease) from transfers and other changes | (828) | 0 | 0 | (828) | ||||||
Changes in equity | (168,291) | 0 | (374,275) | (2,374) | (878) | (781) | (378,308) | 219,888 | (158,420) | (9,871) |
Closing balance at Dec. 31, 2015 | 6,646,445 | 353,618 | (872,770) | (55,396) | (16,668) | (4,526) | (949,360) | 7,204,452 | 6,608,710 | 37,735 |
Comprehensive income | ||||||||||
Net profit | 217,577 | 213,801 | 213,801 | 3,776 | ||||||
Other comprehensive income, net of tax | 226,188 | 168,884 | 56,492 | (4,084) | 26 | 221,318 | 221,318 | 4,870 | ||
Comprehensive income | 443,765 | 0 | 168,884 | 56,492 | (4,084) | 26 | 221,318 | 213,801 | 435,119 | 8,646 |
Dividends | (90,828) | (88,578) | (88,578) | (2,250) | ||||||
Increase (decrease) from transfers and other changes | (99) | 0 | 0 | (99) | ||||||
Changes in equity | 352,838 | 0 | 168,884 | 56,492 | (4,084) | 26 | 221,318 | 125,223 | 346,541 | 6,297 |
Closing balance at Dec. 31, 2016 | 6,999,283 | 353,618 | (703,886) | 1,096 | (20,752) | (4,500) | (728,042) | 7,329,675 | 6,955,251 | 44,032 |
Comprehensive income | ||||||||||
Net profit | 270,352 | 269,724 | 269,724 | 628 | ||||||
Other comprehensive income, net of tax | 24,023 | 12,114 | 3,656 | 1,826 | 6,668 | 24,264 | 24,264 | (241) | ||
Comprehensive income | 294,375 | 0 | 12,114 | 3,656 | 1,826 | 6,668 | 24,264 | 269,724 | 293,988 | 387 |
Dividends | (176,749) | (174,266) | (174,266) | (2,483) | ||||||
Increase (decrease) from transfers and other changes | (16) | 0 | 0 | (16) | ||||||
Changes in equity | 117,610 | 0 | 12,114 | 3,656 | 1,826 | 6,668 | 24,264 | 95,458 | 119,722 | (2,112) |
Closing balance at Dec. 31, 2017 | $ 7,116,893 | $ 353,618 | $ (691,772) | $ 4,752 | $ (18,926) | $ 2,168 | $ (703,778) | $ 7,425,133 | $ 7,074,973 | $ 41,920 |
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS |
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Disclosure of Presentation of Consolidated Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of basis of preparation of financial statements [text block] | NOTE 1. PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS Entity Information Celulosa Arauco y Constitución S.A. and subsidiaries, (hereafter “Arauco” or the “Company”), tax identification number 93,458,000-1, is a closely held corporation, that was registered in the Securities Registry (the “Registry”) of the Superintendency of Securities and Insurance (current Chilean Commission for the Financial Market (“CMF”)) as No. 042 on June 14, 1982. Additionally, the Company is registered as a non-accelerated filer in the Securities and Exchange Commission (SEC) of the United States of America. Forestal Cholguán S.A., a subsidiary of Celulosa Arauco y Constitución S.A., is also registered in the Securities Registry as No. 030. The Company’s head office address is El Golf Avenue 150, 14th floor, Las Condes, Santiago, Chile. Arauco is principally engaged in the production and sale of products related to the forestry and timber industries. Its main operations are focused on business areas of pulp, wood products and forestry. Arauco is controlled by Empresas Copec S.A., which owns 99.9780% of Arauco, and is registered in the Securities Registry as No. 0028. Each of the above mentioned companies is subject to the oversight of the CMF. The ultimate shareholders of Arauco are Mrs. María Noseda Zambra de Angelini (who passed away on April 15, 2018), Mr. Roberto Angelini Rossi and Mrs. Patricia Angelini Rossi, who have control fundamentally as follows: (i) Through Inversiones Angelini y Cía. Ltda., entity wich has 63.4015% of the shares of AntarChile S.A. and (ii) Mr. Roberto Angelini Rossi through the statutory control of Inversiones Golfo Blanco Ltda., direct owner of 5.77307% of the shares of AntarChile S.A.; and Mrs. Patricia Angelini Rossi, through the statutory control of Inversiones Senda Blanca Ltda., direct owner of 4.32981% of the shares of AntarChile S.A. Arauco’s Consolidated Financial Statements were prepared on a going concern basis. Presentation of Consolidated Financial Statements The Financial Statements presented by Arauco are comprised by the following:
Period Covered by the Consolidated Financial Statements As of December 31, 2017 and 2016 and for the periods between January 1 and December 31, 2017, 2016 and 2015. Date of Approval of Consolidated Financial Statements These consolidated financial statements were approved by the Board of Directors of the Company (the “Board”) at the Extraordinary Meeting on April 20, 2018. Abbreviations used in this report: IFRS - International Financial Reporting Standards IASB - International Accounting Standards Board IAS - International Accounting Standards IFRIC - International Financial Reporting Standards Interpretations Committee MU.S.$ - Millions of U.S. dollars ThU.S.$ - Thousands of U.S. dollars U.F. Inflation index-linked units of account UTA Annual Tax Unit ICMS Tax movement of inventories and services (Brazil) Functional and Presentation Currency Arauco and most of its subsidiaries determined the United States (“U.S.”) Dollar as its functional currency since the majority of its revenues from sales of its products are derived from exports denominated in U.S. Dollars, while their costs of sales are to a large extent related or indexed to the U.S. Dollar. For the pulp reportable segment, most of the sales are exports denominated in U.S. Dollars and costs are mainly related to plantation costs which are settled in U.S. Dollars. For the wood products and forestry reportable segments, although total sales include a mix of domestic and exports sales, prices of the products are established in U.S. Dollars, which is also the case for the cost structure of the related raw materials. In relation to the cost of sales, although labor and services costs are generally billed and paid in local currency, these costs are not as significant as the costs of raw materials, which are driven mainly by global markets and therefore, influenced mostly by the U.S. Dollar. The presentation currency of the consolidated financial statements is the U.S. Dollar. Figures on these consolidated financial statements are presented in thousands of U.S. Dollar (ThU.S.$). Summary of significant accounting policies
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and they represent the explicit and unreserved adoption of IFRS. The consolidated financial statements have been prepared on the historical cost basis, except for biological assets and certain derivative financial instruments which are measured at revalued amounts or fair value at the end of each period as explained in the following significant accounting policies.
The preparation of these financial statements, in accordance with IFRS, requires management to make estimates and assumptions that affect the carrying amounts reported. These estimates are based on historical experience and various other assumptions that are considered to be reasonable. Actual results may differ from these estimates. Management believes that the accounting policies below are the critical judgments that have the most significant effect on the amounts recognized in the consolidated financial statements. - Biological Assets The recovery of forest plantations is based on discounted cash flow models which means that the fair value of biological assets is calculated using cash flows from continuing operations on a discounted basis, based on our sustainable forest management plans and the estimated growth of forests. These discounted cash flows require estimates in growth, harvest, sales prices and costs; therefore, it is important that management make appropriate estimates of future levels and trends for sales and costs, as well as conduct regular surveys of the forests to establish the volumes of wood available for harvesting and their current growth rates. The main considerations used to measure forest plantations are presented in Note 20, including a sensitivity analysis. - Goodwill Goodwill represents the excess of the acquisition cost over the fair value of the Group’s holding in the identifiable net assets of the acquired subsidiary at the date of acquisition. The aforementioned fair value is determined whether based on assessments and/or the discounted future flow method using hypotheses in their determination, such as sales prices and industry indexes, among others. See Note 17. - Litigation and Contingencies Arauco and its subsidiaries are subject to certain litigation proceedings. Future impact on Arauco’s financial condition derived from such litigations is estimated by management, in collaboration with its legal advisors. Arauco applies judgment when interpreting the reports of its legal advisors who provide updated estimates of the legal contingencies at each reporting period and/or at each time a modification is determined to be necessary. For a description of current litigations see Note 18.
The consolidated financial statements include all entities over which Arauco has the power to direct the relevant financial and operating activities. Subsidiaries are consolidated from the date on which control is obtained and up to the date that control ceases. Specifically, a company controls an investee or subsidiary if, and only if, they have all of the following: (a) power over the investee, i.e. the investor has existing rights which give it the ability to direct the relevant activities (the activities that significantly affect the investee's returns) (b) exposure or rights to variable returns from involvement with the investee; and (c) the ability to use power over the investee to affect the amount of the investor’s returns. When Arauco holds less than the majority of voting rights in a company in which it participates, it nonetheless has the power over said company - when these voting rights are enough - to grant it in practice the ability to unilaterally direct said company's relevant activities. Arauco takes into account all facts and circumstances in order to assess if the voting rights in a company in which it participates are enough for granting it the power, including: a) the size of the investor’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; b) potential voting rights held by the investor, other vote holders or other parties; c) rights arising from other contractual arrangements; and d) any additional facts and circumstances that indicate the investor has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. The Company will reevaluate whether or not it holds control of a company in which participates if the facts and circumstances indicate that changes have occurred in one or more of the three elements of control mentioned above. Consolidation of an investee shall begin from the date the investor obtains control of the investee and cease when the investor loses control of the investee. An entity includes the income and expenses of an acquired or sold subsidiary in the consolidated financial statements from the date it gains control until the date when the entity ceases to control the subsidiary. The profit or loss of each component of other comprehensive income is attributed to owners of the parent company and the non-controlling interest, as appropriate. Total comprehensive income is attributed to the owners of the parent company and non-controlling interests even if the results of the non-controlling interest have a deficit balance. If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for transactions and other events in similar circumstances, appropriate adjustments are made to the consolidated financial statements of subsidiaries in order to ensure compliance with Arauco's accounting policies. All intercompany transactions and unrealized gains and losses from subsidiaries have been fully eliminated from consolidated financial statements and non-controlling interest is presented in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent company. The consolidated financial statements at the end of this period include the assets, liabilities, income and expenses of the subsidiaries shown in Note 13. Certain consolidated subsidiaries have Brazilian Real and Chilean Pesos as their functional currencies. For consolidation purposes, the financial statements of those subsidiaries have been prepared in accordance with IFRS and translated into the presentation currency as indicated in Note 1 (e) (ii). A parent company will present non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent company.
Arauco has defined its reportable segments according to its business areas, based on the products and services sold to its customers. This definition is consistent with the management, resource allocation and performance assessment made by key personnel responsible for making relevant decisions related to the Company’s operation. The Chief Operating Decision Maker (CODM) is the Chief Executive Officer who is responsible for making these decisions and it is supported by the Corporate Managing Directors of each segment. Based on the aforementioned process, the Company has established reportable segments according to the following business units:
Refer to Note 24 for detailed financial information by reportable segment.
All items in the financial statements of Arauco and each of its subsidiaries, associates and jointly controlled entities are measured using the currency of the primary economic environment in which each entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is Arauco’s functional and presentation currency.
For the purposes of presenting consolidated financial statements, assets and liabilities of Arauco’s operations in a functional currency different from Arauco’s are translated into U.S. dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange rate differences are recognized in other comprehensive income and accumulated in “Other reserves” withinequity.
Transactions in currencies other than the functional currency are recognized at the exchange rates prevailing at the dates of the transactions. Profit or loss on transactions in currencies other than the functional currency resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the statements of profit or loss, except those which are recorded in other comprehensive income and accumulated in equity such as cash flows hedging derivatives.
Cash and cash equivalents include cash-in-hand, deposits held on demand at banks and other short term highly liquid investments with an original maturity of three months or less and which are subject to an insignificant risk of changes in value.
Financial assets Financial assets are classified into the following specified categories: 'loans and receivables' and “derivative financial instruments”. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. All purchases and sales of financial assets are recognized and derecognized on the trade date, which require delivery of assets within the same time frame established by regulation or convention in the marketplace. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are classified as current assets, except for those with maturities more than 12 months after the reporting period, which are classified as non-current assets. Loans and receivables include trade and other receivables. Loans and receivables are initially recognized at fair value plus transaction costs that are directly attributable to the acquisition and are subsequently measured at amortized cost using the effective interest rate method, less any impairment. Derivative financial instruments are explained in Note 1 h) Financial liabilities Financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments (including all fees and amounts paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Financial obligations are classified as current liabilities, unless Arauco holds an unconditional right to defer their settlement during at least 12 months after the balance sheet's date. The estimate of the fair value of obligations with banks is determined using valuation techniques that include discounted cash flow analyses applying rates of similar loans. Bonds are appraised at market value.
(i) Derivative Financial Instruments - The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward contracts, interest rate swaps, currency swaps and zero cost collar contracts. The Company’s policy is to enter into derivatives contracts only for economic hedging purposes and there are no instruments with speculation objectives. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured at fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss unless the derivative is designated as a hedging instrument and complies with hedge accounting requirements of IAS 39, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. (ii) Embedded derivatives - The Company assesses the existence of embedded derivatives in financial instrument contracts. Derivatives embedded in non-derivative host contracts are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the contracts are not measured at FVTPL as a whole. Arauco has determined that no embedded derivatives currently exist. (iii) Hedge accounting - The Company designates certain hedging instruments as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, Arauco documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. -Fair Value Hedges under IAS 39- Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The change in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk are recognized in profit or loss in the line item relating to the hedged item. -Cash flow hedges under IAS 39 - The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the Finance costs line item in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecasted transaction is ultimately recognized in profit or loss. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The cost of finished and in process products includes the cost of raw materials, direct labor, other direct costs and manufacturing overhead expenses. Initial costs of harvested wood are determined at fair value less cost of sale at the point of harvest. Biological assets are transferred to inventories when forests are harvested. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When market conditions result in the production costs of a product exceeding its net realizable value, the inventories are written-down to their net realizable value. This write-down also includes obsolescence amounts resulting from slow moving inventories and technical obsolescence. Spare parts that will be consumed in a period of less than twelve months are presented in inventories and recognized as an expense when they are consumed.
The Group classifies certain property, plant and equipment, intangible assets, investments in associates and disposal groups (groups of assets to be sold together with their directly associated liabilities) as non-current assets held for sale which as of the date of the statements of financial position are the subject of active sale efforts which are estimated to be highly probable. Non-current assets held for sale are presented separately from the other assets in the balance sheet. These assets or disposal groups are measured at the lower of the carrying amount or the fair value less the costs to sell, and are no longer depreciated or amortized from the time they are classified as non-current assets held for sale.
Arauco applies the acquisition method to account for a business combination. This method requires the identification of the acquirer, determination of the acquisition date, recognition and measurement of the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree; and recognition and measurement of goodwill or a gain from a bargain purchase. Identifiable assets acquired and liabilities assumed and any contingent liabilities in a business combination are initially measured at fair value at the acquisition date, except: -deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 respectively; -liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 3 at the acquisition date; and -assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with such standard. Acquisition-related costs are accounted for as expenses when they are incurred, except for costs to issue debt or equity securities which are recognized in accordance with IAS 32 and IAS 39. A parent will present non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent company. Changes in the ownership interest of a parent in its subsidiary that do not result in a loss of control are treated as equity transactions. Any difference between the amount by which non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the parent company. No adjustment is made to the carrying amount of goodwill, neither gains nor losses are recognized in the statement of profit or loss. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may initially be measured either at fair value or at the present ownership instruments' proportionate share of non-controlling interests, in the recognized amounts of the acquirer’s identifiable net assets. The choice is made on a transaction-by-transaction basis. Arauco measures the fair value of the acquired company in the business combination achieved in stage (“step acquisition”), recognizing the effects of remeasurement of previously held equity in the acquiree in the statements of profit or loss. If the initial accounting for a business combination is not completed by the end of the reporting period in which the combination occurs, Arauco reports preliminary amounts for the items for which the accounting is incomplete. During the measurement period (no more than one year), these preliminary amounts are retrospectively adjusted, or additional assets or liabilities are recognized to reflect new information about facts and circumstances that existed at the acquisition date, if known, would have affected the amounts recognized at that date. Business combinations that are under common control transactions are accounted using as a reference the pooling of interest. Under this method, assets and liabilities related to the transaction carry over the previous carrying values. Any difference between assets and liabilities included in the consolidation and the consideration transferred, is accounted in equity.
Associates are entities over which Arauco exercises significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Joint arrangement is defined as an entity over which there is joint control, which exists only when the decisions about strategic of activities, both financial and operational, require the unanimous consent of the parties sharing control. Investments in joint arrangements are classified as a joint venture or as a joint operation. A joint operation is a joint arrangement in which the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement (i.e., participants in a joint venture) have rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. Their carrying amount is increased or decreased to recognize the portion corresponding to the statement of profit or loss or to the statement of comprehensive income. Dividends received are recognized by deducting the amount received from the carrying amount of the investment. Arauco’s investment in associates includes goodwill (both net of any accumulated impairment loss). The investments in joint operations are recognized through consolidation of assets, liabilities and results of operations in relation to Arauco's ownership percentage. Investments in associates and joint ventures are presented in the consolidated statement of financial position in the line item “Investments accounted for using equity method”. If Arauco’s share of losses of an associate or joint venture equals or exceeds its interest in the associate or joint venture, Arauco discontinues recognizing its share of further losses. After Arauco's carrying value in the investee is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that Arauco has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. If the associate or joint venture subsequently reports profits, Arauco resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized.
After initial recognition, intangible assets with finite useful lives are carried at cost less any accumulated amortization and impairment losses. Amortization of an intangible asset with a finite useful life is allocated over the asset’s useful life. Amortization begins when the asset is available for use, i.e., when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. (i) Computer Software Computer software licenses are capitalized in terms of the costs incurred to acquire and make them compatible with existing software. These costs are amortized over the estimated useful lives of the software. (ii) Water Rights, Easements and Other Rights This item includes water rights, easements and other acquired rights recognized at historical cost which have indefinite useful lives as there is no foreseeable limit to the period over which these assets are expected to generate future cash flows. These rights are not amortized, but are tested for impairment at least annually, or when there is any indication that the assets might be impaired. (iii) Customers and trade relations with customers Correspond to the valuation over the time of the established relationship with customers, from the sale of products and services through its sales team. These relations will materialize in sales orders, which generate revenue and cost of sales. The useful life has been determined to be 15 years.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquired company, and the fair value of the acquirer's previously held equity interest in the acquired company (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the statements of profit or loss. Goodwill is not amortized but tested for impairment on annual basis. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For purposes of impairment testing, goodwill in a business combination is allocated as of the acquisition date to the cash generating unit or a group of cash generating units expected to benefit from the synergies of the combination irrespective of whether other assets or liabilities of the acquired company are allocated to those units or group of units. The goodwill generated on acquisitions of foreign companies, is expressed in the functional currency of such foreign company. Goodwill recognized for the acquisition of the subsidiary Arauco do Brasil S.A. whose functional currency is the Brazilian Real, is translated into U.S. Dollars at the closing exchange rate. o) Property, Plant and Equipment Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment. The cost includes expenditures that are directly attributable to the acquisition of the assets. Subsequent costs, such as improvements and replacement of components, are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to Arauco and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized from property, plant and equipment. All other repairs and maintenance costs are expensed in the period in which they are incurred. Arauco capitalizes borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets as part of the cost of those assets, until the assets are ready for their intended use (See Note 12). Depreciation is calculated by components using the straight-line method. The useful lives of the items of property, plant and equipment is estimated according to the expected use of the assets. The residual values and useful lives of assets are reviewed and adjusted, if appropriate, annually.
Arauco applies IFRIC 4 to assess whether an arrangement is, or contains, a lease. Leases of assets in which Arauco substantially holds all the risks and rewards of ownership are classified as finance leases. All other leases are classified as operating leases. Finance leases are initially recognized at the lower of the fair value at the inception of the lease of the leased property and the present value of the minimum lease payments. When assets are leased under a finance lease, the present value of lease payments are recognized as financial accounts receivable. Finance income, which is the difference between the gross receivable and the present value of such amount, is recognized as the interest rate of return. Leases in which substantially all risks and rewards are not transferred to the lessee are classified as operating leases. Payments under operating leases (net of any incentives received from the lessor) are recognized as an expense on a straight-line basis over the lease term. Arauco evaluates the economic nature of the contracts that grant the right to use certain assets, for the purposes of determining the existence of implied leases. In these cases, the Company separates - at the beginning of the contract, and based on relative reasonable values - payments and considerations associated with the lease, from the rest of the elements incorporated to the contract.
IAS 41 requires that biological assets, such as standing trees, are measured at fair value less cost to sell in the statement of financial position. Forestry plantations are accounted for at fair value less costs to sell, based on the presumption that fair values of these assets can be measured reliably. The measurement of forestry plantations is based on discounted cash flow models whereby the fair value of the biological assets is determined using estimated future cash flows from continuing operations calculated using our sustainable forest management plans and including the estimated growth of the forests. This valuation is performed on the basis of each identifiable farm block and for each type of tree. The measurement of new forestry plantations made during the current year is made at cost, which corresponds to the fair value at that date. After twelve months, the valuation methodology used is that explained in the preceding paragraph. Biological assets shown as current assets correspond to those forestry plantations that will be harvested in the short term. Biological growth and changes in fair value of forestry plantations are recognized in the line item “Other income” in the consolidated statement of profit or loss.
The tax liabilities are recognized in the consolidated financial statements based on the determination of taxable income for the year and calculated using the tax rates in force in the countries where Arauco operates. Deferred income tax is recognized using liability method, on the temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated annual accounts. Deferred income tax is determined using tax rates contained in laws adopted as of the date of the financial statements and that are expected to be applicable when the related deferred tax asset is realized or the deferred income tax liability is settled. The goodwill arising on business combinations does not give rise to deferred tax. The deferred tax assets and tax credits are generally recognized for all deductible temporary differences to the extent that it is probable that future taxable profit will be available against which those deductible temporary differences can be utilized.
Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period.
Revenues are recognized when Arauco has transferred the risks and rewards of ownership to the buyer and Arauco has no right to dispose of the assets, nor effective control of such good.
Revenue from the sale of goods is recognized when Arauco has transferred to the buyer the significant risks and rewards of ownership of the goods, when the amount of revenue can be reliably measured, when Arauco does not retain any managerial involvement over the goods sold and when it is probable that the economic benefits associated with the transaction will flow to Arauco and the costs incurred in respect of the transaction can be measured reliably. Sales are recognized in terms of the price agreed to in the sales contract, less any volume discounts and estimated product returns at the date of the sale. Volume discounts are evaluated in terms of estimated annual purchases. There is no significant financing component given that receivables from sales are collected within a short period, which is in line with market practices. The structure for recognizing revenue from export sales is based on the 2010 Incoterms, which are the official rules for the interpretation of commercial terms issued by the International Chamber of Commerce. The main Incoterms used by Arauco are the following: “CFR (Cost and freight)”, where the company bears all costs including main transportation, until the products arrives at its port of destination. The risk is transferred to the purchaser once the products have been loaded onto the vessel, in the country of origin. “CIF (Cost Insurance &; Freight)”, where the Company organizes and pays for external freight services and some other expenses. Arauco is no longer responsible for the products once they have been delivered to the ocean carrier company. The point of sale is the delivery of the products to the carrier chartered by the seller.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue is recognized by reference to the stage of completion of the transaction at the date of the reporting period, and when it is probable that the economic benefits associated with the transaction will flow to the Arauco. Arauco mainly provides power supply services which are transacted principally in the spot market of the Sistema Interconectado Central (“Central Interconnected System”). According to current regulations, the prices on that market called “Marginal Costs” are calculated by the Centro de Despacho Económico de Carga del Sistema Interconectado Central (CDECSIC) (“Economic Load Dispatch Center of the Central Interconnected System”) and are generally recognized in the period in which the services are rendered. Electrical power is generated as a by-product of the pulp and wood process and is a complementary business to it, which is initially supplied to the group’s subsidiaries and any surplus is sold to the CDEC-SIC. Arauco provides other non-core services such as port services and pest control whose revenues are derived from fixed price service contracts, generally recognized during the period of the service contract on a straight-line basis over the term of the contract. Revenues from reportable segments mentioned in Note 24 are measured in accordance with the policies indicated in the preceding paragraphs. Revenues from inter-segment sales (which are made at market prices) are eliminated in the consolidated financial statements.
Article No. 79 of the Chilean Corporations Law states that, unless otherwise unanimously agreed by the shareholders, corporations must distribute annually at least 30% of net income for the current year as cash dividend to shareholders determined in proportion to their shares or in the proportion established in the by-laws for preferred shares, if any, except where necessary to absorb accumulated losses from prior years. The General Shareholders’ Meeting of Arauco agreed to distribute annual dividends at 40% of net distributable income, including an interim dividend to be distributed at year end. Dividends payable are recognized as a liability in the financial statements in the period when they are declared and approved by the Arauco’s shareholders or when arises the corresponding present obligation based on existing legislation or distribution policies established by the Shareholders' Meeting. The dividends payable provision is registered for 40% of the liquid distributable profit and against a lower equity, based on the yearly resolution of the Shareholders’ Meeting. Dividends payable are presented in the line item “Other current non-financial liabilities” in the consolidated statement of financial position.
Basic earnings per share are calculated by dividing the net profit for the period attributable to the parent company by the weighted average number of ordinary shares outstanding during the period, excluding the average number of shares in the Company held by a subsidiary, if such circumstance exists. Arauco has not performed any type of transaction with a potential dilutive effect that would cause diluted earnings per share to be different from basic earnings per share.
Non-financial Assets The recoverable amount of property, plant and equipment and other long-term assets with finite useful lives are measured whenever there are any circumstances indicating that the assets have to recognize an impairment loss. Among the circumstances to consider as evidence of impairment are significant declines in the assets’ market value, significant adverse changes in the technological environment, obsolescence or physical damages of assets and changes in the manner in which the asset is used or expected to be used). Arauco evaluates at the end of each reporting period whether there is any evidence of the indications above mentioned. A previously recognized impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount however a reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years. For the purposes of assessing impairment losses, assets are grouped at the lowest level for which there is identifiable cash flows separately for each cash-generating unit. Non-financial assets, other than goodwill, which had recognized an impairment loss, are reviewed at the end of each reporting period whether there are any circumstances indicating that an impairment loss previously recognized may no longer exists or has decreased. “Cash-generating units” are the smallest identifiable groups of those cash inflows that are largely independent of the cash inflow from other assets or groups of assets. Goodwill Goodwill and intangible assets with indefinite useful life are tested annually for impairment or whenever circumstances indicate it. The recoverable amount of an intangible asset is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognized whenever the carrying amount exceeds the recoverable amount. A cash-generating unit, for which goodwill has been allocated, is tested for impairment annually or more frequently when there are circumstances indicating that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to other assets pro rata based on the carrying amount of each asset in the unit. Any impairment loss of goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods. Goodwill is allocated to cash-generating units for impairment testing purposes. The allocation is made between cash-generating units or groups of cash generating units expected to benefit from the synergies of the combination. Financial Assets At the end of each reporting period, an assessment is performed in order to identify whether there is any objective evidence that a financial asset or a group of financial assets may have been impaired. Financial assets are impaired only when there is objective evidence that, as a result of one or more loss events that occurred after the initial recognition of a financial asset, the estimated future cash flows of the financial asset have been affected. Impairment losses are recognized in the consolidated statement of profit or loss. An allowance for doubtful accounts is established based on an analysis of the maturity of the portfolio and considering the insurance coverage on accounts receivable. Other conditions are assessed, for example, when there is objective evidence of default or delinquency in payments under the original sale terms and when the customer enters into bankruptcy or financial reorganization, and is written-off when Arauco has exhausted all levels of recovery of the receivable in a reasonable time. The allowance for doubtful accounts is measured as the difference between the carrying amount of receivables and the present value of estimated future cash flows. The carrying amount of the receivable is reduced through the use of the allowance. If the impairment loss decreases in later periods, it is reversed either directly or by adjusting the provision for doubtful accounts, with effect in profit or loss.
Arauco constitutes labor obligations for severance payable in all circumstances for certain of its employees with at least 5 years of work in the Company, based on the terms of the staff’s collective and individual bargaining agreements. The related provision is an estimate of the years of service to be recognized as a future labor obligation liability, in accordance with contracts between Arauco and its employees and pursuant to actuarial valuation criteria for this type of liability. This post-employment benefit is considered a defined benefit plan. The main factors considered for calculating the actuarial value of severance obligation for years of service are employee turnover, salary increases and life expectancy of the workers included in this benefit. Actuarial gains and losses are recognized in other comprehensive income in the year they are incurred. These obligations are related to post-employee benefits in accordance with current standards.
Arauco recognizes the expense for employee vacation according to labor legislation in each country on an accrual basis. This obligation is presented in the line item “Trade and Other current payables” and “Trade and Other non-current payables” depending on their respective maturities in the consolidated statements of financial position.
a) Standards, interpretations and amendments that are mandatory for the first time for annual periods beginning on January 1, 2017:
The adoption of the standards, amendments and interpretations described above did not have a significant impact on the Arauco’s Consolidated Financial Statements. b) Standards, interpretations and amendments, the application of which is not yet mandatory, which have not been adopted in advance:
IFRS 9 - Financial Instruments. IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities. The standard includes new rules applicable to hedge accounting and a new impairment model for financial assets. The financial assets held by the Group mainly include: Mutual Fund Holdings, (hedge) Derivatives, and highly-liquid financial instruments. Consequently, Arauco does not expect the new standard to have a significant impact in the classification and measurement of its financial assets. IFRS 15 Revenue from Contracts with Customers. The new standard specifies how and when income will be recognized and increases the disclosures. The standard provides a single five-step model based on principles applicable to all contracts with clients. The standard will be in full force and effect as of January 1, 2018. Arauco is a pulp and wood supplier in the global markets. Arauco’s contracts with clients can be clearly identified on the basis of purchase orders placed by such clients. Performance obligations are regularly explicitly defined as the products are delivered in accordance with the client’s contracts. The main contracts with clients do not include additional separate performance obligations that would substantially change the timing of income recognition in accordance to IFRS 15, compared to current income recognition practices. IFRS 15 requires separate presentation of contract assets and contract liabilities in the balance sheet. This will result in some reclassifications as of January 1, 2018 in relation to contract liabilities in relation to volume-based rebates, which are currently included in other balance sheet line items. Arauco intends to adopt the standard using the modified retrospective approach which means that the cumulative impact of the adoption will be recognized in retained earnings as of January 1, 2018 and that comparatives will not be restated. IFRS 16 - Leases IFRS 16 was issued in January 2016. The new standard will result in recognizing practically all leases in the balance sheet, because the distinction between operational and financial leases was eliminated. Under the new standard an asset (the right to use the leased property) as well as a financial liability is recognized for lease payments. Short-term and low-value leases are an exception to this standard. This standard will be in full force and effect as of January 1, 2019. The group’s main assets are held under financial leases by Arauco and its affiliates, and therefore we do not expect that the new standard will have a significant impact on the financial statements. However, the group has yet to evaluate which other adjustments, if any, would be necessary due to changes in the definition of the term of the lease and the various treatments of variable rent payments and extension and termination options. Therefore, it is not yet possible to estimate the value of the right to use the assets and liabilities under leases that will be recognized upon the implementation of the new standard, or how this could affect the group’s earnings or losses and the classification of future cash flows. According to the performed evaluations, the adoption of the other standards, amendments and interpretations described above will not have a significant impact on Arauco’s Consolidated Financial Statements during its initial application period. |
ACCOUTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES |
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Dec. 31, 2017 | ||
Disclosure Of Accouting Policies Changes In Accounting Estimates Abstract [Abstract] | ||
Disclosure of changes in accounting policies, accounting estimates and errors [text block] | NOTE 2. ACCOUTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES There have been no changes in the treatment of estimates, amendments and accounting policies with respect to same period of last year. |
DISCLOSURE OF OTHER INFORMATION |
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DISCLOSURE OF OTHER INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Other Information Explanatory [Text Block] | NOTE 3. DISCLOSURE OF OTHER INFORMATION
At the date of these consolidated financial statements the share capital of Arauco is ThU.S.$353,618. 100% of Capital corresponds to ordinary shares
The interim dividend paid in December 2017 was equivalent to 20% of the distributable net profit calculated as of the end of September 2017 and was considered a decrease in the statements of changes in equity. The final dividend paid each year corresponds to the difference between the 40% of the prior year distributable net profit and the amount of the interim dividend paid. The ThU.S.$174,266 (ThU.S.$ 88,578 as of December 31, 2016) presented in the statements of changes in equity correspond to the minimum dividend provision recorded for the period 2017. In the Statements of Cash Flow in the line item “Dividends Paid” an amount of ThU.S.$121,586 is presented for the year ended December 31, 2017 (ThU.S.$130,624 for the year ended December 31, 2016), of which ThU.S.$119,499 (ThU.S.$ 128,793 for the year ended December 31, 2016) correspond to the payment of dividends of the parent company. The following are the dividends paid and per share amounts during the periods 2017, 2016 and 2015:
Other reserves comprise reserves of exchange differences on translation, reserves of cash flow hedges and other reserves. Arauco does not have any restrictions associated with these reserves. Reserves of exchange differences on translation Reserves of exchange differences on translation correspond to exchange differences relating to the translation of the results and net assets of Arauco’s subsidiaries whose functional currency is other than Arauco’s presentation currency. Reserves of cash flow hedges Reserves of cash flow hedges correspond to the portion of net gain or loss of derivative financial instruments that complies with the requirements of hedge accounting at the end of each period. Reserve of Actuarial Losses in Defined Benefit Plans This corresponds to changes in the present value of the obligation for defined benefits resulting from experience adjustments (the effect of the differences between the previous actuarial assumptions and the events that occurred within the context of the plan) and the effects of the changes in the actuarial assumptions. Other reserves This mainly corresponds to the share of other comprehensive income of investments in associates and joint ventures. Other items in the Statements of Profit or Loss The table below sets forth other income, other expenses, finance income, finance costs and share of profit (loss) of associates and joint ventures for the years ended December 31, 2017, 2016 and 2015 are as follows:
(*) ”Other operating results” includes income from interests, extraction of sand and gravel from wharfage and indemnities, among others. (**) Loss of forest due to fires are presented net of ThU.S.$35,000 from insurance compensation as of December 2017. The analysis of expenses by nature contained in these consolidated financial statements is presented below:
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INVENTORIES |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of inventories [text block] | NOTE 4. INVENTORIES
Inventories recognized as cost of sales at December 31, 2017 were ThU.S.$3,511,871 (ThU.S.$3,423,439 and ThU.S.$3,416,235 at December 31, 2016 and 2015, respectively). In order to have the inventories recorded at net realizable value at December 31, 2017, a net decrease of inventories was recognized associated with a higher provision of obsolescence of ThU.S.$1,264 (ThU.S.$8,397 and ThU.S.$ 6,909 at December 31, 2016 and 2015, respectively). As of December 31, 2017, the amount of obsolescence provision is ThU.S.$28,684 (ThU.S.$27,420 at December 31, 2016). At December 31, 2017, there were inventory write-offs of ThU.S.$1,427 (ThU.S.$1,332 and ThU.S.$ 4,215 at December 31, 2016 and 2015, respectively) The inventory obsolescence provision is calculated based on the sales conditions of products and age of inventory (inventory turnover). As of the date of these consolidated financial statements, there are no inventories pledged as security to report. Agricultural Products Agricultural Products are mainly forestry products that are intended for sale in the normal course of our operations and are measured at fair value less costs to sell at the point of harvest at the end of each reporting period Agricultural products are classified as raw materials within the line item inventories. |
CASH AND CASH EQUIVALENTS |
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Disclosure Of Cash And Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of cash and cash equivalents [text block] | NOTE 5. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, bank checking account balances, time deposits and mutual funds. These are short-term highly liquid investments that are readily convertible to known amounts of cash, and are subject to an insignificant risk of changes in value. The investment objective of time deposits is to maximize the amounts of cash surpluses in the short-term. These instruments are permitted under Arauco’s Investment Policy which allows investing in fixed income securities. These instruments have a maturity of less than three months from the date of acquisition. Arauco invests in local and international mutual funds in order to maximize the returns of cash surpluses denominated in Chilean Pesos or in foreign currencies such as U.S. Dollars or Euros. These instruments are permitted under Arauco’s Investment Policy. As of the date of these consolidated financial statements, there are no amounts of cash and cash equivalents with restrictions on use.
(*) Applies to purchase contracts resale commitments. The risk classification of the mutual funds in effect as of December 31, 2017 and December 31, 2016 is shown below.
Changes in Financial Liabilities
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INCOME TAXES AND DEFERRED TAXES |
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Disclosure Of Income Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of income tax [text block] | NOTE 6. INCOME TAXES and deferred taxes The tax rates applicable in the countries in which Arauco operates are 25.5% in Chile, 35% in Argentina, 34% in Brazil, 25% in Uruguay and 35% in the United States (federal tax). On September 29, 2014, the Official Gazette enacted Law No. 20,780, which introduced various amendments to the current income tax system, as well as to other taxes in Chile. The main amendment was the establishment of an option between two tax regimes: attributed income system and the partially integrated system. One of the effects of the regime selection is that it attaches a progressive increase in the First Category Tax for the fiscal years of 2014, 2015, 2016 and 2017 onwards, increasing to 21%, 22,5%, 24% y 25%, respectively, if the Company chooses the application of an attributed income system, or an increase to 21%, 22.5%, 24%, 25.5% y 27% for the fiscal years 2014, 2015, 2016, 2017, 2018 and thereafter, if the Company chooses the application of the partially integrated system. Subsequently, on February 28, 2016, the Official Gazette enacted Law No. 20,899, which introduced amendments to Law No. 20,780. Among the main amendments is the incorporation of certain limitations for applying to the attributed income system, and therefore Arauco’s Chilean companies must apply the general rule, that is, the partially integrated system. On December 22, 2017, a new law was enacted in the United States that amended several articles of the Income Tax Act. The most relevant amendments of this law include the reduction of the income tax rate, from 35% as to 21% by 2018 fiscal year. This amendment generated a benefit of ThU.S.$ 17,600 for Arauco’s subsidiaries in that country as of December 31, 2017, as a result of the reduction of the net deferred liabilities generated by the reduction of the federal income tax rate. On December 29, 2017, Law No. 27,430 was enacted in the Official Gazette of Argentina, which amended several articles of the Income Tax Act. The most relevant amendments include the reduction of the federal income tax rate from 35% to 30% by 2018 and 2019 fiscal years, and 25% by 2020. This amendment generated a benefit of ThU.S$ 62,677 for Arauco’s subsidiaries in that country as of December 31, 2017, as a result of the reduction of the net deferred liabilities generated by the reduction of the federal income tax rate. Deferred Tax Assets The following table sets forth the deferred tax assets as of the dates indicated:
Certain subsidiaries of Arauco mainly in Chile, Brazil and Uruguay, as of the date of these consolidated financial statements, present tax losses for which we estimate that, given the projection of future profits, will allow the recovery of these assets. The total amount of these tax losses is ThU.S.$216,397 (ThU.S.$178,064 at December 31, 2016), which are mainly originated by operational and financial losses. In addition, as of the closing of these consolidated financial statements there are ThU.S.$167,862 (ThU.S.$176,280 at December 31, 2016) of non-recoverable tax losses from companies in Uruguay as joint operations based on the participation of Arauco and subsidiaries in USA, for which deferred tax assets have not been recognized. The estimated recovery period exceeds the expiry date of such tax losses. Deferred Tax Liabilities The following table sets forth the deferred tax liabilities as of the dates indicated:
The effect of changes in current and deferred tax liabilities related to financial hedging instruments corresponds to a credit of ThU.S.$1,591 for the year ended December 31, 2017 (compared to a credit of ThU.S.$17,355 for the year ended December 31, 2016), which is presented net in Reserves for Cash Flow Hedges in the Consolidated Statement of changes in Equity. Reconciliation of deferred tax assets and liabilities
Temporary Differences The following tables summarize the deductible and taxable temporary differences:
Income Tax Expense Income tax expense consists of the following:
The following table presents the current income tax expense detailed by foreign and domestic (Chile) companies at December 31, 2017, 2016 and 2015:
Reconciliation of income tax expense from statutory tax rate to the effective tax rate. The reconciliation of income tax expense is as follows:
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PROPERTY, PLANT AND EQUIPMENT |
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Disclosure Of Property Plant And Equipments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of property, plant and equipment [text block] | NOTE 7. PROPERTY, PLANT AND EQUIPMENT
Description of Property, Plant and Equipment Pledged as Security for Liabilities As of December 31, 2017, there are no significant assets pledged as collateral to be disclosed in these consolidated financial statements. Disbursements commitments for the acquisition of property, plant and equipment and disbursements for property, plant and equipment under construction.
Reconciliation of Property, Plant and Equipment The following tables set forth the reconciliation of the carrying amount of property, plant and equipment as of December 31, 2017 and December 31, 2016:
The depreciation expense for the period ending December 31, 2017, 2016 and 2015 is as follows:
The useful lives of property, plant and equipment are estimated based on the expected use of the assets. The average useful lives by asset class are as follow:
See Note 12 for details of capitalized borrowing costs. |
LEASES |
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Disclosure Of Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of leases [text block] | NOTE 8. LEASES Arauco acting as lessee
Reconciliation of Financial Lease Minimum Payments:
Lease obligations are presented in the consolidated statements of financial position in line items “Other current financial liabilities” and “Other non-current financial liabilities” depending on their respective maturities as stated above. Araucoacting as lessor Reconciliation of Financial Lease Minimum Payments:
Finance lease receivables are presented in the consolidated statements of financial position in line items “Trade and other current receivable” and “Trade and other non-current receivable” depending on their maturities stated above. Arauco accounts for its lease contracts as finance leases. These lease contracts are for a term of less than five-years at market interest rates and leased assets are forestry machinery and equipment. They also include an early termination option, under general and special conditions stipulated in each contract. Arauco holds leases as lessee and lessor, described in the previous tables, for which there are no impairment contingent payments or restrictions to report. |
REVENUE |
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Disclosure Of Revenue [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of revenue [text block] | NOTE 9. REVENUE
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EMPLOYEE BENEFITS |
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Disclosure Of Employee Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of employee benefits [text block] | NOTE 10. EMPLOYEE BENEFITS Classes of Benefits and Expenses by Employee
The following tables set forth the balances and the reconciliation of the present value of severance indemnities obligations as of December 31, 2017 and December 31, 2016:
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BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS |
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Disclosure Of EffectOf ChangesIn Foreign Exchange Rates Explanatory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [text block] | NOTE 11. BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS.
The table below sets forth the subsidiaries that have determined a functional currency other than the U.S. Dollar as follows:
The table below shows a detail per company of the effect in the period of the Reserve of Exchange Differences on translation:
Effect of foreign exchange rates changes
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BORROWING COSTS |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||
Disclosure Of Borrowing Costs [Abstract] | ||||||||||||||||||||||||||||||||||||||
Disclosure of borrowing costs [text block] | NOTE 12. BORROWING COSTS Arauco estimates the average rate of borrowings to finance its current investments projects. The average rate loans to finance these investments projects were claculated to record the capitalization.
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RELATED PARTIES |
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Disclosure Of Related Party [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of related party [text block] | NOTE 13. RELATED PARTIES Related Party Disclosures Related parties are those entities defined in IAS 24 and under the rules of the Superintendency of Securities and Insurance (current Chilean Commission for the Financial Market) and the Chilean Corporations Law. The receivable and payable amounts among related parties at the end of each period correspond to commercial and financing transactions denominated in Chilean Pesos, U.S. dollars and Brazilian Real, where collection or payment deadlines are shown in the following tables and in general do not bear interest, except for financing transactions. As of the date of these consolidated financial statements, the main transactions with related parties are related to fuel purchases with Compañía de Petróleos de Chile S.A. and sodium chlorate purchases at EKA Chile S.A. As of the date of these consolidated financial statements, there are neither provisions for doubtful accounts nor any guarantees granted or received related to the balances with related parties. Name of Group’s Main Shareholders The ultimate shareholders of Arauco, direct and indirectly, are Mrs. Maria Noseda Zambra de Angelini, Mr. Roberto Angelini Rossi and Mrs. Patricia Angelini Rossi. Mrs. María Noseda Zambra (who passed away on April 15, 2018). Name of the Intermediate Controlling Entity that Produces Consolidated Financial Statements for Public Use Empresas Copec S.A. Compensation to Key Management Personnel Compensation to key management personnel, including directors, managers and deputy managers, consist of a fixed monthly salary, and managers and deputy managers also receive an annual bonus subject to the results of the Company and the fulfillment of goals of the business as well as individual performance. Pricing Strategy Terms and Conditions Corresponding to Transactions with Related Parties Related party transactions are equitable in relation to other transactions regularly performed at market conditions, with mutual independence of the parties. The table below sets forth information about the Relationship between the Parent Company and its Subsidiaries
The companies in the table below are classified as joint operations in accordance with IFRS 11. The assets, liabilities, income and expenses are recorded in relation to the Company’s ownership percentage in accordance with accounting standards applicable in each case.
There are no significant restrictions on the ability of subsidiaries to transfer funds to Arauco, in the form of cash dividends or repayment of loans and/or advances. Employee Benefits for Key Management Personnel
Related Party Receivables, Current
Related Party Receivables, Non-Current
Related Party Payables, Current
Related Party Transactions Purchases
Sales
Other Transactions
(1) Since October 2015, the company is a subsidiary of Arauco, therefore, the transactions presented in this note are those made with this Company until that month (see Note 14). |
CONSOLIDATED FINANCIAL STATEMENTS |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Consolidated And Separate Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of separate financial statements [text block] | NOTE 14. CONSOLIDATED FINANCIAL STATEMENTS On December 6, 2017, the subsidiary Arauco do Brasil S.A. acquired all the equity rights of Masisa do Brasil Ltda. (currently Arauco Industria de Paineis Ltda.) for a value of ThU.S.$ 32,698. During December 2017, Arauco paid ThU.S.$ 15,918. Later, in February 2018, the remaining balance of ThU.S$ 16,780 was paid. The main assets acquired consist of 2 industrial complexes that would give Arauco an installed capacity of approximately 10 million m3. Arauco recognized the acquisition of Arauco Industria de Paineis Ltda. over the basis of the information available at the date of the transaction, performing a preliminary calculation of the allocation of fair values in the acquisition of this Company. The recorded assets and liabilities are considered provisional amounts and may be adjusted during the measurement period of this acquisition, in order to reflect new information obtained regarding facts and circumstances existing as of the date of acquisition which, had they been known, would have affected the measurements of the amounts recorded by that date. The measurement period will not exceed the term of one year, from the acquisition date. The table below shows the fair values of assets and liabilities at the date of the transaction:
The following table shows revenue and net profit recognized at the acquisition day:
If the acquisition had occurred on January 1, 2017, consolidated pro-forma revenue and profit for the year ended December 31, 2017 would have been:
These amounts have been calculated using the subsidiary’s results and adjusting them for property, plant and equipment impairments before the acquisition. On August 2, 2016, our subsidiary Forestal Arauco S.A. incorporated the company Arauco Nutrientes Naturales SPA, with a capital contribution of ThU.S.$5,000 of which, as of December 31, 2017 ThU.S.$3,000 had been paid. The corporate purpose of the company is the manufacture and sale of products made from extracts, fruits, and others. The details of the subsidiaries included in the consolidation of Arauco are disclosed in Note 13. |
INVESTMENTS IN ASSOCIATES |
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Disclosure Of Investments In Associates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interests in associates [text block] | NOTE 15. INVESTMENTS IN ASSOCIATES At December 31, 2017 and December 31, 2016 there were no new investments in associates to report. On March 31, 2016, our subsidiary Arauco do Brasil S.A. sold its stake at Stora Enso Arapoti Industria de Papel S.A. for ThU.S.$4,141. This transaction generated a loss of ThU.S.$10,369, as reflected in the Consolidated Statements of Profit or Loss, in the line item “Other Expenses”. The following tables set forth information about Investments in associates.
Summarized Financial Information of Associates
Reconciliation of Investment in Associates and Joint Ventures
(*) In May 2017, Arauco’s associate Florestal Vale do Corisco S.A. performed a return of capital to its shareholders. This transaction did not generate effects in the Consolidated Statements of Profit or Loss nor modified Arauco’s shareholding in Florestal Vale do Corisco S.A.
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INTERESTS IN JOINT ARRANGEMENTS |
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Disclosure Of Interests In Joint Arrangements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interests in joint arrangements [text block] | NOTE 16. INTERESTS IN JOINT ARRANGEMENTS Investments and contributions made On May 31, 2016, Inversiones Arauco Internacional Limitada, Arauco’s subsidiary, acquired 50% of the shares of Tableros de Fibras S.A, a Spanish subsidiary of SONAE INDUSTRIA, SGPS, S.A. (“Sonae”), which as of such date changed its name to “Sonae Arauco S.A.”. The price paid by Arauco for the acquisition of 50% of the shares of Sonae Arauco was the amount of €137,500,000 (equivalent to ThU.S.$153,135 at the acquisition date). This transaction generated a goodwill of ThU.S.$36,190, as shown in the Consolidated Statements of Financial Position as part of the investment. Sonae Arauco produces and sales wood panels, of the type of MDF, PB and OSB, and sawn timber, through the operation of 2 panel plants and one sawmill in Spain; 2 panel plants and one resin plant in Portugal; 4 panel plants in Germany and 2 panel plants in South Africa. In the aggregate, the production capacity of Sonae Arauco is of approximately 1.4 million m3 of MDF, 2.1 million m3 of particleboard, 486,000 m3 of OSB and 50,000 m3 of sawn timber. As of December 31, 2017 and 2016, Arauco has not carried out any contributions to Uruguayan companies Celulosa y Energía Punta Pereira S.A. and Zona Franca Punta Pereira S.A. The investments in Uruguay qualify as a joint operation. In relation to “other rights and contractual conditions”, the joint operation has the primary objective of providing the parties an output. As established in the “Pulp Supply Agreement”, both Arauco and its partner have the obligation to acquire 100% of the yearly pulp produced by the joint operation. Arauco has recognized the assets, liabilities, income and expenses associated with its interest ownership, as of January 1, 2013, pursuant to IFRS 11. Furthermore, Arauco holds a 50% ownership interest in Unilin Arauco Pisos Laminados Ltda., a Brazilian company, and in Eka Chile S.A. (“Eka”), a company that sells sodium chlorate to cellulose plants in Chile. There is a contractual agreement with these companies whereby Arauco has engaged in an economic activity subject to common control, which is classified as a joint venture. The following tables set forth summarized financial information of the more significant interests in joint arrangements, which qualify as joint operations:
The following tables set forth summarized financial information of the more significant interests in joint ventures:
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IMPAIRMENT OF ASSETS |
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Description Of Impairment Of Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of impairment of assets [text block] | NOTE 17. IMPAIRMENT OF ASSETS Provisions for impairment of property, plant and equipment due to technical obsolescence have been recorded as of December 31, 2017 and December 31, 2016, respectively, as shown below:
Goodwill Goodwill is allocated to the groups of cash-generating units that are expected to benefit from the synergies of the combination. At the date of these consolidated financial statements, the balance of goodwill is ThU.S.$69,922 (ThU.S.$74,893 at December 31, 2016), as shown below:
Of the total of goodwill, ThU.S.$39,841 (ThU.S.$39,694 as of December 31, 2016) are generated by the acquisition of “Flakeboard”, a company that, directly and/or through its subsidiaries, possesses and operates 7 panel plants, for which Arauco acquired and paid, on September 24, 2012, the price of ThU.S.$242,502 for the 100% interest ownership. The recoverable amount for Flakeboard’s cash generating unit was determined based on the calculations of its value in use, and this calculation was made using cash flow projections covering a 5-year term, applying a real discount rate of 6.7% which reflects current market assessments for the wood products segment in North America. The investment in the panel plant in Pien, Brazil generated a goodwill of ThU.S.$27,266 (ThU.S.$32,385 as of December 31, 2016). The recoverable amount for the Pien plant’s cash generating unit was determined based on the calculations of its value in use, and this calculation was made using cash flow projections based on the operational plan approved by the Administration, covering a 5-year term, applying a 7% real discount rate that reflects current evaluations for the panel segment in Brazil. As a result of the annual impairment test, the carrying value of the goodwill of the plants exceeded their recoverable value, and therefore impairment losses of ThU.S.$4,640 were recognized. |
PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES |
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Disclosure Of Provisions Contingent Liabilities And Contingent Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of other provisions, contingent liabilities and contingent assets [text block] | NOTE 18. PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES The contingent liabilities for outstanding litigations are as follows: Celulosa Arauco y Constitución S.A. 1. On August 25, 2005, the Chilean Servicio de Impuestos Internos (the “Chilean IRS”) issued tax resolutions No. 184 and No. 185 of 2005, and objected certain income tax returns made by Arauco on April 16, 2001 and October 31, 2001, and furthermore, requested the reimbursement of the amounts returned in connection to tax losses, along with the amendment of the FUT (Tax Profits Fund) Registry balance. In consideration to the foregoing, the above mentioned tax resolutions ordered the restitution of the historical amount of $4,571,664,617 (equal to ThU.S.$7,436 as of December 31, 2017). On November 7, 2005, the Company requested a Review of the Supervision Action (Revisión de la Actuación Fiscalizadora, or “RAF”), which is an administrative review of the tax action brought by the Chilean IRS, and filed a claim disputing the above mentioned tax resolutions No. 184 and 185 of 2005. The RAF was resolved on January 9, 2009 by the Chilean IRS, partially sustaining the Company’s request, granting a discount to the total amount of $1,209,399,164 (equal to ThU.S.$1,967, as of December 31, 2017), resulting in a total disputed amount of $3,362,265,453 (equal to ThU.S.$5,469 as of December 31, 2017); consequently, on this date the claim corresponding to the sums not granted during the enforcement stage was filed. On February 19, 2010, the Court acknowledged receipt of the Company’s request. Subsequently, the tax authority issued a report and the Company commented on such report. On September 26, 2014, Arauco requested the submission of this claim to the competent jurisdiction of the new Tax and Customs Courts. On October 10, 2014, Arauco’s request was granted. Currently the action is being considered by these new Courts under the Docket No. RUC 14-9-0002087-3. On March 20, 2015, the SII responded to the allegations submitted by Arauco against Liquidations No. 184 and 185 of 2005. On June 19, 2017, the Court issued the evidence production ruling, which resolution was notified via certified letter on July 23 of 2017. Arauco lodged a motion for reconsideration and a supplementary appeal, requesting the terms of the evidence production ruling be modified. On July 7, 2017, the Court upheld the motion for reconsideration. On September 20, 2017, the Court issued its first instance decision confirming the liquidations. On October 12, 2017, Arauco challenged the decision through an appeal, requesting the Court of Appeals of Santiago to revoke the first instance decision and uphold Arauco’s claim instead. The case is pending. Considering that the Company’s position is based on solid legal grounds, there is a reasonable margin for obtaining a favorable result for the Company and therefore as of December 31, 2017, Arauco has not made any provision whatsoever in connection to this contingency. 2. In connection with Licancel Plant, on June 22, 2011, the Company was notified of a civil claim for compensation of prejudice for an alleged tort liability, filed by twelve fishermen of the Mataquito River before the Court of First Instance, Guarantee and Family of Licantén under Docket number 73-2011. The case arose out of dead fish allegedly found in the Mataquito River on June 5, 2007 caused by the Licancel Plant. The plaintiffs seek to be compensated for alleged damages that they had from the aforementioned event, including loss of profits, pain and suffering and an alleged contractual liability, for a total of $2,695,560,000 (equal to ThU.S.$4,824 as of December 31, 2017). On October 21, 2015, the Court issued a definitive first instance decision partially admitting the claim, sentencing Celulosa Arauco y Constitución S.A. to pay each claimant as non-monetary damages the sum of $5,000,000 (equal to ThU.S.$8, as of December 31, 2017) plus adjustments, in accordance with the variation of the Consumer Price Index, calculated as of the month of May 2007, up to the month when the payment is made. On November 16, 2015, the defendant challenged the definitive decision through the submission of a cassation appeal based on formal aspects and an ordinary appeal. In turn, the plaintiff adhered to the appeal, seeking to have the amount of the non-monetary damages recognized by the first instance decision increased. On June 27, 2017, the Court of Appeals of Talca confirmed the ruling, additionally declaring that it increased the amount awarded as non-monetary damages to $10,000,000 (equal to ThU.S.$16 as of December 31, 2017) for each claimant, plus Consumer Price Index-based adjustments, calculated from the date of the first instance ruling (October 21, 2015) up to the date of effective payment. On July 12, 2017, Arauco filed a cassation appeal based on both procedural and substantial flaws. On October 5, 2017, Arauco became a party to the Appeal. On December 20, 2017 the parties reached a complete agreement, thus putting an end to the trial through a settlement, with Celulosa Arauco y Constitución S.A., paying - without recognizing any liability in connection with the events - an amount lower than ninety million pesos, with the plaintiffs, in turn, abandoning the cassation appeals that they had lodged. On December 28, 2017, the Supreme Corte issued a ruling declaring the waiver of both remedies. Proceedings Terminated. 3. Through Res. Ex. N° 1 issued by the Superintendence of the Environment (“SMA”) on January 8, 2016, notified on January 14, 2016, the SMA formulated 11 charges against the Company, due to alleged breaches of certain Environmental Qualification Resolutions for the Valdivia Plant and of DS No. 90/2000. The 11 charges were classified as follows by the SMA: 1 critical, 5 severe, 5 minor. On February 12, 2016, the Company submitted its defenses. On December 15, 2017, the Superintendence of the Environment issued Exempted Resolution No. 1,487, closing the punitive administrative proceeding, absolving the company with regards to one of the charges and convicting for other 10 charges, applying a fine of 7,777 UTA (equal to ThU.S.$ 7,131 as of December 31, 2017). On December 22, 2017, the Company submitted a motion for reconsideration regarding Exempted Resolution No. 1,487, before the SMA, requesting that we be absolved of all infringements, with the exception of the charge specified under number 7 (late submission of the water quality report regarding the Cruces river). Exempted Resolution No. 357, issued by the Superintendence of the Environment (SMA) was notified on March 23rd, 2018, through which the reconsideration appeal lodged by the company was rejected. In consideration to the foregoing, on April 5, 2018, a judicial claim was submitted before the Third Environmental Court against Exempted Resolutions No. 1487 and No. 357 of the SMA. The complaint was declared admissible and an official letter was sent to the SMA for it to issue a report. Proceedings Pending. (Case File: R-64-2018, Third Environmental Court.) Considering that the Company’s position is based on solid legal grounds, there is a reasonable margin for obtaining a favorable result for the Company, and therefore as of December 31, 2017, Arauco has not made any provision whatsoever in connection to this contingency. 4. Through Res. Ex. N° 1 of the SMA, dated February 17, 2016 notified on February 23, 2016, the SMA formulated 8 charges against the company due to alleged breaches of certain Environmental Qualification Resolutions for the Nueva Aldea Plant. The 8 charges were qualified by the SMA as follows: 7 severe and 1 minor. On March 15, 2016, the company submitted - within the established term - a compliance program which contains 30 actions and goals, related to each one of the 8 alleged infringements. On July 15, 2016, the Exempted Resolution No. 11 of the SMA was notified, which approved the compliance program and suspended the punitive proceedings. If the program is satisfactorily implemented, it would be possible to conclude the proceedings without applying any sanctions. On August 3, 2016, third-party complainants in the administrative proceeding filed a complaint appeal against Exempted Resolution No. 11 issued by the SMA, which approved the compliance program. On December 24, 2016, the Third Environmental Court rejected such complaint filed against Ex. Res. No. 11 SMA, which approved the compliance program. The petitioners did not file a cassation remedy. On October 31, 2017, a final report was submitted regarding the Compliance Program, which evidenced the complete and comprehensive performance of all actions and measures envisaged in said program. The SMA must issue its opinion regarding the satisfactory performance of the Compliance Program. 5. Through Exempted Resolution No. 1/File F-020-2016, dated May 6, 2016, the SMA formulated four charges against the company due to certain alleged breaches of the Environmental Qualification Resolutions of the Licancel Plant. The SMA classified the four charges as follows: 1 severe and 3 minor. Regarding the 4 charges pressed by the Superintendence of the Environment through Exempted Resolution No. 1/Case File F-020-2016, dated May 6, 2016, against the Company for alleged infringements to the Environmental Qualification Resolutions of the Licancel Plant, we can inform the following: On February 1, 2017, the Environment Superintendent issued Exempted Resolution No. 71, imposing a fine against the Company for the amount of 239 Annual Tax Units (UTA) (equivalent to ThU.S.$ 219, as of December 31, 2017). On February 13, 2017, the Company filed a motion for reconsideration, requesting the annulment of the fine or substantially decreasing it. On August 7, 2017, a ruling was issued to resolve the reconsideration appeal, partially upholding the Company’s request regarding Charge No. 2, thus reducing the portion of the fine that corresponds to this charge, from 234 UTA to 177 UTA (equivalent to ThU.S.$215, as of December 31, 2017). Additionally, regarding the total amount of the fine imposed for Charges Nos. 1, 2 and 3 (No. 4 had been rendered ineffective previously), the 25% reduction benefit was granted as a result of paying within the first 5 business days, and the total sum amounted to 136.5 UTA (equivalent to ThU.S.$125 as of December 31, 2017). Case closed. 6. Through Exempted Resolution No. 1/File F-031-2016, dated September 15, 2016, the SMA formulated three charges against the company due to certain alleged breaches of certain Environmental Qualification Resolutions of the Constitución Plant, and an alleged contravention of Law No. 19,300 resulting from a purported circumvention of the Environmental Assessment System. The SMA classified the three charges as follows: 1 severe and 2 minor. On October 17, 2016, the company filed a Compliance Program containing 7 actions and objectives. On January 3, 2017, the SMA served its resolution approving the compliance program submitted by the Company. If the compliance program is executed satisfactorily, the proceedings would conclude without the application of any sanctions. The final report regarding the Compliance Program was submitted on October 2, 2017, and further supplemented on December 11, 2017, evidencing the complete and comprehensive performance of all the actions and measures envisaged in said program. The SMA must issue its opinion regarding the satisfactory performance of the Compliance Program. Since the Company’s position is grounded in solid legal arguments, there is a reasonable margin for obtaining a favorable result for the Company and therefore, as of December 31, 2017, Arauco has not made any provision whatsoever in connection to this contingency. Arauco Argentina S.A. 1. On December 14, 2007 the Federal Administration of Internal Revenue (Administración Federal de Ingresos Públicos) (“AFIP”) requested a determination, challenging the deductibility, as against Income Tax, of certain expenses, interests and exchange differences generated by Private Negotiable Obligations issued by the Company in 2001 and cancelled in 2007, for an amount of US$ 250,000,000. This determination reached $417,908,207 Argentine Pesos (equivalent to ThU.S.$22,409 as of December 31, 2017) for principal, compensatory interest and fines. On February 11, 2008, the Company appealed before the National Tax Court (Tribunal Fiscal de la Nación) (“TFN”), which upheld the State’s determination on February 2010. The Company appealed this decision before the National Chamber of Appeals for Federal Administrative Disputes. Likewise, the Company requested an interim measure of relief before the Chamber of Appeals, so that the Chamber may order the suspension of the determination’s enforceability while the final judgment is pending. On May 13, 2010, Chamber I of the National Chamber of Appeals for Federal Administrative Disputes approved the request, subject to the pledge of collateral, which collateral was furnished by the Company by means of Insurance Policy No. 86058, issued by Zurich Argentina Cia. de Seguros S.A. for $633,616,741 Argentine Pesos (equivalent to ThU.S.$ 33,976 as of December 31, 2017). The judgment of the Chamber of Appeals, issued in December 2012, was contrary to the company’s interests. The Company filed an Ordinary Appeal before the Supreme Court of Justice, which was authorized by the Chamber of Appeals, and an Extraordinary Appeal, which was duly noted by the Chamber for the relevant procedural phase. During this entire process, the Company, in consultation with its external legal advisors maintained their opinion that the Company had behaved within the limits of the law in its deduction of the interests, expenses and exchange differences that was challenged by the State, and that there were good chances that this determination issued by the AFIP would be rendered without effect. On July 22, 2016, Congress passed law No. 27,260, whose Title II, Book II establishes an Exceptional Regularization Regime for Tax, Social Security and Customs Obligations, for obligations that have been the subject matter of judicial proceedings (henceforth, the “Regularization Regime”). The introduction of the Regularization Regime entails an exemption from the applicable fines as well as a portion of the interests. In order to enjoy these benefits, the taxpayer must unconditionally accept its counterparty’s claim in relation to the regularized obligations, as well as desist from and withdraw any action and right, including restitution actions, bearing the expense of litigation costs and expenses. The legal counselors that have been intervening in the different stages of litigation have highlighted the very important economic advantages offered by the Regularization Regime in light of the contingency inherent to any judicial case. On September 7, 2016, the Company materialized its application to the Regularization Regime before the AFIP, in connection to the obligations claimed in consideration to the adjustment conducted by the State regarding the Income Tax Statements filed between the years 2001 and 2004 and reported this situation to the Nation’s Supreme Court, consequently abandoning the Ordinary Appeal that had been promptly filed. As of this date, the updated amount for the contingency amounted to approximately $891,758,132 Argentine Pesos (equal to ThU.S.$47,818 as of December 31, 2017), corresponding to principal, interest and fines. The Company decided to pay in cash, and the balance that was finally paid amounted to $248,503,504 Argentine Pesos (equal to ThU.S.$ 13,626 as of December 31, 2017). Additionally, the Company shall assume the payment of all litigation costs and trial expenses, the sum of which was undetermined as of the date of these financial statements. On November 1, 2016, the Nation’s Supreme Court of Justice declared the above mentioned remedy’s abandonment and returned the file to the court of origin. On November 30, 2016, the First Chamber of the National Appeals Court declared that the case file as returned. On April 18, 2017, Chamber I of the National Chamber declared that the Company had abandoned its actions and rights, including its repetition rights, thus condoning the fine and the corresponding interests. Additionally, it ordered the deferral of the fees regulation until payment of the state attorneys has been decided before the lower court, ordering the reimbursement of the Surety Insurance. The contingency insurance policy has been redeemed and returned to the insurance company. 2. Pursuant to law No. 25,080, the former Secretary of Agriculture, Livestock, Fishing and Foodstuffs, the enforcement agency referred to in the law approved, by Res. No. 952/2000, the forestry and industrial-forestry projects submitted by Arauco Argentina S.A. In the context of these projects, the Company afforested: 1) 4,777 hectares during 2000, in observance of its committed yearly plan; and 2) 23,012 hectares between 2000 and 2006 as a part of the multi-year afforestation plan. Likewise, a sawmill was built with installed capacity to produce 250,000 m3 of sawn timber per year. On January 11, 2001, Arauco Argentina S.A. submitted an expansion for the approved industrial-forestry project. The expansion was approved via Res. No. 84/03 issued by the former Secretary of Agriculture, Livestock, Fishing and Foodstuffs. In accordance with the assumed obligations, the Company built a MDF board (panels) plant and afforested 8,089 hectares between 2001 and 2006. Additionally, the Company filed yearly forestry plans between years 2007 and 2015 for its local operations in the Provinces of Misiones and Buenos Aires. In March, 2005, Note No. 145/05 of the Undersecretary of Agriculture, Livestock and Afforestation suspended the benefit that exempted Arauco Argentina S.A. from paying export duties under Law No. 25,080. This measure is currently under discussion by the Company. On November 8, 2006, the V Chamber of the National Appeals Court for Adversarial Administrative and Federal Matters issued a ruling ordering Arauco Argentina S.A. to continue to enjoy an exemption from paying the exportation duties, in the same manner and scope it had prior to the suspension ordered by Note No. 145/05, if the clearance of merchandise is performed pursuant to the guarantee regime established in article 453, subsection a) of the Customs Code, for the exempted tax obligation. The judicial measure became effective beginning on March of 2007 by collateralization through the granting of bond (caución) policies for each shipment permits exempted from payment of export duty. The company maintains an assignment of funds equivalent to $437,149,340 Argentine Pesos (ThU.S.$ 23,440 as of December 31, 2017) for guaranteed export duties, which appears under not current provisions. Additionally, the Company filed a restitution claim for a total amount of US$6,555,207, plus interests accrued from the service of the claim, corresponding to export duties between March 2005 and March 2007, as a result of the application of Note 145/05 issued by the Undersecretary of Agriculture, Livestock and Afforestation. Both the underlying issue and the restitution claim have yet to be resolved. On the other hand, in April 2016, the Secretary of Agriculture, Livestock and Fishing issued Resolution No.154 E/2016, that requires that the holders of enterprises that have received the fiscal benefits envisaged by Law No. 25,080, establish collateral to cover a third of the duration of the project, with a minimum term of five years. During May of 2017, the Company modified the duly established collateral in accordance to the terms of said Resolution, for which reason the security was ultimately established at an amount of $276,508,024 (ThU.S.$14,827 as of December 31, 2017). Arauco Argentina S.A. believes that it has complied with all of the obligations imposed upon it by the system set forth under Law No. 25,080. Arauco do Brasil S.A. On November 8, 2012, the Brazilian tax authorities issued an Infringement Notice against one of our Brazilian subsidiaries, Arauco do Brasil S.A., for allegedly unpaid taxed owed by said company during the period from 2006 to 2010. Specifically, the tax authorities (i) objected to the deductibility of certain payments made, and expenses incurred (including the amortization of premiums, interest and litigation costs) by Arauco do Brasil between 2005 and 2010, and, (ii) argued that Arauco do Brasil made certain insufficient payments regarding the Brazilian Corporate Tax (“IRPJ”) and the Corporate Contribution over Net Profits (“CSLL”) during 2010. On July 20, 2015, Arauco do Brasil was notified of the first-level administrative ruling which partially upheld the Infringement, at the estimated amount of R$164,159,000 (ThU.S.$49,572 as of December 31, 2017). Against this ruling, a Voluntary Appeal was filed seeking to revoke the Infringement Notice before the Brazilian Administrative Tax Council (Conselho Administrativo de Recursos Fiscais de Brasil or “CARF”), which is the second administrative level. The CARF’s decision was issued on May 16, 2017, and took into consideration certain arguments presented by the Company regarding the agios, but preserving other charges. Administratively, it is possible that the parties can file a Special Remedy. If the current scenario remains in place, it is estimated that the claim will amount to R$57,278,771 (ThU.S.$17,297 as of December 31, 2017), plus correction increments. The company believes that its challenge against the Infringement Notice is based on sound legal grounds and that a reasonable possibility exists that this matter will be resolved in favor of the company. Otherwise, as the next step, the Company will discuss the Infringement Notice before the Brazilian Justice Courts. Forestal Arauco S.A. 1. Maquinarias y Equipos Klenner Limitada filed a civil damages claim before the First Civil Court of Valdivia, Case File number C-375-2015, against Forestal Arauco S.A. The claim seeks compensation for alleged damages brought as a result of the termination of a service provision contract that took place on February 9, 2010. The plaintiff valued the damages in the amount of $4,203,216,164 (equivalent to ThU.S.$ 6,837, as of December 31, 2017). On November 14, 2016, the lower court issued a ruling partially upholding the claim, convicting Forestal Arauco S.A. to pay the sum of $115,026,673 (equivalent to ThU.S.$ 187 as of December 31, 2017) as general damage, and the sum of $607,849,413 (equivalent to ThU.S.$ 989 as of December 31, 2017) for loss profit, rejecting the claim for alleged moral damage, all without ordering the payment of litigation expenses. Forestal Arauco S.A. challenged the ruling filing a cassation remedy based on procedural violations as well as an appeal. The plaintiff also challenged the ruling through an appeal. On August 14, 2017, the Court of Appeals decided to only uphold the appeal filed by Forestal Arauco S.A., dismissing the claim in its entirety. On September 1, 2017, the plaintiff challenged the decision rendered by the Court of Appeals, filing a formal cassation appeal and a cassation appeal on the merits before the Supreme Court. Proceedings pending. Considering that the Company’s position is based on solid legal grounds, there is a reasonable margin for obtaining a favorable result for the Company and therefore, as of December 31, 2017, Arauco has not made any provision whatsoever in connection to this contingency. 2. On April 28, 2015, the company was notified of and answered the action for recovery submitted in ordinary proceedings by Mr. Rodrigo Huanquimilla Arcos and Mr. Mario Andrades Rojas, attorneys at law, on behalf of 24 members of the Arcos succession, who claiming to be owners of the estate that they identify as Hacienda Quivolgo, of 5,202 hectares, request that Forestal Celco S.A., currently Forestal Arauco S.A., be sentenced to return the above mentioned real property plus civil and natural fruits or revenues as well as any estates adhered to it, along with any damages that the real property may have suffered, with litigation costs. The company proceeded to answer the claim requesting that it be completely rejected, arguing that Forestal Celco S.A., currently Forestal Arauco S.A., is the sole and legitimate owner of the real property. The Court ordered that this trial be joined with those entertained under Case File C-54-2015, suspending the proceeding and ordering the parties to appoint a joint representative to act on behalf of both parties. The attorneys for both claimant parties conferred reciprocal powers to each other, and thus the Court deemed they had fulfilled the legal requirement. On December 9, 2016, the Court summoned the parties for the issuance of the ruling. On February 24, 2017, the first instance final ruling was notified, which ruling dismissed the claim in its entirety, and imposed the payment of court costs. On March 8, 2017, the claimant appealed against the first instance decision. Currently, the case is pending before the Court of Appeals, with the decree declaring that the case is ready to be heard by the Court being issued on April 12. Pending (Court of Appeals of Talca Case File No. 949-2017). Considering that the Company’s position is based on solid legal grounds, there is a reasonable margin for obtaining a favorable result for the Company and therefore, as of December 31, 2017, Arauco has not made any provision whatsoever in connection to this contingency. 3. On April 6, 2015, the company was notified through a rogatory letter regarding the claim submitted by Mr. Gustavo Andrés Ochagavía Urrutia, attorney at law, acting on behalf of 23 members of the Arcos succession, who claim to be the owners of the estate that they identify as Hacienda Quivolgo, of 5,202 hectares, requesting that Forestal Celco S.A., currently Forestal Arauco S.A., be ordered to return the above mentioned real property plus civil and natural fruits or revenues as well as any estates adhered to it, along with any damages that the real property may have suffered, with litigation costs. They base their claim in that Forestal Celco S.A., currently Forestal Arauco S.A., is allegedly in possession but does not own the real property in question. On April 28, 2014, the company proceeded to answer the claim requesting that it be completely rejected, arguing that Forestal Celco S.A., currently Forestal Arauco S.A., is the sole and legitimate owner of the real property. On January 8, 2016, the defendant requested a consolidation of the proceedings with Case file 334-2014, as well as the suspension of the proceedings until this request is decided upon. The Court ordered this case file to be joined with the proceedings of case file No. C-334-2014 of the Civil Court of Constitución. On February 24, 2017, the final ruling of the lower court was notified, completely dismissing the claim, with litigation costs. On March 8, 2017, the plaintiff filed an appeal against the lower court final ruling. Currently, the case is pending before the Court of Appeals, with the decree declaring that the case is ready to be heard by the Court being issued on April 12. Pending (Court of Appeals of Talca Case File No. 949-2017). Considering that the Company’s position is based on solid legal grounds, there is a reasonable margin for obtaining a favorable result for the Company and therefore, as of December 31, 2017, Arauco has not made any provision whatsoever in connection to this contingency. 4. On August 24, 2017, the company was notified of a civil claim for recovery in ordinary proceedings, filed by Mrs. Carmen Muñoz Domínguez on behalf of Forestal Ezrece S.A. The plaintiff argues that its client would be the rightful owner as a result of an assignment and sale of 87.5% of the hereditary rights in the rural real estate property called “Pino Huacho,” located in the boroughs of Los Alamos and of Cañete, province of Lebu, Eighth Region, for a surface area amounting to 5,144.22 hectares, which actions would be under the possession of Forestal Arauco S.A. The claimant has requested the court to order Forestal Arauco S.A. to be sentenced to restitute these actions and rights. Forestal Arauco S.A. answered the claim, requesting its total dismissal, with litigation costs, and further filing a counterclaim based on the ordinary prescription and, in lieu thereof, based on extraordinary prescription. Currently, and having exhausted the period of discussion both for the main action as well as the counterclaim, the Court issued the corresponding evidence production resolution. Forestal Arauco S.A. lodged a reconsideration remedy with a subsidiary appeal. The Court partially upheld the reconsideration and overruled the subsidiary appeal. Forestal Arauco S.A. lodged an appeal for the review of facts, dated April 11th, which was upheld by the Court of Appeals of Concepcion, ordering the Court to grant the processing of the appeal. Considering that the Company’s position is based on solid legal grounds, there is a reasonable margin for obtaining a favorable result for the Company and therefore, as of December 31, 2017, Arauco has not made any provision whatsoever in connection to this contingency. At the end of each reporting period there are no other contingencies that might significantly affect the Company’s financial, position or results of operations. Provisions recorded as of December 31, 2017 and December 31, 2016 are as follows:
(*) The increase in legal claims is composed mainly of ThU.S.$908 and ThU.S.$375 Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits. (**) The change in Other Increases (Decreases) in Other provisions is due to a reverse of the provision in Zona Franca Punta Pereira (Uruguay). The increase through business combination corresponds to the acquisition of Arauco Industrias de Paineis.
(*) The increase in legal claims is composed mainly of ThU.S.$ 863 and ThU.S.$ 2,255 (Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits, and ThU.S.$1,490 from Arauco Argentina in connection of fees in lawsuits. (**) The change in Other Increases (Decreases) in Other provisions is due to a reverse of the ThU.S.$ 100 corresponding to Arauco Argentina.
(*)The increase in legal claims is composed mainly of ThU.S.$1,558 from Brazilian subsidiaries in connection with civil and labor lawsuits, being the latter the most important. In addition there are ThU.S.$840 from Arauco Argentina in connection with labor lawsuits. (**)The increase of Other Provisions comprises mainly an increase of ThU.S.$1,429 from Arauco Argentina for export duties. While in the Other Increases (Decreases), line item, the reverse of Negative Equity to Arauco Forest Brasil over Novo Oeste by ThU.S.$ 25,290 and Forestal Cholguán over Sercor is reflected by ThU.S.$2,850. Provisions for litigations are related to labor and tax claims whose payment period is uncertain. Other provisions mainly include the recognition of a liability related to investments in associates and joint ventures accounted under the equity method with net asset deficiency at the end of the reporting period. |
INTANGIBLE ASSETS |
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Disclosure of Intangibles Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of intangible assets [text block] | NOTE 19. INTANGIBLE ASSETS
Reconciliation of the carrying amount of intangible assets at the beginning and end of each reporting period balances
The amortization of customer and computer software is presented in the Consolidated Statements of Profit or Loss under the “Administrative Expenses” line item. |
BIOLOGICAL ASSETS |
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Disclosure Of Biological Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of biological assets, agriculture produce at point of harvest and government grants related to biological assets [text block] | NOTE 20. BIOLOGICAL ASSETS Biological assets comprise forestry plantations, mainly radiata and taeda pine, and to a lesser extent eucalyptus. The plantations are located in Chile, Argentina, Brazil and Uruguay, with a total surface of 1.7 million hectares as of December 31, 2017 out of which 1 million hectares are used for forestry planting, 431 thousand hectares are native forest, 195 thousand hectares are used for other purposes and 99 thousand hectares not yet planted. For the year ended December 31, 2017, the production volume of logs totaled 20.7 million m3 (18.7 million m3 as of December 31, 2016). Measurements of fair value of Arauco’s biological assets are classified as Level 3, due to the fact that inputs are not observable. However, this information reflects the assumptions that market participants would use in pricing the asset, including assumptions about risk. These unobservable inputs were developed using the best information available and includes internal data from Arauco. These unobservable inputs can be adjusted if the available information indicates that other market participants would use different information or there is something specific in Arauco that is not available to other market participants. The main considerations in determining the fair value of biological assets include the following: - Arauco uses discounted expected future cash flows of its forest plantations, which are based on a harvest projection date for all existing plantations. - Current forestry plantations are projected based on a net volume that will not decrease, with a minimum growth equivalent to the current supply demand. - Future plantations are not considered. - The harvest of forestry plantations supplies raw materials for all other products that Arauco produces and trades. By directly controlling the development of forests that will be processed, Arauco ensures high quality timber for each of its products. - Expected cash flows are determined in terms of harvest and expected sale of forestry products, associated with the demand from the Company’s own industrial centers and sales to third parties at market prices. Sales margin of the different products that are harvested in the forest is also considered in the valuation. The changes in the value of the plantations pursuant to the criteria defined above are accounted for in the results for the fiscal year, as established in IAS 41. These changes are presented in the Consolidated Statements of Profit or Loss under the line item Other income per function, which as of December 31, 2017 amounted to ThU.S.$83,031 (ThU.S.$ 208,562 as of December 31, 2016). The appraisal of biological assets resulted in a greater cost of the lumber sold in comparison to the real incurred cost, which is presented included in the cost of sales which as of December 31, 2017 amounted to ThU.S.$213,234 (ThU.S.$204,971 as of December 31, 2016). - Forestry plantations are harvested according to the needs of Arauco’s production plants. - The discount rates used are 7.5% in Chile (8% at 2016), 8% Brazil and Uruguay, and 12% in Argentina. - It is expected that prices of harvested timber are constant in real terms based on market prices. - Cost expectations with respect to the lifetime of the forests are constant based on estimated costs included in the projections made by Arauco. - The average crop age by species and country is:
The following table sets forth changes in fair value of biological assets considering variations in significant assumptions considered in calculating the fair value of the assets:
The adjustment to fair value of biological assets is recorded in the Consolidated Statements of Profit or Loss, under the line item Other Income or Other Expenses, depending on whether it corresponds to profits or losses. Forestry plantations classified as current Biological assets are those to be harvested and sold within twelve months after the reporting period. The Company has contracted fire insurance policies for its forestry plantatios, which in conjunction with the Company’s resources, allow risks to be minimized. Detail of Biological Assets Pledged as Security As of December 31, 2017, there are no forestry plantations pledged as security. Detail of Biological Assets with Restricted Ownership As of the date of these consolidated financial statements, there are no biological assets with restricted ownership. No significant government grants have been received. Current and Non-Current Biological Assets As of the date of these consolidated financial statements, the Current and Non-current biological assets are as follows:
Reconciliation of carrying amount of biological assets
(*) On May 2017, Arauco’s associate Vale do Corisco S.A. performed a return of capital to its shareholders. This operation did not generate effects in the Consolidated Statements of Profit or Loss nor modified Arauco’s shareholding in Florestal Vale do Corisco S.A. In January 2017, Arauco was affected by fires that consumed 72,564 hectares of forest plantations, recorded in the balance sheet in MU.S.$ 210, representing 5.6% of the value of Arauco’s forestry plantations. The affected plantations have been managed by the company in order to minimize the damage caused by the fires. This management has allowed for the recovery of 17.6% of the afore mentioned amount of MU.S.$210. Additionally, the forest plantations affected by the fires were insured, with their corresponding deductibles and limitations. As a consequence of the above, the sum recovered from the insurance company amounted to MU.S$ 35.. As of the date of these consolidated financial statements, there are no committed disbursements related to the acquisition of biological assets.. |
ENVIRONMENTAL MATTERS |
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Environmental Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DisclosureForEnvironmentRelatedExpenseExplanatory [Text Block] | NOTE 21. ENVIRONMENTAL MATTERSEnvironment Management For Arauco, sustainability means management strategy. This strategy incorporates values, commitments and standards, that together with the adoption of best practices as well as the use of the latest available technologies, seek to continuously improve the Company’s environmental management. It is the environmental department and each of its specialists that ensure these guidelines are met and are put in to practice in everyday company operations. All of Arauco’s production units have certified environmental management systems, which reinforce the Company’s commitment to environmental performance and ensure the traceability of all raw materials used. Arauco uses several supplies in its productive processes such as wood, chemical products, and water, etc., which in turn produce liquid and gas emissions. As a way to make the Company’s environmental management more efficient, significant progress has been made to reduce consumption and emissions. Environmental investments have been made related to the control of atmospheric emissions, process improvements, water and waste management, as well as effluent treatment, in order to improve the environmental performance of all of Arauco’s business units. These investments are reflected in the Consolidated Financial Statements as Properties, Plants and Equipment when they refer to disbursements in major works executed and are reflected in Expenses when they refer to improvements or management not directly associated with investment projects. Detail information of disbursements related to the environment As of December 31, 2017 and December 31, 2016 Arauco has made and / or has committed the following disbursements by major environmental projects:
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NON-CURRENT ASSETS HELD FOR SALE |
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Disclosure Of Noncurrent Assets Held For Sale [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of non-current assets or disposal groups classified as held for sale [text block] | NOTE 22. NON-CURRENT ASSETS HELD FOR SALE Arauco decided to sell assets in previous years corresponding mainly to sawmills in Chile and remains committed to its sales plan. The following table sets forth information on the main types of non-current assets held for sale:
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FINANCIAL INSTRUMENTS |
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Disclosure Of Financials Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial instruments [text block] | NOTE 23. FINANCIAL INSTRUMENTS 23.1 Classification Arauco's financial instruments as of December 31, 2017 and December 31, 2016, are displayed in the table below. Regarding those instruments valued at an amortized cost, as estimation of their fair value is displayed for informational purposes.
(1) Assets measured at fair value through profit or loss other than mutual funds classified as cash equivalents, are presented in the line item “other financial assets” in the consolidated statements of financial position. (2) Although mutual funds are measured at fair value through profit or loss for purposes of the consolidated statements of financial position mutual funds are classified as “Cash and cash equivalents” due to the are highly liquid short-term investment. (3) Financial liabilities measured at amortized cost, other than “Trade and other payables” and derivatives are presented in the consolidated statements of financial position in the line item “Other financial liabilities” as current and non-current based on their maturity. (4) The Unidad de Fomento (“U.F.”) is a unit of account that is linked to, and is adjusted daily to reflect changes in the Chilean consumer price index. (5) Includes guarantee fund for derivatives which correspond to the collateral under swap agreements. 23.2 Fair Value Hierarchy of Financial Assets and Liabilities The assets and liabilities measured at fair value in the consolidated statements of financial position as of December 31, 2017, have been measured based on the valuation methodologies provided in IAS 39. The methodologies applied for each financial instrument are classified according to their hierarchy as follows: - Level 1: Securities or quoted prices in active markets for identical assets and liabilities - Level 2: Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and - Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
23.3 Explanation of the valuation of Financial Instruments. Cash and cash equivalent and accounts receivable The carrying amount of accounts receivable, cash and cash equivalents (including mutual funds), and other financial assets and liabilities approximate their fair value due to the short-term nature of such instruments. Derivative financial instruments Interest rate and currency swaps are valued under the cash flow discount method at the rate applicable according to the transaction’s risk, using an internal methodology based on the information obtained from Bloomberg. In this particular case, given that cross currency swaps correspond to future flows in UF and future flows in Dollars, Arauco calculates the current value of such flows by using 2 discount curves: the UF zero coupon curve and the Dollar zero coupon. The fair value of the interest rate swap contracts is calculated by reference to the rate differential between the agreed upon rate and the market rate as of the end date of these financial statements. The fair value of the currency forward contracts is calculated by reference to the current forward exchange rates of contracts with similar maturity profiles. Financial Liabilities The fair value of bonds issued was determined with reference to quoted market prices as they have standard terms and conditions. The fair value of bank borrowings was determined based on discounted cash flow analysis, applying the corresponding discount yield curves to the remaining term to maturity. Disclosures of the fair value of financial liabilities at amortized cost are determined via the use of discounted cash flows, calculated over variables of the observable markets as of the date of informing the consolidated financial statements, and correspond to Level 2 of the fair value hierarchy. The following table sets forth a reconciliation between the financial liabilities and the consolidated statements of financial position as of December 31, 2017 and 2016:
23.4 Derivative Instruments Hedging instruments recorded as of December 31, 2017 and 2016 are cash flow hedges. Arauco uses derivatives for hedging purposes, such as cross currency swaps, currency and commodity forwards, interest rate swaps, and options. Depending on the fair value of each instrument, the position could be either an asset or a liability, and they are listed in the Statements of Financial Position under Other Non-Current Financial Assets or Other Non-current Financial Liabilities, respectively. The effects for the period are presented under Equity as Other Comprehensive Income or the Statements of Comprehensive Income as Finance Income or Finance Costs, net of differences in exchange rate of the hedged items and the deferred tax. A summary of the derivative financial instruments included in the Statements of Financial Position as of the end of this period, is presented below:
23.4.1. Chile Cross currency swaps Arauco is exposed to the risk of variability in cash flows from changes in foreign exchange rates and inflation, mainly due to balances of assets denominated in U.S. Dollars and other currencies differente from the functional currency, which causes mismatches that could affect operating results. Below are the cross currency swaps that Arauco has as of December 31, 2017 and 2016 to cover the exposure to the exchange rate risk generated from bonds denominated in U.F.:
Arauco needs to minimize the risk of the exchange rate, as it holds debt in pesos, adjustable to reflect inflation. The objective of this position in the swap is to eliminate the uncertainty of the exchange rate, exchanging the flows derived from obligations expressed in adjustable pesos of the bonds described above, with flows in U.S. dollars (Arauco's functional currency), at a fixed and determined exchange rate as of the agreement's execution date. Through an effectiveness test, and pursuant to IAS 39, we were able to validate that the aforementioned hedging instruments are highly effective within an acceptable range for Arauco, for the purposes of eliminating the uncertainty of the exchange rate in the commitments derived from the hedged object. 23.4.2. Colombia Forward contracts that are in force and effect, executed by Arauco Colombia as of December 31, 2017 and 2016, are detailed in the following table:
23.4.3. Uruguay Forward As of December 31, 2017 and 2016, Arauco Uruguay maintains the following forward contracts in force and effect for the purposes of ensuring an exchange rate for sale of dollars:
Arauco Uruguay's profits and losses also face exposure to the price variation of certain fuels, as occurs with Fuel Oil N°6, which is used during the cellulose manufacturing process. In order to minimize this risk, the volatility of future flows associated to the purchase of Fuel Oil No. 6 for years 2017, 2018 and part of 2019 has been limited, through forwards of this commodity. The agreements that are in force and effect as of December 31, 2017 and 2016, are detailed below:
Interest Rate Swap In addition, Arauco Uruguay's maintains an Interest Rate Swap in force and effect, a derivative instrument which purpose is to set the interest rate of a variable rate debt in the same currency (USD). The valuation off this instrument as of December 31, 2017, is shown below:
23.5 Loans and Receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. In the consolidated statements of financial position, they are included in line items “Cash and cash equivalents” (certain components of cash and cash equivalents), “Trade and Other Current/Non-Current Receivables” and “Accounts receivable due from related parties”. Loans and receivables are measured at amortized cost using the effective interest method and are tested for impairment. Financial assets that are classified as loans and receivables are: cash and cash-equivalents, time deposits, repurchase agreements, trade and other current/non-current receivables, and accounts receivable due from related parties. As of December 31, 2017 and 2016, there are provisions for impairment for ThU.S.$ 14,501 and ThU.S.$ 16,644, respectively.
23.5.1. Cash and Cash Equivalents Includes cash on hand, bank checking account balances and time deposits and other short term highly liquid investments with an original maturity of three months or less. They are short-term, highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value. The composition of cash and cash equivalents (including the balance of mutual funds displayed in this note as valuation, instruments at fair value with profit or loss) at December 31, 2017 and December 31, 2016, classified by origin coins is as follow:
23.5.2 Time Deposits and Repurchase Agreements: The investment objective of time deposits and repurchase agreements is to maximize in the short-term the amounts of cash surpluses. These instruments are authorized by Arauco’s Investment Policy, which allows investing in fixed income securities. These instruments have a maturity of less than three months from the date of acquisition. 23.5.3 Trade and Other Receivables: These represent enforceable rights for Arauco resulting from the normal course of the business. 23.5.4 Other Receivables: These correspond to receivables from sales, services or loans that are not considered within the normal course of the business. The provision for doubtful accounts is presented as a deduction of trade and other receivables. The provision for doubtful accounts is established based on an analysis of the age of the portfolio and considering the insurance coverage on accounts receivable. Other conditions are assessed for example when there is objective evidence that Arauco will not receive payments under the original sale terms and when the customer is a party to a bankruptcy court agreement or cessation of payments, and is written-off when Arauco has exhausted all levels of recovery of the receivable in a reasonable time. 23.5.5 Accounts receivable due from related parties: Represent enforceable rights for Arauco resulting from the normal course of business, calling normal to the line of business, activity or purpose of exploitation and financing, and which Arauco owns a non-controlling ownership of the counterparty. The following table sets forth trade and other current/non-current receivables classified by currencies as of December 31, 2017 and December 31, 2016:
23.6 Total Financial Liabilities Arauco’s financial liabilities to the date of these consolidated financial statements are as follows:
The following table sets forth the current portion of the non-current bank borrowings and debt issued as of December 31, 2017 and 2016.
23.7 Financial Liabilities Measured at Amortized Cost Financial liabilities correspond to non-derivative financial instruments with contractual cash-flow payments that can be either fixed or variable. Also, this category includes those non-derivative financial liabilities for services or goods delivered to Arauco at the end of each reporting period that have not yet been paid. These amounts are not insured and are generally paid within thirty days after being recognized. At the end of each reporting period, Arauco includes in this category bank borrowings, bonds issued denominated in U.S. Dollars and in U.F., trade and other payables.
The financial liabilities at amortized cost presented in the consolidated statements of financial positions as of December 31, 2017 and 2016 are as follows:
23.8 Cash Flow Hedges Reserve Reconciliation The following table sets forth the reconciliation balances of cash flow hedges presented in Other Comprehensive Income:
23.9 Capital Disclosures 23.9.1 Information on Objectives, Policies and Processes applied by the Company regarding Capital Management Arauco’s policies on capital management have the objective of:
23.9.2 Qualitative Information on Objectives, Policies and Processes applied by the Company regarding Capital Management Arauco determines and manages its capital structure based on its carrying amount of equity plus its financial debt (bank borrowings and bonds issued). 23.9.3 Quantitative Information on Capital Management The following table sets forth the financial covenants that the Company has to comply with as part of the terms of certain of its obligations:
N/R: Not required for the financial obligation (1) Debt to equity ratio (financial debt divided by equity plus non-controlling interests) As of December 31, 2017 and December 31, 2016, Arauco has complied with all of its financial covenants. The following table sets forth the credit ratings of our debt instruments as of December 31, 2017, are as follows:
Capitalization requirements are established based on the Company’s financial needs and on maintaining an adequate liquidity level and complying with financial covenants established in current debt arrangements. The Company manages its capital structure and makes adjustments based on the prevailing economic conditions in order to mitigate the risks associated with adverse market conditions, and based on opportunities that may arise to improve the Company’s level of liquidity. The capitalization of Arauco as of December 31, 2017 and December 31, 2016 is as follows:
23.10 Risk Management Arauco’s financial instruments are exposed to various financial risks: credit risk, liquidity risk and market risk (including exchange rate risks, interest rate risks and price risks). Arauco’s overall risk management program focuses on uncertainty in financial markets and aims to minimize potential adverse effects on Arauco’s financial profitability. Arauco’s financial risk management is overseen by the Corporate Finance Department. This department identifies, assesses and hedges financial risks in close collaboration with Arauco’s operational units. 23.10.1 Type of Risk: Credit Risk Description Credit risk refers to financial uncertainty at different periods of time relating to the fulfillment of obligations with counterparties, at the time of exercising the contract rights to receive cash or other financial assets on behalf of Arauco. Explanation of Credit Risk Exposure and How This Risk Arises Arauco’s exposure to credit risk is directly related to each of its customer’s individual abilities to fulfill their contractual commitments, reflected in trade receivables. Accounts exposed to credit risk are: trade receivable, financial lease debtors and other debtors. Arauco does not have a securitized portfolio.
Explanation of Risk Management Objectives, Policies and Processes, and Measurement Methods The Credit and Collections Sub-Division, dependent from the Treasury Division, is the area entrusted with minimizing the credit risk of the accounts receivable, supervising the delinquency of the accounts. The regulations and procedures applicable for the control and administration of the Arauco Group can be found in the Corporate Credit Policy. As of December 31, 2017, Arauco’s balance for commercial Debtors was ThU.S.$ 718,714 of which, according to the agreed sales conditions, 59.18% corresponded to sales on credit (open account), 37.83% to sales with letters of credit and 2.99% to other types of sales, distributed in 2,245 debtors. The client with the largest Open Account debt represented 3.49% of the total accounts receivable as of that date. Below we provide detail regarding accounts receivable, classified in tranches.
Arauco does not conduct rescheduling or renegotiations with its clients that imply an amendment to the maturity of the invoices and, should it be necessary, any debt renegotiation with a client shall be analyzed on a case-by-case basis and subjected to the approval of the Corporate Finance Division. Regarding the provisions from non-enforceable accounts, below we provide detail for the movements as of December 31, 2017, 2016 and 2015:
Currently there is a policy for provisions for doubtful accounts receivable under IFRS for all the Arauco group companies. Explanation regarding the Sales Risk with Letters of Credit The sales with letters of credit mainly occur in markets in Asia and the Middle East. Periodically, a credit assessment is conducted regarding the banks that issue the letters of credit with the purpose of obtaining their score over the basis of risk-qualification ratings, country-specific risk and financial statements. The decision of approving the issuing bank or asking for confirmation of the letter of credit is made in consideration to this assessment. Explanation of the Sales Risk with Credit Line Sales on credit are subject to the credit limit for each customer. The approval or rejection of a credit limit for all term sales is conducted by the Corporate Credit Sub-Division, as well as by the Credit and Collections area for North America, Brazil and Argentina, which report to the Corporate Finance Division. The regulations and procedures applicable for the correct control and risk management over the sales on credit are ruled by the Credit Policy. A procedure that must be applied by all the companies of the Arauco group has been established for the approval and/or modification of client credit lines. Credit line requests are entered to the SAP that analyzes all available information. Afterwards, the same are either approved or rejected in each one of the internal committees of each company belonging to the Arauco group, depending on the maximum amount authorized by the Credit Policy. Lines of credit are renewed during this internal process on a yearly basis. All sales are automatically controlled by a credit verification system, which has been configured to block any orders from clients who are delinquent in a given percentage of a debt and/or from clients whose line of credit, as of the time of the product’s shipping, has been exceeded or is overdue. In order to minimize the credit risk for term or Open Account sales, it is Arauco’s policy to take out insurance to cover the export sales of companies Celulosa Arauco y Constitución S.A., Maderas Arauco S.A., Forestal Arauco S.A., and Arauco do Brasil S.A., as well as the domestic sales of Arauco México S.A. de C.V., Arauco Wood Inc, Arauco Colombia S.A., Arauco Perú S.A., Arauco Panels USA LLC, Flakeboard Company Ltd., Flakeboard America Ltd., Celulosa Arauco y Constitución S.A., Maderas Arauco S.A., Arauco Florestal Arapoti, Arauco Forest Brasil S.A. and Arauco do Brasil S.A. Arauco works with credit insurance company Continental (AA- rating, as per risk rating companies Humphreys and Fitch Ratings). In order to cover the export sales and domestic sales of Arauco Argentina S.A., the preferred credit insurance company is Insur (a subsidiary of Continental in Argentina). Both companies grant a 90% coverage over the amount of each invoice, without deductibles, for registered clients and of 85% for non-registered clients. (Non-registered clients are those whose lines range between ThU.S.$ 5 and ThU.S.$ 70 (equivalent currency of their invoicing) of the local sales of companies Arauco Perú S.A., Arauco Colombia S.A., Arauco México S.A. de C.V., Arauco Do Brasil S.A., Arauco Argentina S.A. and Maderas Arauco S.A. Lines in excess of the aforesaid amounts correspond to registered clients. As another way of minimizing risk and supporting a line of credit approved by the Credit Committee, Arauco holds guarantees such as mortgages, pledges, Standby letters of credit, bank performance bonds, checks, promissory notes, loans or any other that could be required under the laws of each country. The total amount held in guarantees amounts to ThU.S.$98.7 million, effective as of December 2017, as summarized in the following chart. The procedure for guarantees is regulated by Arauco’s Policy on Guarantees, whose purpose is to control their accounting, due date and custody.
The maximum exposure to credit risk is limited to the value at amortized cost of the Debtors’ account for sales registered as of the date of this report, minus the percentage of sales insured by the aforementioned credit insurance companies and the guarantees granted in favor of Arauco. In summary, the open account debt covered by the various insurance policies and guarantees amounts to 97.4% and, therefore, Arauco’s portfolio exposure amounts to 2.6%.
(*) Insured Debt is deemed to be the portion of accounts receivable that is covered by a credit company or by guarantees such as standby letters of credit, mortgages, performance bonds, among others Investment Policy: Arauco has an Investment Policy which identifies and limits the financial instruments and the entities into which the Arauco companies, in particular Celulosa Arauco y Constitucion S.A., are authorized to invest. The Company’s Treasury Department is centralized with operations in Chile. The Head Office is responsible for carrying out investments, cash flow surplus investments, and short and long term debt subscriptions. Exceptions to this rule are specific investments made through other companies where authorization is required from the Chief Financial Officer. For financial instruments, the only permitted investments are fixed income investments with adequate liquidity. Each instrument has defined classifications and limits, depending on duration and type of issuer. Regarding intermediaries (such as banks, securities brokers and dealers of mutual funds that are bank affiliates), a scoring methodology is used to determine the relative degree of risk of each intermediary based on their financial position and assign score points that result in a credit risk rating to each intermediary. Arauco uses this scoring system to determine its investment limits for each intermediary. The required information to evaluate the various criteria are obtained from published financial statements from the banks under evaluation and from the credit risk ratings of short and long term debt securities obtained from rating agencies authorized by the Superintendence of Banks and Financial Institutions (Fitch Ratings Chile, Humphreys and Feller Rate). The criteria evaluated are: Capital and Reserves, Current Ratio, Return on equity, Net Income to Operating income Ratio, Debt to Equity Ratio and the Credit Risk rating of each entity. Any necessary exceptions regarding investment limits in each particular instrument or entity must have the authorization from Arauco’s Chief Financial Officer. 23.10.2 Type of Risk: Liquidity Risk Description This risk corresponds to Arauco’s ability to fulfill its financial obligations upon maturity. Explanation of Liquidity Risk Exposure and How This Risk Arises Arauco’s exposure to liquidity risk is mainly from its obligations to bondholders, banks and financial institutions, creditors and other payables. Liquidity risk may arise if Arauco is unable to meet the net cash flow requirements, which sustain its operations under both normal and exceptional circumstances. Explanation of Objectives, Policies and Processes for Risk Management, and Measurement Methods The Financial Management Department monitors on an ongoing basis the Company’s cash flow forecasts based on short and long term forecasts and available financing alternatives. In order to manage the risk level of financial assets, Arauco follows its investment policy. The following tables detail Arauco’s liquidity analysis for its financial liabilities as of December 31, 2017 and December 31, 2016. The tables have been drawn up based on the contractual undiscounted cash outflows and their remaining contractual maturities:
As part of the policy of Arauco, it considers compliance with all Accounts Payable, whether with related (see Note 13) or third parties, within a period not exceeding 30 days.
As part of the policy of Arauco, it considers compliance with all Accounts Payable, whether with related (see Note 13) or third parties, within a period not exceeding 30 days. Guarantees As of the date of these consolidated financial statements, Arauco has financial assets of approximately MU.S.$55 that have been pledged to third parties (beneficiaries), as direct guarantee. If Arauco does not fulfill its obligations, the guarantors could execute the guarantees. As of December 31, 2017, the total assets pledged as an indirect guarantee were MU.S.$602. In contrast to direct guarantees, indirect guarantees are given to secure obligations assumed by a third party. On September 29, 2011, Arauco entered into a Security Agreement under which it granted a non-joint guarantee limited to 50% of the obligations of the Uruguayan companies (joint ventures) Celulosa y Energía Punta Pereira S.A. and Zona Franca Punta Pereira S.A., under the IDB Facility Agreement in the amount of up to MU.S.$454 and the Finnevera Guaranteed Facility Agreement in the amount of up to MU.S.$900. Both loan agreements were signed with the International Development Bank. Such guarantee is included in the table below, under indirect guarantees. Direct and indirect guarantees granted by Arauco:
23.10.3 Type of Risk: Market Risk Exchange Rate Description Market risk arises from the probability of being affected by losses from fluctuations in currencies exchange rates in which assets and liabilities are denominated, in a functional currency other than the functional currency of Arauco. Explanation of Currency Risk Exposure and How This Risk Arises Arauco is exposed to the foreign currency risk from currency fluctuations arising from sales, purchases and obligations undertaken in foreign currencies, such as the Chilean Peso, Euro, Brazilian Real or other foreign currencies. In the case of significant exchange rate variations, the Chilean Peso is the currency that represents the main currency risk. See Note 11 for details assets and liabilities classified by currency. Explanation of Risk Management Objectives, Policies and Processes, and Measurement Methods Arauco performs sensitivity analyses to measure the effect of this variable on equity and net result. Sensitivity analysis considers a variation of +/- 10% of the exchange rate over the Chilean Peso. This fluctuation range is considered possible given current market conditions as of the date of these financial statements. With all other variables at a constant rate, a U.S. Dollar exchange rate variation of +/- 10% in relation to the Chilean Peso would mean a change in the net income year after tax +/- 9.98% (equivalent to ThU.S.$ +/- 26,968), and +/- 0.23% of equity (equivalent to ThU.S.$ +/- 16,181). Additionally, a sensitivity analysis is carried out assuming a variation of +/- 10% in the closing exchange rate on the Brazilian Real, which is considered a possible range of fluctuation given the market conditions as of the date of these financial statements. With all the other variables constant, a variation of +/- 10% in the exchange rate of the dollar on the Brazilian Real would mean a variation on the net income after tax +/- 1,67% (equivalent to ThU.S.$4,500) and a change on the equity of +/- 0.04% (equivalent to ThU.S.$2,700). 23.10.4 Type of Risk: Market Risk Interest rate risk Description Interest rate risk refers to the sensitivity of the value of financial assets and liabilities in terms of interest rate fluctuations. Explanation of Interest Rate Risk Exposure and How This Risk Arises Arauco is exposed to risks due to interest rate fluctuations for bonds issued, bank borrowings and financial instruments that bear interest at a variable rate. Explanation of Risk Management Objectives, Policies and Processes, and Measurement Methods Arauco completes its risk analysis by reviewing its exposure to changes in interest rates. As of December 31, 2017, 14% our financial debt accrues interest at variable rates. A change of +/- 10% in the interest rate is considered a possible range of fluctuation. Such market conditions would affect the income after tax at rate of +/- 0.41% (equivalent to ThU.S.$-/+ 1,097) and +/- 0.01% (equivalent to ThU.S.$-/+ 658) on equity.
(*) Includes variable rate bank borrowings changed by fixed rate swaps. 23.10.5 Type of Risk: Market Risk Price of Pulp Risks Description Pulp prices are determined by world and regional market conditions. Prices fluctuate based on demand, production capacity, commercial strategies adopted by large-scale forestry companies, pulp and paper producers and by the availability of substitutes. Explanation of Price Risk Exposure and How This Risk Arises Pulp prices are reflected in revenue from sales and directly affect the net income for the period. As of December 31, 2017, revenue due to pulp sales accounted for 46.8% of total sales. Pulp prices are fixed on a monthly basis in accordance with the market. Forward contracts or other financial instruments are not used for pulp sales. Explanation of Risk Management Objectives, Policies and Processes, and Measurement Methods This risk is approached in different ways. Arauco has a team of specialists who perform periodic market and competition analyses, providing tools to analyze and evaluate trends and adjust forecasts. Similarly, Arauco performs price financial sensitivity analysis in order to take the necessary safeguards to confront different scenarios in the best possible manner. Sensitivity analysis considers a variation of +/- 10% in the average pulp price, a possible fluctuation range given current market conditions at the date of the closing balance. With all other variables constant, a variation of +/- 10% in the average pulp price would mean a variation of +/- 72.94% (equivalent to ThU.S.$ 197,022) on the income for the year after tax and +/- 1.66% (equivalent to ThU.S.$118,213) on equity. |
REPORTABLE SEGMENTS |
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Disclosure Of Reportable Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of entity's operating segments [text block] | NOTE 24. REPORTABLE SEGMENTS The main products that generate revenue for each reportable segment are described as follows:
Arauco has revised its disclosure of the split of revenues between Chilean entities and foreign entities within its presentation of geographical information relating to the years ended December 31, 2016 and 2015 to correct the classification of revenues from subsidiaries in Uruguay. There was no impact to the Consolidated Statements of Profit or Loss, Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flow nor to the Consolidated Statements of Changes in Equity. In addition, the corrections did not affect the Company’s service of its debt obligations. Pulp The Pulp reportable segment uses wood exclusively from pine and eucalyptus plantations for the production of different classes of wood cellulose or pulp. Bleached pulp is mainly used as raw material for producing printing and writing paper, as well as toilet paper and high quality wrapping paper. Unbleached pulp is used to produce packing paper, filters, fiber cement products, dielectric paper and others. On the other hand, fluff pulp is mainly used in the production of diapers and female hygiene products. Arauco has seven plants, five in Chile, one in Argentina and one in Uruguay and they have a total production capacity of approximately 3.9 million tons per year. Pulp is sold in more than 45 countries, mainly in Asia and Europe. Wood products The Panels area produces a wide range of panel products and several kinds of moldings aimed at the furniture, decoration and construction industries. It consists of 19 industrial plants: 5 in Chile, 2 in Argentina, 4 in Brazil, and 8 plants around USA and Canada. The Company has a total annual production capacity of 6.8 million cubic meters of PBO, MDF, Hardboards, plywood and moldings. In total, Sonae Arauco’s production capacity is approximately 1.4 million m3 of MDF, 2.1 million m3 of PB, 486,000 m3 of OSB and 50,000 m3 of sawn lumber. The Sawn Timber area produces a wide range of wood and remanufactured products with different kinds of uses and appearances, which include a wide variety of uses in the furniture, packing, construction and refurbishing industries. With 8 saw mills in operation (7 in Chile and 1 in Argentina), the Company has a production capacity of 3 million m3 of sawn wood. Furthermore, the Company has 5 remanufacturing plants, 4 in Chile and 1 in Argentina. These plants reprocess sawn wood and produce high quality remanufactured products, such as finger joint and solid moldings as well as precut pieces. Forestry The Forestry reportable segment is Arauco’s core business. It provides raw materials for all products manufactured and sold by the Company. By directly controlling the growth of the forests to be processed, Arauco guarantees itself quality wood for each of its products. Arauco holds forestry assets distributed throughout Chile, Argentina, Brazil and Uruguay, reaching 1.7 million hectares as of December 31, 2017, of which 1 million hectares are used for plantations, 431 thousand hectares for native forests, 195 thousand hectares for other uses and 99 thousand hectares are to be planted. Arauco’s principal plantations consist of radiata and taeda pine and eucalyptus to a lesser degree. These are species that have fast growth rates and short harvest cycles compared with other long fiber commercial woods. Arauco has no customers representing 10% or more of its revenues. Below, please find summarized information concerning the assets, liabilities and profits and losses at the end of each period, by segments. The profit (loss) of each segment informed takes into consideration that taxes and income and financial costs have not been allocated to the various segments, and are shown as part of the Corporate’s segment:
Information required by geographic area:
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OTHER NON-FINANCIAL ASSETS AND NON-FINANCIAL LIABILITIES |
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Disclosure Of Other Non financial Assets And Non financial Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Other Non financial Assets And Non financial Liabilities Explanatory [Text Block] | NOTE 25. OTHER NON-FINANCIAL ASSETS AND NON-FINANCIAL LIABILITIES
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DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE |
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DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of earnings per share [text block] | NOTE 26. DISTRIBUTABLE NET Profit AND EARNINGS PER SHARE Distributable net profit As a general policy, the Board of Directors of Arauco agreed that the net profit to be distributed as dividend is determined based on realized net gains/(losses) of any relevant variations in the value of unrealized assets and liabilities, which are excluded from the calculation of net profit during the period such changes are made. As a result of the foregoing, for purposes of determining the distributable net profit of the Company, which is the same considered for calculating the minimum dividend required and additional dividend, the following unrealized gains/losses are excluded from the net profit for the year:
The deferred taxes associated with the amounts described in 1) and 2) above are also excluded. The following table details the adjustments made for the determination of distributable net profit as December 31, 2017, 2016 and 2015 in order to determine the provision of 40% of the distributable net profit for each year:
The Company expects to maintain its policy of distributing 40% of its net distributable profit as dividends for all future fiscal years, but will also consider the alternative of distributing a provisional dividend at year end. As of December 31, 2017, in the Statements of Financial Position, under the line item Other current non-financial liabilities ThU.S.$113,773 correspond to a provision for the minimum dividend for the 2017 period, corresponding to the Parent Company, after discounting the provisional dividend distribution of ThU.S.$60,494, paid to the shareholders in December 2017. Basic and diluted earnings per share Basic and diluted earnings per share are calculated by dividing the profit or loss attributable to ordinary equity holders of parent by the weighted average number of ordinary shares outstanding. Arauco does not have any shares with potential dilutive effect.
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SUBSEQUENT EVENTS |
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DisclosureOf Subsequent Events [Abstract] | ||
Disclosure of events after reporting period [text block] | NOTE 27. SUBSEQUENT EVENTS The authorization for the issuance and publication of these consolidated financial statements for the period ended December 31, 2017 was approved by the Board of Directors of Arauco on April 20, 2018. |
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of accounting policy for basis of preparation of consolidated financial statements [text block] |
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and they represent the explicit and unreserved adoption of IFRS. The consolidated financial statements have been prepared on the historical cost basis, except for biological assets and certain derivative financial instruments which are measured at revalued amounts or fair value at the end of each period as explained in the following significant accounting policies. |
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Description of accounting policy for critical accounting estimates and judgements [text block] |
The preparation of these financial statements, in accordance with IFRS, requires management to make estimates and assumptions that affect the carrying amounts reported. These estimates are based on historical experience and various other assumptions that are considered to be reasonable. Actual results may differ from these estimates. Management believes that the accounting policies below are the critical judgments that have the most significant effect on the amounts recognized in the consolidated financial statements. - Biological Assets The recovery of forest plantations is based on discounted cash flow models which means that the fair value of biological assets is calculated using cash flows from continuing operations on a discounted basis, based on our sustainable forest management plans and the estimated growth of forests. These discounted cash flows require estimates in growth, harvest, sales prices and costs; therefore, it is important that management make appropriate estimates of future levels and trends for sales and costs, as well as conduct regular surveys of the forests to establish the volumes of wood available for harvesting and their current growth rates. The main considerations used to measure forest plantations are presented in Note 20, including a sensitivity analysis. - Goodwill Goodwill represents the excess of the acquisition cost over the fair value of the Group’s holding in the identifiable net assets of the acquired subsidiary at the date of acquisition. The aforementioned fair value is determined whether based on assessments and/or the discounted future flow method using hypotheses in their determination, such as sales prices and industry indexes, among others. See Note 17. - Litigation and Contingencies Arauco and its subsidiaries are subject to certain litigation proceedings. Future impact on Arauco’s financial condition derived from such litigations is estimated by management, in collaboration with its legal advisors. Arauco applies judgment when interpreting the reports of its legal advisors who provide updated estimates of the legal contingencies at each reporting period and/or at each time a modification is determined to be necessary. For a description of current litigations see Note 18. |
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Description of accounting policy for basis of consolidation [text block] |
The consolidated financial statements include all entities over which Arauco has the power to direct the relevant financial and operating activities. Subsidiaries are consolidated from the date on which control is obtained and up to the date that control ceases. Specifically, a company controls an investee or subsidiary if, and only if, they have all of the following: (a) power over the investee, i.e. the investor has existing rights which give it the ability to direct the relevant activities (the activities that significantly affect the investee's returns) (b) exposure or rights to variable returns from involvement with the investee; and (c) the ability to use power over the investee to affect the amount of the investor’s returns. When Arauco holds less than the majority of voting rights in a company in which it participates, it nonetheless has the power over said company - when these voting rights are enough - to grant it in practice the ability to unilaterally direct said company's relevant activities. Arauco takes into account all facts and circumstances in order to assess if the voting rights in a company in which it participates are enough for granting it the power, including: a) the size of the investor’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; b) potential voting rights held by the investor, other vote holders or other parties; c) rights arising from other contractual arrangements; and d) any additional facts and circumstances that indicate the investor has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. The Company will reevaluate whether or not it holds control of a company in which participates if the facts and circumstances indicate that changes have occurred in one or more of the three elements of control mentioned above. Consolidation of an investee shall begin from the date the investor obtains control of the investee and cease when the investor loses control of the investee. An entity includes the income and expenses of an acquired or sold subsidiary in the consolidated financial statements from the date it gains control until the date when the entity ceases to control the subsidiary. The profit or loss of each component of other comprehensive income is attributed to owners of the parent company and the non-controlling interest, as appropriate. Total comprehensive income is attributed to the owners of the parent company and non-controlling interests even if the results of the non-controlling interest have a deficit balance. If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for transactions and other events in similar circumstances, appropriate adjustments are made to the consolidated financial statements of subsidiaries in order to ensure compliance with Arauco's accounting policies. All intercompany transactions and unrealized gains and losses from subsidiaries have been fully eliminated from consolidated financial statements and non-controlling interest is presented in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent company. The consolidated financial statements at the end of this period include the assets, liabilities, income and expenses of the subsidiaries shown in Note 13. Certain consolidated subsidiaries have Brazilian Real and Chilean Pesos as their functional currencies. For consolidation purposes, the financial statements of those subsidiaries have been prepared in accordance with IFRS and translated into the presentation currency as indicated in Note 1 (e) (ii). A parent company will present non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent company. |
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Description of accounting policy for segment reporting [text block] |
Arauco has defined its reportable segments according to its business areas, based on the products and services sold to its customers. This definition is consistent with the management, resource allocation and performance assessment made by key personnel responsible for making relevant decisions related to the Company’s operation. The Chief Operating Decision Maker (CODM) is the Chief Executive Officer who is responsible for making these decisions and it is supported by the Corporate Managing Directors of each segment. Based on the aforementioned process, the Company has established reportable segments according to the following business units:
Refer to Note 24 for detailed financial information by reportable segment. |
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Description of accounting policy for functional currency [text block] |
All items in the financial statements of Arauco and each of its subsidiaries, associates and jointly controlled entities are measured using the currency of the primary economic environment in which each entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is Arauco’s functional and presentation currency.
For the purposes of presenting consolidated financial statements, assets and liabilities of Arauco’s operations in a functional currency different from Arauco’s are translated into U.S. dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange rate differences are recognized in other comprehensive income and accumulated in “Other reserves” withinequity.
Transactions in currencies other than the functional currency are recognized at the exchange rates prevailing at the dates of the transactions. Profit or loss on transactions in currencies other than the functional currency resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the statements of profit or loss, except those which are recorded in other comprehensive income and accumulated in equity such as cash flows hedging derivatives. |
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Description of accounting policy for determining components of cash and cash equivalents [text block] |
Cash and cash equivalents include cash-in-hand, deposits held on demand at banks and other short term highly liquid investments with an original maturity of three months or less and which are subject to an insignificant risk of changes in value. |
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Description of accounting policy for financial instruments [text block] |
Financial assets Financial assets are classified into the following specified categories: 'loans and receivables' and “derivative financial instruments”. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. All purchases and sales of financial assets are recognized and derecognized on the trade date, which require delivery of assets within the same time frame established by regulation or convention in the marketplace. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are classified as current assets, except for those with maturities more than 12 months after the reporting period, which are classified as non-current assets. Loans and receivables include trade and other receivables. Loans and receivables are initially recognized at fair value plus transaction costs that are directly attributable to the acquisition and are subsequently measured at amortized cost using the effective interest rate method, less any impairment. Derivative financial instruments are explained in Note 1 h) Financial liabilities Financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments (including all fees and amounts paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Financial obligations are classified as current liabilities, unless Arauco holds an unconditional right to defer their settlement during at least 12 months after the balance sheet's date. The estimate of the fair value of obligations with banks is determined using valuation techniques that include discounted cash flow analyses applying rates of similar loans. Bonds are appraised at market value. |
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Description of accounting policy for derivative financial instruments [text block] |
(i) Derivative Financial Instruments - The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward contracts, interest rate swaps, currency swaps and zero cost collar contracts. The Company’s policy is to enter into derivatives contracts only for economic hedging purposes and there are no instruments with speculation objectives. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured at fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss unless the derivative is designated as a hedging instrument and complies with hedge accounting requirements of IAS 39, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. (ii) Embedded derivatives - The Company assesses the existence of embedded derivatives in financial instrument contracts. Derivatives embedded in non-derivative host contracts are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the contracts are not measured at FVTPL as a whole. Arauco has determined that no embedded derivatives currently exist. (iii) Hedge accounting - The Company designates certain hedging instruments as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, Arauco documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. -Fair Value Hedges under IAS 39- Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The change in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk are recognized in profit or loss in the line item relating to the hedged item. -Cash flow hedges under IAS 39 - The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the Finance costs line item in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecasted transaction is ultimately recognized in profit or loss. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss. |
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Description of accounting policy for measuring inventories [text block] |
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The cost of finished and in process products includes the cost of raw materials, direct labor, other direct costs and manufacturing overhead expenses. Initial costs of harvested wood are determined at fair value less cost of sale at the point of harvest. Biological assets are transferred to inventories when forests are harvested. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When market conditions result in the production costs of a product exceeding its net realizable value, the inventories are written-down to their net realizable value. This write-down also includes obsolescence amounts resulting from slow moving inventories and technical obsolescence. Spare parts that will be consumed in a period of less than twelve months are presented in inventories and recognized as an expense when they are consumed. |
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Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block] |
The Group classifies certain property, plant and equipment, intangible assets, investments in associates and disposal groups (groups of assets to be sold together with their directly associated liabilities) as non-current assets held for sale which as of the date of the statements of financial position are the subject of active sale efforts which are estimated to be highly probable. Non-current assets held for sale are presented separately from the other assets in the balance sheet. These assets or disposal groups are measured at the lower of the carrying amount or the fair value less the costs to sell, and are no longer depreciated or amortized from the time they are classified as non-current assets held for sale. |
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Description of accounting policy for business combinations [text block] |
Arauco applies the acquisition method to account for a business combination. This method requires the identification of the acquirer, determination of the acquisition date, recognition and measurement of the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree; and recognition and measurement of goodwill or a gain from a bargain purchase. Identifiable assets acquired and liabilities assumed and any contingent liabilities in a business combination are initially measured at fair value at the acquisition date, except: -deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 respectively; -liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 3 at the acquisition date; and -assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with such standard. Acquisition-related costs are accounted for as expenses when they are incurred, except for costs to issue debt or equity securities which are recognized in accordance with IAS 32 and IAS 39. A parent will present non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent company. Changes in the ownership interest of a parent in its subsidiary that do not result in a loss of control are treated as equity transactions. Any difference between the amount by which non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the parent company. No adjustment is made to the carrying amount of goodwill, neither gains nor losses are recognized in the statement of profit or loss. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may initially be measured either at fair value or at the present ownership instruments' proportionate share of non-controlling interests, in the recognized amounts of the acquirer’s identifiable net assets. The choice is made on a transaction-by-transaction basis. Arauco measures the fair value of the acquired company in the business combination achieved in stage (“step acquisition”), recognizing the effects of remeasurement of previously held equity in the acquiree in the statements of profit or loss. If the initial accounting for a business combination is not completed by the end of the reporting period in which the combination occurs, Arauco reports preliminary amounts for the items for which the accounting is incomplete. During the measurement period (no more than one year), these preliminary amounts are retrospectively adjusted, or additional assets or liabilities are recognized to reflect new information about facts and circumstances that existed at the acquisition date, if known, would have affected the amounts recognized at that date. Business combinations that are under common control transactions are accounted using as a reference the pooling of interest. Under this method, assets and liabilities related to the transaction carry over the previous carrying values. Any difference between assets and liabilities included in the consolidation and the consideration transferred, is accounted in equity. |
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Description of accounting policy for investment in associates and joint ventures [text block] |
Associates are entities over which Arauco exercises significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Joint arrangement is defined as an entity over which there is joint control, which exists only when the decisions about strategic of activities, both financial and operational, require the unanimous consent of the parties sharing control. Investments in joint arrangements are classified as a joint venture or as a joint operation. A joint operation is a joint arrangement in which the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement (i.e., participants in a joint venture) have rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. Their carrying amount is increased or decreased to recognize the portion corresponding to the statement of profit or loss or to the statement of comprehensive income. Dividends received are recognized by deducting the amount received from the carrying amount of the investment. Arauco’s investment in associates includes goodwill (both net of any accumulated impairment loss). The investments in joint operations are recognized through consolidation of assets, liabilities and results of operations in relation to Arauco's ownership percentage. Investments in associates and joint ventures are presented in the consolidated statement of financial position in the line item “Investments accounted for using equity method”. If Arauco’s share of losses of an associate or joint venture equals or exceeds its interest in the associate or joint venture, Arauco discontinues recognizing its share of further losses. After Arauco's carrying value in the investee is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that Arauco has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. If the associate or joint venture subsequently reports profits, Arauco resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. |
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Description of accounting policy for intangible assets other than goodwill [text block] |
After initial recognition, intangible assets with finite useful lives are carried at cost less any accumulated amortization and impairment losses. Amortization of an intangible asset with a finite useful life is allocated over the asset’s useful life. Amortization begins when the asset is available for use, i.e., when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. (i) Computer Software Computer software licenses are capitalized in terms of the costs incurred to acquire and make them compatible with existing software. These costs are amortized over the estimated useful lives of the software. (ii) Water Rights, Easements and Other Rights This item includes water rights, easements and other acquired rights recognized at historical cost which have indefinite useful lives as there is no foreseeable limit to the period over which these assets are expected to generate future cash flows. These rights are not amortized, but are tested for impairment at least annually, or when there is any indication that the assets might be impaired. (iii) Customers and trade relations with customers Correspond to the valuation over the time of the established relationship with customers, from the sale of products and services through its sales team. These relations will materialize in sales orders, which generate revenue and cost of sales. The useful life has been determined to be 15 years. |
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Description of accounting policy for goodwill [text block] |
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquired company, and the fair value of the acquirer's previously held equity interest in the acquired company (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the statements of profit or loss. Goodwill is not amortized but tested for impairment on annual basis. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For purposes of impairment testing, goodwill in a business combination is allocated as of the acquisition date to the cash generating unit or a group of cash generating units expected to benefit from the synergies of the combination irrespective of whether other assets or liabilities of the acquired company are allocated to those units or group of units. The goodwill generated on acquisitions of foreign companies, is expressed in the functional currency of such foreign company. Goodwill recognized for the acquisition of the subsidiary Arauco do Brasil S.A. whose functional currency is the Brazilian Real, is translated into U.S. Dollars at the closing exchange rate. |
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Description of accounting policy for property, plant and equipment [text block] | o) Property, Plant and Equipment Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment. The cost includes expenditures that are directly attributable to the acquisition of the assets. Subsequent costs, such as improvements and replacement of components, are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to Arauco and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized from property, plant and equipment. All other repairs and maintenance costs are expensed in the period in which they are incurred. Arauco capitalizes borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets as part of the cost of those assets, until the assets are ready for their intended use (See Note 12). Depreciation is calculated by components using the straight-line method. The useful lives of the items of property, plant and equipment is estimated according to the expected use of the assets. The residual values and useful lives of assets are reviewed and adjusted, if appropriate, annually. |
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Description of accounting policy for leases [text block] |
Arauco applies IFRIC 4 to assess whether an arrangement is, or contains, a lease. Leases of assets in which Arauco substantially holds all the risks and rewards of ownership are classified as finance leases. All other leases are classified as operating leases. Finance leases are initially recognized at the lower of the fair value at the inception of the lease of the leased property and the present value of the minimum lease payments. When assets are leased under a finance lease, the present value of lease payments are recognized as financial accounts receivable. Finance income, which is the difference between the gross receivable and the present value of such amount, is recognized as the interest rate of return. Leases in which substantially all risks and rewards are not transferred to the lessee are classified as operating leases. Payments under operating leases (net of any incentives received from the lessor) are recognized as an expense on a straight-line basis over the lease term. Arauco evaluates the economic nature of the contracts that grant the right to use certain assets, for the purposes of determining the existence of implied leases. In these cases, the Company separates - at the beginning of the contract, and based on relative reasonable values - payments and considerations associated with the lease, from the rest of the elements incorporated to the contract. |
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Description of accounting policy for biological assets [text block] |
IAS 41 requires that biological assets, such as standing trees, are measured at fair value less cost to sell in the statement of financial position. Forestry plantations are accounted for at fair value less costs to sell, based on the presumption that fair values of these assets can be measured reliably. The measurement of forestry plantations is based on discounted cash flow models whereby the fair value of the biological assets is determined using estimated future cash flows from continuing operations calculated using our sustainable forest management plans and including the estimated growth of the forests. This valuation is performed on the basis of each identifiable farm block and for each type of tree. The measurement of new forestry plantations made during the current year is made at cost, which corresponds to the fair value at that date. After twelve months, the valuation methodology used is that explained in the preceding paragraph. Biological assets shown as current assets correspond to those forestry plantations that will be harvested in the short term. Biological growth and changes in fair value of forestry plantations are recognized in the line item “Other income” in the consolidated statement of profit or loss. |
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Description of accounting policy for income tax [text block] |
The tax liabilities are recognized in the consolidated financial statements based on the determination of taxable income for the year and calculated using the tax rates in force in the countries where Arauco operates. Deferred income tax is recognized using liability method, on the temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated annual accounts. Deferred income tax is determined using tax rates contained in laws adopted as of the date of the financial statements and that are expected to be applicable when the related deferred tax asset is realized or the deferred income tax liability is settled. The goodwill arising on business combinations does not give rise to deferred tax. The deferred tax assets and tax credits are generally recognized for all deductible temporary differences to the extent that it is probable that future taxable profit will be available against which those deductible temporary differences can be utilized. |
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Description of accounting policy for provisions [text block] |
Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period. |
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Description of accounting policy for recognition of revenue [text block] |
Revenues are recognized when Arauco has transferred the risks and rewards of ownership to the buyer and Arauco has no right to dispose of the assets, nor effective control of such good.
Revenue from the sale of goods is recognized when Arauco has transferred to the buyer the significant risks and rewards of ownership of the goods, when the amount of revenue can be reliably measured, when Arauco does not retain any managerial involvement over the goods sold and when it is probable that the economic benefits associated with the transaction will flow to Arauco and the costs incurred in respect of the transaction can be measured reliably. Sales are recognized in terms of the price agreed to in the sales contract, less any volume discounts and estimated product returns at the date of the sale. Volume discounts are evaluated in terms of estimated annual purchases. There is no significant financing component given that receivables from sales are collected within a short period, which is in line with market practices. The structure for recognizing revenue from export sales is based on the 2010 Incoterms, which are the official rules for the interpretation of commercial terms issued by the International Chamber of Commerce. The main Incoterms used by Arauco are the following: “CFR (Cost and freight)”, where the company bears all costs including main transportation, until the products arrives at its port of destination. The risk is transferred to the purchaser once the products have been loaded onto the vessel, in the country of origin. “CIF (Cost Insurance &; Freight)”, where the Company organizes and pays for external freight services and some other expenses. Arauco is no longer responsible for the products once they have been delivered to the ocean carrier company. The point of sale is the delivery of the products to the carrier chartered by the seller.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue is recognized by reference to the stage of completion of the transaction at the date of the reporting period, and when it is probable that the economic benefits associated with the transaction will flow to the Arauco. Arauco mainly provides power supply services which are transacted principally in the spot market of the Sistema Interconectado Central (“Central Interconnected System”). According to current regulations, the prices on that market called “Marginal Costs” are calculated by the Centro de Despacho Económico de Carga del Sistema Interconectado Central (CDECSIC) (“Economic Load Dispatch Center of the Central Interconnected System”) and are generally recognized in the period in which the services are rendered. Electrical power is generated as a by-product of the pulp and wood process and is a complementary business to it, which is initially supplied to the group’s subsidiaries and any surplus is sold to the CDEC-SIC. Arauco provides other non-core services such as port services and pest control whose revenues are derived from fixed price service contracts, generally recognized during the period of the service contract on a straight-line basis over the term of the contract. Revenues from reportable segments mentioned in Note 24 are measured in accordance with the policies indicated in the preceding paragraphs. Revenues from inter-segment sales (which are made at market prices) are eliminated in the consolidated financial statements. |
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Description of accounting policy for dividends [text block] |
Article No. 79 of the Chilean Corporations Law states that, unless otherwise unanimously agreed by the shareholders, corporations must distribute annually at least 30% of net income for the current year as cash dividend to shareholders determined in proportion to their shares or in the proportion established in the by-laws for preferred shares, if any, except where necessary to absorb accumulated losses from prior years. The General Shareholders’ Meeting of Arauco agreed to distribute annual dividends at 40% of net distributable income, including an interim dividend to be distributed at year end. Dividends payable are recognized as a liability in the financial statements in the period when they are declared and approved by the Arauco’s shareholders or when arises the corresponding present obligation based on existing legislation or distribution policies established by the Shareholders' Meeting. The dividends payable provision is registered for 40% of the liquid distributable profit and against a lower equity, based on the yearly resolution of the Shareholders’ Meeting. Dividends payable are presented in the line item “Other current non-financial liabilities” in the consolidated statement of financial position. |
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Description of accounting policy for earnings per share [text block] |
Basic earnings per share are calculated by dividing the net profit for the period attributable to the parent company by the weighted average number of ordinary shares outstanding during the period, excluding the average number of shares in the Company held by a subsidiary, if such circumstance exists. Arauco has not performed any type of transaction with a potential dilutive effect that would cause diluted earnings per share to be different from basic earnings per share. |
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Description of accounting policy for impairment of assets [text block] |
Non-financial Assets The recoverable amount of property, plant and equipment and other long-term assets with finite useful lives are measured whenever there are any circumstances indicating that the assets have to recognize an impairment loss. Among the circumstances to consider as evidence of impairment are significant declines in the assets’ market value, significant adverse changes in the technological environment, obsolescence or physical damages of assets and changes in the manner in which the asset is used or expected to be used). Arauco evaluates at the end of each reporting period whether there is any evidence of the indications above mentioned. A previously recognized impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount however a reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years. For the purposes of assessing impairment losses, assets are grouped at the lowest level for which there is identifiable cash flows separately for each cash-generating unit. Non-financial assets, other than goodwill, which had recognized an impairment loss, are reviewed at the end of each reporting period whether there are any circumstances indicating that an impairment loss previously recognized may no longer exists or has decreased. “Cash-generating units” are the smallest identifiable groups of those cash inflows that are largely independent of the cash inflow from other assets or groups of assets. Goodwill Goodwill and intangible assets with indefinite useful life are tested annually for impairment or whenever circumstances indicate it. The recoverable amount of an intangible asset is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognized whenever the carrying amount exceeds the recoverable amount. A cash-generating unit, for which goodwill has been allocated, is tested for impairment annually or more frequently when there are circumstances indicating that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to other assets pro rata based on the carrying amount of each asset in the unit. Any impairment loss of goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods. Goodwill is allocated to cash-generating units for impairment testing purposes. The allocation is made between cash-generating units or groups of cash generating units expected to benefit from the synergies of the combination. Financial Assets At the end of each reporting period, an assessment is performed in order to identify whether there is any objective evidence that a financial asset or a group of financial assets may have been impaired. Financial assets are impaired only when there is objective evidence that, as a result of one or more loss events that occurred after the initial recognition of a financial asset, the estimated future cash flows of the financial asset have been affected. Impairment losses are recognized in the consolidated statement of profit or loss. An allowance for doubtful accounts is established based on an analysis of the maturity of the portfolio and considering the insurance coverage on accounts receivable. Other conditions are assessed, for example, when there is objective evidence of default or delinquency in payments under the original sale terms and when the customer enters into bankruptcy or financial reorganization, and is written-off when Arauco has exhausted all levels of recovery of the receivable in a reasonable time. The allowance for doubtful accounts is measured as the difference between the carrying amount of receivables and the present value of estimated future cash flows. The carrying amount of the receivable is reduced through the use of the allowance. If the impairment loss decreases in later periods, it is reversed either directly or by adjusting the provision for doubtful accounts, with effect in profit or loss. |
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Description of accounting policy for employee benefits [text block] |
Arauco constitutes labor obligations for severance payable in all circumstances for certain of its employees with at least 5 years of work in the Company, based on the terms of the staff’s collective and individual bargaining agreements. The related provision is an estimate of the years of service to be recognized as a future labor obligation liability, in accordance with contracts between Arauco and its employees and pursuant to actuarial valuation criteria for this type of liability. This post-employment benefit is considered a defined benefit plan. The main factors considered for calculating the actuarial value of severance obligation for years of service are employee turnover, salary increases and life expectancy of the workers included in this benefit. Actuarial gains and losses are recognized in other comprehensive income in the year they are incurred. These obligations are related to post-employee benefits in accordance with current standards. |
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Description of accounting policy for employee vacations [text block] |
Arauco recognizes the expense for employee vacation according to labor legislation in each country on an accrual basis. This obligation is presented in the line item “Trade and Other current payables” and “Trade and Other non-current payables” depending on their respective maturities in the consolidated statements of financial position. |
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Description of accounting policy for recent accounting pronouncements [text block] |
a) Standards, interpretations and amendments that are mandatory for the first time for annual periods beginning on January 1, 2017:
The adoption of the standards, amendments and interpretations described above did not have a significant impact on the Arauco’s Consolidated Financial Statements. b) Standards, interpretations and amendments, the application of which is not yet mandatory, which have not been adopted in advance:
IFRS 9 - Financial Instruments. IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities. The standard includes new rules applicable to hedge accounting and a new impairment model for financial assets. The financial assets held by the Group mainly include: Mutual Fund Holdings, (hedge) Derivatives, and highly-liquid financial instruments. Consequently, Arauco does not expect the new standard to have a significant impact in the classification and measurement of its financial assets. IFRS 15 Revenue from Contracts with Customers. The new standard specifies how and when income will be recognized and increases the disclosures. The standard provides a single five-step model based on principles applicable to all contracts with clients. The standard will be in full force and effect as of January 1, 2018. Arauco is a pulp and wood supplier in the global markets. Arauco’s contracts with clients can be clearly identified on the basis of purchase orders placed by such clients. Performance obligations are regularly explicitly defined as the products are delivered in accordance with the client’s contracts. The main contracts with clients do not include additional separate performance obligations that would substantially change the timing of income recognition in accordance to IFRS 15, compared to current income recognition practices. IFRS 15 requires separate presentation of contract assets and contract liabilities in the balance sheet. This will result in some reclassifications as of January 1, 2018 in relation to contract liabilities in relation to volume-based rebates, which are currently included in other balance sheet line items. Arauco intends to adopt the standard using the modified retrospective approach which means that the cumulative impact of the adoption will be recognized in retained earnings as of January 1, 2018 and that comparatives will not be restated. IFRS 16 - Leases IFRS 16 was issued in January 2016. The new standard will result in recognizing practically all leases in the balance sheet, because the distinction between operational and financial leases was eliminated. Under the new standard an asset (the right to use the leased property) as well as a financial liability is recognized for lease payments. Short-term and low-value leases are an exception to this standard. This standard will be in full force and effect as of January 1, 2019. The group’s main assets are held under financial leases by Arauco and its affiliates, and therefore we do not expect that the new standard will have a significant impact on the financial statements. However, the group has yet to evaluate which other adjustments, if any, would be necessary due to changes in the definition of the term of the lease and the various treatments of variable rent payments and extension and termination options. Therefore, it is not yet possible to estimate the value of the right to use the assets and liabilities under leases that will be recognized upon the implementation of the new standard, or how this could affect the group’s earnings or losses and the classification of future cash flows. According to the performed evaluations, the adoption of the other standards, amendments and interpretations described above will not have a significant impact on Arauco’s Consolidated Financial Statements during its initial application period. |
DISCLOSURE OF OTHER INFORMATION (Tables) |
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DISCLOSURE OF OTHER INFORMATION [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of issued capital [text block] |
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Disclosure of dividends [text block] | The following are the dividends paid and per share amounts during the periods 2017, 2016 and 2015:
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Disclosure of detailed information about other financial information [Text Block] | The table below sets forth other income, other expenses, finance income, finance costs and share of profit (loss) of associates and joint ventures for the years ended December 31, 2017, 2016 and 2015 are as follows:
(*) ”Other operating results” includes income from interests, extraction of sand and gravel from wharfage and indemnities, among others. (**) Loss of forest due to fires are presented net of ThU.S.$35,000 from insurance compensation as of December 2017. |
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Disclosure of expenses by nature [text block] | The analysis of expenses by nature contained in these consolidated financial statements is presented below:
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INVENTORIES (Tables) |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of detailed information about inventories [Text Block] |
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CASH AND CASH EQUIVALENTS (Tables) |
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Disclosure of detailed information about cash and cash equivalents [Text Block] | As of the date of these consolidated financial statements, there are no amounts of cash and cash equivalents with restrictions on use.
(*) Applies to purchase contracts resale commitments. |
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Disclosure of detailed information about risk classification of mutual funds investments [Text Block] | The risk classification of the mutual funds in effect as of December 31, 2017 and December 31, 2016 is shown below.
Changes in Financial Liabilities
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INCOME TAXES AND DEFERRED TAXES (Tables) |
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Disclosure Of Income Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about deferred tax assets [Text Block] | Deferred Tax Assets The following table sets forth the deferred tax assets as of the dates indicated:
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Disclosure of detailed information about deferred tax liabilities [Text Block] | Deferred Tax Liabilities The following table sets forth the deferred tax liabilities as of the dates indicated:
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Disclosure of reconciliation of deferred tax assets and liabilities [Text Block] | Reconciliation of deferred tax assets and liabilities
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Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | Temporary Differences The following tables summarize the deductible and taxable temporary differences:
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Disclosure of detailed information about income tax expense [Text Block] | Income Tax Expense Income tax expense consists of the following:
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Disclosure of income tax expenses by geographical area wise [Text Block] | The following table presents the current income tax expense detailed by foreign and domestic (Chile) companies at December 31, 2017, 2016 and 2015:
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Disclosure of detailed information about reconciliation of income tax expense [Text Block] | Reconciliation of income tax expense from statutory tax rate to the effective tax rate. The reconciliation of income tax expense is as follows:
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
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Disclosure Of Property Plant And Equipments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [text block] |
The following tables set forth the reconciliation of the carrying amount of property, plant and equipment as of December 31, 2017 and December 31, 2016:
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Disclosure of commitments related to proprty, plant and equipment [Text Block] | Disbursements commitments for the acquisition of property, plant and equipment and disbursements for property, plant and equipment under construction.
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Disclosure of depreciation and amortisation expense [text block] | The depreciation expense for the period ending December 31, 2017, 2016 and 2015 is as follows:
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Disclosure of useful lives of property, plant and equipment [Text Block] | The useful lives of property, plant and equipment are estimated based on the expected use of the assets. The average useful lives by asset class are as follow:
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LEASES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of recognised finance lease as assets by lessee [text block] | Araucoacting as lessee
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Disclosure of finance lease and operating lease by lessee [text block] | Reconciliation of Financial Lease Minimum Payments:
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Disclosure of finance lease and operating lease by lessor [text block] | Reconciliation of Financial Lease Minimum Payments:
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REVENUE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about revenue [Text Block] |
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EMPLOYEE BENEFITS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure Of Employee Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about employee benefits expenses [Text Block] | Classes of Benefits and Expenses by Employee
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Disclosure of defined benefit plans [text block] |
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Disclosure of sensitivity analysis for actuarial assumptions [text block] |
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Disclosure of net defined benefit liability (asset) [text block] | The following tables set forth the balances and the reconciliation of the present value of severance indemnities obligations as of December 31, 2017 and December 31, 2016:
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BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS. (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure Of EffectOf ChangesIn Foreign Exchange Rates Explanatory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about assets in foreign currencies [Text Block] |
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Disclosure of detailed information about liabilities in foreign currencies [Text Block] |
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Disclosure of subsidiaries [text block] | The table below sets forth the subsidiaries that have determined a functional currency other than the U.S. Dollar as follows:
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Disclosure of information per company of the reserve of exchange differences on translation [Text Block] | The table below shows a detail per company of the effect in the period of the Reserve of Exchange Differences on translation:
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Disclosure of detailed information about changes in foreign exchange rates [Text Block] | Effect of foreign exchange rates changes
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BORROWING COSTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||
Disclosure Of Borrowing Costs [Abstract] | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowing costs [Text Block] | Arauco estimates the average rate of borrowings to finance its current investments projects. The average rate loans to finance these investments projects were claculated to record the capitalization.
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RELATED PARTIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure Of Related Party [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interests in subsidiaries [text block] | The table below sets forth information about the Relationship between the Parent Company and its Subsidiaries
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Disclosure of information about key management personnel [text block] | Employee Benefits for Key Management Personnel
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Disclosure of transactions between related parties [text block] | Related Party Receivables, Current
Related Party Receivables, Non-Current
Related Party Payables, Current
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Disclosure of related party transactions related to purchases and sales [text block] | Related Party Transactions Purchases
Sales
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Disclosure of other related party transactions [Text block] | Other Transactions
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Related parties [member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Related Party [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of joint operations [text block] | The companies in the table below are classified as joint operations in accordance with IFRS 11. The assets, liabilities, income and expenses are recorded in relation to the Company’s ownership percentage in accordance with accounting standards applicable in each case.
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CONSOLIDATED FINANCIAL STATEMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combinations [text block] | The table below shows the fair values of assets and liabilities at the date of the transaction:
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Disclosure of information about revenue and net profit recognized at the acquisition day [Text Block] | The following table shows revenue and net profit recognized at the acquisition day:
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Disclosure of information about revenue and net profit as if combination occurred at beginning of period [Text Block] | If the acquisition had occurred on January 1, 2017, consolidated pro-forma revenue and profit for the year ended December 31, 2017 would have been:
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INVESTMENTS IN ASSOCIATES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of associates [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [text block] | The following tables set forth information about Investments in associates.
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Disclosure of detailed information about financial information of associates [Text Block] | Summarized Financial Information of Associates
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Disclosure of reconciliation of summarised financial information of associate and joint venture accounted for using equity method to carrying amount of interest in associate and joint venture [Text Block] | Reconciliation of Investment in Associates and Joint Ventures
(*) In May 2017, Arauco’s associate Florestal Vale do Corisco S.A. performed a return of capital to its shareholders. This transaction did not generate effects in the Consolidated Statements of Profit or Loss nor modified Arauco’s shareholding in Florestal Vale do Corisco S.A.
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INTERESTS IN JOINT ARRANGEMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of joint operations [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of joint ventures [text block] | The following tables set forth summarized financial information of the more significant interests in joint ventures:
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Joint operations [member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of joint operations [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of joint operations [text block] | The following tables set forth summarized financial information of the more significant interests in joint arrangements, which qualify as joint operations:
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IMPAIRMENT OF ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||
Disclosure of impairment loss and reversal of impairment loss [abstract] | ||||||||||||||||||||||||||||||||||||||
Disclosure of Provisions for Impairment of property, plant and equipment [Text Block] | Provisions for impairment of property, plant and equipment due to technical obsolescence have been recorded as of December 31, 2017 and December 31, 2016, respectively, as shown below:
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Disclosure of reconciliation of changes in goodwill [text block] | At the date of these consolidated financial statements, the balance of goodwill is ThU.S.$69,922 (ThU.S.$74,893 at December 31, 2016), as shown below:
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PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Provisions Contingent Liabilities And Contingent Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about current and non current provisions [Text Block] | Provisions recorded as of December 31, 2017 and December 31, 2016 are as follows:
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Disclosure of other provisions [text block] |
(*) The increase in legal claims is composed mainly of ThU.S.$908 and ThU.S.$375 Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits. (**) The change in Other Increases (Decreases) in Other provisions is due to a reverse of the provision in Zona Franca Punta Pereira (Uruguay). The increase through business combination corresponds to the acquisition of Arauco Industrias de Paineis.
(*) The increase in legal claims is composed mainly of ThU.S.$ 863 and ThU.S.$ 2,255 (Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits, and ThU.S.$1,490 from Arauco Argentina in connection of fees in lawsuits. (**) The change in Other Increases (Decreases) in Other provisions is due to a reverse of the ThU.S.$ 100 corresponding to Arauco Argentina.
(*)The increase in legal claims is composed mainly of ThU.S.$1,558 from Brazilian subsidiaries in connection with civil and labor lawsuits, being the latter the most important. In addition there are ThU.S.$840 from Arauco Argentina in connection with labor lawsuits. (**)The increase of Other Provisions comprises mainly an increase of ThU.S.$1,429 from Arauco Argentina for export duties. While in the Other Increases (Decreases), line item, the reverse of Negative Equity to Arauco Forest Brasil over Novo Oeste by ThU.S.$ 25,290 and Forestal Cholguán over Sercor is reflected by ThU.S.$2,850. |
INTANGIBLE ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Intangibles Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of intangible assets material to entity [text block] |
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Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | Reconciliation of the carrying amount of intangible assets at the beginning and end of each reporting period balances
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Disclosure of intangible assets with indefinite useful life [text block] |
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BIOLOGICAL ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Biological Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of information about agricultural produce [text block] | The average crop age by species and country is:
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Disclosure of changes in fair value measurement due to change in significant inputs used [Text block] | The following table sets forth changes in fair value of biological assets considering variations in significant assumptions considered in calculating the fair value of the assets:
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Disclosure of detailed information about current and noncurrent biological assets [Text Block] | As of the date of these consolidated financial statements, the Current and Non-current biological assets are as follows:
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Disclosure of reconciliation of changes in biological assets [text block] | Reconciliation of carrying amount of biological assets
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ENVIRONMENTAL MATTERS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of detailed information about environment related disbursements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about environment related disbursements [Text Block] | As of December 31, 2017 and December 31, 2016 Arauco has made and / or has committed the following disbursements by major environmental projects:
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NON-CURRENT ASSETS HELD FOR SALE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Non curren tAssets Held Fo rSale And Discontinued Operations Explanatory [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of non-current assets held for sale and discontinued operations [text block] | The following table sets forth information on the main types of non-current assets held for sale:
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FINANCIAL INSTRUMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of detailed information about financial instruments [text block] | Arauco's financial instruments as of December 31, 2017 and December 31, 2016, are displayed in the table below. Regarding those instruments valued at an amortized cost, as estimation of their fair value is displayed for informational purposes.
(1) Assets measured at fair value through profit or loss other than mutual funds classified as cash equivalents, are presented in the line item “other financial assets” in the consolidated statements of financial position. (2) Although mutual funds are measured at fair value through profit or loss for purposes of the consolidated statements of financial position mutual funds are classified as “Cash and cash equivalents” due to the are highly liquid short-term investment. (3) Financial liabilities measured at amortized cost, other than “Trade and other payables” and derivatives are presented in the consolidated statements of financial position in the line item “Other financial liabilities” as current and non-current based on their maturity. (4) The Unidad de Fomento (“U.F.”) is a unit of account that is linked to, and is adjusted daily to reflect changes in the Chilean consumer price index. (5) Includes guarantee fund for derivatives which correspond to the collateral under swap agreements. |
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Disclosure of fair value measurement [text block] | The assets and liabilities measured at fair value in the consolidated statements of financial position as of December 31, 2017, have been measured based on the valuation methodologies provided in IAS 39. The methodologies applied for each financial instrument are classified according to their hierarchy as follows:
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Disclosure of maturity analysis of financial liabilities [Text Block] | The following table sets forth a reconciliation between the financial liabilities and the consolidated statements of financial position as of December 31, 2017 and 2016:
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Disclosure of derivative financial instruments [text block] | A summary of the derivative financial instruments included in the Statements of Financial Position as of the end of this period, is presented below:
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Disclosue of detailed information about outstanding cross currency swap contracts [Text Block] | Below are the cross currency swaps that Arauco has as of December 31, 2017 and 2016 to cover the exposure to the exchange rate risk generated from bonds denominated in U.F.:
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Disclosure of detailed information about outstanding commodity contracts [Text Block] | The agreements that are in force and effect as of December 31, 2017 and 2016, are detailed below:
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Disclosure of detailed information about outstanding interest rate swap contracts [Text Block] | In addition, Arauco Uruguay's maintains an Interest Rate Swap in force and effect, a derivative instrument which purpose is to set the interest rate of a variable rate debt in the same currency (USD). The valuation off this instrument as of December 31, 2017, is shown below:
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Disclosure of detailed information about non derivative financial assets [Text Block] | As of December 31, 2017 and 2016, there are provisions for impairment for ThU.S.$ 14,501 and ThU.S.$ 16,644, respectively.
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Disclosure of composition of cash and cash equivalents [Text Block] | The composition of cash and cash equivalents (including the balance of mutual funds displayed in this note as valuation, instruments at fair value with profit or loss) at December 31, 2017 and December 31, 2016, classified by origin coins is as follow:
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Disclosure of detailed information about trade and other receivables by currency wise [Text Block] | The following table sets forth trade and other current/non-current receivables classified by currencies as of December 31, 2017 and December 31, 2016:
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Disclosure of financial liabilities [text block] | Arauco’s financial liabilities to the date of these consolidated financial statements are as follows:
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Disclosure of current portion of non current borrowings [Text Block] | The following table sets forth the current portion of the non-current bank borrowings and debt issued as of December 31, 2017 and 2016.
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Disclosure of detailed information about non derivative financial liabilities [Text Block] |
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Disclosure of financial liabilities at amortized cost [Text Block] | The financial liabilities at amortized cost presented in the consolidated statements of financial positions as of December 31, 2017 and 2016 are as follows:
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Disclosure of reconciliation of reserve of cash flow hedges [Text Block] | The following table sets forth the reconciliation balances of cash flow hedges presented in Other Comprehensive Income:
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Disclosure of financial covenants to be complied [Text Block] | The following table sets forth the financial covenants that the Company has to comply with as part of the terms of certain of its obligations:
N/R: Not required for the financial obligation (1) Debt to equity ratio (financial debt divided by equity plus non-controlling interests) |
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Disclosure of external credit grades [text block] | The following table sets forth the credit ratings of our debt instruments as of December 31, 2017, are as follows:
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Disclosure of credit risk exposure [text block] | Arauco does not have a securitized portfolio.
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Disclosure of financial assets that are either past due or impaired [text block] | Below we provide detail regarding accounts receivable, classified in tranches.
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Disclosure of allowance for credit losses [text block] | Regarding the provisions from non-enforceable accounts, below we provide detail for the movements as of December 31, 2017, 2016 and 2015:
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Disclosure of financial guarantees [Text Block] |
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Disclosure of detailed information about open account receivables [Text Block] | In summary, the open account debt covered by the various insurance policies and guarantees amounts to 97.4% and, therefore, Arauco’s portfolio exposure amounts to 2.6%.
(*) Insured Debt is deemed to be the portion of accounts receivable that is covered by a credit company or by guarantees such as standby letters of credit, mortgages, performance bonds, among others |
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Disclosure of maturity analysis for non-derivative financial liabilities [text block] | The following tables detail Arauco’s liquidity analysis for its financial liabilities as of December 31, 2017 and December 31, 2016. The tables have been drawn up based on the contractual undiscounted cash outflows and their remaining contractual maturities:
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Disclosure of financial guarantees granted [Text block] | Direct and indirect guarantees granted by Arauco:
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Disclosure of financial instruments by type of interest rate [text block] |
(*) Includes variable rate bank borrowings changed by fixed rate swaps |
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Colombia [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about outstanding forward contracts [Text Block] | Forward contracts that are in force and effect, executed by Arauco Colombia as of December 31, 2017 and 2016, are detailed in the following table:
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Uruguay [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about outstanding forward contracts [Text Block] | As of December 31, 2017 and 2016, Arauco Uruguay maintains the following forward contracts in force and effect for the purposes of ensuring an exchange rate for sale of dollars:
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REPORTABLE SEGMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure Of Reportable Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments [text block] | Below, please find summarized information concerning the assets, liabilities and profits and losses at the end of each period, by segments. The profit (loss) of each segment informed takes into consideration that taxes and income and financial costs have not been allocated to the various segments, and are shown as part of the Corporate’s segment:
Information required by geographic area:
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OTHER NON-FINANCIAL ASSETS AND NON-FINANCIAL LIABILITIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure Of Detailed Information About Other Non Financial Assets And Non Financial Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Other Non Financial Assets And Non Financial Liabilities [Text Block] |
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DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure Of Detailed Information About Basic And Diluted NetIncomeloss Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Adjustments On Profit Loss Attributable To Owners Of Parent [Text Block] | The following table details the adjustments made for the determination of distributable net profit as December 31, 2017, 2016 and 2015 in order to determine the provision of 40% of the distributable net profit for each year:
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Disclosure Of Detailed Information About Basic And Diluted NetIncomeloss Per Share [Text Block] | Basic and diluted earnings per share are calculated by dividing the profit or loss attributable to ordinary equity holders of parent by the weighted average number of ordinary shares outstanding. Arauco does not have any shares with potential dilutive effect.
|
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Details Textual) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Empresas Copec S.A [Member] | |
Percentage of ownership interests held by parent | 99.978% |
AntarChile S.A [Member] | Inversiones Angelini y Cia. Ltda [Member] | |
Percentage of ownership interests held | 63.4015% |
AntarChile S.A [Member] | Mr. Roberto Angelini Rossi [Member] | |
Percentage of ownership interests held | 5.77307% |
AntarChile S.A [Member] | Mrs. Patricia Angelini Rossi [Member] | |
Percentage of ownership interests held | 4.32981% |
DISCLOSURE OF OTHER INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Amount of Capital in Shares by Type of Ordinary Shares that Constitute Capital | $ 353,618 | $ 353,618 |
Ordinary shares [member] | ||
Description of Ordinary Capital Share Types | 100% of Capital corresponds to ordinary shares | 100% of Capital corresponds to ordinary shares |
Number of Authorized Shares by Type of Capital in Ordinary Shares | 113,159,655 | 113,159,655 |
Nominal Value of Shares by Type of Capital in Ordinary Shares | $ 3.121 | $ 3.121 |
Amount of Capital in Shares by Type of Ordinary Shares that Constitute Capital | $ 353,618 | $ 353,618 |
Number of Shares Issued and Fully Paid by Type of Capital in Ordinary Shares | 113,159,655 | 113,159,655 |
DISCLOSURE OF OTHER INFORMATION (Details 1) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Amount of Dividend | $ 60,494 | ||
Interim dividend [Member] | |||
Dividend Paid | Interim Dividend | Interim Dividend | Interim Dividend |
Type of Shares for which there is a Dividend Paid | Ordinary Shares | Ordinary Shares | Ordinary Shares |
Date of Dividend Paid | Dec. 20, 2017 | Dec. 14, 2016 | Dec. 16, 2015 |
Amount of Dividend | $ 60,494 | $ 29,572 | $ 43,580 |
Number of Shares for which Dividends are Paid | 113,159,655 | 113,159,655 | 113,159,655 |
Dividend per Share | $ 0.53459 | $ 0.26133 | $ 0.38512 |
Final dividend [Member] | |||
Dividend Paid | Final Dividend | Final Dividend | Final Dividend |
Type of Shares for which there is a Dividend Paid | Ordinary Shares | Ordinary Shares | Ordinary Shares |
Date of Dividend Paid | May 10, 2017 | May 11, 2016 | May 12, 2015 |
Amount of Dividend | $ 59,005 | $ 99,221 | $ 98,072 |
Number of Shares for which Dividends are Paid | 113,159,655 | 113,159,655 | 113,159,655 |
Dividend per Share | $ 0.52143 | $ 0.87683 | $ 0.86667 |
DISCLOSURE OF OTHER INFORMATION (Details 2) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Other Income, Total | $ 111,513 | $ 257,863 | $ 273,026 | |||||
Gain from changes in fair value of biological assets (See note 20) | 83,031 | 208,562 | 210,479 | |||||
Net income from insurance compensation | 1,305 | 3,222 | 1,522 | |||||
Revenue from export promotion | 3,542 | 2,350 | 2,692 | |||||
Lease income | 3,061 | 4,687 | 2,654 | |||||
Gain on sales of assets | 13,444 | 17,485 | 11,849 | |||||
Gain on business combination achieved in stages | 0 | 0 | 8,744 | |||||
Access easement | 565 | 3,756 | 8,160 | |||||
Recovery of tax credits | 0 | 2,033 | 8,081 | |||||
Other operating results | [1] | 6,565 | 15,768 | 18,845 | ||||
Total of Other Expenses by activity | (240,165) | (77,415) | (83,388) | |||||
Depreciation | (1,880) | (562) | (1,407) | |||||
Legal expenses | (3,882) | (5,087) | (5,082) | |||||
Impairment provision for property, plant and equipment and others | (33,240) | (14,979) | (12,321) | |||||
Operating expenses related to plants stoppage | (5,861) | (3,926) | (3,917) | |||||
Expenses related to projects | (2,139) | (1,620) | (532) | |||||
Loss of asset sales | (4,691) | (2,283) | (2,475) | |||||
Loss and repair of assets | (3,739) | (1,307) | (316) | |||||
Loss of forest due to fires | [2] | (138,139) | (15,193) | (34,850) | ||||
Other Taxes | (17,463) | (8,261) | (8,981) | |||||
Research and development expenses | (2,594) | (2,684) | (2,604) | |||||
Fines, readjustments and interests | (3,675) | (1,004) | (1,139) | |||||
Loss on disposal of associates | 0 | (10,369) | 0 | |||||
Others rentals no operational | (1,877) | 0 | 0 | |||||
Other expenses | (20,985) | (10,140) | (9,764) | |||||
Financing income, total | 19,640 | 29,701 | 50,284 | |||||
Financial income from mutual funds - term deposits | 11,023 | 11,439 | 15,128 | |||||
Financial income resulting from swap - forward instruments | 3,602 | 7,226 | 4,439 | |||||
Financial income resulting from loans with related companies | 0 | 0 | 17,629 | |||||
Other financial income | 5,015 | 11,036 | 13,088 | |||||
Financing costs, Total | (287,958) | (258,467) | (262,962) | |||||
Interest expense, Banks loans | (31,014) | (33,224) | (40,690) | |||||
Interest expense, Bonds | (223,602) | (183,203) | (189,526) | |||||
Interest expense, other financial instruments | (15,706) | (17,221) | (7,260) | |||||
Other financial costs | (17,636) | (24,819) | (25,486) | |||||
Total | 17,017 | 23,939 | 6,748 | |||||
Investments in associates | 4,855 | 16,348 | 5,573 | |||||
Joint ventures | $ 12,162 | $ 7,591 | $ 1,175 | |||||
|
DISCLOSURE OF OTHER INFORMATION (Details 3) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Maintenance costs | $ 3,739 | $ 1,307 | $ 316 |
Total | 3,574,532 | 3,498,905 | 3,511,425 |
Total | 523,300 | 496,473 | 528,470 |
Wages and salaries | 542,981 | 506,993 | 519,066 |
Depreciation and amortization | 421,551 | 409,387 | 400,145 |
Lease rentals (offices, other property and vehicles) | 1,877 | 0 | 0 |
Fees (legal and technical advisors) | 3,882 | 5,087 | 5,082 |
Maintenance and repair | 3,739 | 1,307 | 316 |
Total | 521,294 | 474,469 | 551,977 |
Cost Of Sales [Member] | |||
Timber | 725,114 | 736,399 | 641,821 |
Forestry labor costs | 631,276 | 600,320 | 636,100 |
Maintenance costs | 262,764 | 313,500 | 305,701 |
Chemical costs | 517,478 | 479,335 | 539,856 |
Sawmill Services | 109,776 | 117,340 | 128,801 |
Other Raw Materials | 188,874 | 221,950 | 226,342 |
Other Indirect costs | 178,447 | 143,074 | 138,900 |
Energy and fuel | 186,041 | 139,527 | 172,077 |
Cost of electricity | 42,008 | 39,960 | 41,674 |
Total | 3,574,532 | 3,498,905 | 3,511,425 |
Wages and salaries | 342,907 | 329,517 | 308,302 |
Depreciation and amortization | 389,847 | 377,983 | 371,851 |
Maintenance and repair | 262,764 | 313,500 | 305,701 |
Distribution cost [Member] | |||
Selling costs | 39,175 | 33,557 | 48,160 |
Commissions | 14,880 | 13,880 | 15,801 |
Provision for doubtful accounts | (245) | 910 | 3,137 |
Other selling costs | 20,920 | 15,551 | 24,621 |
Shipping and freight costs | 484,125 | 462,916 | 480,310 |
Port services | 30,996 | 28,028 | 26,216 |
Freights | 384,523 | 357,442 | 387,081 |
Other shipping and freight costs | 68,606 | 77,446 | 67,013 |
Total | 523,300 | 496,473 | 528,470 |
Insurance | 3,620 | 3,216 | 4,601 |
Administrative expenses [Member] | |||
Maintenance costs | 5,579 | 7,617 | 8,361 |
Wages and salaries | 218,720 | 198,042 | 227,407 |
Marketing, advertising, promotion and publications expenses | 10,046 | 9,937 | 10,422 |
Insurance | 17,122 | 21,526 | 28,216 |
Depreciation and amortization | 28,210 | 29,285 | 24,587 |
Computer services | 27,193 | 27,735 | 31,897 |
Lease rentals (offices, other property and vehicles) | 14,195 | 13,391 | 13,527 |
Donations, contributions, scholarships | 12,772 | 10,396 | 11,172 |
Fees (legal and technical advisors) | 43,107 | 43,809 | 49,556 |
Property taxes, city permits and rights | 17,281 | 15,962 | 19,196 |
Cleaning services, security services and transportation | 25,153 | 26,975 | 25,638 |
Third-party variable services (maneuvers, logistics) | 46,097 | 40,277 | 56,093 |
Basic services | 8,423 | 8,653 | 9,395 |
Maintenance and repair | 5,579 | 7,617 | 8,361 |
Seminars, courses, training materials | 2,526 | 3,560 | 5,156 |
Other administration expenses | 44,870 | 17,304 | 31,354 |
Total | $ 521,294 | $ 474,469 | $ 551,977 |
DISCLOSURE OF OTHER INFORMATION (Details Textuals) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Issued capital | $ 353,618,000 | $ 353,618,000 | |||
Dividend payables | 174,266,000 | 88,578,000 | |||
Dividends paid, classified as financing activities | 121,586,000 | 130,624,000 | $ 143,003,000 | ||
Dividends recognised as distributions to owners of parent | 119,499,000 | 128,793,000 | |||
Insurance compensation | [1] | $ 35,000 | |||
Interim dividend [Member] | |||||
Percentage of dividend distribution | 20.00% | ||||
Final dividend [Member] | |||||
Explanation of the information about the basis for dividend paid | The final dividend paid each year corresponds to the difference between the 40% of the prior year distributable net profit and the amount of the interim dividend paid. | ||||
Ordinary shares [member] | |||||
Issued capital | $ 353,618,000 | $ 353,618,000 | |||
Proportion of ordinary shares in entity share capital | 100.00% | ||||
|
INVENTORIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Raw materials | $ 103,049 | $ 61,252 |
Production supplies | 98,548 | 102,760 |
Work in progress | 56,194 | 59,332 |
Finished goods | 441,726 | 468,544 |
Spare Parts | 168,945 | 160,724 |
Total Inventories | $ 868,462 | $ 852,612 |
INVENTORIES (Details Textuals) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Cost of inventories recognised as expense during period | $ 3,511,871 | $ 3,423,439 | $ 3,416,235 |
Decrease (increase) in inventories of finished goods and work in progress | 1,264 | 8,397 | 6,909 |
Provision for inventory obsolescence | 28,684 | 27,420 | |
Inventory write-down | $ 1,427 | $ 1,332 | $ 4,215 |
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||
---|---|---|---|---|---|---|
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||||
Cash on hand | $ 148 | $ 3,156 | ||||
Bank checking account balances | 209,037 | 146,290 | ||||
Time deposits | 292,105 | 247,391 | ||||
Mutual funds | 73,170 | 195,416 | ||||
Other cash and cash equivalents | [1] | 15,426 | 0 | |||
Total | $ 589,886 | $ 592,253 | $ 500,025 | $ 971,152 | ||
|
CASH AND CASH EQUIVALENTS (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Short-term investments, classified as cash equivalents | $ 73,170 | $ 195,416 |
Mutual funds investment [Member] | AAAfm [Member] | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Short-term investments, classified as cash equivalents | 70,808 | 192,895 |
Mutual funds investment [Member] | AAfm [Member] | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Short-term investments, classified as cash equivalents | $ 2,362 | $ 2,521 |
INCOME TAXES AND DEFERRED TAXES (Details 1) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | $ 1,663,983 | $ 1,782,834 | |
Offsetting presentation | (178,618) | (151,769) | |
Net Effect | 1,485,365 | 1,631,065 | $ 1,619,012 |
Financial instruments [Member] | |||
Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | 12,684 | 7,186 | |
Biological assets [member] | |||
Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | 676,876 | 719,577 | |
Prepaid Expenses [Member] | |||
Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | 41,600 | 42,881 | |
Intangible revaluation difference [Member] | |||
Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | 22,014 | 27,222 | |
Other temporary differences [member] | |||
Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | 17,731 | 20,004 | |
Inventories [Member] | |||
Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | 32,580 | 31,072 | |
Property, Plant and Equipment [Member] | |||
Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | $ 860,498 | $ 934,892 |
INCOME TAXES AND DEFERRED TAXES (Details 4) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Income Tax [Line Items] | |||
Current income tax expense | $ (155,292) | $ (58,831) | $ (87,908) |
Tax benefit arising from unrecognized tax assets previously used to reduce current tax expense | 3,018 | 0 | 0 |
Prior period current income tax adjustments | (227) | (6,899) | 4,033 |
Other current benefit tax (expenses) | 1,865 | 3,360 | (3,295) |
Current Tax Expense, Net | (150,636) | (62,370) | (87,170) |
Deferred tax expense relating to origination and reversal of temporary differences | 174,358 | 5,225 | (41,565) |
Tax benefit arising from previously unrecognized tax loss carryforward | 7,270 | 11,498 | (959) |
Total deferred Tax benefit (expense), Net | 181,628 | 16,723 | (42,524) |
Income Tax benefit (expense), Total | $ (30,992) | $ 45,647 | $ 129,694 |
INCOME TAXES AND DEFERRED TAXES (Details 5) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Income Tax [Line Items] | |||
Total current income tax expense | $ (150,636) | $ (62,370) | $ (87,170) |
Total deferred tax benefit (expense) | 181,628 | 16,723 | (42,524) |
Total tax benefit (expense) | (30,992) | 45,647 | 129,694 |
Foreign countries [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Total current income tax expense | (28,071) | (27,931) | (33,129) |
Total deferred tax benefit (expense) | 94,228 | 7,794 | (17,240) |
Country of domicile [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Total current income tax expense | (122,565) | (34,439) | (54,041) |
Total deferred tax benefit (expense) | $ 87,400 | $ 8,929 | $ (25,284) |
PROPERTY, PLANT AND EQUIPMENT (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Amount committed for the acquisition of property, plant and equipment | $ 112,924 | $ 122,757 |
PROPERTY, PLANT AND EQUIPMENT (Details 3) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Depreciation expense | $ 1,880 | $ 562 | $ 1,407 |
Cost of sales [member] | |||
Depreciation expense | 381,725 | 371,170 | 365,401 |
Administrative expenses [member] | |||
Depreciation expense | 23,005 | 21,546 | 19,084 |
Other expenses [member] | |||
Depreciation expense | 3,494 | 2,119 | 3,707 |
Total [member] | |||
Depreciation expense | $ 408,224 | $ 394,835 | $ 388,192 |
LEASES (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Recognised finance lease as assets | $ 116,534 | $ 117,206 |
Property, Plant and Equipment under finance leases [member] | ||
Recognised finance lease as assets | $ 116,534 | $ 117,206 |
LEASES (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Minimum finance lease payments payable, at present value | $ 112,376 | $ 113,986 |
Less than one year [member] | ||
Minimum finance lease payments payable, at present value | 44,341 | 40,400 |
Between one and five years [member] | ||
Minimum finance lease payments payable, at present value | $ 68,035 | $ 73,586 |
LEASES (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Gross | $ 13,175 | $ 865 |
Interest | 69 | 0 |
Present Value | 13,106 | 865 |
Less than one year [member] | ||
Gross | 12,001 | 512 |
Interest | 69 | 0 |
Present Value | 11,932 | 512 |
Between one and five years [member] | ||
Gross | 1,174 | 353 |
Interest | 0 | 0 |
Present Value | 1,174 | 353 |
More than five years [member] | ||
Gross | 0 | 0 |
Interest | 0 | 0 |
Present Value | $ 0 | $ 0 |
REVENUE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Revenue from sales of goods | $ 5,133,339 | $ 4,649,581 | $ 5,018,138 |
Revenue from rendering of services | 105,002 | 111,804 | 128,602 |
Total | $ 5,238,341 | $ 4,761,385 | $ 5,146,740 |
EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Employee expenses | $ 563,117 | $ 532,957 | $ 537,629 |
Wages and salaries | 542,981 | 506,993 | 519,066 |
Severance indemnities | $ 20,136 | $ 25,964 | $ 18,563 |
EMPLOYEE BENEFITS (Details 1) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Discount rate | 5.11% | 4.52% | 4.91% | ||
Inflation | 2.77% | 2.79% | 2.95% | ||
Annual rate of wage growth | 5.22% | 5.22% | 5.22% | ||
Mortality rate | [1] | RV-2014 | RV-2009 | RV-2009 | |
|
EMPLOYEE BENEFITS (Details 2) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Wage growth rates [member] | |
Increase in 100 bps | $ 5,590 |
Decrease in 100 bps | (5,212) |
Discount rate [member] | |
Increase in 100 bps | (5,170) |
Decrease in 100 bps | $ 6,018 |
EMPLOYEE BENEFITS (Details 3) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Current | $ 5,730 | $ 5,244 | ||
Non-current | 66,033 | 60,084 | ||
Total | $ 71,763 | $ 65,328 | $ 71,763 | $ 65,328 |
Opening balance | 65,328 | 56,433 | ||
Current service cost | 5,583 | 5,334 | ||
Interest cost | 3,208 | 2,957 | ||
(Gains) losses from changes in actuarial assumptions | (3,711) | 2,083 | ||
Actuarial gains and losses arising from experience | 1,212 | 3,503 | ||
Benefits paid | (5,654) | (7,871) | ||
Increase (decrease) for foreign currency exchange rates changes | 5,792 | 2,889 | ||
Closing balance | $ 71,763 | $ 65,328 |
BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS. (Details 4) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Exchange differences recognized in profit or loss, except for those arising on financial instruments measured at fair value through profit or loss | $ 98 | $ (3,935) | $ (41,171) |
Reserve of exchange differences on translation (with Non-controlling interests) | 12,114 | 168,884 | (374,275) |
Non-controlling interests [member] | |||
Reserve of exchange differences on translation (with Non-controlling interests) | $ 11,873 | $ 173,754 | $ (385,109) |
BORROWING COSTS (Details) - Property, Plant and Equipment [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Property, plant and equipment capitalized interest cost rate | 4.91% | 5.11% |
Amount of the capitalized interest cost, property, plant and equipment | $ 5,603 | $ 2,177 |
RELATED PARTIES (Details 2) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Salaries and bonuses | $ 59,501 | $ 73,398 | $ 65,760 |
Per diem compensation to members of the Board of Directors | 2,566 | 1,783 | 1,097 |
Termination benefits | 4,936 | 6,174 | 2,250 |
Total | $ 67,003 | $ 81,355 | $ 69,107 |
RELATED PARTIES (Details 5) - Other Transactions [Member] - Novo Oeste Gestao de Ativo Florestais S.A [Member] - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||
Description of Identity Number | [1] | - | ||||
Description of nature of related party relationship | [1] | Subsidiary of the Associate | ||||
Country of incorporation | [1] | Brazil | ||||
Description of functional currency | [1] | Brazilian Real | ||||
Description of transactions with related party | [1] | Loans (Capital and interest) | ||||
Amounts payable, related party transactions | [1] | $ 0 | $ 0 | $ 41,091 | ||
|
CONSOLIDATED FINANCIAL STATEMENTS (Details) - Arauco Industria de Paineis Ltda. [Member] $ in Thousands |
Dec. 06, 2017
USD ($)
|
---|---|
Cash and cash equivalent | $ 4,345 |
Trade and other current receivables | 49,715 |
Inventories | 23,331 |
Property, plant and equipment | 68,321 |
Other assets | 27,012 |
Total assets | 172,724 |
Other financial liabilities, current and non-current | 43,218 |
Trade and other payables | 26,437 |
Other liabilities | 70,371 |
Total liabilities | $ 140,026 |
CONSOLIDATED FINANCIAL STATEMENTS (Details 1) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Revenue | $ 11,830 |
Net loss | $ (1,376) |
CONSOLIDATED FINANCIAL STATEMENTS (Details 2) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Disclosure Of Consolidated And Separate Financial Statements [Abstract] | |
Revenue | $ 5,395,859 |
Net profit | $ 261,776 |
CONSOLIDATED FINANCIAL STATEMENTS (Details Textual) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 28, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 06, 2017 |
Aug. 02, 2016 |
|
Capital commitments | $ 10,000 | |||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | 15,918 | $ 0 | $ 10,090 | |||
Arauco Nutrientes Naturales SPA [Member] | ||||||
Capital commitments | $ 5,000 | |||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | 3,000 | |||||
Arauco Industria de Paineis Ltda. [Member] | ||||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | $ 16,780 | $ 15,918 | ||||
Consideration transferred, acquisition-date fair value | $ 32,698 |
INVESTMENTS IN ASSOCIATES (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Puertos y logistica s.a. [Member] | ||
Name | Puertos y Logística S.A. | |
Country | Chile | |
Functional Currency | U.S. Dollar | |
Corporate purpose | Docking and warehousing operations for proprietary and third party use, cargo of all classes of goods, as well, as warehousing and transport operations. | |
Ownership interest (%) | 20.2767% | |
Carrying amount | $ 62,225 | $ 61,505 |
Inversiones puerto coronel s.a. [Member] | ||
Name | Inversiones Puerto Coronel S.A. | |
Country | Chile | |
Functional Currency | U.S. Dollar | |
Corporate purpose | Investments in movables and real estate, acquisition of companies, securities and investment instruments, investment management and development and/or participation in all kind of businesses and companies related to industrial, shipping, forestry and commercial activities. | |
Ownership interest (%) | 50.00% | |
Carrying amount | $ 47,619 | 43,559 |
Servicios corporativos sercor s.a. [Member] | ||
Name | Servicios Corporativos Sercor S.A. | |
Country | Chile | |
Functional Currency | Chilean Pesos | |
Corporate purpose | Consulting services related to business management to Boards of Directors and Senior Management of all Arauco’s entities. | |
Ownership interest (%) | 20.00% | |
Carrying amount | $ 191 | 190 |
Genomica forestal s.a. [Member] | ||
Name | Genómica Forestal S.A. | |
Country | Chile | |
Functional Currency | Chilean Pesos | |
Corporate purpose | Developing forestry genomics, through the use of biotechnological, molecular and bioinformatics tools with the purpose of strengthening genetic programs so as to improve the competitive position of the Chilean forestry industry for priority tree species. | |
Ownership interest (%) | 25.00% | |
Carrying amount | $ (4) | (1) |
Consorcio tecnologico bioenercel [Member] | ||
Name | Consorcio Tecnológico Bioenercel S.A. | |
Country | Chile | |
Functional Currency | Chilean Pesos | |
Corporate purpose | Developing of technologies which will promote the development of a biofuels industry in Chile, obtained from lingo-cellulosic materials. The future execution of this sustainable project is financed by the Innova Chile Committee. | |
Ownership interest (%) | 20.00% | |
Carrying amount | $ 6 | 31 |
Vale do corisco [Member] | ||
Name | Vale do Corisco S.A. | |
Country | Brazil | |
Functional Currency | Brazilian Real | |
Corporate purpose | Management of forestry activities. | |
Ownership interest (%) | 49.00% | |
Carrying amount | $ 48,921 | $ 160,490 |
INVESTMENTS IN ASSOCIATES (Details 2) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Opening balance | $ 446,548 | $ 264,812 | |||||
Changes | |||||||
Investment in joint ventures, Additions | 0 | 153,135 | |||||
Disposals, Investments in associates and joint ventures | 0 | (14,510) | |||||
Share of profit (loss) in investment in associates | 4,855 | 16,349 | |||||
Share of profit (loss) in investment in joint ventures | 12,162 | 7,590 | |||||
Dividends Received, Investments in Associates | (8,586) | (5,320) | |||||
Increase (Decrease) in foreign exchange currency on translation of Associates and Joint Ventures | 22,726 | 20,634 | |||||
Other increase (decrease) in investment and associates and joint ventures | [1] | (108,933) | 3,858 | ||||
Total changes | (77,776) | 181,736 | |||||
Ending balance | 368,772 | 446,548 | |||||
Carrying amount of associates accounted for using equity method | $ 158,772 | $ 265,775 | $ 241,140 | ||||
Carrying amount of joint ventures accounted for using equity method | 209,805 | 180,773 | 23,672 | ||||
Total investment accounted for using equity method | $ 368,772 | $ 446,548 | $ 368,772 | $ 446,548 | $ 264,812 | ||
|
INVESTMENTS IN ASSOCIATES (Details Textual) $ in Thousands |
1 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Cash flows from losing control of subsidiaries or other businesses, classified as investing activities | $ 4,141 |
Portion of gains (losses) recognised when control of subsidiary is lost, attributable to recognising investment retained in former subsidiary | $ 10,369 |
IMPAIRMENT OF ASSETS (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Principal classes of Assets affected by Impairment and Reversal of Losses | Machinery and Equipment | |
Principal Facts and Circumstances that lead to Recognizing Impairment and Reversal of losses | Technical Obsolescence and Claim | |
Information relevant to the sum of all impairment | $ 17,396 | $ 7,993 |
IMPAIRMENT OF ASSETS (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of impairment loss and reversal of impairment loss [abstract] | ||
Opening balance at January 1 | $ 74,893 | $ 69,475 |
Impairment | (4,640) | 0 |
Increase (decrease) in foreign currency exchange | (331) | 5,418 |
Closing balance at December 31, 2017 | $ 69,922 | $ 74,893 |
PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||
Provisions, Current | $ 2,728 | $ 842 |
Provisions, non-Current | 36,008 | 38,138 |
Total Provisions | 38,736 | 38,980 |
Litigations [Member] | ||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||
Provisions, Current | 616 | 427 |
Provisions, non-Current | 12,556 | 14,696 |
Other Provisions [member] | ||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||
Provisions, Current | 2,112 | 415 |
Provisions, non-Current | $ 23,452 | $ 23,442 |
PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES (Details 1) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | |||||||||||||||||||
Opening balance | $ 38,980 | $ 35,399 | $ 67,064 | ||||||||||||||||
Changes in provisions | |||||||||||||||||||
Increase in existing provisions | 1,330 | 5,364 | 3,984 | ||||||||||||||||
Increase through business combinations | 2,106 | ||||||||||||||||||
Used provisions | (1,578) | (1,037) | (2,990) | ||||||||||||||||
Increase (decrease) in foreign currency exchange | (1,493) | (609) | (5,163) | ||||||||||||||||
Other Increases (Decreases) | (609) | (137) | (27,496) | ||||||||||||||||
Total Changes | (244) | 3,581 | (31,665) | ||||||||||||||||
Closing balance | 38,736 | 38,980 | 35,399 | ||||||||||||||||
Litigations [Member] | |||||||||||||||||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | |||||||||||||||||||
Opening balance | 15,123 | [1],[2] | 11,400 | [1],[3] | 16,038 | [3] | |||||||||||||
Changes in provisions | |||||||||||||||||||
Increase in existing provisions | 1,314 | [2] | 5,363 | [1] | 2,555 | [3] | |||||||||||||
Increase through business combinations | [2] | 0 | |||||||||||||||||
Used provisions | (1,578) | [2] | (998) | [1] | (2,990) | [3] | |||||||||||||
Increase (decrease) in foreign currency exchange | (1,493) | [2] | (609) | [1] | (5,163) | [3] | |||||||||||||
Other Increases (Decreases) | (193) | [2] | (33) | [1] | 960 | [3] | |||||||||||||
Total Changes | (1,950) | [2] | 3,723 | [1] | (4,638) | [3] | |||||||||||||
Closing balance | 13,173 | [2] | 15,123 | [1],[2] | 11,400 | [1],[3] | |||||||||||||
Other Provisions [member] | |||||||||||||||||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | |||||||||||||||||||
Opening balance | 23,857 | [4],[5] | 23,999 | [4],[6] | 51,026 | [6] | |||||||||||||
Changes in provisions | |||||||||||||||||||
Increase in existing provisions | 16 | [5] | 1 | [4] | 1,429 | [6] | |||||||||||||
Increase through business combinations | [5] | 2,106 | |||||||||||||||||
Used provisions | 0 | [5] | (39) | [4] | 0 | [6] | |||||||||||||
Increase (decrease) in foreign currency exchange | 0 | [5] | 0 | [4] | 0 | [6] | |||||||||||||
Other Increases (Decreases) | (416) | [5] | (104) | [4] | (28,456) | [6] | |||||||||||||
Total Changes | 1,706 | [5] | (142) | [4] | (27,027) | [6] | |||||||||||||
Closing balance | $ 25,563 | [5] | $ 23,857 | [4],[5] | $ 23,999 | [4],[6] | |||||||||||||
|
INTANGIBLE ASSETS (Details 2) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Customer [Member] | |
Disclosure of Intangible Assets Explanatory [Line Items] | |
Years of Useful life (Average) | 15 years |
Brand names [member] | |
Disclosure of Intangible Assets Explanatory [Line Items] | |
Years of Useful life (Average) | 7 |
BIOLOGICAL ASSETS (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure Of Biological Assets [Abstract] | |||
Current | $ 307,796 | $ 306,117 | |
Non-current | 3,459,146 | 3,592,874 | |
Total | $ 3,766,942 | $ 3,898,991 | $ 3,826,597 |
BIOLOGICAL ASSETS (Details 3) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Biological Assets [Abstract] | |||
Opening Balance | $ 3,898,991 | $ 3,826,597 | |
Changes in Biological Assets | |||
Additions through acquisition and costs of new plantations | 182,322 | 137,439 | |
Increase due to non-cash capital distribution from Vale do Corisco S.A. (see Note 15) | 127,927 | ||
Sales | (5,289) | (1,351) | |
Harvest | (341,108) | (326,494) | |
Gain (losses) arising from changes in fair value less costs to sale | 83,031 | 208,562 | $ 210,479 |
Increases (decreases) in Foreign Currency Translation | (5,792) | 69,068 | |
Loss of forest due to fire | (173,139) | (15,193) | |
Other Increases (decreases) | (1) | 363 | |
Total Changes | (132,049) | 72,394 | (5,686) |
Closing Balance | $ 3,766,942 | $ 3,898,991 | $ 3,826,597 |
BIOLOGICAL ASSETS (Details Textual) $ in Thousands |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Jan. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Disclosure Of Biological Assets [Line Items] | |||
Output of agricultural produce | 20,700,000 | 18,700,000 | |
Gains (losses) on change in fair value less costs to sell of biological assets for current period | $ 83,031 | $ 208,562 | |
Description of biological assets where fair value information is unreliable | The appraisal of biological assets resulted in a greater cost of the lumber sold in comparison to the real incurred cost, which is presented included in the cost of sales which as of December 31, 2017 amounted to ThU.S.$213,234 (ThU.S.$204,971 as of December 31, 2016). | ||
Description of nature of activities of biological assets | 1.7 million hectares as of December 31, 2017 out of which 1 million hectares are used for forestry planting, 431 thousand hectares are native forest, 195 thousand hectares are used for other purposes and 99 thousand hectares not yet planted. | ||
Subsequent Event [Member] | |||
Disclosure Of Biological Assets [Line Items] | |||
Area of land effected by fire | 72,564 | ||
Loss due to fire | $ 210 | ||
Percentage of loss in plantations | 5.60% | ||
Brazil and uruguay [Member] | |||
Disclosure Of Biological Assets [Line Items] | |||
Rate used to discount cash flows | 8.00% | ||
Argentina [Member] | |||
Disclosure Of Biological Assets [Line Items] | |||
Rate used to discount cash flows | 12.00% | ||
Chile [Member] | |||
Disclosure Of Biological Assets [Line Items] | |||
Rate used to discount cash flows | 7.50% | 8.00% |
NON-CURRENT ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure Of Noncurrent Assets Held For Sale [Line Items] | |||
Property, plant and equipment | $ 7,034,299 | $ 6,919,495 | $ 6,896,396 |
Total Non-Current Assets | 11,224,237 | 11,283,821 | $ 10,983,979 |
Non-current assets held for sale [member] | |||
Disclosure Of Noncurrent Assets Held For Sale [Line Items] | |||
Land | 160 | 160 | |
Buildings | 1,122 | 1,122 | |
Property, plant and equipment | 2,225 | 1,777 | |
Total Non-Current Assets | $ 3,507 | $ 3,059 |
FINANCIAL INSTRUMENTS (Details 1) $ in Thousands, in Thousands |
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
CLF (
)
|
Dec. 31, 2016
USD ($)
|
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | $ 5,198,654 | $ 5,158,789 | ||||||||||||
Other financial assets [Member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | [1] | 58,425 | ||||||||||||
Financial liabilities, at fair value | [1] | 10,903 | ||||||||||||
Other financial assets [Member] | Level 1 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | 2,654 | |||||||||||||
Other financial assets [Member] | Level 2 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | 55,771 | |||||||||||||
Hedging liabilities [Member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | 5,256 | |||||||||||||
Financial liabilities, at fair value | 5,256 | 87,027 | ||||||||||||
Hedging liabilities [Member] | Level 2 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | 5,256 | |||||||||||||
Financial liabilities at amortised cost, category [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | [2] | 5,198,654 | ||||||||||||
Financial liabilities, at fair value | [2] | 5,158,789 | ||||||||||||
Financial liabilities at amortised cost, category [member] | Bonds issued in US dollars [Member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | 2,135,893 | |||||||||||||
Financial liabilities at amortised cost, category [member] | Bonds issued in US dollars [Member] | Level 1 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | 2,135,893 | |||||||||||||
Financial liabilities at amortised cost, category [member] | Bonds issued in UF [Member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | | [3] | 1,333,087 | ||||||||||||
Financial liabilities at amortised cost, category [member] | Bonds issued in UF [Member] | Level 1 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | | [3] | 1,333,087 | ||||||||||||
Financial liabilities at amortised cost, category [member] | Bank borrowings in other Currencies [Member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | 870,399 | |||||||||||||
Financial liabilities, at fair value | 23,358 | 926,070 | ||||||||||||
Financial liabilities at amortised cost, category [member] | Bank borrowings in other Currencies [Member] | Level 2 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | 23,358 | |||||||||||||
Financial liabilities at amortised cost, category [member] | Finance lease [Member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | 107,363 | |||||||||||||
Financial liabilities, at fair value | 107,363 | 108,980 | ||||||||||||
Financial liabilities at amortised cost, category [member] | Finance lease [Member] | Level 2 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | 107,363 | |||||||||||||
Financial liabilities at amortised cost, category [member] | Bank borrowings in US dollars [Member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | 870,399 | |||||||||||||
Financial liabilities at amortised cost, category [member] | Bank borrowings in US dollars [Member] | Level 2 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | 870,399 | |||||||||||||
Financial liabilities at fair value through profit or loss, category [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | 137 | |||||||||||||
Financial liabilities, at fair value | 137 | 336 | ||||||||||||
Financial liabilities at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial liabilities, at fair value | 137 | |||||||||||||
Financial assets at fair value through profit or loss, category [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | [4] | 74,849 | ||||||||||||
Financial liabilities, at fair value | [4] | 198,582 | ||||||||||||
Financial assets at fair value through profit or loss, category [member] | Derivatives [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | 1,679 | |||||||||||||
Financial liabilities, at fair value | 3,166 | |||||||||||||
Financial assets at fair value through profit or loss, category [member] | Derivatives [member] | Level 2 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | 1,679 | |||||||||||||
Financial assets at fair value through profit or loss, category [member] | Mutual funds investment [Member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | [5] | 73,170 | ||||||||||||
Financial liabilities, at fair value | [5] | $ 195,416 | ||||||||||||
Financial assets at fair value through profit or loss, category [member] | Mutual funds investment [Member] | Level 1 of fair value hierarchy [member] | ||||||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||||||
Financial assets, at fair value | $ 73,170 | |||||||||||||
|
FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | $ 500,344 | $ 697,452 | |
Other non-current financial liabilities | 3,778,567 | 3,870,914 | |
Other financial liabilities | 4,278,911 | 4,568,366 | |
Trade and other current payables | 728,554 | 541,722 | |
Trade and other non-current payables | 0 | 0 | |
Trade and other payables | 728,554 | 541,722 | |
Current financial liabilities | 1,228,898 | 1,239,174 | |
Non-current financial liabilities | 3,778,567 | 3,870,914 | |
Financial liabilities | 4,166,535 | 4,454,380 | $ 4,405,444 |
Not later than three months [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 148,778 | 196,001 | |
Trade and other current payables | 728,550 | 515,202 | |
Current financial liabilities | 877,328 | 711,203 | |
Later than three months and not later than one year [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 351,566 | 501,451 | |
Trade and other current payables | 4 | 26,520 | |
Current financial liabilities | 351,570 | 527,971 | |
Later than one year and not later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | 1,455,641 | 2,020,484 | |
Trade and other non-current payables | 0 | 0 | |
Non-current financial liabilities | 1,455,641 | 2,020,484 | |
Later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | 2,322,926 | 1,850,430 | |
Trade and other non-current payables | 0 | 0 | |
Non-current financial liabilities | 2,322,926 | 1,850,430 | |
Bonds obligations [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 62,994 | 460,976 | |
Other non-current financial liabilities | 3,239,691 | 2,991,682 | |
Other financial liabilities | 3,302,685 | 3,452,658 | |
Financial liabilities | 1,244,939 | 1,130,679 | |
Bonds obligations [Member] | Not later than three months [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 28,013 | 51,874 | |
Bonds obligations [Member] | Later than three months and not later than one year [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 34,981 | 409,102 | |
Bonds obligations [Member] | Later than one year and not later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | 1,054,926 | 1,233,603 | |
Bonds obligations [Member] | Later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | 2,184,765 | 1,758,079 | |
Bank Borrowings [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 392,872 | 195,623 | |
Other non-current financial liabilities | 465,585 | 718,735 | |
Other financial liabilities | 858,457 | 914,358 | |
Bank Borrowings [Member] | Not later than three months [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 110,700 | 134,140 | |
Bank Borrowings [Member] | Later than three months and not later than one year [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 282,172 | 61,483 | |
Bank Borrowings [Member] | Later than one year and not later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | 327,424 | 626,384 | |
Bank Borrowings [Member] | Later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | 138,161 | 92,351 | |
Trade and other payables [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other current payables | 717,346 | 537,891 | |
Trade and other non-current payables | 0 | 0 | |
Trade and other payables | 717,346 | 537,891 | |
Trade and other payables [Member] | Not later than three months [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other current payables | 717,342 | 511,371 | |
Trade and other payables [Member] | Later than three months and not later than one year [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other current payables | 4 | 26,520 | |
Trade and other payables [Member] | Later than one year and not later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other non-current payables | 0 | 0 | |
Trade and other payables [Member] | Later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other non-current payables | 0 | 0 | |
Accounts payable to related companies [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other current payables | 11,208 | 3,831 | |
Trade and other non-current payables | 0 | 0 | |
Trade and other payables | 11,208 | 3,831 | |
Accounts payable to related companies [Member] | Not later than three months [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other current payables | 11,208 | 3,831 | |
Accounts payable to related companies [Member] | Later than three months and not later than one year [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other current payables | 0 | 0 | |
Accounts payable to related companies [Member] | Later than one year and not later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other non-current payables | 0 | 0 | |
Accounts payable to related companies [Member] | Later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade and other non-current payables | 0 | 0 | |
Finance lease [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 44,341 | 40,400 | |
Other non-current financial liabilities | 68,035 | 73,586 | |
Other financial liabilities | 112,376 | 113,986 | |
Finance lease [Member] | Not later than three months [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 9,928 | 9,534 | |
Finance lease [Member] | Later than three months and not later than one year [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 34,413 | 30,866 | |
Finance lease [Member] | Later than one year and not later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | 68,035 | 73,586 | |
Finance lease [Member] | Later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | 0 | 0 | |
Swap and forward [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 137 | 453 | |
Other non-current financial liabilities | 5,256 | 86,911 | |
Other financial liabilities | 5,393 | 87,364 | |
Swap and forward [Member] | Not later than three months [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 137 | 453 | |
Swap and forward [Member] | Later than three months and not later than one year [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other current financial liabilities | 0 | 0 | |
Swap and forward [Member] | Later than one year and not later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | 5,256 | 86,911 | |
Swap and forward [Member] | Later than five years [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Other non-current financial liabilities | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Disclosure Of Financials Instruments [Line items] | |||||
Derivative financial assets | $ 1,679 | $ 3,166 | |||
Hedging instrument, assets | 55,771 | 8,658 | |||
Hedging instrument, liabilities | (5,256) | (87,027) | |||
Derivative financial liabilities | (137) | (336) | |||
Cross currency swap liability [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Hedging instrument, liabilities | (5,248) | (86,895) | |||
Cross currency swap [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Hedging instrument, assets | 52,734 | 6,629 | |||
Uruguay [Member] | Derivative contracts [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Hedging instrument, liabilities | [1] | (8) | (132) | ||
Derivative financial liabilities | [1] | 0 | (69) | ||
Uruguay [Member] | Derivatives [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Derivative financial assets | [1] | 1,672 | 3,159 | ||
Hedging instrument, assets | [1] | 3,037 | 2,029 | ||
Colombia [Member] | Forward Contract liability [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Derivative financial liabilities | (137) | (267) | |||
Colombia [Member] | Forward contract [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Derivative financial assets | $ 7 | $ 7 | |||
|
FINANCIAL INSTRUMENTS (Details 4) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
CLF (
)
|
Dec. 31, 2016
USD ($)
|
|
Disclosure Of Financials Instruments [Line items] | |||
Starting date of Hedging instrument | Oct. 30, 2014 | ||
Net derivative financial liabilities | $ 1,756,000 | $ 3,039,000 | |
Bonds S [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Starting date of Hedging instrument | Nov. 15, 2016 | ||
Maturity date of hedging instrument | Nov. 15, 2026 | ||
Bond F One [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Starting date of Hedging instrument | Oct. 30, 2011 | ||
Maturity date of hedging instrument | Oct. 30, 2021 | ||
Cross currency swap contract [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Name of the institution | Deutsche - U.K. | ||
Value of hedging instrument | $ 43,618,307 | 1,000,000 | |
Net derivative financial liabilities | $ 6,599,000 | 1,782,000 | |
Cross currency swap contract [Member] | Bonds S [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Name of the institution | Santander - Chile | ||
Net derivative financial liabilities | $ 12,035,000 | (3,165,000) | |
Cross currency swap contract [Member] | Bond F One [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Name of the institution | Deutsche - U.K. | ||
Value of hedging instrument | $ 43,618,307 | 1,000,000 | |
Net derivative financial liabilities | 213,000 | $ (4,703,000) | |
US dollars [Member] | Cross currency swap contract [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Value of hedging instrument | 37,977,065 | ||
US dollars [Member] | Cross currency swap contract [Member] | Bonds S [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Value of hedging instrument | $ 201,340,031 | ||
Unidad de Fomento [Member] | Cross currency swap contract [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Value of hedging instrument | | 1,000,000 | ||
Unidad de Fomento [Member] | Cross currency swap contract [Member] | Bonds S [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Value of hedging instrument | | 5,000,000 |
FINANCIAL INSTRUMENTS (Details 5) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure Of Financials Instruments [Line items] | ||
Starting date of Hedging instrument | Oct. 30, 2014 | |
Net derivative financial liabilities | $ 1,756 | $ 3,039 |
Colombia [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of the institution | BBVA Colombia | Institution |
Starting date of Hedging instrument | Oct. 30, 2017 | Oct. 28, 2016 |
Maturity date of hedging instrument | Jan. 10, 2018 | Jan. 11, 2017 |
Net derivative financial liabilities | $ (1) | $ 7 |
Value of hedging instrument | $ 6,000 | $ 5,000 |
Description of exchange rate translation | USDCOP | Exchange rate |
Colombia [Member] | Forward contract [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Net derivative financial liabilities | $ (130) | $ (260) |
FINANCIAL INSTRUMENTS (Details 6) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure Of Financials Instruments [Line items] | ||
Net derivative financial liabilities | $ 1,756 | $ 3,039 |
Uruguay [Member] | Forward contract One [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Description of exchange rate translation | UYUUSD | UYUUSD |
Name of the institution | Banco Santander Uy | Banco Santander Uy |
Nominal amount of hedging instrument | $ 24,000 | $ 16,600 |
Net derivative financial liabilities | $ 1,213 | $ 1,633 |
Uruguay [Member] | Forward contract Two [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Description of exchange rate translation | UYUUSD | UYUUSD |
Name of the institution | HSBC Uruguay | Citibank U.K. |
Nominal amount of hedging instrument | $ 9,000 | $ 3,200 |
Net derivative financial liabilities | $ 543 | $ 150 |
Uruguay [Member] | Forward contract Three [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Description of exchange rate translation | UYUUSD | |
Name of the institution | HSBC Uruguay | |
Nominal amount of hedging instrument | $ 10,750 | |
Net derivative financial liabilities | $ 1,256 |
FINANCIAL INSTRUMENTS (Details 7) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure Of Financials Instruments [Line items] | ||
Hedging instrument, liabilities | $ (5,256) | $ (87,027) |
Uruguay [Member] | Commodity contracts [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Hedging instrument, liabilities | $ 2,216 | $ 1,298 |
Uruguay [Member] | Commodity contracts [Member] | Fuel oil No.6 One [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of the institution | JPMorgan Chase Bank, N.A. | JPMorgan Chase Bank, N.A. |
Nominal Amounts Of Hedging Instrument | $ 4,760 | $ 5,508 |
Hedging instrument, liabilities | $ 1,372 | $ 1,059 |
Uruguay [Member] | Commodity contracts [Member] | Fuel oil No.6 Two [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of the institution | DNB Bank ASA | DNB Bank ASA |
Nominal Amounts Of Hedging Instrument | $ 4,002 | $ 2,661 |
Hedging instrument, liabilities | $ 732 | $ 156 |
Uruguay [Member] | Commodity contracts [Member] | Fuel oil No.6 Three [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of the institution | Citibank U.K. | Citibank U.K. |
Nominal Amounts Of Hedging Instrument | $ 761 | $ 378 |
Hedging instrument, liabilities | $ 112 | $ 83 |
FINANCIAL INSTRUMENTS (Details 8) - Interest rate swap contract [member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure Of Financials Instruments [Line items] | ||
Description of exchange rate translation | USD | USD |
Name of the institution | DNB Bank ASA | DNB Bank ASA |
Nominal Amounts Of Hedging Instrument | $ 50,638 | $ 59,077 |
Other financial assets | $ 729 | $ 650 |
FINANCIAL INSTRUMENTS (Details 9) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Trade receivables [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | $ 709,983 | |
Lease receivables [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 13,106 | |
Other receivables [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 107,363 | |
Cash and cash equivalents, Category [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 516,716 | $ 396,837 |
Cash and cash equivalents, Category [Member] | Time deposits [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 292,105 | 247,391 |
Cash and cash equivalents, Category [Member] | Cash [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 209,185 | 149,446 |
Cash and cash equivalents, Category [Member] | Agreements | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 15,426 | 0 |
Trade and other receivables, category [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 834,996 | 729,345 |
Trade and other receivables, category [Member] | Trade receivables [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 709,983 | 600,589 |
Trade and other receivables, category [Member] | Lease receivables [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 13,106 | 764 |
Trade and other receivables, category [Member] | Other receivables [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 107,363 | 114,530 |
Trade and other receivables, category [Member] | Accounts receivable due from related parties | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 4,544 | 13,462 |
Loans and Accounts Receivables [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | $ 1,351,712 | $ 1,126,182 |
FINANCIAL INSTRUMENTS (Details 10) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | $ 589,886 | $ 592,253 | $ 500,025 | $ 971,152 |
U.S Dollar [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | 501,352 | 524,426 | ||
Euro [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | 4,306 | 2,357 | ||
Other currencies [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | 3,685 | 3,327 | ||
Chilean Pesos [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | $ 23,191 | $ 10,401 |
FINANCIAL INSTRUMENTS (Details 11) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | $ 814,412 | $ 701,610 |
Accounts receivable from related parties, current | 3,488 | 12,505 |
Trade and other non-current receivables | 16,040 | 14,273 |
Accounts receivable from related parties, non-current | 1,056 | 957 |
U.S Dollar [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 550,674 | 489,056 |
Accounts receivable from related parties, current | 726 | 274 |
Trade and other non-current receivables | 4,247 | 6,895 |
Euro [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 20,498 | 26,544 |
Other currencies [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 17,702 | 16,620 |
Accounts receivable from related parties, current | 171 | 726 |
Trade and other non-current receivables | 0 | 527 |
Chilean Pesos [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 106,442 | 106,681 |
Accounts receivable from related parties, current | 2,192 | 10,548 |
Trade and other non-current receivables | 6,692 | 5,753 |
Unidad de Fomento [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 2,560 | 1,422 |
Accounts receivable from related parties, current | 399 | 957 |
Trade and other non-current receivables | 1,756 | 1,098 |
Accounts receivable from related parties, non-current | $ 1,056 | $ 957 |
FINANCIAL INSTRUMENTS (Details 12) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|---|
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | $ 4,166,535 | $ 4,454,380 | $ 4,405,444 | |||
Hedging liabilities [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 5,393 | 87,364 | $ 227,568 | |||
Financial liabilities at fair value through profit or loss (held for trading) [member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 137 | 336 | ||||
Financial Liabilities Measured at Amortized Cost [member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | $ 5,002,072 | $ 5,022,725 | [1] | |||
|
FINANCIAL INSTRUMENTS (Details 13) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure Of Financials Instruments [Line items] | ||
Current portion of non-current borrowings | $ 199,961 | $ 150,534 |
Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current portion of non-current borrowings | 92,693 | 88,028 |
Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current portion of non-current borrowings | $ 107,268 | $ 62,506 |
FINANCIAL INSTRUMENTS (Details 14) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | $ 4,166,535 | $ 4,454,380 | $ 4,405,444 |
Financial liabilities, at fair value | 5,198,654 | 5,158,789 | |
Bonds Issued [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 1,244,939 | 1,130,679 | |
U.S Dollar [Member] | Bonds Issued [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 2,057,747 | 2,321,980 | |
Financial liabilities, at fair value | 2,135,893 | 2,480,063 | |
U.S Dollar [Member] | Bank Borrowings [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 834,908 | 891,338 | |
Financial liabilities, at fair value | 870,399 | 926,070 | |
U.S Dollar [Member] | Trade and other payables [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 194,342 | 150,162 | |
Financial liabilities, at fair value | 194,342 | 150,162 | |
U.S Dollar [Member] | Related party payables | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 1,354 | 1,969 | |
Financial liabilities, at fair value | 1,354 | 1,968 | |
Unidad de Fomento [Member] | Bonds Issued [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 1,244,938 | 1,130,679 | |
Financial liabilities, at fair value | 1,333,087 | 1,078,934 | |
Unidad de Fomento [Member] | Trade and other payables [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 22,060 | 18,600 | |
Financial liabilities, at fair value | 22,060 | 18,600 | |
Other currencies [Member] | Bank Borrowings [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 23,549 | 23,020 | |
Financial liabilities, at fair value | 23,358 | 23,020 | |
Other currencies [Member] | Trade and other payables [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 158,567 | 70,736 | |
Financial liabilities, at fair value | 158,567 | 70,736 | |
Other currencies [Member] | Finance lease [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 96,913 | 98,316 | |
Financial liabilities, at fair value | 92,542 | 94,052 | |
Chilean Pesos [Member] | Trade and other payables [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 333,529 | 285,359 | |
Financial liabilities, at fair value | 333,529 | 285,359 | |
Chilean Pesos [Member] | Finance lease [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 15,463 | 15,670 | |
Financial liabilities, at fair value | 14,821 | 14,928 | |
Chilean Pesos [Member] | Related party payables | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 9,854 | 1,862 | |
Financial liabilities, at fair value | 9,854 | 1,863 | |
Euro [Member] | Trade and other payables [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 8,848 | 13,034 | |
Financial liabilities, at fair value | $ 8,848 | $ 13,034 |
FINANCIAL INSTRUMENTS (Details 15) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure Of Financials Instruments [Line items] | ||
Current financial liabilities at amortised cost | $ 1,228,761 | $ 1,238,722 |
Non-current financial liabilities at amortised cost | 3,773,311 | 3,784,003 |
Financial liabilities at amortised cost | 5,002,072 | 5,022,725 |
Other financial liabilities [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current financial liabilities at amortised cost | 500,207 | 697,000 |
Non-current financial liabilities at amortised cost | 3,773,311 | 3,784,003 |
Financial liabilities at amortised cost | 4,273,518 | 4,481,003 |
Trade and other payables [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current financial liabilities at amortised cost | 717,346 | 537,891 |
Non-current financial liabilities at amortised cost | 0 | 0 |
Financial liabilities at amortised cost | 717,346 | 537,891 |
Related party payable [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current financial liabilities at amortised cost | 11,208 | 3,831 |
Non-current financial liabilities at amortised cost | 0 | 0 |
Financial liabilities at amortised cost | $ 11,208 | $ 3,831 |
FINANCIAL INSTRUMENTS (Details 16) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Financials Instruments [Line items] | |||
Reserve of cash flow hedges | $ 1,096 | $ (55,396) | $ (53,022) |
Gains (losses) on cash flow hedges | 22,212 | 84,045 | 11,859 |
Recycle of cash flow hedges to profit or loss | 16,965 | 10,198 | 16,122 |
Income tax | (5,917) | (20,055) | (1,738) |
Recycle of income tax | 4,326 | 2,700 | 3,627 |
Reserve of cash flow hedges | $ 4,752 | $ 1,096 | $ (55,396) |
FINANCIAL INSTRUMENTS (Details 17) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | $ 4,166,535 | $ 4,454,380 | $ 4,405,444 |
Bonds Issued [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 1,244,939 | 1,130,679 | |
Syndicate loan [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | 199,597 | 298,967 | |
Syndicate Loan Banco Estado [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial liabilities | $ 130,953 | $ 0 |
FINANCIAL INSTRUMENTS (Details 18) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Local bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | - |
Foreign bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | Baa3 |
Standard Poor [Member] | Local bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | - |
Standard Poor [Member] | Foreign bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | BBB- |
Fitch [Member] | Local bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | AA- |
Fitch [Member] | Foreign bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | BBB |
Feller [Member] | Local bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | AA- |
Feller [Member] | Foreign bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | - |
FINANCIAL INSTRUMENTS (Details 19) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Disclosure Of Financials Instruments [Line items] | ||||
Equity | $ 7,116,893 | $ 6,999,283 | $ 6,646,445 | $ 6,814,736 |
Bank borrowings | 858,457 | 914,358 | ||
Financial leasing | 112,376 | 113,986 | ||
Bonds issued | 3,302,685 | 3,452,659 | ||
Capitalization | $ 11,390,411 | $ 11,480,286 |
FINANCIAL INSTRUMENTS (Details 20) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Trade receivables | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | $ 706,485 | $ 598,597 |
Trade receivables | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 715,217 | 609,102 |
Trade receivables | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 8,732 | 10,505 |
Financial lease receivables | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 11,932 | 411 |
Financial lease receivables | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 12,033 | 512 |
Financial lease receivables | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 101 | 101 |
Other debtors | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 95,995 | 102,602 |
Other debtors | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 101,663 | 108,640 |
Other debtors | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 5,668 | 6,038 |
Net subtotal | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 814,412 | 701,610 |
Net subtotal | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 828,913 | 718,254 |
Net subtotal | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 14,501 | 16,644 |
Trade receivables | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 3,498 | 1,992 |
Trade receivables | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 3,498 | 1,992 |
Trade receivables | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 0 | 0 |
Financial lease receivables | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 1,174 | 353 |
Financial lease receivables | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 1,174 | 353 |
Financial lease receivables | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 0 | 0 |
Other debtors | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 11,368 | 11,928 |
Other debtors | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 11,368 | 11,928 |
Other debtors | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 0 | 0 |
Net Subtotal | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 16,040 | 14,273 |
Net Subtotal | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 16,040 | 14,273 |
Net Subtotal | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS (Details 21) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 718,715 | $ 611,094 |
Percentage of trade receivables | 100.00% | 100.00% |
Below one month [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 39,459 | $ 31,106 |
Percentage of trade receivables | 5.50% | 5.10% |
Later than one month and not later than two months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 551 | $ 257 |
Percentage of trade receivables | 0.10% | 0.00% |
Later than two months and not later than three months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 955 | $ 881 |
Percentage of trade receivables | 0.10% | 0.10% |
Later than three months and not later than four months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 50 | $ 39 |
Percentage of trade receivables | 0.00% | 0.00% |
Later than four months and not later than five months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 34 | $ 18 |
Percentage of trade receivables | 0.00% | 0.00% |
Later than five months and not later than six months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 2,238 | $ 21 |
Percentage of trade receivables | 0.30% | 0.00% |
Later than six months and not later than seven months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 56 | $ 11 |
Percentage of trade receivables | 0.00% | 0.00% |
Later than seven months and not later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 97 | $ 64 |
Percentage of trade receivables | 0.00% | 0.00% |
Later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 12,312 | $ 14,319 |
Percentage of trade receivables | 1.70% | 2.30% |
Financial assets neither past due nor impaired [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 662,963 | $ 564,378 |
Percentage of trade receivables | 92.20% | 92.40% |
FINANCIAL INSTRUMENTS (Details 22) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Financials Instruments [Line items] | |||
Opening balance | $ (16,644) | $ (19,860) | $ (18,520) |
Impairment losses recognized on receivables | (139) | (3,950) | (3,072) |
Reversal of impairment losses | 2,282 | 7,166 | 1,732 |
Closing balance | $ (14,501) | $ (16,644) | $ (19,860) |
FINANCIAL INSTRUMENTS (Details 23) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 98,732 |
Proportion of guarantee | 100.00% |
Certificate of deposits [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 7,106 |
Proportion of guarantee | 7.30% |
Standby | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 6,942 |
Proportion of guarantee | 7.00% |
Promissory notes one [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 71,961 |
Proportion of guarantee | 72.90% |
Financial guarantee contracts [member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 3,094 |
Proportion of guarantee | 3.10% |
Mortgages [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 6,849 |
Proportion of guarantee | 6.90% |
Pledges [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 2,580 |
Proportion of guarantee | 2.60% |
Promissory notes two [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 200 |
Proportion of guarantee | 0.20% |
FINANCIAL INSTRUMENTS (Details 24) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Disclosure Of Financials Instruments [Line items] | |||||
Trade receivables | $ 718,715 | $ 611,094 | |||
Percentage of trade receivables | 100.00% | 100.00% | |||
Open account customers [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Trade receivables | $ 391,992 | ||||
Percentage of trade receivables | 100.00% | ||||
Secured receivables [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Trade receivables | [1] | $ 381,800 | |||
Percentage of trade receivables | [1] | 97.40% | |||
Unsecured receivables [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Trade receivables | $ 10,192 | ||||
Percentage of trade receivables | 2.60% | ||||
|
FINANCIAL INSTRUMENTS (Details 25) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure Of Financials Instruments [Line items] | ||
Short-term Debt | $ 392,872,000 | $ 195,623,000 |
Non-current portion of non-current borrowings | 465,585,000 | 718,735,000 |
Current finance lease liabilities | 44,341,000 | 40,400,000 |
Non-current finance lease liabilities | $ 68,035,000 | $ 73,586,000 |
Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Florestal Arapoti S.A. | Arauco Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 64,000 | $ 195,623,000 |
Non-current portion of non-current borrowings | $ 277,000 | $ 731,990,000 |
Borrowings, interest rate | 10.49% | 6.00% |
Borrowings, Nominal interest rate | 6.00% | |
Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current bonds issued and current portion of non-current bonds issued | $ 62,994,000 | $ 460,977,000 |
Non-current portion of non-current bonds issued | 4,616,331,000 | 3,690,266,000 |
Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current finance lease liabilities | 44,341,000 | 40,400,000 |
Non-current finance lease liabilities | $ 68,035,000 | $ 73,586,000 |
Bank Borrowings One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 199,597,000 | $ 36,000 |
Non-current portion of non-current borrowings | $ 0 | $ 302,242,000 |
Borrowings, interest rate | 1.70% | 1.63% |
Borrowings, Nominal interest rate | 0.70% | 1.63% |
Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira | Arauco Argentina S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 2,199,000 | $ 5,031,000 |
Non-current portion of non-current borrowings | $ 11,398,000 | $ 0 |
Borrowings, interest rate | 3.51% | 2.00% |
Borrowings, Nominal interest rate | 2.05% | 2.00% |
Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira | Arauco Argentina S.A. |
Description of functional currency | U.S. Dollar | Argentine Pesos |
Short-term Debt | $ 5,740,000 | $ 40,000 |
Non-current portion of non-current borrowings | $ 11,546,000 | $ 0 |
Borrowings, interest rate | 3.26% | 15.25% |
Borrowings, Nominal interest rate | 1.80% | 15.25% |
Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 14,007,000 | $ 2,205,000 |
Non-current portion of non-current borrowings | $ 0 | $ 13,719,000 |
Borrowings, interest rate | 3.13% | 2.05% |
Borrowings, Nominal interest rate | 1.75% | 2.05% |
Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 4,503,000 | $ 5,772,000 |
Non-current portion of non-current borrowings | $ 0 | $ 17,491,000 |
Borrowings, interest rate | 3.10% | 1.80% |
Borrowings, Nominal interest rate | 1.75% | 1.80% |
Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 2,509,000 | $ 16,176,000 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 3.17% | 3.23% |
Borrowings, Nominal interest rate | 3.17% | 2.00% |
Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Celulosa y Energia Punta Pereira | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 8,884,000 | $ 2,501,000 |
Non-current portion of non-current borrowings | $ 46,010,000 | $ 0 |
Borrowings, interest rate | 3.51% | 2.95% |
Borrowings, Nominal interest rate | 2.05% | 1.75% |
Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Celulosa y Energia Punta Pereira | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 23,201,000 | $ 2,501,000 |
Non-current portion of non-current borrowings | $ 46,673,000 | $ 0 |
Borrowings, interest rate | 3.26% | 1.60% |
Borrowings, Nominal interest rate | 1.80% | 1.60% |
Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Celulosa y Energia Punta Pereira | Celulosa y Energia Punta Pereira |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 46,390,000 | $ 8,911,000 |
Non-current portion of non-current borrowings | $ 218,382,000 | $ 55,378,000 |
Borrowings, interest rate | 3.20% | 3.30% |
Borrowings, Nominal interest rate | 3.20% | 2.05% |
Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Celulosa y Energia Punta Pereira | Celulosa y Energia Punta Pereira |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 45,000 | $ 23,341,000 |
Non-current portion of non-current borrowings | $ 0 | $ 70,705,000 |
Borrowings, interest rate | 0.00% | 3.05% |
Borrowings, Nominal interest rate | 1.80% | |
Bonds issued, undiscounted cash flows | $ 2 | |
Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Eufores S.A. | Celulosa y Energia Punta Pereira |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 37,310,000 | $ 46,248,000 |
Non-current portion of non-current borrowings | $ 0 | $ 249,710,000 |
Borrowings, interest rate | 3.08% | 3.20% |
Borrowings, Nominal interest rate | 1.75% | 3.20% |
Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Eufores S.A. | Celulosa y Energia Punta Pereira |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 6,000 | $ 89,000 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 3.43% | 2.00% |
Borrowings, Nominal interest rate | 2.00% | 2.00% |
Bank Borrowings Thirteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Eufores S.A. | Eufores S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 1,200,000 | $ 37,296,000 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 2.91% | 1.75% |
Borrowings, Nominal interest rate | 1.75% | 1.75% |
Bank Borrowings Fourteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Eufores S.A. | Eufores S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 12,517,000 | $ 5,000 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 3.08% | 2.00% |
Borrowings, Nominal interest rate | 1.75% | 2.00% |
Bank Borrowings Fifteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Eufores S.A. | Eufores S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 1,352,000 | $ 1,202,000 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 3.03% | 2.00% |
Borrowings, Nominal interest rate | 1.75% | 2.00% |
Bank Borrowings Sixteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Eufores S.A. | Eufores S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Short-term Debt | $ 25,243,000 | $ 15,138,000 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 3.06% | 2.00% |
Borrowings, Nominal interest rate | 1.75% | 2.00% |
Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Do Brasil S.A. | Eufores S.A. |
Description of functional currency | Brazilian Real | U.S. Dollar |
Short-term Debt | $ 90,000 | $ 1,351,000 |
Non-current portion of non-current borrowings | $ 135,000 | $ 0 |
Borrowings, interest rate | 9.50% | 2.00% |
Borrowings, Nominal interest rate | 9.50% | 2.00% |
Bank Borrowings Eighteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Do Brasil S.A. | Eufores S.A. |
Description of functional currency | Brazilian Real | U.S. Dollar |
Short-term Debt | $ 74,000 | $ 22,735,000 |
Non-current portion of non-current borrowings | $ 229,000 | $ 0 |
Borrowings, interest rate | 10.75% | 2.00% |
Borrowings, Nominal interest rate | 1.75% | 2.00% |
Bank Borrowings Nineteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Do Brasil S.A. | Arauco Do Brasil S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 10,000 | $ 25,000 |
Non-current portion of non-current borrowings | $ 27,000 | $ 0 |
Borrowings, interest rate | 11.00% | 2.50% |
Borrowings, Nominal interest rate | 2.00% | 2.50% |
Bank Borrowings Twenty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Florestal Arapoti S.A. | Arauco Do Brasil S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 1,000 | $ 3,034,000 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 2.50% | 9.50% |
Borrowings, Nominal interest rate | 2.50% | 9.50% |
Bank Borrowings Twenty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Florestal Arapoti S.A. | Arauco Do Brasil S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 50,000 | $ 38,000 |
Non-current portion of non-current borrowings | $ 4,000 | $ 0 |
Borrowings, interest rate | 3.50% | 5.50% |
Borrowings, Nominal interest rate | 3.50% | 5.50% |
Bank Borrowings Twenty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Florestal Arapoti S.A. | Arauco Do Brasil S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 44,000 | $ 48,000 |
Non-current portion of non-current borrowings | $ 36,000 | $ 264,000 |
Borrowings, interest rate | 6.00% | 9.34% |
Borrowings, Nominal interest rate | 6.00% | 9.34% |
Bank Borrowings Twenty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Florestal Arapoti S.A. | Arauco Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 16,000 | $ 8,000 |
Non-current portion of non-current borrowings | $ 728,000 | $ 1,000 |
Borrowings, interest rate | 5.00% | 2.50% |
Borrowings, Nominal interest rate | 5.00% | 2.50% |
Bank Borrowings Twenty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Florestal Arapoti S.A. | Arauco Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 87,000 | $ 51,000 |
Non-current portion of non-current borrowings | $ 22,000 | $ 55,000 |
Borrowings, interest rate | 6.00% | 3.50% |
Borrowings, Nominal interest rate | 6.00% | 3.50% |
Bank Borrowings Twenty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Florestal Arapoti S.A. | Arauco Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 27,000 | $ 44,000 |
Non-current portion of non-current borrowings | $ 65,000 | $ 81,000 |
Borrowings, interest rate | 10.00% | 6.00% |
Borrowings, Nominal interest rate | 10.00% | 6.00% |
Bank Borrowings Twenty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Florestal Arapoti S.A. | Arauco Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 1,888,000 | $ 400,000 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 9.50% | 8.75% |
Borrowings, Nominal interest rate | 9.50% | 8.75% |
Bank Borrowings Twenty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Florestal Arapoti S.A. | Arauco Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 16,000 | $ 17,000 |
Non-current portion of non-current borrowings | $ 24,000 | $ 738,000 |
Borrowings, interest rate | 9.00% | 5.00% |
Borrowings, Nominal interest rate | 9.00% | 5.00% |
Bank Borrowings Twenty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Forest Brasil S.A. | Arauco Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 89,000 | $ 29,000 |
Non-current portion of non-current borrowings | $ 125,000 | $ 92,000 |
Borrowings, interest rate | 9.00% | 10.00% |
Borrowings, Nominal interest rate | 9.00% | 10.00% |
Bank Borrowings Thirty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Forest Brasil S.A. | Arauco Florestal Arapoti S.A. |
Description of functional currency | U.S. Dollar | Brazilian Real |
Short-term Debt | $ 9,000 | $ 17,000 |
Non-current portion of non-current borrowings | $ 23,000 | $ 40,000 |
Borrowings, interest rate | 8.20% | 9.00% |
Borrowings, Nominal interest rate | 1.80% | 9.00% |
Bank Borrowings Thirty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Forest Brasil S.A. | Arauco Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 23,000 | $ 23,000 |
Non-current portion of non-current borrowings | $ 56,000 | $ 87,000 |
Borrowings, interest rate | 10.80% | 9.22% |
Borrowings, Nominal interest rate | 1.80% | 9.22% |
Bank Borrowings Thirty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Forest Brasil S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 1,000 | $ 77,000 |
Non-current portion of non-current borrowings | $ 0 | $ 100,000 |
Borrowings, interest rate | 2.50% | 5.91% |
Borrowings, Nominal interest rate | 2.50% | 5.91% |
Bank Borrowings Thirty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Forest Brasil S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | Brazilian Real | U.S. Dollar |
Short-term Debt | $ 811,000 | $ 5,000 |
Non-current portion of non-current borrowings | $ 1,047,000 | $ 32,000 |
Borrowings, interest rate | 8.10% | 7.94% |
Borrowings, Nominal interest rate | 2.00% | 7.94% |
Bank Borrowings Thirty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Forest Brasil S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | U.S. Dollar | Brazilian Real |
Short-term Debt | $ 34,000 | $ 12,000 |
Non-current portion of non-current borrowings | $ 78,000 | $ 80,000 |
Borrowings, interest rate | 7.70% | 11.30% |
Borrowings, Nominal interest rate | 2.00% | 11.30% |
Bank Borrowings Thirty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Forest Brasil S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 4,000 | $ 16,000 |
Non-current portion of non-current borrowings | $ 917,000 | $ 3,000 |
Borrowings, interest rate | 9.82% | 2.50% |
Borrowings, Nominal interest rate | 2.91% | 2.50% |
Bank Borrowings Thirty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Forest Brasil S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | U.S. Dollar | Brazilian Real |
Short-term Debt | $ 5,000 | $ 715,000 |
Non-current portion of non-current borrowings | $ 289,000 | $ 1,753,000 |
Borrowings, interest rate | 7.30% | 8.59% |
Borrowings, Nominal interest rate | 2.91% | 8.59% |
Bank Borrowings Thirty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Forest Brasil S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | Brazilian Real | U.S. Dollar |
Short-term Debt | $ 1,979,000 | $ 136,000 |
Non-current portion of non-current borrowings | $ 682,000 | $ 212,000 |
Borrowings, interest rate | 8.90% | 7.44% |
Borrowings, Nominal interest rate | 8.90% | 7.44% |
Bank Borrowings Thirty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Mahal Emprendimientos Pat. S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 777,000 | $ 4,000 |
Non-current portion of non-current borrowings | $ 5,279,000 | $ 920,000 |
Borrowings, interest rate | 9.91% | 9.82% |
Borrowings, Nominal interest rate | 2.91% | 9.82% |
Bank Borrowings Thirty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Mahal Emprendimientos Pat. S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | Brazilian Real | U.S. Dollar |
Short-term Debt | $ 468,000 | $ 4,000 |
Non-current portion of non-current borrowings | $ 3,168,000 | $ 288,000 |
Borrowings, interest rate | 10.91% | 7.05% |
Borrowings, Nominal interest rate | 3.91% | 7.05% |
Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Mahal Emprendimientos Pat. S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | U.S. Dollar | Brazilian Real |
Short-term Debt | $ 402,000 | $ 33,000 |
Non-current portion of non-current borrowings | $ 3,734,000 | $ 0 |
Borrowings, interest rate | 7.31% | 9.32% |
Borrowings, Nominal interest rate | 2.91% | 9.32% |
Bank Borrowings Fourty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Mahal Emprendimientos Pat. S.A. | Arauco Forest Brasil S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 523,000 | $ 103,000 |
Non-current portion of non-current borrowings | $ 3,520,000 | $ 83,000 |
Borrowings, interest rate | 12.11% | 6.00% |
Borrowings, Nominal interest rate | 5.11% | 6.00% |
Bank Borrowings Fourty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Mahal Emprendimientos Pat. S.A. | Mahal Emprendimientos Pat. S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 0 | $ 23,000 |
Non-current portion of non-current borrowings | $ 81,000 | $ 6,060,000 |
Borrowings, interest rate | 11.00% | 8.91% |
Borrowings, Nominal interest rate | 2.00% | 8.91% |
Bank Borrowings Fourty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Mahal Emprendimientos Pat. S.A. | Mahal Emprendimientos Pat. S.A. |
Description of functional currency | U.S. Dollar | Brazilian Real |
Short-term Debt | $ 0 | $ 16,000 |
Non-current portion of non-current borrowings | $ 38,000 | $ 3,635,000 |
Borrowings, interest rate | 8.40% | 9.91% |
Borrowings, Nominal interest rate | 2.00% | 9.91% |
Bank Borrowings Fourty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Novo Oeste Gestao de Ativos Florestais S.A. | Mahal Emprendimientos Pat. S.A. |
Description of functional currency | Brazilian Real | U.S. Dollar |
Short-term Debt | $ 1,000 | $ 60,000 |
Non-current portion of non-current borrowings | $ 84,000 | $ 4,073,000 |
Borrowings, interest rate | 11.00% | 7.05% |
Borrowings, Nominal interest rate | 2.00% | 7.05% |
Bank Borrowings Fourty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Novo Oeste Gestao de Ativos Florestais S.A. | Mahal Emprendimientos Pat. S.A. |
Description of functional currency | U.S. Dollar | Brazilian Real |
Short-term Debt | $ 1,000 | $ 19,000 |
Non-current portion of non-current borrowings | $ 39,000 | $ 4,038,000 |
Borrowings, interest rate | 8.40% | 11.11% |
Borrowings, Nominal interest rate | 2.00% | 11.11% |
Bank Borrowings Fourty Six [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Non-current portion of non-current borrowings | $ 157,058,000 | |
Borrowings, interest rate | 3.00% | |
Bank Borrowings Fourty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | |
Name of subsidiary | Flakeboard America Ltd | |
Description of functional currency | U.S. Dollar | |
Short-term Debt | $ 675,000 | |
Borrowings, Nominal interest rate | 1.65% | |
Bank Borrowings Twenty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Borrowings, Nominal interest rate | 10.49% | |
Bonds Issued One [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 4.24% | 4.24% |
Borrowings, Nominal interest rate | 4.21% | 4.21% |
Current bonds issued and current portion of non-current bonds issued | $ 1,528,000 | $ 1,931,000 |
Non-current portion of non-current bonds issued | $ 263,721,000 | $ 282,037,000 |
Bonds Issued Two [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 4.25% | 3.23% |
Borrowings, Nominal interest rate | 4.21% | 3.22% |
Current bonds issued and current portion of non-current bonds issued | $ 611,000 | $ 2,115,000 |
Non-current portion of non-current bonds issued | $ 106,308,000 | $ 215,718,000 |
Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 3.23% | 3.96% |
Borrowings, Nominal interest rate | 3.22% | 3.96% |
Current bonds issued and current portion of non-current bonds issued | $ 2,342,000 | $ 996,000 |
Non-current portion of non-current bonds issued | $ 231,943,000 | $ 273,747,000 |
Bonds Issued Four [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 3.96% | 2.96% |
Borrowings, Nominal interest rate | 3.96% | 2.98% |
Current bonds issued and current portion of non-current bonds issued | $ 1,103,000 | $ 10,425,000 |
Non-current portion of non-current bonds issued | $ 294,408,000 | $ 73,589,000 |
Bonds Issued Five [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 2.96% | 3.57% |
Borrowings, Nominal interest rate | 2.98% | 3.57% |
Current bonds issued and current portion of non-current bonds issued | $ 22,364,000 | $ 1,755,000 |
Non-current portion of non-current bonds issued | $ 57,395,000 | $ 318,660,000 |
Bonds Issued Six [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 3.57% | 2.44% |
Borrowings, Nominal interest rate | 3.57% | 2.89% |
Current bonds issued and current portion of non-current bonds issued | $ 1,944,000 | $ 600,000 |
Non-current portion of non-current bonds issued | $ 345,336,000 | $ 229,565,000 |
Bonds Issued Seven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | - |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Arauco Argentina S.A. |
Description of functional currency | U.F. | U.S. Dollar |
Borrowings, interest rate | 2.44% | 6.39% |
Borrowings, Nominal interest rate | 2.89% | 6.38% |
Current bonds issued and current portion of non-current bonds issued | $ 650,000 | $ 270,787,000 |
Non-current portion of non-current bonds issued | $ 251,028,000 | $ 0 |
Bonds Issued Eight [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Borrowings, interest rate | 7.26% | 7.26% |
Borrowings, Nominal interest rate | 7.25% | 7.25% |
Current bonds issued and current portion of non-current bonds issued | $ 6,168,000 | $ 15,205,000 |
Non-current portion of non-current bonds issued | $ 217,034,000 | $ 570,504,000 |
Bonds Issued Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Borrowings, interest rate | 5.02% | 7.50% |
Borrowings, Nominal interest rate | 5.00% | 7.50% |
Current bonds issued and current portion of non-current bonds issued | $ 4,422,000 | $ 127,683,000 |
Non-current portion of non-current bonds issued | $ 224,164,000 | $ 0 |
Bonds Issued Ten [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Borrowings, interest rate | 4.77% | 5.02% |
Borrowings, Nominal interest rate | 4.75% | 5.00% |
Current bonds issued and current portion of non-current bonds issued | $ 5,705,000 | $ 8,889,000 |
Non-current portion of non-current bonds issued | $ 295,531,000 | $ 466,926,000 |
Bonds Issued Eleven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Borrowings, interest rate | 4.52% | 4.77% |
Borrowings, Nominal interest rate | 4.50% | 4.75% |
Current bonds issued and current portion of non-current bonds issued | $ 9,375,000 | $ 11,215,000 |
Non-current portion of non-current bonds issued | $ 638,324,000 | $ 599,895,000 |
Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | 93.458.000-1 |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | Celulosa Arauco y Constitución S.A. |
Description of functional currency | U.S. Dollar | U.S. Dollar |
Borrowings, interest rate | 3.90% | 4.52% |
Borrowings, Nominal interest rate | 3.88% | 4.50% |
Current bonds issued and current portion of non-current bonds issued | $ 3,175,000 | $ 9,376,000 |
Non-current portion of non-current bonds issued | $ 659,979,000 | $ 659,625,000 |
Finance lease One [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | 85.805.200-9 |
Name of subsidiary | Forestal Arauco S.A. | Forestal Arauco S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 0.00% | 0.00% |
Borrowings, Nominal interest rate | 0.00% | 0.00% |
Current finance lease liabilities | $ 1,194,000 | $ 1,853,000 |
Non-current finance lease liabilities | $ 1,966,000 | $ 2,380,000 |
Finance lease Two [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | 85.805.200-9 |
Name of subsidiary | Forestal Arauco S.A. | Forestal Arauco S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 0.00% | 0.00% |
Borrowings, Nominal interest rate | 0.00% | 0.00% |
Current finance lease liabilities | $ 5,335,000 | $ 6,541,000 |
Non-current finance lease liabilities | $ 9,554,000 | $ 11,990,000 |
Finance lease Three [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | 85.805.200-9 |
Name of subsidiary | Forestal Arauco S.A. | Forestal Arauco S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 0.00% | 0.00% |
Borrowings, Nominal interest rate | 0.00% | 0.00% |
Current finance lease liabilities | $ 2,931,000 | $ 2,653,000 |
Non-current finance lease liabilities | $ 5,096,000 | $ 7,127,000 |
Finance lease Four [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | 85.805.200-9 |
Name of subsidiary | Forestal Arauco S.A. | Forestal Arauco S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 0.00% | 0.00% |
Borrowings, Nominal interest rate | 0.00% | 0.00% |
Current finance lease liabilities | $ 17,341,000 | $ 14,155,000 |
Non-current finance lease liabilities | $ 20,266,000 | $ 25,767,000 |
Finance lease Five [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | 85.805.200-9 |
Name of subsidiary | Forestal Arauco S.A. | Forestal Arauco S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 0.00% | 0.00% |
Borrowings, Nominal interest rate | 0.00% | 0.00% |
Current finance lease liabilities | $ 4,572,000 | $ 6,703,000 |
Non-current finance lease liabilities | $ 894,000 | $ 4,846,000 |
Finance lease Six [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | 85.805.200-9 |
Name of subsidiary | Forestal Arauco S.A. | Forestal Arauco S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 0.00% | 0.00% |
Borrowings, Nominal interest rate | 0.00% | 0.00% |
Current finance lease liabilities | $ 7,344,000 | $ 3,976,000 |
Non-current finance lease liabilities | $ 20,420,000 | $ 10,325,000 |
Finance lease Seven [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | 85.805.200-9 |
Name of subsidiary | Forestal Arauco S.A. | Forestal Arauco S.A. |
Description of functional currency | Chilean Pesos | Chilean Pesos |
Borrowings, interest rate | 0.00% | 0.00% |
Borrowings, Nominal interest rate | 0.00% | 0.00% |
Current finance lease liabilities | $ 67,000 | $ 184,000 |
Non-current finance lease liabilities | $ 0 | $ 61,000 |
Finance lease Eight [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | 85.805.200-9 |
Name of subsidiary | Forestal Arauco S.A. | Forestal Arauco S.A. |
Description of functional currency | Chilean Pesos | Chilean Pesos |
Borrowings, interest rate | 0.00% | 0.00% |
Borrowings, Nominal interest rate | 0.00% | 0.00% |
Current finance lease liabilities | $ 2,154,000 | $ 1,756,000 |
Non-current finance lease liabilities | $ 2,276,000 | $ 3,347,000 |
Finance lease Nine [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | 85.805.200-9 |
Name of subsidiary | Forestal Arauco S.A. | Forestal Arauco S.A. |
Description of functional currency | Chilean Pesos | Chilean Pesos |
Borrowings, interest rate | 0.00% | 0.00% |
Borrowings, Nominal interest rate | 0.00% | 0.00% |
Current finance lease liabilities | $ 3,068,000 | $ 2,579,000 |
Non-current finance lease liabilities | $ 6,422,000 | 7,743,000 |
Bonds Issued Thirteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | |
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Description of functional currency | U.S. Dollar | |
Borrowings, interest rate | 5.50% | |
Borrowings, Nominal interest rate | 5.50% | |
Current bonds issued and current portion of non-current bonds issued | $ 3,607,000 | |
Non-current portion of non-current bonds issued | $ 1,031,160,000 | |
Finance Lease Ten [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 85.805.200-9 | |
Name of subsidiary | Forestal Arauco S.A. | |
Description of functional currency | Chilean Pesos | |
Borrowings, interest rate | 0.00% | |
Borrowings, Nominal interest rate | 0.00% | |
Current finance lease liabilities | $ 335,000 | |
Non-current finance lease liabilities | 1,141,000 | |
Not later than three months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Short-term Debt | 110,700,000 | 134,140,000 |
Current finance lease liabilities | 9,928,000 | 9,534,000 |
Not later than three months [member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 12,000 | 134,140,000 |
Bonds issued, undiscounted cash flows | 22,000 | |
Not later than three months [member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 28,012 | 51,875,000 |
Not later than three months [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 9,928,000 | 9,534,000 |
Not later than three months [member] | Bank Borrowings One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 25,000 | 0 |
Not later than three months [member] | Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,167,000 | 5,031,000 |
Not later than three months [member] | Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,953,000 | 11,000 |
Not later than three months [member] | Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 14,007,000 | 1,178,000 |
Not later than three months [member] | Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 2,990,000 |
Not later than three months [member] | Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 3,000 | 16,176,000 |
Not later than three months [member] | Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 4,723,000 | 0 |
Not later than three months [member] | Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 11,946,000 | 2,501,000 |
Not later than three months [member] | Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 25,176,000 | 4,768,000 |
Not later than three months [member] | Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 12,104,000 |
Not later than three months [member] | Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 24,746,000 | 25,474,000 |
Not later than three months [member] | Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 6,000 | 89,000 |
Not later than three months [member] | Bank Borrowings Thirteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,200,000 | 24,733,000 |
Not later than three months [member] | Bank Borrowings Fourteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 4,000 | 5,000 |
Not later than three months [member] | Bank Borrowings Fifteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,352,000 | 1,202,000 |
Not later than three months [member] | Bank Borrowings Sixteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 20,230,000 | 10,135,000 |
Not later than three months [member] | Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 23,000 | 1,351,000 |
Not later than three months [member] | Bank Borrowings Eighteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 18,000 | 22,735,000 |
Not later than three months [member] | Bank Borrowings Nineteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 3,000 | 7,000 |
Not later than three months [member] | Bank Borrowings Twenty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,000 | 2,713,000 |
Not later than three months [member] | Bank Borrowings Twenty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 13,000 | 13,000 |
Not later than three months [member] | Bank Borrowings Twenty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 11,000 | 2,000 |
Not later than three months [member] | Bank Borrowings Twenty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 16,000 | 2,000 |
Not later than three months [member] | Bank Borrowings Twenty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 22,000 | 13,000 |
Not later than three months [member] | Bank Borrowings Twenty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 7,000 | 11,000 |
Not later than three months [member] | Bank Borrowings Twenty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 981,000 | 400,000 |
Not later than three months [member] | Bank Borrowings Twenty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 17,000 |
Not later than three months [member] | Bank Borrowings Twenty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 20,000 | 8,000 |
Not later than three months [member] | Bank Borrowings Thirty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,000 | 1,000 |
Not later than three months [member] | Bank Borrowings Thirty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 6,000 | 5,000 |
Not later than three months [member] | Bank Borrowings Thirty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,000 | 20,000 |
Not later than three months [member] | Bank Borrowings Thirty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 192,000 | 0 |
Not later than three months [member] | Bank Borrowings Thirty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 34,000 | 0 |
Not later than three months [member] | Bank Borrowings Thirty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 4,000 | 4,000 |
Not later than three months [member] | Bank Borrowings Thirty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 5,000 | 195,000 |
Not later than three months [member] | Bank Borrowings Thirty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 995,000 | 35,000 |
Not later than three months [member] | Bank Borrowings Thirty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 23,000 | 4,000 |
Not later than three months [member] | Bank Borrowings Thirty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 16,000 | 4,000 |
Not later than three months [member] | Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 63,000 | 1,000 |
Not later than three months [member] | Bank Borrowings Fourty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 19,000 | 62,000 |
Not later than three months [member] | Bank Borrowings Fourty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 23,000 |
Not later than three months [member] | Bank Borrowings Fourty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 16,000 |
Not later than three months [member] | Bank Borrowings Fourty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 60,000 |
Not later than three months [member] | Bank Borrowings Fourty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 19,000 |
Not later than three months [member] | Bank Borrowings Fourty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 675,000 | |
Not later than three months [member] | Bonds Issued One [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Not later than three months [member] | Bonds Issued Two [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 2,115,000 |
Not later than three months [member] | Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 2,342 | 0 |
Not later than three months [member] | Bonds Issued Four [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 586,000 |
Not later than three months [member] | Bonds Issued Five [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 1,755,000 |
Not later than three months [member] | Bonds Issued Six [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Not later than three months [member] | Bonds Issued Seven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Not later than three months [member] | Bonds Issued Eight [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 6,168 | 15,205,000 |
Not later than three months [member] | Bonds Issued Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 4,422 | 2,734,000 |
Not later than three months [member] | Bonds Issued Ten [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 5,705 | 8,889,000 |
Not later than three months [member] | Bonds Issued Eleven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 9,375 | 11,215,000 |
Not later than three months [member] | Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 9,376,000 |
Not later than three months [member] | Finance lease One [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 168,000 | 237,000 |
Not later than three months [member] | Finance lease Two [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,563,000 | 1,571,000 |
Not later than three months [member] | Finance lease Three [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 749,000 | 645,000 |
Not later than three months [member] | Finance lease Four [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 3,346,000 | 3,294,000 |
Not later than three months [member] | Finance lease Five [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,151,000 | 1,673,000 |
Not later than three months [member] | Finance lease Six [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,443,000 | 982,000 |
Not later than three months [member] | Finance lease Seven [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 50,000 | 46,000 |
Not later than three months [member] | Finance lease Eight [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 607,000 | 439,000 |
Not later than three months [member] | Finance lease Nine [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 767,000 | 647,000 |
Not later than three months [member] | Bonds Issued Thirteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | |
Not later than three months [member] | Finance Lease Ten [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 84,000 | |
Later than three months and not later than one year [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Short-term Debt | 282,172,000 | 61,483,000 |
Current finance lease liabilities | 34,413,000 | 30,866,000 |
Later than three months and not later than one year [member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 52,000 | 61,483,000 |
Bonds issued, undiscounted cash flows | 66,000 | |
Later than three months and not later than one year [member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 34,982 | 409,102,000 |
Later than three months and not later than one year [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 34,413,000 | 30,866,000 |
Later than three months and not later than one year [member] | Bank Borrowings One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 199,572,000 | 36,000 |
Later than three months and not later than one year [member] | Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,032,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,787,000 | 29,000 |
Later than three months and not later than one year [member] | Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 1,027,000 |
Later than three months and not later than one year [member] | Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 4,503,000 | 2,782,000 |
Later than three months and not later than one year [member] | Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,506,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 4,161,000 | 2,501,000 |
Later than three months and not later than one year [member] | Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 11,255,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 21,214,000 | 4,143,000 |
Later than three months and not later than one year [member] | Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 45,000 | 11,237,000 |
Later than three months and not later than one year [member] | Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 12,564,000 | 20,774,000 |
Later than three months and not later than one year [member] | Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Thirteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 12,563,000 |
Later than three months and not later than one year [member] | Bank Borrowings Fourteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 12,513,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Fifteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Sixteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 5,013,000 | 5,003,000 |
Later than three months and not later than one year [member] | Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 67,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Eighteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 56,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Nineteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 7,000 | 18,000 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 321,000 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 37,000 | 25,000 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 33,000 | 46,000 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 6,000 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 65,000 | 38,000 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 20,000 | 33,000 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 907,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 16,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 69,000 | 21,000 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 7,000 | 16,000 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 17,000 | 18,000 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 57,000 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 619,000 | 5,000 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 12,000 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 12,000 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 520,000 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 984,000 | 101,000 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 754,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Thirty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 452,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 339,000 | 32,000 |
Later than three months and not later than one year [member] | Bank Borrowings Fourty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 504,000 | 41,000 |
Later than three months and not later than one year [member] | Bank Borrowings Fourty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Fourty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Fourty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Fourty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,000 | 0 |
Later than three months and not later than one year [member] | Bank Borrowings Fourty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | |
Later than three months and not later than one year [member] | Bonds Issued One [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 1,528 | 1,931,000 |
Later than three months and not later than one year [member] | Bonds Issued Two [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 611 | 0 |
Later than three months and not later than one year [member] | Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 996,000 |
Later than three months and not later than one year [member] | Bonds Issued Four [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 1,103 | 9,839,000 |
Later than three months and not later than one year [member] | Bonds Issued Five [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,364 | 0 |
Later than three months and not later than one year [member] | Bonds Issued Six [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 1,944 | 600,000 |
Later than three months and not later than one year [member] | Bonds Issued Seven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 650 | 270,787,000 |
Later than three months and not later than one year [member] | Bonds Issued Eight [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than three months and not later than one year [member] | Bonds Issued Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 124,949,000 |
Later than three months and not later than one year [member] | Bonds Issued Ten [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than three months and not later than one year [member] | Bonds Issued Eleven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than three months and not later than one year [member] | Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 3,175 | 0 |
Later than three months and not later than one year [member] | Finance lease One [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,026,000 | 1,616,000 |
Later than three months and not later than one year [member] | Finance lease Two [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 3,772,000 | 4,970,000 |
Later than three months and not later than one year [member] | Finance lease Three [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 2,182,000 | 2,008,000 |
Later than three months and not later than one year [member] | Finance lease Four [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 13,995,000 | 10,861,000 |
Later than three months and not later than one year [member] | Finance lease Five [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 3,421,000 | 5,030,000 |
Later than three months and not later than one year [member] | Finance lease Six [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 5,901,000 | 2,994,000 |
Later than three months and not later than one year [member] | Finance lease Seven [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 17,000 | 138,000 |
Later than three months and not later than one year [member] | Finance lease Eight [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,547,000 | 1,317,000 |
Later than three months and not later than one year [member] | Finance lease Nine [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 2,301,000 | 1,932,000 |
Later than three months and not later than one year [member] | Bonds Issued Thirteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 3,607 | |
Later than three months and not later than one year [member] | Finance Lease Ten [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 251,000 | |
Later than one year and not later than two years [member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 85,000 | 392,139,000 |
Bonds issued, undiscounted cash flows | 88,000 | |
Later than one year and not later than two years [member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 394,629 | 161,700,000 |
Later than one year and not later than two years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 25,010,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 302,242,000 |
Later than one year and not later than two years [member] | Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,434,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 5,870,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 2,450,000 |
Later than one year and not later than two years [member] | Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 5,997,000 |
Later than one year and not later than two years [member] | Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 9,828,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 23,735,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 50,198,000 | 9,895,000 |
Later than one year and not later than two years [member] | Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 24,249,000 |
Later than one year and not later than two years [member] | Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 43,915,000 |
Later than one year and not later than two years [member] | Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Thirteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Fourteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Fifteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Sixteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 89,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Eighteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 74,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Nineteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 10,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 4,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 36,000 | 100,000 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 1,000 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 22,000 | 51,000 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 27,000 | 44,000 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 16,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 53,000 | 27,000 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 9,000 | 16,000 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 23,000 | 30,000 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 77,000 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 403,000 | 9,000 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 78,000 | 23,000 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 1,000 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 694,000 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 107,000 | 134,000 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 3,017,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Thirty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,810,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,037,000 | 0 |
Later than one year and not later than two years [member] | Bank Borrowings Fourty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,011,000 | 41,000 |
Later than one year and not later than two years [member] | Bank Borrowings Fourty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 27,000 | 758,000 |
Later than one year and not later than two years [member] | Bank Borrowings Fourty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 13,000 | 454,000 |
Later than one year and not later than two years [member] | Bank Borrowings Fourty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 26,000 | 339,000 |
Later than one year and not later than two years [member] | Bank Borrowings Fourty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 12,000 | 504,000 |
Later than one year and not later than two years [member] | Bank Borrowings Fourty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 5,060,000 | |
Later than one year and not later than two years [member] | Bonds Issued One [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 28,132 | 11,587,000 |
Later than one year and not later than two years [member] | Bonds Issued Two [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 11,340 | 6,344,000 |
Later than one year and not later than two years [member] | Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 7,027 | 7,794,000 |
Later than one year and not later than two years [member] | Bonds Issued Four [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 8,633 | 21,758,000 |
Later than one year and not later than two years [member] | Bonds Issued Five [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 23,445 | 7,022,000 |
Later than one year and not later than two years [member] | Bonds Issued Six [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 7,777 | 4,695,000 |
Later than one year and not later than two years [member] | Bonds Issued Seven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 5,200 | 0 |
Later than one year and not later than two years [member] | Bonds Issued Eight [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 217,034 | 36,250,000 |
Later than one year and not later than two years [member] | Bonds Issued Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 10,013 | 0 |
Later than one year and not later than two years [member] | Bonds Issued Ten [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 12,153 | 20,000,000 |
Later than one year and not later than two years [member] | Bonds Issued Eleven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,500 | 23,750,000 |
Later than one year and not later than two years [member] | Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 19,375 | 22,500,000 |
Later than one year and not later than two years [member] | Finance lease One [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 983,000 | 0 |
Later than one year and not later than two years [member] | Finance lease Two [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 4,139,000 | 0 |
Later than one year and not later than two years [member] | Finance lease Three [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 2,318,000 | 0 |
Later than one year and not later than two years [member] | Finance lease Four [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 7,886,000 | 0 |
Later than one year and not later than two years [member] | Finance lease Five [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 447,000 | 0 |
Later than one year and not later than two years [member] | Finance lease Six [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 4,856,000 | 0 |
Later than one year and not later than two years [member] | Finance lease Seven [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than one year and not later than two years [member] | Finance lease Eight [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,015,000 | 0 |
Later than one year and not later than two years [member] | Finance lease Nine [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 3,032,000 | 0 |
Later than one year and not later than two years [member] | Bonds Issued Thirteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,000 | |
Later than one year and not later than two years [member] | Finance Lease Ten [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 334,000 | |
Later than two years and not later than three years [member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 74,000 | 95,673,000 |
Bonds issued, undiscounted cash flows | 22,000 | |
Later than two years and not later than three years [member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 393,669 | 676,622,000 |
Later than two years and not later than three years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 25,010,000 | 50,559,000 |
Later than two years and not later than three years [member] | Bank Borrowings One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,361,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 5,676,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 2,387,000 |
Later than two years and not later than three years [member] | Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 5,830,000 |
Later than two years and not later than three years [member] | Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 9,526,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 22,938,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 49,484,000 | 9,637,000 |
Later than two years and not later than three years [member] | Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 23,568,000 |
Later than two years and not later than three years [member] | Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 44,538,000 |
Later than two years and not later than three years [member] | Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Thirteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Fourteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Fifteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Sixteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 46,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Eighteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 74,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Nineteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 10,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 100,000 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 4,000 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 27,000 | 37,000 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 8,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 28,000 | 27,000 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 9,000 | 16,000 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 22,000 | 30,000 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 23,000 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 9,000 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 23,000 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 115,000 | 2,000 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 24,000 | 405,000 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 212,000 | 78,000 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,262,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Thirty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,358,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,697,000 | 0 |
Later than two years and not later than three years [member] | Bank Borrowings Fourty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,509,000 | 32,000 |
Later than two years and not later than three years [member] | Bank Borrowings Fourty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 27,000 | 3,030,000 |
Later than two years and not later than three years [member] | Bank Borrowings Fourty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 13,000 | 1,818,000 |
Later than two years and not later than three years [member] | Bank Borrowings Fourty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 28,000 | 2,037,000 |
Later than two years and not later than three years [member] | Bank Borrowings Fourty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 13,000 | 2,020,000 |
Later than two years and not later than three years [member] | Bank Borrowings Fourty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 4,839,000 | |
Later than two years and not later than three years [member] | Bonds Issued One [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 27,301 | 29,091,000 |
Later than two years and not later than three years [member] | Bonds Issued Two [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 11,005 | 6,344,000 |
Later than two years and not later than three years [member] | Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 224,916 | 7,794,000 |
Later than two years and not later than three years [member] | Bonds Issued Four [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 8,633 | 21,172,000 |
Later than two years and not later than three years [member] | Bonds Issued Five [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,796 | 7,022,000 |
Later than two years and not later than three years [member] | Bonds Issued Six [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 7,777 | 4,695,000 |
Later than two years and not later than three years [member] | Bonds Issued Seven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 5,200 | 0 |
Later than two years and not later than three years [member] | Bonds Issued Eight [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 534,254,000 |
Later than two years and not later than three years [member] | Bonds Issued Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 10,013 | 0 |
Later than two years and not later than three years [member] | Bonds Issued Ten [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 12,153 | 20,000,000 |
Later than two years and not later than three years [member] | Bonds Issued Eleven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,500 | 23,750,000 |
Later than two years and not later than three years [member] | Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 19,375 | 22,500,000 |
Later than two years and not later than three years [member] | Finance lease One [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 983,000 | 1,179,000 |
Later than two years and not later than three years [member] | Finance lease Two [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 4,139,000 | 7,731,000 |
Later than two years and not later than three years [member] | Finance lease Three [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 2,318,000 | 5,092,000 |
Later than two years and not later than three years [member] | Finance lease Four [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 7,886,000 | 16,861,000 |
Later than two years and not later than three years [member] | Finance lease Five [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 447,000 | 4,663,000 |
Later than two years and not later than three years [member] | Finance lease Six [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 4,856,000 | 7,501,000 |
Later than two years and not later than three years [member] | Finance lease Seven [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 61,000 |
Later than two years and not later than three years [member] | Finance lease Eight [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,015,000 | 2,418,000 |
Later than two years and not later than three years [member] | Finance lease Nine [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 3,032,000 | 5,053,000 |
Later than two years and not later than three years [member] | Bonds Issued Thirteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,000 | |
Later than two years and not later than three years [member] | Finance Lease Ten [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 334,000 | |
Later than three years and not later than four years [member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 64,000 | 92,601,000 |
Bonds issued, undiscounted cash flows | 0 | |
Later than three years and not later than four years [member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 350,069 | 336,863,000 |
Later than three years and not later than four years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 9,008,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,282,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 2,324,000 |
Later than three years and not later than four years [member] | Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 5,664,000 |
Later than three years and not later than four years [member] | Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 9,201,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 47,929,000 | 9,379,000 |
Later than three years and not later than four years [member] | Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 22,888,000 |
Later than three years and not later than four years [member] | Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 45,209,000 |
Later than three years and not later than four years [member] | Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Thirteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Fourteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Fifteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Sixteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Eighteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 74,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Nineteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 7,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 57,000 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 364,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 11,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 28,000 | 27,000 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 5,000 | 8,000 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 11,000 | 19,000 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 322,000 | 9,000 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 23,000 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 458,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 145,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 202,000 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 114,000 |
Later than three years and not later than four years [member] | Bank Borrowings Thirty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 24,000 |
Later than three years and not later than four years [member] | Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Fourty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 10,000 |
Later than three years and not later than four years [member] | Bank Borrowings Fourty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 27,000 | 2,272,000 |
Later than three years and not later than four years [member] | Bank Borrowings Fourty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 12,000 | 1,363,000 |
Later than three years and not later than four years [member] | Bank Borrowings Fourty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 28,000 | 1,697,000 |
Later than three years and not later than four years [member] | Bank Borrowings Fourty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 13,000 | 1,514,000 |
Later than three years and not later than four years [member] | Bank Borrowings Fourty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 17,925,000 | |
Later than three years and not later than four years [member] | Bonds Issued One [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 26,469 | 27,486,000 |
Later than three years and not later than four years [member] | Bonds Issued Two [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 10,670 | 203,030,000 |
Later than three years and not later than four years [member] | Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 7,794,000 |
Later than three years and not later than four years [member] | Bonds Issued Four [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 8,633 | 20,586,000 |
Later than three years and not later than four years [member] | Bonds Issued Five [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 11,154 | 7,022,000 |
Later than three years and not later than four years [member] | Bonds Issued Six [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 7,777 | 4,695,000 |
Later than three years and not later than four years [member] | Bonds Issued Seven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 5,200 | 0 |
Later than three years and not later than four years [member] | Bonds Issued Eight [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than three years and not later than four years [member] | Bonds Issued Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 204,138 | 0 |
Later than three years and not later than four years [member] | Bonds Issued Ten [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 12,153 | 20,000,000 |
Later than three years and not later than four years [member] | Bonds Issued Eleven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,500 | 23,750,000 |
Later than three years and not later than four years [member] | Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 19,375 | 22,500,000 |
Later than three years and not later than four years [member] | Finance lease One [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than three years and not later than four years [member] | Finance lease Two [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 638,000 | 0 |
Later than three years and not later than four years [member] | Finance lease Three [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 230,000 | 0 |
Later than three years and not later than four years [member] | Finance lease Four [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 2,247,000 | 0 |
Later than three years and not later than four years [member] | Finance lease Five [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than three years and not later than four years [member] | Finance lease Six [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 5,354,000 | 0 |
Later than three years and not later than four years [member] | Finance lease Seven [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than three years and not later than four years [member] | Finance lease Eight [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 123,000 | 0 |
Later than three years and not later than four years [member] | Finance lease Nine [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 179,000 | 0 |
Later than three years and not later than four years [member] | Bonds Issued Thirteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,000 | |
Later than three years and not later than four years [member] | Finance Lease Ten [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 237,000 | |
Later than four years and not later than five years [member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 54,000 | 58,576,000 |
Bonds issued, undiscounted cash flows | 0 | |
Later than four years and not later than five years [member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 400,231 | 516,143,000 |
Later than four years and not later than five years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 9,007,000 | 23,027,000 |
Later than four years and not later than five years [member] | Bank Borrowings One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,201,000 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 2,256,000 |
Later than four years and not later than five years [member] | Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 8,885,000 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 47,207,000 | 9,096,000 |
Later than four years and not later than five years [member] | Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 45,882,000 |
Later than four years and not later than five years [member] | Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Thirteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Fourteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Fifteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Sixteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Eighteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 7,000 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Nineteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 7,000 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 364,000 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 369,000 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 16,000 | 11,000 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 8,000 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 322,000 | 5,000 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 11,000 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 344,000 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 120,000 | 327,000 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 161,000 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 460,000 |
Later than four years and not later than five years [member] | Bank Borrowings Thirty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 144,000 |
Later than four years and not later than five years [member] | Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Fourty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Fourty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Fourty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Fourty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,000 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Fourty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,000 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Fourty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 17,925,000 | |
Later than four years and not later than five years [member] | Bonds Issued One [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 25,638 | 33,383,000 |
Later than four years and not later than five years [member] | Bonds Issued Two [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 10,335 | 0 |
Later than four years and not later than five years [member] | Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 7,794,000 |
Later than four years and not later than five years [member] | Bonds Issued Four [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 28,334 | 10,073,000 |
Later than four years and not later than five years [member] | Bonds Issued Five [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 7,022,000 |
Later than four years and not later than five years [member] | Bonds Issued Six [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 7,777 | 4,695,000 |
Later than four years and not later than five years [member] | Bonds Issued Seven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 5,200 | 0 |
Later than four years and not later than five years [member] | Bonds Issued Eight [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bonds Issued Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than four years and not later than five years [member] | Bonds Issued Ten [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 259,072 | 406,926,000 |
Later than four years and not later than five years [member] | Bonds Issued Eleven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,500 | 23,750,000 |
Later than four years and not later than five years [member] | Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 19,375 | 22,500,000 |
Later than four years and not later than five years [member] | Finance lease One [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 1,201,000 |
Later than four years and not later than five years [member] | Finance lease Two [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 638,000 | 4,259,000 |
Later than four years and not later than five years [member] | Finance lease Three [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 230,000 | 2,035,000 |
Later than four years and not later than five years [member] | Finance lease Four [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 2,247,000 | 8,906,000 |
Later than four years and not later than five years [member] | Finance lease Five [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 183,000 |
Later than four years and not later than five years [member] | Finance lease Six [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 5,354,000 | 2,824,000 |
Later than four years and not later than five years [member] | Finance lease Seven [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than four years and not later than five years [member] | Finance lease Eight [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 123,000 | 929,000 |
Later than four years and not later than five years [member] | Finance lease Nine [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 179,000 | 2,690,000 |
Later than four years and not later than five years [member] | Bonds Issued Thirteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,000 | |
Later than four years and not later than five years [member] | Finance Lease Ten [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 236,000 | |
Later than five years [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Non-current portion of non-current borrowings | 138,161,000 | 92,351,000 |
Non-current finance lease liabilities | 0 | 0 |
Later than five years [member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 93,001,000 |
Bonds issued, undiscounted cash flows | 0 | |
Later than five years [member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 3,077,733 | 1,998,938,000 |
Later than five years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than five years [member] | Bank Borrowings One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,120,000 | 0 |
Later than five years [member] | Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 4,302,000 |
Later than five years [member] | Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 8,570,000 | 0 |
Later than five years [member] | Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 23,564,000 | 17,371,000 |
Later than five years [member] | Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 70,166,000 |
Later than five years [member] | Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Thirteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Fourteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Fifteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Sixteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Eighteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Nineteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Twenty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Twenty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Twenty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Twenty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Twenty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Twenty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Twenty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Twenty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 369,000 |
Later than five years [member] | Bank Borrowings Twenty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Thirty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Thirty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Thirty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Thirty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Thirty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Thirty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Thirty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 327,000 |
Later than five years [member] | Bank Borrowings Thirty Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Thirty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 346,000 |
Later than five years [member] | Bank Borrowings Thirty Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 120,000 |
Later than five years [member] | Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Fourty One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Fourty Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Fourty Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Fourty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Fourty Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bank Borrowings Fourty Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 111,309,000 | |
Later than five years [member] | Bonds Issued One [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 156,181 | 180,490,000 |
Later than five years [member] | Bonds Issued Two [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 62,958 | 0 |
Later than five years [member] | Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 242,571,000 |
Later than five years [member] | Bonds Issued Four [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 240,175 | 0 |
Later than five years [member] | Bonds Issued Five [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 290,572,000 |
Later than five years [member] | Bonds Issued Six [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 314,228 | 210,785,000 |
Later than five years [member] | Bonds Issued Seven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 230,228 | 0 |
Later than five years [member] | Bonds Issued Eight [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bonds Issued Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bonds Issued Ten [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bonds Issued Eleven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 548,324 | 504,895,000 |
Later than five years [member] | Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 582,479 | 569,625,000 |
Later than five years [member] | Finance lease One [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than five years [member] | Finance lease Two [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than five years [member] | Finance lease Three [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than five years [member] | Finance lease Four [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than five years [member] | Finance lease Five [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than five years [member] | Finance lease Six [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than five years [member] | Finance lease Seven [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than five years [member] | Finance lease Eight [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | 0 |
Later than five years [member] | Finance lease Nine [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | $ 0 |
Later than five years [member] | Bonds Issued Thirteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 943,160 | |
Later than five years [member] | Finance Lease Ten [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | $ 0 |
FINANCIAL INSTRUMENTS (Details 26) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial guarantee granted | $ 54,804 | |
Indirect guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial guarantee granted | $ 602,202 | |
Financial guarantee one [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 488,000 | |
Name of guarantor | Directorate General of Maritime Territory and Merchant Marine | |
Financial guarantee one [Member] | Indirect guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Suretyship not supportive and cumulative | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 408,351 | |
Name of guarantor | Joint Ventures (Uruguay) | |
Financial guarantee two [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 313,000 | |
Name of guarantor | Directorate General of Maritime Territory and Merchant Marine | |
Financial guarantee two [Member] | Indirect guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Full Guarantee | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 131,000 | |
Name of guarantor | Arauco Forest Brasil y Mahal (Brazil) | |
Financial guarantee three [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 230,000 | |
Name of guarantor | Directorate General of Maritime Territory and Merchant Marine | |
Financial guarantee three [Member] | Indirect guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 4,362 | |
Name of guarantor | Arauco Forest Brasil y Mahal (Brazil) | |
Financial guarantee four [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 209,000 | |
Name of guarantor | Directorate General of Maritime Territory and Merchant Marine | |
Financial guarantee four [Member] | Indirect guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Brazilian Real | |
Financial guarantee granted | $ 14,593 | |
Name of guarantor | Arauco Forest Brasil y Mahal (Brazil) | |
Financial guarantee five [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 100,000 | |
Name of guarantor | National Customs Service | |
Financial guarantee five [Member] | Indirect guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitución S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 43,896 | |
Name of guarantor | Masisa S.A. | |
Financial guarantee six [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Forest Brasil S.A. | |
Nature of guarantee granted | Mortgage Industrial Plant of Jaguariaíva of Arauco do Brasil | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 46,346 | |
Name of guarantor | BNDES | |
Financial guarantee seven [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Forest Brasil S.A. | |
Nature of guarantee granted | Endorsement of ADB + Guarantee Letter AISA | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 3,539 | |
Name of guarantor | Bank Votorantim S.A. | |
Financial guarantee eight [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Forest Brasil S.A. | |
Nature of guarantee granted | Endorsement of Arauco do Brasil | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 645,000 | |
Name of guarantor | Bank Votorantim S.A. | |
Financial guarantee nine [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Forest Brasil S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 224,000 | |
Name of guarantor | Bank Santander S.A. | |
Financial guarantee ten [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Forest Brasil S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 134,000 | |
Name of guarantor | Bank Bradesco S.A. | |
Financial guarantee eleven [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Forest Brasil S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 113,000 | |
Name of guarantor | Bank Bradesco S.A. | |
Financial guarantee twelve [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Forest Brasil S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 97,000 | |
Name of guarantor | Bank Bradesco S.A. | |
Financial guarantee thirteen [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco do Brasil S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 209,000 | |
Name of guarantor | Bank Santander S.A. | |
Financial guarantee fourteen [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco do Brasil S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 206,000 | |
Name of guarantor | Bank Alpha S.A. | |
Financial guarantee fifteen [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Florestal Arapoti S.A. | |
Nature of guarantee granted | Endorsement of Arauco do Brasil | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 727,000 | |
Name of guarantor | Bank Votorantim S.A. | |
Financial guarantee sixteen [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Florestal Arapoti S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 389,000 | |
Name of guarantor | Bank Safra S.A. | |
Financial guarantee seventeen [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Florestal Arapoti S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 232,000 | |
Name of guarantor | Bank Santander S.A. | |
Financial guarantee eighteen [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Florestal Arapoti S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 201,000 | |
Name of guarantor | Bank Itaú BBA S.A. | |
Financial guarantee nineteen [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Florestal Arapoti S.A. | |
Nature of guarantee granted | Equipment | |
Description of assets pledged | Property plant and equipment | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 96,000 | |
Name of guarantor | Bank Bradesco S.A. | |
Financial guarantee twenty [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Bioenergía S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 185,000 | |
Name of guarantor | Minera Escondida Ltda. | |
Financial guarantee twenty one [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco Bioenergía S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 121,000 | |
Name of guarantor | CODELCO S.A. |
FINANCIAL INSTRUMENTS (Details 27) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|---|
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 4,166,535 | $ 4,454,380 | $ 4,405,444 | ||
Bonds issued | 3,302,685 | 3,452,659 | |||
Borrowings | 858,457 | 914,358 | |||
Other financial liabilities | $ 4,278,911 | $ 4,568,366 | |||
Percentage of entity total interest rate borrowings | 100.00% | 100.00% | |||
Fixed interest rate [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 3,676,210 | $ 3,903,942 | |||
Bonds issued | 3,302,685 | 3,452,659 | |||
Borrowings | [1] | 261,149 | 337,297 | ||
Other financial liabilities | $ 112,376 | $ 113,986 | |||
Proportion of fixed interest rate borrowings | 86.00% | 87.10% | |||
Floating interest rate [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 597,308 | $ 577,061 | |||
Bonds issued | 0 | 0 | |||
Borrowings | $ 597,308 | $ 577,061 | |||
Proportion of variable interest rate borrowings | 14.00% | 12.90% | |||
|
FINANCIAL INSTRUMENTS (Details Textual)) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 29, 2011
USD ($)
|
|
Disclosure Of Financials Instruments [Line items] | |||||
Allowance account for credit losses of financial assets | $ (14,501,000) | $ (16,644,000) | $ (19,860,000) | $ (18,520,000) | |
Trade receivables | $ 718,715,000 | $ 611,094,000 | |||
Number of debtors | 2,245 | ||||
Provision of guarantees, Debtors | $ 98,732,000 | ||||
Percentage of secured trade receivables | 97.40% | ||||
Percentage of unsecured trade receivables | 2.60% | ||||
Description of average payable period | As part of the policy of Arauco, it considers compliance with all Accounts Payable, whether with related (see Note 13) or third parties, within a period not exceeding 30 days. | ||||
Pulp [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Percentage of entity's revenue | 46.80% | ||||
Floating interest rate [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Proportion of variable interest rate borrowings | 14.00% | 12.90% | |||
Currency risk [member] | Chilean Pesos [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Description of changes in exposure to risk | Sensitivity analysis considers a variation of +/- 10% of the exchange rate over the Chilean Peso. This fluctuation range is considered possible given current market conditions as of the date of these financial statements. With all other variables at a constant rate, a U.S. Dollar exchange rate variation of +/- 10% in relation to the Chilean Peso would mean a change in the net income year after tax +/- 9.98% (equivalent to ThU.S.$ +/- 26,968), and +/- 0.23% of equity (equivalent to ThU.S.$ +/- 16,181). | ||||
Currency risk [member] | Brazilian Real [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Description of changes in exposure to risk | Additionally, a sensitivity analysis is carried out assuming a variation of +/- 10% in the closing exchange rate on the Brazilian Real, which is considered a possible range of fluctuation given the market conditions as of the date of these financial statements. With all the other variables constant, a variation of +/- 10% in the exchange rate of the dollar on the Brazilian Real would mean a variation on the net income after tax +/- 1,67% (equivalent to ThU.S.$4,500) and a change on the equity of +/- 0.04% (equivalent to ThU.S.$2,700). | ||||
Interest Rate Risk [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Description of changes in exposure to risk | A change of +/- 10% in the interest rate is considered a possible range of fluctuation. Such market conditions would affect the income after tax at rate of +/- 0.41% (equivalent to ThU.S.$-/+ 1,097) and +/- 0.01% (equivalent to ThU.S.$-/+ 658) on equity. | ||||
Commodity price risk [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Description of changes in exposure to risk | Sensitivity analysis considers a variation of +/- 10% in the average pulp price, a possible fluctuation range given current market conditions at the date of the closing balance. With all other variables constant, a variation of +/- 10% in the average pulp price would mean a variation of +/- 72.94% (equivalent to ThU.S.$ 197,022) on the income for the year after tax and +/- 1.66% (equivalent to ThU.S.$118,213) on equity. | ||||
Uruguayan companies [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Percentage of financial guarantee given | 0.00% | ||||
IDB Facility Agreement [Member] | Uruguayan companies [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial guarantee granted | $ 454,000,000 | ||||
Finnevera Guaranteed Facility Agreement [Member] | Uruguayan companies [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial guarantee granted | $ 900,000,000 | ||||
Direct guarantee [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial assets pledged as collateral for liabilities or contingent liabilities | $ 55,000,000 | ||||
Financial guarantee granted | 54,804 | ||||
Indirect guarantee [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial assets pledged as collateral for liabilities or contingent liabilities | 602,000,000 | ||||
Financial guarantee granted | $ 602,202 | ||||
Open account debt [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Percentage of entity's revenue | 3.49% | ||||
Open account customers [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Trade receivables | $ 391,992,000 | ||||
Percentage of entity's revenue | 59.18% | ||||
Letter of credit customers [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Percentage of entity's revenue | 37.83% | ||||
Other type of customers [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Percentage of entity's revenue | 2.99% |
REPORTABLE SEGMENTS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | $ 5,238,341 | $ 4,761,385 | $ 5,146,740 |
Revenues from transactions with other operating segments | 0 | 0 | 0 |
Finance income | 19,640 | 29,701 | 50,284 |
Finance costs | 287,958 | 258,467 | 262,962 |
Net finance costs | (268,318) | (228,766) | (212,678) |
Depreciation and amortizations | 421,551 | 409,387 | 400,145 |
Sum of significant income accounts | 92,974 | 228,257 | 225,761 |
Sum of significant expense accounts | 141,472 | 27,758 | 39,613 |
Profit (loss) of each reportable segment | 270,352 | 217,577 | 367,711 |
Associates | 4,855 | 16,348 | 5,573 |
Joint ventures | 12,162 | 7,591 | 1,175 |
Income tax expense | (30,992) | 45,647 | 129,694 |
Total Ordinary Income | 5,238,341 | 4,761,385 | 5,146,740 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 637,966 | 511,718 | 457,912 |
Acquisition and contribution of investments in associates and joint venture | 0 | 153,135 | 814 |
Segment assets | 13,994,600 | 14,006,181 | 13,670,391 |
Segments assets (excluding deferred tax assets) | 13,986,334 | 14,000,084 | 13,666,656 |
Deferred tax assets | 8,266 | 6,097 | 3,735 |
Associates | 158,772 | 265,775 | 241,140 |
Joint Ventures | 209,805 | 180,773 | 23,672 |
Segment liabilities | 6,877,707 | 7,006,898 | 7,023,946 |
Segment liabilities (excluding deferred tax liabilities) | 5,392,343 | 5,375,833 | 5,404,934 |
Deferred tax liabilities | 1,485,365 | 1,631,065 | 1,619,012 |
Geographical information on non-current assets | |||
Long-Lived Assets | 11,224,237 | 11,283,821 | 10,983,979 |
Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 3,103,568 | 2,850,436 | 3,074,273 |
Total Ordinary Income | 3,103,568 | 2,850,436 | 3,074,273 |
Geographical information on non-current assets | |||
Long-Lived Assets | 6,631,316 | 6,936,107 | 6,985,875 |
Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 2,134,773 | 1,910,949 | 2,072,467 |
Total Ordinary Income | 2,134,773 | 1,910,949 | 2,072,467 |
Geographical information on non-current assets | |||
Long-Lived Assets | 4,592,921 | 4,347,714 | 3,998,104 |
Elimination [member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 0 | 0 | 0 |
Revenues from transactions with other operating segments | (1,056,169) | (1,187,829) | (578,333) |
Finance income | 0 | 0 | 0 |
Finance costs | 0 | 0 | 0 |
Net finance costs | 0 | 0 | 0 |
Depreciation and amortizations | 0 | 0 | 0 |
Sum of significant income accounts | 0 | 0 | 0 |
Sum of significant expense accounts | 0 | 0 | 0 |
Profit (loss) of each reportable segment | 0 | 0 | 0 |
Associates | 0 | 0 | 0 |
Joint ventures | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 |
Total Ordinary Income | 0 | 0 | 0 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 0 | 0 | 0 |
Acquisition and contribution of investments in associates and joint venture | 0 | 0 | 0 |
Segment assets | (38,765) | (41,604) | (48,542) |
Segments assets (excluding deferred tax assets) | (38,765) | (41,604) | (48,542) |
Deferred tax assets | 0 | 0 | 0 |
Associates | 0 | 0 | 0 |
Joint Ventures | 0 | 0 | 0 |
Segment liabilities | 0 | 0 | 0 |
Segment liabilities (excluding deferred tax liabilities) | 0 | 0 | 0 |
Deferred tax liabilities | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | (4,635) | (3,575) | (2,955) |
Elimination [member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 0 | 0 | 0 |
Total Ordinary Income | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | (4,635) | (3,575) | (2,955) |
Elimination [member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 0 | 0 | 0 |
Total Ordinary Income | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 0 | 0 | 0 |
Pulp [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 2,451,363 | 2,146,079 | 2,363,973 |
Revenues from transactions with other operating segments | 43,829 | 41,586 | 43,414 |
Finance income | 0 | 0 | 0 |
Finance costs | 0 | 0 | 0 |
Net finance costs | 0 | 0 | 0 |
Depreciation and amortizations | 246,382 | 240,699 | 231,916 |
Sum of significant income accounts | 581 | 212 | 31 |
Sum of significant expense accounts | 0 | 0 | 585 |
Profit (loss) of each reportable segment | 589,934 | 308,536 | 455,190 |
Associates | 0 | 0 | 0 |
Joint ventures | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 |
Total Ordinary Income | 2,451,363 | 2,146,079 | 2,363,973 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 191,771 | 205,205 | 199,094 |
Acquisition and contribution of investments in associates and joint venture | 0 | 0 | 0 |
Segment assets | 5,035,105 | 5,077,300 | 5,172,095 |
Segments assets (excluding deferred tax assets) | 5,035,105 | 5,077,300 | 5,172,095 |
Deferred tax assets | 0 | 0 | 0 |
Associates | 0 | 0 | 0 |
Joint Ventures | 0 | 0 | 0 |
Segment liabilities | 325,598 | 277,474 | 318,880 |
Segment liabilities (excluding deferred tax liabilities) | 325,598 | 277,474 | 318,880 |
Deferred tax liabilities | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 4,238,187 | 4,313,261 | 4,347,593 |
Pulp [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 1,781,769 | 1,540,100 | 1,680,804 |
Total Ordinary Income | 1,781,769 | 1,540,100 | 1,680,804 |
Geographical information on non-current assets | |||
Long-Lived Assets | 2,537,947 | 2,572,702 | 2,565,307 |
Pulp [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 669,594 | 605,979 | 683,169 |
Total Ordinary Income | 669,594 | 605,979 | 683,169 |
Geographical information on non-current assets | |||
Long-Lived Assets | 1,700,240 | 1,740,559 | 1,782,286 |
Forestry [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 114,122 | 96,488 | 116,368 |
Revenues from transactions with other operating segments | 970,384 | 1,105,220 | 491,703 |
Finance income | 0 | 0 | 0 |
Finance costs | 0 | 0 | 0 |
Net finance costs | 0 | 0 | 0 |
Depreciation and amortizations | 22,011 | 19,996 | 18,211 |
Sum of significant income accounts | 91,089 | 227,776 | 220,907 |
Sum of significant expense accounts | 138,139 | 15,193 | 35,610 |
Profit (loss) of each reportable segment | (210,566) | 98,955 | 137,829 |
Associates | 0 | 0 | 0 |
Joint ventures | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 |
Total Ordinary Income | 114,122 | 96,488 | 116,368 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 211,245 | 182,743 | 155,872 |
Acquisition and contribution of investments in associates and joint venture | 0 | 0 | 814 |
Segment assets | 5,040,500 | 5,492,364 | 5,471,322 |
Segments assets (excluding deferred tax assets) | 5,040,500 | 5,492,364 | 5,471,322 |
Deferred tax assets | 0 | 0 | 0 |
Associates | 48,921 | 160,490 | 121,359 |
Joint Ventures | 0 | 0 | 0 |
Segment liabilities | 184,721 | 161,091 | 147,432 |
Segment liabilities (excluding deferred tax liabilities) | 184,721 | 161,091 | 147,432 |
Deferred tax liabilities | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 4,870,468 | 5,034,917 | 4,850,057 |
Forestry [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 55,946 | 52,161 | 68,986 |
Total Ordinary Income | 55,946 | 52,161 | 68,986 |
Geographical information on non-current assets | |||
Long-Lived Assets | 3,221,911 | 3,509,727 | 3,536,372 |
Forestry [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 58,176 | 44,327 | 47,382 |
Total Ordinary Income | 58,176 | 44,327 | 47,382 |
Geographical information on non-current assets | |||
Long-Lived Assets | 1,648,557 | 1,525,190 | 1,313,685 |
Other [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 39,083 | 29,864 | 33,188 |
Revenues from transactions with other operating segments | 35,659 | 34,085 | 32,543 |
Finance income | 0 | 0 | 0 |
Finance costs | 0 | 0 | 0 |
Net finance costs | 0 | 0 | 0 |
Depreciation and amortizations | 3,568 | 2,529 | 3,913 |
Sum of significant income accounts | 0 | 0 | 0 |
Sum of significant expense accounts | 0 | 0 | 35 |
Profit (loss) of each reportable segment | 6,668 | (2,666) | 1,815 |
Associates | 0 | 0 | 0 |
Joint ventures | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 |
Total Ordinary Income | 39,083 | 29,864 | 33,188 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 428 | 1,479 | 1,754 |
Acquisition and contribution of investments in associates and joint venture | 0 | 0 | 0 |
Segment assets | 52,640 | 30,970 | 31,679 |
Segments assets (excluding deferred tax assets) | 52,640 | 30,970 | 31,679 |
Deferred tax assets | 0 | 0 | 0 |
Associates | 0 | 0 | 0 |
Joint Ventures | 0 | 0 | 0 |
Segment liabilities | 16,100 | 11,836 | 11,526 |
Segment liabilities (excluding deferred tax liabilities) | 16,100 | 11,836 | 11,526 |
Deferred tax liabilities | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 43,791 | 23,067 | 23,436 |
Other [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 692 | 885 | 597 |
Total Ordinary Income | 692 | 885 | 597 |
Geographical information on non-current assets | |||
Long-Lived Assets | 22,220 | 27 | 30 |
Other [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 38,391 | 28,979 | 32,591 |
Total Ordinary Income | 38,391 | 28,979 | 32,591 |
Geographical information on non-current assets | |||
Long-Lived Assets | 21,571 | 23,040 | 23,406 |
Sub Total [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 5,238,341 | 4,761,385 | 5,146,740 |
Revenues from transactions with other operating segments | 1,056,169 | 1,187,829 | 578,333 |
Finance income | 19,640 | 29,701 | 50,284 |
Finance costs | (287,958) | (258,467) | (262,962) |
Net finance costs | (268,318) | (228,766) | (212,678) |
Depreciation and amortizations | 421,551 | 409,387 | 400,145 |
Sum of significant income accounts | 92,974 | 228,257 | 225,761 |
Sum of significant expense accounts | 141,472 | 27,758 | 39,613 |
Profit (loss) of each reportable segment | 270,352 | 217,577 | 367,711 |
Associates | 4,855 | 16,348 | 5,572 |
Joint ventures | 12,162 | 7,591 | 1,176 |
Income tax expense | 30,992 | (45,647) | (129,694) |
Total Ordinary Income | 5,238,341 | 4,761,385 | 5,146,740 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 637,966 | 511,718 | 457,912 |
Acquisition and contribution of investments in associates and joint venture | 15,918 | 153,135 | 814 |
Segment assets | 14,033,365 | 14,047,785 | 13,718,933 |
Segments assets (excluding deferred tax assets) | 14,025,099 | 14,041,688 | 13,715,198 |
Deferred tax assets | 8,266 | 6,097 | 3,735 |
Associates | 158,967 | 265,775 | 241,140 |
Joint Ventures | 209,805 | 180,773 | 23,672 |
Segment liabilities | 6,877,707 | 7,006,898 | 7,023,946 |
Segment liabilities (excluding deferred tax liabilities) | 5,392,343 | 5,375,833 | 5,404,934 |
Deferred tax liabilities | 1,485,364 | 1,631,065 | 1,619,012 |
Geographical information on non-current assets | |||
Long-Lived Assets | 11,228,872 | 11,287,396 | 10,986,934 |
Sub Total [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 3,103,568 | 2,850,436 | 3,074,273 |
Total Ordinary Income | 3,103,568 | 2,850,436 | 3,074,273 |
Geographical information on non-current assets | |||
Long-Lived Assets | 6,635,951 | 6,939,682 | 6,988,830 |
Sub Total [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 2,134,773 | 1,910,949 | 2,072,467 |
Total Ordinary Income | 2,134,773 | 1,910,949 | 2,072,467 |
Geographical information on non-current assets | |||
Long-Lived Assets | 4,592,921 | 4,347,714 | 3,998,104 |
Corporate [member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 0 | 0 | 0 |
Revenues from transactions with other operating segments | 0 | 0 | 0 |
Finance income | 19,640 | 29,701 | 50,284 |
Finance costs | (287,958) | (258,467) | (262,962) |
Net finance costs | (268,318) | (228,766) | (212,678) |
Depreciation and amortizations | 7,086 | 6,319 | 6,659 |
Sum of significant income accounts | 0 | 0 | 0 |
Sum of significant expense accounts | 0 | 0 | 0 |
Profit (loss) of each reportable segment | (341,001) | (353,242) | (491,596) |
Associates | 4,855 | 16,348 | 5,572 |
Joint ventures | 1,784 | 2,116 | 1,646 |
Income tax expense | 30,992 | (45,647) | (129,694) |
Total Ordinary Income | 0 | 0 | 0 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 4,127 | 3,883 | 7,001 |
Acquisition and contribution of investments in associates and joint venture | 15,918 | 0 | 0 |
Segment assets | 881,000 | 932,059 | 669,703 |
Segments assets (excluding deferred tax assets) | 872,734 | 925,962 | 665,968 |
Deferred tax assets | 8,266 | 6,097 | 3,735 |
Associates | 110,046 | 105,285 | 119,781 |
Joint Ventures | 20,237 | 19,070 | 20,099 |
Segment liabilities | 5,862,266 | 6,244,830 | 6,276,145 |
Segment liabilities (excluding deferred tax liabilities) | 4,376,902 | 4,613,765 | 4,657,133 |
Deferred tax liabilities | 1,485,364 | 1,631,065 | 1,619,012 |
Geographical information on non-current assets | |||
Long-Lived Assets | 218,297 | 178,100 | 270,988 |
Corporate [member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 0 | 0 | 0 |
Total Ordinary Income | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 187,639 | 135,808 | 128,185 |
Corporate [member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 0 | 0 | 0 |
Total Ordinary Income | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 30,658 | 42,292 | 142,803 |
Wood products [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 2,633,773 | 2,494,750 | 2,633,211 |
Revenues from transactions with other operating segments | 6,297 | 6,938 | 10,673 |
Finance income | 0 | 0 | 0 |
Finance costs | 0 | 0 | 0 |
Net finance costs | 0 | 0 | 0 |
Depreciation and amortizations | 142,504 | 139,844 | 139,446 |
Sum of significant income accounts | 1,304 | 269 | 4,823 |
Sum of significant expense accounts | 3,333 | 12,565 | 3,383 |
Profit (loss) of each reportable segment | 225,317 | 165,887 | 264,473 |
Associates | 0 | 0 | 0 |
Joint ventures | 10,378 | 5,475 | (470) |
Income tax expense | 0 | 0 | 0 |
Total Ordinary Income | 2,633,773 | 2,494,750 | 2,633,211 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 230,395 | 118,408 | 94,191 |
Acquisition and contribution of investments in associates and joint venture | 0 | 153,135 | 0 |
Segment assets | 3,024,120 | 2,515,092 | 2,374,134 |
Segments assets (excluding deferred tax assets) | 3,024,120 | 2,515,092 | 2,374,134 |
Deferred tax assets | 0 | 0 | 0 |
Associates | 0 | 0 | 0 |
Joint Ventures | 189,568 | 161,703 | 3,573 |
Segment liabilities | 489,022 | 311,667 | 269,963 |
Segment liabilities (excluding deferred tax liabilities) | 489,022 | 311,667 | 269,963 |
Deferred tax liabilities | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 1,858,129 | 1,738,051 | 1,494,860 |
Wood products [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 1,265,161 | 1,275,937 | 1,323,886 |
Total Ordinary Income | 1,265,161 | 1,275,937 | 1,323,886 |
Geographical information on non-current assets | |||
Long-Lived Assets | 666,234 | 721,418 | 758,936 |
Wood products [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 1,368,612 | 1,218,813 | 1,309,325 |
Total Ordinary Income | 1,368,612 | 1,218,813 | 1,309,325 |
Geographical information on non-current assets | |||
Long-Lived Assets | $ 1,191,895 | $ 1,016,633 | $ 735,924 |
REPORTABLE SEGMENTS (Details 1) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | $ 5,238,341 | $ 4,761,385 | $ 5,146,740 |
Non-current Assets other than deferred tax | 11,215,971 | 11,277,724 | 10,980,244 |
Chilean entities [member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 3,103,568 | 2,850,436 | 3,074,273 |
Non-current Assets other than deferred tax | 6,624,381 | 6,931,755 | 6,986,236 |
Argentina [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 494,479 | 414,084 | 546,409 |
Non-current Assets other than deferred tax | 956,511 | 960,596 | 978,285 |
Brazil [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 395,416 | 350,352 | 358,562 |
Non-current Assets other than deferred tax | 1,274,536 | 1,186,538 | 837,886 |
USA/Canada [member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 801,092 | 801,821 | 809,293 |
Non-current Assets other than deferred tax | 575,231 | 397,924 | 364,889 |
Uruguay [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 443,786 | 344,692 | 358,203 |
Non-current Assets other than deferred tax | $ 1,785,312 | $ 1,800,911 | $ 1,812,948 |
REPORTABLE SEGMENTS (Details Textual) |
12 Months Ended |
---|---|
Dec. 31, 2017
bbl
| |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 50,000 |
Fair Value Assumptions, Expected Dividend Rate | 40.00% |
Pulp [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 3,900,000 |
Forestry [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Explanation of information about the volume of assets held | Arauco holds forestry assets distributed throughout Chile, Argentina, Brazil and Uruguay, reaching 1.7 million hectares as of December 31, 2017, of which 1 million hectares are used for plantations, 431 thousand hectares for native forests, 195 thousand hectares for other uses and 99 thousand hectares are to be planted. |
Description of percentage of customers for the product | Arauco has no customers representing 10% or more of its revenues. |
Osb [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 486,000,000,000 |
Pb [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 2,100,000 |
Sawn lumber [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 1,400,000 |
Wood products [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 6,800,000 |
OTHER NON-FINANCIAL ASSETS AND NON-FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Current non-financial assets | ||||
Other current non-financial assets | $ 129,837 | $ 144,915 | ||
Total | 3,504 | 5,201 | ||
Non-current non-financial assets | ||||
Other non-current non-financial assets | 121,521 | 130,319 | ||
Total | 56,600 | 8,868 | ||
Current non-financial liabilities | ||||
Other Current non-financial liablities | 153,950 | 99,163 | ||
Total | 500,344 | 697,452 | ||
Non-current non-financial liabilities | ||||
Other non-current non-financial liablities | 112,340 | 60,633 | ||
Total | 3,778,567 | 3,870,914 | ||
Financial Assets and Liabilities [Member] | ||||
Current non-financial assets | ||||
Roads to amortize current | 43,301 | 41,812 | ||
Prepayment to amortize (insurance + others) | 21,257 | 23,086 | ||
Recoverable taxes (Relating to purchases) | 60,823 | 71,357 | ||
Other current non-financial assets | 4,456 | 8,660 | ||
Total | 129,837 | 144,915 | ||
Non-current non-financial assets | ||||
Roads to amortize, non-current | 112,937 | 121,894 | ||
Guarantee values | 2,893 | 3,302 | ||
Recoverable taxes | 1,835 | 1,493 | ||
Other non-current non-financial assets | 3,856 | 3,630 | ||
Total | 121,521 | 130,319 | ||
Current non-financial liabilities | ||||
Provision of minimum dividend | [1] | 116,123 | 60,312 | |
ICMS tax payable | 12,593 | 14,856 | ||
Other tax payable | 23,040 | 16,202 | ||
Other Current non-financial liablities | 2,194 | 7,793 | ||
Total | 153,950 | 99,163 | ||
Non-current non-financial liabilities | ||||
ICMS tax payable | 110,532 | 58,606 | ||
Other non-current non-financial liablities | 1,808 | 2,027 | ||
Total | $ 112,340 | $ 60,633 | ||
|
DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE [Line Items] | |||
Net profit attributable to owners of parent | $ 269,724 | $ 213,801 | $ 362,689 |
Unrealized gains/losses | (82,782) | (204,671) | (205,527) |
Realized gains/losses | 303,668 | 210,223 | 203,730 |
Deferred income taxes | (54,944) | 2,089 | (3,889) |
Total adjustments | (132,049) | 72,394 | (5,686) |
Distributable Net Profit | $ 435,666 | $ 221,442 | $ 357,003 |
DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE (Details 1) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE [Line Items] | |||
Profit or loss attributable to ordinary equity holder of parent | $ 269,724 | $ 213,801 | $ 362,689 |
Weighted average of number of shares | 113,159,655 | 113,159,655 | 113,159,655 |
Basic and diluted earnings per share (in U.S.$ per share) | $ 2.3836 | $ 1.8894 | $ 3.2051 |
DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE (Details textual) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Disclosure of DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE [Line Items] | |
Provision For Dividends | $ 113,773 |
Dividends paid, ordinary shares | $ 60,494 |
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