Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
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 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 1,075,942 | $ 589,886 |
Other current financial assets | 497 | 3,504 |
Other current non-financial assets | 129,854 | 129,837 |
Trade and other current receivables | 839,184 | 814,412 |
Accounts receivable due from related companies | 7,324 | 3,488 |
Current inventories | 1,030,196 | 868,462 |
Current biological assets | 315,924 | 307,796 |
Current tax assets | 36,513 | 49,471 |
Total Current Assets other than assets or disposal groups classified as held for sale | 3,435,434 | 2,766,856 |
Non-Current Assets or disposal groups classified as held for sale | 5,726 | 3,507 |
Non-Current Assets or disposal groups classified as held for sale | 5,726 | 3,507 |
Total Current Assets | 3,441,160 | 2,770,363 |
Non-Current Assets | ||
Other non-current financial assets | 20,346 | 56,600 |
Other non-current non-financial assets | 86,948 | 121,521 |
Trade and other non-current receivables | 15,149 | 16,040 |
Accounts receivable due from related companies, non-current | 481 | 1,056 |
Investments accounted for using equity method | 358,053 | 368,772 |
Intangible assets other than goodwill | 90,093 | 88,615 |
Goodwill | 65,851 | 69,922 |
Property, plant and equipment | 7,174,693 | 7,034,299 |
Non-current biological assets | 3,336,339 | 3,459,146 |
Deferred tax assets | 4,635 | 8,266 |
Total Non-Current Assets | 11,152,588 | 11,224,237 |
Total Assets | 14,593,748 | 13,994,600 |
Current Liabilities | ||
Other current financial liabilities | 537,596 | 500,344 |
Trade and other current payables | 659,618 | 717,346 |
Accounts payable to related companies | 10,229 | 11,208 |
Other current provisions | 413 | 2,728 |
Current tax liabilities | 153,642 | 8,088 |
Current provisions for employee benefits | 5,656 | 5,730 |
Other current non-financial liabilities | 212,610 | 153,950 |
Total Current Liabilities other than assets included in disposal groups classified as held for sale | 1,579,764 | 1,399,394 |
Total Current Liabilities | 1,579,764 | 1,399,394 |
Non-Current Liabilities | ||
Other non-current financial liabilities | 4,044,279 | 3,778,567 |
Non-current payables | 2,230 | 0 |
Other non-current provisions | 33,884 | 36,008 |
Deferred tax liabilities | 1,417,658 | 1,485,365 |
Non-current provisions for employee benefits | 64,895 | 66,033 |
Other non-current non-financial liabilities | 112,067 | 112,340 |
Total Non-Current Liabilities | 5,675,013 | 5,478,313 |
Total Liabilities | 7,254,777 | 6,877,707 |
Equity | ||
Issued capital | 353,618 | 353,618 |
Retained earnings | 7,824,045 | 7,425,133 |
Other reserves | (875,884) | (703,778) |
Equity attributable to parent company | 7,301,779 | 7,074,973 |
Non-controlling interests | 37,192 | 41,920 |
Total Equity | 7,338,971 | 7,116,893 |
Total Equity and Liabilities | $ 14,593,748 | $ 13,994,600 |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statements of profit or loss | |||
Revenue | $ 5,954,833 | $ 5,238,341 | $ 4,761,385 |
Cost of sales | (3,722,749) | (3,574,532) | (3,498,905) |
Gross profit | 2,232,084 | 1,663,809 | 1,262,480 |
Other income | 124,304 | 111,513 | 257,863 |
Distribution costs | (556,805) | (523,300) | (496,473) |
Administrative expenses | (561,284) | (521,294) | (474,469) |
Other expense | (95,880) | (240,165) | (77,415) |
Other gains (losses) | 14,213 | 0 | 0 |
Profit from operating activities | 1,156,632 | 490,563 | 471,986 |
Finance income | 20,895 | 19,640 | 29,701 |
Finance costs | (214,779) | (287,958) | (258,467) |
Share of profit of associates and joint ventures accounted for using equity method | 17,246 | 17,017 | 23,939 |
Exchange rate differences | (26,470) | 98 | (3,935) |
Profit before income tax | 953,524 | 239,360 | 263,224 |
Income Tax | (226,765) | 30,992 | (45,647) |
Net Profit | 726,759 | 270,352 | 217,577 |
Net profit attributable to | |||
Net profit attributable to parent company | 725,482 | 269,724 | 213,801 |
Net profit attributable to non-controlling interests | 1,277 | 628 | 3,776 |
Net Profit | $ 726,759 | $ 270,352 | $ 217,577 |
Basic and diluted earnings per share (in U.S.$ per share) | |||
Basic and diluted earnings per share from continuing operations | $ 6.4111 | $ 2.3836 | $ 1.8894 |
Basic and diluted earnings per share | $ 6.4111 | $ 2.3836 | $ 1.8894 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net profit | $ 726,759 | $ 270,352 | $ 217,577 |
Components of other comprehensive income that will not be reclassified to profit or loss before tax: | |||
Other comprehensive income before tax actuarial gain (losses) on defined benefit plans | 1,856 | 2,499 | (5,593) |
Share of other comprehensive income of associates and joint ventures accounted for using equity method | (1,657) | 8,754 | 132 |
Other Comprehensive Income that will not be reclassified to profit or loss before tax | 199 | 11,253 | (5,461) |
Exchange differences on translation | |||
Gains (losses) on exchange differences on translation, before tax | (184,876) | 11,873 | 173,754 |
Other Comprehensive Income before tax exchange differences on translation | (184,876) | 11,873 | 173,754 |
Cash flow hedges | |||
Gains (losses) on cash flow hedges, before tax | 30,321 | 22,212 | 84,045 |
Recycle of cash flow hedges to profit or loss before tax | (15,286) | (16,965) | (10,198) |
Other Comprehensive Income before tax Cash flow hedges | 15,035 | 5,247 | 73,847 |
Other Comprehensive income that will be reclassified to profit or loss before tax | (169,841) | 17,120 | 247,601 |
Income tax relating to components of other comprehensive Income that will not be reclassified to profit or loss before tax | |||
Income tax relating to actuarial losses on defined benefit plans | (501) | (673) | 1,509 |
Income tax relating to share of other comprehensive income of associates and joint ventures accounted for using equity method | 176 | (2,086) | (106) |
Income tax relating to components of other comprehensive Income that will be reclassified to profit or loss before tax | |||
Income tax relating to cash flow hedges | (4,474) | (5,917) | (20,055) |
Income tax relating to recycle of cash flow hedges | 0 | 4,326 | 2,700 |
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss | (4,474) | (1,591) | (17,355) |
Other comprehensive (loss) income | (174,441) | 24,023 | 226,188 |
Comprehensive (loss) income | 552,318 | 294,375 | 443,765 |
Comprehensive Income attributable to | |||
Comprehensive (loss) income, attributable to owners of parent company | 555,294 | 293,988 | 435,119 |
Comprehensive (loss) income, attributable to non-controlling interests | (2,976) | 387 | 8,646 |
Total comprehensive (loss) income | $ 552,318 | $ 294,375 | $ 443,765 |
CONSOLIDATED STATEMENTS OF CHAN
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, 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 (Re-expressed opening balance [Member]) at Dec. 31, 2017 | 7,113,018 | 353,618 | (691,772) | 2,834 | (18,926) | 2,168 | (705,696) | 7,423,176 | 7,071,098 | 41,920 |
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 |
Increase (decrease) for changes in accounting policies | (3,875) | (1,918) | (1,918) | (1,957) | (3,875) | 0 | ||||
Comprehensive income | ||||||||||
Net profit | 726,759 | 725,482 | 725,482 | 1,277 | ||||||
Other comprehensive income, net of tax | (174,441) | 0 | (180,623) | 10,561 | 1,355 | (1,481) | (170,188) | 0 | (170,188) | (4,253) |
Comprehensive income | 552,318 | 0 | (180,623) | 10,561 | 1,355 | (1,481) | (170,188) | 725,482 | 555,294 | (2,976) |
Dividends | (326,047) | (324,295) | (324,295) | (1,752) | ||||||
Increase (decrease) from transfers and other changes | (318) | (318) | (318) | 0 | ||||||
Changes in equity | 225,953 | 0 | (180,623) | 10,561 | 1,355 | (1,481) | (170,188) | 400,869 | 230,681 | (4,728) |
Closing balance at Dec. 31, 2018 | $ 7,338,971 | $ 353,618 | $ (872,395) | $ 13,395 | $ (17,571) | $ 687 | $ (875,884) | $ 7,824,045 | $ 7,301,779 | $ 37,192 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Classes of cash receipts from operating activities | |||
Receipts from sales of goods and rendering of services | $ 6,129,806 | $ 5,508,705 | $ 5,020,551 |
Other cash receipts from operating activities | 377,085 | 365,238 | 470,765 |
Classes of cash payments | |||
Payments to suppliers for goods and services | (4,299,395) | (3,850,367) | (3,914,976) |
Payments to and on behalf of employees | (558,230) | (532,223) | (320,738) |
Other cash payments from operating activities | (192,254) | (128,314) | (232,271) |
Interest paid | (172,280) | (261,186) | (191,573) |
Interest received | 11,738 | 18,966 | 29,380 |
Income taxes paid | (12,742) | (37,942) | (83,903) |
Other inflows (outflows) of cash, net | (2,807) | (10,452) | (3,651) |
Net Cash flows from Operating Activities | 1,280,921 | 1,072,425 | 773,584 |
Cash flows (used in) investing activities | |||
Cash flow used in obtaining control of subsidiaries or other businesses | (17,049) | (15,918) | 0 |
Cash used for contributions and purchase of associates and joint ventures | (3,023) | 0 | (153,135) |
Other cash receipts from sales of equity or debt instruments in other entities | 2 | 1 | 6,781 |
Proceeds from sale of property, plant and equipment | 9,392 | 6,308 | 17,685 |
Purchase of property, plant and equipment | (675,958) | (448,314) | (356,153) |
Purchase of intangible assets | (2,682) | (10,468) | (14,858) |
Proceeds from sales of other long-term assets | 5,437 | 2,609 | 1,644 |
Purchase of other non-current assets | (222,029) | (179,184) | (140,707) |
Dividends received | 10,880 | 7,287 | 4,772 |
Other inflows (outflows) of cash, net | 1,048 | 4,331 | (6,241) |
Cash flows used in Investing Activities | (893,982) | (633,348) | (640,212) |
Cash flows from (used in) Financing Activities | |||
Total borrowings obtained | 863,551 | 1,312,481 | 737,653 |
Debt obtained in long-term | 485,077 | 1,025,096 | 187,845 |
Debt obtained in short-term | 378,474 | 287,385 | 549,808 |
Repayments of borrowings | (475,284) | (1,627,711) | (645,211) |
Dividends paid | (257,421) | (121,586) | (130,624) |
Other outflows of cash, net | (975) | (2,285) | (302) |
Cash flows used in Financing Activities | 129,871 | (439,101) | (38,484) |
Net increase (decrease) in Cash and Cash Equivalents before effect of exchange rate changes | 516,810 | (24) | 94,888 |
Effect of exchange rate changes on cash and cash equivalents | (30,754) | (2,343) | (2,660) |
Net increase (decrease) of Cash and Cash equivalents | 486,056 | (2,367) | 92,228 |
Cash and cash equivalents, at the beginning of the period | 589,886 | 592,253 | 500,025 |
Cash and cash equivalents, at the end of the period | $ 1,075,942 | $ 589,886 | $ 592,253 |
PRESENTATION OF CONSOLIDATED FI
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
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 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. The Company’s head office address is El Golf Avenue 150, 14 th 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 (ii) Mr. Roberto Angelini Rossi through the statutory control of Inversiones Golfo Blanco Ltda., direct owner of 5.77307 4.329804 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: - Consolidated Statements of Financial Position as of December 31, 2018 and 2017. - Consolidated Statements of Profit or Loss for the years ended December 31, 2018, 2017 and 2016. - Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017 and 2016. - Consolidated Statements of Changes in Equity for the years ended December 31, 2018, 2017 and 2016. - Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016. - Explanatory disclosures (notes) Period Covered by the Consolidated Financial Statements As of December 31, 2018 and 2017 and for the periods between January 1 and December 31, 2018, 2017 and 2016 . 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 17, 2019. 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 a) Basis for preparation of consolidated financial statements 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. b) Critical accounting estimates and judgments 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. c) Consolidation 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, Argentine Pesos, Canadian Dollars 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. d) Segments 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 personnel responsible for making such decisions are the Executive Vice-president and the Chief Executive Officer who are the highest authorities for making decisions and are 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: Pulp Wood products Forestry Refer to Note 24 for detailed financial information by reportable segment. e) Functional currency (i) Functional currency 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. (ii) Translation to the presentation currency of Arauco 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” within–equity. (iii) Foreign Currency Transactions 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. f) Cash and cash equivalents Cash and cash equivalents include cash-on-hand, deposits held on demand at financial entities 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. g) Financial Instruments Financial assets Initial classification Arauco classifies its financial assets into the following categories: fair value through profit or loss , amortized cost, and Fair Value through other comprehensive income. The classification is based on the business model used to manage the assets and the characteristics of their contractual cash flows. Management determines the classification of its financial assets at the time of their initial registration. (a) Financial assets at fair value through profit or loss: these instruments are initially measured at fair value. Net income and losses, including any income from interest or dividends, are registered in the profit or loss of the period. Financial assets are classified in the category of financial assets at fair value through profit or loss when they are maintained for negotiation or designated in their initial registration as assets at fair value through profit or loss. A financial asset can be classified in this category if it is acquired mainly for the purposes of being sold in the short-term. Gain or losses of assets held for negotiations are registered in the c onsolidated statements of Profit or Loss , and the related interest is registered independently as financial income. Derivatives are classified as acquired for negotiation also unless they are designated as hedging instruments. (b) Assets measured at amortized cost: they are initially registered at the fair value of the transaction, adding or subtracting the transaction costs are directly attributable to the issuance of the financial asset or financial liability. The financial asset is maintained within a business model, the objective of which is to maintain financial assets to obtain contractual cash flows and the contractual conditions of the asset give rise, on specified dates, to cash flows that are solely payments of principal and interests (“SPPI”) over the amount of the outstanding principal. Subsequent measurement Financial instruments are subsequently measured at “Fair value through profit or loss”, Amortized Cost or Fair Value through other comprehensive income. The classification is based on two criteria: i) the Company’s business model for the management of financial instruments, and ii) whether the contractual cash flows related to the financial instruments represent “Solely Payments of Principal and Interests”. a) Fair value through profit or loss: these instruments are subsequently measured at fair value. Net earnings and losses, including income from interests and dividends, are registered as profits or losses for the period. These instruments are held for negotiation and they are mainly acquired to be sold in the short term. Derivatives are also classified as held for negotiation, unless they are registered as hedging instruments. Financial instruments of this type are classified as Other Current and Non-Current Financial Assets. They are subsequently valuated by determining their fair value, registering changes in value in the consolidated statements of Profit or Loss, in the items of Financial Income or Financial Costs. b) Financial assets measured at amortized cost: These instruments are subsequently measured at amortized cost minus accumulated amortizations, using the effective interest method and adjusted by loss allowance and volume discounts, in the case of financial assets. Financial income and expenses, foreign exchange income and losses, and impairment are registered in results. Any earnings or losses due to initial or subsequent reductions of the value of the asset are registered in the statement of profit or loss of the period. Loans and receivables are non-derivative financial instruments with fixed or determinable payments not traded in any active market. They are registered at amortized cost, registering accrued conditions directly in profit or loss. c) Financial assets at fair value through other comprehensive income: these instruments are subsequently measured at fair value. Income from interest is calculated using the effective interest method, foreign exchange income and losses and impairment are registered in profit or loss. They are subsequently remeasured at fair value and changes therein (except for those relating to impairment, interest income and foreign currency exchange gains and losses) are recognised in other comprehensive income, until the assets are sold. Upon disposal, the cumulative gain and losses in OCI are recognised in the income statements. Arauco measures accumulated losses in a quantity equivalent to expected credit losses during the lifelong commitment. Expected credit losses are based on contractual cash flow differences based on the allowance of each contract and the cash flows that Arauco expects. The difference is then discounted based on an approximation of the asset’s original effective interest rate. The asset’s carrying value is reduced as the allowance is used, and the loss is recognized in sales expenses in the financial statements. When an account receivable cannot be collected, it is regularized against the allowance account for receivables. Subsequent recoveries of previously impaired amounts are recognized as a debit in distribution costs. Derivative financial instruments are explained in Note 1 h) Financial liabilities Arauco classifies its financial liabilities as follows: fair value through profit or loss, derivatives designated as effective hedging instruments and amortized costs. Management determines the classification of its financial liabilities upon initial recognition. Financial liabilities are derecognized when the obligation is cancelled, settled or expired. When an existing financial liability is replaced with another of the same provider under substantially different terms, or where the terms of an existing liability are substantially amended, such exchange or modification is treated as a write-off of the original liability, with a new liability being recognized, and the difference between the respective carrying amounts is recognized in the statement of profit or loss. Financial liabilities are initially recognized at fair value, and in the case of loans, they include the costs directly attributable to the transaction. The subsequent measurement of the financial liabilities depends on their classification: Financial Liabilities at fair value through profit or loss Financial liabilities are included in the category of financial liabilities at fair value through profit or loss when they are held for trading or originally designated at fair value through profit or loss. Income and losses from liabilities held for trading are recognized in profit or loss. This category includes non-designated derivatives for hedging accounting. Financial Liabilities at Amortized Cost Other financial liabilities are subsequently valued at their amortized cost based on the effective interest rate method. The amortized cost is calculated taking into account any premium or acquisition discount, and includes the costs of transactions that are an integral part of the effective interest rate. This category includes Commercial Accounts Payable and Other Accounts Payable, as well as the loans included in Other Current and Non-Current Financial Liabilities. h) Derivative financial instruments (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, 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 - 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. -Cash flow hedges - 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. i) Inventories 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. j) Non-current assets held for sale 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. k) Business Combinations 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 IFRS 9. 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. l) Investments in associates and joint arrangements 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. If the acquisition cost is lower than the fair value of the net assets of the associate acquired, the difference is recognized directly in statement of profit or loss in line Other gains (losses). 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 |
ACCOUTING POLICIES, CHANGES IN
ACCOUTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES | 12 Months Ended |
Dec. 31, 2018 | |
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 Changes to accounting policies Arauco applied IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial instruments” for the first time. These new standards require an assessment of the impacts over each of the affected accounting accounts and balances as of January 1, 2018, as part of the transition to the new accounting standards. The Company has identified the changes as a result of the application of the standards, acknowledging the accumulated effect of their initial application as a restatement of the opening balances of the retained earnings and reserves as of January 1, 2018; therefore, the financial statements as of December 31, 2017 have not been modified. The impact of the implementation of IFRS 9 - Financial instruments, and IFRS 15 - Revenue from Contracts with Customers, is explained in note 1 z). Changes to accounting estimates As of December 31, 2018, there have been no changes regarding the accounting estimates for the 2017 financial year. |
DISCLOSURE OF OTHER INFORMATION
DISCLOSURE OF OTHER INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
DISCLOSURE OF OTHER INFORMATION [Abstract] | |
Disclosure Of Other Information Explanatory [Text Block] | NOTE 3. DISCLOSURE OF OTHER INFORMATION a) Disclosure of information on Issued Capital At the date of these consolidated financial statements the share capital of Arauco is ThU.S.$353,618. 100% of Capital corresponds to ordinary shares 12-31-2018 12-31-2017 Description of Ordinary Capital Share Types 100 Number of Authorized Shares by Type of Capital in Ordinary Shares 113,159,655 Nominal Value of Shares by Type of Capital in Ordinary Shares ThU.S.$ 0.0031210 Amount of Capital in Shares by Type of Ordinary Shares that Constitute Capital ThU.S.$ 353,618 12-31-2018 12-31-2017 Number of Shares Issued and Fully Paid by Type of Capital in Ordinary Shares 113,159,655 b) Dividends paid The interim dividend paid in December 2018 was equivalent to 20% of the distributable net profit calculated as of the end of September 2018 and was considered a decrease in the statements of changes in equity. The final dividend paid each year on may 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.$324,295 (ThU.S.$174,266 as of December 31, 2017) presented in the statements of changes in equity correspond to the minimum dividend provision recorded for the period 2018. In the Statements of Cash Flow in the line item “Dividends Paid” an amount of ThU.S.$257,421 is presented for the year ended December 31, 2018 (ThU.S.$ 121,586 for the year ended December 31, 2017), of which ThU.S.$256,029 (ThU.S.$ 119,499 for the year ended December 31, 2017) correspond to the payment of dividends of the parent company. The following are the dividends paid and per share amounts during the periods 2018, 2017 and 2016: Detail of Dividend Paid, Ordinary Shares Dividend Paid Interim Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 12-12-2018 Amount of Dividend ThU.S.$ 142,256 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 1.25712 Detail of Dividend Paid, Ordinary Shares Dividend Paid Final Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 05-10-2018 Amount of Dividend ThU.S.$ 113,773 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 1.00542 Detail of Dividend Paid, Ordinary Shares Dividend Paid Interim Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 12-20-2017 Amount of Dividend ThU.S.$ 60,494 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 0.53459 Detail of Dividend Paid, Ordinary Shares Dividend Paid Final Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 05-10-2017 Amount of Dividend ThU.S.$ 59,005 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 0.52143 Detail of Dividend Paid, Ordinary Shares Dividend Paid Interim Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 12-14-2016 Amount of Dividend ThU.S.$ 29,572 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 0.26133 Detail of Dividend Paid, Ordinary Shares Dividend Paid Final Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 05-11-2016 Amount of Dividend ThU.S.$ 99,221 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 0.87683 c) Disclosure of Information on Reserves 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, 2018, 2017 and 2016 are as follows: January - December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Classes of Other Income Other Income, Total 124,304 111,513 257,863 Gain from changes in fair value of biological assets (See note 20) 84,476 83,031 208,562 Net income from insurance compensation 1,788 1,305 3,222 Revenue from export promotion 3,570 3,542 2,350 Lease income 2,156 3,061 4,687 Gain on sales of assets 13,164 13,444 17,485 Access easement 260 565 3,756 Recovery of tax credits - - 2,033 Compensations received 4,554 283 139 Other operating results (*) 14,336 6,282 15,629 Classes of Other Expenses by activity Total of Other Expenses by activity (95,880 ) (240,165 ) (77,415 ) Depreciation (523 ) (466 ) (562 ) Legal expenses (3,832 ) (3,882 ) (5,087 ) Impairment provision for property, plant and equipment and others (31,680 ) (33,240 ) (14,979 ) Operating expenses related to plants stoppage (2,718 ) (7,275 ) (3,926 ) Expenses related to projects (15,497 ) (2,139 ) (1,620 ) Loss of asset sales (8,533 ) (4,691 ) (2,283 ) Loss and repair of assets (430 ) (3,739 ) (1,307 ) Loss of forest due to fires (**) (2,584 ) (138,139 ) (15,193 ) Other Taxes (16,821 ) (17,463 ) (8,261 ) Research and development expenses (1,888 ) (2,594 ) (2,684 ) Fines, readjustments and interests (788 ) (3,675 ) (1,004 ) Loss on disposal of associates - - (10,369 ) Other expenses (10,586 ) (22,862 ) (10,140 ) Classes of financing income Financing income, total 20,895 19,640 29,701 Financial income from mutual funds - term deposits 13,177 11,023 11,439 Financial income resulting from swap - forward instruments 596 3,602 7,226 Other financial income 7,122 5,015 11,036 Classes of financing costs Financing costs, Total (214,779 ) (287,958 ) (258,467 ) Interest expense, Banks loans (29,320 ) (31,014 ) (33,224 ) Interest expense, Bonds (142,846 ) (223,602 ) (183,203 ) Interest expense, other financial instruments (18,716 ) (15,706 ) (17,221 ) Other financial costs (23,897 ) (17,636 ) (24,819 ) Share of profit (loss) of associates and joint ventures accounted for using equity method Total 17,246 17,017 23,939 Investments in associates 3,043 4,855 16,348 Joint ventures 14,203 12,162 7,591 (*) ”Other operating results” includes extraction of sand and gravel from wharfage and indemnities, among others. (**) Loss of forest due to fires are presented net of ThU.S.$35,000 from insurance compensation as of December 2017. The analysis of expenses by nature contained in these consolidated financial statements is presented below: January - December 2018 2017 2016 Cost of sales ThU.S.$ ThU.S.$ ThU.S.$ Timber 691,129 725,114 736,399 Forestry labor costs 672,233 631,276 600,320 Depreciation 377,557 389,847 377,983 Maintenance costs 280,715 262,764 313,500 Chemical costs 560,241 517,478 479,335 Sawmill Services 140,106 109,776 117,340 Other Raw Materials 228,701 188,874 221,950 Other Indirect costs 185,424 178,447 143,074 Energy and fuel 207,712 186,041 139,527 Cost of electricity 34,301 42,008 39,960 Wage and salaries 344,630 342,907 329,517 Total 3,722,749 3,574,532 3,498,905 (*) Total amount is composed of the cost of inventory sales for ThU.S.$ 3,662,348 (ThU.S.$ 3,510,009 and ThU.S.$ 3,423,439 at December 31, 2017 and 2016, respectively) and the cost of rendering services for ThU.S.$ 60,401 (ThU.S.$ 64,523 as of December 31, 2017) January - December 2018 2017 2016 Distribution cost ThU.S.$ ThU.S.$ ThU.S.$ Selling costs 39,402 39,175 33,557 Commissions 14,629 14,880 13,880 Insurance 4,266 3,620 3,216 Provision for doubtful accounts 3,144 (245 ) 910 Other selling costs 17,363 20,920 15,551 Shipping and freight costs 517,403 484,125 462,916 Port services 28,064 30,996 28,028 Freights 440,886 409,801 382,894 Other shipping and freight costs (internation, warehousing, stowage, customs and other costs) 48,453 43,328 51,994 Total 556,805 523,300 496,473 January - December 2018 2017 2016 Administrative expenses ThU.S.$ ThU.S.$ ThU.S.$ Wages and salaries 247,927 218,720 198,042 Marketing, advertising, promotion and publications expenses 12,650 10,046 9,937 Insurances 15,538 17,122 21,526 Depreciation and amortization 27,879 28,210 29,285 Computer services 27,434 27,193 27,735 Lease rentals (offices, other property and vehicles) 14,249 14,195 13,391 Donations, contributions, scholarships 13,952 12,772 10,396 Fees (legal and technical advisors) 51,039 43,107 43,809 Property taxes, city permits and rights 17,645 17,281 15,962 Cleaning services, security services and transportation 24,089 25,153 26,975 Third-party variable services (maneuvers, logistics) 43,573 46,097 40,277 Basic services 9,467 8,423 8,653 Maintenance and repair 6,973 5,579 7,617 Seminars, courses, training materials 3,117 2,526 3,560 Other administration expenses (travels, clothing and safety equipment, enviromental expenses, audits and others) 45,752 44,870 17,304 Total 561,284 521,294 474,469 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Inventories [Abstract] | |
Disclosure of inventories [text block] | NOTE 4. INVENTORIES 12-31-2018 12-31-2017 Components of Inventory ThU.S.$ ThU.S.$ Raw materials 56,213 103,049 Production supplies 122,794 98,548 Work in progress 66,432 56,194 Finished goods 610,203 441,726 Spare Parts 174,554 168,945 Total Inventories 1,030,196 868,462 Inventories recognized as cost of sales at December 31, 2018 were ThU.S.$ 3,662,348 (ThU.S.$3,510,009 and ThU.S.$ 3,423,439 at December 31, 2017 and 2016, respectively). In order to have the inventories recorded at net realizable value at December 31, 2018, a net decrease of inventories was recognized associated with a higher provision of obsolescence of ThU.S.$2,038 (ThU.S.$1,264 and ThU.S.$ 8,397 at December 31, 2017 and 2016, respectively). As of December 31, 2018, the amount of obsolescence provision is ThU.S.$29,658 (ThU.S.$28,684 at December 31, 2017). At December 31, 2018, there were inventory write-offs of ThU.S.$6,760 (ThU.S.$ 1,427 and ThU.S.$ 1,332 at December 31, 2017 and 2016, 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. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2018 | |
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. 12-31-2018 12-31-2017 Components of Cash and Cash Equivalents ThU.S.$ ThU.S.$ Cash on hand 126 148 Bank checking account balances 327,006 209,037 Time deposits 478,775 292,105 Mutual funds 270,035 73,170 Other cash and cash equivalents (*) - 15,426 Total 1,075,942 589,886 (*) Applies to purchase contracts with resale commitments. The risk classification of the mutual funds in effect as of December 31 , 2018 and December 31, 2017 is shown below. December 2018 ThU.S.$ December 2017 ThU.S.$ AAAfm 268,237 64,471 No classification 1,798 8,699 Total Mutual Funds 270,035 73,170 Changes in Financial Liabilities Cash Flow Opening balance 01-01-2018 Borrowings obtained Borrowings paid Interest paid Accrued interest Inflation adjustment Non-cash movements Closing balance 12-31-2018 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Borrowings from banks 858,457 534,474 (453,789 ) (28,397 ) 30,133 761 (1,204 ) 940,435 Hedging liabilities 5,393 - - (803 ) - (138 ) 67,147 71,599 Bonds and promissory notes 3,302,685 329,077 (21,495 ) (143,080 ) 144,116 (112,773 ) 3,124 3,501,654 Total 4,166,535 863,551 (475,284 ) (172,280 ) 174,249 (112,150 ) 69,067 4,513,688 Cash Flow Opening balance 01-01-2017 Borrowings obtained Borrowings paid Interest paid Accrued interest Inflation adjustment Non-cash movements Closing balance 12-31-2017 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Borrowings from banks 914,358 421,309 (481,205 ) (28,141 ) 27,894 (439 ) 4,681 858,457 Hedging liabilities 87,364 - - - - - (81,971 ) 5,393 Bonds and promissory notes 3,452,658 891,172 (1,146,506 ) (233,045 ) 218,326 122,324 (2,244 ) 3,302,685 Total 4,454,380 1,312,481 (1,627,711 ) (261,186 ) 246,220 121,885 (79,534 ) 4,166,535 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Income Tax [Abstract] | |
Disclosure of income tax [text block] | NOTE 6. INCOME TAXES The tax rates applicable in the countries in which Arauco operates are 27% in Chile, 30% in Argentina, 34% in Brazil, 25% in Uruguay and 21% 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 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: 12-31-2018 12-31-2017 Deferred Tax Assets ThU.S.$ ThU.S.$ Deferred tax Assets relating to Provisions 6,105 7,433 Deferred tax Assets relating to Accrued Liabilities 10,906 11,267 Deferred tax Assets relating to Post-Employment benefits 19,072 19,276 Deferred tax Assets relating to Property, Plant and equipment 10,125 11,657 Deferred tax Assets relating to Financial Instruments 9,761 4,348 Deferred tax Assets relating to Tax Loss Carryforward 109,320 62,706 Deferred tax Assets relating to Inventories 5,532 5,941 Deferred tax Assets relating to Provisions for Income 7,443 21,354 Deferred tax Assets relating to Allowance for Doubtful Accounts 5,001 5,149 Intangible revaluation differences 7,651 10,389 Deferred tax Assets relating to Other Deductible Temporary Differences 21,108 27,364 Total Deferred Tax Assets 212,024 186,884 Offsetting presentation (207,389 ) (178,618 ) Net Effect 4,635 8,266 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.$368 ,938 ( ThU.S.$ 216,397 at December 31, 2017), which are mainly originated by operational and financial losses. In addition, as of the closing of these consolidated financial statements there are ThU.S.$ 183,162 (ThU.S.$ 167, 862 at December 31, 2017) 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: 12-31-2018 12-31-2017 Deferred Tax Liabilities ThU.S.$ ThU.S.$ Deferred tax Liabilities relating to Property, Plant and Equipment 829,288 860,498 Deferred tax Liabilities relating to Financial Instruments 14,225 12,684 Deferred tax Liabilities relating to Biological Assets 661,582 676,876 Deferred tax Liabilities relating to Inventory 39,025 32,580 Deferred tax Liabilities relating to Prepaid Expenses 37,897 41,600 Deferred tax Liabilities relating to Intangible 20,240 22,014 Deferred tax Liabilities relating to Other Taxable Temporary Differences 22,790 17,731 Total Deferred Tax Liabilities 1,625,047 1,663,983 Offsetting presentation (207,389 ) (178,618 ) Net Effect 1,417,658 1,485,365 The effect of changes in current and deferred tax liabilities related to financial hedging instruments corresponds to a credit of ThU.S.$ 4,474 for the year ended December 31, 2018 (compared to a credit of ThU.S.$ 1,591 for the year ended December 31, 2017), 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 Opening Opening Deferred tax of items charged Increase Balance 01-01-2018 IAS 39 restated Balance 01-01-2018 IFRS 9 Deferred tax Expenses (Income) to other comprehensive income (decrease) Net exchange differences Closing balance 12-31-2018 Deferred Tax Assets ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S$ Deferred tax Assets relating to Provisions 7,433 7,433 (1,015 ) - (313 ) 6,105 Deferred tax Assets relating to Accrued Liabilities 11,267 11,267 (361 ) - - 10,906 Deferred tax Assets relating to Post-Employment benefits 19,276 19,276 297 (504 ) 3 19,072 Deferred tax Assets relating to Property, Plant and equipment 11,657 11,657 (1,532 ) - - 10,125 Deferred tax Assets relating to Financial Instruments 4,348 709 5,057 (507 ) 5,211 - 9,761 Deferred tax Assets relating to Tax Loss Carryforward 62,706 62,706 53,103 - (6,489 ) 109,320 Deferred tax Assets relating to Inventories 5,941 5,941 (378 ) - (31 ) 5,532 Deferred tax Assets relating to Provisions for Income 21,354 21,354 (13,910 ) - (1 ) 7,443 Deferred tax Assets relating to Allowance for Doubtful Accounts 5,149 918 6,067 (843 ) - (223 ) 5,001 Intangible revaluation differences 10,389 10,389 (1,244 ) - (1,494 ) 7,651 Deferred tax Assets relating to Other Deductible Temporary Differences 27,364 27,364 (3,838 ) - (2,418 ) 21,108 Total Deferred Tax Assets 186,884 1,627 188,511 29,772 4,707 (10,966 ) 212,024 Deferred tax of Opening Balance Opening Balance Deferred tax items charged to other Increase (decrease) 01-01-2018 IAS 39 Amounts restated 01-01-2018 IFRS 9 Expenses (Income) comprehensive income Net exchange differences balance 12-31-2018 Deferred Tax Liabilities ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S$ Deferred tax Liabilities relating to Property, Plant and Equipment 860,498 - 860,498 (23,428 ) - (7,782 ) 829,288 Deferred tax Liabilities relating to Financial Instruments 12,684 - 12,684 1,542 - (1 ) 14,225 Deferred tax Liabilities relating to Biological Assets 676,876 - 676,876 2,060 - (17,354 ) 661,582 Deferred tax Liabilities relating to Inventory 32,580 - 32,580 6,445 - - 39,025 Deferred tax Liabilities relating to Prepaid Expenses 41,600 - 41,600 (3,703 ) - - 37,897 Deferred tax Liabilities relating to Intangible 22,014 - 22,014 (562 ) - (1,212 ) 20,240 Deferred tax Liabilities relating to Other Taxable Temporary Differences 17,731 - 17,731 6,450 - (1,391 ) 22,790 Total Deferred Tax Liabilities 1,663,983 - 1,663,983 (11,196 ) - (27,740 ) 1,625,047 Deferred tax of Increase Opening Deferred tax items charged to other (decrease) through Increase (decrease) Closing Balance 01-01-2017 Expenses (Income) comprehensive income Business Combination differences balance 12-31-2017 Deferred Tax Assets ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S$ Deferred tax Assets relating to Provisions 5,771 931 - 726 5 7,433 Deferred tax Assets relating to Accrued Liabilities 11,716 (405 ) - - (44 ) 11,267 Deferred tax Assets relating to Post-Employment benefits 17,618 2,286 (673 ) - 45 19,276 Deferred tax Assets relating to Property, Plant and equipment 9,806 1,850 - - 1 11,657 Deferred tax Assets relating to Financial Instruments 12,699 1,414 (9,764 ) - (1 ) 4,348 Deferred tax Assets relating to Tax Loss Carryforward 50,917 7,271 - 6,093 (1,575 ) 62,706 Deferred tax Assets relating to Inventories 7,158 (1,435 ) - 221 (3 ) 5,941 Deferred tax Assets relating to Provisions for Income 14,300 7,054 - - - 21,354 Deferred tax Assets relating to Allowance for Doubtful Accounts 4,886 (854 ) - 1,133 (16 ) 5,149 Intangible revaluation differences 10 (954 ) - 11,333 - 10,389 Deferred tax Assets relating to Other Deductible Temporary Differences 22,985 (3,807 ) - 9,134 (948 ) 27,364 Total Deferred Tax Assets 157,866 13,351 (10,437 ) 28,640 (2,536 ) 186,884 Deferred tax of Increase Opening Deferred tax items charged to other (decrease) through Increase (decrease) Closing Balance 01-01-2017 Expenses (Income) comprehensive income Business Combination Net exchange balance Deferred Tax Liabilities ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S$ Deferred tax Liabilities relating to Property, Plant and Equipment 934,892 (82,445 ) - 9,735 (1,684 ) 860,498 Deferred tax Liabilities relating to Financial Instruments 7,186 5,497 - - 1 12,684 Deferred tax Liabilities relating to Biological Assets 719,577 (79,947 ) - 37,997 (751 ) 676,876 Deferred tax Liabilities relating to Inventory 31,072 1,508 - - - 32,580 Deferred tax Liabilities relating to Prepaid Expenses 42,881 (1,281 ) - - - 41,600 Deferred tax Liabilities relating to Intangible 27,222 (4,880 ) - - (328 ) 22,014 Deferred tax Liabilities relating to Other Taxable Temporary Differences 20,004 (6,730 ) - 4,467 (10 ) 17,731 Total Deferred Tax Liabilities 1,782,834 (168,278 ) - 52,199 (2,772 ) 1,663,983 Temporary Differences The following tables summarize the deductible and taxable temporary differences: 12-31-2018 12-31-2017 Deductible Taxable Deductible Taxable Detail of classes of Deferred Tax Temporary Differences Difference Difference Difference Difference Deferred Tax Assets 102,704 124,178 Deferred Tax Assets - Tax loss carryforward 109,320 62,706 Deferred Tax Liabilities 1,625,047 1,663,983 Total 212,024 1,625,047 186,884 1,663,983 January - December 2018 2017 2016 Detail of Temporary Difference Income and Loss Amounts ThU.S.$ ThU.S.$ ThU.S.$ Deferred Tax Assets (23,331 ) 6,079 9,093 Deferred Tax Assets - Tax loss carryforward 53,103 7,270 11,498 Deferred Tax Liabilities 11,196 168,279 (3,868 ) Total 40,968 181,628 16,723 Income Tax Expense Income tax expense consists of the following: January - December 2018 2017 2016 Income Tax composition ThU.S.$ ThU.S.$ ThU.S.$ Current income tax expense (270,252 ) (155,292 ) (58,831 ) Tax benefit arising from unrecognized tax assets previously used to reduce current tax expense 4,471 3,018 - Prior period current income tax adjustments (1,732 ) (227 ) (6,899 ) Other current benefit tax (expenses) (220 ) 1,865 3,360 Current Tax Expense, Net (267,733 ) (150,636 ) (62,370 ) Deferred tax expense relating to origination and reversal of temporary differences (12,135 ) 174,358 5,225 Tax benefit arising from previously unrecognized tax loss carryforward 53,103 7,270 11,498 Total deferred Tax benefit (expense), Net 40,968 181,628 16,723 Income Tax benefit (expense) , Total (226,765 ) 30,992 (45,647 ) The following table presents the current income tax expense detailed by foreign and domestic (Chile) companies at December 31, 2018, 2017 and 2016: January - December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Foreign current income tax expense (35,442 ) (28,071 ) (27,931 ) Domestic current income tax expense (232,291 ) (122,565 ) (34,439 ) Total current income tax expense (267,733 ) (150,636 ) (62,370 ) Foreign deferred tax benefit (expense) 19,940 94,228 7,794 Domestic deferred tax benefit (expense) 21,028 87,400 8,929 Total deferred tax benefit (expense) 40,968 181,628 16,723 Total tax benefit (expense) (226,765 ) 30,992 (45,647 ) Reconciliation of income tax expense from statutory tax rate to the effective tax rate. The reconciliation of income tax expense is as follows: January - December 2018 2017 2016 Reconciliation of Income tax from Statutory Rate to Effective Tax Rate ThU.S.$ ThU.S.$ ThU.S.$ Statutory domestic (Chile) income tax rate 27.0 % 25.5 % 24.0 % Tax Expense at statutory tax rate (257,451 ) (61,037 ) (63,174 ) Tax effect of foreign tax rates 3,464 (7,118 ) (13,368 ) Tax effect of revenues exempt from taxation 82,521 40,133 33,834 Tax effect of not deductible expenses (53,510 ) (28,783 ) (10,987 ) Tax rate effect of tax loss carry forwards 15 (44 ) - Tax effect of Previously Unrecognized Tax Benefit in the Statements of Profit or Loss (91 ) 195 - Tax effect of a new evaluation of assets for deferred not recognized taxes - 5,311 17,157 Tax rate effect from change in tax rate (opening balances) - 78,946 (3,681 ) Tax rate effect of adjustments for current tax of prior periods (1,732 ) (227 ) (6,899 ) Other tax rate effects 19 3,616 1,471 Total adjustments to tax expense at applicable tax rate 30,686 92,029 17,527 Tax benefit (expense) at effective tax rate (226,765 ) 30,992 (45,647 ) Current tax liabilities The current tax liabilities balances are as follow: 12-31-2018 12-31-2017 Current tax Liabilities ThU.S.$ ThU.S.$ Provision tax income (First category) 260,538 126,404 Monthly Provisional Payments (MPP) (107,023 ) (119,753 ) Other taxes 127 1,437 Total 153,642 8,088 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Property Plant And Equipments [Abstract] | |
Disclosure of property, plant and equipment [text block] | NOTE 7. PROPERTY, PLANT AND EQUIPMENT 12-31-2018 12-31-2017 Property, Plant and Equipment, Net ThU.S.$ ThU.S.$ Construction work in progress 1,030,730 597,351 Land 972,143 1,008,310 Buildings 2,062,887 2,135,201 Plant and equipment 2,921,462 3,112,755 Information technology equipment 23,292 22,665 Fixtures and fittings 15,906 12,297 Motor vehicles 14,916 15,959 Other property, plant and equipment 133,357 129,761 Total Net 7,174,693 7,034,299 Property, Plant and Equipment, Gross Construction work in progress 1,030,730 597,351 Land 972,143 1,008,310 Buildings 3,959,186 3,926,157 Plant and equipment 6,388,843 6,410,561 Information technology equipment 86,558 82,765 Fixtures and fittings 44,694 40,388 Motor vehicles 53,507 49,756 Other property, plant and equipment 157,301 159,720 Total Gross 12,692,962 12,275,008 Accumulated depreciation and impairment Buildings (1,896,299 ) (1,790,956 ) Plant and equipment (3,467,381 ) (3,297,806 ) Information technology equipment (63,266 ) (60,100 ) Fixtures and fittings (28,788 ) (28,091 ) Motor vehicles (38,591 ) (33,797 ) Other property, plant and equipment (23,944 ) (29,959 ) Total (5,518,269 ) (5,240,709 ) Description of Property, Plant and Equipment Pledged as Security for Liabilities As of December 31, 2018, 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. 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Amount committed for the acquisition of property, plant and equipment 798,631 112,924 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 , 2018 and December 31, 2017: Movement of Property, Plant and Equipment Construction work in progress Land Buildings Plant and equipment IT Equipment Fixtures and fittings Motor vehicles Other Property, Plant and Equipment TOTAL ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 01-01-2018 597,351 1,008,310 2,135,201 3,112,755 22,665 12,297 15,959 129,761 7,034,299 Changes Additions 660,918 3 6,949 42,467 1,125 1,146 2,352 15,516 730,476 Acquisitions through business combinations - 3,900 - 4,887 - - - - 8,787 Disposals (1,994 ) (448 ) (770 ) (702 ) (42 ) - (129 ) (528 ) (4,613 ) Retirements (6,269 ) (4,466 ) (1,656 ) (17,680 ) (42 ) (28 ) (84 ) (5,599 ) (35,824 ) Depreciation - - (125,407 ) (316,118 ) (5,791 ) (2,870 ) (3,920 ) (3,660 ) (457,766 ) Impairment loss recognized in profit or loss - - (654 ) (356 ) (5 ) (20 ) - - (1,035 ) Increase (decrease) through net exchange differences (4,115 ) (34,204 ) (15,444 ) (42,059 ) (175 ) (210 ) (217 ) (6,332 ) (102,756 ) Reclassification of assets held for sale - (2,193 ) (5 ) 5,323 - - - - 3,125 Increase (decrease) through transfers from construction in progress (215,161 ) 1,241 64,673 132,945 5,557 5,591 955 4,199 - Total changes 433,379 (36,167 ) (72,314 ) (191,293 ) 627 3,609 (1,043 ) 3,596 140,394 Closing balance 12-31-2018 1,030,730 972,143 2,062,887 2,921,462 23,292 15,906 14,916 133,357 7,174,693 Movement of Property, Plant and Equipment Construction work in progress Land Buildings Plant and equipment IT Equipment Fixtures and fittings Motor vehicles Other Property, Plant and Equipment TOTAL ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 01-01-2017 321,031 991,450 2,169,731 3,256,348 24,154 9,880 16,858 130,043 6,919,495 Changes Additions 440,394 277 12,932 65,938 787 556 2,161 10,788 533,833 Acquisitions through business combinations 3,460 4,009 17,214 46,415 164 986 241 2,022 74,511 Disposals - (1,878 ) (48 ) (5,492 ) (26 ) (26 ) (292 ) (262 ) (8,024 ) Retirements (1,585 ) (75 ) (3,809 ) (3,900 ) (4 ) (29 ) (127 ) (7,211 ) (16,740 ) Depreciation - - (125,692 ) (311,819 ) (6,080 ) (2,268 ) (3,546 ) (5,421 ) (454,826 ) Impairment loss recognized in profit or loss (208 ) - (769 ) (8,271 ) (5 ) (310 ) - (338 ) (9,901 ) Increase (decrease) through net exchange differences 290 (2,728 ) 961 (2,394 ) 51 (31 ) 67 69 (3,715 ) Reclassification of assets held for sale (418 ) - - 84 - - - - (334 ) Increase (decrease) through transfers from construction in progress (165,613 ) 17,255 64,681 75,846 3,624 3,539 597 71 - Total changes 276,320 16,860 (34,530 ) (143,593 ) (1,489 ) 2,417 (899 ) (282 ) 114,804 Closing balance 12-31-2017 597,351 1,008,310 2,135,201 3,112,755 22,665 12,297 15,959 129,761 7,034,299 The depreciation expense for the period ending December 31, 2018, 2017 and 2016 is as follows: January-December 2018 2017 2016 Depreciation for the year ThU.S.$ ThU.S.$ ThU.S.$ Cost of sales 377,557 389,847 371,170 Administrative expenses 15,530 14,883 21,546 Other expenses 1,986 3,494 2,119 Total 395,073 408,224 394,835 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: Years of Useful Life (Average) Buildings 58 Plant and equipment 30 Information technology equipment 8 Fixtures and fittings 28 Motor vehicles 7 Other property, plant and equipment 14 See Note 12 for details of capitalized borrowing costs. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Leases [Abstract] | |
Disclosure of leases [text block] | NOTE 8. LEASES Arauco acting as lessee 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Property, Plant and Equipment under finance leases 76,020 116,534 Plant and equipment 76,020 116,534 Reconciliation of Financial Lease Minimum Payments: 12-31-2018 Present Value Periods ThU.S.$ Less than one year 30,916 Between one and five years 37,271 More than five years - Total 68,187 12-31-2017 Present Value Periods ThU.S.$ Less than one year 44,341 Between one and five years 68,035 More than five years - Total 112,376 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. Arauco acting as lessor Reconciliation of Financial Lease Minimum Payments: 12-31-2018 Gross Interest Present Value Periods ThU.S.$ ThU.S.$ ThU.S.$ Less than one year 1,180 49 1,131 Between one and five years 837 - 837 More than five years - - - Total 2,017 49 1,968 12-31-2017 Gross Interest Present Value Periods ThU.S.$ ThU.S.$ ThU.S.$ Less than one year 12,001 69 11,932 Between one and five years 1,174 - 1,174 More than five years - - - Total 13,175 69 13,106 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
REVENUE | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Revenue [Abstract] | |
Disclosure of revenue [text block] | NOTE 9. REVENUE January - December Classes of revenue 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Revenue from sales of goods 5,857,584 5,133,339 4,649,581 Revenue from rendering of services 97,249 105,002 111,804 Total 5,954,833 5,238,341 4,761,385 The reportable segments revenues by business area and by geographical area are presented in Note 24. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Employee Benefits [Abstract] | |
Disclosure of employee benefits [text block] | NOTE 10. EMPLOYEE BENEFITS Classes of Benefits and Expenses by Employee 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Employee expenses 627,614 563,117 532,957 Wages and salaries 602,936 542,981 506,993 Severance indemnities 24,678 20,136 25,964 2018 2017 2016 Discount rate 5.91 % 5.11 % 4.52 % Inflation 3.00 % 2.77 % 2.79 % Annual rate of wage growth 5.22 % 5.22 % 5.22 % Mortality rate (1) RV-2014 RV-2014 RV-2009 (1) For the purposes of determining the technical reserves, Chilean annuity providers are required by law to utilize the mortality tables specified by the SVS (currently Chilean Commission for the Financial Market). The most recent table is the RV-2014, which is based on Chilean pensioner experience from 2006-2013 (SP & SVS, 2013). The mortality tables distinguish between males and females. Sensitivities to assumptions 2018 ThU.S.$ Discount rate Increase in 100 bps (4,476 ) Decrease in 100 bps 5,151 Wage growth rates Increase in 100 bps 4,881 Decrease in 100 bps (4,468 ) The following tables set forth the balances and the reconciliation of the present value of severance indemnities obligations as of December 31 , 2018 and December 31, 2017: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Current 5,656 5,730 Non-current 64,895 66,033 Total 70,551 71,763 Reconciliation of the present value of severance indemnities obligations 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Opening balance 71,763 65,328 Current service cost 5,201 5,583 Interest cost 3,723 3,208 (Gains) losses from changes in actuarial assumptions (172 ) (3,711 ) Actuarial gains and losses arising from experience (1,685 ) 1,212 Benefits paid (4,773 ) (5,654 ) Costs from past services 4,710 - Increase (decrease) for foreign currency exchange rates changes (8,216 ) 5,797 Closing balance 70,551 71,763 |
BALANCES IN FOREIGN CURRENCY AN
BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS. | 12 Months Ended |
Dec. 31, 2018 | |
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. 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Total Current Assets 3,441,160 2,770,363 Cash and Cash Equivalents 1,075,942 589,886 U.S Dollar 834,513 501,352 Euros 8,295 4,306 Brazilian Real 44,605 47,314 Argentine Pesos 2,854 10,038 Other currencies 5,375 3,685 Chilean Pesos 180,300 23,191 Other current financial assets 497 3,504 U.S Dollar 497 3,497 Other currencies - 7 Other current non-financial assets 129,854 129,837 U.S Dollar 49,170 48,632 Euros 125 104 Brazilian Real 19,018 17,158 Argentine Pesos 5,855 5,832 Other currencies 5,325 5,306 Chilean Pesos 50,361 52,805 Trade and other current receivables 839,184 814,412 U.S Dollar 631,047 550,674 Euros 7,399 20,498 Brazilian Real 66,500 89,673 Argentine Pesos 15,044 26,863 Other currencies 15,458 17,702 Chilean Pesos 99,950 106,442 U.F. 3,786 2,560 Accounts receivable from related companies 7,324 3,488 U.S Dollar 591 726 Brazilian Real 83 171 Chilean Pesos 6,169 2,192 U.F. 481 399 Current Inventories 1,030,196 868,462 U.S Dollar 957,529 809,689 Brazilian Real 72,667 58,773 Current biological assets 315,924 307,796 U.S Dollar 253,672 270,761 Brazilian Real 62,252 37,035 Current tax assets 36,513 49,471 U.S Dollar 16,042 7,769 Euros 262 - Brazilian Real 4,978 6,721 Other currencies 1,501 3,188 Chilean Pesos 13,730 31,793 Non-current assets or disposal groups classified as held for sale 5,726 3,507 U.S Dollar 5,152 2,835 Brazilian Real 574 672 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Total Non-Current Assets 11,152,588 11,224,237 Other non-current financial assets 20,346 56,600 U.S Dollar 20,346 56,600 Other non-current non-financial assets 86,948 121,521 U.S Dollar 79,615 104,711 Brazilian Real 4,946 4,629 Argentine Pesos 1,427 11,303 Other currencies 730 693 Chilean Pesos 230 185 Trade and other non-current receivables 15,149 16,040 U.S Dollar 7,733 4,247 Brazilian Real 1,040 3,345 Other currencies 27 - Chilean Pesos 3,267 6,692 U.F. 3,082 1,756 Accounts receivable from related companies, non-current 481 1,056 U.F. 481 1,056 Investments accounted for using equity method 358,053 368,772 U.S Dollar 135,805 130,276 Euros 177,548 185,410 Brazilian Real 42,052 53,080 Chilean Pesos 2,648 6 Intangible assets other than goodwill 90,093 88,615 U.S Dollar 87,729 87,007 Brazilian Real 2,364 1,516 Chilean Pesos - 92 Goodwill 65,851 69,922 U.S Dollar 42,573 42,656 Brazilian Real 23,278 27,266 Property, plant and equipment 7,174,693 7,034,299 U.S Dollar 6,675,290 6,443,081 Brazilian Real 498,993 585,202 Chilean Pesos 410 6,016 Non-current biological assets 3,336,339 3,459,146 U.S Dollar 2,924,266 2,934,819 Brazilian Real 412,073 524,327 Deferred tax assets 4,635 8,266 U.S Dollar 4,558 4,319 Brazilian Real 36 3,622 Other currencies 41 32 Chilean Pesos - 293 12-31-2018 12-31-2017 Up to 90 days From 91 days to 1 year Total Up to 90 days From 91 days to 1 year Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Total Liabilities, current 1,160,815 418,949 1,579,764 1,045,364 354,030 1,399,394 Other current financial liabilities 121,606 415,990 537,596 148,778 351,566 500,344 U.S Dollar 110,329 334,747 445,076 134,125 284,293 418,418 Brazilian Real 1,880 4,948 6,828 2,383 4,660 7,043 Argentine Pesos 1,334 3,683 5,017 - - - Chilean Pesos 8,063 72,612 80,675 1,508 4,116 5,624 U.F. 10,762 58,497 69,259 Bank Loans 84,778 130,271 215,049 110,700 282,172 392,872 U.S Dollar 82,898 125,323 208,221 108,317 277,512 385,829 Brazilian Real 1,880 4,948 6,828 2,383 4,660 7,043 Financial Leases 7,265 23,651 30,916 9,928 34,413 44,341 Chilean Pesos 1,334 3,683 5,017 1,508 4,116 5,624 U.F. 5,931 19,968 25,899 8,420 30,297 38,717 Other Loans 29,563 262,068 291,631 28,150 34,981 63,131 U.S Dollar 27,431 209,424 236,855 25,808 6,781 32,589 U.F. 2,132 52,644 54,776 2,342 28,200 30,542 Trade and other current payables 659,618 - 659,618 717,342 4 717,346 U.S Dollar 184,989 - 184,989 193,562 - 193,562 Euros 7,450 - 7,450 9,099 - 9,099 Brazilian Real 64,873 - 64,873 124,917 - 124,917 Argentine Pesos 15,590 - 15,590 29,243 - 29,243 Other currencies 9,650 - 9,650 4,936 - 4,936 Chilean Pesos 348,886 - 348,886 333,525 4 333,529 U.F. 28,180 - 28,180 22,060 - 22,060 Accounts payable to related companies 10,229 - 10,229 11,208 - 11,208 U.S Dollar 1,777 - 1,777 1,354 - 1,354 Chilean Pesos 8,452 - 8,452 9,854 - 9,854 Other current provisions 413 - 413 2,728 - 2,728 U.S Dollar 413 - 413 622 - 622 Brazilian Real - - - 2,106 - 2,106 Current tax liabilities 152,994 648 153,642 6,361 1,727 8,088 U.S Dollar 88 - 88 283 - 283 Euros 7 - 7 158 - 158 Argentine Pesos 16,730 - 16,730 46 - 46 Other currencies 102 - 102 479 - 479 Chilean Pesos 136,067 648 136,715 5,395 1,727 7,122 Current provisions for employee benefits 4,923 733 5,656 5,595 135 5,730 Brazilian Real 51 - 51 - - - Chilean Pesos 4,872 733 5,605 5,595 135 5,730 Other current non-financial liabilities 211,032 1,578 212,610 153,352 598 153,950 U.S Dollar 187,740 606 188,346 119,309 582 119,891 Euros 49 - 49 77 - 77 Brazilian Real 12,340 - 12,340 18,016 - 18,016 Argentine Pesos 3,037 - 3,037 3,215 - 3,215 Other currencies 4,104 - 4,104 3,906 - 3,906 Chilean Pesos 3,762 972 4,734 8,809 16 8,825 U.F. - - - 20 - 20 12-31-2018 12-31-2017 From 13 months to 5 years More than 5 years Total From 13 months to 5 years More than 5 years Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Total non-current liabilities 2,506,687 3,168,326 5,675,013 3,025,553 2,452,760 5,478,313 Other non-current financial liabilities 1,451,888 2,592,391 4,044,279 1,455,641 2,322,926 3,778,567 U.S Dollar 1,041,304 1,573,044 2,614,348 970,631 1,508,999 2,479,630 Brazilian Real 7,827 - 7,827 16,506 - 16,506 Chilean Pesos 5,821 - 5,821 9,839 - 9,839 U.F. 396,936 1,019,347 1,416,283 458,665 813,927 1,272,592 Bank Loans 526,062 199,324 725,386 327,424 138,161 465,585 U.S Dollar 518,235 199,324 717,559 310,918 138,161 449,079 Brazilian Real 7,827 - 7,827 16,506 - 16,506 Financial Leases 37,271 - 37,271 68,035 - 68,035 Chilean Pesos 5,821 - 5,821 9,839 - 9,839 U.F. 31,450 - 31,450 58,196 - 58,196 Other Loans 888,555 2,393,067 3,281,622 1,060,182 2,184,765 3,244,947 U.S Dollar 523,069 1,373,720 1,896,789 659,713 1,370,838 2,030,551 U.F. 365,486 1,019,347 1,384,833 400,469 813,927 1,214,396 Non-current payables 2.230 - 2.230 - - - U.S Dollar 2.230 - 2.230 - - - Other non-current provisions 33,884 - 33,884 36,008 - 36,008 U.S Dollar 9 - 9 7 - 7 Brazilian Real 5,839 - 5,839 4,682 - 4,682 Argentine Pesos 28,035 - 28,035 31,316 - 31,316 Chilean Pesos 1 - 1 3 - 3 Deferred tax liabilities 841,723 575,935 1,417,658 1,355,531 129,834 1,485,365 U.S Dollar 751,356 575,935 1,327,291 1,247,096 129,834 1,376,930 Brazilian Real 90,367 - 90,367 108,435 - 108,435 Non-current provisions for employee benefits 64,895 - 64,895 66,033 - 66,033 Other currencies 159 - 159 129 - 129 Chilean Pesos 64,736 - 64,736 65,904 - 65,904 Other non-current non-financial liabilities 112,067 - 112,067 112,340 - 112,340 U.S Dollar 19 - 19 13 - 13 Brazilian Real 111,841 - 111,841 111,634 - 111,634 Argentine Pesos 29 - 29 480 - 480 Chilean Pesos 178 - 178 213 - 213 The table below sets forth the subsidiaries that have determined a functional currency other than the U.S. Dollar as follows: Subsidiary Country Functional Currency Arauco do Brasil S.A. Brazil Brazilian Real Arauco Forest Brasil S.A. Brazil Brazilian Real Arauco Florestal Arapoti S.A. Brazil Brazilian Real Arauco Industria de Paineis Ltda. Brazil Brazilian Real Empreendimentos Florestais Santa Cruz Ltda. Brazil Brazilian Real Mahal Empreendimentos e Participacoes S.A. Brazil Brazilian Real Novo Oeste Gestao de Ativos Florestais S.A. Brazil Brazilian Real Consorcio Protección Fitosanitaria Forestal S.A. Chile Chilean Pesos Forestal Nuestra Señora del Carmen S.A. Argentina Argentine Pesos Forestal Talavera S.A. Argentina Argentine Pesos Greeneagro S.A. Argentina Argentine Pesos Leasing Forestal S.A. Argentina Argentine Pesos Savitar S.A. Argentina Argentine Pesos Flakeboard Company Limited Canada Canadian Dollar The table below shows a detail per company of the effect in the period of the Reserve of Exchange Differences on translation: January - December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Arauco do Brasil S.A. (70,685 ) (6,537 ) 73,087 Arauco Forest Brasil S.A. (65,196 ) (6,929 ) 68,314 Arauco Florestal Arapoti S.A. (17,007 ) (1,051 ) 19,523 Sonae Arauco S.A. (9,811 ) 20,547 - Arauco Argentina S.A. (7,584 ) (752 ) 4,989 Flakeboard Company Limited (7,879 ) 6,529 2,984 Others (2,461 ) 307 (13 ) Total reserve of exchange differences on translation (180,623 ) 12,114 168,884 Effect of foreign exchange rates changes January-December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Exchange differences recognized in profit or loss, except for those arising on financial instruments measured at fair value through profit or loss (26,470 ) 98 (3,935 ) Reserve of exchange differences on translation (with Non-controlling interests) (185,038 ) 11,873 173,754 |
BORROWING COSTS
BORROWING COSTS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Borrowing Costs [Abstract] | |
Disclosure of borrowing costs [text block] | NOTE 12. BORROWING COSTS Arauco capitalizes interest at effective rate on current investment projects. At the date of issuance of these consolidated financial statements, Arauco has capitalized financial interest related to the modernization and extension of Planta Arauco (MAPA) project in Chile and to the Grayling project in the United States. January - December 2018 2017 ThU.S .$ ThU.S .$ Property, plant and equipment capitalized cost Property, plant and equipment capitalized interest cost rate 3.74 % 4.57 % Amount of the capitalized interest cost, property, plant and equipment 16,469 6,830 |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2018 | |
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 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 (who passed away on April 15, 2018), Mr. Roberto Angelini Rossi and Mrs. Patricia Angelini Rossi. 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, a nd 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 Transactions carried out with related parties are intended to contribute to the corporate interest, are adjusted in price, terms and conditions to those prevailing in the market at the time of approval, and meet the requirements and procedures set forth in the law. The table below sets forth information about the Relationship between the Parent Company and its Subsidiaries % Ownership interest % Ownership interest Functional 12-31-2018 12-31-2017 ID N° Company Name Country Currency Direct Indirect Total Direct Indirect Total - Agenciamiento y Servicios Profesionales S.A. Mexico U.S. Dollar 0.0020 99.9970 99.9990 0.0020 99.9970 99.9990 - Arauco Argentina S.A. Argentina U.S. Dollar 9.9753 90.0048 99.9801 9.9753 90.0048 99.9801 - Arauco Australia Pty Ltd. Australia U.S. Dollar - 99.9990 99.9990 - 99.9990 99.9990 96547510-9 Arauco Bioenergía S.A. Chile U.S. Dollar 98.0000 1.9999 99.9999 98.0000 1.9999 99.9999 - Arauco Colombia S.A. Colombia U.S. Dollar 1.4778 98.5204 99.9982 1.4778 98.5204 99.9982 - Arauco do Brasil S.A. Brazil Brazilian Real 1.0681 98.9309 99.9990 1.1624 98.8366 99.9990 - Arauco Europe Cooperatief U.A. Netherlands U.S. Dollar 0.5689 99.4301 99.9990 0.5689 99.4301 99.9990 - Arauco Florestal Arapoti S.A. Brazil Brazilian Real - 79.9992 79.9992 - 79.9992 79.9992 - Arauco Forest Brasil S.A. Brazil Brazilian Real 9.7714 90.2278 99.9992 9.9971 90.0021 99.9992 - Arauco Industria de Paineis Ltda. Brazil Brazilian Real - 99.9990 99.9990 - 99.9990 99.9990 - Arauco Middle East DMCC Dubai U.S. Dollar - 99.9990 99.9990 - 99.9990 99.9990 - Arauco North America, Inc. (ex Flakeboard America Limited) USA U.S. Dollar 0.0001 99.9989 99.9990 - 99.9990 99.9990 76620842-8 Arauco Nutrientes Naturales SPA Chile U.S. Dollar - 99.9484 99.9484 - 99.9484 99.9484 - Arauco Panels USA, LLC USA U.S. Dollar - - - - 99.9990 99.9990 - Arauco Perú S.A. Peru U.S. Dollar 0.0013 99.9977 99.9990 0.0013 99.9977 99.9990 - Arauco Wood (China) Company Limited China U.S. Dollar - 99.9990 99.9990 - - - - Arauco Wood Products, Inc. USA U.S. Dollar - - - 0.0004 99.9986 99.9990 - Araucomex S.A. de C.V. Mexico U.S. Dollar 0.0005 99.9985 99.9990 0.0005 99.9985 99.9990 96657900-5 Consorcio Protección Fitosanitaria Forestal S.A. Chile Chilean Pesos - 57.0831 57.0831 - 57.5223 57.5223 - Empreendimentos Florestais Santa Cruz Ltda. Brazil Brazilian Real - 99.9985 99.9985 - 99.9795 99.9795 - Flakeboard Company Ltd. Canada Canadian Dollar - 99.9990 99.9990 - 99.9990 99.9990 85805200-9 Forestal Arauco S.A. Chile U.S. Dollar 99.9484 - 99.9484 99.9484 - 99.9484 93838000-7 Forestal Cholguán S.A. Chile U.S. Dollar - 98.5479 98.5479 - 98.4826 98.4826 78049140-K Forestal Los Lagos S.A. Chile U.S. Dollar - 79.9587 79.9587 - 79.9587 79.9587 - Forestal Nuestra Señora del Carmen S.A. Argentina Argentine pesos - 99.9805 99.9805 - 99.9805 99.9805 - Forestal Talavera S.A. Argentina Argentine pesos - 99.9942 99.9942 - 99.9942 99.9942 - Greenagro S.A. Argentina Argentine pesos - 97.9805 97.9805 - 97.9805 97.9805 96563550-5 Inversiones Arauco Internacional Ltda. Chile U.S. Dollar 98.0186 1.9804 99.9990 98.0186 1.9804 99.9990 79990550-7 Investigaciones Forestales Bioforest S.A. Chile U.S. Dollar 1.0000 98.9489 99.9489 1.0000 98.9489 99.9489 - Leasing Forestal S.A. Argentina Argentine pesos - 99.9801 99.9801 - 99.9801 99.9801 96510970-6 Maderas Arauco S.A. Chile U.S. Dollar 99.0000 0.9995 99.9995 99.0000 0.9995 99.9995 - Maderas Arauco Costa Rica S.A. Costa Rica U.S. Dollar - 99.9990 99.9990 - - - - Mahal Empreendimentos e Participacoes S.A. Brazil Brazilian Real - 99.9991 99.9991 - 99.9961 99.9961 - Novo Oeste Gestao de Ativos Florestais S.A. Brazil Brazilian Real - 99.9991 99.9991 - 99.9991 99.9991 - Savitar S.A. Argentina Argentine pesos - 99.9841 99.9841 - 99.9841 99.9841 76375371-9 Servicios Aéreos Forestales Ltda. Chile U.S. Dollar 0.0100 99.9890 99.9990 0.0100 99.9890 99.9990 96637330-K Servicios Logísticos Arauco S.A. Chile U.S. Dollar 45.0000 54.9997 99.9997 45.0000 54.9997 99.9997 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. Company Name Country Functional Currency Eufores S.A. Uruguay U.S. Dollar Celulosa y Energía Punta Pereira S.A. Uruguay U.S. Dollar Zona Franca Punta Pereira S.A. Uruguay U.S. Dollar Forestal Cono Sur S.A. Uruguay U.S. Dollar Stora Enso Uruguay S.A. Uruguay U.S. Dollar El Esparragal Asociación Agraria de R.L. Uruguay U.S. Dollar Ongar S.A. Uruguay U.S. Dollar Terminal Logística e Industrial M’Bopicua S.A. Uruguay U.S. Dollar 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 January - December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Salaries and bonuses 72,666 59,501 73,398 Per diem compensation to members of the Board of Directors 2,560 2,566 1,783 Termination benefits 9,068 4,936 6,174 Total 84,294 67,003 81,355 Related Party Receivables, Current Nature of 12-31-2018 12-31-2017 Name of Related Party Tax ID No. Relationship Country Currency Maturity ThU.S.$ ThU.S.$ Forestal Mininco S.A. 91.440.000-7 Common Stockholder Chile Chilean pesos 30 days 14 25 Eka Chile S.A. 99.500.140-3 Joint Venture Chile Chilean pesos 30 days 2,362 2,027 Forestal del Sur S.A. 79.825.060-4 Associate of a subsidiary’s minority shareholder Chile Chilean pesos 30 days 3,740 4 Unilin Arauco Pisos Ltda. - Joint Venture Brazil Brazilian Real 30 days 83 171 Colbún S.A. 96.505.760-9 Common Stockholder Chile Chilean pesos 30 days 52 136 CMPC Celulosa S.A. 96.532.330-9 Common Stockholder Chile Chilean pesos 30 days 1 - Fundación Acerca Redes 65.097.218-K Parent company is founder and contributor Chile U.S. Dollar 30 days 221 726 Sonae Arauco Portugal S.A. - Subsidiary of a Joint Venture Portugal U.S. Dollar 30 days 370 Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of an Associate Chile U.F. 30 days 481 399 TOTAL 7,324 3,488 Related Party Receivables, Non-Current Nature of 12-31-2018 12-31-2017 Name of Related Party Tax ID No. Relationship Country Currency Maturity ThU.S.$ ThU.S.$ Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of an Associate Chile U.F. - - 528 Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of an Associate Chile U.F. Jan-20 481 528 TOTAL 481 1,056 Related Party Payables, Current Nature of 12-31-2018 12-31-2017 Name of Related Party Tax ID No. Relationship Country Currency Maturity ThU.S.$ ThU.S.$ Compañía de Petróleos de Chile S.A. 99.520.000-7 Common controlling parent Chile Chilean pesos 30 days 7,019 8,837 Abastible S.A. 91.806.000-6 Common controlling parent Chile Chilean pesos 30 days 601 545 Fundación Educacional Arauco 71.625.000-8 Common director Chile Chilean pesos 30 days 616 54 Red to Green S.A. (Ex-Sigma Servicios Informáticos S.A.) 86.370.800-1 Common Stockholder Chile Chilean pesos 30 days 14 1 Portaluppi, Guzman y Bezanilla Asesorías Ltda. 78.096.080-9 Common director Chile Chilean pesos - - 146 Empresa Nacional de Telecomunicaciones S.A. 92.580.000-7 Common Stockholder Chile Chilean pesos 30 days 123 137 Servicios Corporativos Sercor S.A. 96.925.430-1 Associate Chile Chilean pesos 30 days 11 29 Puerto Lirquén S.A. 96.959.030-1 Subsidiary of an associate Chile U.S. Dollar 30 days 1,003 1,354 Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of an associate Chile U.S. Dollar 30 days 772 - Depósitos Portuarios Lirquén S.A. 96.871.870-3 Subsidiary of an associate Chile U.S. Dollar 30 days 2 Adm.Estaciones de Servicio Serco Ltda. 79.689.550-0 Common controlling parent Chile Chilean pesos 30 days 1 1 Adm. de Ventas al Detalle Arco Prime Ltda. 77.215.640-5 Common controlling parent Chile Chilean pesos 30 days 1 14 Empresa Distrib. Papeles y Cartones S.A. 88.566.900-k Common Stockholder Chile Chilean pesos 30 days 8 - Elemental S.A. 76.659.730-0 Indirect associate of controlling parent Chile Chilean pesos 30 days 1 4 Woodtech S.A. 76.724.000-7 Indirect associate of controlling parent Chile Chilean pesos 30 days 28 86 Orizon S.A. 96.929.960-7 Common controlling parent Chile Chilean pesos 30 days 1 - Vía Limpia SPA 79.874.200-0 Common controlling parent Chile Chilean pesos 30 days 9 - Air BP Copec 96.942.120-8 Common controlling parent Chile Chilean pesos 30 days 19 - TOTAL 10,229 11,208 Related Party Transactions Purchases Nature of Transaction 12-31-2018 12-31-2017 12-31-2016 Name of Related Party Tax ID No. Relationship Country Currency Descriptions ThU.S.$ ThU.S.$ ThU.S.$ Abastible S.A. 91.806.000-6 Common controlling parent Chile Chilean pesos Fuel 3,668 3,115 2,199 Compañía de Petróleos de Chile S.A. 99.520.000-7 Common controlling parent Chile Chilean pesos Fuel and other 75,328 66,789 39,732 Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of the Associate Chile U.S. Dollar Transport and stowage 10,607 9,986 8,633 Puerto Lirquén S.A. 96.959.030-1 Subsidiary of the Associate Chile U.S. Dollar Port services 8,488 6,956 7,311 EKA Chile S.A. 99.500.140-3 Joint Venture Chile Chilean pesos Sodium chlorate 47,209 44,055 47,236 Forestal del Sur S.A. 79.825.060-4 Associate of a subsidiary’s minority shareholder Chile Chilean pesos Wood and ships 1,675 1,310 2,093 Portaluppi, Guzman y Bezanilla Abogados 78.096.080-9 Common director Chile Chilean pesos Legal services 897 1,496 1,295 Empresa Nacional de Telecomunicaciones S.A. 92.580.000-7 Common Stockholder Chile Chilean pesos Telephone services 617 460 512 CMPC Maderas S.A. 95.304.000-K Common Stockholder Chile Chilean pesos Wood and logs 644 330 511 Forestal Mininco S.A. 91.440.000-7 Common Stockholder Chile Chilean pesos Wood and logs 261 62 180 Colbún Transmisión S.A. 76.218.856-2 Common director Chile Chilean pesos Electrical Power 453 389 383 Woodtech S.A. 76.724.000-7 Indirect associate of controlling parent Chile Chilean pesos Wood volumen measurement services 2,449 2,239 982 Inversiones Siemel S.A. 94.082.000-6 Common Stockholder Chile Chilean pesos Rentals 326 596 777 Sercor S.A. 96.925.430-1 Associate Chile Chilean pesos Other purchases 148 150 - Vía Limpia 79.874.200-0 Common controlling parent Chile Chilean pesos Other purchases 257 - - CMPC Celulosa S.A. 96.532.330-9 Common Stockholder Chile Chilean pesos Others purchases 11 965 3 Sales Nature of Transaction 12-31-2018 12-31-2017 12-31-2016 Name of Related Party Relationship Country Descriptions ThU.S.$ ThU.S.$ ThU.S.$ Compañía de Petróleos de Chile S.A. 99.520.000-7 Common controlling parent Chile Chilean pesos Charter Services 75 202 - Colbún S.A. 96.505.760-9 Common director Chile Chilean pesos Electrical Power 277 1,128 5,999 EKA Chile S.A. 99.500.140-3 Joint venture Chile Chilean pesos Electrical Power 24,857 19,182 16,326 Forestal del Sur S.A. 79.825.060-4 Common director Chile Chilean pesos Harvesting services, Wood and chips 26,308 25,322 21,657 Unilin Arauco Pisos Ltda. - Joint venture Brazil Brazilian Real Wood 1,474 2,966 5,263 |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Consolidated And Separate Financial Statements [Abstract] | |
Disclosure of separate financial statements [text block] | NOTE 14. CONSOLIDATED FINANCIAL STATEMENTS On December 31, 2018, Arauco Wood Products Inc and Arauco Panels USA, LLC merged into Flakeboard America Limited (currently Arauco North America, Inc). This transaction had no effect on Arauco’s profit or loss. On May 7, 2018, the company Maderas Arauco Costa Rica S.A. was created through the subsidiary Inversiones Arauco Internacional Ltda., with a capital of 10,000 On December 24, 2018 Inversiones Arauco Internacional Ltda. made a capital contribution of U.S$ 300,000 to the company Maderas Arauco Costa Rica S.A. On August 3. 2018, the company Arauco Wood (China) Company Limited was created through the subsidiary Inversiones Arauco Internacional Ltda. with a capital of U.S.$ 500,000 which it has not been paid. 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 ThU.S.$ 32,914 . During December 2017, Arauco paid ThU.S.$ 15,918. Later, in February 2018, the balance of ThU.S$ 16,996 10 Arauco recognized the acquisition of Arauco Industria de Paineis Ltda. over on 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. During the year 2018, after finalizing the determination of the fair values for the acquisition of Arauco Industria de Paineis Ltda., Arauco recognized a profit of ThU.S.$ 16,501 in Other Gains (Losses) in the Consolidated Statements of Profit or Loss, net of exchange difference for conversion for ThU.S.$ 2,288. The table below shows the fair values of assets and liabilities at the date of the transaction: 12-06-2017 ARAUCO INDUSTRIA DE PAINEIS LTDA. ThU.S.$ Cash and cash equivalent 4,345 Trade and other current receivables 48,877 Inventories 23,335 Property, plant and equipment 91,956 Other assets 20,929 Total assets 189,442 Other financial liabilities, current and non-current 43,218 Trade and other payables 22,018 Other liabilities 74,791 Total liabilities 140,027 Total equity 49,415 The following table shows revenue and net profit recognized at the acquisition day: January 1, 2017 to December 31, 2017 ThU.S.$ Revenue 11,830 Net loss (1,376 ) 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: January-December 2017 CELULOSA ARAUCO Y CONSTITUCIÓN S.A. AND SUBSIDIARIES (Pro-forma) ThU.S.$ Revenue 5,395,859 Net profit 261,776 These amounts have been calculated using the subsidiary’s results and adjusting them for property, plant and equipment impairments before the acquisition. The details of the subsidiaries included in the consolidation of Arauco are disclosed in Note 13. |
INVESTMENTS IN ASSOCIATES
INVESTMENTS IN ASSOCIATES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Investments In Associates [Abstract] | |
Disclosure of interests in associates [text block] | NOTE 15. INVESTMENTS IN ASSOCIATES On May 2, 2018, the company E2E S.A. was incorporated through the subsidiary Maderas Arauco S.A., with a total capital of ThU.S.$ 6,000, under 50% ownership of Arauco. As of this date, ThU.S.$ 2,241 have been contributed. On January 19, 2018, the company Parque Eólico Ovejera Sur SpA was incorporated through the subsidiary Arauco Bioenergía S.A., under 50% ownership of Arauco. The capital contributed by Arauco was ThU.S.$ 782. The following tables set forth information about Investments in associates. 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% 12-31-2018 12-31-2017 Carrying amount ThU.S.$62,511 ThU.S.$62,225 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 (%) 50.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$52,643 ThU.S.$47,619 Name Servicios Corporativos Sercor S.A. Country Chile Functional Currency Chilean Pesos Corporate purpose Consulting services related to business management to Boards of Directors and Senior Management of all Arauco's entities. Ownership interest (%) 20.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$ 193 ThU.S.$ 191 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 (%) 25.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$(1) ThU.S.$(4) 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 (%) 20.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$7 ThU.S.$6 Name Vale do Corisco S.A. Country Brazil Functional Currency Brazilian Real Corporate purpose Management of forestry activities. Ownership interest (%) 49.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$38,497 ThU.S.$ 48,921 Name E2E S.A. Country Chile Functional Currency Chilean pesos Corporate purpose Development of construction solutions Ownership interest (%) 50.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$2,044 ThU.S.$ - Name Parque Eólico Ovejera Sur SpA Country Chile Functional Currency Chilean pesos Corporate purpose Electrical power projects Ownership interest (%) 50.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$597 ThU.S.$ - Summarized Financial Information of Associates 12-31-2018 Assets Puertos y Logística S.A. Inversiones Puerto Coronel S.A. Serv.Corporativos Sercor S.A. E2E S.A. Parque Eólico Ovejera del Sur SpA. Vale do Corisco S.A. Consorcio Tecnológico Bioenercel S.A. Genómica Forestal S.A. Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 97,866 29 22,870 680 1,246 4,295 2 25 127,013 Non-current 566,484 105,354 907 3,600 703 105,836 36 19 782,939 Total 664,350 105,383 23,777 4,280 1,949 110,131 38 44 909,952 Liabilities Puertos y Logística S.A. Inversiones Puerto Coronel S.A. Serv.Corporativos Sercor S.A. E2E S.A. Parque Eólico Ovejera del Sur SpA. Vale do Corisco S.A. Consorcio Tecnológico Bioenercel S.A. Genómica Forestal S.A. Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 28,938 82 22,192 192 754 81 - 7 52,246 Non-current 327,124 - 619 - - 31,485 5 42 359,275 Equity 308,288 105,301 966 4,088 1,195 78,565 33 (5 ) 498,431 Total 664,350 105,383 23,777 4,280 1,949 110,131 38 44 909,952 12-31-2018 Revenues 160,889 6,080 4,841 1 - 8,106 - 37 179,954 Expenses (158,421 ) - (4,855 ) (370 ) (295 ) (8,711 ) (2 ) (29 ) (172,683 ) Profit or loss (continuing operations) 2,468 6,080 (14 ) (369 ) (295 ) (605 ) (2 ) 8 7,271 Other comprehensive income (1,676 ) 2,202 - - - - - - 526 Total comprehensive income 792 8,282 (14 ) (369 ) (295 ) (605 ) (2 ) 8 7,797 Dividends - - - - - 3,277 - - 3,277 12-31-2017 Assets Puertos y Logística S.A. Inversiones Puerto Coronel S.A. Serv.Corporativos Sercor S.A. E2E S.A. Parque Eólico Ovejera del Sur SpA. Vale do Corisco S.A. Consorcio Tecnológico Bioenercel S.A. Genómica Forestal S.A. Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 92,816 29 4,296 - - 6,384 5 25 103,555 Non-current 590,309 97,072 769 - - 126,215 45 24 814,434 Total 683,125 97,101 5,065 - - 132,599 50 49 917,989 Liabilities Puertos y Logística S.A. Inversiones Puerto Coronel S.A. Serv.Corporativos Sercor S.A. E2E S.A. Parque Eólico Ovejera del Sur SpA. Vale do Corisco S.A. Consorcio Tecnológico Bioenercel S.A. Genómica Forestal S.A. Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 44,564 82 3,219 - - 123 - 14 48,002 Non-current 331,681 - 871 - - 32,636 5 50 365,243 Equity 306,880 97,019 975 - - 99,840 45 (15 ) 504,744 Total 683,125 97,101 5,065 - - 132,599 50 49 917,989 12-31-2017 Revenues 130,720 4,741 5,211 - - 34,449 2 30 175,153 Expenses (132,538 ) - (5,246 ) - - (29,648 ) (10 ) (36 ) (167,478 ) Profit or loss (continuing operations) (1,818 ) 4,741 (35 ) - - 4,801 (8 ) (6 ) 7,675 Other comprehensive income 5,850 - - - - - - - 5,850 Total comprehensive income 4,032 4,741 (35 ) - - 4,801 (8 ) (6 ) 13,525 Dividends - - - - - - - - - Reconciliation of Investment in Associates and Joint Ventures 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Opening balance as of January 1 368,772 446,548 Changes Investment in joint ventures, Additions 3,028 - Share of profit (loss) in investment in associates 3,043 4,855 Share of profit (loss) in investment in joint ventures 14,203 12,162 Dividends Received, Investments in Associates (11,307 ) (8,586 ) Increase (Decrease) in foreign exchange currency on translation of Associates and Joint Ventures (17,287 ) 22,726 Other increase (decrease) in investment and associates and joint ventures (*) (2,399 ) (108,933 ) Total changes (10,719 ) (77,776 ) Closing balance 358,053 368,772 (*) 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. 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Carrying amount of associates accounted for using equity method 155,609 158,967 Carrying amount of joint ventures accounted for using equity method 202,444 209,805 Total investment accounted for using equity method 358,053 368,772 |
INTERESTS IN JOINT ARRANGEMENTS
INTERESTS IN JOINT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
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 As of December 31 , 2018 and 2017, 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. Arauco holds a 50% interest in Sonae Arauco, which subsidiary produces and commercializes 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. 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: 12-31-2018 12-31-2017 Celulosa y Energía Punta Pereira S.A. Assets Liabilities Assets Liabilities (Uruguay) ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 220,699 204,455 202,669 186,626 Non-current 2,044,534 441,010 2,076,255 586,034 Equity - 1,619,768 - 1,506,264 Total Joint Arrangement 2,265,233 2,265,233 2,278,924 2,278,924 Investment 809,884 753,132 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 904,853 768,508 Expenses (611,444 ) (650,174 ) Joint Arrangement Net Income (Loss) 293,409 118,334 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Forestal Cono Sur S.A.(consolidated) ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 23,528 1,668 33,012 22,582 Non-current 170,443 1,957 174,943 2,314 Equity - 190,346 - 183,059 Total Joint Arrangement 193,971 193,971 207,955 207,955 Investment 95,173 91,530 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 25,642 15,113 Expenses (19,748 ) (9,926 ) Joint Arrangement Net Income (Loss) 5,894 5,187 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Eufores S.A.(consolidated) ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 160,708 159,988 183,175 180,298 Non-current 638,832 8,282 612,187 7,948 Equity - 631,270 - 607,116 Total Joint Arrangement 799,540 799,540 795,362 795,362 Investment 315,635 303,558 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 284,039 336,705 Expenses (261,683 ) (286,616 ) Joint Arrangement Net Income (Loss) 22,356 50,089 12-31-2018 12-31-2017 Zona Franca Punta Pereira S.A. Assets Liabilities Assets Liabilities (Uruguay) ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 5,482 106,676 6,105 97,233 Non-current 472,539 27,863 483,884 43,180 Equity - 343,482 - 349,576 Total Joint Arrangement 478,021 478,021 489,989 489,989 Investment 171,741 174,788 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 17,880 22,129 Expenses (23,975 ) (24,413 ) Joint Arrangement Net Income (Loss) (6,095 ) (2,284 ) The following tables set forth summarized financial information of the more significant interests in joint ventures: 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Unilin Arauco Pisos Ltda. ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 6,165 3,591 7,270 4,461 Non-current 4,574 37 5,535 28 Equity - 7,111 - 8,316 Total Joint Arrangement 10,739 10,739 12,805 12,805 Investment 3,556 4,158 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 16,984 17,910 Expenses (16,881 ) (18,736 ) Joint Arrangement Net Income (Loss) 103 (826 ) Other comprehensive income - - Comprehensive income 103 (826 ) Dividends - - 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Eka Chile S.A. ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 19,840 4,443 18,876 5,388 Non-current 32,363 5,078 32,040 5,054 Equity - 42,682 - 40,474 Total Joint Arrangement 52,203 52,203 50,916 50,916 Investment 21,341 20,237 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 47,798 43,678 Expenses (44,490 ) (40,111 ) Joint Arrangement Net Income (Loss) 3,308 3,567 Other comprehensive income - - Comprehensive income 3,308 3,567 Dividends 550 - 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Sonae Arauco S.A. ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 272,030 221,393 265,578 235,676 Non-current 655,856 351,397 664,689 323,770 Equity - 355,096 - 370,821 Total Joint Arrangement 927,886 927,886 930,267 930,267 Net assets 146,762 151,920 Net asset adjustment (Goodwill) 30,786 33,491 Investment 177,548 185,411 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 1,057,535 976,936 Expenses (1,032,435 ) (954,979 ) Joint Arrangement Net Income (Loss) 25,100 21,957 Other comprehensive income - - Comprehensive income 25,100 21,957 Dividends 7,480 - |
IMPAIRMENT OF ASSETS
IMPAIRMENT OF ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
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 , 2018 and December 31, 2017, respectively, as shown below: Disclosure of Asset Impairment 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 12-31-2018 12-31-2017 Provisions for impairment of property, plant and equipment ThU.S.$16,328 ThU.S.$17,396 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.$65,851 (ThU.S.$69,922 at December 31, 2017), as shown below: 12-31-2018 12-31-2017 Goodwill ThU.S.$ ThU.S.$ Opening balance at January 1 69,922 74,893 Impairment - (4,640 ) Increase (decrease) in foreign currency exchange (4,071 ) (331 ) Closing balance 65,851 69,922 Of the total of goodwill, ThU.S.$40,661 (ThU.S.$ 39,841 as of December 31, 2017) 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.$23,278 (ThU.S.$ 27,266 as of December 31, 2017). 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 at December 31, 2017, the carrying value of the goodwill of the plants exceeded their recoverable value, and therefore impairment losses of ThU.S.$4,640 were recognized. As of December 31, 2018, the carrying value of the goodwill of the plants did not exceed their recoverable value, and therefore there was no need to recognize impairment losses. |
PROVISIONS, CONTINGENT ASSETS A
PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
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 with 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.$6,580 as of December 31, 2018). 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.$1,741 as of December 31, 2018), resulting in a total disputed amount of $3,362,265,453 (equal to ThU.S.$4,839 as of December 31, 2018) plus fines and interests. 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. On June 29, 2018, the Court of Appeals of Santiago issued a ruling on appeal, confirming the first instance decision. On July 19, 2018, Arauco lodged a cassation appeal based on formal and substantial flaws 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, 2018, Arauco has not made any provision whatsoever in connection with this contingency. 2. 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.$ 6,495 as of December 31, 2018 ). 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 23, 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. On August 7, the hearing of the case took place but it remains under review. On August 22, 2018 court personnel proceeded with the inspection. 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, 2018 , Arauco has not made any provision whatsoever in connection with this contingency. 3. 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 . 4. 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. Celulosa Arauco y Constitución S.A., Forestal Arauco S.A., Maderas Arauco S.A. y Servicios Logísticos Arauco S.A. 1. On August 13, 2018, Asociación Gremial de Dueños de Camiones de Constitución (ASODUCAM) filed a complaint seeking the performance of a contract and claiming compensation for damages against Forestal Arauco S.A., Servicios Logísticos Arauco S.A., Celulosa Arauco y Constitución S.A. and Maderas Arauco S.A. The complaint is based on alleged breaches of some agreements for the allocation, distribution and supply of cargo volumes for the years 2001 and 2005, initially executed by associates of ASODUCAM with Forestal Arauco S.A., and then, allegedly, with Servicios Logísticos Arauco S.A., in favor of the other two defendants, Celulosa Arauco and Constitución S.A. and Maderas Arauco S.A. The complaint seeks to enforce the contract, plus $575,000,000 (equal to ThU.S.$ 828 as of December 31, 2018) in compensation for damages. As subsidy, it claims (a) $11,189,270,050 (equivalent to ThU.S.$ 16,105 as of December 31, 2018), for actual damages; (b) $ 11,189,270,050 monthly during the entire course of the trial, until the termination of the contract is declared in the final judgment, for loss of profits, and (c) $5,000,000,000 (equivalent to ThU.S.$ 7,197 as of December 31, 2018) for moral damages. On August 28, 2018 the claim was served upon Celulosa Arauco y Constitución S.A., Forestal Arauco S.A. and Maderas Arauco S.A., service is pending on Servicios Logísticos Arauco S.A. (Rol C-757-2018 with the Civil Court of Constitución). 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, 2018, Arauco has not made any provision whatsoever in connection with this contingency. 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 $4,203,216,164 (equivalent to ThU.S.$ 6,050, as of December 31, 2018). On November 14, 2016, the lower court issued a ruling partially upholding the claim, convicting Forestal Arauco S.A. to pay the sum of $115,026,673 (equivalent to ThU.S.$ 166 as of December 31, 2018) as general damage, and the sum of $607,849,413 (equivalent to ThU.S.$ 875 as of December 31, 2018) 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, which was rejected on September 14, 2018. On October 19, 2018, it was certified as enforceable. Case finished. 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 Case File C-54-2015. 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. On March 8, 2017, the claimant appealed against the first instance decision. On May 25, 2018, the first instance ruling was confirmed by the Court, with court costs. On June 12, 2018, the plaintiff challenged the decision of the Court of Appeals, filing a cassation appeal based on substantial flaws before the Supreme Court. Pending case to be heard. (Case File 16,583-2018). 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, 2018, Arauco has not made any provision whatsoever in connection with 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, 2015, 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. The Court ordered the requested consolidation. 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. On May 25, 2018, the Court of Appeals of Talca upheld the first instance final ruling with litigation costs. (Court of Appeals of Talca Case File No. 949-2017). On June 12, 2018, the plaintiff challenged the decision of the Court of Appeals, filing a cassation appeal based on substantial flaws before the Supreme Court. Pending case to be heard. (Case File 16,583-2018). 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, 2018, Arauco has not made any provision whatsoever in connection with this contingency. 4. On July 11, 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. Proceedings currently at the evidence production stage. Proceedings pending. (Case File C-109-2017 First Instance and Guarantee Court of Lebu). 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, 2018, Arauco has not made any provision whatsoever in connection with this contingency. 5. Mrs. Estela Jaramillo, filed a lawsuit in a special indigenous procedure, before the First Civil Court of Osorno (Case C-2540-2018), requesting the absolute nullity of the contract of sale signed in 1999, by which Consorcio Forestal S.A. sold to Forestal Valdivia S.A., today Forestal Arauco S.A., 1,505.6 hectares under the name of Fundo San Nicolás Dos Lote Uno Norte. It also demands compensation for damages for the exploitation and use of indigenous lands against Forestal Arauco S.A. On November 10, 2018, Forestal Arauco SA was notified of the lawsuit. On January 16, 2019, the Court dismissed the lawsuit regarding Consorcio Forestal S.A., who was not notified of the complaint. The response of the proceedings is currently 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, 2018, Arauco has not made any provision whatsoever in connection with this contingency. 6. Ricardo Guzmán Reyes filed a claim for compensation for damages before the Court of First Instance (C-678-2018), in which he requests to be compensated for the damages caused as a result of a precautionary measure decreed in a possessory complaint filed by Forestal Celco S.A. - which was rejected by the court in 2014-, alleging that said precautionary measure prevented the plaintiff from extracting rocks and moving aggregates from the mining property called "Puente Nuevo 1, 1 a 14 de la Constitución ", for a period of 463 days. The plaintiff assesses damages in CLP$ 8,519,046,182 (equivalent to Th.U.S.$ 12,262 as of December 31, 2018), which correspond to CLP$ 7,899,046,182 (equivalent to Th.U.S.$ 11,369 as of December 31, 2018) for emerging damages, CLP$ 500,000,000 (equivalent to ThU.S.$ 720 as of December 31, 2018) for lost profits and CLP$120,000,000 (equivalent to ThU.S. $ 173 as of December 31, 2018) for moral damages. On December 14, 2018, the lawsuit was notified to Forestal Arauco S.A. On December 26, 2018, Forestal Arauco S.A. filed an incident of inability with respect to the subrogation judge, Rodrigo Silva Marchant, also requesting the nullity of the proceedings and rulings issued by him. On January 11, 2019, the Subrogation Judge Mr. Rodrigo Silva Marchant declared himself disqualified from continuing to hear the matter, with the Court accepting the nullity incident on January 16 of the same year. On February 14, 2019, the court issued a ruling accepting the exception of res judicata filed as dilatory by Forestal Arauco S.A. This resolution was not subject to appeal by the plaintiff, so the case is finished. 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, 2018, Arauco has not made any provision whatsoever in connection with this contingency. 7. Inversiones Forestales Los Alpes Limitada and Forestal Neltume-Carrasco S.A. filed a claim against Forestal Arauco S.A. before the Civil Court of Angol (C-502-2015), in which they request that Forestal Arauco S.A. restitute the material possession of 1,855.9 hectares, which would be part of their property "Resto del Fundo Los Alpes", which would have an area of approximately 2,700 hectares. Likewise, they requested that it be declared that the property is the exclusive domain of the actors, the restitution of the civil and natural fruits, in addition to the deteriorations that the property would have experienced, with costs. On January 22, 2019, the lawsuit was notified to Forestal Arauco S.A., and the deadline for its response is pending. On February 13, 2019 Forestal Arauco S.A. filed dilatory exceptions, which are pending resolution. 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, 2018, Arauco has not made any provision whatsoever in connection with this contingency. Arauco Argentina S.A. 1 . 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 has filed yearly forestry plans between years 2007 and 2017 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 $885,528,092 Argentine Pesos ( ThU.S.$ 23,463 as of December 31, 2018 ) 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 2018, 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 $330,929,852 Argentine Pesos (ThU.S.$8,768 as of December 31, 2018). 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.$42,435 as of December 31, 2018 ). 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 premia, but preserving other charges. On September 27, 2018, Arauco do Brasil was notified of the CARF decision, representing the final amount of this case R$57,556,262 (ThU.S.$ 14,878 as of December 31, 2018), interests and readjustments will be added to that value until the discussion is over. Arauco do Brasil S.A. filed an appeal for declaration embargoes, to elicit clarifications from the CARF regarding certain points of the decision. After these clarifications, Arauco will present the Special Appeal to the CSRF - Superior Chamber of Fiscais Resources (final administrative instance), to continue the discussion of the part of the accusation that remains. 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. 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, 2018, Arauco has not made any provision whatsoever in connection with this contingency. At the closing date, there are no other contingencies in which the Companies act as obligor, that may significantly affect their financial, economic or operational conditions. Provisions recorded as of December 31, 2018 and December 31, 2017 are as follows: 12-31-2018 12-31-2017 Classes of Provisions ThU.S.$ ThU.S.$ Provisions, Current 413 2,728 Provisions for litigations 413 616 Other provisions - 2,112 Provisions, non-Current 33,884 36,008 Provisions for litigations 10,384 12,556 Other provisions 23,500 23,452 Total Provisions 34,297 38,736 12-31-2018 Other Litigations (*) Provisions (**) Total Movements in Provisions ThU.S.$ ThU.S.$ ThU.S.$ Opening balance 13,172 25,564 38,736 Changes in provisions Increase in existing provisions 1,660 2 1,662 Used provisions (887 ) - (887 ) Increase (decrease) in foreign currency exchange (5,262 ) - (5,262 ) Other Increases (Decreases) 2,114 (2,066 ) 48 Total Changes (2,375 ) (2,064 ) (4,439 ) Closing balance 10,797 23,500 34,297 (*) The increase in legal claims is composed mainly of ThU.S.$886 and ThU.S.$776 ( Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits. (**) The decrease in Other Increases (Decreases) in Other provisions is due to legal claims from Arauco Industrias de Paineis which were classified as Other provisions in 2017 and were included as Litigations in December 2018 12-31-2017 Other Litigations (*) Provisions (**) Total Movements in Provisions ThU.S.$ ThU.S.$ ThU.S.$ Opening balance 15,123 23,857 38,980 Changes in provisions Increase in existing provisions 1,314 16 1,330 Increase through business combinations - 2,106 2,106 Used provisions (1,578 ) - (1,578 ) Increase (decrease) in foreign currency exchange (1,493 ) - (1,493 ) Other Increases (Decreases) (194 ) (415 ) (609 ) Total Changes (1,951 ) 1,707 (244 ) Closing balance 13,172 25,564 38,736 (*) The increase in legal claims is composed mainly of ThU.S.$908 and ThU.S.$375 ( Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits. (**) The change in Other Increases (Decreases) in Other provisions is due to a reverse of the provision in Zona Franca Punta Pereira (Uruguay). The increase through business combination corresponds to the acquisition of Arauco Industrias de Paineis. 12-31-2016 Other Litigations (*) Provisions (**) Total Movements in Provisions ThU.S.$ ThU.S.$ ThU.S.$ Opening balance 11,400 23,999 35,399 Changes in provisions Increase in existing provisions 5,363 1 5,364 Used provisions (998 ) (39 ) (1,037 ) Increase (decrease) in foreign currency exchange (609 ) - (609 ) Other Increases (Decreases) (33 ) (104 ) (137 ) Total Changes 3,723 (142 ) 3,581 Closing balance 15,123 23,857 38,980 (*) 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. 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
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Intangibles Assets [Abstract] | |
Disclosure of intangible assets [text block] | NOTE 19. INTANGIBLE ASSETS 12-31-2018 12-31-2017 Classes of Intangible Assets, Net ThU.S.$ ThU.S.$ Intangible assets, net 90,093 88,615 Computer software 26,545 26,747 Water rights 5,966 5,697 Customer 41,634 47,144 Other identifiable intangible assets 15,948 9,027 Classes of intangible Assets, Gross 185,895 173,426 Computer software 88,177 81,907 Water rights 5,966 5,697 Customer 71,443 72,685 Other identifiable intangible assets 20,309 13,137 Classes of accumulated amortization and impairment Total accumulated amortization and impairment (95,802 ) (84,811 ) Accumulated amortization and impairment, intangible assets (95,802 ) (84,811 ) Computer software (61,632 ) (55,160 ) Customer (29,809 ) (25,541 ) Other identifiable intangible assets (4,361 ) (4,110 ) Reconciliation of the carrying amount of intangible assets at the beginning and end of each reporting period balances 12-31-2018 Computer Software Water Rights Customer Others TOTAL Reconciliation of intangible assets ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 26,747 5,697 47,144 9,027 88,615 Changes Additions 6,369 269 - 7,424 14,062 Disposals (1 ) - - - (1 ) Amortization (7,132 ) - (4,808 ) (409 ) (12,349 ) Increase (Decrease) related to foreign currency translation (287 ) - (702 ) (31 ) (1,020 ) Other Increases (Decreases) 849 - - (63 ) 786 Changes Total (202 ) 269 (5,510 ) 6,921 1,478 Closing Balance 26,545 5,966 41,634 15,948 90,093 12-31-2017 Computer Software Water Rights Customer Others TOTAL Reconciliation of intangible assets ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 26,370 5,689 50,982 6,456 89,497 Changes Additions 7,487 8 - 2,973 10,468 Additions through business combination 320 - - - 320 Disposals (181 ) - - - (181 ) Amortization (8,122 ) - (4,797 ) (408 ) (13,327 ) Increase (Decrease) related to foreign currency translation 873 - 959 (96 ) 1,736 Other Increases (Decreases) - - - 102 102 Changes Total 377 8 (3,838 ) 2,571 (882 ) Closing Balance 26,747 5,697 47,144 9,027 88,615 Years of Useful life (Average) Computer Software 5 Customer 15 Brands 7 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
BIOLOGICAL ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
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 1.77 million hectares as of December 31, 2018 out of which 1.02 million hectares are used for forestry planting, 441 thousand hectares are native forest, 199 thousand hectares are used for other purposes and 111 thousand hectares not yet planted. For the year ended December 31, 2018, the production volume of logs totaled 20.3 million m3 (20.7 million m3 as of December 31, 2017). 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, 2018 amounted to ThU.S.$84,476 (ThU.S.$83,031 as of December 31, 2017). 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, 2018 amounted to ThU.S.$207,346 (ThU.S.$ 213,234 as of December 31, 2017). - Forestry plantations are harvested according to the needs of Arauco’s production plants. - The discount rates used are 6.4% in Chile (7.5% at 2017), 7.9% Brazil, 10.5% in Argentina and 6.9% in Uruguay. - 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: Chile Argentina Brazil Uruguay Pine 24 15 15 - Eucalyptus 12 10 7 10 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: ThU.S.$ Discount rate 0,5 (130,319 ) -0,5 137,784 Margins (%) 10 390,729 -10 (390,729 ) 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 plantations, which in conjunction with the Company’s resources, allow risks to be minimized. Detail of Biological Assets Pledged as Security As of December 31 , 2018, 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: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Current 315,924 307,796 Non-current 3,336,339 3,459,146 Total 3,652,263 3,766,942 Reconciliation of carrying amount of biological assets 12-31-2018 Current Non-current Total Movement ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 307,796 3,459,146 3,766,942 Changes in real incurred cost 34,684 (27,174 ) 7,510 Additions through acquisition and costs of new plantations 2,105 205,353 207,458 Sales (52 ) (315 ) (367 ) Harvest (117,729 ) - (117,729 ) Increases (decreases) in Foreign Currency Translation (5,424 ) (76,672 ) (82,096 ) Loss of forest due to fires - (8,702 ) (8,702 ) Transfers from non-current to current 155,789 (155,789 ) - Other Increases (decreases) (5 ) 8,951 8,946 Changes in fair value (26,556 ) (95,633 ) (122,189 ) Gain (losses) arising from changes in fair value minus sale costs (8,684 ) 93,160 84,476 Sales - (445 ) (445 ) Harvest (203,164 ) - (203,164 ) Loss of forest due to fires - (3,056 ) (3,056 ) Transfers from non-current to current 185,292 (185,292 ) - Total Changes 8,128 (122,807 ) (114,679 ) Closing balance 315,924 3,336,339 3,652,263 12-31-2017 Current Non-current Total Movement ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 306,117 3,592,874 3,898,991 Changes in real incurred cost 16,866 82,448 99,314 Additions through acquisition and costs of new plantations 6,088 176,234 182,322 Increase due to non-cash capital distribution of Vale do Corisco S.A. (see Note 15) - 127,927 127,927 Sales - (4,979 ) (4,979 ) Harvest (118,414 ) - (118,414 ) Increases (decreases) in foreign currency translation (365 ) (5,427 ) (5,792 ) Loss of forest due to fires - (81,750 ) (81,750 ) Transfers from non-current to current 129,557 (129,557 ) - Changes in fair value (15,187 ) (216,176 ) (231,363 ) Gain (losses) arising from changes in fair value less costs to sale (9,029 ) 92,060 83,031 Sales - (310 ) (310 ) Harvest (222,694 ) - (222,694 ) Loss of forest due to fires - (91,389 ) (91,389 ) Transfers from non-current to current 216,536 (216,536 ) - Other increases (decreases) - (1 ) (1 ) Total Changes 1,679 (133,728 ) (132,049 ) Closing balance 307,796 3,459,146 3,766,942 (*) 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
ENVIRONMENTAL MATTERS | 12 Months Ended |
Dec. 31, 2018 | |
Environmental Matters [Abstract] | |
DisclosureForEnvironmentRelatedExpenseExplanatory [Text Block] | NOTE 21. ENVIRONMENTAL MATTERS Environment 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 , 2018 and December 31, 2017 Arauco has made and / or has committed the following disbursements by major environmental projects: 12/31/2018 Disbursements undertaken 2018 Committed Disbursements Company Name of project State of project Amount ThU.S.$ Asset Expense Asset/expense destination item Amount ThU.S.$ Estimated date Arauco do Brasil S.A. Environmental improvement studies In process 1,771 Assets Property, plant and equipment 4,001 2019 Arauco do Brasil S.A. Environmental improvement studies In process 3,284 Expense Administration expenses 2,723 2019 Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of gas emissions from industrial process In process 6,467 Assets Property, plant and equipment 8,271 2019 Celulosa Arauco y Constitucion S.A. Environmental improvement studies In process 29,419 Assets Property, plant and equipment 63,035 2019 Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of gas emissions from industrial process Finished 563 Expense Operating cost - Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 21,978 Assets Property, plant and equipment 9,233 2019 Celulosa Arauco y Constitucion S.A. Environmental improvement studies Finished 25,684 Expense Operating cost - Arauco Argentina S.A. Construction emisario In process 1,454 Assets Property, plant and equipment 797 2019 Maderas Arauco S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 499 Expense Operating cost - Maderas Arauco S.A. Expansion of solid industrial waste dumpsite for management of these in the future In process 1,471 Expense Operating cost - Maderas Arauco S.A. Environmental improvement studies In process - Assets Property, plant and equipment 291 2019 Forestal Arauco S.A. Environmental improvement studies In process 1,547 Expense Administration expenses 1,957 2019 Celulosa y Energía Punta Pereira S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 52 Assets Property, plant and equipment 3,266 2019 Celulosa y Energía Punta Pereira S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants Finished 281 Assets Property, plant and equipment - Forestal Los Lagos S.A. Environmental improvement studies In process 236 Expense Operating cost 273 2019 TOTAL 94,706 93,847 12/31/2017 Disbursements undertaken 2017 Committed Disbursements Company Name of project State of project Amount ThU.S.$ Asset Expense Asset/expense destination item Amount ThU.S.$ Estimated date Arauco do Brasil S.A. Environmental improvement studies In process 1,008 Assets Property, plant and equipment 48 2018 Arauco do Brasil S.A. Environmental improvement studies In process 1,058 Expense Administration expenses 296 2018 Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of gas emissions from industrial process In process 18,501 Assets Property, plant and equipment 6,928 2018 Celulosa Arauco y Constitucion S.A. Environmental improvement studies In process 48,512 Assets Property, plant and equipment 65,798 2018 Celulosa Arauco y Constitucion S.A. Environmental improvement studies Finished 10,326 Assets Property, plant and equipment - Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 55,655 Assets Property, plant and equipment 18,226 2018 Celulosa Arauco y Constitucion S.A. Environmental improvement studies In process 26,578 Expense Operating cost 6,214 2018 Arauco Argentina S.A. Construction emisario In process 2,312 Assets Property, plant and equipment 797 2018 Arauco Argentina S.A. Expansion of solid industrial waste dumpsite for management of these in the future In process 139 Assets Property, plant and equipment 28 2018 Arauco Argentina S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 19 Assets Property, plant and equipment 5,921 2018 Maderas Arauco S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 432 Expense Operating cost - Maderas Arauco S.A. Expansion of solid industrial waste dumpsite for management of these in the future In process 1,346 Expense Operating cost - Maderas Arauco S.A. Environmental improvement studies In process 89 Assets Property, plant and equipment 332 2018 Forestal Arauco S.A. Environmental improvement studies In process 983 Expense Administration expenses 1,165 2018 Forestal Los Lagos S.A. Environmental improvement studies In process 229 Expense Operating cost 290 2018 TOTAL 167,187 106,043 |
NON-CURRENT ASSETS HELD FOR SAL
NON-CURRENT ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2018 | |
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: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Land 2,352 160 Buildings 1,284 1,122 Property, plant and equipment 2,090 2,225 Total 5,726 3,507 As of December 31 , 2018, 2017 and 2016, there were no significant effects on results related to the sale of assets held for sale. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
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 , 2018 and December 31, 2017, 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. Financial Instruments December 2018 December 2017 Thousands of dollars Carrying amount Fair Value Carrying amount Fair Value Financial assets at fair value through profit or loss (held for trading) 270,110 270,110 74,849 74,849 Derivatives (1) 75 75 1,679 1,679 Mutual funds (2) 270,035 270,035 73,170 73,170 Financial assets at amortized cost 1,669,587 1,669,587 1,354,366 1,354,366 Cash and cash equivalents (amortized cost) 805,907 805,907 516,716 516,716 Cash 327,132 327,132 209,185 209,185 Time deposits 478,775 478,775 292,105 292,105 Agreements - - 15,426 15,426 Accounts Receivable (net) 854,333 854,333 830,452 830,452 Trade and other receivables 751,158 751,158 709,983 709,983 Lease receivable 1,968 1,968 13,106 13,106 Other receivables 101,207 101,207 107,363 107,363 Accounts receivable due from related parties 7,805 7,805 4,544 4,544 Financial assets at fair value through other comprehensive income (5) 20,768 20,768 58,425 58,425 Financial liabilities at amortized cost (3) 5,182,353 5,206,334 5,002,072 5,198,654 Bonds issued denominated in U.S. Dollars 2,062,044 1,948,482 2,057,746 2,135,893 Bonds issued denominated in U.F. (4) 1,439,610 1,544,813 1,244,939 1,333,087 Bank Loans in U.S. Dollars 925,780 962,866 835,099 870,399 Bank borrowing denominated in U.S. Dollars 14,655 14,655 23,358 23,358 Financial leasing 68,187 63,441 112,376 107,363 Trade and other payables 661,848 661,848 717,346 717,346 Accounts payable to related parties 10,229 10,229 11,208 11,208 Financial liabilities at fair value through profit or loss 289 289 137 137 Hedging Liabilities 71,310 71,310 5,256 5,256 (1) The derivatives 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”, “Accounts payable to related parties” 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 and hedging assets. 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 , 2018, have been measured based on the valuation methodologies provided in IFRS 13. 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). December 2018 Level 1 Level 2 Level 3 Fair Value ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Financial assets at fair value Derivatives 75 75 Mutual Funds 270,035 270,035 Other financial assets 20,768 1,543 19,225 Financial liabilities at fair value Bonds issued denominated in U.S. Dollars 1,948,482 1,948,482 Bonds issued denominated in U.F. (4) 1,544,813 1,544,813 Bank loans in U.S. Dollars 962,866 962,866 Bank borrowing denominated in other currencies 14,655 14,655 Financial leasing 63,441 63,441 Financial liabilities at fair value through profit or loss 289 289 Hedging liabilities 71,310 71,310 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, 2018 and 2017: Thousands of dollars December 2018 Up to 90 days From 91 days to 1 year Other current financial liabilities, Total From 13 months to 5 years More than 5 years Other non- current financial liabilities, Total Total Bonds obligations 27,803 262,068 289,871 818,716 2,393,067 3,211,783 3,501,654 Bank borrowing 84,778 130,271 215,049 526,062 199,324 725,386 940,435 Financial Leasing 7,265 23,651 30,916 37,271 - 37,271 68,187 Swap and Forward 1,760 - 1,760 69,839 - 69,839 71,599 Other Financial Liabilities, Total (a) 121,606 415,990 537,596 1,451,888 2,592,391 4,044,279 4,581,875 Thousands of dollars December 2018 Up to 90 days From 91 days to 1 year Total Current From 13 months to 5 years More than 5 years Total non- current Total Trades and other payables 659,618 - 659,618 2,230 - 2,230 661,848 Accounts payable to related companies 10,229 - 10,229 - - - 10,229 Accounts Payable, Total (b) 669,847 - 669,847 2,230 - 2,230 672,077 Financial Liabilities, Total (a) + (b) 791,453 415,990 1,207,443 1,454,118 2,592,391 4,046,509 5,253,952 Thousands of dollars December 2017 Up to 90 days From 91 days to 1 year Other current financial liabilities, Total From 13 months to 5 years More than 5 years Other non- current financial liabilities, Total Total Bonds obligations 28,013 34,981 62,994 1,054,926 2,184,765 3,239,691 3,302,685 Bank borrowings 110,700 282,172 392,872 327,424 138,161 465,585 858,457 Financial leasing 9,928 34,413 44,341 68,035 - 68,035 112,376 Swap and Forward 137 - 137 5,256 - 5,256 5,393 Other Financial Liabilities, Total (a) 148,778 351,566 500,344 1,455,641 2,322,926 3,778,567 4,278,911 Thousands of dollars December 2017 Up to 90 days From 91 days to 1 year Total Current From 13 months to 5 years More than 5 years Total non- current Total Trades and other payables 717,342 4 717,346 - - - 717,346 Accounts payable to related companies 11,208 - 11,208 - - - 11,208 Accounts Payable, Total (b) 728,550 4 728,554 - - - 728,554 Financial Liabilities, Total (a) + (b) 877,328 351,570 1,228,898 1,455,641 2,322,926 3,778,567 5,007,465 23.4 Derivative Instruments Hedging instruments recorded as of December 31, 2018 and 2017 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: Financial Instruments December 2018 Fair Value ThU.S.$ December 2017 Fair Value ThU.S.$ Assets at fair value through profit or loss (held for trading) 75 1,679 Derivative-Uruguay (1) 75 1,672 Forward (2) - 7 Hedging Assets 19,226 55,771 Derivative-Uruguay (1) 1,357 3,037 Cross Currency Swaps 17,869 52,734 Financial liabilities at fair value through profit or loss (289 ) (137 ) Forward (2) (2 ) (137 ) Derivative-Uruguay (1) (287 ) - Hedging Liabilities (71,310 ) (5,256 ) Cross Currency Swaps (69,086 ) (5,248 ) Derivative-Uruguay (1) (2,224 ) (8 ) (1) Includes Swap and Forward from Uruguay tables. (2) Includes Forwards from Colombia and Chile. 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 different from the functional currency, which causes mismatches that could affect operating results. B elow are the cross currency swaps that Arauco has as of December 31 , 2018 and 2017 to cover the exposure to the exchange rate risk generated from bonds denominated in U.F.: Bond Institution Amount U.S.$ Amount U.F. Starting date Ending date Fair Value ThU.S.$ 2018 Fair Value ThU.S. 2017 F Deutsche - England 43,618,307 1,000,000 10-30-2011 10-30-2021 (3,105 ) 213 F JP Morgan - N.A. 43,618,307 1,000,000 10-30-2011 10-30-2021 (3,039 ) 306 F Deutsche - England 37,977,065 1,000,000 04-30-2014 04-30-2019 1,707 6,599 F Scotiabank - Chile 38,426,435 1,000,000 10-30-2014 04-30-2023 2,041 5,252 F Scotiabank - Chile 38,378,440 1,000,000 10-30-2014 04-30-2023 2,273 5,550 F Santander - Chile 37,977,065 1,000,000 10-30-2014 04-30-2023 2,715 6,051 F BCI - Chile 37,621,562 1,000,000 10-30-2014 04-30-2023 3,148 6,549 F Banco de Chile - Chile 36,250,835 954,545 04-30-2019 10-30-2029 155 - J Corpbanca - Chile 42,864,859 1,000,000 09-01-2010 09-01-2020 (3,289 ) (292 ) J Scotiabank - Chile 42,864,859 1,000,000 09-01-2010 09-01-2020 (3,289 ) (292 ) J Deutsche - England 42,864,859 1,000,000 09-01-2010 09-01-2020 (3,313 ) (356 ) J Santander - Spain 42,873,112 1,000,000 09-01-2010 09-01-2020 (3,273 ) (263 ) J Scotiabank - Chile 42,864,257 1,000,000 09-01-2010 09-01-2020 (3,197 ) (152 ) P Corpbanca - Chile 46,474,122 1,000,000 05-15-2012 11-15-2021 (4,978 ) (1,775 ) P JP Morgan - N.A. 47,163,640 1,000,000 11-15-2012 11-15-2021 (5,102 ) (1,753 ) P Scotiabank - Chile 42,412,852 1,000,000 11-15-2013 11-15-2023 (882 ) 1,854 P Santander - Chile 41,752,718 1,000,000 11-15-2013 11-15-2023 (89 ) 2,777 P Deutsche - England 41,752,718 1,000,000 11-15-2013 11-15-2023 (92 ) 2,800 Q BCI - Chile 26,990,765 625,000 10-01-2014 04-01-2021 (1,679 ) 1,022 Q BCI - Chile 26,997,935 625,000 10-01-2014 04-01-2021 (1,655 ) 1,070 R Santander - Chile 128,611,183 3,000,000 10-01-2014 04-01-2024 (7,016 ) (365 ) R JP Morgan - England 43,185,224 1,000,000 10-01-2014 04-01-2024 (1,996 ) 329 R Corpbanca - Chile 43,277,070 1,000,000 10-01-2014 04-01-2024 (2,015 ) 327 S Santander - Chile 201,340,031 5,000,000 11-15-2016 11-15-2026 5,830 12,035 W Goldman Sachs 40,521,750 1,000,000 10-10-2018 10-10-2028 (2,392 ) - W Scotiabank - Chile 40,537,926 1,000,000 10-10-2018 10-10-2028 (2,294 ) - W Goldman Sachs 40,066,555 1,000,000 10-10-2018 10-10-2028 (1,861 ) - X Santander - Chile 118,400,504 3,000,000 10-10-2018 10-10-2038 (7,976 ) - X Santander - Chile 97,971,786 2,500,000 10-10-2018 10-10-2038 (6,554 ) - (51,217 ) 47,486 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 IFRS 9, 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 , 2018 and 2017, are detailed in the following table: Exchange rate Institution Amount ThU.S.$ Starting date Ending date December 2018 Fair Value ThU.S.$ USDCOP Corpbanca Colombia 1,500 10-31-2018 01-09-2019 (2 ) USDCOP Corpbanca Colombia 1,700 11-26-2018 02-12-2019 - USDCOP Corpbanca Colombia 1,600 12-20-2018 03-12-2019 - (2 ) Exchange rate Institution Amount ThU.S.$ Starting date Ending date December 2017 Fair Value ThU.S.$ USDCOP BBVA Colombia 6,000 10-11-2017 01-10-2018 (1 ) USDCOP Corpbanca Colombia 8,000 11-14-2017 02-13-2018 (136 ) USDCOP Corpbanca Colombia 2,100 12-21-2017 03-12-2018 7 (130 ) 23.4.3. Uruguay Forward As of December 31 , 2018 and 2017, Arauco Uruguay maintains the following forward contracts in force and effect for the purposes of ensuring an exchange rate for sale of dollars: Exchange rate Institution Notional ThU.S.$ December 2018 Fair Value ThU.S.$ UYUUSD Banco Santander Uy 14,880 (586 ) UYUUSD HSBC Uruguay 11,610 (56 ) UYUUSD Citibank U.K. 4,425 29 (613 ) Exchange rate Institution Notional ThU.S.$ December 2017 Fair Value ThU.S.$ UYUUSD Banco Santander Uy 24,000 1,213 UYUUSD Citibank U.K. - - UYUUSD HSBC Uruguay 9,000 543 1,756 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 2018, 2019 and part of 2020 has been limited, through forwards of this commodity. The agreements that are in force and effect as of December 31 , 2018 and 2017, are detailed below: Commodity Institution Notional ThU.S.$ December 2018 Fair Value ThU.S.$ Fuel Oil N°6 JPMorgan Chase Bank, N.A. 6,189 (800 ) Fuel Oil N°6 Citibank U.K. 401 (34 ) Fuel Oil N°6 DNB Bank ASA 4,837 (568 ) (1,402 ) Commodity Institution Notional ThU.S.$ December 2017 Fair Value ThU.S.$ Fuel Oil N°6 JPMorgan Chase Bank, N.A. 4,760 1,372 Fuel Oil N°6 DNB Bank ASA 4,002 732 Fuel Oil N°6 Citibank U.K. 761 112 2,216 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 , 2018 and 2017, is shown below: Exchange rate Institution Notional ThU.S.$ December 2018 Fair Value ThU.S.$ USD DNB Bank ASA 42,198 936 Exchange rate Institution Notional ThU.S.$ December 2017 Fair Value ThU.S.$ USD DNB Bank ASA 50,638 729 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 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 from related parties As of December 31, 2018 and 2017, there are provisions for impairment for ThU.S.$ 15,147 17,785 December 2018 December 2017 ThU.S.$ ThU.S.$ Financial assets at amortized cost 1,668,045 1,351,712 Cash and cash equivalents 805,907 516,716 Cash 327,132 209,185 Time Deposits 478,775 292,105 Agreements - 15,426 Trade and other receivables (net) 862,138 834,996 Trade and other receivables 751,158 709,983 Lease receivable 1,968 13,106 Other receivables 101,207 107,363 Accounts receivable due from related parties 7,805 4,544 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, 2018 and December 31, 2017, classified by origin coins is as follows: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Cash and Cash Equivalents 1,075,942 589,886 U.S. Dollars 834,513 501,352 Euro 8,295 4,306 Other currencies 52,834 61,037 Chilean pesos 180,300 23,191 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 allowance 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 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, 2018 and December 31, 2017: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Trades and other current receivables 839,184 814,412 U.S. Dollars 631,047 550,674 Euros 7,399 20,498 Other currencies 97,002 134,238 Chilean pesos 99,950 106,442 U.F. 3,786 2,560 Accounts receivable from related parties, current 7,324 3,488 U.S. Dollars 591 726 Other currencies 83 171 Chilean pesos 6,169 2,192 U.F. 481 399 Trade and other non-current receivables 15,149 16,040 U.S. Dollars 7,733 4,247 Other currencies 1,067 3,345 Chilean pesos 3,267 6,692 U.F. 3,082 1,756 Accounts receivable from related parties, non-current 481 1,056 U.F. 481 1,056 23.6 Total Financial Liabilities Arauco's financial liabilities to the date of these consolidated financial statements are as follows: Financial Liabilities December 2018 ThU.S.$ December 2017 ThU.S.$ Total Financial Liabilities 5,253,952 5,007,465 Financial liabilities at fair value through profit or loss (held for trading) 289 137 Hedging Liabilities 71,310 5,256 Financial Liabilities Measured at Amortized Cost 5,182,353 5,002,072 The following table sets forth the current portion of the non-current bank borrowings and debt issued as of December 31, 2018 and 2017. December 2018 ThU.S.$ December 2017 ThU.S.$ Bank borrowings - current portion 99,397 92,693 Bonds issued - current portion 81,060 107,268 Total 180,457 199,961 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. 12-31-2018 12-31-2017 12-31-2018 12-31-2017 Currency ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Amortized Cost Fair Value Total Financial Liabilities 5,182,353 5,002,072 5,206,334 5,198,654 Bonds Issued U.S. Dollar 2,062,044 2,057,747 1,948,482 2,135,893 Bonds Issued U.F. 1,439,610 1,244,938 1,544,813 1,333,087 Bank borrowings U.S. Dollar 925,780 834,908 962,866 870,399 Bank borrowings Other currencies 14,655 23,549 14,655 23,358 Financial Leasing U.F. 57,349 96,913 53,594 92,542 Financial Leasing Chilean pesos 10,838 15,463 9,847 14,821 Trades and Other Payables U.S. Dollar 187,219 194,342 187,219 194,342 Trades and Other Payables Euro 7,450 8,848 7,450 8,848 Trades and Other Payables Other currencies 90,113 158,567 90,113 158,567 Trades and Other Payables Chilean pesos 348,886 333,529 348,886 333,529 Trades and Other Payables U.F. 28,180 22,060 28,180 22,060 Related party payables U.S. Dollar 1,777 1,354 1,777 1,354 Related party payables Chilean pesos 8,452 9,854 8,452 9,854 The financial liabilities at amortized cost presented in the consolidated statements of financial positions as of December 31, 2018 and 2017 ar e as follows: December 2018 ThU.S.$ Current Non Current Total Other financial liabilities 535,836 3,974,440 4,510,276 Trade and other payables 659,618 2,230 661,848 Accounts payable to related parties 10,229 - 10,229 Total Financial Liabilities Measured at Amortized Cost 1,205,683 3,976,670 5,182,353 December 2017 ThU.S.$ Current Non Current Total Other financial liabilities 500,207 3,773,311 4,273,518 Trade and other payables 717,346 - 717,346 Accounts payable to related parties 11,208 - 11,208 Total Financial Liabilities Measured at Amortized Cost 1,228,761 3,773,311 5,002,072 23.8 Cash Flow Hedges Reserve Reconciliation The following table sets forth the reconciliation balances of cash flow hedges presented in Other Comprehensive Income: January-December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Opening balance - under IAS 39 and IFRS 9, respectively 4,752 1,096 (55,396 ) Amounts restated through reserve of cash flow hedges (1,918 ) - - Opening balance - in accordance with IFRS 9 2,834 1,096 (55,396 ) Gains (losses) on cash flow hedges 30,321 22,212 84,045 Recycle of cash flow hedges to profit or loss (15,286 ) (16,965 ) (10,198 ) Income tax (4,474 ) (5,917 ) (20,055 ) Recycle of income tax - 4,326 2,700 Closing balance 13,395 4,752 1,096 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: a) Ensuring business continuity and normal operations in the long term; b) Ensuring funding for new investments to achieve sustainable growth over time; c) Keeping adequate capital structure considering all economic cycles that impact the business and the nature of the industry; and d) Maximizing the Company’s value and providing an adequate return to shareholders. 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: Instrument December 2018 ThU.S.$ December 2017 ThU.S.$ Interest coverage >= 2,0x Debt level (1) <= 1,2x Domestic bonds (Chile) 1,439,610 1,244,939 N/R √ Syndicate Loan Scotia 200,563 199,597 √ √ Syndicate Loan Banco Estado - Grayling 287,565 130,953 √ √ 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, 2018 and December 31, 2017 , 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, 2018 , are as follows: Instrument Standard & Poor’s Fitch Ratings Moody’s Feller Rate Local bonds - AA- - AA- Foreign bonds BBB- BBB Baa3 - 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, 2018 and December 31, 2017 is as follows: December 2018 December 2017 ThU.S.$ ThU.S.$ Equity 7,338,971 7,116,893 Bank borrowings 940,435 858,457 Financial leasing 68,187 112,376 Bonds issued 3,501,654 3,302,685 Capitalization 11,849,247 11,390,411 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. December 2018 December 2017 ThU.S.$ ThU.S.$ Current Receivables Trade receivables 747,258 706,485 Financial lease receivables 1,131 11,932 Other debtors 90,795 95,995 Net subtotal 839,184 814,412 Trade receivables 755,809 716,455 Financial lease receivables 1,131 12,033 Other debtors 93,370 101,663 Gross subtotal 850,310 830,151 Provision for doubtful trade receivables 8,551 9,970 Provision for doubtful lease receivables - 101 Provision for doubtful other debtors 2,575 5,668 Subtotal Bad Debt 11,126 15,739 Non-Current Receivables Trade receivables 3,900 3,498 Financial lease receivables 837 1,174 Other debtors 10,412 11,368 Net Subtotal 15,149 16,040 Trade receivables 7,921 5,544 Financial lease receivables 837 1,174 Other debtors 10,412 11,368 Gross subtotal 19,170 18,086 Provision for doubtful trade receivables 4,021 2,046 Provision for doubtful lease receivables - - Provision for doubtful other debtors - - Subtotal Bad Debt 4,021 2,046 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 , 2018, Arauco’s balance for commercial Debtors was ThU .S.$763,730 of which, according to the agreed sales conditions, 50.36% corresponded to sales on credit (open account), 48.74% to sales with letters of credit and 0.91% to other types of sales, distributed in 2,265 debtors. The client with the largest Open Account debt represented 3.98% of the total accounts receivable as of that date. Below we provide detail regarding accounts receivable, classified in tranches: December 31, 2018 Age of trade receivables Days Non-past due 1 to 30 31 to 60 61 to 90 91 to 120 121 to 150 151 to 180 181 to 210 211 to 250 More than 250 Total ThU.S.$ 688,024 59,844 854 36 111 43 141 127 69 14,481 763,730 % 90.09 % 7.84 % 0.11 % 0.00 % 0.01 % 0.01 % 0.02 % 0.02 % 0.01 % 1.89 % 100 % December 31, 2017 Age of trade receivables Days Non-past due 1 to 30 31 to 60 61 to 90 91 to 120 121 to 150 151 to 180 181 to 210 211 to 250 More than 250 Total ThU.S.$ 664,202 39,459 551 955 50 34 2,238 56 97 12,311 719,953 % 92.26 % 5.48 % 0.08 % 0.13 % 0.01 % 0.00 % 0.31 % 0.01 % 0.01 % 1.71 % 100 % Arauco applies the simplified approach regarding the expected losses from commercial debtors, which allows for the use of an estimate of expected credit losses over the instrument’s lifespan for all commercial accounts receivable. In order to establish this estimate, the commercial debtors have been grouped in relation to the corresponding risks for sales conditions as well as for tranches, including clients that are up-to-date or in default. Days Non- past due 1 to 30 31 to 60 61 to 90 91 to 120 121 to 150 151 to 180 181 to 210 211 to 250 More than 250 Total Letters of credit 355,755 17,524 8 - - - - - - - 373,287 Loss allowance provision - - - - - - - - - - - Expected loss rate 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Credit line 332,871 40,629 708 37 36 26 27 18 35 9,552 383,939 Loss allowance provision - - 7 4 4 3 3 18 35 9,552 9,626 Expected loss rate 0.00 % 0.00 % 0.96 % 10.00 % 10.00 % 10.00 % 10.00 % 100.00 % 100.00 % 100.00 % Others 1,879 1,473 71 13 124 15 112 106 32 2,679 6,504 Loss allowance provision - - 1 1 62 8 56 106 32 2,679 2,945 Expected loss rate 0.00 % 0.00 % 0.96 % 10.00 % 50.00 % 50.00 % 50.00 % 100.00 % 100.00 % 100.00 % Trade receivables, total (ThU.S.$) 690,505 59,626 787 50 160 41 139 124 67 12,231 763,730 Allowance for doubtful accounts, total (ThU.S.$) - - 8 5 66 11 59 124 67 12,231 12,571 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 loss allowance provision for trade receivables and others, below we provide detail for the movements as of December 31, 2018, 2017 and 2016 : 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Opening balance at January 1 - under IAS 39 (17,785 ) (16,644 ) (19,860 ) Amounts restated through opening retained earnings (2,875 ) - - Opening loss allowance as at January 1, 2018 - under IFRS 9 (20,660 ) (16,644 ) (19,860 ) Increase in loan loss allowance recognised in profit or loss |
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS | 12 Months Ended |
Dec. 31, 2018 | |
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: Pulp: The main products sold by this reportable segment are long fiber bleached pulp (BSKP), short fiber bleached pulp (BHKP), long fiber raw pulp (UKP), and pulp fluff. Wood products: The range of products sold by this reportable segment are plywood panels, MDF panels (medium density fiberboard), Hardboard Panels, PB Panels (agglomerated) different sizes of sawn wood and remanufactured products such as moldings, precut pieces and finger joints. Forestry: This reportable segment produces and sells sawn logs, pulpable logs, posts and chips made from owned forests of Radiata and Taeda pine, eucalyptus globulus and nitens forests. Additionally, purchases logs and woodchip from third parties, which it sells to its other reportable segment. 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 (50% property of Arauco) and they have a total production capacity of approximately 4 million tons per year. Pulp is sold in more than 33 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 7.4 million cubic meters of PBO, MDF, Hardboards, plywood and moldings. Through the joint venture Sonae Arauco (see note 16), Arauco produces and sells 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 total, Sonae Arauco’s production capacity is approximately million m of MDF, million m of PB, m of OSB and m of sawn lumber. Including Sonae Arauco at 50%, Arauco totalize a capacity of 4.6 million m3 of MDF, 4 million m3 of PB and 258,000 m3 of OSB in its plants. 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 2.9 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 1.77 million hectares as of December 31, 2018, of which 1.02 million hectares are used for plantations, 441 thousand hectares for native forests, 199 thousand hectares for other uses and 111 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: Year ended December 31, 2018 Pulp Forestry Panels Others Corporate Sub Total Elimination Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from goods sale 2,956,863 105,170 2,761,878 33,673 - 5,857,584 5,857,584 Revenues from services sale 87,643 8,811 - 795 - 97,249 97,249 Revenues from external customers 3,044,506 113,981 2,761,878 34,468 - 5,954,833 5,954,833 Revenues from transactions with other operating segments 42,434 1,038,624 9,058 37,568 - 1,127,684 (1,127,684 ) - Finance income - - - - 20,895 20,895 20,895 Finance costs - - - - (214,779 ) (214,779 ) (214,779 ) Net finance costs - - - - (193,884 ) (193,884 ) (193,884 ) Depreciation and amortizations 232,275 19,448 145,299 3,313 7,087 407,422 407,422 Sum of significant income accounts 1,888 86,763 3,195 - - 91,846 91,846 Sum of significant expense accounts 19,619 3,885 4,555 - - 28,059 28,059 Profit (loss) of each reportable segment 1,173,249 (146,538 ) 232,914 7,506 (540,372 ) 726,759 726,759 Share of profit (loss) of associates and joint ventures accounted for using equity method Associates - - - - 3,043 3,043 3,043 Joint ventures - - 12,549 - 1,654 14,203 14,203 Income tax expense - - - - (226,765 ) (226,765 ) (226,765 ) Geographical information on revenues Revenue – Chilean entities 2,303,086 55,579 1,319,766 795 - 3,679,226 3,679,226 Revenue – Foreign entities 741,420 58,402 1,442,112 33,673 - 2,275,607 2,275,607 Total Ordinary Income 3,044,506 113,981 2,761,878 34,468 - 5,954,833 5,954,833 Pulp Forestry Panels Others Corporate Sub Total Elimination Total Year ended December 31, 2018 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Amounts of additions to non-current assets 324,482 251,574 323,675 645 293 900,669 - 900,669 Acquisition of property, plant and equipment and biological assets 19,627 19,627 - 19,627 Acquisition and contribution of investments in associates and joint venture Pulp Forestry Panels Others Corporate Sub Total Elimination Total Year ended December 31, 2018 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Segment assets 5,252,765 5,114,163 2,905,670 49,588 1,317,041 14,639,227 (45,479 ) 14,593,748 Segments assets (excluding deferred tax assets) 5,252,765 5,114,163 2,905,670 49,588 1,312,406 14,634,592 (45,479 ) 14,589,113 Deferred tax assets - - - - 4,635 4,635 4,635 Investments accounted through equity method Associates - 38,497 - - 117,112 155,609 155,609 Joint Ventures - - 181,103 - 21,341 202,444 202,444 Segment liabilities 396,332 180,259 405,551 13,727 6,258,908 7,254,777 7,254,777 Segments liabilities (excluding deferred tax liabilities) 396,332 180,259 405,551 13,727 4,841,250 5,837,119 5,837,119 Deferred tax liabilities - - - - 1,417,658 1,417,658 1,417,658 Geographical information on non-current assets Chile 2,667,179 3,259,801 806,253 20,382 120,231 6,873,846 (3,842 ) 6,870,004 Foreign countries 1,657,532 1,304,390 1,247,008 19,507 54,147 4,282,584 - 4,282,584 Non-current assets, Total 4,324,711 4,564,191 2,053,261 39,889 174,378 11,156,430 (3,842 ) 11,152,588 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2017 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from goods sale 2,356,782 104,392 2,633,773 38,391 - 5,133,338 5,133,338 Revenues from services sale 94,581 9,730 - 692 - 105,003 105,003 Revenues from external customers 2,451,363 114,122 2,633,773 39,083 - 5,238,341 - 5,238,341 Revenues from transactions with other operating segments 43,829 970,384 6,297 35,659 - 1,056,169 (1,056,169 ) - Finance income - - - - 19,640 19,640 - 19,640 Finance costs - - - - (287,958 ) (287,958 ) - (287,958 ) Net finance costs - - - - (268,318 ) (268,318 ) - (268,318 ) Depreciation and amortizations 246,382 22,011 142,504 3,568 7,086 421,551 - 421,551 Sum of significant income accounts 581 91,089 1,304 - - 92,974 - 92,974 Sum of significant expense accounts - 138,139 3,333 - - 141,472 - 141,472 Profit (loss) of each reportable segment 589,934 (210,566 ) 225,317 6,668 (341,001 ) 270,352 - 270,352 Share of profit (loss) of associates and joint ventures accounted for using equity method Associates - - - - 4,855 4,855 - 4,855 Joint ventures - - 10,378 - 1,784 12,162 - 12,162 Income tax expense - - - - 30,992 30,992 - 30,992 Geographical information on revenues Revenue – Chilean entities 1,781,769 55,946 1,265,161 692 - 3,103,568 - 3,103,568 Revenue – Foreign entities 669,594 58,176 1,368,612 38,391 - 2,134,773 - 2,134,773 Total Ordinary Income 2,451,363 114,122 2,633,773 39,083 - 5,238,341 - 5,238,341 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2017 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Amounts of additions to non-current assets Acquisition of property, plant and equipment and biological assets 191,771 211,245 230,395 428 4,127 637,966 - 637,966 Acquisition and contribution of investments in associates and joint venture - - - - 15,918 15,918 - 15,918 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2017 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Segment assets 5,035,105 5,040,500 3,024,120 52,640 881,000 14,033,365 (38,765 ) 13,994,600 Segments assets (excluding deferred tax assets) 5,035,105 5,040,500 3,024,120 52,640 872,734 14,025,099 (38,765 ) 13,986,334 Deferred tax assets - - - - 8,266 8,266 - 8,266 Investments accounted through equity method Associates - 48,921 - - 110,046 158,967 - 158,967 Joint Ventures - - 189,568 - 20,237 209,805 - 209,805 Segment liabilities 325,598 184,721 489,022 16,100 5,862,266 6,877,707 - 6,877,707 Segment liabilities (excluding deferred tax liabilities) 325,598 184,721 489,022 16,100 4,376,902 5,392,343 - 5,392,343 Deferred tax liabilities - - - - 1,485,364 1,485,364 - 1,485,364 Geographical information on non-current assets Chile 2,537,947 3,221,911 666,234 22,220 187,639 6,635,951 (4,635 ) 6,631,316 Foreign countries 1,700,240 1,648,557 1,191,895 21,571 30,658 4,592,921 - 4,592,921 Non-current assets, Total 4,238,187 4,870,468 1,858,129 43,791 218,297 11,228,872 (4,635 ) 11,224,237 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2016 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from goods sale 2,041,897 89,750 2,494,750 23,183 4,649,580 4,649,580 Revenues from services sale 104,182 6,738 - 885 111,805 111,805 Revenues from external customers 2,146,079 96,488 2,494,750 24,068 - 4,761,385 - 4,761,385 Revenues from transactions with other reportable segments 41,586 1,105,220 6,938 34,085 - 1,187,829 (1,187,829 ) - Finance income - - - - 29,701 29,701 - 29,701 Finance costs - - - - (258,467 ) (258,467 ) - (258,467 ) Net finance costs - - - - (228,766 ) (228,766 ) - (228,766 ) Depreciation and amortizations 240,699 19,996 139,844 2,529 6,319 409,387 - 409,387 Sum of significant income accounts 212 227,776 269 - - 228,257 - 228,257 Sum of significant expense accounts - 15,193 12,565 - - 27,758 - 27,758 Profit (loss) of each reportable segment 308,536 98,955 165,887 (2,559 ) (353,242 ) 217,577 - 217,577 Share of profit (loss) of associates and joint ventures accounted for using equity method Associates - - - - 16,348 16,348 - 16,348 Joint ventures - - 5,475 - 2,116 7,591 - 7,591 Income tax expense - - - - (45,647 ) (45,647 ) - (45,647 ) Geographical information on revenues Revenue – Chilean entities 1,521,453 52,161 1,275,937 885 - 2,850,436 - 2,850,436 Revenue – Foreign entities 624,626 44,327 1,218,813 23,183 - 1,910,949 - 1,910,949 Total Ordinary Income 2,146,079 96,488 2,494,750 24,068 - 4,761,385 - 4,761,385 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2016 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Amounts of additions to non-current assets Acquisition of property,plant and equipment and biological assets 205,205 182,743 118,408 1,479 3,883 511,718 - 511,718 Acquisition and contribution of investments in associates and joint venture - - 153,135 - - 153,135 - 153,135 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2016 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Segment assets 5,077,300 5,492,364 2,515,092 30,970 932,059 14,047,785 (41,604 ) 14,006,181 Segments assets (excluding deferred tax assets) 5,077,300 5,492,364 2,515,092 30,970 925,962 14,041,688 (41,604 ) 14,000,084 Deferred tax assets - - - - 6,097 6,097 - 6,097 Investments accounted through equity method Associates - 160,490 - - 105,285 265,775 - 265,775 Joint Ventures - - 161,703 - 19,070 180,773 - 180,773 Segment liabilities 277,474 161,091 311,667 11,836 6,244,830 7,006,898 - 7,006,898 Segment liabilities (excluding deferred tax liabilities) 277,474 161,091 311,667 11,836 4,613,765 5,375,833 - 5,375,833 Deferred tax liabilities - - - - 1,631,065 1,631,065 - 1,631,065 Geographical information on non-current assets Chile 2,572,702 3,509,727 721,418 27 135,808 6,939,682 (3,575 ) 6,936,107 Foreign countries 1,740,559 1,525,190 1,016,633 23,040 42,292 4,347,714 - 4,347,714 Non-current assets, Total 4,313,261 5,034,917 1,738,051 23,067 178,100 11,287,396 (3,575 ) 11,283,821 Information required by geographic area: Geographical area 2018 Local country Foreign country Chile Argentina Brazil USA/Canada Uruguay Total Disclosure of geographical areas ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from sales of goods 3,608,017 479,698 504,589 815,668 449,612 5,857,584 Revenues from sales of services 71,209 - - - 26,040 97,249 Revenues at 12-31-2018 3,679,226 479,698 504,589 815,668 475,652 5,954,833 Non-current Assets at 12-31-2018 other than deferred tax 6,865,406 825,915 984,746 810,461 1,661,425 11,147,953 Geographical area 2017 Local country Foreign country Chile Argentina Brazil USA/Canada Uruguay Total Disclosure of geographical areas ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from sales of goods 3,028,025 494,479 395,416 801,092 414,326 5,133,338 Revenues from sales of services 75,543 - - 29,460 105,003 Revenues at 12-31-2017 3,103,568 494,479 395,416 801,092 443,786 5,238,341 Non-current Assets at 12-31-2017 other than deferred tax 6,624,381 956,511 1,274,536 575,231 1,785,312 11,215,971 Geographical area 2016 Local country Foreign country Chile Argentina Brazil USA/Canada Uruguay Total Disclosure of geographical areas ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from sales of goods 3,001,181 360,224 354,170 779,356 154,649 4,649,580 Revenues from sales of services 84,461 - - - 27,344 111,805 Revenues at 12-31-2016 3,085,642 360,224 354,170 779,356 181,993 4,761,385 Non-current Assets at 12-31-2016 other than deferred tax 6,931,755 960,596 1,186,538 397,924 1,800,911 11,277,724 |
OTHER NON-FINANCIAL ASSETS AND
OTHER NON-FINANCIAL ASSETS AND NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
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 12-31-2018 12-31-2017 Current non-financial assets ThU.S.$ ThU.S.$ Roads to amortize current 41,456 43,301 Prepayment to amortize (insurance and others) 14,020 21,257 Recoverable taxes (GST and others) 67,778 60,823 Other current non-financial assets 6,600 4,456 Total 129,854 129,837 12-31-2018 12-31-2017 Non-current non-financial assets ThU.S.$ ThU.S.$ Roads to amortize, non-current 78,418 112,937 Guarantee values 3,295 2,893 Recoverable taxes 1,519 1,835 Other non-current non-financial assets 3,716 3,856 Total 86,948 121,521 12-31-2018 12-31-2017 Current non-financial liabilities ThU.S.$ ThU.S.$ Provision of minimum dividend (1) 182,890 116,123 ICMS tax payable 9,109 12,593 Other tax payable 14,034 23,040 Other Current non-financial liablities 6,577 2,194 Total 212,610 153,950 (1) Provision includes a minimum dividend of subsidiary minority. 12-31-2018 12-31-2017 Non-current non-financial liabilities ThU.S.$ ThU.S.$ ICMS tax payable 111,134 110,532 Other non-current non-financial liablities 933 1,808 Total 112,067 112,340 |
DISTRIBUTABLE NET PROFIT AND EA
DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
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: 1) Unrealized gains/losses relating to the fair value recorded for forestry assets under IAS 41, adding them back to distributable net profit when they are realized through sale or disposed of by other means. 2) Those generated through the acquisition of entities. These results will be added back to net profit when they are realized through sale. 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, 2018, 2017 and 2016 in order to determine the provision of 40% of the distributable net profit for each year: Distributable Net Profit ThU.S.$ Net profit attributable to owners of parent at 12-31-2018 725,482 Adjustments: Biological Assets Unrealized gains/losses (83,243 ) Realized gains/losses 208,362 Deferred income taxes (30,482 ) Total Biological assets 94,637 Profit due bargain adquisition (net) (9,381 ) Total adjustments 85,256 Distributable Net Profit at 12-31-2018 810,738 Distributable Net Profit ThU.S.$ Net profit attributable to owners of parent at 12-31-2017 269,724 Adjustments: Biological Assets Unrealized gains/losses (82,782 ) Realized gains/losses 303,668 Deferred income taxes (54,944 ) Total adjustments 165,942 Distributable Net Profit at 12-31-2017 435,666 Distributable Net Profit ThU.S.$ Net profit attributable to owners of parent at 12-31-2016 213,801 Adjustments: Biological Assets Unrealized gains/losses (204,671 ) Realized gains/losses 210,223 Deferred income taxes 2,089 Total adjustments 7,641 Distributable Net Profit at 12-31-2016 221,442 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, 2018, in the Statements of Financial Position, under the line item Other current non-financial liabilities ThU.S.$182,040 correspond to a provision for the minimum dividend for the 2018 period, corresponding to the Parent Company, after discounting the provisional dividend distribution of ThU.S.$142,256, paid to the shareholders in December 2018. Basic and diluted earnings per share Basic and diluted earnings per share are calculated by dividing the profit or loss attributable to ordinary equity holders of parent by the weighted average number of ordinary shares outstanding. Arauco does not have any shares with potential dilutive effect. January-December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Profit or loss attributable to ordinary equity holder of parent 725,482 269,724 213,801 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) 6.4111 2.3836 1.8894 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
DisclosureOf Subsequent Events [Abstract] | |
Disclosure of events after reporting period [text block] | NOTE 27. SUBSEQUENT EVENTS 1) On January 31, 2019, Arauco’s subsidiaries Inversiones Arauco Internacional Limitada (“Arauco Internacional”) and AraucoMex, S.A. de C.V. (“AraucoMex”), closed the purchase of all of the shares of Masisa’s Mexican subsidiaries, namely Maderas y Sintéticos de México, S.A. de C.V. (“Masisa México”), Maderas y Sintéticos Servicios, S.A. de C.V., Masisa Manufactura, S.A. de C.V., Placacentro Masisa México, S.A. de C.V. and Masnova Química, S.A. de C.V. The price of the transaction, in the amount of US$160 million, was paid on that day. The main assets to be acquired, consist of two industrial complexes located in Durango and Zitácuaro, that jointly have three Particleboard (PB) lines with an annual installed capacity of 339,000 m3;; a MDF line of with an annual installed capacity of 220,000 m3; melamine (or TFL) lines with an annual total installed capacity of 309,000 m3 ; a chemical plant with an installed capacity of 60,000 tons of resins and 60,600 tons of formaldehyde; and impregnation lines with an aggregate annual installed capacity of 28.9 million of m2. Further, Masisa México is the lessee of a chemical plant in Lerma, with an installed capacity of 43,200 tons of resins and 21,600 tons of formaldehyde. With this transaction, Arauco reaches an installed capacity of wood based panel of more tha 10 million m3, consolidating its position as the second manufacturer on a worldwide scale in such industry. Arauco estimates that this transaction will bring about positive effects in the Company’s results, although, at this time, it is not possible to quantify those effects. The transaction has been approved by the Mexican antitrust authority (Comisión Federal de Competencia Económica or “COFECE”), which was one of the conditions precedent established in the purchase agreement executed in December 2017. 2) The authorization for the issuance and publication of these consolidated financial statements for the period ended December 31, 2018 was approved by the Board of Directors of Arauco at the Extraordinary Session No.605 held on April 17, 2019. Subsequent to December 31, 2018 and until the date of issuance of these consolidated financial statements, there have been no events, other than those discussed above, that could materially affect the presentation of these financial statements. |
PRESENTATION OF CONSOLIDATED _2
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Presentation of Consolidated Financial Statements [Abstract] | |
Description of accounting policy for basis of preparation of consolidated financial statements [text block] | a) Basis for preparation of consolidated financial statements 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. |
Description of accounting policy for critical accounting estimates and judgements [text block] | b) Critical accounting estimates and judgments 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. |
Description of accounting policy for basis of consolidation [text block] | c) Consolidation 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, Argentine Pesos, Canadian Dollars 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. |
Description of accounting policy for segment reporting [text block] | d) Segments 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 personnel responsible for making such decisions are the Executive Vice-president and the Chief Executive Officer who are the highest authorities for making decisions and are 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: Pulp Wood products Forestry Refer to Note 24 for detailed financial information by reportable segment. |
Description of accounting policy for functional currency [text block] | e) Functional currency (i) Functional currency 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. (ii) Translation to the presentation currency of Arauco 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” within–equity. (iii) Foreign Currency Transactions 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. |
Description of accounting policy for determining components of cash and cash equivalents [text block] | f) Cash and cash equivalents Cash and cash equivalents include cash-on-hand, deposits held on demand at financial entities 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. |
Description of accounting policy for financial instruments [text block] | g) Financial Instruments Financial assets Initial classification Arauco classifies its financial assets into the following categories: fair value through profit or loss , amortized cost, and Fair Value through other comprehensive income. The classification is based on the business model used to manage the assets and the characteristics of their contractual cash flows. Management determines the classification of its financial assets at the time of their initial registration. (a) Financial assets at fair value through profit or loss: these instruments are initially measured at fair value. Net income and losses, including any income from interest or dividends, are registered in the profit or loss of the period. Financial assets are classified in the category of financial assets at fair value through profit or loss when they are maintained for negotiation or designated in their initial registration as assets at fair value through profit or loss. A financial asset can be classified in this category if it is acquired mainly for the purposes of being sold in the short-term. Gain or losses of assets held for negotiations are registered in the c onsolidated statements of Profit or Loss , and the related interest is registered independently as financial income. Derivatives are classified as acquired for negotiation also unless they are designated as hedging instruments. (b) Assets measured at amortized cost: they are initially registered at the fair value of the transaction, adding or subtracting the transaction costs are directly attributable to the issuance of the financial asset or financial liability. The financial asset is maintained within a business model, the objective of which is to maintain financial assets to obtain contractual cash flows and the contractual conditions of the asset give rise, on specified dates, to cash flows that are solely payments of principal and interests (“SPPI”) over the amount of the outstanding principal. (c) Financial assets at fair value through other comprehensive income: these instruments are initially measured at fair value, with gain or losses then reclassified to profit or losses in the period when accounts are written off. Financial instruments of this category meet the “SPPI” criterion, and they are maintained within Arauco’s business model, both for the collection of cash flows and for their sale. Subsequent measurement Financial instruments are subsequently measured at “Fair value through profit or loss”, Amortized Cost or Fair Value through other comprehensive income. The classification is based on two criteria: i) the Company’s business model for the management of financial instruments, and ii) whether the contractual cash flows related to the financial instruments represent “Solely Payments of Principal and Interests”. a) Fair value through profit or loss: these instruments are subsequently measured at fair value. Net earnings and losses, including income from interests and dividends, are registered as profits or losses for the period. These instruments are held for negotiation and they are mainly acquired to be sold in the short term. Derivatives are also classified as held for negotiation, unless they are registered as hedging instruments. Financial instruments of this type are classified as Other Current and Non-Current Financial Assets. They are subsequently valuated by determining their fair value, registering changes in value in the Other Comprehensive Income, in the items of Financial Income or Financial Costs. b) Financial assets measured at amortized cost: These instruments are subsequently measured at amortized cost minus accumulated amortizations, using the effective interest method and adjusted by loss allowance and volume discounts, in the case of financial assets. Financial income and expenses, foreign exchange income and losses, and impairment are registered in results. Any earnings or losses due to initial or subsequent reductions of the value of the asset are registered in the statement of profit or loss of the period. Loans and receivables are non-derivative financial instruments with fixed or determinable payments not traded in any active market. They are registered at amortized cost, registering accrued conditions directly in profit or loss. c) Financial assets at fair value through other comprehensive income: these instruments are subsequently measured at fair value. Income from interest is calculated using the effective interest method, foreign exchange income and losses and impairment are registered in profit or loss. They are subsequently remeasured at fair value and changes therein (except for those relating to impairment, interest income and foreign currency exchange gains and losses) are recognised in other comprehensive income, until the assets are sold. Upon disposal, the cumulative gain and losses in OCI are recognised in the income statements. Arauco measures accumulated losses in a quantity equivalent to expected credit losses during the lifelong commitment. Expected credit losses are based on contractual cash flow differences based on the allowance of each contract and the cash flows that Arauco expects. The difference is then discounted based on an approximation of the asset’s original effective interest rate. The asset’s carrying value is reduced as the allowance is used, and the loss is recognized in sales expenses in the financial statements. When an account receivable cannot be collected, it is regularized against the allowance account for receivables. Subsequent recoveries of previously impaired amounts are recognized as a debit in distribution costs. Derivative financial instruments are explained in Note 1 h) Financial liabilities Arauco classifies its financial liabilities as follows: fair value through profit or loss, derivatives designated as effective hedging instruments and amortized costs. Management determines the classification of its financial liabilities upon initial recognition. Financial liabilities are derecognized when the obligation is cancelled, settled or expired. When an existing financial liability is replaced with another of the same provider under substantially different terms, or where the terms of an existing liability are substantially amended, such exchange or modification is treated as a write-off of the original liability, with a new liability being recognized, and the difference between the respective carrying amounts is recognized in the statement of profit or loss. Financial liabilities are initially recognized at fair value, and in the case of loans, they include the costs directly attributable to the transaction. The subsequent measurement of the financial liabilities depends on their classification: Financial Liabilities at fair value through profit or loss Financial liabilities are included in the category of financial liabilities at fair value through profit or loss when they are held for trading or originally designated at fair value through profit or loss. Income and losses from liabilities held for trading are recognized in profit or loss. This category includes non-designated derivatives for hedging accounting. Financial Liabilities at Amortized Cost Other financial liabilities are subsequently valued at their amortized cost based on the effective interest rate method. The amortized cost is calculated taking into account any premium or acquisition discount, and includes the costs of transactions that are an integral part of the effective interest rate. This category includes Commercial Accounts Payable and Other Accounts Payable, as well as the loans included in Other Current and Non-Current Financial Liabilities. |
Description of accounting policy for derivative financial instruments [text block] | h) Derivative financial instruments (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, 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 - 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. -Cash flow hedges - 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. |
Description of accounting policy for measuring inventories [text block] | i) Inventories 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. |
Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block] | j) Non-current assets held for sale 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. |
Description of accounting policy for business combinations [text block] | k) Business Combinations 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 IFRS 9. 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. |
Description of accounting policy for investment in associates and joint ventures [text block] | l) Investments in associates and joint arrangements 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. If the acquisition cost is lower than the fair value of the net assets of the associate acquired, the difference is recognized directly in statement of profit or loss in line Other gains (losses). 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. |
Description of accounting policy for intangible assets other than goodwill [text block] | m) Intangible assets other than goodwill 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 |
Description of accounting policy for goodwill [text block] | n) Goodwill 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. G oodwill 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. |
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. |
Description of accounting policy for leases [text block] | p) Leases 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. |
Description of accounting policy for biological assets [text block] | q) Biological Assets 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. |
Description of accounting policy for income tax [text block] | r) Income taxes 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. Deferred taxes are recognized in accordance with the standards established in IAS 12 - Income Tax. 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. |
Description of accounting policy for provisions [text block] | s) Provisions 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. |
Description of accounting policy for recognition of revenue [text block] | t) Revenue recognition Revenues are valued at fair value of the consideration received or to be received, derived from them. Arauco analyses and takes under consideration all relevant facts and circumtances to apply the five-step model established under IFRS 15 to customer contracts: (i) identify the contract, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price, and (v) recognise revenue. Aditionally, Arauco evaluates the incremental costs of obtaining a contract and the costs incurred to comply with a contract. Arauco recognizes revenues when the steps established in IFRS have been satisfactorily complied with. Accounts receivable are recognized when control over goods or services has been transferred to the customer, because at this point of the time collection is unconditional and the passage of time is only needed to receive payment. (i) Revenue recognition from the Sale of Goods Revenue from the sale of goods is recognized when Arauco has transferred to the buyer the significant risks and rewards of ownership of the committed 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. Revenue from the sale of goods are recognised when there is no obligation unsatisfied that could affect the customer’s acceptance of the product. The delivery is effective when the products are sent to the specific location, the risks of obsolescence and loss have been transferred to the customer and when Arauco has objective evidence that all acceptance criteria have been satisfied. 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. 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. (ii) Revenue recognition from Rendering of Services Revenue from the rendering of services is recognized as long as the performance obligation have been satisfied. Revenue is recognized considering the stage of completion of the transaction at the date of the reporting period, when Arauco has the enforceable right of payment from the rendering of the services. There is no significant financing component, given that sales are made with a reduced average collection period, which is in line with market practice. Arauco mainly provides power supply services which are transacted principally in the spot market of the Sistema Eléctrico Nacional (SEN) (“National Electrical System”). According to current regulations, the prices on that market called “Marginal Costs” are calculated by the Coordinador Eléctrico Nacional (CEN) (“National Electrical Coordinator”) 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 SEN. Arauco provides other non-core services such as port services and pest control whose revenues are derived from fixed price service contracts are recognized considering the stage of completion of the services rendered at the date of reporting, generally 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. |
Description of accounting policy for dividends [text block] | u) Minimum dividend 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. |
Description of accounting policy for earnings per share [text block] | v) Earning per share 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. |
Description of accounting policy for impairment of assets [text block] | w) Impairment 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. An allowance for doubtful accounts is established based on a measurement of expected losses using a simplified approach. 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. |
Description of accounting policy for employee benefits [text block] | x) Employee Benefits 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. |
Description of accounting policy for employee vacations [text block] | y) Employee Vacations Arauco recognizes the expense for employee vacation according to labor legislation in each country on an accrual basis. This obligation is presented in line item “Trade and Other current payables” in the consolidated statements of financial position. |
Description of accounting policy for recent accounting pronouncements [text block] | z) Recent accounting pronouncements a) Standards, interpretations and amendments that are mandatory for the first time for annual periods beginning on January 1, 2018: Standards and interpretations Content Mandatory application for annual periods beginning on or after IFRS 9 Financial Instruments Supersedes IAS 39. This final version includes requirements for the classification and measurement of financial assets and liabilities and introduces an 'expected credit loss' model for the measurement of the impairment. Hedge accounting part was included in IFRS 9 published at November 2013. January 1, 2018 IFRS 15 Revenue from Contracts with Customers Provides a single, principles based five-step model to be applied to all contracts with customers. The principles include information related to nature, amount, opportunity and uncerntainty of the revenue and cash flows from contracts with customers. January 1, 2018 IFRIC 22 Transactions in Foreign Currency and Anticipated Considerations Applies to a transaction in foreign currency (or partially in foreign currency) when an entity recognizes a non-financial asset or a non-financial liability arising from the payment or collection of an anticipated consideration, before recognizing the related asset, expense, or income. January 1, 2018 Amendments and improvements Content Mandatory application for annual periods beginning on or after IFRS 1 First-time Adoption of International Financial Reporting Standards Deletes the short-term exemptions for first time adopters regarding to IFRS 7, IAS 9 and IFRS 10. January 1, 2018 IFRS 2 Share-based payment Clarifies the measurement of cash settled share-based payment transactions and the accounting for amendments that change such payments to equity instruments. January 1, 2018 IFRS 15 Revenue from contracts with customers. Introduces clarifications to the guidelines and examples related to the transition towards the new rule. January 1, 2018 IFRS 4 Insurance contracts Introduces two approaches: overlap and temporary exemption of IFRS 9. January 1, 2018 IAS 40 Investment properties Clarifies the requirements needed to transfer to, or from, investment properties. January 1, 2018 IAS 28 Investments in associates and joint ventures Measurement of the investments in associates and joint ventures at fair value. January 1, 2018 IFRS 9 - Financial Instruments. IFRS 9 came into force on January 1, 2018, replacing IAS 39, and its application has not given rise to significant impact on Arauco’s Consolidated Financial Statements. The Company carried out a detailed assessment of the three aspects of the standard and its impact on the consolidated financial statements, which can be summarized as follows: i) Classification and measurement: as required by IFRS 9, Arauco changed its classification method for financial assets based on two concepts: the characteristics of the financial assets’ contractual cash flows and of Arauco’s business model, the purpose of which is achieved through the collection of contractual cash flows and the sale of financial assets. Under this new method the four classification categories of IFRS 39 were replaced with the following: - Amortized cost, where the financial assets are kept in a business model the purpose of which is the generation of contractual cash flows; - Fair value through other comprehensive income, where the financial assets are kept in a business model the purpose of which is achieved by generating contractual cash flows and selling financial assets; - Fair value through profit or loss, a residual category which comprises financial instruments that are not kept under any of the business models referenced above, including those kept for negotiation and those designated at fair value in their initial recognition. With regard to the measurement of financial liabilities, IFRS 9 retains to a great extent the prior accounting treatment of IAS 39, with limited amendments, under which the majority of these liabilities are measured at amortized cost, thereby enabling the designation of a financial liability at fair value with changes in results, provided that certain criteria are met. However, the standard introduced new provisions for liabilities designated at fair value through profit or loss, by virtue of which under certain circumstances the changes in the fair value related to the variation of the “own credit risk” are recognized in other comprehensive income. Management reviewed and assessed Arauco’s financial assets as of January 1, 2018, based on the hitherto prevailing events and circumstances, and concluded that the new classification requirements do not have an impact on the accounting of its financial assets. The loans and the accounts receivable are maintained in order to obtain the contractual cash flows that only represent the payment of principal and interest; therefore, the criteria for them to be measured at amortized cost under IFRS 9, are fulfilled. Regarding the impairment of the financial assets, IFRS 9 requires an expected credit losses model, as opposed to the incurred loss model set forth by IAS 39. This means that, under IFRS 9, impairments are recorded, generally, earlier compared with the previous model. The new impairment model is applied to the financial assets measured at amortized cost or measured at their fair value through other comprehensive income, except for investments in equity instruments. Impairment provisions are measured based on: - The expected credit losses for the upcoming 12 months; or - The expected credit losses during the entire lifespan of the asset, if on the date of submission of the Consolidated Financial Statements, a significant increase in the credit risk of a financial instrument were to occur, as from the initial recognition thereof. IFRS 9 also establishes a simplified approach to measure the correction of values for losses at a sum equal to the expected credit loss during the lifespan of the asset for commercial accounts receivable, contractual assets, or accounts receivable for leases. Arauco chose to apply this policy for the aforementioned financial assets. ii) Hedging accounting: IFRS 9 also introduced a new model for hedging accounting, with the purpose of aligning accounting more closely with the risk management activities of the companies and of establishing an approach that would be more principle-based. The new approach allows for an improved reflection of the risk management activities in the financial statements, allowing for more elements to be eligible as hedged elements: risk component of non-financial items, net positions and aggregate exposures (in other words, a combination of a non-derivative exposure and a derivative). The most significant changes regarding the hedging instruments, when compared with the hedging accounting method employed under IAS 39, pertains to the possibility of deferring the temporary value of an option, the forward points of forward contracts, and the difference of the monetary base in other comprehensive income, until the time when the hedged element has an impact on results. IFRS eliminated the quantitative requirement from the effectiveness tests envisaged under IAS 39, whereby the results had to be within the 80%-125% range, thus allowing for the evaluation of the efficacy to be aligned with the management of the risk through the demonstration of the existence of an economic ratio between the hedging instrument and the hedged item, while also allowing the possibility of rebalancing the hedging ratio if the risk management objective remains unaltered. Nevertheless, retrospective inefficacy must still be valuated and recognized. Arauco applied the new requirements of IFRS 9 as of the date of the adoption of the same, as of January 1, 2018. The application of IFRS has had the following initial impacts as of January 1, 2018, in Arauco’s Consolidated Financial Statements: Hedging assets net ThU.S.$ Closing balance at December 31, 2017 - calculated under IAS 39 52,057 Amounts restated through reserves (2,627 ) Opening balance at January 1, 2018 - under IFRS 9 49,430 Loss allowance for trade receivables ThU.S.$ Closing loss allowance at December 31, 2017 - calculated under IAS 39 (17,785 ) Amounts restated through retained earnings (2,875 ) Closing loss allowance at January 1, 2018 - under IFRS 9 (20,660 ) IFRS 9 adjustments net of deferred taxes ThU.S.$ Amounts restated through reserves (2,627 ) Amounts restated through retained earnings (2,875 ) Deferred taxes 1,627 Increase (decrease) due to changes to accounting policies (3,875 ) IFRS 15 – Revenue from Contracts with Customers. As from January 1, 2018, Arauco has decided to apply IFRS 15 using the modified retrospective method, recognizing the accumulated effect of the initial application as an adjustment to the opening balance of the retained earnings of year 2018. However, no significant effects impacting Arauco’s Consolidated Financial Statements were identified and there were no adjustment to the opening balance of retained earnings. This standard requires more detailed disclosures than those required under the previous current standards, with the purpose of supplying more complete information regarding the nature, amounts, schedule and certainty of the income and cash flows derived from the contracts with clients. In addition to the submission of more extensive disclosures regarding Arauco’s income transactions, the application of IFRS 15 has not had any impact upon Arauco’s financial position or financial performance. During 2017, the Arauco Group carried out an implementation project, in order to identify and measure the potential impacts of applying IFRS 15 to its consolidated financial statements. This project identified all of the income flows from Arauco’s ordinary activities, the knowledge of the business’s traditional practices, a thorough evaluation of each type of contract with clients, and the determination of the registration methodology for this income under the current rules. A special evaluation was carried out regarding the contracts that contain key aspects of IFRS 15 and certain features that are of particular interest for Arauco, such as: identification of contractual obligations, contracts with multiple obligations and moment of the recognition, contracts with a variable consideration, significant financing components, principal versus agent analysis, existence of warranties for type of service, and capitalization of the costs of obtaining and performing a contract. As mentioned in this Note 1, Arauco’s main activity is the production and sale of products related to the forestry and timber industry. Considering the nature of the goods and services that are being offered as well as the aforementioned characteristics of the income flows, Arauco did not identify impacts over the consolidated financial statements at the moment of initially applying IFRS 15, that is, as of January 1, 2018. The type of revenue and acknowledgments are described in Notes 9 and 24. b) Standards, interpretations and amendments, the application of which is not yet mandatory, which have not been adopted in advance: Standards and interpretations Content Mandatory application for annual periods beginning on or after IFRS 16 Leases The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. January 1, 2019 IFRIC 23 Uncertain tax positions It clarifies the method for applying the acknowledgment and measurement requirements of IAS 12 when there is uncertainty regarding the fiscal treatments. January 1, 2019 IFRS 17 Insurance Contracts Supersedes IFRS 4. It changes mainly the accounting for insurance contracts and inverstments contracts. January 1, 2021 Amendments and improvements Content Mandatory application for annual periods beginning on or after IFRS 10 y IAS 28-Amendments Sale or Contribution of assets among an Investor and its Associates or Joint Ventures. Indeterminate IAS 19 Employee Benefits Prescribe the accounting and disclosure for employee benefits, requiring an entity to recognise a liability where an employee has provided service and an expense when the entity consumes the economic benefits of employee service. January 1, 2019 IAS 28 Investments in associates and joint ventures It clarifies that an entity applies IFRS 9 Financial Instruments to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied . January 1, 2019 IFRS 9 Financial instruments Allows assets to be measured at amortised cost. January 1, 2019 IFRS 3 Business Combinations Clarifies that when an entity obtains control of a business that is a joint operation, it is a business combination achieve by steps. January 1, 2019 IFRS 11 Joint Arrangements Clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. January 1, 2019 IAS 12 Income taxes Clarifies the income tax consequences of dividends from financial instruments at amortized cost should be recognized according to the past transactions or events that generated distributable profits. January 1, 2019 IAS 23 Borrowing Costs Clarifies that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the general borrowings. January 1, 2019 IAS 1 y IAS 8 Presentation of Financial Statementes and Accounting Policies, Changes in Accounting Estimates and Errors. Clarifies the definition of material and align the definition used in the Conceptual Framework and the standards themselves. January 1, 2020 IFRS 3 Definition of a Business Narrows the definitions of a business January 1, 2020 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, except for the effects of the adoption of IFRS 16, which is described below. IFRS 16 - Leases IFRS 16 has not been applied at the closing of these Consolidated Financial Statements, and is applicable as of the annual periods beginning on January 1, 2019. IFRS 16 - Leases includes changes in Arauco’s accounting as lesee, by requiring a similar treatment than that of financial leases for all the leases that are currently classified as operational with an effective term exceeding 12 months. This means, in general terms, that it will be necessary to acknowledge an asset that represents the right of use over the goods that are subject to operational leasing agreements as well as a liability, equal to the present value of the payments associated to the agreement. Regarding the effects over the results, the payment of monthly leases shall be replaced by the depreciation for the asset’s right of use and the acknowledgement of a financial expense. Arauco will recognize leases retroactively with the cumulative effect of the initial application of the standard recognized as of January 1, 2019, consistently with all leases where it acts a lessee. Given this alternative, it will not be necessary to restate the comparative information . Arauco has chosen not to recognize a liability and an asset for right-of-use for low value leases or whose term of the contract is 12 months or less. In the impact assessment project of IFRS 16 in the Consolidated Financial Statements of Arauco, we have estimated that we will recognize assets for right-of-use with their corresponding obligations for right-of-use for an approximate amount of MU.S.$ 300. |
PRESENTATION OF CONSOLIDATED _3
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Presentation of Consolidated Financial Statements [Abstract] | |
Disclosure of expected impact of initial application of new standards or interpretations [text block] | The application of IFRS has had the following initial impacts as of January 1, 2018, in Arauco’s Consolidated Financial Statements: Hedging assets net ThU.S.$ Closing balance at December 31, 2017 - calculated under IAS 39 52,057 Amounts restated through reserves (2,627 ) Opening balance at January 1, 2018 - under IFRS 9 49,430 Loss allowance for trade receivables ThU.S.$ Closing loss allowance at December 31, 2017 - calculated under IAS 39 (17,785 ) Amounts restated through retained earnings (2,875 ) Closing loss allowance at January 1, 2018 - under IFRS 9 (20,660 ) IFRS 9 adjustments net of deferred taxes ThU.S.$ Amounts restated through reserves (2,627 ) Amounts restated through retained earnings (2,875 ) Deferred taxes 1,627 Increase (decrease) due to changes to accounting policies (3,875 ) |
DISCLOSURE OF OTHER INFORMATI_2
DISCLOSURE OF OTHER INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
DISCLOSURE OF OTHER INFORMATION [Abstract] | |
Disclosure of issued capital [text block] | 12-31-2018 12-31-2017 Description of Ordinary Capital Share Types 100 Number of Authorized Shares by Type of Capital in Ordinary Shares 113,159,655 Nominal Value of Shares by Type of Capital in Ordinary Shares ThU.S.$ 0.0031210 Amount of Capital in Shares by Type of Ordinary Shares that Constitute Capital ThU.S.$ 353,618 12-31-2018 12-31-2017 Number of Shares Issued and Fully Paid by Type of Capital in Ordinary Shares 113,159,655 |
Disclosure of dividends [text block] | The following are the dividends paid and per share amounts during the periods 2018, 2017 and 2016: Detail of Dividend Paid, Ordinary Shares Dividend Paid Interim Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 12-12-2018 Amount of Dividend ThU.S.$ 142,256 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 1.25712 Detail of Dividend Paid, Ordinary Shares Dividend Paid Final Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 05-10-2018 Amount of Dividend ThU.S.$ 113,773 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 1.00542 Detail of Dividend Paid, Ordinary Shares Dividend Paid Interim Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 12-20-2017 Amount of Dividend ThU.S.$ 60,494 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 0.53459 Detail of Dividend Paid, Ordinary Shares Dividend Paid Final Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 05-10-2017 Amount of Dividend ThU.S.$ 59,005 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 0.52143 Detail of Dividend Paid, Ordinary Shares Dividend Paid Interim Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 12-14-2016 Amount of Dividend ThU.S.$ 29,572 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 0.26133 Detail of Dividend Paid, Ordinary Shares Dividend Paid Final Dividend Type of Shares for which there is a Dividend Paid Ordinary Shares Date of Dividend Paid 05-11-2016 Amount of Dividend ThU.S.$ 99,221 Number of Shares for which Dividends are Paid 113,159,655 Dividend per Share U.S.$ 0.87683 |
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, 2018, 2017 and 2016 are as follows: January - December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Classes of Other Income Other Income, Total 124,304 111,513 257,863 Gain from changes in fair value of biological assets (See note 20) 84,476 83,031 208,562 Net income from insurance compensation 1,788 1,305 3,222 Revenue from export promotion 3,570 3,542 2,350 Lease income 2,156 3,061 4,687 Gain on sales of assets 13,164 13,444 17,485 Access easement 260 565 3,756 Recovery of tax credits - - 2,033 Compensations received 4,554 283 139 Other operating results (*) 14,336 6,282 15,629 Classes of Other Expenses by activity Total of Other Expenses by activity (95,880 ) (240,165 ) (77,415 ) Depreciation (523 ) (466 ) (562 ) Legal expenses (3,832 ) (3,882 ) (5,087 ) Impairment provision for property, plant and equipment and others (31,680 ) (33,240 ) (14,979 ) Operating expenses related to plants stoppage (2,718 ) (7,275 ) (3,926 ) Expenses related to projects (15,497 ) (2,139 ) (1,620 ) Loss of asset sales (8,533 ) (4,691 ) (2,283 ) Loss and repair of assets (430 ) (3,739 ) (1,307 ) Loss of forest due to fires (**) (2,584 ) (138,139 ) (15,193 ) Other Taxes (16,821 ) (17,463 ) (8,261 ) Research and development expenses (1,888 ) (2,594 ) (2,684 ) Fines, readjustments and interests (788 ) (3,675 ) (1,004 ) Loss on disposal of associates - - (10,369 ) Other expenses (10,586 ) (22,862 ) (10,140 ) Classes of financing income Financing income, total 20,895 19,640 29,701 Financial income from mutual funds - term deposits 13,177 11,023 11,439 Financial income resulting from swap - forward instruments 596 3,602 7,226 Other financial income 7,122 5,015 11,036 Classes of financing costs Financing costs, Total (214,779 ) (287,958 ) (258,467 ) Interest expense, Banks loans (29,320 ) (31,014 ) (33,224 ) Interest expense, Bonds (142,846 ) (223,602 ) (183,203 ) Interest expense, other financial instruments (18,716 ) (15,706 ) (17,221 ) Other financial costs (23,897 ) (17,636 ) (24,819 ) Share of profit (loss) of associates and joint ventures accounted for using equity method Total 17,246 17,017 23,939 Investments in associates 3,043 4,855 16,348 Joint ventures 14,203 12,162 7,591 (*) ”Other operating results” includes extraction of sand and gravel from wharfage and indemnities, among others. (**) Loss of forest due to fires are presented net of ThU.S.$35,000 from insurance compensation as of December 2017. |
Disclosure of expenses by nature [text block] | The analysis of expenses by nature contained in these consolidated financial statements is presented below: January - December 2018 2017 2016 Cost of sales ThU.S.$ ThU.S.$ ThU.S.$ Timber 691,129 725,114 736,399 Forestry labor costs 672,233 631,276 600,320 Depreciation 377,557 389,847 377,983 Maintenance costs 280,715 262,764 313,500 Chemical costs 560,241 517,478 479,335 Sawmill Services 140,106 109,776 117,340 Other Raw Materials 228,701 188,874 221,950 Other Indirect costs 185,424 178,447 143,074 Energy and fuel 207,712 186,041 139,527 Cost of electricity 34,301 42,008 39,960 Wage and salaries 344,630 342,907 329,517 Total 3,722,749 3,574,532 3,498,905 (*) Total amount is composed of the cost of inventory sales for ThU.S.$ 3,662,348 (ThU.S.$ 3,510,009 and ThU.S.$ 3,423,439 at December 31, 2017 and 2016, respectively) and the cost of rendering services for ThU.S.$ 60,401 (ThU.S.$ 64,523 as of December 31, 2017) January - December 2018 2017 2016 Distribution cost ThU.S.$ ThU.S.$ ThU.S.$ Selling costs 39,402 39,175 33,557 Commissions 14,629 14,880 13,880 Insurance 4,266 3,620 3,216 Provision for doubtful accounts 3,144 (245 ) 910 Other selling costs 17,363 20,920 15,551 Shipping and freight costs 517,403 484,125 462,916 Port services 28,064 30,996 28,028 Freights 440,886 409,801 382,894 Other shipping and freight costs (internation, warehousing, stowage, customs and other costs) 48,453 43,328 51,994 Total 556,805 523,300 496,473 January - December 2018 2017 2016 Administrative expenses ThU.S.$ ThU.S.$ ThU.S.$ Wages and salaries 247,927 218,720 198,042 Marketing, advertising, promotion and publications expenses 12,650 10,046 9,937 Insurances 15,538 17,122 21,526 Depreciation and amortization 27,879 28,210 29,285 Computer services 27,434 27,193 27,735 Lease rentals (offices, other property and vehicles) 14,249 14,195 13,391 Donations, contributions, scholarships 13,952 12,772 10,396 Fees (legal and technical advisors) 51,039 43,107 43,809 Property taxes, city permits and rights 17,645 17,281 15,962 Cleaning services, security services and transportation 24,089 25,153 26,975 Third-party variable services (maneuvers, logistics) 43,573 46,097 40,277 Basic services 9,467 8,423 8,653 Maintenance and repair 6,973 5,579 7,617 Seminars, courses, training materials 3,117 2,526 3,560 Other administration expenses (travels, clothing and safety equipment, enviromental expenses, audits and others) 45,752 44,870 17,304 Total 561,284 521,294 474,469 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Inventories [Abstract] | |
Disclosure of detailed information about inventories [Text Block] | 12-31-2018 12-31-2017 Components of Inventory ThU.S.$ ThU.S.$ Raw materials 56,213 103,049 Production supplies 122,794 98,548 Work in progress 66,432 56,194 Finished goods 610,203 441,726 Spare Parts 174,554 168,945 Total Inventories 1,030,196 868,462 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Cash And Cash Equivalents [Abstract] | |
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. 12-31-2018 12-31-2017 Components of Cash and Cash Equivalents ThU.S.$ ThU.S.$ Cash on hand 126 148 Bank checking account balances 327,006 209,037 Time deposits 478,775 292,105 Mutual funds 270,035 73,170 Other cash and cash equivalents (*) - 15,426 Total 1,075,942 589,886 (*) Applies to purchase contracts with resale commitments. |
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 , 2018 and December 31, 2017 is shown below. December 2018 ThU.S.$ December 2017 ThU.S.$ AAAfm 268,237 64,471 No classification 1,798 8,699 Total Mutual Funds 270,035 73,170 Changes in Financial Liabilities Cash Flow Opening balance 01-01-2018 Borrowings obtained Borrowings paid Interest paid Accrued interest Inflation adjustment Non-cash movements Closing balance 12-31-2018 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Borrowings from banks 858,457 534,474 (453,789 ) (28,397 ) 30,133 761 (1,204 ) 940,435 Hedging liabilities 5,393 - - (803 ) - (138 ) 67,147 71,599 Bonds and promissory notes 3,302,685 329,077 (21,495 ) (143,080 ) 144,116 (112,773 ) 3,124 3,501,654 Total 4,166,535 863,551 (475,284 ) (172,280 ) 174,249 (112,150 ) 69,067 4,513,688 Cash Flow Opening balance 01-01-2017 Borrowings obtained Borrowings paid Interest paid Accrued interest Inflation adjustment Non-cash movements Closing balance 12-31-2017 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Borrowings from banks 914,358 421,309 (481,205 ) (28,141 ) 27,894 (439 ) 4,681 858,457 Hedging liabilities 87,364 - - - - - (81,971 ) 5,393 Bonds and promissory notes 3,452,658 891,172 (1,146,506 ) (233,045 ) 218,326 122,324 (2,244 ) 3,302,685 Total 4,454,380 1,312,481 (1,627,711 ) (261,186 ) 246,220 121,885 (79,534 ) 4,166,535 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 12-31-2018 12-31-2017 Deferred Tax Assets ThU.S.$ ThU.S.$ Deferred tax Assets relating to Provisions 6,105 7,433 Deferred tax Assets relating to Accrued Liabilities 10,906 11,267 Deferred tax Assets relating to Post-Employment benefits 19,072 19,276 Deferred tax Assets relating to Property, Plant and equipment 10,125 11,657 Deferred tax Assets relating to Financial Instruments 9,761 4,348 Deferred tax Assets relating to Tax Loss Carryforward 109,320 62,706 Deferred tax Assets relating to Inventories 5,532 5,941 Deferred tax Assets relating to Provisions for Income 7,443 21,354 Deferred tax Assets relating to Allowance for Doubtful Accounts 5,001 5,149 Intangible revaluation differences 7,651 10,389 Deferred tax Assets relating to Other Deductible Temporary Differences 21,108 27,364 Total Deferred Tax Assets 212,024 186,884 Offsetting presentation (207,389 ) (178,618 ) Net Effect 4,635 8,266 |
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: 12-31-2018 12-31-2017 Deferred Tax Liabilities ThU.S.$ ThU.S.$ Deferred tax Liabilities relating to Property, Plant and Equipment 829,288 860,498 Deferred tax Liabilities relating to Financial Instruments 14,225 12,684 Deferred tax Liabilities relating to Biological Assets 661,582 676,876 Deferred tax Liabilities relating to Inventory 39,025 32,580 Deferred tax Liabilities relating to Prepaid Expenses 37,897 41,600 Deferred tax Liabilities relating to Intangible 20,240 22,014 Deferred tax Liabilities relating to Other Taxable Temporary Differences 22,790 17,731 Total Deferred Tax Liabilities 1,625,047 1,663,983 Offsetting presentation (207,389 ) (178,618 ) Net Effect 1,417,658 1,485,365 |
Disclosure of reconciliation of deferred tax assets and liabilities [Text Block] | Reconciliation of deferred tax assets and liabilities Opening Opening Deferred tax of items charged Increase Balance 01-01-2018 IAS 39 restated Balance 01-01-2018 IFRS 9 Deferred tax Expenses (Income) to other comprehensive income (decrease) Net exchange differences Closing balance 12-31-2018 Deferred Tax Assets ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S$ Deferred tax Assets relating to Provisions 7,433 7,433 (1,015 ) - (313 ) 6,105 Deferred tax Assets relating to Accrued Liabilities 11,267 11,267 (361 ) - - 10,906 Deferred tax Assets relating to Post-Employment benefits 19,276 19,276 297 (504 ) 3 19,072 Deferred tax Assets relating to Property, Plant and equipment 11,657 11,657 (1,532 ) - - 10,125 Deferred tax Assets relating to Financial Instruments 4,348 709 5,057 (507 ) 5,211 - 9,761 Deferred tax Assets relating to Tax Loss Carryforward 62,706 62,706 53,103 - (6,489 ) 109,320 Deferred tax Assets relating to Inventories 5,941 5,941 (378 ) - (31 ) 5,532 Deferred tax Assets relating to Provisions for Income 21,354 21,354 (13,910 ) - (1 ) 7,443 Deferred tax Assets relating to Allowance for Doubtful Accounts 5,149 918 6,067 (843 ) - (223 ) 5,001 Intangible revaluation differences 10,389 10,389 (1,244 ) - (1,494 ) 7,651 Deferred tax Assets relating to Other Deductible Temporary Differences 27,364 27,364 (3,838 ) - (2,418 ) 21,108 Total Deferred Tax Assets 186,884 1,627 188,511 29,772 4,707 (10,966 ) 212,024 Deferred tax of Opening Balance Opening Balance Deferred tax items charged to other Increase (decrease) 01-01-2018 IAS 39 Amounts restated 01-01-2018 IFRS 9 Expenses (Income) comprehensive income Net exchange differences balance 12-31-2018 Deferred Tax Liabilities ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S$ Deferred tax Liabilities relating to Property, Plant and Equipment 860,498 - 860,498 (23,428 ) - (7,782 ) 829,288 Deferred tax Liabilities relating to Financial Instruments 12,684 - 12,684 1,542 - (1 ) 14,225 Deferred tax Liabilities relating to Biological Assets 676,876 - 676,876 2,060 - (17,354 ) 661,582 Deferred tax Liabilities relating to Inventory 32,580 - 32,580 6,445 - - 39,025 Deferred tax Liabilities relating to Prepaid Expenses 41,600 - 41,600 (3,703 ) - - 37,897 Deferred tax Liabilities relating to Intangible 22,014 - 22,014 (562 ) - (1,212 ) 20,240 Deferred tax Liabilities relating to Other Taxable Temporary Differences 17,731 - 17,731 6,450 - (1,391 ) 22,790 Total Deferred Tax Liabilities 1,663,983 - 1,663,983 (11,196 ) - (27,740 ) 1,625,047 Deferred tax of Increase Opening Deferred tax items charged to other (decrease) through Increase (decrease) Closing Balance 01-01-2017 Expenses (Income) comprehensive income Business Combination differences balance 12-31-2017 Deferred Tax Assets ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S$ Deferred tax Assets relating to Provisions 5,771 931 - 726 5 7,433 Deferred tax Assets relating to Accrued Liabilities 11,716 (405 ) - - (44 ) 11,267 Deferred tax Assets relating to Post-Employment benefits 17,618 2,286 (673 ) - 45 19,276 Deferred tax Assets relating to Property, Plant and equipment 9,806 1,850 - - 1 11,657 Deferred tax Assets relating to Financial Instruments 12,699 1,414 (9,764 ) - (1 ) 4,348 Deferred tax Assets relating to Tax Loss Carryforward 50,917 7,271 - 6,093 (1,575 ) 62,706 Deferred tax Assets relating to Inventories 7,158 (1,435 ) - 221 (3 ) 5,941 Deferred tax Assets relating to Provisions for Income 14,300 7,054 - - - 21,354 Deferred tax Assets relating to Allowance for Doubtful Accounts 4,886 (854 ) - 1,133 (16 ) 5,149 Intangible revaluation differences 10 (954 ) - 11,333 - 10,389 Deferred tax Assets relating to Other Deductible Temporary Differences 22,985 (3,807 ) - 9,134 (948 ) 27,364 Total Deferred Tax Assets 157,866 13,351 (10,437 ) 28,640 (2,536 ) 186,884 Deferred tax of Increase Opening Deferred tax items charged to other (decrease) through Increase (decrease) Closing Balance 01-01-2017 Expenses (Income) comprehensive income Business Combination Net exchange balance Deferred Tax Liabilities ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S$ Deferred tax Liabilities relating to Property, Plant and Equipment 934,892 (82,445 ) - 9,735 (1,684 ) 860,498 Deferred tax Liabilities relating to Financial Instruments 7,186 5,497 - - 1 12,684 Deferred tax Liabilities relating to Biological Assets 719,577 (79,947 ) - 37,997 (751 ) 676,876 Deferred tax Liabilities relating to Inventory 31,072 1,508 - - - 32,580 Deferred tax Liabilities relating to Prepaid Expenses 42,881 (1,281 ) - - - 41,600 Deferred tax Liabilities relating to Intangible 27,222 (4,880 ) - - (328 ) 22,014 Deferred tax Liabilities relating to Other Taxable Temporary Differences 20,004 (6,730 ) - 4,467 (10 ) 17,731 Total Deferred Tax Liabilities 1,782,834 (168,278 ) - 52,199 (2,772 ) 1,663,983 |
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: 12-31-2018 12-31-2017 Deductible Taxable Deductible Taxable Detail of classes of Deferred Tax Temporary Differences Difference Difference Difference Difference Deferred Tax Assets 102,704 124,178 Deferred Tax Assets - Tax loss carryforward 109,320 62,706 Deferred Tax Liabilities 1,625,047 1,663,983 Total 212,024 1,625,047 186,884 1,663,983 January - December 2018 2017 2016 Detail of Temporary Difference Income and Loss Amounts ThU.S.$ ThU.S.$ ThU.S.$ Deferred Tax Assets (23,331 ) 6,079 9,093 Deferred Tax Assets - Tax loss carryforward 53,103 7,270 11,498 Deferred Tax Liabilities 11,196 168,279 (3,868 ) Total 40,968 181,628 16,723 |
Disclosure of detailed information about income tax expense [Text Block] | Income Tax Expense Income tax expense consists of the following: January - December 2018 2017 2016 Income Tax composition ThU.S.$ ThU.S.$ ThU.S.$ Current income tax expense (270,252 ) (155,292 ) (58,831 ) Tax benefit arising from unrecognized tax assets previously used to reduce current tax expense 4,471 3,018 - Prior period current income tax adjustments (1,732 ) (227 ) (6,899 ) Other current benefit tax (expenses) (220 ) 1,865 3,360 Current Tax Expense, Net (267,733 ) (150,636 ) (62,370 ) Deferred tax expense relating to origination and reversal of temporary differences (12,135 ) 174,358 5,225 Tax benefit arising from previously unrecognized tax loss carryforward 53,103 7,270 11,498 Total deferred Tax benefit (expense), Net 40,968 181,628 16,723 Income Tax benefit (expense) , Total (226,765 ) 30,992 (45,647 ) |
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, 2018, 2017 and 2016: January - December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Foreign current income tax expense (35,442 ) (28,071 ) (27,931 ) Domestic current income tax expense (232,291 ) (122,565 ) (34,439 ) Total current income tax expense (267,733 ) (150,636 ) (62,370 ) Foreign deferred tax benefit (expense) 19,940 94,228 7,794 Domestic deferred tax benefit (expense) 21,028 87,400 8,929 Total deferred tax benefit (expense) 40,968 181,628 16,723 Total tax benefit (expense) (226,765 ) 30,992 (45,647 ) |
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: January - December 2018 2017 2016 Reconciliation of Income tax from Statutory Rate to Effective Tax Rate ThU.S.$ ThU.S.$ ThU.S.$ Statutory domestic (Chile) income tax rate 27.0 % 25.5 % 24.0 % Tax Expense at statutory tax rate (257,451 ) (61,037 ) (63,174 ) Tax effect of foreign tax rates 3,464 (7,118 ) (13,368 ) Tax effect of revenues exempt from taxation 82,521 40,133 33,834 Tax effect of not deductible expenses (53,510 ) (28,783 ) (10,987 ) Tax rate effect of tax loss carry forwards 15 (44 ) - Tax effect of Previously Unrecognized Tax Benefit in the Statements of Profit or Loss (91 ) 195 - Tax effect of a new evaluation of assets for deferred not recognized taxes - 5,311 17,157 Tax rate effect from change in tax rate (opening balances) - 78,946 (3,681 ) Tax rate effect of adjustments for current tax of prior periods (1,732 ) (227 ) (6,899 ) Other tax rate effects 19 3,616 1,471 Total adjustments to tax expense at applicable tax rate 30,686 92,029 17,527 Tax benefit (expense) at effective tax rate (226,765 ) 30,992 (45,647 ) |
Disclosure of Detailed Information of Current tax Liabilities Explanatory [Text Block] | The current tax liabilities balances are as follow: 12-31-2018 12-31-2017 Current tax Liabilities ThU.S.$ ThU.S.$ Provision tax income (First category) 260,538 126,404 Monthly Provisional Payments (MPP) (107,023 ) (119,753 ) Other taxes 127 1,437 Total 153,642 8,088 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Property Plant And Equipments [Abstract] | |
Disclosure of detailed information about property, plant and equipment [text block] | 12-31-2018 12-31-2017 Property, Plant and Equipment, Net ThU.S.$ ThU.S.$ Construction work in progress 1,030,730 597,351 Land 972,143 1,008,310 Buildings 2,062,887 2,135,201 Plant and equipment 2,921,462 3,112,755 Information technology equipment 23,292 22,665 Fixtures and fittings 15,906 12,297 Motor vehicles 14,916 15,959 Other property, plant and equipment 133,357 129,761 Total Net 7,174,693 7,034,299 Property, Plant and Equipment, Gross Construction work in progress 1,030,730 597,351 Land 972,143 1,008,310 Buildings 3,959,186 3,926,157 Plant and equipment 6,388,843 6,410,561 Information technology equipment 86,558 82,765 Fixtures and fittings 44,694 40,388 Motor vehicles 53,507 49,756 Other property, plant and equipment 157,301 159,720 Total Gross 12,692,962 12,275,008 Accumulated depreciation and impairment Buildings (1,896,299 ) (1,790,956 ) Plant and equipment (3,467,381 ) (3,297,806 ) Information technology equipment (63,266 ) (60,100 ) Fixtures and fittings (28,788 ) (28,091 ) Motor vehicles (38,591 ) (33,797 ) Other property, plant and equipment (23,944 ) (29,959 ) Total (5,518,269 ) (5,240,709 ) The following tables set forth the reconciliation of the carrying amount of property, plant and equipment as of December 31 , 2018 and December 31, 2017: Movement of Property, Plant and Equipment Construction work in progress Land Buildings Plant and equipment IT Equipment Fixtures and fittings Motor vehicles Other Property, Plant and Equipment TOTAL ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 01-01-2018 597,351 1,008,310 2,135,201 3,112,755 22,665 12,297 15,959 129,761 7,034,299 Changes Additions 660,918 3 6,949 42,467 1,125 1,146 2,352 15,516 730,476 Acquisitions through business combinations - 3,900 - 4,887 - - - - 8,787 Disposals (1,994 ) (448 ) (770 ) (702 ) (42 ) - (129 ) (528 ) (4,613 ) Retirements (6,269 ) (4,466 ) (1,656 ) (17,680 ) (42 ) (28 ) (84 ) (5,599 ) (35,824 ) Depreciation - - (125,407 ) (316,118 ) (5,791 ) (2,870 ) (3,920 ) (3,660 ) (457,766 ) Impairment loss recognized in profit or loss - - (654 ) (356 ) (5 ) (20 ) - - (1,035 ) Increase (decrease) through net exchange differences (4,115 ) (34,204 ) (15,444 ) (42,059 ) (175 ) (210 ) (217 ) (6,332 ) (102,756 ) Reclassification of assets held for sale - (2,193 ) (5 ) 5,323 - - - - 3,125 Increase (decrease) through transfers from construction in progress (215,161 ) 1,241 64,673 132,945 5,557 5,591 955 4,199 - Total changes 433,379 (36,167 ) (72,314 ) (191,293 ) 627 3,609 (1,043 ) 3,596 140,394 Closing balance 12-31-2018 1,030,730 972,143 2,062,887 2,921,462 23,292 15,906 14,916 133,357 7,174,693 Movement of Property, Plant and Equipment Construction work in progress Land Buildings Plant and equipment IT Equipment Fixtures and fittings Motor vehicles Other Property, Plant and Equipment TOTAL ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 01-01-2017 321,031 991,450 2,169,731 3,256,348 24,154 9,880 16,858 130,043 6,919,495 Changes Additions 440,394 277 12,932 65,938 787 556 2,161 10,788 533,833 Acquisitions through business combinations 3,460 4,009 17,214 46,415 164 986 241 2,022 74,511 Disposals - (1,878 ) (48 ) (5,492 ) (26 ) (26 ) (292 ) (262 ) (8,024 ) Retirements (1,585 ) (75 ) (3,809 ) (3,900 ) (4 ) (29 ) (127 ) (7,211 ) (16,740 ) Depreciation - - (125,692 ) (311,819 ) (6,080 ) (2,268 ) (3,546 ) (5,421 ) (454,826 ) Impairment loss recognized in profit or loss (208 ) - (769 ) (8,271 ) (5 ) (310 ) - (338 ) (9,901 ) Increase (decrease) through net exchange differences 290 (2,728 ) 961 (2,394 ) 51 (31 ) 67 69 (3,715 ) Reclassification of assets held for sale (418 ) - - 84 - - - - (334 ) Increase (decrease) through transfers from construction in progress (165,613 ) 17,255 64,681 75,846 3,624 3,539 597 71 - Total changes 276,320 16,860 (34,530 ) (143,593 ) (1,489 ) 2,417 (899 ) (282 ) 114,804 Closing balance 12-31-2017 597,351 1,008,310 2,135,201 3,112,755 22,665 12,297 15,959 129,761 7,034,299 |
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. 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Amount committed for the acquisition of property, plant and equipment 798,631 112,924 |
Disclosure of depreciation and amortisation expense [text block] | The depreciation expense for the period ending December 31, 2018, 2017 and 2016 is as follows: January-December 2018 2017 2016 Depreciation for the year ThU.S.$ ThU.S.$ ThU.S.$ Cost of sales 377,557 389,847 371,170 Administrative expenses 15,530 14,883 21,546 Other expenses 1,986 3,494 2,119 Total 395,073 408,224 394,835 |
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: Years of Useful Life (Average) Buildings 58 Plant and equipment 30 Information technology equipment 8 Fixtures and fittings 28 Motor vehicles 7 Other property, plant and equipment 14 See Note 12 for details of capitalized borrowing costs. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Leases [Abstract] | |
Disclosure of recognised finance lease as assets by lessee [text block] | Arauco acting as lessee 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Property, Plant and Equipment under finance leases 76,020 116,534 Plant and equipment 76,020 116,534 |
Disclosure of finance lease and operating lease by lessee [text block] | Reconciliation of Financial Lease Minimum Payments: 12-31-2018 Present Value Periods ThU.S.$ Less than one year 30,916 Between one and five years 37,271 More than five years - Total 68,187 12-31-2017 Present Value Periods ThU.S.$ Less than one year 44,341 Between one and five years 68,035 More than five years - Total 112,376 |
Disclosure of finance lease and operating lease by lessor [text block] | Reconciliation of Financial Lease Minimum Payments: 12-31-2018 Gross Interest Present Value Periods ThU.S.$ ThU.S.$ ThU.S.$ Less than one year 1,180 49 1,131 Between one and five years 837 - 837 More than five years - - - Total 2,017 49 1,968 12-31-2017 Gross Interest Present Value Periods ThU.S.$ ThU.S.$ ThU.S.$ Less than one year 12,001 69 11,932 Between one and five years 1,174 - 1,174 More than five years - - - Total 13,175 69 13,106 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Revenue [Abstract] | |
Disclosure of detailed information about revenue [Text Block] | January - December Classes of revenue 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Revenue from sales of goods 5,857,584 5,133,339 4,649,581 Revenue from rendering of services 97,249 105,002 111,804 Total 5,954,833 5,238,341 4,761,385 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Employee Benefits [Abstract] | |
Disclosure of detailed information about employee benefits expenses [Text Block] | Classes of Benefits and Expenses by Employee 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Employee expenses 627,614 563,117 532,957 Wages and salaries 602,936 542,981 506,993 Severance indemnities 24,678 20,136 25,964 |
Disclosure of defined benefit plans [text block] | 2018 2017 2016 Discount rate 5.91 % 5.11 % 4.52 % Inflation 3.00 % 2.77 % 2.79 % Annual rate of wage growth 5.22 % 5.22 % 5.22 % Mortality rate (1) RV-2014 RV-2014 RV-2009 (1) For the purposes of determining the technical reserves, Chilean annuity providers are required by law to utilize the mortality tables specified by the SVS (currently Chilean Commission for the Financial Market). The most recent table is the RV-2014, which is based on Chilean pensioner experience from 2006-2013 (SP & SVS, 2013). The mortality tables distinguish between males and females. |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Sensitivities to assumptions 2018 ThU.S.$ Discount rate Increase in 100 bps (4,476 ) Decrease in 100 bps 5,151 Wage growth rates Increase in 100 bps 4,881 Decrease in 100 bps (4,468 ) |
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 , 2018 and December 31, 2017: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Current 5,656 5,730 Non-current 64,895 66,033 Total 70,551 71,763 Reconciliation of the present value of severance indemnities obligations 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Opening balance 71,763 65,328 Current service cost 5,201 5,583 Interest cost 3,723 3,208 (Gains) losses from changes in actuarial assumptions (172 ) (3,711 ) Actuarial gains and losses arising from experience (1,685 ) 1,212 Benefits paid (4,773 ) (5,654 ) Costs from past services 4,710 - Increase (decrease) for foreign currency exchange rates changes (8,216 ) 5,797 Closing balance 70,551 71,763 |
BALANCES IN FOREIGN CURRENCY _2
BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS. (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of EffectOf ChangesIn Foreign Exchange Rates Explanatory [Abstract] | |
Disclosure of detailed information about assets in foreign currencies [Text Block] | 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Total Current Assets 3,441,160 2,770,363 Cash and Cash Equivalents 1,075,942 589,886 U.S Dollar 834,513 501,352 Euros 8,295 4,306 Brazilian Real 44,605 47,314 Argentine Pesos 2,854 10,038 Other currencies 5,375 3,685 Chilean Pesos 180,300 23,191 Other current financial assets 497 3,504 U.S Dollar 497 3,497 Other currencies - 7 Other current non-financial assets 129,854 129,837 U.S Dollar 49,170 48,632 Euros 125 104 Brazilian Real 19,018 17,158 Argentine Pesos 5,855 5,832 Other currencies 5,325 5,306 Chilean Pesos 50,361 52,805 Trade and other current receivables 839,184 814,412 U.S Dollar 631,047 550,674 Euros 7,399 20,498 Brazilian Real 66,500 89,673 Argentine Pesos 15,044 26,863 Other currencies 15,458 17,702 Chilean Pesos 99,950 106,442 U.F. 3,786 2,560 Accounts receivable from related companies 7,324 3,488 U.S Dollar 591 726 Brazilian Real 83 171 Chilean Pesos 6,169 2,192 U.F. 481 399 Current Inventories 1,030,196 868,462 U.S Dollar 957,529 809,689 Brazilian Real 72,667 58,773 Current biological assets 315,924 307,796 U.S Dollar 253,672 270,761 Brazilian Real 62,252 37,035 Current tax assets 36,513 49,471 U.S Dollar 16,042 7,769 Euros 262 - Brazilian Real 4,978 6,721 Other currencies 1,501 3,188 Chilean Pesos 13,730 31,793 Non-current assets or disposal groups classified as held for sale 5,726 3,507 U.S Dollar 5,152 2,835 Brazilian Real 574 672 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Total Non-Current Assets 11,152,588 11,224,237 Other non-current financial assets 20,346 56,600 U.S Dollar 20,346 56,600 Other non-current non-financial assets 86,948 121,521 U.S Dollar 79,615 104,711 Brazilian Real 4,946 4,629 Argentine Pesos 1,427 11,303 Other currencies 730 693 Chilean Pesos 230 185 Trade and other non-current receivables 15,149 16,040 U.S Dollar 7,733 4,247 Brazilian Real 1,040 3,345 Other currencies 27 - Chilean Pesos 3,267 6,692 U.F. 3,082 1,756 Accounts receivable from related companies, non-current 481 1,056 U.F. 481 1,056 Investments accounted for using equity method 358,053 368,772 U.S Dollar 135,805 130,276 Euros 177,548 185,410 Brazilian Real 42,052 53,080 Chilean Pesos 2,648 6 Intangible assets other than goodwill 90,093 88,615 U.S Dollar 87,729 87,007 Brazilian Real 2,364 1,516 Chilean Pesos - 92 Goodwill 65,851 69,922 U.S Dollar 42,573 42,656 Brazilian Real 23,278 27,266 Property, plant and equipment 7,174,693 7,034,299 U.S Dollar 6,675,290 6,443,081 Brazilian Real 498,993 585,202 Chilean Pesos 410 6,016 Non-current biological assets 3,336,339 3,459,146 U.S Dollar 2,924,266 2,934,819 Brazilian Real 412,073 524,327 Deferred tax assets 4,635 8,266 U.S Dollar 4,558 4,319 Brazilian Real 36 3,622 Other currencies 41 32 Chilean Pesos - 293 |
Disclosure of detailed information about liabilities in foreign currencies [Text Block] | 12-31-2018 12-31-2017 Up to 90 days From 91 days to 1 year Total Up to 90 days From 91 days to 1 year Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Total Liabilities, current 1,160,815 418,949 1,579,764 1,045,364 354,030 1,399,394 Other current financial liabilities 121,606 415,990 537,596 148,778 351,566 500,344 U.S Dollar 110,329 334,747 445,076 134,125 284,293 418,418 Brazilian Real 1,880 4,948 6,828 2,383 4,660 7,043 Argentine Pesos 1,334 3,683 5,017 - - - Chilean Pesos 8,063 72,612 80,675 1,508 4,116 5,624 U.F. 10,762 58,497 69,259 Bank Loans 84,778 130,271 215,049 110,700 282,172 392,872 U.S Dollar 82,898 125,323 208,221 108,317 277,512 385,829 Brazilian Real 1,880 4,948 6,828 2,383 4,660 7,043 Financial Leases 7,265 23,651 30,916 9,928 34,413 44,341 Chilean Pesos 1,334 3,683 5,017 1,508 4,116 5,624 U.F. 5,931 19,968 25,899 8,420 30,297 38,717 Other Loans 29,563 262,068 291,631 28,150 34,981 63,131 U.S Dollar 27,431 209,424 236,855 25,808 6,781 32,589 U.F. 2,132 52,644 54,776 2,342 28,200 30,542 Trade and other current payables 659,618 - 659,618 717,342 4 717,346 U.S Dollar 184,989 - 184,989 193,562 - 193,562 Euros 7,450 - 7,450 9,099 - 9,099 Brazilian Real 64,873 - 64,873 124,917 - 124,917 Argentine Pesos 15,590 - 15,590 29,243 - 29,243 Other currencies 9,650 - 9,650 4,936 - 4,936 Chilean Pesos 348,886 - 348,886 333,525 4 333,529 U.F. 28,180 - 28,180 22,060 - 22,060 Accounts payable to related companies 10,229 - 10,229 11,208 - 11,208 U.S Dollar 1,777 - 1,777 1,354 - 1,354 Chilean Pesos 8,452 - 8,452 9,854 - 9,854 Other current provisions 413 - 413 2,728 - 2,728 U.S Dollar 413 - 413 622 - 622 Brazilian Real - - - 2,106 - 2,106 Current tax liabilities 152,994 648 153,642 6,361 1,727 8,088 U.S Dollar 88 - 88 283 - 283 Euros 7 - 7 158 - 158 Argentine Pesos 16,730 - 16,730 46 - 46 Other currencies 102 - 102 479 - 479 Chilean Pesos 136,067 648 136,715 5,395 1,727 7,122 Current provisions for employee benefits 4,923 733 5,656 5,595 135 5,730 Brazilian Real 51 - 51 - - - Chilean Pesos 4,872 733 5,605 5,595 135 5,730 Other current non-financial liabilities 211,032 1,578 212,610 153,352 598 153,950 U.S Dollar 187,740 606 188,346 119,309 582 119,891 Euros 49 - 49 77 - 77 Brazilian Real 12,340 - 12,340 18,016 - 18,016 Argentine Pesos 3,037 - 3,037 3,215 - 3,215 Other currencies 4,104 - 4,104 3,906 - 3,906 Chilean Pesos 3,762 972 4,734 8,809 16 8,825 U.F. - - - 20 - 20 12-31-2018 12-31-2017 From 13 months to 5 years More than 5 years Total From 13 months to 5 years More than 5 years Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Total non-current liabilities 2,506,687 3,168,326 5,675,013 3,025,553 2,452,760 5,478,313 Other non-current financial liabilities 1,451,888 2,592,391 4,044,279 1,455,641 2,322,926 3,778,567 U.S Dollar 1,041,304 1,573,044 2,614,348 970,631 1,508,999 2,479,630 Brazilian Real 7,827 - 7,827 16,506 - 16,506 Chilean Pesos 5,821 - 5,821 9,839 - 9,839 U.F. 396,936 1,019,347 1,416,283 458,665 813,927 1,272,592 Bank Loans 526,062 199,324 725,386 327,424 138,161 465,585 U.S Dollar 518,235 199,324 717,559 310,918 138,161 449,079 Brazilian Real 7,827 - 7,827 16,506 - 16,506 Financial Leases 37,271 - 37,271 68,035 - 68,035 Chilean Pesos 5,821 - 5,821 9,839 - 9,839 U.F. 31,450 - 31,450 58,196 - 58,196 Other Loans 888,555 2,393,067 3,281,622 1,060,182 2,184,765 3,244,947 U.S Dollar 523,069 1,373,720 1,896,789 659,713 1,370,838 2,030,551 U.F. 365,486 1,019,347 1,384,833 400,469 813,927 1,214,396 Non-current payables 2.230 - 2.230 - - - U.S Dollar 2.230 - 2.230 - - - Other non-current provisions 33,884 - 33,884 36,008 - 36,008 U.S Dollar 9 - 9 7 - 7 Brazilian Real 5,839 - 5,839 4,682 - 4,682 Argentine Pesos 28,035 - 28,035 31,316 - 31,316 Chilean Pesos 1 - 1 3 - 3 Deferred tax liabilities 841,723 575,935 1,417,658 1,355,531 129,834 1,485,365 U.S Dollar 751,356 575,935 1,327,291 1,247,096 129,834 1,376,930 Brazilian Real 90,367 - 90,367 108,435 - 108,435 Non-current provisions for employee benefits 64,895 - 64,895 66,033 - 66,033 Other currencies 159 - 159 129 - 129 Chilean Pesos 64,736 - 64,736 65,904 - 65,904 Other non-current non-financial liabilities 112,067 - 112,067 112,340 - 112,340 U.S Dollar 19 - 19 13 - 13 Brazilian Real 111,841 - 111,841 111,634 - 111,634 Argentine Pesos 29 - 29 480 - 480 Chilean Pesos 178 - 178 213 - 213 |
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: Subsidiary Country Functional Currency Arauco do Brasil S.A. Brazil Brazilian Real Arauco Forest Brasil S.A. Brazil Brazilian Real Arauco Florestal Arapoti S.A. Brazil Brazilian Real Arauco Industria de Paineis Ltda. Brazil Brazilian Real Empreendimentos Florestais Santa Cruz Ltda. Brazil Brazilian Real Mahal Empreendimentos e Participacoes S.A. Brazil Brazilian Real Novo Oeste Gestao de Ativos Florestais S.A. Brazil Brazilian Real Consorcio Protección Fitosanitaria Forestal S.A. Chile Chilean Pesos Forestal Nuestra Señora del Carmen S.A. Argentina Argentine Pesos Forestal Talavera S.A. Argentina Argentine Pesos Greeneagro S.A. Argentina Argentine Pesos Leasing Forestal S.A. Argentina Argentine Pesos Savitar S.A. Argentina Argentine Pesos Flakeboard Company Limited Canada Canadian Dollar |
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: January - December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Arauco do Brasil S.A. (70,685 ) (6,537 ) 73,087 Arauco Forest Brasil S.A. (65,196 ) (6,929 ) 68,314 Arauco Florestal Arapoti S.A. (17,007 ) (1,051 ) 19,523 Sonae Arauco S.A. (9,811 ) 20,547 - Arauco Argentina S.A. (7,584 ) (752 ) 4,989 Flakeboard Company Limited (7,879 ) 6,529 2,984 Others (2,461 ) 307 (13 ) Total reserve of exchange differences on translation (180,623 ) 12,114 168,884 |
Disclosure of detailed information about changes in foreign exchange rates [Text Block] | Effect of foreign exchange rates changes January-December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Exchange differences recognized in profit or loss, except for those arising on financial instruments measured at fair value through profit or loss (26,470 ) 98 (3,935 ) Reserve of exchange differences on translation (with Non-controlling interests) (185,038 ) 11,873 173,754 |
BORROWING COSTS (Tables)
BORROWING COSTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Borrowing Costs [Abstract] | |
Disclosure of detailed information about borrowing costs [Text Block] | At the date of issuance of these consolidated financial statements, Arauco has capitalized financial interest related to the modernization and extension of Planta Arauco (MAPA) project in Chile and to the Grayling project in the United States. January - December 2018 2017 ThU.S .$ ThU.S .$ Property, plant and equipment capitalized cost Property, plant and equipment capitalized interest cost rate 3.74 % 4.57 % Amount of the capitalized interest cost, property, plant and equipment 16,469 6,830 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 % Ownership interest % Ownership interest Functional 12-31-2018 12-31-2017 ID N° Company Name Country Currency Direct Indirect Total Direct Indirect Total - Agenciamiento y Servicios Profesionales S.A. Mexico U.S. Dollar 0.0020 99.9970 99.9990 0.0020 99.9970 99.9990 - Arauco Argentina S.A. Argentina U.S. Dollar 9.9753 90.0048 99.9801 9.9753 90.0048 99.9801 - Arauco Australia Pty Ltd. Australia U.S. Dollar - 99.9990 99.9990 - 99.9990 99.9990 96547510-9 Arauco Bioenergía S.A. Chile U.S. Dollar 98.0000 1.9999 99.9999 98.0000 1.9999 99.9999 - Arauco Colombia S.A. Colombia U.S. Dollar 1.4778 98.5204 99.9982 1.4778 98.5204 99.9982 - Arauco do Brasil S.A. Brazil Brazilian Real 1.0681 98.9309 99.9990 1.1624 98.8366 99.9990 - Arauco Europe Cooperatief U.A. Netherlands U.S. Dollar 0.5689 99.4301 99.9990 0.5689 99.4301 99.9990 - Arauco Florestal Arapoti S.A. Brazil Brazilian Real - 79.9992 79.9992 - 79.9992 79.9992 - Arauco Forest Brasil S.A. Brazil Brazilian Real 9.7714 90.2278 99.9992 9.9971 90.0021 99.9992 - Arauco Industria de Paineis Ltda. Brazil Brazilian Real - 99.9990 99.9990 - 99.9990 99.9990 - Arauco Middle East DMCC Dubai U.S. Dollar - 99.9990 99.9990 - 99.9990 99.9990 - Arauco North America, Inc. (ex Flakeboard America Limited) USA U.S. Dollar 0.0001 99.9989 99.9990 - 99.9990 99.9990 76620842-8 Arauco Nutrientes Naturales SPA Chile U.S. Dollar - 99.9484 99.9484 - 99.9484 99.9484 - Arauco Panels USA, LLC USA U.S. Dollar - - - - 99.9990 99.9990 - Arauco Perú S.A. Peru U.S. Dollar 0.0013 99.9977 99.9990 0.0013 99.9977 99.9990 - Arauco Wood (China) Company Limited China U.S. Dollar - 99.9990 99.9990 - - - - Arauco Wood Products, Inc. USA U.S. Dollar - - - 0.0004 99.9986 99.9990 - Araucomex S.A. de C.V. Mexico U.S. Dollar 0.0005 99.9985 99.9990 0.0005 99.9985 99.9990 96657900-5 Consorcio Protección Fitosanitaria Forestal S.A. Chile Chilean Pesos - 57.0831 57.0831 - 57.5223 57.5223 - Empreendimentos Florestais Santa Cruz Ltda. Brazil Brazilian Real - 99.9985 99.9985 - 99.9795 99.9795 - Flakeboard Company Ltd. Canada Canadian Dollar - 99.9990 99.9990 - 99.9990 99.9990 85805200-9 Forestal Arauco S.A. Chile U.S. Dollar 99.9484 - 99.9484 99.9484 - 99.9484 93838000-7 Forestal Cholguán S.A. Chile U.S. Dollar - 98.5479 98.5479 - 98.4826 98.4826 78049140-K Forestal Los Lagos S.A. Chile U.S. Dollar - 79.9587 79.9587 - 79.9587 79.9587 - Forestal Nuestra Señora del Carmen S.A. Argentina Argentine pesos - 99.9805 99.9805 - 99.9805 99.9805 - Forestal Talavera S.A. Argentina Argentine pesos - 99.9942 99.9942 - 99.9942 99.9942 - Greenagro S.A. Argentina Argentine pesos - 97.9805 97.9805 - 97.9805 97.9805 96563550-5 Inversiones Arauco Internacional Ltda. Chile U.S. Dollar 98.0186 1.9804 99.9990 98.0186 1.9804 99.9990 79990550-7 Investigaciones Forestales Bioforest S.A. Chile Chilean Pesos 1.0000 98.9489 99.9489 1.0000 98.9489 99.9489 - Leasing Forestal S.A. Argentina Argentine pesos - 99.9801 99.9801 - 99.9801 99.9801 96510970-6 Maderas Arauco S.A. Chile U.S. Dollar 99.0000 0.9995 99.9995 99.0000 0.9995 99.9995 - Maderas Arauco Costa Rica S.A. Costa Rica U.S. Dollar - 99.9990 99.9990 - - - - Mahal Empreendimentos e Participacoes S.A. Brazil Brazilian Real - 99.9991 99.9991 - 99.9961 99.9961 - Novo Oeste Gestao de Ativos Florestais S.A. Brazil Brazilian Real - 99.9991 99.9991 - 99.9991 99.9991 - Savitar S.A. Argentina Argentine pesos - 99.9841 99.9841 - 99.9841 99.9841 76375371-9 Servicios Aéreos Forestales Ltda. Chile U.S. Dollar 0.0100 99.9890 99.9990 0.0100 99.9890 99.9990 96637330-K Servicios Logísticos Arauco S.A. Chile U.S. Dollar 45.0000 54.9997 99.9997 45.0000 54.9997 99.9997 |
Disclosure of information about key management personnel [text block] | Employee Benefits for Key Management Personnel January - December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Salaries and bonuses 72,666 59,501 73,398 Per diem compensation to members of the Board of Directors 2,560 2,566 1,783 Termination benefits 9,068 4,936 6,174 Total 84,294 67,003 81,355 |
Disclosure of transactions between related parties [text block] | Related Party Receivables, Current Nature of 12-31-2018 12-31-2017 Name of Related Party Tax ID No. Relationship Country Currency Maturity ThU.S.$ ThU.S.$ Forestal Mininco S.A. 91.440.000-7 Common Stockholder Chile Chilean pesos 30 days 14 25 Eka Chile S.A. 99.500.140-3 Joint Venture Chile Chilean pesos 30 days 2,362 2,027 Forestal del Sur S.A. 79.825.060-4 Associate of a subsidiary’s minority shareholder Chile Chilean pesos 30 days 3,740 4 Unilin Arauco Pisos Ltda. - Joint Venture Brazil Brazilian Real 30 days 83 171 Colbún S.A. 96.505.760-9 Common Stockholder Chile Chilean pesos 30 days 52 136 CMPC Celulosa S.A. 96.532.330-9 Common Stockholder Chile Chilean pesos 30 days 1 - Fundación Acerca Redes 65.097.218-K Parent company is founder and contributor Chile U.S. Dollar 30 days 221 726 Sonae Arauco Portugal S.A. - Subsidiary of a Joint Venture Portugal U.S. Dollar 30 days 370 Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of an Associate Chile U.F. 30 days 481 399 TOTAL 7,324 3,488 Related Party Receivables, Non-Current Nature of 12-31-2018 12-31-2017 Name of Related Party Tax ID No. Relationship Country Currency Maturity ThU.S.$ ThU.S.$ Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of an Associate Chile U.F. - - 528 Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of an Associate Chile U.F. Jan-20 481 528 TOTAL 481 1,056 Related Party Payables, Current Nature of 12-31-2018 12-31-2017 Name of Related Party Tax ID No. Relationship Country Currency Maturity ThU.S.$ ThU.S.$ Compañía de Petróleos de Chile S.A. 99.520.000-7 Common controlling parent Chile Chilean pesos 30 days 7,019 8,837 Abastible S.A. 91.806.000-6 Common controlling parent Chile Chilean pesos 30 days 601 545 Fundación Educacional Arauco 71.625.000-8 Common director Chile Chilean pesos 30 days 616 54 Red to Green S.A. (Ex-Sigma Servicios Informáticos S.A.) 86.370.800-1 Common Stockholder Chile Chilean pesos 30 days 14 1 Portaluppi, Guzman y Bezanilla Asesorías Ltda. 78.096.080-9 Common director Chile Chilean pesos - - 146 Empresa Nacional de Telecomunicaciones S.A. 92.580.000-7 Common Stockholder Chile Chilean pesos 30 days 123 137 Servicios Corporativos Sercor S.A. 96.925.430-1 Associate Chile Chilean pesos 30 days 11 29 Puerto Lirquén S.A. 96.959.030-1 Subsidiary of an associate Chile U.S. Dollar 30 days 1,003 1,354 Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of an associate Chile U.S. Dollar 30 days 772 - Depósitos Portuarios Lirquén S.A. 96.871.870-3 Subsidiary of an associate Chile U.S. Dollar 30 days 2 Adm.Estaciones de Servicio Serco Ltda. 79.689.550-0 Common controlling parent Chile Chilean pesos 30 days 1 1 Adm. de Ventas al Detalle Arco Prime Ltda. 77.215.640-5 Common controlling parent Chile Chilean pesos 30 days 1 14 Empresa Distrib. Papeles y Cartones S.A. 88.566.900-k Common Stockholder Chile Chilean pesos 30 days 8 - Elemental S.A. 76.659.730-0 Indirect associate of controlling parent Chile Chilean pesos 30 days 1 4 Woodtech S.A. 76.724.000-7 Indirect associate of controlling parent Chile Chilean pesos 30 days 28 86 Orizon S.A. 96.929.960-7 Common controlling parent Chile Chilean pesos 30 days 1 - Vía Limpia SPA 79.874.200-0 Common controlling parent Chile Chilean pesos 30 days 9 - Air BP Copec 96.942.120-8 Common controlling parent Chile Chilean pesos 30 days 19 - TOTAL 10,229 11,208 |
Disclosure of related party transactions related to purchases and sales [text block] | Related Party Transactions Purchases Nature of Transaction 12-31-2018 12-31-2017 12-31-2016 Name of Related Party Tax ID No. Relationship Country Currency Descriptions ThU.S.$ ThU.S.$ ThU.S.$ Abastible S.A. 91.806.000-6 Common controlling parent Chile Chilean pesos Fuel 3,668 3,115 2,199 Compañía de Petróleos de Chile S.A. 99.520.000-7 Common controlling parent Chile Chilean pesos Fuel and other 75,328 66,789 39,732 Compañía Puerto de Coronel S.A. 79.895.330-3 Subsidiary of the Associate Chile U.S. Dollar Transport and stowage 10,607 9,986 8,633 Puerto Lirquén S.A. 96.959.030-1 Subsidiary of the Associate Chile U.S. Dollar Port services 8,488 6,956 7,311 EKA Chile S.A. 99.500.140-3 Joint Venture Chile Chilean pesos Sodium chlorate 47,209 44,055 47,236 Forestal del Sur S.A. 79.825.060-4 Associate of a subsidiary’s minority shareholder Chile Chilean pesos Wood and ships 1,675 1,310 2,093 Portaluppi, Guzman y Bezanilla Abogados 78.096.080-9 Common director Chile Chilean pesos Legal services 897 1,496 1,295 Empresa Nacional de Telecomunicaciones S.A. 92.580.000-7 Common Stockholder Chile Chilean pesos Telephone services 617 460 512 CMPC Maderas S.A. 95.304.000-K Common Stockholder Chile Chilean pesos Wood and logs 644 330 511 Forestal Mininco S.A. 91.440.000-7 Common Stockholder Chile Chilean pesos Wood and logs 261 62 180 Colbún Transmisión S.A. 76.218.856-2 Common director Chile Chilean pesos Electrical Power 453 389 383 Woodtech S.A. 76.724.000-7 Indirect associate of controlling parent Chile Chilean pesos Wood volumen measurement services 2,449 2,239 982 Inversiones Siemel S.A. 94.082.000-6 Common Stockholder Chile Chilean pesos Rentals 326 596 777 Sercor S.A. 96.925.430-1 Associate Chile Chilean pesos Other purchases 148 150 - Vía Limpia 79.874.200-0 Common controlling parent Chile Chilean pesos Other purchases 257 - - CMPC Celulosa S.A. 96.532.330-9 Common Stockholder Chile Chilean pesos Others purchases 11 965 3 Sales Nature of Transaction 12-31-2018 12-31-2017 12-31-2016 Name of Related Party Relationship Country Descriptions ThU.S.$ ThU.S.$ ThU.S.$ Compañía de Petróleos de Chile S.A. 99.520.000-7 Common controlling parent Chile Chilean pesos Charter Services 75 202 - Colbún S.A. 96.505.760-9 Common director Chile Chilean pesos Electrical Power 277 1,128 5,999 EKA Chile S.A. 99.500.140-3 Joint venture Chile Chilean pesos Electrical Power 24,857 19,182 16,326 Forestal del Sur S.A. 79.825.060-4 Common director Chile Chilean pesos Harvesting services, Wood and chips 26,308 25,322 21,657 Unilin Arauco Pisos Ltda. - Joint venture Brazil Brazilian Real Wood 1,474 2,966 5,263 |
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. Company Name Country Functional Currency Eufores S.A. Uruguay U.S. Dollar Celulosa y Energía Punta Pereira S.A. Uruguay U.S. Dollar Zona Franca Punta Pereira S.A. Uruguay U.S. Dollar Forestal Cono Sur S.A. Uruguay U.S. Dollar Stora Enso Uruguay S.A. Uruguay U.S. Dollar El Esparragal Asociación Agraria de R.L. Uruguay U.S. Dollar Ongar S.A. Uruguay U.S. Dollar Terminal Logística e Industrial M’Bopicua S.A. Uruguay U.S. Dollar |
CONSOLIDATED FINANCIAL STATEM_2
CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 12-06-2017 ARAUCO INDUSTRIA DE PAINEIS LTDA. ThU.S.$ Cash and cash equivalent 4,345 Trade and other current receivables 48,877 Inventories 23,335 Property, plant and equipment 91,956 Other assets 20,929 Total assets 189,442 Other financial liabilities, current and non-current 43,218 Trade and other payables 22,018 Other liabilities 74,791 Total liabilities 140,027 Total equity 49,415 |
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: January 1, 2017 to December 31, 2017 ThU.S.$ Revenue 11,830 Net loss (1,376 ) |
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: January-December 2017 CELULOSA ARAUCO Y CONSTITUCIÓN S.A. AND SUBSIDIARIES (Pro-forma) ThU.S.$ Revenue 5,395,859 Net profit 261,776 |
INVESTMENTS IN ASSOCIATES (Tabl
INVESTMENTS IN ASSOCIATES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of associates [abstract] | |
Disclosure of associates [text block] | The following tables set forth information about Investments in associates. 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% 12-31-2018 12-31-2017 Carrying amount ThU.S.$62,511 ThU.S.$62,225 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 (%) 50.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$52,643 ThU.S.$47,619 Name Servicios Corporativos Sercor S.A. Country Chile Functional Currency Chilean Pesos Corporate purpose Consulting services related to business management to Boards of Directors and Senior Management of all Arauco's entities. Ownership interest (%) 20.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$ 193 ThU.S.$ 191 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 (%) 25.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$(1) ThU.S.$(4) 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 (%) 20.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$7 ThU.S.$6 Name Vale do Corisco S.A. Country Brazil Functional Currency Brazilian Real Corporate purpose Management of forestry activities. Ownership interest (%) 49.0000% 12-31-2017 12-31-2017 Carrying amount ThU.S.$38,497 ThU.S.$ 48,921 Name E2E S.A. Country Chile Functional Currency Chilean pesos Corporate purpose Development of construction solutions Ownership interest (%) 50.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$2,044 ThU.S.$ - Name Parque Eólico Ovejera Sur SpA Country Chile Functional Currency Chilean pesos Corporate purpose Electrical power projects Ownership interest (%) 50.0000% 12-31-2018 12-31-2017 Carrying amount ThU.S.$597 ThU.S.$ - |
Disclosure of detailed information about financial information of associates [Text Block] | Summarized Financial Information of Associates 12-31-2018 Assets Puertos y Logística S.A. Inversiones Puerto Coronel S.A. Serv.Corporativos Sercor S.A. E2E S.A. Parque Eólico Ovejera del Sur SpA. Vale do Corisco S.A. Consorcio Tecnológico Bioenercel S.A. Genómica Forestal S.A. Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 97,866 29 22,870 680 1,246 4,295 2 25 127,013 Non-current 566,484 105,354 907 3,600 703 105,836 36 19 782,939 Total 664,350 105,383 23,777 4,280 1,949 110,131 38 44 909,952 Liabilities Puertos y Logística S.A. Inversiones Puerto Coronel S.A. Serv.Corporativos Sercor S.A. E2E S.A. Parque Eólico Ovejera del Sur SpA. Vale do Corisco S.A. Consorcio Tecnológico Bioenercel S.A. Genómica Forestal S.A. Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 28,938 82 22,192 192 754 81 - 7 52,246 Non-current 327,124 - 619 - - 31,485 5 42 359,275 Equity 308,288 105,301 966 4,088 1,195 78,565 33 (5 ) 498,431 Total 664,350 105,383 23,777 4,280 1,949 110,131 38 44 909,952 12-31-2018 Revenues 160,889 6,080 4,841 1 - 8,106 - 37 179,954 Expenses (158,421 ) - (4,855 ) (370 ) (295 ) (8,711 ) (2 ) (29 ) (172,683 ) Profit or loss (continuing operations) 2,468 6,080 (14 ) (369 ) (295 ) (605 ) (2 ) 8 7,271 Other comprehensive income (1,676 ) 2,202 - - - - - - 526 Total comprehensive income 792 8,282 (14 ) (369 ) (295 ) (605 ) (2 ) 8 7,797 Dividends - - - - - 3,277 - - 3,277 12-31-2017 Assets Puertos y Logística S.A. Inversiones Puerto Coronel S.A. Serv.Corporativos Sercor S.A. E2E S.A. Parque Eólico Ovejera del Sur SpA. Vale do Corisco S.A. Consorcio Tecnológico Bioenercel S.A. Genómica Forestal S.A. Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 92,816 29 4,296 - - 6,384 5 25 103,555 Non-current 590,309 97,072 769 - - 126,215 45 24 814,434 Total 683,125 97,101 5,065 - - 132,599 50 49 917,989 Liabilities Puertos y Logística S.A. Inversiones Puerto Coronel S.A. Serv.Corporativos Sercor S.A. E2E S.A. Parque Eólico Ovejera del Sur SpA. Vale do Corisco S.A. Consorcio Tecnológico Bioenercel S.A. Genómica Forestal S.A. Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 44,564 82 3,219 - - 123 - 14 48,002 Non-current 331,681 - 871 - - 32,636 5 50 365,243 Equity 306,880 97,019 975 - - 99,840 45 (15 ) 504,744 Total 683,125 97,101 5,065 - - 132,599 50 49 917,989 12-31-2017 Revenues 130,720 4,741 5,211 - - 34,449 2 30 175,153 Expenses (132,538 ) - (5,246 ) - - (29,648 ) (10 ) (36 ) (167,478 ) Profit or loss (continuing operations) (1,818 ) 4,741 (35 ) - - 4,801 (8 ) (6 ) 7,675 Other comprehensive income 5,850 - - - - - - - 5,850 Total comprehensive income 4,032 4,741 (35 ) - - 4,801 (8 ) (6 ) 13,525 Dividends - - - - - - - - - |
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 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Opening balance as of January 1 368,772 446,548 Changes Investment in joint ventures, Additions 3,028 - Share of profit (loss) in investment in associates 3,043 4,855 Share of profit (loss) in investment in joint ventures 14,203 12,162 Dividends Received, Investments in Associates (11,307 ) (8,586 ) Increase (Decrease) in foreign exchange currency on translation of Associates and Joint Ventures (17,287 ) 22,726 Other increase (decrease) in investment and associates and joint ventures (*) (2,399 ) (108,933 ) Total changes (10,719 ) (77,776 ) Closing balance 358,053 368,772 (*) 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. 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Carrying amount of associates accounted for using equity method 155,609 158,967 Carrying amount of joint ventures accounted for using equity method 202,444 209,805 Total investment accounted for using equity method 358,053 368,772 |
INTERESTS IN JOINT ARRANGEMEN_2
INTERESTS IN JOINT ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Unilin Arauco Pisos Ltda. ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 6,165 3,591 7,270 4,461 Non-current 4,574 37 5,535 28 Equity - 7,111 - 8,316 Total Joint Arrangement 10,739 10,739 12,805 12,805 Investment 3,556 4,158 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 16,984 17,910 Expenses (16,881 ) (18,736 ) Joint Arrangement Net Income (Loss) 103 (826 ) Other comprehensive income - - Comprehensive income 103 (826 ) Dividends - - 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Eka Chile S.A. ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 19,840 4,443 18,876 5,388 Non-current 32,363 5,078 32,040 5,054 Equity - 42,682 - 40,474 Total Joint Arrangement 52,203 52,203 50,916 50,916 Investment 21,341 20,237 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 47,798 43,678 Expenses (44,490 ) (40,111 ) Joint Arrangement Net Income (Loss) 3,308 3,567 Other comprehensive income - - Comprehensive income 3,308 3,567 Dividends 550 - 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Sonae Arauco S.A. ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 272,030 221,393 265,578 235,676 Non-current 655,856 351,397 664,689 323,770 Equity - 355,096 - 370,821 Total Joint Arrangement 927,886 927,886 930,267 930,267 Net assets 146,762 151,920 Net asset adjustment (Goodwill) 30,786 33,491 Investment 177,548 185,411 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 1,057,535 976,936 Expenses (1,032,435 ) (954,979 ) Joint Arrangement Net Income (Loss) 25,100 21,957 Other comprehensive income - - Comprehensive income 25,100 21,957 Dividends 7,480 - |
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: 12-31-2018 12-31-2017 Celulosa y Energía Punta Pereira S.A. Assets Liabilities Assets Liabilities (Uruguay) ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 220,699 204,455 202,669 186,626 Non-current 2,044,534 441,010 2,076,255 586,034 Equity - 1,619,768 - 1,506,264 Total Joint Arrangement 2,265,233 2,265,233 2,278,924 2,278,924 Investment 809,884 753,132 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 904,853 768,508 Expenses (611,444 ) (650,174 ) Joint Arrangement Net Income (Loss) 293,409 118,334 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Forestal Cono Sur S.A.(consolidated) ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 23,528 1,668 33,012 22,582 Non-current 170,443 1,957 174,943 2,314 Equity - 190,346 - 183,059 Total Joint Arrangement 193,971 193,971 207,955 207,955 Investment 95,173 91,530 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 25,642 15,113 Expenses (19,748 ) (9,926 ) Joint Arrangement Net Income (Loss) 5,894 5,187 12-31-2018 12-31-2017 Assets Liabilities Assets Liabilities Eufores S.A.(consolidated) ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 160,708 159,988 183,175 180,298 Non-current 638,832 8,282 612,187 7,948 Equity - 631,270 - 607,116 Total Joint Arrangement 799,540 799,540 795,362 795,362 Investment 315,635 303,558 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 284,039 336,705 Expenses (261,683 ) (286,616 ) Joint Arrangement Net Income (Loss) 22,356 50,089 12-31-2018 12-31-2017 Zona Franca Punta Pereira S.A. Assets Liabilities Assets Liabilities (Uruguay) ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Current 5,482 106,676 6,105 97,233 Non-current 472,539 27,863 483,884 43,180 Equity - 343,482 - 349,576 Total Joint Arrangement 478,021 478,021 489,989 489,989 Investment 171,741 174,788 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Income 17,880 22,129 Expenses (23,975 ) (24,413 ) Joint Arrangement Net Income (Loss) (6,095 ) (2,284 ) |
IMPAIRMENT OF ASSETS (Tables)
IMPAIRMENT OF ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 , 2018 and December 31, 2017, respectively, as shown below: Disclosure of Asset Impairment 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 12-31-2018 12-31-2017 Provisions for impairment of property, plant and equipment ThU.S.$16,328 ThU.S.$17,396 |
Disclosure of reconciliation of changes in goodwill [text block] | At the date of these consolidated financial statements, the balance of goodwill is ThU.S.$65,851 (ThU.S.$69,922 at December 31, 2017), as shown below: 12-31-2018 12-31-2017 Goodwill ThU.S.$ ThU.S.$ Opening balance at January 1 69,922 74,893 Impairment - (4,640 ) Increase (decrease) in foreign currency exchange (4,071 ) (331 ) Closing balance at December 31, 2018 65,851 69,922 |
PROVISIONS, CONTINGENT ASSETS_2
PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017 are as follows: 12-31-2018 12-31-2017 Classes of Provisions ThU.S.$ ThU.S.$ Provisions, Current 413 2,728 Provisions for litigations 413 616 Other provisions - 2,112 Provisions, non-Current 33,884 36,008 Provisions for litigations 10,384 12,556 Other provisions 23,500 23,452 Total Provisions 34,297 38,736 |
Disclosure of other provisions [text block] | 12-31-2018 Other Litigations (*) Provisions (**) Total Movements in Provisions ThU.S.$ ThU.S.$ ThU.S.$ Opening balance 13,172 25,564 38,736 Changes in provisions Increase in existing provisions 1,660 2 1,662 Used provisions (887 ) - (887 ) Increase (decrease) in foreign currency exchange (5,262 ) - (5,262 ) Other Increases (Decreases) 2,114 (2,066 ) 48 Total Changes (2,375 ) (2,064 ) (4,439 ) Closing balance 10,797 23,500 34,297 (*) The increase in legal claims is composed mainly of ThU.S.$886 and ThU.S.$776 ( Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits. (**) The decrease in Other Increases (Decreases) in Other provisions is due to legal claims from Arauco Industrias de Paineis which were classified as Other provisions in 2017 and were included as Litigations in December 2018 12-31-2017 Other Litigations (*) Provisions (**) Total Movements in Provisions ThU.S.$ ThU.S.$ ThU.S.$ Opening balance 15,123 23,857 38,980 Changes in provisions Increase in existing provisions 1,314 16 1,330 Increase through business combinations - 2,106 2,106 Used provisions (1,578 ) - (1,578 ) Increase (decrease) in foreign currency exchange (1,493 ) - (1,493 ) Other Increases (Decreases) (194 ) (415 ) (609 ) Total Changes (1,951 ) 1,707 (244 ) Closing balance 13,172 25,564 38,736 (*) The increase in legal claims is composed mainly of ThU.S.$908 and ThU.S.$375 ( Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits. (**) The change in Other Increases (Decreases) in Other provisions is due to a reverse of the provision in Zona Franca Punta Pereira (Uruguay). The increase through business combination corresponds to the acquisition of Arauco Industrias de Paineis. 12-31-2016 Other Litigations (*) Provisions (**) Total Movements in Provisions ThU.S.$ ThU.S.$ ThU.S.$ Opening balance 11,400 23,999 35,399 Changes in provisions Increase in existing provisions 5,363 1 5,364 Used provisions (998 ) (39 ) (1,037 ) Increase (decrease) in foreign currency exchange (609 ) - (609 ) Other Increases (Decreases) (33 ) (104 ) (137 ) Total Changes 3,723 (142 ) 3,581 Closing balance 15,123 23,857 38,980 (*) 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. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Intangibles Assets [Abstract] | |
Disclosure of intangible assets material to entity [text block] | 12-31-2018 12-31-2017 Classes of Intangible Assets, Net ThU.S.$ ThU.S.$ Intangible assets, net 90,093 88,615 Computer software 26,545 26,747 Water rights 5,966 5,697 Customer 41,634 47,144 Other identifiable intangible assets 15,948 9,027 Classes of intangible Assets, Gross 185,895 173,426 Computer software 88,177 81,907 Water rights 5,966 5,697 Customer 71,443 72,685 Other identifiable intangible assets 20,309 13,137 Classes of accumulated amortization and impairment Total accumulated amortization and impairment (95,802 ) (84,811 ) Accumulated amortization and impairment, intangible assets (95,802 ) (84,811 ) Computer software (61,632 ) (55,160 ) Customer (29,809 ) (25,541 ) Other identifiable intangible assets (4,361 ) (4,110 ) |
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 12-31-2018 Computer Software Water Rights Customer Others TOTAL Reconciliation of intangible assets ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 26,747 5,697 47,144 9,027 88,615 Changes Additions 6,369 269 - 7,424 14,062 Disposals (1 ) - - - (1 ) Amortization (7,132 ) - (4,808 ) (409 ) (12,349 ) Increase (Decrease) related to foreign currency translation (287 ) - (702 ) (31 ) (1,020 ) Other Increases (Decreases) 849 - - (63 ) 786 Changes Total (202 ) 269 (5,510 ) 6,921 1,478 Closing Balance 26,545 5,966 41,634 15,948 90,093 12-31-2017 Computer Software Water Rights Customer Others TOTAL Reconciliation of intangible assets ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 26,370 5,689 50,982 6,456 89,497 Changes Additions 7,487 8 - 2,973 10,468 Additions through business combination 320 - - - 320 Disposals (181 ) - - - (181 ) Amortization (8,122 ) - (4,797 ) (408 ) (13,327 ) Increase (Decrease) related to foreign currency translation 873 - 959 (96 ) 1,736 Other Increases (Decreases) - - - 102 102 Changes Total 377 8 (3,838 ) 2,571 (882 ) Closing Balance 26,747 5,697 47,144 9,027 88,615 |
Disclosure of intangible assets with indefinite useful life [text block] | Years of Useful life (Average) Computer Software 5 Customer 15 Brands 7 |
BIOLOGICAL ASSETS (Tables)
BIOLOGICAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Biological Assets [Abstract] | |
Disclosure of information about agricultural produce [text block] | - The average crop age by species and country is: Chile Argentina Brazil Uruguay Pine 24 15 15 - Eucalyptus 12 10 7 10 |
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: ThU.S.$ Discount rate 0,5 (130,319 ) -0,5 137,784 Margins (%) 10 390,729 -10 (390,729 ) |
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: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Current 315,924 307,796 Non-current 3,336,339 3,459,146 Total 3,652,263 3,766,942 |
Disclosure of reconciliation of changes in biological assets [text block] | Reconciliation of carrying amount of biological assets 12-31-2018 Current Non-current Total Movement ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 307,796 3,459,146 3,766,942 Changes in real incurred cost 34,684 (27,174 ) 7,510 Additions through acquisition and costs of new plantations 2,105 205,353 207,458 Sales (52 ) (315 ) (367 ) Harvest (117,729 ) - (117,729 ) Increases (decreases) in Foreign Currency Translation (5,424 ) (76,672 ) (82,096 ) Loss of forest due to fires - (8,702 ) (8,702 ) Transfers from non-current to current 155,789 (155,789 ) - Other Increases (decreases) (5 ) 8,951 8,946 Changes in fair value (26,556 ) (95,633 ) (122,189 ) Gain (losses) arising from changes in fair value minus sale costs (8,684 ) 93,160 84,476 Sales - (445 ) (445 ) Harvest (203,164 ) - (203,164 ) Loss of forest due to fires - (3,056 ) (3,056 ) Transfers from non-current to current 185,292 (185,292 ) - Total Changes 8,128 (122,807 ) (114,679 ) Closing balance 315,924 3,336,339 3,652,263 12-31-2017 Current Non-current Total Movement ThU.S.$ ThU.S.$ ThU.S.$ Opening Balance 306,117 3,592,874 3,898,991 Changes in real incurred cost 16,866 82,448 99,314 Additions through acquisition and costs of new plantations 6,088 176,234 182,322 Increase due to non-cash capital distribution of Vale do Corisco S.A. (see Note 15) - 127,927 127,927 Sales - (4,979 ) (4,979 ) Harvest (118,414 ) - (118,414 ) Increases (decreases) in foreign currency translation (365 ) (5,427 ) (5,792 ) Loss of forest due to fires - (81,750 ) (81,750 ) Transfers from non-current to current 129,557 (129,557 ) - Changes in fair value (15,187 ) (216,176 ) (231,363 ) Gain (losses) arising from changes in fair value less costs to sale (9,029 ) 92,060 83,031 Sales - (310 ) (310 ) Harvest (222,694 ) - (222,694 ) Loss of forest due to fires - (91,389 ) (91,389 ) Transfers from non-current to current 216,536 (216,536 ) - Other increases (decreases) - (1 ) (1 ) Total Changes 1,679 (133,728 ) (132,049 ) Closing balance 307,796 3,459,146 3,766,942 |
ENVIRONMENTAL MATTERS (Tables)
ENVIRONMENTAL MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about environment related disbursements [Abstract] | |
Disclosure of detailed information about environment related disbursements [Text Block] | As of December 31 , 2018 and December 31, 2017 Arauco has made and / or has committed the following disbursements by major environmental projects: 12/31/2018 Disbursements undertaken 2018 Committed Disbursements Company Name of project State of project Amount ThU.S.$ Asset Expense Asset/expense destination item Amount ThU.S.$ Estimated date Arauco do Brasil S.A. Environmental improvement studies In process 1,771 Assets Property, plant and equipment 4,001 2019 Arauco do Brasil S.A. Environmental improvement studies In process 3,284 Expense Administration expenses 2,723 2019 Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of gas emissions from industrial process In process 6,467 Assets Property, plant and equipment 8,271 2019 Celulosa Arauco y Constitucion S.A. Environmental improvement studies In process 29,419 Assets Property, plant and equipment 63,035 2019 Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of gas emissions from industrial process Finished 563 Expense Operating cost - Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 21,978 Assets Property, plant and equipment 9,233 2019 Celulosa Arauco y Constitucion S.A. Environmental improvement studies Finished 25,684 Expense Operating cost - Arauco Argentina S.A. Construction emisario In process 1,454 Assets Property, plant and equipment 797 2019 Maderas Arauco S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 499 Expense Operating cost - Maderas Arauco S.A. Expansion of solid industrial waste dumpsite for management of these in the future In process 1,471 Expense Operating cost - Maderas Arauco S.A. Environmental improvement studies In process - Assets Property, plant and equipment 291 2019 Forestal Arauco S.A. Environmental improvement studies In process 1,547 Expense Administration expenses 1,957 2019 Celulosa y Energía Punta Pereira S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 52 Assets Property, plant and equipment 3,266 2019 Celulosa y Energía Punta Pereira S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants Finished 281 Assets Property, plant and equipment - Forestal Los Lagos S.A. Environmental improvement studies In process 236 Expense Operating cost 273 2019 TOTAL 94,706 93,847 12/31/2017 Disbursements undertaken 2017 Committed Disbursements Company Name of project State of project Amount ThU.S.$ Asset Expense Asset/expense destination item Amount ThU.S.$ Estimated date Arauco do Brasil S.A. Environmental improvement studies In process 1,008 Assets Property, plant and equipment 48 2018 Arauco do Brasil S.A. Environmental improvement studies In process 1,058 Expense Administration expenses 296 2018 Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of gas emissions from industrial process In process 18,501 Assets Property, plant and equipment 6,928 2018 Celulosa Arauco y Constitucion S.A. Environmental improvement studies In process 48,512 Assets Property, plant and equipment 65,798 2018 Celulosa Arauco y Constitucion S.A. Environmental improvement studies Finished 10,326 Assets Property, plant and equipment - Celulosa Arauco y Constitucion S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 55,655 Assets Property, plant and equipment 18,226 2018 Celulosa Arauco y Constitucion S.A. Environmental improvement studies In process 26,578 Expense Operating cost 6,214 2018 Arauco Argentina S.A. Construction emisario In process 2,312 Assets Property, plant and equipment 797 2018 Arauco Argentina S.A. Expansion of solid industrial waste dumpsite for management of these in the future In process 139 Assets Property, plant and equipment 28 2018 Arauco Argentina S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 19 Assets Property, plant and equipment 5,921 2018 Maderas Arauco S.A. Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants In process 432 Expense Operating cost - Maderas Arauco S.A. Expansion of solid industrial waste dumpsite for management of these in the future In process 1,346 Expense Operating cost - Maderas Arauco S.A. Environmental improvement studies In process 89 Assets Property, plant and equipment 332 2018 Forestal Arauco S.A. Environmental improvement studies In process 983 Expense Administration expenses 1,165 2018 Forestal Los Lagos S.A. Environmental improvement studies In process 229 Expense Operating cost 290 2018 TOTAL 167,187 106,043 |
NON-CURRENT ASSETS HELD FOR S_2
NON-CURRENT ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Land 2,352 160 Buildings 1,284 1,122 Property, plant and equipment 2,090 2,225 Total 5,726 3,507 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [text block] | Arauco's financial instruments as of December 31 , 2018 and December 31, 2017, 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. Financial Instruments December 2018 December 2017 Thousands of dollars Carrying amount Fair Value Carrying amount Fair Value Financial assets at fair value through profit or loss (held for trading) 270,110 270,110 74,849 74,849 Derivatives (1) 75 75 1,679 1,679 Mutual funds (2) 270,035 270,035 73,170 73,170 Financial assets at amortized cost 1,668,045 1,668,045 1,351,712 1,351,712 Cash and cash equivalents (amortized cost) 805,907 805,907 516,716 516,716 Cash 327,132 327,132 209,185 209,185 Time deposits 478,775 478,775 292,105 292,105 Agreements - - 15,426 15,426 Accounts Receivable (net) 854,333 854,333 830,452 830,452 Trade and other receivables 751,158 751,158 709,983 709,983 Lease receivable 1,968 1,968 13,106 13,106 Other receivables 101,207 101,207 107,363 107,363 Accounts receivable due from related parties 7,805 7,805 4,544 4,544 Financial assets at fair value through other comprehensive income (5) 20,768 20,768 58,425 58,425 Financial liabilities at amortized cost (3) 5,182,353 5,206,334 5,002,072 5,198,654 Bonds issued denominated in U.S. Dollars 2,062,044 1,948,482 2,057,746 2,135,893 Bonds issued denominated in U.F. (4) 1,439,610 1,544,813 1,244,939 1,333,087 Bank Loans in U.S. Dollars 925,780 962,866 835,099 870,399 Bank borrowing denominated in U.S. Dollars 14,655 14,655 23,358 23,358 Financial leasing 68,187 63,441 112,376 107,363 Trade and other payables 661,848 661,848 717,346 717,346 Accounts payable to related parties 10,229 10,229 11,208 11,208 Financial liabilities at fair value through profit or loss 289 289 137 137 Hedging Liabilities 71,310 71,310 5,256 5,256 (1) The derivatives 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”, “Accounts payable to related parties” 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 and hedging assets. |
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 , 2018, have been measured based on the valuation methodologies provided in IFRS 13. 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). December 2018 Level 1 Level 2 Level 3 Fair Value ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Financial assets at fair value Derivatives 75 75 Mutual Funds 270,035 270,035 Other financial assets 20,768 1,543 19,225 Financial liabilities at fair value Bonds issued denominated in U.S. Dollars 1,948,482 1,948,482 Bonds issued denominated in U.F. (4) 1,544,813 1,544,813 Bank loans in U.S. Dollars 962,866 962,866 Bank borrowing denominated in other currencies 14,655 14,655 Financial leasing 63,441 63,441 Financial liabilities at fair value through profit or loss 289 289 Hedging liabilities 71,310 71,310 |
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, 2018 and 2017: Thousands of dollars December 2018 Up to 90 days From 91 days to 1 year Other current financial liabilities, Total From 13 months to 5 years More than 5 years Other non- current financial liabilities, Total Total Bonds obligations 27,803 262,068 289,871 818,716 2,393,067 3,211,783 3,501,654 Bank borrowing 84,778 130,271 215,049 526,062 199,324 725,386 940,435 Financial Leasing 7,265 23,651 30,916 37,271 - 37,271 68,187 Swap and Forward 1,760 - 1,760 69,839 - 69,839 71,599 Other Financial Liabilities, Total (a) 121,606 415,990 537,596 1,451,888 2,592,391 4,044,279 4,581,875 Thousands of dollars December 2018 Up to 90 days From 91 days to 1 year Total Current From 13 months to 5 years More than 5 years Total non- current Total Trades and other payables 659,618 - 659,618 2,230 - 2,230 661,848 Accounts payable to related companies 10,229 - 10,229 - - - 10,229 Accounts Payable, Total (b) 669,847 - 669,847 2,230 - 2,230 672,077 Financial Liabilities, Total (a) + (b) 791,453 415,990 1,207,443 1,454,118 2,592,391 4,046,509 5,253,952 Thousands of dollars December 2017 Up to 90 days From 91 days to 1 year Other current financial liabilities, Total From 13 months to 5 years More than 5 years Other non- current financial liabilities, Total Total Bonds obligations 28,013 34,981 62,994 1,054,926 2,184,765 3,239,691 3,302,685 Bank borrowings 110,700 282,172 392,872 327,424 138,161 465,585 858,457 Financial leasing 9,928 34,413 44,341 68,035 - 68,035 112,376 Swap and Forward 137 - 137 5,256 - 5,256 5,393 Other Financial Liabilities, Total (a) 148,778 351,566 500,344 1,455,641 2,322,926 3,778,567 4,278,911 Thousands of dollars December 2017 Up to 90 days From 91 days to 1 year Total Current From 13 months to 5 years More than 5 years Total non- current Total Trades and other payables 717,342 4 717,346 - - - 717,346 Accounts payable to related companies 11,208 - 11,208 - - - 11,208 Accounts Payable, Total (b) 728,550 4 728,554 - - - 728,554 Financial Liabilities, Total (a) + (b) 877,328 351,570 1,228,898 1,455,641 2,322,926 3,778,567 5,007,465 |
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: Financial Instruments December 2018 Fair Value ThU.S.$ December 2017 Fair Value ThU.S.$ Assets at fair value through profit or loss (held for trading) 75 1,679 Derivative-Uruguay (1) 75 1,672 Forward (2) - 7 Hedging Assets 19,226 55,771 Derivative-Uruguay (1) 1,357 3,037 Cross Currency Swaps 17,869 52,734 Financial liabilities at fair value through profit or loss (289 ) (137 ) Forward (2) (2 ) (137 ) Derivative-Uruguay (1) (287 ) - Hedging Liabilities (71,310 ) (5,256 ) Cross Currency Swaps (69,086 ) (5,248 ) Derivative-Uruguay (1) (2,224 ) (8 ) (1) Includes Swap and Forward from Uruguay tables. (2) Includes Forwards from Colombia and Chile. |
Disclosue of detailed information about outstanding cross currency swap contracts [Text Block] | B elow are the cross currency swaps that Arauco has as of December 31 , 2018 and 2017 to cover the exposure to the exchange rate risk generated from bonds denominated in U.F.: Bond Institution Amount U.S.$ Amount U.F. Starting date Ending date Fair Value ThU.S.$ 2018 Fair Value ThU.S. 2017 F Deutsche - England 43,618,307 1,000,000 10-30-2011 10-30-2021 (3,105 ) 213 F JP Morgan - N.A. 43,618,307 1,000,000 10-30-2011 10-30-2021 (3,039 ) 306 F Deutsche - England 37,977,065 1,000,000 04-30-2014 04-30-2019 1,707 6,599 F Scotiabank - Chile 38,426,435 1,000,000 10-30-2014 04-30-2023 2,041 5,252 F Scotiabank - Chile 38,378,440 1,000,000 10-30-2014 04-30-2023 2,273 5,550 F Santander - Chile 37,977,065 1,000,000 10-30-2014 04-30-2023 2,715 6,051 F BCI - Chile 37,621,562 1,000,000 10-30-2014 04-30-2023 3,148 6,549 F Banco de Chile - Chile 36,250,835 954,545 04-30-2019 10-30-2029 155 - J Corpbanca - Chile 42,864,859 1,000,000 09-01-2010 09-01-2020 (3,289 ) (292 ) J Scotiabank - Chile 42,864,859 1,000,000 09-01-2010 09-01-2020 (3,289 ) (292 ) J Deutsche - England 42,864,859 1,000,000 09-01-2010 09-01-2020 (3,313 ) (356 ) J Santander - Spain 42,873,112 1,000,000 09-01-2010 09-01-2020 (3,273 ) (263 ) J Scotiabank - Chile 42,864,257 1,000,000 09-01-2010 09-01-2020 (3,197 ) (152 ) P Corpbanca - Chile 46,474,122 1,000,000 05-15-2012 11-15-2021 (4,978 ) (1,775 ) P JP Morgan - N.A. 47,163,640 1,000,000 11-15-2012 11-15-2021 (5,102 ) (1,753 ) P Scotiabank - Chile 42,412,852 1,000,000 11-15-2013 11-15-2023 (882 ) 1,854 P Santander - Chile 41,752,718 1,000,000 11-15-2013 11-15-2023 (89 ) 2,777 P Deutsche - England 41,752,718 1,000,000 11-15-2013 11-15-2023 (92 ) 2,800 Q BCI - Chile 26,990,765 625,000 10-01-2014 04-01-2021 (1,679 ) 1,022 Q BCI - Chile 26,997,935 625,000 10-01-2014 04-01-2021 (1,655 ) 1,070 R Santander - Chile 128,611,183 3,000,000 10-01-2014 04-01-2024 (7,016 ) (365 ) R JP Morgan - England 43,185,224 1,000,000 10-01-2014 04-01-2024 (1,996 ) 329 R Corpbanca - Chile 43,277,070 1,000,000 10-01-2014 04-01-2024 (2,015 ) 327 S Santander - Chile 201,340,031 5,000,000 11-15-2016 11-15-2026 5,830 12,035 W Goldman Sachs 40,521,750 1,000,000 10-10-2018 10-10-2028 (2,392 ) - W Scotiabank - Chile 40,537,926 1,000,000 10-10-2018 10-10-2028 (2,294 ) - W Goldman Sachs 40,066,555 1,000,000 10-10-2018 10-10-2028 (1,861 ) - X Santander - Chile 118,400,504 3,000,000 10-10-2018 10-10-2038 (7,976 ) - X Santander - Chile 97,971,786 2,500,000 10-10-2018 10-10-2038 (6,554 ) - (51,217 ) 47,486 |
Disclosure of detailed information about outstanding commodity contracts [Text Block] | 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 2018, 2019 and part of 2020 has been limited, through forwards of this commodity. The agreements that are in force and effect as of December 31 , 2018 and 2017, are detailed below: Commodity Institution Notional ThU.S.$ December 2018 Fair Value ThU.S.$ Fuel Oil N°6 JPMorgan Chase Bank, N.A. 6,189 (800 ) Fuel Oil N°6 Citibank U.K. 401 (34 ) Fuel Oil N°6 DNB Bank ASA 4,837 (568 ) (1,402 ) Commodity Institution Notional ThU.S.$ December 2017 Fair Value ThU.S.$ Fuel Oil N°6 JPMorgan Chase Bank, N.A. 4,760 1,372 Fuel Oil N°6 DNB Bank ASA 4,002 732 Fuel Oil N°6 Citibank U.K. 761 112 2,216 |
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 , 2018 and 2017, is shown below: Exchange rate Institution Notional ThU.S.$ December 2018 Fair Value ThU.S.$ USD DNB Bank ASA 42,198 936 Exchange rate Institution Notional ThU.S.$ December 2017 Fair Value ThU.S.$ USD DNB Bank ASA 50,638 729 |
Disclosure of detailed information about non derivative financial assets [Text Block] | As of December 31, 2018 and 2017, there are provisions for impairment for ThU.S.$ 15,147 17,785 December 2018 December 2017 ThU.S.$ ThU.S.$ Financial assets at amortized cost 1,668,045 1,351,712 Cash and cash equivalents 805,907 516,716 Cash 327,132 209,185 Time Deposits 478,775 292,105 Agreements - 15,426 Trade and other receivables (net) 862,138 834,996 Trade and other receivables 751,158 709,983 Lease receivable 1,968 13,106 Other receivables 101,207 107,363 Accounts receivable due from related parties 7,805 4,544 |
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, 2018 and December 31, 2017, classified by origin coins is as follows: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Cash and Cash Equivalents 1,075,942 589,886 U.S. Dollars 834,513 501,352 Euro 8,295 4,306 Other currencies 52,834 61,037 Chilean pesos 180,300 23,191 |
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, 2018 and December 31, 2017: 12-31-2018 12-31-2017 ThU.S.$ ThU.S.$ Trades and other current receivables 839,184 814,412 U.S. Dollars 631,047 550,674 Euros 7,399 20,498 Other currencies 97,002 134,238 Chilean pesos 99,950 106,442 U.F. 3,786 2,560 Accounts receivable from related parties, current 7,324 3,488 U.S. Dollars 591 726 Other currencies 83 171 Chilean pesos 6,169 2,192 U.F. 481 399 Trade and other non-current receivables 15,149 16,040 U.S. Dollars 7,733 4,247 Other currencies 1,067 3,345 Chilean pesos 3,267 6,692 U.F. 3,082 1,756 Accounts receivable from related parties, non-current 481 1,056 U.F. 481 1,056 |
Disclosure of financial liabilities [text block] | Arauco's financial liabilities to the date of these consolidated financial statements are as follows: Financial Liabilities December 2018 ThU.S.$ December 2017 ThU.S.$ Total Financial Liabilities 5,253,952 5,007,465 Financial liabilities at fair value through profit or loss (held for trading) 289 137 Hedging Liabilities 71,310 5,256 Financial Liabilities Measured at Amortized Cost 5,182,353 5,002,072 |
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, 2018 and 2017. December 2018 ThU.S.$ December 2017 ThU.S.$ Bank borrowings - current portion 99,397 92,693 Bonds issued - current portion 81,060 107,268 Total 180,457 199,961 |
Disclosure of detailed information about non derivative financial liabilities [Text Block] | 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. 12-31-2018 12-31-2017 12-31-2018 12-31-2017 Currency ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Amortized Cost Fair Value Total Financial Liabilities 5,182,353 5,002,072 5,206,334 5,198,654 Bonds Issued U.S. Dollar 2,062,044 2,057,747 1,948,482 2,135,893 Bonds Issued U.F. 1,439,610 1,244,938 1,544,813 1,333,087 Bank borrowings U.S. Dollar 925,780 834,908 962,866 870,399 Bank borrowings Other currencies 14,655 23,549 14,655 23,358 Financial Leasing U.F. 57,349 96,913 53,594 92,542 Financial Leasing Chilean pesos 10,838 15,463 9,847 14,821 Trades and Other Payables U.S. Dollar 187,219 194,342 187,219 194,342 Trades and Other Payables Euro 7,450 8,848 7,450 8,848 Trades and Other Payables Other currencies 90,113 158,567 90,113 158,567 Trades and Other Payables Chilean pesos 348,886 333,529 348,886 333,529 Trades and Other Payables U.F. 28,180 22,060 28,180 22,060 Related party payables U.S. Dollar 1,777 1,354 1,777 1,354 Related party payables Chilean pesos 8,452 9,854 8,452 9,854 |
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, 2018 and 2017 ar e as follows: December 2018 ThU.S.$ Current Non Current Total Other financial liabilities 535,836 3,974,440 4,510,276 Trade and other payables 659,618 2,230 661,848 Accounts payable to related parties 10,229 - 10,229 Total Financial Liabilities Measured at Amortized Cost 1,205,683 3,976,670 5,182,353 December 2017 ThU.S.$ Current Non Current Total Other financial liabilities 500,207 3,773,311 4,273,518 Trade and other payables 717,346 - 717,346 Accounts payable to related parties 11,208 - 11,208 Total Financial Liabilities Measured at Amortized Cost 1,228,761 3,773,311 5,002,072 |
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: January-December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Opening balance - under IAS 39 and IFRS 9, respectively 4,752 1,096 (55,396 ) Amounts restated through reserve of cash flow hedges (1,918 ) - - Opening balance - in accordance with IFRS 9 2,834 1,096 (55,396 ) Gains (losses) on cash flow hedges 30,321 22,212 84,045 Recycle of cash flow hedges to profit or loss (15,286 ) (16,965 ) (10,198 ) Income tax (4,474 ) (5,917 ) (20,055 ) Recycle of income tax - 4,326 2,700 Closing balance 13,395 4,752 1,096 |
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: Instrument December 2018 ThU.S.$ December 2017 ThU.S.$ Interest coverage >= 2,0x Debt level (1) <= 1,2x Domestic bonds (Chile) 1,439,610 1,244,939 N/R √ Syndicate Loan Scotia 200,563 199,597 √ √ Syndicate Loan Banco Estado - Grayling 287,565 130,953 √ √ N/R: Not required for the financial obligation (1) Debt to equity ratio (financial debt divided by equity plus non-controlling interests) |
Disclosure of external credit grades [text block] | The following table sets forth the credit ratings of our debt instruments as of December 31, 2018 , are as follows: Instrument Standard & Poor’s Fitch Ratings Moody’s Feller Rate Local bonds - AA- - AA- Foreign bonds BBB- BBB Baa3 - |
Disclosure of capitalization of Arauco [Text Block] | The capitalization of Arauco as of December 31, 2018 and December 31, 2017 is as follows: December 2018 December 2017 ThU.S.$ ThU.S.$ Equity 7,338,971 7,116,893 Bank borrowings 940,435 858,457 Financial leasing 68,187 112,376 Bonds issued 3,501,654 3,302,685 Capitalization 11,849,247 11,390,411 |
Disclosure of credit risk exposure [text block] | Arauco does not have a securitized portfolio. December 2018 December 2017 ThU.S.$ ThU.S.$ Current Receivables Trade receivables 747,258 706,485 Financial lease receivables 1,131 11,932 Other debtors 90,795 95,995 Net subtotal 839,184 814,412 Trade receivables 755,809 716,455 Financial lease receivables 1,131 12,033 Other debtors 93,370 101,663 Gross subtotal 850,310 830,151 Provision for doubtful trade receivables 8,551 9,970 Provision for doubtful lease receivables - 101 Provision for doubtful other debtors 2,575 5,668 Subtotal Bad Debt 11,126 15,739 Non-Current Receivables Trade receivables 3,900 3,498 Financial lease receivables 837 1,174 Other debtors 10,412 11,368 Net Subtotal 15,149 16,040 Trade receivables 7,921 5,544 Financial lease receivables 837 1,174 Other debtors 10,412 11,368 Gross subtotal 19,170 18,086 Provision for doubtful trade receivables 4,021 2,046 Provision for doubtful lease receivables - - Provision for doubtful other debtors - - Subtotal Bad Debt 4,021 2,046 |
Disclosure of financial assets that are either past due or impaired [text block] | Below we provide detail regarding accounts receivable, classified in tranches: December 31, 2018 Age of trade receivables Days Non-past due 1 to 30 31 to 60 61 to 90 91 to 120 121 to 150 151 to 180 181 to 210 211 to 250 More than 250 Total ThU.S.$ 688,024 59,844 854 36 111 43 141 127 69 14,481 763,730 % 90.09 % 7.84 % 0.11 % 0.00 % 0.01 % 0.01 % 0.02 % 0.02 % 0.01 % 1.89 % 100 % December 31, 2017 Age of trade receivables Days Non-past due 1 to 30 31 to 60 61 to 90 91 to 120 121 to 150 151 to 180 181 to 210 211 to 250 More than 250 Total ThU.S.$ 664,202 39,459 551 955 50 34 2,238 56 97 12,311 719,953 % 92.26 % 5.48 % 0.08 % 0.13 % 0.01 % 0.00 % 0.31 % 0.01 % 0.01 % 1.71 % 100 % Arauco applies the simplified approach regarding the expected losses from commercial debtors, which allows for the use of an estimate of expected credit losses over the instrument’s lifespan for all commercial accounts receivable. In order to establish this estimate, the commercial debtors have been grouped in relation to the corresponding risks for sales conditions as well as for tranches, including clients that are up-to-date or in default. Days Non- past due 1 to 30 31 to 60 61 to 90 91 to 120 121 to 150 151 to 180 181 to 210 211 to 250 More than 250 Total Letters of credit 355,755 17,524 8 - - - - - - - 373,287 Loss allowance provision - - - - - - - - - - - Expected loss rate 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Credit line 332,871 40,629 708 37 36 26 27 18 35 9,552 383,939 Loss allowance provision - - 7 4 4 3 3 18 35 9,552 9,626 Expected loss rate 0.00 % 0.00 % 0.96 % 10.00 % 10.00 % 10.00 % 10.00 % 100.00 % 100.00 % 100.00 % Others 1,879 1,473 71 13 124 15 112 106 32 2,679 6,504 Loss allowance provision - - 1 1 62 8 56 106 32 2,679 2,945 Expected loss rate 0.00 % 0.00 % 0.96 % 10.00 % 50.00 % 50.00 % 50.00 % 100.00 % 100.00 % 100.00 % Trade receivables, total (ThU.S.$) 690,505 59,626 787 50 160 41 139 124 67 12,231 763,730 Allowance for doubtful accounts, total (ThU.S.$) - - 8 5 66 11 59 124 67 12,231 12,571 |
Disclosure of allowance for credit losses [text block] | Regarding the loss allowance provision for trade receivables and others, below we provide detail for the movements as of December 31, 2018, 2017 and 2016 : 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Opening balance at January 1 - under IAS 39 (17,785 ) (16,644 ) (19,860 ) Amounts restated through opening retained earnings (2,875 ) - - Opening loss allowance as at January 1, 2018 - under IFRS 9 (20,660 ) (16,644 ) (19,860 ) Increase in loan loss allowance recognised in profit or loss during the year (5,027 ) (3,423 ) (2,479 ) Receivables written off during the year as uncollectible 8,620 1,806 5,250 Unused amount reversed 1,920 476 445 Closing balance (15,147 ) (17,785 ) (16,644 ) |
Disclosure of financial guarantees [Text Block] | Guarantees Arauco Group (ThU.S.$) Guarantees Debtors (received from clients) Certificate of deposits 7,107 12.1 % Standby 9,142 15.5 % Promissory notes 31,036 52.7 % Finance 3,605 6.1 % Mortgage 4,551 7.7 % Pledge 2,099 3.6 % Promissory notes 1,400 2.3 % Total Guarantees 58,940 100.0 % |
Disclosure of detailed information about open account receivables [Text Block] | In summary, the open account debt covered by the various insurance policies and guarantees amounts to 93.4% and, therefore, Arauco’s portfolio exposure amounts to 6.6%. Secured Open Accounts Receivable ThU.S.$ % Total open accounts receivable 424,278 100.0 % Secured receivables (*) 396,275 93.4 % Unsecured receivables 28,003 6.6 % (*) 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 |
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, 2018 and December 31, 2017. The tables have been drawn up based on the contractual undiscounted cash outflows and their remaining contractual maturities: December 31, 2018 Maturity Total Tax ID Name Currency Name – Country Loans with banks Up to 3 months ThU.S.$ 3 to 12 months ThU.S.$ 1 to 2 years ThU.S.$ 2 to 3 years ThU.S.$ 3 to 4 years ThU.S.$ 4 to 5 years ThU.S.$ More than 5 years ThU.S.$ Current ThU.S.$ Non Current ThU.S.$ Effective rate Nominal rate 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollars Scotiabank- Chile - 1,930 7,951 7,951 7,951 206,584 - 1,930 230,437 3.70 % Libor + 1.10% - Arauco Argentina S.A. U.S. Dollars Banco Bice 5,040 - - - - - - 5,040 - 2.10 % 2.10% - Arauco Argentina S.A. U.S. Dollars Banco Macro 10,054 - - - - - - 10,054 - 6.00 % 6.00% - Arauco Argentina S.A. U.S. Dollars BBVA - 13,071 - - - - - 13,071 - 5.90 % 5.90% - Zona Franca Punta Pereira S.A. U.S. Dollars Interamerican Development Bank 1,184 1,032 2,435 2,335 2,233 2,126 - 2,216 9,129 4.62 % Libor + 2.05% - Zona Franca Punta Pereira S.A. U.S. Dollars Interamerican Development Bank 2,940 2,786 5,701 - - - - 5,726 5,701 4.37 % Libor + 1.80% - Zona Franca Punta Pereira S.A. U.S. Dollars BBVA - 14,103 - - - - - 14,103 - 4.06 % Libor + 1.30% - Zona Franca Punta Pereira S.A. U.S. Dollars Citibank - 4,517 - - - - - 4,517 - 4.19 % Libor + 1.25% - Zona Franca Punta Pereira S.A. U.S. Dollars Scotiabank - 2,509 - - - - - 2,509 - 4.39 % Libor + 1.50% - Celulosa y Energia Punta Pereira S.A. U.S. Dollars Banco Interamericano de Desarrollo 4,770 4,179 9,826 9,411 9,008 8,605 - 8,949 36,850 4.62 % Libor + 2.05% - Celulosa y Energia Punta Pereira S.A. U.S. Dollars Banco Interamericano de Desarrollo 11,871 11,274 23,035 - - - - 23,145 23,035 4.37 % Libor + 1.80% - Celulosa y Energia Punta Pereira S.A. U.S. Dollars Finnish Export Credit 24,850 21,578 49,484 47,930 47,207 23,562 - 46,428 168,183 3.20 % 3.20% - Eufores S.A. U.S. Dollars Banco Republica Oriental de Uruguay 8 27,073 - - - - - 27,081 - 4.12 % Libor + 1.3% - Eufores S.A. U.S. Dollars Citibank 3 - - - - - - 3 - 3.43 % Libor + 2% - Eufores S.A. U.S. Dollars Banco Itau -Uruguay 24 12,511 - - - - - 12,535 - 4.17 % Libor + 1.75% - Eufores S.A. U.S. Dollars Heritage 1,352 - - - - - - 1,352 - 4.30 % Libor + 1.75% - Eufores S.A. U.S. Dollars Banco Santander 20,235 5,021 - - - - - 25,256 - 3.86 % Libor + 1.3% - Arauco Do Brasil S.A. Brazilian Real Banco Santander 21 64 48 6 - - - 85 54 9.50 % 9.50% - Arauco Do Brasil S.A. Brazilian Real Banco Alfa 17 48 64 64 5 - - 65 133 10.35 % Tljp+2%+ spread 1.75% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Itau 3 - - - - - - 3 - 7.00 % 3.50% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Bradesco 9 22 - - - - - 31 - 6.00 % 6.00% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Votorantim 14 - - 310 310 - - 14 620 5.00 % 5.00% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Safra 18 - - - - - - 18 - 6.00 % 6.00% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Safra 6 17 23 10 - - - 23 33 10.00 % 10.00% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Santander 3 14 136 44 44 - - 17 224 8.38 % 8.38% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Santander 34 33 50 129 129 - - 67 308 10.32 % 10.32% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Santander 4 11 14 11 2 - - 15 27 10.47 % 10.49% - Arauco Forest Brasil S.A. Brazilian Real Banco Bradesco 21 23 24 24 14 - - 44 62 9.00 % 9.00% - Arauco Forest Brasil S.A. U.S. Dollars Banco Alfa 2 7 9 5 - - - 9 14 17.00 % Cesta+2%+spread 1.8% - Arauco Forest Brasil S.A. Brazilian Real Banco Alfa 5 14 19 10 - - - 19 29 0.22 % Tljp+2%+Spread 1.8% - Arauco Forest Brasil S.A. Brazilian Real Banco Votorantim - Brazil 162 198 - 276 276 - - 360 552 16.00 % Tljp+1.8%+Spread 2% - Arauco Forest Brasil S.A. U.S. Dollars Banco Votorantim - Brazil 34 45 - - - - - 79 - 10.40 % Cesta+1.3%+spread 2% - Arauco Forest Brasil S.A. Brazilian Real Banco Bndes Subcrédito A-B-D 3 - 98 394 295 - - 3 787 21.78 % Tljp + 2.91% - Arauco Forest Brasil S.A. U.S. Dollars Banco Bndes Subcrédito C 5 - 24 145 120 - - 5 289 15.22 % Cesta+2.91% - Arauco Forest Brasil S.A. Brazilian Real Banco Santander 43 58 181 173 138 - - 101 492 8.67 % 8.67% - Mahal Emprendimientos Pat. S.A. Brazilian Real Bndes Subcrédito E-I 663 1,946 1,946 - - - - 2,609 1,946 19.78 % Tljp + 2.91% - Mahal Emprendimientos Pat. S.A. Brazilian Real Bndes Subcrédito F-J 399 1,167 1,167 - - - - 1,566 1,167 21.78 % Tljp + 3.91% - Mahal Emprendimientos Pat. S.A. U.S. Dollars Bndes Subcrédito G-K 520 1,528 1,697 - - - - 2,048 1,697 15.22 % Cesta + 2.91% - Mahal Emprendimientos Pat. S.A. Brazilian Real Bndes Subcrédito H-L 444 1,297 1,297 - - - - 1,741 1,297 24.18 % Tljp + 5.11% - Mahal Emprendimientos Pat. S.A. Brazilian Real Banco Santander 6 18 23 23 - - - 24 46 21.96 % Tljp+2%+Spread 2% - Mahal Emprendimientos Pat. S.A. U.S. Dollars Banco Santander 3 9 13 12 - - - 12 25 17.40 % Cesta+2%+Spread 2% - Novo Oeste Gestao de Ativos Florestais S.A. Brazilian Real Banco Santander 5 18 24 24 2 - - 23 50 21.96 % Tljp+2%+Spread 2% - Novo Oeste Gestao de Ativos Florestais S.A. U.S. Dollars Banco Santander 3 9 13 13 2 - - 12 28 17.40 % Tljp+2%+Spread 2% - Flakeboard Company Ltd. U.S. Dollars Banco del Estado de Chile - 2,141 13,164 41,497 40,184 38,872 203,906 2,141 337,623 3.00 % Libor + 1.65% Total 84,778 130,271 118,466 110,797 107,920 279,749 203,906 215,049 820,838 December 31, 2018 Maturity Total Tax ID Name Currency Name - Country Bonds Up to 3 months ThU.S.$ 3 to 12 months ThU.S.$ 1 to 2 years ThU.S.$ 2 to 3 years ThU.S.$ 3 to 4 years ThU.S.$ 4 to 5 years ThU.S.$ More than 5 years ThU.S.$ Current ThU.S.$ Non Current ThU.S.$ Effective rate Nominal rate 93.458.000-1 Celulosa Arauco y Constitución S.A. U.F. Barau-F - 19,425 25,413 24,656 23,899 23,143 116,673 19,425 213,784 4.24 % 4.21 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.F. Barau-F - 7,770 10,189 9,884 9,579 9,274 47,339 7,770 86,265 4.25 % 4.21 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.F. Barau-J 2,132 - 204,731 - - - - 2,132 204,731 3.23 % 3.22 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.F. Barau-P - 1,004 7,857 7,857 25,713 24,999 193,697 1,004 260,123 3.96 % 3.96 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.F. Barau-Q - 20,207 20,576 10,398 - - - 20,207 30,974 2.96 % 2.98 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.F. Barau-R - 1,770 7,079 7,079 7,079 7,079 278,892 1,770 307,208 3.57 % 3.57 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.F. Barau-S - 592 4,733 4,733 4,733 4,733 204,991 592 223,923 2.44 % 2.40 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.F. Barau-W - 559 2,487 2,487 2,487 2,487 127,578 559 137,526 2.12 % 2.09 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.F. Barau-X - 1,317 5,853 5,853 5,853 5,853 326,508 1,317 349,920 2.70 % 2.68 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollars Yankee Bonds 2019 6,168 202,643 - - - - - 208,811 - 7.26 % 7.25 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollars Yankee 2021 4,422 - 10,013 204,527 - - - 4,422 214,540 5.02 % 5.00 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollars Yankee 2022 5,705 - 12,153 12,153 259,785 - - 5,705 284,091 4.77 % 4.75 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollars Yankee 2024 9,375 - 22,500 22,500 22,500 22,500 527,024 9,375 617,024 4.52 % 4.50 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollars Yankee 2027 - 3,175 19,375 19,375 19,375 19,375 77,500 3,175 155,000 3.90 % 3.88 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollars Yankee 2047 - 3,607 22,000 22,000 22,000 22,000 528,000 3,607 616,000 5.50 % 5.50 % Total 27,802 262,069 374,959 353,502 403,003 141,443 2,428,202 289,871 3,701,109 December 31, 2018 Maturity Total Tax ID Name Currency Name - Country Bonds Up to 3 months ThU.S.$ 3 to 12 months ThU.S.$ 1 to 2 years ThU.S.$ 2 to 3 years ThU.S.$ 3 to 4 years ThU.S.$ 4 to 5 years ThU.S.$ More than 5 years ThU.S.$ Current ThU.S.$ Non Current ThU.S.$ Effective rate Nominal rate 85.805.200-9 Forestal Arauco S.A. U.F. Banco Santander 148 410 599 599 - - - 558 1,198 - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco Scotiabank 1,288 3,158 2,368 2,368 478 478 - 4,446 5,692 - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco Estado 639 1,885 989 989 - - - 2,524 1,978 - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco de Chile 1,998 8,891 3,618 3,618 1,556 1,556 - 10,889 10,348 - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco BBVA 545 273 - - - - - 818 - - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco Credito e Inversiones 1,313 5,351 2,897 2,897 3,220 3,220 - 6,664 12,234 - - 85.805.200-9 Forestal Arauco S.A. Chilean pesos Banco Chile 284 690 520 520 - - - 974 1,040 - - 85.805.200-9 Forestal Arauco S.A. Chilean pesos Banco Credito e Inversiones 679 2,036 1,484 1,484 - - - 2,715 2,968 - - 85.805.200-9 Forestal Arauco S.A. Chilean pesos Banco Scotiabank 371 957 673 673 233 234 - 1,328 1,813 - - Total 7,265 23,651 13,148 13,148 5,487 5,488 - 30,916 37,271 December 31, 2017 Maturity Total Up to 3 3 to 12 1 to 2 2 to 3 3 to 4 4 to 5 More than 5 Non Name - Country months months years years years years years Current Current Effective Nominal Tax ID Name Currency Loans with banks ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ rate rate 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollar Scotiabank- Chile 25 199,572 - - - - - 199,597 - 1.70 % Libor + 0.70% - Zona Franca Punta Pereira U.S. Dollar Interamerican Development Bank 1,167 1,032 2,434 2,361 2,282 2,201 2,120 2,199 11,398 3.51 % Libor + 2.05% - Zona Franca Punta Pereira U.S. Dollar Interamerican Development Bank 2,953 2,787 5,870 5,676 - - - 5,740 11,546 3.26 % Libor + 1.80% - Zona Franca Punta Pereira U.S. Dollar BBVA 14,007 - - - - - - 14,007 - 3.13 % Libor + 1.75% - Zona Franca Punta Pereira U.S. Dollar Citibank - 4,503 - - - - - 4,503 - 3.10 % Libor + 1.75% - Zona Franca Punta Pereira U.S. Dollar Scotiabank 3 2,506 - - - - - 2,509 - 3.17 % 3.17% - Celulosa y Energia Punta Pereira U.S. Dollar Banco Interamericano de Desarrollo 4,723 4,161 9,828 9,526 9,201 8,885 8,570 8,884 46,010 3.51 % Libor + 2.05% - Celulosa y Energia Punta Pereira U.S. Dollar Banco Interamericano de Desarrollo 11,946 11,255 23,735 22,938 - - - 23,201 46,673 3.26 % Libor + 1.80% - Celulosa y Energia Punta Pereira U.S. Dollar Finnish Export Credit 25,176 21,214 50,198 49,484 47,929 47,207 23,564 46,390 218,382 3.20 % 3.20% - Celulosa y Energia Punta Pereira U.S. Dollar Dnb Nor Bank - 45 - - - - - 45 - 0.00 % Libor + 2% - Eufores S.A. U.S. Dollar Banco Republica Oriental de Uruguay 24,746 12,564 - - - - - 37,310 - 3.08 % Libor + 1.75% - Eufores S.A. U.S. Dollar Citibank 6 - - - - - - 6 - 3.43 % Libor + 2% - Eufores S.A. U.S. Dollar Banco HSBC- Uruguay 1,200 - - - - - - 1,200 - 2.91 % Libor + 1.75% - Eufores S.A. U.S. Dollar Banco Itau -Uruguay 4 12,513 - - - - - 12,517 - 3.08 % Libor + 1.75% - Eufores S.A. U.S. Dollar Heritage 1,352 - - - - - - 1,352 - 3.03 % Libor + 1.75% - Eufores S.A. U.S. Dollar Banco Santander 20,230 5,013 - - - - - 25,243 - 3.06 % Libor + 1.75% - Arauco Do Brasil S.A. Brazilian Real Banco Santander 23 67 89 46 - - - 90 135 9.50 % 9.50% - Arauco Do Brasil S.A. Brazilian Real Banco Alfa 18 56 74 74 74 7 - 74 229 10.75 % Tljp+2%+ spread 1.75% - Arauco Do Brasil S.A. Brazilian Real Banco Santander 3 7 10 10 7 - - 10 27 11.00 % Tljp+2%+ spread 2% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Itau 1 - - - - - - 1 - 2.50 % 2.50% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Itau 13 37 4 - - - - 50 4 3.50 % 3.50% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Bradesco 11 33 36 - - - - 44 36 6.00 % 6.00% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Votorantim 16 - - - 364 364 - 16 728 5.00 % 5.00% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Safra 22 65 22 - - - - 87 22 6.00 % 6.00% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Safra 7 20 27 27 11 - - 27 65 10.00 % 10.00% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Santander 981 907 - - - - - 1,888 - 9.50 % 9.50% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Santander - 16 16 8 - - - 16 24 9.00 % 9.00% - Arauco Florestal Arapoti S.A. Brazilian Real Banco Santander 12 52 85 74 64 54 - 64 277 10.49 % 10.49% - Arauco Forest Brasil S.A. Brazilian Real Banco Bradesco 20 69 53 28 28 16 - 89 125 9.00 % 9.00% - Arauco Forest Brasil S.A. U.S. Dollar Banco Alfa 2 7 9 9 5 - - 9 23 8.20 % Cesta+2%+spread 1.8% - Arauco Forest Brasil S.A. Brazilian Real Banco Alfa 6 17 23 22 11 - - 23 56 10.80 % Tljp+2%+Spread 1.8% - Arauco Forest Brasil S.A. Brazilian Real Banco Itau -Brazil 1 - - - - - - 1 - 2.50 % 2.50% - Arauco Forest Brasil S.A. Brazilian Real Banco Votorantim - Brazil 192 619 403 - 322 322 - 811 1,047 8.10 % Tljp+1.8%+Spread 2% - Arauco Forest Brasil S.A. U.S. Dollar Banco Votorantim - Brazil 34 - 78 - - - - 34 78 7.70 % Cesta+1.3%+spread 2% - Arauco Forest Brasil S.A. Brazilian Real Banco Bndes Subcrédito A-B-D 4 - - 115 458 344 - 4 917 9.82 % Tljp + 2.91% - Arauco Forest Brasil S.A. U.S. Dollar Banco Bndes Subcrédito C 5 - - 24 145 120 - 5 289 7.30 % Cesta+2.91% - Arauco Forest Brasil S.A. Brazilian Real Banco Santander 995 984 107 212 202 161 - 1,979 682 8.90 % 8.90% - Mahal Emprendimientos Pat. S.A. Brazilian Real Bndes Subcrédito E-I 23 754 3,017 2,262 - - - 777 5,279 9.91 % Tljp + 2.91% - Mahal Emprendimientos Pat. S.A. Brazilian Real Bndes Subcrédito F-J 16 452 1,810 1,358 - - - 468 3,168 10.91 % Tljp + 3.91% - Mahal Emprendimientos Pat. S.A. U.S. Dollar Bndes Subcrédito G-K 63 339 2,037 1,697 - - - 402 3,734 7.31 % Cesta + 2.91% - Mahal Emprendimientos Pat. S.A. Brazilian Real Bndes Subcrédito H-L 19 504 2,011 1,509 - - - 523 3,520 12.11 % Tljp + 5.11% - Mahal Emprendimientos Pat. S.A. Brazilian Real Banco Santander - - 27 27 27 - - - 81 11.00 % Tljp+2%+Spread 2% - Mahal Emprendimientos Pat. S.A. U.S. Dollar Banco Santander - - 13 13 12 - - - 38 8.40 % Cesta+2%+Spread 2% - Novo Oeste Gestao de Ativos Florestais S.A. Brazilian Real Banco Santander - 1 26 28 28 2 - 1 84 11.00 % Tljp+2%+Spread 2% - Novo Oeste Gestao de Ativos Florestais S.A. U.S. Dollar Banco Santander - 1 12 13 13 1 - 1 39 8.40 % Tljp+2%+Spread 2% - Flakeboard America Ltd U.S. Dollar Banco del Estado de Chile 675 - 5,060 4,839 17,925 17,925 111,309 675 157,058 3.00 % Libor + 1.65% Total 110,700 282,172 107,114 102,380 79,108 77,609 145,563 392,872 511,774 December 31, 2017 Maturity Total Up to 3 3 to 12 1 to 2 2 to 3 3 to 4 4 to 5 More than 5 Non Name - Country months months years years years years years Current Current Effective Nominal Tax ID Name Currency Bonds ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ rate rate 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.F. Barau-F - 1,528 28,132 27,301 26,469 25,638 156,181 1,528 263,721 4.24 % 4.21 % 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.F. Barau-F - 611 11,340 11,005 10,670 10,335 62,958 611 106,308 4.25 % 4.21 % 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.F. Barau-J 2,342 - 7,027 224,916 - - - 2,342 231,943 3.23 % 3.22 % 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.F. Barau-P - 1,103 8,633 8,633 8,633 28,334 240,175 1,103 294,408 3.96 % 3.96 % 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.F. Barau-Q - 22,364 23,445 22,796 11,154 - - 22,364 57,395 2.96 % 2.98 % 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.F. Barau-R - 1,944 7,777 7,777 7,777 7,777 314,228 1,944 345,336 3.57 % 3.57 % 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.F. Barau-S - 650 5,200 5,200 5,200 5,200 230,228 650 251,028 2.44 % 2.89 % 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.S. Dollar Yankee 2019 6,168 - 217,034 - - - - 6,168 217,034 7.26 % 7.25 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollar Yankee 2021 4,422 - 10,013 10,013 204,138 - - 4,422 224,164 5.02 % 5.00 % 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.S. Dollar Yankee 2022 5,705 - 12,153 12,153 12,153 259,072 - 5,705 295,531 4.77 % 4.75 % 93.458.000-1 Celulosa Arauco y Constitucion S.A. U.S. Dollar Yankee 2024 9,375 - 22,500 22,500 22,500 22,500 548,324 9,375 638,324 4.52 % 4.50 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollar Yankee 2027 - 3,175 19,375 19,375 19,375 19,375 582,479 3,175 659,979 3.90 % 3.88 % 93.458.000-1 Celulosa Arauco y Constitución S.A. U.S. Dollar Yankee 2047 - 3,607 22,000 22,000 22,000 22,000 943,160 3,607 1,031,160 5.50 % 5.50 % Total 28,012 34,982 394,629 393,669 350,069 400,231 3,077,733 62,994 4,616,331 December 31, 2017 Maturity Total Up to 3 3 to 12 1 to 2 2 to 3 3 to 4 4 to 5 More than 5 Non Name - Country months months years years years years years Current Current Effective Nominal Tax ID Name Currency Lease ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ rate rate 85.805.200-9 Forestal Arauco S.A. U.F. Banco Santander 168 1,026 983 983 - - - 1,194 1,966 - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco Scotiabank 1,563 3,772 4,139 4,139 638 638 - 5,335 9,554 - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco Estado 749 2,182 2,318 2,318 230 230 - 2,931 5,096 - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco de Chile 3,346 13,995 7,886 7,886 2,247 2,247 - 17,341 20,266 - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco BBVA 1,151 3,421 447 447 - - - 4,572 894 - - 85.805.200-9 Forestal Arauco S.A. U.F. Banco Credito e Inversiones 1,443 5,901 4,856 4,856 5,354 5,354 - 7,344 20,420 - - 85.805.200-9 Forestal Arauco S.A. Chilean Pesos Banco Santander 50 17 - - - - - 67 - - - 85.805.200-9 Forestal Arauco S.A. Chilean Pesos Banco Chile 607 1,547 1,015 1,015 123 123 - 2,154 2,276 - - 85.805.200-9 Forestal Arauco S.A. Chilean Pesos Banco Credito e Inversiones 767 2,301 3,032 3,032 179 179 - 3,068 6,422 - - 85.805.200-9 Forestal Arauco S.A. Chilean Pesos Banco Scotiabank 84 251 334 334 237 236 - 335 1,141 - - Total 9,928 34,413 25,010 25,010 9,008 9,007 - 44,341 68,035 |
Disclosure of financial guarantees granted [Text block] | Direct and indirect guarantees granted by Arauco: DIRECT Subsidiary Guarantee Assets Pledged Currency ThU.S.$ Guarantor Celulosa Arauco y Constitución S.A. Guarantee letter - Chilean Pesos 488 Directorate General of Maritime Territory and Merchant Marine Celulosa Arauco y Constitución S.A. Guarantee letter - Chilean Pesos 313 Directorate General of Maritime Territory and Merchant Marine Celulosa Arauco y Constitución S.A. Guarantee letter - Chilean Pesos 230 Directorate General of Maritime Territory and Merchant Marine Celulosa Arauco y Constitución S.A. Guarantee letter - Chilean Pesos 209 Directorate General of Maritime Territory and Merchant Marine Celulosa Arauco y Constitución S.A. Guarantee letter - Chilean Pesos 120 National Customs Service Forestal Arauco S.A. Guarantee letter - Chilean Pesos 831 CODELCO S.A. Arauco Forest Brasil S.A. Mortgage Industrial Plant of Jaguariaíva of Arauco do Brasil - U.S. Dollar 39,566 BNDES Arauco Forest Brasil S.A. Endorsement of ADB + Guarantee Letter AISA - U.S. Dollar 3,022 Bank Votorantim S.A. Arauco Forest Brasil S.A. Endorsement of Arauco do Brasil - U.S. Dollar 550 Bank Votorantim S.A. Arauco Forest Brasil S.A. Equipment Property plant and equipment U.S. Dollar 115 Bank Santander S.A. Arauco Forest Brasil S.A. Equipment Property plant and equipment U.S. Dollar 192 Bank Santander S.A. Arauco Forest Brasil S.A. Equipment Property plant and equipment U.S. Dollar 97 Bank Bradesco S.A. Arauco do Brasil S.A. Equipment Property plant and equipment U.S. Dollar 179 Bank Santander S.A. Arauco do Brasil S.A. Equipment Property plant and equipment U.S. Dollar 176 Bank Alpha S.A. Arauco Florestal Arapoti S.A. Endorsement of Arauco do Brasil - U.S. Dollar 621 Bank Votorantim S.A. Arauco Florestal Arapoti S.A. Equipment Property plant and equipment U.S. Dollar 332 Bank Safra S.A. Arauco Florestal Arapoti S.A. Equipment Property plant and equipment U.S. Dollar 198 Bank Santander S.A. Arauco Florestal Arapoti S.A. Equipment Property plant and equipment U.S. Dollar 172 Bank Itaú BBA S.A. Total 47,411 INDIRECT Subsidiary Guarantee Assets Pledged Currency ThU.S.$ Guarantor Celulosa Arauco y Constitución S.A. Suretyship not supportive and cumulative - U.S. Dollar 322,234 Joint Ventures (Uruguay) Celulosa Arauco y Constitución S.A. Full Guarantee - U.S. Dollar 287,000 Arauco Forest Brasil y Mahal (Brasil) Celulosa Arauco y Constitución S.A. Guarantee letter - U.S. Dollar 4,039 Arauco Forest Brasil y Mahal (Brasil) Celulosa Arauco y Constitución S.A. Guarantee letter - Brazilian Real 11,115 Arauco Forest Brasil y Mahal (Brasil) Total 624,388 |
Disclosure of financial instruments by type of interest rate [text block] | Thousands of dollars December 2018 ThU.S.$ Total Fixed rate 3,807,932 84.4 % Bonds issued 3,501,654 Bank borrowings (*) 238,091 Financial leasing 68,187 Variable rate 702,344 15.6 % Bonds issued - Loans with Banks 702,344 Total 4,510,276 100.0 % Thousands of dollars December 2017 ThU.S.$ Total Fixed rate 3,676,210 86.0 % Bonds issued 3,302,685 Bank borrowings (*) 261,149 Financial leasing 112,376 Variable rate 597,308 14.0 % Bonds issued - Loans with Banks 597,308 Total 4,273,518 100.0 % (*) Includes variable rate bank borrowings changed by fixed rate swaps. |
Colombia | |
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 , 2018 and 2017, are detailed in the following table: Exchange rate Institution Amount ThU.S.$ Starting date Ending date December 2018 Fair Value ThU.S.$ USDCOP Corpbanca Colombia 1,500 10-31-2018 01-09-2019 (2 ) USDCOP Corpbanca Colombia 1,700 11-26-2018 02-12-2019 - USDCOP Corpbanca Colombia 1,600 12-20-2018 03-12-2019 - (2 ) Exchange rate Institution Amount ThU.S.$ Starting date Ending date December 2017 Fair Value ThU.S.$ USDCOP BBVA Colombia 6,000 10-11-2017 01-10-2018 (1 ) USDCOP Corpbanca Colombia 8,000 11-14-2017 02-13-2018 (136 ) USDCOP Corpbanca Colombia 2,100 12-21-2017 03-12-2018 7 (130 ) |
Uruguay | |
Disclosure of detailed information about outstanding forward contracts [Text Block] | As of December 31 , 2018 and 2017, Arauco Uruguay maintains the following forward contracts in force and effect for the purposes of ensuring an exchange rate for sale of dollars: Exchange rate Institution Notional ThU.S.$ December 2018 Fair Value ThU.S.$ UYUUSD Banco Santander Uy 14,880 (586 ) UYUUSD HSBC Uruguay 11,610 (56 ) UYUUSD Citibank U.K. 4,425 29 (613 ) Exchange rate Institution Notional ThU.S.$ December 2017 Fair Value ThU.S.$ UYUUSD Banco Santander Uy 24,000 1,213 UYUUSD Citibank U.K. - - UYUUSD HSBC Uruguay 9,000 543 1,756 |
REPORTABLE SEGMENTS (Tables)
REPORTABLE SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: Year ended December 31, 2018 Pulp Forestry Panels Others Corporate Sub Total Elimination Total ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from goods sale 2,956,863 105,170 2,761,878 33,673 - 5,857,584 5,857,584 Revenues from services sale 87,643 8,811 - 795 - 97,249 97,249 Revenues from external customers 3,044,506 113,981 2,761,878 34,468 - 5,954,833 5,954,833 Revenues from transactions with other operating segments 42,434 1,038,624 9,058 37,568 - 1,127,684 (1,127,684 ) - Finance income - - - - 20,895 20,895 20,895 Finance costs - - - - (214,779 ) (214,779 ) (214,779 ) Net finance costs - - - - (193,884 ) (193,884 ) (193,884 ) Depreciation and amortizations 232,275 19,448 145,299 3,313 7,087 407,422 407,422 Sum of significant income accounts 1,888 86,763 3,195 - - 91,846 91,846 Sum of significant expense accounts 19,619 3,885 4,555 - - 28,059 28,059 Profit (loss) of each reportable segment 1,173,249 (146,538 ) 232,914 7,506 (540,372 ) 726,759 726,759 Share of profit (loss) of associates and joint ventures accounted for using equity method Associates - - - - 3,043 3,043 3,043 Joint ventures - - 12,549 - 1,654 14,203 14,203 Income tax expense - - - - (226,765 ) (226,765 ) (226,765 ) Geographical information on revenues Revenue – Chilean entities 2,303,086 55,579 1,319,766 795 - 3,679,226 3,679,226 Revenue – Foreign entities 741,420 58,402 1,442,112 33,673 - 2,275,607 2,275,607 Total Ordinary Income 3,044,506 113,981 2,761,878 34,468 - 5,954,833 5,954,833 Pulp Forestry Panels Others Corporate Sub Total Elimination Total Year ended December 31, 2018 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Amounts of additions to non-current assets 324,482 251,574 323,675 645 293 900,669 - 900,669 Acquisition of property, plant and equipment and biological assets 19,627 19,627 - 19,627 Acquisition and contribution of investments in associates and joint venture Pulp Forestry Panels Others Corporate Sub Total Elimination Total Year ended December 31, 2018 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Segment assets 5,252,765 5,114,163 2,905,670 49,588 1,317,041 14,639,227 (45,479 ) 14,593,748 Segments assets (excluding deferred tax assets) 5,252,765 5,114,163 2,905,670 49,588 1,312,406 14,634,592 (45,479 ) 14,589,113 Deferred tax assets - - - - 4,635 4,635 4,635 Investments accounted through equity method Associates - 38,497 - - 117,112 155,609 155,609 Joint Ventures - - 181,103 - 21,341 202,444 202,444 Segment liabilities 396,332 180,259 405,551 13,727 6,258,908 7,254,777 7,254,777 Segments liabilities (excluding deferred tax liabilities) 396,332 180,259 405,551 13,727 4,841,250 5,837,119 5,837,119 Deferred tax liabilities - - - - 1,417,658 1,417,658 1,417,658 Geographical information on non-current assets Chile 2,667,179 3,259,801 806,253 20,382 120,231 6,873,846 (3,842 ) 6,870,004 Foreign countries 1,657,532 1,304,390 1,247,008 19,507 54,147 4,282,584 - 4,282,584 Non-current assets, Total 4,324,711 4,564,191 2,053,261 39,889 174,378 11,156,430 (3,842 ) 11,152,588 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2017 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from goods sale 2,356,782 104,392 2,633,773 38,391 - 5,133,338 5,133,338 Revenues from services sale 94,581 9,730 - 692 - 105,003 105,003 Revenues from external customers 2,451,363 114,122 2,633,773 39,083 - 5,238,341 - 5,238,341 Revenues from transactions with other operating segments 43,829 970,384 6,297 35,659 - 1,056,169 (1,056,169 ) - Finance income - - - - 19,640 19,640 - 19,640 Finance costs - - - - (287,958 ) (287,958 ) - (287,958 ) Net finance costs - - - - (268,318 ) (268,318 ) - (268,318 ) Depreciation and amortizations 246,382 22,011 142,504 3,568 7,086 421,551 - 421,551 Sum of significant income accounts 581 91,089 1,304 - - 92,974 - 92,974 Sum of significant expense accounts - 138,139 3,333 - - 141,472 - 141,472 Profit (loss) of each reportable segment 589,934 (210,566 ) 225,317 6,668 (341,001 ) 270,352 - 270,352 Share of profit (loss) of associates and joint ventures accounted for using equity method Associates - - - - 4,855 4,855 - 4,855 Joint ventures - - 10,378 - 1,784 12,162 - 12,162 Income tax expense - - - - 30,992 30,992 - 30,992 Geographical information on revenues Revenue – Chilean entities 1,781,769 55,946 1,265,161 692 - 3,103,568 - 3,103,568 Revenue – Foreign entities 669,594 58,176 1,368,612 38,391 - 2,134,773 - 2,134,773 Total Ordinary Income 2,451,363 114,122 2,633,773 39,083 - 5,238,341 - 5,238,341 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2017 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Amounts of additions to non-current assets Acquisition of property, plant and equipment and biological assets 191,771 211,245 230,395 428 4,127 637,966 - 637,966 Acquisition and contribution of investments in associates and joint venture - - - - 15,918 15,918 - 15,918 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2017 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Segment assets 5,035,105 5,040,500 3,024,120 52,640 881,000 14,033,365 (38,765 ) 13,994,600 Segments assets (excluding deferred tax assets) 5,035,105 5,040,500 3,024,120 52,640 872,734 14,025,099 (38,765 ) 13,986,334 Deferred tax assets - - - - 8,266 8,266 - 8,266 Investments accounted through equity method Associates - 48,921 - - 110,046 158,967 - 158,967 Joint Ventures - - 189,568 - 20,237 209,805 - 209,805 Segment liabilities 325,598 184,721 489,022 16,100 5,862,266 6,877,707 - 6,877,707 Segment liabilities (excluding deferred tax liabilities) 325,598 184,721 489,022 16,100 4,376,902 5,392,343 - 5,392,343 Deferred tax liabilities - - - - 1,485,364 1,485,364 - 1,485,364 Geographical information on non-current assets Chile 2,537,947 3,221,911 666,234 22,220 187,639 6,635,951 (4,635 ) 6,631,316 Foreign countries 1,700,240 1,648,557 1,191,895 21,571 30,658 4,592,921 - 4,592,921 Non-current assets, Total 4,238,187 4,870,468 1,858,129 43,791 218,297 11,228,872 (4,635 ) 11,224,237 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2016 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from goods sale 2,041,897 89,750 2,494,750 23,183 4,649,580 4,649,580 Revenues from services sale 104,182 6,738 - 885 111,805 111,805 Revenues from external customers 2,146,079 96,488 2,494,750 24,068 - 4,761,385 - 4,761,385 Revenues from transactions with other reportable segments 41,586 1,105,220 6,938 34,085 - 1,187,829 (1,187,829 ) - Finance income - - - - 29,701 29,701 - 29,701 Finance costs - - - - (258,467 ) (258,467 ) - (258,467 ) Net finance costs - - - - (228,766 ) (228,766 ) - (228,766 ) Depreciation and amortizations 240,699 19,996 139,844 2,529 6,319 409,387 - 409,387 Sum of significant income accounts 212 227,776 269 - - 228,257 - 228,257 Sum of significant expense accounts - 15,193 12,565 - - 27,758 - 27,758 Profit (loss) of each reportable segment 308,536 98,955 165,887 (2,559 ) (353,242 ) 217,577 - 217,577 Share of profit (loss) of associates and joint ventures accounted for using equity method Associates - - - - 16,348 16,348 - 16,348 Joint ventures - - 5,475 - 2,116 7,591 - 7,591 Income tax expense - - - - (45,647 ) (45,647 ) - (45,647 ) Geographical information on revenues Revenue – Chilean entities 1,521,453 52,161 1,275,937 885 - 2,850,436 - 2,850,436 Revenue – Foreign entities 624,626 44,327 1,218,813 23,183 - 1,910,949 - 1,910,949 Total Ordinary Income 2,146,079 96,488 2,494,750 24,068 - 4,761,385 - 4,761,385 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2016 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Amounts of additions to non-current assets Acquisition of property,plant and equipment and biological assets 205,205 182,743 118,408 1,479 3,883 511,718 - 511,718 Acquisition and contribution of investments in associates and joint venture - - 153,135 - - 153,135 - 153,135 Pulp Forestry Wood products Others Corporate Sub Total Elimination Total Year ended December 31, 2016 ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Segment assets 5,077,300 5,492,364 2,515,092 30,970 932,059 14,047,785 (41,604 ) 14,006,181 Segments assets (excluding deferred tax assets) 5,077,300 5,492,364 2,515,092 30,970 925,962 14,041,688 (41,604 ) 14,000,084 Deferred tax assets - - - - 6,097 6,097 - 6,097 Investments accounted through equity method Associates - 160,490 - - 105,285 265,775 - 265,775 Joint Ventures - - 161,703 - 19,070 180,773 - 180,773 Segment liabilities 277,474 161,091 311,667 11,836 6,244,830 7,006,898 - 7,006,898 Segment liabilities (excluding deferred tax liabilities) 277,474 161,091 311,667 11,836 4,613,765 5,375,833 - 5,375,833 Deferred tax liabilities - - - - 1,631,065 1,631,065 - 1,631,065 Geographical information on non-current assets Chile 2,572,702 3,509,727 721,418 27 135,808 6,939,682 (3,575 ) 6,936,107 Foreign countries 1,740,559 1,525,190 1,016,633 23,040 42,292 4,347,714 - 4,347,714 Non-current assets, Total 4,313,261 5,034,917 1,738,051 23,067 178,100 11,287,396 (3,575 ) 11,283,821 Information required by geographic area: Geographical area 2018 Local country Foreign country Chile Argentina Brazil USA/Canada Uruguay Total Disclosure of geographical areas ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from sales of goods 3,608,017 479,698 504,589 815,668 449,612 5,857,584 Revenues from sales of services 71,209 - - - 26,040 97,249 Revenues at 12-31-2018 3,679,226 479,698 504,589 815,668 475,652 5,954,833 Non-current Assets at 12-31-2018 other than deferred tax 6,865,406 825,915 984,746 810,461 1,661,425 11,147,953 Geographical area 2017 Local country Foreign country Chile Argentina Brazil USA/Canada Uruguay Total Disclosure of geographical areas ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from sales of goods 3,028,025 494,479 395,416 801,092 414,326 5,133,338 Revenues from sales of services 75,543 - - 29,460 105,003 Revenues at 12-31-2017 3,103,568 494,479 395,416 801,092 443,786 5,238,341 Non-current Assets at 12-31-2017 other than deferred tax 6,624,381 956,511 1,274,536 575,231 1,785,312 11,215,971 Geographical area 2016 Local country Foreign country Chile Argentina Brazil USA/Canada Uruguay Total Disclosure of geographical areas ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ ThU.S.$ Revenues from sales of goods 3,001,181 360,224 354,170 779,356 154,649 4,649,580 Revenues from sales of services 84,461 - - - 27,344 111,805 Revenues at 12-31-2016 3,085,642 360,224 354,170 779,356 181,993 4,761,385 Non-current Assets at 12-31-2016 other than deferred tax 6,931,755 960,596 1,186,538 397,924 1,800,911 11,277,724 |
OTHER NON-FINANCIAL ASSETS AN_2
OTHER NON-FINANCIAL ASSETS AND NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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] | 12-31-2018 12-31-2017 Current non-financial assets ThU.S.$ ThU.S.$ Roads to amortize current 41,456 43,301 Prepayment to amortize (insurance and others) 14,020 21,257 Recoverable taxes (GST and others) 67,778 60,823 Other current non-financial assets 6,600 4,456 Total 129,854 129,837 12-31-2018 12-31-2017 Non-current non-financial assets ThU.S.$ ThU.S.$ Roads to amortize, non-current 78,418 112,937 Guarantee values 3,295 2,893 Recoverable taxes 1,519 1,835 Other non-current non-financial assets 3,716 3,856 Total 86,948 121,521 12-31-2018 12-31-2017 Current non-financial liabilities ThU.S.$ ThU.S.$ Provision of minimum dividend (1) 182,890 116,123 ICMS tax payable 9,109 12,593 Other tax payable 14,034 23,040 Other Current non-financial liablities 6,577 2,194 Total 212,610 153,950 (1) Provision includes a minimum dividend of subsidiary minority. 12-31-2018 12-31-2017 Non-current non-financial liabilities ThU.S.$ ThU.S.$ ICMS tax payable 111,134 110,532 Other non-current non-financial liablities 933 1,808 Total 112,067 112,340 |
DISTRIBUTABLE NET PROFIT AND _2
DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017 and 2016 in order to determine the provision of 40% of the distributable net profit for each year: Distributable Net Profit ThU.S.$ Net profit attributable to owners of parent at 12-31-2018 725,482 Adjustments: Biological Assets Unrealized gains/losses (83,243 ) Realized gains/losses 208,362 Deferred income taxes (30,482 ) Total Biological assets 94,637 Profit due bargain adquisition (net) (9,381 ) Total adjustments 85,256 Distributable Net Profit at 12-31-2018 810,738 Distributable Net Profit ThU.S.$ Net profit attributable to owners of parent at 12-31-2017 269,724 Adjustments: Biological Assets Unrealized gains/losses (82,782 ) Realized gains/losses 303,668 Deferred income taxes (54,944 ) Total adjustments 165,942 Distributable Net Profit at 12-31-2017 435,666 Distributable Net Profit ThU.S.$ Net profit attributable to owners of parent at 12-31-2016 213,801 Adjustments: Biological Assets Unrealized gains/losses (204,671 ) Realized gains/losses 210,223 Deferred income taxes 2,089 Total adjustments 7,641 Distributable Net Profit at 12-31-2016 221,442 |
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. January-December 2018 2017 2016 ThU.S.$ ThU.S.$ ThU.S.$ Profit or loss attributable to ordinary equity holder of parent 725,482 269,724 213,801 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) 6.4111 2.3836 1.8894 |
PRESENTATION OF CONSOLIDATED _4
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Increase (decrease) due to changes to accounting policies | $ (3,875) |
Loss allowance for trade receivables [Member] | |
Closing balance at December 31, 2017 - calculated under IAS 39 | (17,785) |
Amounts restated through retained earnings | (2,875) |
Opening balance at January 1, 2018 - under IFRS 9 | (20,660) |
Hedging assets net [member] | |
Closing balance at December 31, 2017 - calculated under IAS 39 | 52,057 |
Amounts restated through reserves | (2,627) |
Opening balance at January 1, 2018 - under IFRS 9 | 49,430 |
Deferred taxes [member] | |
Increase (decrease) due to changes to accounting policies | $ 1,627 |
PRESENTATION OF CONSOLIDATED _5
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Useful lives or amortisation rates, intangible assets other than goodwill | 15 years |
Percentage of Dividend Payable Provision | 40.00% |
Right-of-use assets | $ 300 |
Bottom of range [member] | |
Percentage of Hedging from Effectiveness Tests | 80.00% |
Top of range [member] | |
Percentage of Hedging from Effectiveness Tests | 125.00% |
Empresas Copec S.A [Member] | |
Percentage of ownership interests held by parent | 99.978% |
Mrs Patricia Angelini Rossi [Member] | |
Percentage of ownership interests held | 4.3298% |
Inversiones Angelini y Cia. Ltda [Member] | |
Percentage of ownership interests held | 63.4015% |
Mr Roberto Angelini Rossi [Member] | |
Percentage of ownership interests held | 5.77307% |
DISCLOSURE OF OTHER INFORMATI_3
DISCLOSURE OF OTHER INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 0.0031210 | $ 0.0031210 |
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 INFORMATI_4
DISCLOSURE OF OTHER INFORMATION (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Date of Dividend Paid | Dec. 14, 2016 | ||
Amount of Dividend | $ 142,256 | ||
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. 12, 2018 | Dec. 20, 2017 | |
Amount of Dividend | $ 142,256 | $ 60,494 | $ 29,572 |
Number of Shares for which Dividends are Paid | 113,159,655 | 113,159,655 | 113,159,655 |
Dividend per Share | $ 1.25712 | $ 0.53459 | $ 0.26133 |
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, 2018 | May 10, 2017 | May 11, 2016 |
Amount of Dividend | $ 113,773 | $ 59,005 | $ 99,221 |
Number of Shares for which Dividends are Paid | 113,159,655 | 113,159,655 | 113,159,655 |
Dividend per Share | $ 1.00542 | $ 0.52143 | $ 0.87683 |
DISCLOSURE OF OTHER INFORMATI_5
DISCLOSURE OF OTHER INFORMATION (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Other Income, Total | $ 124,304 | $ 111,513 | $ 257,863 | |
Gain from changes in fair value of biological assets (See note 20) | 84,476 | 83,031 | 208,562 | |
Net income from insurance compensation | 1,788 | 1,305 | 3,222 | |
Revenue from export promotion | 3,570 | 3,542 | 2,350 | |
Lease income | 2,156 | 3,061 | 4,687 | |
Gain on sales of assets | 13,164 | 13,444 | 17,485 | |
Access easement | 260 | 565 | 3,756 | |
Recovery of tax credits | 0 | 0 | 2,033 | |
Compensations received | 4,554 | 283 | 139 | |
Other operating results | [1] | 14,336 | 6,282 | 15,629 |
Total of Other Expenses by activity | (95,880) | (240,165) | (77,415) | |
Depreciation | (523) | (466) | (562) | |
Legal expenses | (3,832) | (3,882) | (5,087) | |
Impairment provision for property, plant and equipment and others | (31,680) | (33,240) | (14,979) | |
Operating expenses related to plants stoppage | (2,718) | (7,275) | (3,926) | |
Expenses related to projects | (15,497) | (2,139) | (1,620) | |
Loss of asset sales | (8,533) | (4,691) | (2,283) | |
Loss and repair of assets | (430) | (3,739) | (1,307) | |
Loss of forest due to fires | [2] | (2,584) | (138,139) | (15,193) |
Other Taxes | (16,821) | (17,463) | (8,261) | |
Research and development expenses | (1,888) | (2,594) | (2,684) | |
Fines, readjustments and interests | (788) | (3,675) | (1,004) | |
Loss on disposal of associates | 0 | 0 | (10,369) | |
Other expenses | (10,586) | (22,862) | (10,140) | |
Financing income, total | 20,895 | 19,640 | 29,701 | |
Financial income from mutual funds - term deposits | 13,177 | 11,023 | 11,439 | |
Financial income resulting from swap - forward instruments | 596 | 3,602 | 7,226 | |
Other financial income | 7,122 | 5,015 | 11,036 | |
Financing costs, Total | (214,779) | (287,958) | (258,467) | |
Interest expense, Banks loans | (29,320) | (31,014) | (33,224) | |
Interest expense, Bonds | (142,846) | (223,602) | (183,203) | |
Interest expense, other financial instruments | (18,716) | (15,706) | (17,221) | |
Other financial costs | (23,897) | (17,636) | (24,819) | |
Total | 17,246 | 17,017 | 23,939 | |
Investments in associates | 3,043 | 4,855 | 16,348 | |
Joint ventures | $ 14,203 | $ 12,162 | $ 7,591 | |
[1] | ”Other operating results” includes extraction of sand and gravel from wharfage and indemnities, among others. | |||
[2] | Loss of forest due to fires are presented net of ThU.S.$35,000 from insurance compensation as of December 2017. |
DISCLOSURE OF OTHER INFORMATI_6
DISCLOSURE OF OTHER INFORMATION (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation and amortization | $ 407,422 | $ 421,551 | $ 409,387 |
Maintenance costs | 430 | 3,739 | 1,307 |
Wages and salaries | 602,936 | 542,981 | 506,993 |
Total | 3,722,749 | 3,574,532 | 3,498,905 |
Total | 556,805 | 523,300 | 496,473 |
Fees (legal and technical advisors) | 3,832 | 3,882 | 5,087 |
Maintenance and repair | 430 | 3,739 | 1,307 |
Total | 561,284 | 521,294 | 474,469 |
Cost Of Sales [Member] | |||
Timber | 691,129 | 725,114 | 736,399 |
Forestry labor costs | 672,233 | 631,276 | 600,320 |
Depreciation and amortization | 377,557 | 389,847 | 377,983 |
Maintenance costs | 280,715 | 262,764 | 313,500 |
Chemical costs | 560,241 | 517,478 | 479,335 |
Sawmill Services | 140,106 | 109,776 | 117,340 |
Other Raw Materials | 228,701 | 188,874 | 221,950 |
Other Indirect costs | 185,424 | 178,447 | 143,074 |
Energy and fuel | 207,712 | 186,041 | 139,527 |
Cost of electricity | 34,301 | 42,008 | 39,960 |
Wages and salaries | 344,630 | 342,907 | 329,517 |
Total | 3,722,749 | 3,574,532 | 3,498,905 |
Maintenance and repair | 280,715 | 262,764 | 313,500 |
Distribution cost [Member] | |||
Selling costs | 39,402 | 39,175 | 33,557 |
Commissions | 14,629 | 14,880 | 13,880 |
Insurance | 4,266 | 3,620 | 3,216 |
Provision for doubtful accounts | 3,144 | (245) | 910 |
Other selling costs | 17,363 | 20,920 | 15,551 |
Shipping and freight costs | 517,403 | 484,125 | 462,916 |
Port services | 28,064 | 30,996 | 28,028 |
Freights | 440,886 | 409,801 | 382,894 |
Other shipping and freight costs (internation, warehousing, stowage, customs and other costs) | 48,453 | 43,328 | 51,994 |
Total | 556,805 | 523,300 | 496,473 |
Administrative expenses [Member] | |||
Depreciation and amortization | 27,879 | 28,210 | 29,285 |
Maintenance costs | 6,973 | 5,579 | 7,617 |
Wages and salaries | 247,927 | 218,720 | 198,042 |
Insurance | 15,538 | 17,122 | 21,526 |
Marketing, advertising, promotion and publications expenses | 12,650 | 10,046 | 9,937 |
Computer services | 27,434 | 27,193 | 27,735 |
Lease rentals (offices, other property and vehicles) | 14,249 | 14,195 | 13,391 |
Donations, contributions, scholarships | 13,952 | 12,772 | 10,396 |
Fees (legal and technical advisors) | 51,039 | 43,107 | 43,809 |
Property taxes, city permits and rights | 17,645 | 17,281 | 15,962 |
Cleaning services, security services and transportation | 24,089 | 25,153 | 26,975 |
Third-party variable services (maneuvers, logistics) | 43,573 | 46,097 | 40,277 |
Basic services | 9,467 | 8,423 | 8,653 |
Maintenance and repair | 6,973 | 5,579 | 7,617 |
Seminars, courses, training materials | 3,117 | 2,526 | 3,560 |
Other administration expenses (travels, clothing and safety equipment, enviromental expenses, audits and others) | 45,752 | 44,870 | 17,304 |
Total | $ 561,284 | $ 521,294 | $ 474,469 |
DISCLOSURE OF OTHER INFORMATI_7
DISCLOSURE OF OTHER INFORMATION (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Issued capital | $ 353,618 | $ 353,618 | |
Dividend payables | 324,295 | 174,266 | |
Dividends paid, classified as financing activities | 257,421 | 121,586 | $ 130,624 |
Dividends recognised as distributions to owners of parent | 256,029 | 119,499 | |
Insurance compensation | 35,000 | ||
Cost of sales | 3,722,749 | 3,574,532 | $ 3,498,905 |
Cost of Rendering Services | $ 60,401 | 64,523 | |
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 | $ 353,618 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Raw materials | $ 56,213 | $ 103,049 |
Production supplies | 122,794 | 98,548 |
Work in progress | 66,432 | 56,194 |
Finished goods | 610,203 | 441,726 |
Spare Parts | 174,554 | 168,945 |
Total Inventories | $ 1,030,196 | $ 868,462 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cost of inventories recognised as expense during period | $ 3,662,348 | $ 3,510,009 | $ 3,423,439 |
Decrease (increase) in inventories of finished goods and work in progress | 2,038 | 1,264 | 8,397 |
Provision for inventory obsolescence | 29,658 | 28,684 | |
Inventory write-down | $ 6,760 | $ 1,427 | $ 1,332 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||
Cash on hand | $ 126 | $ 148 | |||
Bank checking account balances | 327,006 | 209,037 | |||
Time deposits | 478,775 | 292,105 | |||
Mutual funds | 270,035 | 73,170 | |||
Other cash and cash equivalents | [1] | 0 | 15,426 | ||
Total | $ 1,075,942 | $ 589,886 | $ 592,253 | $ 500,025 | |
[1] | Applies to purchase contracts with resale commitments. |
CASH AND CASH EQUIVALENTS (De_2
CASH AND CASH EQUIVALENTS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Short-term investments, classified as cash equivalents | $ 270,035 | $ 73,170 |
Mutual funds investment [Member] | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Short-term investments, classified as cash equivalents | 1,798 | 8,699 |
Mutual funds investment [Member] | AAAfm [Member] | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Short-term investments, classified as cash equivalents | $ 268,237 | $ 64,471 |
CASH AND CASH EQUIVALENTS (De_3
CASH AND CASH EQUIVALENTS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Opening balance | $ 5,002,072 | [1] | $ 4,454,380 | ||
Cash Flow Borrowings Obtained | 863,551 | 1,312,481 | $ 737,653 | ||
Cash Flow Borrowings Paid | 475,284 | 1,627,711 | 645,211 | ||
Cash Flow Interest paid | (172,280) | (261,186) | |||
Accrued Interest | 174,249 | 246,220 | |||
Inflation adjustment | (112,150) | 121,885 | |||
Non-cash Movements | 69,067 | (79,534) | |||
Closing balance | 5,182,353 | [1] | 5,002,072 | [1] | 4,454,380 |
Borrowings from banks [Member] | |||||
Opening balance | 858,457 | 914,358 | |||
Cash Flow Borrowings Obtained | 534,474 | 421,309 | |||
Cash Flow Borrowings Paid | (453,789) | (481,205) | |||
Cash Flow Interest paid | (28,397) | (28,141) | |||
Accrued Interest | 30,133 | 27,894 | |||
Inflation adjustment | 761 | (439) | |||
Non-cash Movements | (1,204) | 4,681 | |||
Closing balance | 940,435 | 858,457 | 914,358 | ||
Bonds and promissory notes [Member] | |||||
Opening balance | 3,302,685 | 3,452,658 | |||
Cash Flow Borrowings Obtained | 329,077 | 891,172 | |||
Cash Flow Borrowings Paid | (21,495) | (1,146,506) | |||
Cash Flow Interest paid | (143,080) | (233,045) | |||
Accrued Interest | 144,116 | 218,326 | |||
Inflation adjustment | (112,773) | 122,324 | |||
Non-cash Movements | 3,124 | (2,244) | |||
Closing balance | 3,501,654 | 3,302,685 | 3,452,658 | ||
Hedging liabilities [Member] | |||||
Opening balance | 5,393 | 87,364 | |||
Cash Flow Borrowings Obtained | 0 | 0 | |||
Cash Flow Borrowings Paid | 0 | 0 | |||
Cash Flow Interest paid | (803) | 0 | |||
Accrued Interest | 0 | 0 | |||
Inflation adjustment | (138) | 0 | |||
Non-cash Movements | 67,147 | (81,971) | |||
Closing balance | $ 71,599 | $ 5,393 | $ 87,364 | ||
[1] | Financial liabilities measured at amortized cost, other than “Trade and other payables”, “Accounts payable to related parties” 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. |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | $ 212,024 | $ 186,884 | |
Offsetting presentation | (207,389) | (178,618) | |
Net Effect | 4,635 | 8,266 | $ 6,097 |
Provisions [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 6,105 | 7,433 | |
Accrued Liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 10,906 | 11,267 | |
Post-Employment Benefits [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 19,072 | 19,276 | |
Property, Plant and Equipment [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 10,125 | 11,657 | |
Financial Instruments [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 9,761 | 4,348 | |
Tax Loss Carryforward [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 109,320 | 62,706 | |
Inventories [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 5,532 | 5,941 | |
Provisions for Income [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 7,443 | 21,354 | |
Allowance for Doubtful Accounts [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 5,001 | 5,149 | |
Intangible revaluation difference [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 7,651 | 10,389 | |
Other Deductible Temporary Differences [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | $ 21,108 | $ 27,364 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax [Line Items] | |||
Total Deferred Tax Liabilities | $ 1,625,047 | $ 1,663,983 | |
Offsetting presentation | (207,389) | (178,618) | |
Net Effect | 1,417,658 | 1,485,365 | $ 1,631,065 |
Property, Plant and Equipment [Member] | |||
Income Tax [Line Items] | |||
Total Deferred Tax Liabilities | 829,288 | 860,498 | |
Financial Instruments [Member] | |||
Income Tax [Line Items] | |||
Total Deferred Tax Liabilities | 14,225 | 12,684 | |
Biological Assets [Member] | |||
Income Tax [Line Items] | |||
Total Deferred Tax Liabilities | 661,582 | 676,876 | |
Inventory [Member] | |||
Income Tax [Line Items] | |||
Total Deferred Tax Liabilities | 39,025 | 32,580 | |
Prepaid Expenses [Member] | |||
Income Tax [Line Items] | |||
Total Deferred Tax Liabilities | 37,897 | 41,600 | |
Intangible [member] | |||
Income Tax [Line Items] | |||
Total Deferred Tax Liabilities | 20,240 | 22,014 | |
Other Taxable Temporary Differences [member] | |||
Income Tax [Line Items] | |||
Total Deferred Tax Liabilities | $ 22,790 | $ 17,731 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | $ 186,884 | ||
Opening Balance - Liabilities | 1,663,983 | ||
Closing balance - Assets | 212,024 | $ 186,884 | |
Closing balance - Liabilities | 1,625,047 | 1,663,983 | |
Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities IAS 39 | 1,663,983 | ||
Amount Restated to financial assets on Adoption of IFRS 9 | 1,627 | ||
Amount Restated to financial liabilities on Adoption of IFRS 9 | 0 | ||
Opening Balance - Liabilities | 1,663,983 | 1,782,834 | |
Deferred tax Expenses (Income) | (11,196) | (168,278) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 52,199 | ||
Increase (decrease) Net exchange differences | (27,740) | (2,772) | |
Closing balance - Liabilities | 1,625,047 | 1,663,983 | $ 1,782,834 |
Provisions [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 7,433 | ||
Closing balance - Assets | 6,105 | 7,433 | |
Post-Employment Benefits [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 19,276 | ||
Closing balance - Assets | 19,072 | 19,276 | |
Accrued Liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 11,267 | ||
Closing balance - Assets | 10,906 | 11,267 | |
Property, Plant and Equipment [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 11,657 | ||
Opening Balance - Liabilities | 860,498 | ||
Closing balance - Assets | 10,125 | 11,657 | |
Closing balance - Liabilities | 829,288 | 860,498 | |
Property, Plant and Equipment [Member] | Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities IAS 39 | 860,498 | ||
Amount Restated to financial liabilities on Adoption of IFRS 9 | 0 | ||
Opening Balance - Liabilities | 860,498 | 934,892 | |
Deferred tax Expenses (Income) | (23,428) | (82,445) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 9,735 | ||
Increase (decrease) Net exchange differences | (7,782) | (1,684) | |
Closing balance - Liabilities | 829,288 | 860,498 | 934,892 |
Financial Instruments [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 4,348 | ||
Opening Balance - Liabilities | 12,684 | ||
Closing balance - Assets | 9,761 | 4,348 | |
Closing balance - Liabilities | 14,225 | 12,684 | |
Financial Instruments [Member] | Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities IAS 39 | 12,684 | ||
Amount Restated to financial assets on Adoption of IFRS 9 | 709 | ||
Amount Restated to financial liabilities on Adoption of IFRS 9 | 0 | ||
Opening Balance - Liabilities | 12,684 | 7,186 | |
Deferred tax Expenses (Income) | 1,542 | 5,497 | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 0 | ||
Increase (decrease) Net exchange differences | (1) | 1 | |
Closing balance - Liabilities | 14,225 | 12,684 | 7,186 |
Tax Loss Carryforward [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 62,706 | ||
Closing balance - Assets | 109,320 | 62,706 | |
Inventories [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 5,941 | ||
Opening Balance - Liabilities | 32,580 | ||
Closing balance - Assets | 5,532 | 5,941 | |
Closing balance - Liabilities | 39,025 | 32,580 | |
Inventories [Member] | Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities IAS 39 | 32,580 | ||
Amount Restated to financial liabilities on Adoption of IFRS 9 | 0 | ||
Opening Balance - Liabilities | 32,580 | 31,072 | |
Deferred tax Expenses (Income) | 6,445 | 1,508 | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 0 | ||
Increase (decrease) Net exchange differences | 0 | 0 | |
Closing balance - Liabilities | 39,025 | 32,580 | 31,072 |
Provisions for Income [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 21,354 | ||
Closing balance - Assets | 7,443 | 21,354 | |
Allowance for Doubtful Accounts [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 5,149 | ||
Closing balance - Assets | 5,001 | 5,149 | |
Allowance for Doubtful Accounts [member] | Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Amount Restated to financial assets on Adoption of IFRS 9 | 918 | ||
Intangible revaluation differences [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 10,389 | ||
Opening Balance - Liabilities | 22,014 | ||
Closing balance - Assets | 7,651 | 10,389 | |
Closing balance - Liabilities | 20,240 | 22,014 | |
Intangible revaluation differences [member] | Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities IAS 39 | 22,014 | ||
Amount Restated to financial liabilities on Adoption of IFRS 9 | 0 | ||
Opening Balance - Liabilities | 22,014 | 27,222 | |
Deferred tax Expenses (Income) | (562) | (4,880) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 0 | ||
Increase (decrease) Net exchange differences | (1,212) | (328) | |
Closing balance - Liabilities | 20,240 | 22,014 | 27,222 |
Other Deductible/Taxable Temporary Differences [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets | 27,364 | ||
Opening Balance - Liabilities | 17,731 | ||
Closing balance - Assets | 21,108 | 27,364 | |
Closing balance - Liabilities | 22,790 | 17,731 | |
Other Deductible/Taxable Temporary Differences [member] | Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities IAS 39 | 17,731 | ||
Amount Restated to financial liabilities on Adoption of IFRS 9 | 0 | ||
Opening Balance - Liabilities | 17,731 | 20,004 | |
Deferred tax Expenses (Income) | 6,450 | (6,730) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 4,467 | ||
Increase (decrease) Net exchange differences | (1,391) | (10) | |
Closing balance - Liabilities | 22,790 | 17,731 | 20,004 |
Biological Assets [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities | 676,876 | ||
Closing balance - Liabilities | 661,582 | 676,876 | |
Biological Assets [Member] | Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities IAS 39 | 676,876 | ||
Amount Restated to financial liabilities on Adoption of IFRS 9 | 0 | ||
Opening Balance - Liabilities | 676,876 | 719,577 | |
Deferred tax Expenses (Income) | 2,060 | (79,947) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 37,997 | ||
Increase (decrease) Net exchange differences | (17,354) | (751) | |
Closing balance - Liabilities | 661,582 | 676,876 | 719,577 |
Prepaid Expenses [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities | 41,600 | ||
Closing balance - Liabilities | 37,897 | 41,600 | |
Prepaid Expenses [Member] | Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Liabilities IAS 39 | 41,600 | ||
Amount Restated to financial liabilities on Adoption of IFRS 9 | 0 | ||
Opening Balance - Liabilities | 41,600 | 42,881 | |
Deferred tax Expenses (Income) | (3,703) | (1,281) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 0 | ||
Increase (decrease) Net exchange differences | 0 | 0 | |
Closing balance - Liabilities | 37,897 | 41,600 | 42,881 |
Deferred Tax Assets [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 186,884 | ||
Opening Balance - Assets | 186,884 | 157,866 | |
Deferred tax Expenses (Income) | 29,772 | 13,351 | |
Deferred tax of items charged to other comprehensive income | 4,707 | (10,437) | |
Increase (decrease) through Business Combination | 28,640 | ||
Increase (decrease) Net exchange differences | (10,966) | (2,536) | |
Closing balance - Assets | 212,024 | 186,884 | 157,866 |
Deferred Tax Assets [Member] | Provisions [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 7,433 | ||
Opening Balance - Assets | 7,433 | 5,771 | |
Deferred tax Expenses (Income) | (1,015) | 931 | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 726 | ||
Increase (decrease) Net exchange differences | (313) | 5 | |
Closing balance - Assets | 6,105 | 7,433 | 5,771 |
Deferred Tax Assets [Member] | Post-Employment Benefits [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 19,276 | ||
Opening Balance - Assets | 19,276 | 17,618 | |
Deferred tax Expenses (Income) | 297 | 2,286 | |
Deferred tax of items charged to other comprehensive income | (504) | (673) | |
Increase (decrease) through Business Combination | 0 | ||
Increase (decrease) Net exchange differences | 3 | 45 | |
Closing balance - Assets | 19,072 | 19,276 | 17,618 |
Deferred Tax Assets [Member] | Accrued Liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 11,267 | ||
Opening Balance - Assets | 11,267 | 11,716 | |
Deferred tax Expenses (Income) | (361) | (405) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 0 | ||
Increase (decrease) Net exchange differences | 0 | (44) | |
Closing balance - Assets | 10,906 | 11,267 | 11,716 |
Deferred Tax Assets [Member] | Property, Plant and Equipment [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 11,657 | ||
Opening Balance - Assets | 11,657 | 9,806 | |
Deferred tax Expenses (Income) | (1,532) | 1,850 | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 0 | ||
Increase (decrease) Net exchange differences | 0 | 1 | |
Closing balance - Assets | 10,125 | 11,657 | 9,806 |
Deferred Tax Assets [Member] | Financial Instruments [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 4,348 | ||
Opening Balance - Assets | 5,057 | 12,699 | |
Deferred tax Expenses (Income) | (507) | 1,414 | |
Deferred tax of items charged to other comprehensive income | 5,211 | (9,764) | |
Increase (decrease) through Business Combination | 0 | ||
Increase (decrease) Net exchange differences | 0 | (1) | |
Closing balance - Assets | 9,761 | 5,057 | 12,699 |
Deferred Tax Assets [Member] | Tax Loss Carryforward [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 62,706 | ||
Opening Balance - Assets | 62,706 | 50,917 | |
Deferred tax Expenses (Income) | 53,103 | 7,271 | 11,498 |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 6,093 | ||
Increase (decrease) Net exchange differences | (6,489) | (1,575) | |
Closing balance - Assets | 109,320 | 62,706 | 50,917 |
Deferred Tax Assets [Member] | Inventories [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 5,941 | ||
Opening Balance - Assets | 5,941 | 7,158 | |
Deferred tax Expenses (Income) | (378) | (1,435) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 221 | ||
Increase (decrease) Net exchange differences | (31) | (3) | |
Closing balance - Assets | 5,532 | 5,941 | 7,158 |
Deferred Tax Assets [Member] | Provisions for Income [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 21,354 | ||
Opening Balance - Assets | 21,354 | 14,300 | |
Deferred tax Expenses (Income) | (13,910) | 7,054 | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 0 | ||
Increase (decrease) Net exchange differences | (1) | 0 | |
Closing balance - Assets | 7,443 | 21,354 | 14,300 |
Deferred Tax Assets [Member] | Allowance for Doubtful Accounts [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 5,149 | ||
Opening Balance - Assets | 5,149 | 4,886 | |
Deferred tax Expenses (Income) | (843) | (854) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 1,133 | ||
Increase (decrease) Net exchange differences | (223) | (16) | |
Closing balance - Assets | 5,001 | 5,149 | 4,886 |
Deferred Tax Assets [Member] | Intangible revaluation differences [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 10,389 | ||
Opening Balance - Assets | 10,389 | 10 | |
Deferred tax Expenses (Income) | (1,244) | (954) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 11,333 | ||
Increase (decrease) Net exchange differences | (1,494) | 0 | |
Closing balance - Assets | 7,651 | 10,389 | 10 |
Deferred Tax Assets [Member] | Other Deductible/Taxable Temporary Differences [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Opening Balance - Assets IAS 39 | 27,364 | ||
Opening Balance - Assets | 27,364 | 22,985 | |
Deferred tax Expenses (Income) | (3,838) | (3,807) | |
Deferred tax of items charged to other comprehensive income | 0 | 0 | |
Increase (decrease) through Business Combination | 9,134 | ||
Increase (decrease) Net exchange differences | (2,418) | (948) | |
Closing balance - Assets | $ 21,108 | $ 27,364 | $ 22,985 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | $ 212,024 | $ 186,884 | |
Deferred Tax Liabilities, Net | 1,625,047 | 1,663,983 | |
Deferred tax expense (income) | 40,968 | 181,628 | $ 16,723 |
Unused tax losses [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 109,320 | 62,706 | |
Deferred tax liabilities [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | 1,625,047 | 1,663,983 | 1,782,834 |
Deferred tax expense (income) recognised in profit or loss | (11,196) | (168,278) | |
Deferred tax liabilities [Member] | Temporary Differences [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax expense (income) recognised in profit or loss | 11,196 | 168,279 | (3,868) |
Deferred Tax Assets [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 212,024 | 186,884 | 157,866 |
Deferred tax expense (income) recognised in profit or loss | 29,772 | 13,351 | |
Deferred Tax Assets [Member] | Temporary Differences [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax expense (income) recognised in profit or loss | (23,331) | 6,079 | 9,093 |
Deferred Tax Assets [Member] | Unused tax losses [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 109,320 | 62,706 | 50,917 |
Deferred tax expense (income) recognised in profit or loss | 53,103 | 7,271 | $ 11,498 |
Deductible Difference [Member] | Temporary Differences [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 102,704 | 124,178 | |
Deductible Difference [Member] | Unused tax losses [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred tax assets | 109,320 | 62,706 | |
Taxable Difference [Member] | Temporary Differences [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Deferred Tax Liabilities, Net | $ 1,625,047 | $ 1,663,983 |
INCOME TAXES (Details 4)
INCOME TAXES (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Income Tax [Line Items] | |||
Current income tax expense | $ (270,252) | $ (155,292) | $ (58,831) |
Tax benefit arising from unrecognized tax assets previously used to reduce current tax expense | 4,471 | 3,018 | 0 |
Prior period current income tax adjustments | (1,732) | (227) | (6,899) |
Other current benefit tax (expenses) | (220) | 1,865 | 3,360 |
Current Tax Expense, Net | (267,733) | (150,636) | (62,370) |
Deferred tax expense relating to origination and reversal of temporary differences | (12,135) | 174,358 | 5,225 |
Tax benefit arising from previously unrecognized tax loss carryforward | 53,103 | 7,270 | 11,498 |
Total deferred Tax benefit (expense), Net | 40,968 | 181,628 | 16,723 |
Income Tax benefit (expense), Total | $ 226,765 | $ (30,992) | $ 45,647 |
INCOME TAXES (Details 5)
INCOME TAXES (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Income Tax [Line Items] | |||
Total current income tax expense | $ (267,733) | $ (150,636) | $ (62,370) |
Total deferred tax benefit (expense) | 40,968 | 181,628 | 16,723 |
Total tax benefit (expense) | 226,765 | (30,992) | 45,647 |
Foreign countries [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Total current income tax expense | (35,442) | (28,071) | (27,931) |
Total deferred tax benefit (expense) | 19,940 | 94,228 | 7,794 |
Country of domicile [member] | |||
Disclosure Of Income Tax [Line Items] | |||
Total current income tax expense | (232,291) | (122,565) | (34,439) |
Total deferred tax benefit (expense) | $ 21,028 | $ 87,400 | $ 8,929 |
INCOME TAXES (Details 6)
INCOME TAXES (Details 6) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Income Tax [Line Items] | ||||
Statutory domestic (Chile) income tax rate | 27.00% | 25.50% | 24.00% | 22.50% |
Tax Expense at statutory tax rate | $ (257,451) | $ (61,037) | $ (63,174) | |
Tax effect of foreign tax rates | 3,464 | (7,118) | (13,368) | |
Tax effect of revenues exempt from taxation | 82,521 | 40,133 | 33,834 | |
Tax effect of not deductible expenses | (53,510) | (28,783) | (10,987) | |
Tax rate effect of tax loss carry forwards | 15 | (44) | 0 | |
Tax effect of Previously Unrecognized Tax Benefit in the Statements of Profit or Loss | (91) | 195 | 0 | |
Tax effect of a new evaluation of assets for deferred not recognized taxes | 0 | 5,311 | 17,157 | |
Tax rate effect from change in tax rate (opening balances) | 0 | 78,946 | (3,681) | |
Tax rate effect of adjustments for current tax of prior periods | (1,732) | (227) | (6,899) | |
Other tax rate effects | 19 | 3,616 | 1,471 | |
Total adjustments to tax expense at applicable tax rate | 30,686 | 92,029 | 17,527 | |
Tax benefit (expense) at effective tax rate | $ 226,765 | $ (30,992) | $ 45,647 |
INCOME TAXES (Details 7)
INCOME TAXES (Details 7) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Provision tax income (First category) | $ 260,538 | $ 126,404 |
Monthly Provisional Payments (MPP) | 34,297 | 38,736 |
Other taxes | 127 | 1,437 |
Total | 153,642 | 8,088 |
Provision for taxes other than income tax [member] | ||
Monthly Provisional Payments (MPP) | $ (107,023) | $ (119,753) |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Income Tax [Line Items] | |||||||
Applicable tax rate | 27.00% | 25.50% | 24.00% | 22.50% | |||
Unused tax losses for which no deferred tax asset recognised | $ 368,938,000 | $ 216,397,000 | |||||
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss | $ 4,474,000 | $ 1,591,000 | $ 17,355,000 | ||||
CHILE | |||||||
Disclosure Of Income Tax [Line Items] | |||||||
Applicable tax rate | 27.00% | 25.00% | 24.00% | 22.50% | 21.00% | ||
ARGENTINA | |||||||
Disclosure Of Income Tax [Line Items] | |||||||
Applicable tax rate | 25.00% | 30.00% | 30.00% | ||||
Deferred tax expense (income) relating to tax rate changes or imposition of new taxes | $ 62,677,000 | ||||||
BRAZIL | |||||||
Disclosure Of Income Tax [Line Items] | |||||||
Applicable tax rate | 34.00% | ||||||
URUGUAY | |||||||
Disclosure Of Income Tax [Line Items] | |||||||
Applicable tax rate | 25.00% | ||||||
Unused tax losses for which no deferred tax asset recognised | $ 183,162,000 | $ 167,862,000 | |||||
UNITED STATES | |||||||
Disclosure Of Income Tax [Line Items] | |||||||
Applicable tax rate | 21.00% | 21.00% | |||||
Deferred tax expense (income) relating to tax rate changes or imposition of new taxes | $ 17,600,000 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, plant and equipment | $ 7,174,693 | $ 7,034,299 | $ 6,919,495 |
Property, Plant and Equipment, Gross [member] | |||
Property, plant and equipment | 12,692,962 | 12,275,008 | |
Accumulated depreciation and impairment [member] | |||
Property, plant and equipment | (5,518,269) | (5,240,709) | |
Construction work in progress [member] | |||
Property, plant and equipment | 1,030,730 | 597,351 | 321,031 |
Construction work in progress [member] | Property, Plant and Equipment, Gross [member] | |||
Property, plant and equipment | 1,030,730 | 597,351 | |
Land [Member] | |||
Property, plant and equipment | 972,143 | 1,008,310 | 991,450 |
Land [Member] | Property, Plant and Equipment, Gross [member] | |||
Property, plant and equipment | 972,143 | 1,008,310 | |
Buildings [member] | |||
Property, plant and equipment | 2,062,887 | 2,135,201 | 2,169,731 |
Buildings [member] | Property, Plant and Equipment, Gross [member] | |||
Property, plant and equipment | 3,959,186 | 3,926,157 | |
Buildings [member] | Accumulated depreciation and impairment [member] | |||
Property, plant and equipment | (1,896,299) | (1,790,956) | |
Plant and equipment [member] | |||
Property, plant and equipment | 2,921,462 | 3,112,755 | 3,256,348 |
Plant and equipment [member] | Property, Plant and Equipment, Gross [member] | |||
Property, plant and equipment | 6,388,843 | 6,410,561 | |
Plant and equipment [member] | Accumulated depreciation and impairment [member] | |||
Property, plant and equipment | (3,467,381) | (3,297,806) | |
Information technology equipment [member] | |||
Property, plant and equipment | 23,292 | 22,665 | 24,154 |
Information technology equipment [member] | Property, Plant and Equipment, Gross [member] | |||
Property, plant and equipment | 86,558 | 82,765 | |
Information technology equipment [member] | Accumulated depreciation and impairment [member] | |||
Property, plant and equipment | (63,266) | (60,100) | |
Fixtures and fittings [member] | |||
Property, plant and equipment | 15,906 | 12,297 | 9,880 |
Fixtures and fittings [member] | Property, Plant and Equipment, Gross [member] | |||
Property, plant and equipment | 44,694 | 40,388 | |
Fixtures and fittings [member] | Accumulated depreciation and impairment [member] | |||
Property, plant and equipment | (28,788) | (28,091) | |
Motor vehicles [member] | |||
Property, plant and equipment | 14,916 | 15,959 | 16,858 |
Motor vehicles [member] | Property, Plant and Equipment, Gross [member] | |||
Property, plant and equipment | 53,507 | 49,756 | |
Motor vehicles [member] | Accumulated depreciation and impairment [member] | |||
Property, plant and equipment | (38,591) | (33,797) | |
Other property, plant and equipment [member] | |||
Property, plant and equipment | 133,357 | 129,761 | $ 130,043 |
Other property, plant and equipment [member] | Property, Plant and Equipment, Gross [member] | |||
Property, plant and equipment | 157,301 | 159,720 | |
Other property, plant and equipment [member] | Accumulated depreciation and impairment [member] | |||
Property, plant and equipment | $ (23,944) | $ (29,959) |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amount committed for the acquisition of property, plant and equipment | $ 798,631 | $ 112,924 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Opening Balance | $ 7,034,299 | $ 6,919,495 | |
Changes | |||
Additions | 730,476 | 533,833 | |
Acquisitions through business combinations | 8,787 | 74,511 | |
Disposals | (4,613) | (8,024) | |
Retirements | (35,824) | (16,740) | |
Depreciation | (457,766) | (454,826) | |
Impairment loss recognized in profit or loss | (31,680) | (33,240) | $ (14,979) |
Increase (decrease) through net exchange differences | (102,756) | (3,715) | |
Reclassification of assets held for sale | 3,125 | (334) | |
Increase (decrease) through transfers from construction in progress | 0 | 0 | |
Total changes | 140,394 | 114,804 | |
Closing balance | 7,174,693 | 7,034,299 | 6,919,495 |
Construction work in progress [member] | |||
Opening Balance | 597,351 | 321,031 | |
Changes | |||
Additions | 660,918 | 440,394 | |
Acquisitions through business combinations | 0 | 3,460 | |
Disposals | (1,994) | 0 | |
Retirements | (6,269) | (1,585) | |
Depreciation | 0 | 0 | |
Impairment loss recognized in profit or loss | 0 | (208) | |
Increase (decrease) through net exchange differences | (4,115) | 290 | |
Reclassification of assets held for sale | 0 | (418) | |
Increase (decrease) through transfers from construction in progress | (215,161) | (165,613) | |
Total changes | 433,379 | 276,320 | |
Closing balance | 1,030,730 | 597,351 | 321,031 |
Land [Member] | |||
Opening Balance | 1,008,310 | 991,450 | |
Changes | |||
Additions | 3 | 277 | |
Acquisitions through business combinations | 3,900 | 4,009 | |
Disposals | (448) | (1,878) | |
Retirements | (4,466) | (75) | |
Depreciation | 0 | 0 | |
Impairment loss recognized in profit or loss | 0 | 0 | |
Increase (decrease) through net exchange differences | (34,204) | (2,728) | |
Reclassification of assets held for sale | (2,193) | 0 | |
Increase (decrease) through transfers from construction in progress | 1,241 | 17,255 | |
Total changes | (36,167) | 16,860 | |
Closing balance | 972,143 | 1,008,310 | 991,450 |
Buildings [member] | |||
Opening Balance | 2,135,201 | 2,169,731 | |
Changes | |||
Additions | 6,949 | 12,932 | |
Acquisitions through business combinations | 0 | 17,214 | |
Disposals | (770) | (48) | |
Retirements | (1,656) | (3,809) | |
Depreciation | (125,407) | (125,692) | |
Impairment loss recognized in profit or loss | (654) | (769) | |
Increase (decrease) through net exchange differences | (15,444) | 961 | |
Reclassification of assets held for sale | (5) | 0 | |
Increase (decrease) through transfers from construction in progress | 64,673 | 64,681 | |
Total changes | (72,314) | (34,530) | |
Closing balance | 2,062,887 | 2,135,201 | 2,169,731 |
Plant and equipment [Member] | |||
Opening Balance | 3,112,755 | 3,256,348 | |
Changes | |||
Additions | 42,467 | 65,938 | |
Acquisitions through business combinations | 4,887 | 46,415 | |
Disposals | (702) | (5,492) | |
Retirements | (17,680) | (3,900) | |
Depreciation | (316,118) | (311,819) | |
Impairment loss recognized in profit or loss | (356) | (8,271) | |
Increase (decrease) through net exchange differences | (42,059) | (2,394) | |
Reclassification of assets held for sale | 5,323 | 84 | |
Increase (decrease) through transfers from construction in progress | 132,945 | 75,846 | |
Total changes | (191,293) | (143,593) | |
Closing balance | 2,921,462 | 3,112,755 | 3,256,348 |
IT Equipment [member] | |||
Opening Balance | 22,665 | 24,154 | |
Changes | |||
Additions | 1,125 | 787 | |
Acquisitions through business combinations | 0 | 164 | |
Disposals | (42) | (26) | |
Retirements | (42) | (4) | |
Depreciation | (5,791) | (6,080) | |
Impairment loss recognized in profit or loss | (5) | (5) | |
Increase (decrease) through net exchange differences | (175) | 51 | |
Reclassification of assets held for sale | 0 | 0 | |
Increase (decrease) through transfers from construction in progress | 5,557 | 3,624 | |
Total changes | 627 | (1,489) | |
Closing balance | 23,292 | 22,665 | 24,154 |
Fixtures and fittings [member] | |||
Opening Balance | 12,297 | 9,880 | |
Changes | |||
Additions | 1,146 | 556 | |
Acquisitions through business combinations | 0 | 986 | |
Disposals | 0 | (26) | |
Retirements | (28) | (29) | |
Depreciation | (2,870) | (2,268) | |
Impairment loss recognized in profit or loss | (20) | (310) | |
Increase (decrease) through net exchange differences | (210) | (31) | |
Reclassification of assets held for sale | 0 | 0 | |
Increase (decrease) through transfers from construction in progress | 5,591 | 3,539 | |
Total changes | 3,609 | 2,417 | |
Closing balance | 15,906 | 12,297 | 9,880 |
Motor vehicles [member] | |||
Opening Balance | 15,959 | 16,858 | |
Changes | |||
Additions | 2,352 | 2,161 | |
Acquisitions through business combinations | 0 | 241 | |
Disposals | (129) | (292) | |
Retirements | (84) | (127) | |
Depreciation | (3,920) | (3,546) | |
Impairment loss recognized in profit or loss | 0 | 0 | |
Increase (decrease) through net exchange differences | (217) | 67 | |
Reclassification of assets held for sale | 0 | 0 | |
Increase (decrease) through transfers from construction in progress | 955 | 597 | |
Total changes | (1,043) | (899) | |
Closing balance | 14,916 | 15,959 | 16,858 |
Other property, plant and equipment [member] | |||
Opening Balance | 129,761 | 130,043 | |
Changes | |||
Additions | 15,516 | 10,788 | |
Acquisitions through business combinations | 0 | 2,022 | |
Disposals | (528) | (262) | |
Retirements | (5,599) | (7,211) | |
Depreciation | (3,660) | (5,421) | |
Impairment loss recognized in profit or loss | 0 | (338) | |
Increase (decrease) through net exchange differences | (6,332) | 69 | |
Reclassification of assets held for sale | 0 | 0 | |
Increase (decrease) through transfers from construction in progress | 4,199 | 71 | |
Total changes | 3,596 | (282) | |
Closing balance | $ 133,357 | $ 129,761 | $ 130,043 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation expense | $ 523 | $ 466 | $ 562 |
Cost of sales [member] | |||
Depreciation expense | 377,557 | 389,847 | 371,170 |
Administrative expenses [member] | |||
Depreciation expense | 15,530 | 14,883 | 21,546 |
Other expenses [member] | |||
Depreciation expense | 1,986 | 3,494 | 2,119 |
Total [member] | |||
Depreciation expense | $ 395,073 | $ 408,224 | $ 394,835 |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT (Details 4) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings [member] | |
Useful lives or depreciation rates, property, plant and equipment | 58 |
Plant and equipment [member] | |
Useful lives or depreciation rates, property, plant and equipment | 30 |
Information technology equipment [member] | |
Useful lives or depreciation rates, property, plant and equipment | 8 |
Fixtures and fittings [member] | |
Useful lives or depreciation rates, property, plant and equipment | 28 |
Motor vehicles [member] | |
Useful lives or depreciation rates, property, plant and equipment | 7 |
Other property, plant and equipment [member] | |
Useful lives or depreciation rates, property, plant and equipment | 14 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Plant and equipment | $ 76,020 | $ 116,534 |
Property, Plant and Equipment under finance leases [member] | ||
Plant and equipment | $ 76,020 | $ 116,534 |
LEASES (Details 1)
LEASES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Reconciliation of Financial Lease Minimum Payments | $ 68,187 | $ 112,376 |
Less than one year [member] | ||
Reconciliation of Financial Lease Minimum Payments | 30,916 | 44,341 |
Between one and five years [member] | ||
Reconciliation of Financial Lease Minimum Payments | 37,271 | 68,035 |
More than five years [member] | ||
Reconciliation of Financial Lease Minimum Payments | $ 0 | $ 0 |
LEASES (Details 2)
LEASES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Gross | $ 2,017 | $ 13,175 |
Interest | 49 | 69 |
Present Value | 1,968 | 13,106 |
Less than one year [member] | ||
Gross | 1,180 | 12,001 |
Interest | 49 | 69 |
Present Value | 1,131 | 11,932 |
Between one and five years [member] | ||
Gross | 837 | 1,174 |
Interest | 0 | 0 |
Present Value | 837 | 1,174 |
More than five years [member] | ||
Gross | 0 | 0 |
Interest | 0 | 0 |
Present Value | $ 0 | $ 0 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from sales of goods | $ 5,857,584 | $ 5,133,339 | $ 4,649,581 |
Revenue from rendering of services | 97,249 | 105,002 | 111,804 |
Total | $ 5,954,833 | $ 5,238,341 | $ 4,761,385 |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee expenses | $ 627,614 | $ 563,117 | $ 532,957 |
Wages and salaries | 602,936 | 542,981 | 506,993 |
Severance indemnities | $ 24,678 | $ 20,136 | $ 25,964 |
EMPLOYEE BENEFITS (Details 1)
EMPLOYEE BENEFITS (Details 1) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Discount rate | 5.91% | 5.11% | 4.52% | |
Inflation | 3.00% | 2.77% | 2.79% | |
Annual rate of wage growth | 5.22% | 5.22% | 5.22% | |
Mortality rate | [1] | RV-2014 | RV-2014 | RV-2009 |
[1] | For the purposes of determining the technical reserves, Chilean annuity providers are required by law to utilize the mortality tables specified by the SVS (currently Chilean Commission for the Financial Market). The most recent table is the RV-2014, which is based on Chilean pensioner experience from 2006-2013 (SP & SVS, 2013). The mortality tables distinguish between males and females. |
EMPLOYEE BENEFITS (Details 2)
EMPLOYEE BENEFITS (Details 2) $ in Thousands | Dec. 31, 2018USD ($) |
Discount rate [member] | |
Increase in 100 bps | $ (4,476) |
Decrease in 100 bps | 5,151 |
Wage growth rates [member] | |
Increase in 100 bps | 4,881 |
Decrease in 100 bps | $ (4,468) |
EMPLOYEE BENEFITS (Details Pare
EMPLOYEE BENEFITS (Details Parenthetical) | Dec. 31, 2018 |
Discount rate [member] | |
Basis points of reasonably possible increase in actuarial assumption | 100 |
Basis points of reasonably possible decrease in actuarial assumption | 100 |
Wage growth rates [member] | |
Basis points of reasonably possible increase in actuarial assumption | 100 |
Basis points of reasonably possible decrease in actuarial assumption | 100 |
EMPLOYEE BENEFITS (Details 3)
EMPLOYEE BENEFITS (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | $ 5,656 | $ 5,730 | ||
Non-current | 64,895 | 66,033 | ||
Total | $ 70,551 | $ 71,763 | $ 70,551 | $ 71,763 |
Opening balance | 71,763 | 65,328 | ||
Current service cost | 5,201 | 5,583 | ||
Interest cost | 3,723 | 3,208 | ||
(Gains) losses from changes in actuarial assumptions | (172) | (3,711) | ||
Actuarial gains and losses arising from experience | (1,685) | 1,212 | ||
Benefits paid | (4,773) | (5,654) | ||
Costs from past services | 4,710 | 0 | ||
Increase (decrease) for foreign currency exchange rates changes | (8,216) | 5,797 | ||
Closing balance | $ 70,551 | $ 71,763 |
BALANCES IN FOREIGN CURRENCY _3
BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Total Current Assets | $ 3,441,160 | $ 2,770,363 | ||
Cash and Cash Equivalents | 1,075,942 | 589,886 | $ 592,253 | $ 500,025 |
Other current financial assets | 497 | 3,504 | ||
Other current non-financial assets | 129,854 | 129,837 | ||
Trade and other current receivables | 839,184 | 814,412 | ||
Accounts receivable due from related companies | 7,324 | 3,488 | ||
Current Inventories | 1,030,196 | 868,462 | ||
Current biological assets | 315,924 | 307,796 | ||
Current tax assets | 36,513 | 49,471 | ||
Non-current assets or disposal groups classified as held for sale | 5,726 | 3,507 | ||
Total Non-Current Assets | 11,152,588 | 11,224,237 | 11,283,821 | |
Other non-current financial assets | 20,346 | 56,600 | ||
Other non-current non-financial assets | 86,948 | 121,521 | ||
Trade and other non-current receivables | 15,149 | 16,040 | ||
Accounts receivable due from related companies, non-current | 481 | 1,056 | ||
Investments accounted for using equity method | 358,053 | 368,772 | 446,548 | |
Intangible assets other than goodwill | 90,093 | 88,615 | ||
Goodwill | 65,851 | 69,922 | 74,893 | |
Property, plant and equipment | 7,174,693 | 7,034,299 | 6,919,495 | |
Non-current biological assets | 3,336,339 | 3,459,146 | ||
Deferred tax assets | 4,635 | 8,266 | $ 6,097 | |
U.S Dollar [Member] | ||||
Cash and Cash Equivalents | 834,513 | 501,352 | ||
Other current financial assets | 497 | 3,497 | ||
Other current non-financial assets | 49,170 | 48,632 | ||
Trade and other current receivables | 631,047 | 550,674 | ||
Accounts receivable due from related companies | 591 | 726 | ||
Current Inventories | 957,529 | 809,689 | ||
Current biological assets | 253,672 | 270,761 | ||
Current tax assets | 16,042 | 7,769 | ||
Non-current assets or disposal groups classified as held for sale | 5,152 | 2,835 | ||
Other non-current financial assets | 20,346 | 56,600 | ||
Other non-current non-financial assets | 79,615 | 104,711 | ||
Trade and other non-current receivables | 7,733 | 4,247 | ||
Investments accounted for using equity method | 135,805 | 130,276 | ||
Intangible assets other than goodwill | 87,729 | 87,007 | ||
Goodwill | 42,573 | 42,656 | ||
Property, plant and equipment | 6,675,290 | 6,443,081 | ||
Non-current biological assets | 2,924,266 | 2,934,819 | ||
Deferred tax assets | 4,558 | 4,319 | ||
Euros [Member] | ||||
Cash and Cash Equivalents | 8,295 | 4,306 | ||
Other current non-financial assets | 125 | 104 | ||
Trade and other current receivables | 7,399 | 20,498 | ||
Current tax assets | 262 | 0 | ||
Investments accounted for using equity method | 177,548 | 185,410 | ||
Brazilian Real [Member] | ||||
Cash and Cash Equivalents | 44,605 | 47,314 | ||
Other current non-financial assets | 19,018 | 17,158 | ||
Trade and other current receivables | 66,500 | 89,673 | ||
Accounts receivable due from related companies | 83 | 171 | ||
Current Inventories | 72,667 | 58,773 | ||
Current biological assets | 62,252 | 37,035 | ||
Current tax assets | 4,978 | 6,721 | ||
Non-current assets or disposal groups classified as held for sale | 574 | 672 | ||
Other non-current non-financial assets | 4,946 | 4,629 | ||
Trade and other non-current receivables | 1,040 | 3,345 | ||
Investments accounted for using equity method | 42,052 | 53,080 | ||
Intangible assets other than goodwill | 2,364 | 1,516 | ||
Goodwill | 23,278 | 27,266 | ||
Property, plant and equipment | 498,993 | 585,202 | ||
Non-current biological assets | 412,073 | 524,327 | ||
Deferred tax assets | 36 | 3,622 | ||
Argentine Pesos [Member] | ||||
Cash and Cash Equivalents | 2,854 | 10,038 | ||
Other current non-financial assets | 5,855 | 5,832 | ||
Trade and other current receivables | 15,044 | 26,863 | ||
Other non-current non-financial assets | 1,427 | 11,303 | ||
Other currencies [Member] | ||||
Cash and Cash Equivalents | 5,375 | 3,685 | ||
Other current financial assets | 0 | 7 | ||
Other current non-financial assets | 5,325 | 5,306 | ||
Trade and other current receivables | 15,458 | 17,702 | ||
Accounts receivable due from related companies | 591 | 726 | ||
Current tax assets | 1,501 | 3,188 | ||
Other non-current non-financial assets | 730 | 693 | ||
Trade and other non-current receivables | 27 | 0 | ||
Deferred tax assets | 41 | 32 | ||
Chilean Pesos [Member] | ||||
Cash and Cash Equivalents | 180,300 | 23,191 | ||
Other current non-financial assets | 50,361 | 52,805 | ||
Trade and other current receivables | 99,950 | 106,442 | ||
Accounts receivable due from related companies | 6,169 | 2,192 | ||
Current tax assets | 13,730 | 31,793 | ||
Other non-current non-financial assets | 230 | 185 | ||
Trade and other non-current receivables | 3,267 | 6,692 | ||
Investments accounted for using equity method | 2,648 | 6 | ||
Intangible assets other than goodwill | 0 | 92 | ||
Property, plant and equipment | 410 | 6,016 | ||
Deferred tax assets | 0 | 293 | ||
U.F. [Member] | ||||
Trade and other current receivables | 3,786 | 2,560 | ||
Accounts receivable due from related companies | 481 | 399 | ||
Trade and other non-current receivables | 3,082 | 1,756 | ||
Accounts receivable due from related companies, non-current | $ 481 | $ 1,056 |
BALANCES IN FOREIGN CURRENCY _4
BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS. (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Total Liabilities, current | $ 1,579,764 | $ 1,399,394 | |
Other current financial liabilities | 537,596 | 500,344 | |
Bank Loans | 215,049 | 392,872 | |
Financial Leases | 30,916 | 44,341 | |
Other Loans | 291,631 | 63,131 | |
Trade and other current payables | 659,618 | 717,346 | |
Accounts payable to related companies | 10,229 | 11,208 | |
Other current provisions | 413 | 2,728 | |
Current tax liabilities | 153,642 | 8,088 | |
Current provisions for employee benefits | 5,656 | 5,730 | |
Other current non-financial liabilities | 212,610 | 153,950 | |
Total non-current liabilities | 5,675,013 | 5,478,313 | |
Other non-current financial liabilities | 4,044,279 | 3,778,567 | |
Bank Loans | 725,386 | 465,585 | |
Financial Leases | 37,271 | 68,035 | |
Other Loans | 3,281,622 | 3,244,947 | |
Non-current payables | 2,230 | 0 | |
Other non-current provisions | 33,884 | 36,008 | |
Deferred tax liabilities | 1,417,658 | 1,485,365 | $ 1,631,065 |
Non-current provisions for employee benefits | 64,895 | 66,033 | |
Other non-current non-financial liabilities | 112,067 | 112,340 | |
Not later than three months [member] | |||
Total Liabilities, current | 1,160,815 | 1,045,364 | |
Other current financial liabilities | 121,606 | 148,778 | |
Bank Loans | 84,778 | 110,700 | |
Financial Leases | 7,265 | 9,928 | |
Other Loans | 29,563 | 28,150 | |
Trade and other current payables | 659,618 | 717,342 | |
Accounts payable to related companies | 10,229 | 11,208 | |
Other current provisions | 413 | 2,728 | |
Current tax liabilities | 152,994 | 6,361 | |
Current provisions for employee benefits | 4,923 | 5,595 | |
Other current non-financial liabilities | 211,032 | 153,352 | |
Later than three months and not later than one year [member] | |||
Total Liabilities, current | 418,949 | 354,030 | |
Other current financial liabilities | 415,990 | 351,566 | |
Bank Loans | 130,271 | 282,172 | |
Financial Leases | 23,651 | 34,413 | |
Other Loans | 262,068 | 34,981 | |
Trade and other current payables | 0 | 4 | |
Accounts payable to related companies | 0 | 0 | |
Other current provisions | 0 | 0 | |
Current tax liabilities | 648 | 1,727 | |
Current provisions for employee benefits | 733 | 135 | |
Other current non-financial liabilities | 1,578 | 598 | |
Later than one year and not later than five years [member] | |||
Total non-current liabilities | 2,506,687 | 3,025,553 | |
Other non-current financial liabilities | 1,451,888 | 1,455,641 | |
Bank Loans | 526,062 | 327,424 | |
Financial Leases | 37,271 | 68,035 | |
Other Loans | 888,555 | 1,060,182 | |
Non-current payables | 2,230 | 0 | |
Other non-current provisions | 33,884 | 36,008 | |
Deferred tax liabilities | 841,723 | 1,355,531 | |
Non-current provisions for employee benefits | 64,895 | 66,033 | |
Other non-current non-financial liabilities | 112,067 | 112,340 | |
Later than five years [member] | |||
Total non-current liabilities | 3,168,326 | 2,452,760 | |
Other non-current financial liabilities | 2,592,391 | 2,322,926 | |
Bank Loans | 199,324 | 138,161 | |
Financial Leases | 0 | 0 | |
Other Loans | 2,393,067 | 2,184,765 | |
Non-current payables | 0 | 0 | |
Other non-current provisions | 0 | 0 | |
Deferred tax liabilities | 575,935 | 129,834 | |
Non-current provisions for employee benefits | 0 | 0 | |
Other non-current non-financial liabilities | 0 | 0 | |
U.S Dollar [Member] | |||
Other current financial liabilities | 445,076 | 418,418 | |
Bank Loans | 208,221 | 385,829 | |
Other Loans | 236,855 | 32,589 | |
Trade and other current payables | 184,989 | 193,562 | |
Accounts payable to related companies | 1,777 | 1,354 | |
Other current provisions | 413 | 622 | |
Current tax liabilities | 88 | 283 | |
Other current non-financial liabilities | 188,346 | 119,891 | |
Other non-current financial liabilities | 2,614,348 | 2,479,630 | |
Bank Loans | 717,559 | 449,079 | |
Other Loans | 1,896,789 | 2,030,551 | |
Non-current payables | 2,230 | 0 | |
Other non-current provisions | 9 | 7 | |
Deferred tax liabilities | 1,327,291 | 1,376,930 | |
Other non-current non-financial liabilities | 19 | 13 | |
U.S Dollar [Member] | Not later than three months [member] | |||
Other current financial liabilities | 110,329 | 134,125 | |
Bank Loans | 82,898 | 108,317 | |
Other Loans | 27,431 | 25,808 | |
Trade and other current payables | 184,989 | 193,562 | |
Accounts payable to related companies | 1,777 | 1,354 | |
Other current provisions | 413 | 622 | |
Current tax liabilities | 88 | 283 | |
Other current non-financial liabilities | 187,740 | 119,309 | |
U.S Dollar [Member] | Later than three months and not later than one year [member] | |||
Other current financial liabilities | 334,747 | 284,293 | |
Bank Loans | 125,323 | 277,512 | |
Other Loans | 209,424 | 6,781 | |
Trade and other current payables | 0 | 0 | |
Accounts payable to related companies | 0 | 0 | |
Other current provisions | 0 | 0 | |
Current tax liabilities | 0 | 0 | |
Other current non-financial liabilities | 606 | 582 | |
U.S Dollar [Member] | Later than one year and not later than five years [member] | |||
Other non-current financial liabilities | 1,041,304 | 970,631 | |
Bank Loans | 518,235 | 310,918 | |
Other Loans | 523,069 | 659,713 | |
Non-current payables | 2,230 | 0 | |
Other non-current provisions | 9 | 7 | |
Deferred tax liabilities | 751,356 | 1,247,096 | |
Other non-current non-financial liabilities | 19 | 13 | |
U.S Dollar [Member] | Later than five years [member] | |||
Other non-current financial liabilities | 1,573,044 | 1,508,999 | |
Bank Loans | 199,324 | 138,161 | |
Other Loans | 1,373,720 | 1,370,838 | |
Non-current payables | 0 | 0 | |
Other non-current provisions | 0 | 0 | |
Deferred tax liabilities | 575,935 | 129,834 | |
Other non-current non-financial liabilities | 0 | 0 | |
Euros [Member] | |||
Trade and other current payables | 7,450 | 9,099 | |
Current tax liabilities | 7 | 158 | |
Other current non-financial liabilities | 49 | 77 | |
Euros [Member] | Not later than three months [member] | |||
Trade and other current payables | 7,450 | 9,099 | |
Current tax liabilities | 7 | 158 | |
Other current non-financial liabilities | 49 | 77 | |
Euros [Member] | Later than three months and not later than one year [member] | |||
Trade and other current payables | 0 | 0 | |
Current tax liabilities | 0 | 0 | |
Other current non-financial liabilities | 0 | 0 | |
Brazilian Real [Member] | |||
Other current financial liabilities | 6,828 | 7,043 | |
Bank Loans | 6,828 | 7,043 | |
Trade and other current payables | 64,873 | 124,917 | |
Other current provisions | 0 | 2,106 | |
Current provisions for employee benefits | 51 | 0 | |
Other current non-financial liabilities | 12,340 | 18,016 | |
Other non-current financial liabilities | 7,827 | 16,506 | |
Bank Loans | 7,827 | 16,506 | |
Other non-current provisions | 5,839 | 4,682 | |
Deferred tax liabilities | 90,367 | 108,435 | |
Other non-current non-financial liabilities | 111,841 | 111,634 | |
Brazilian Real [Member] | Not later than three months [member] | |||
Other current financial liabilities | 1,880 | 2,383 | |
Bank Loans | 1,880 | 2,383 | |
Trade and other current payables | 64,873 | 124,917 | |
Other current provisions | 0 | 2,106 | |
Brazilian Real [Member] | Later than three months and not later than one year [member] | |||
Other current financial liabilities | 4,948 | 4,660 | |
Bank Loans | 4,948 | 4,660 | |
Trade and other current payables | 0 | 0 | |
Other current provisions | 0 | 0 | |
Brazilian Real [Member] | Later than one year and not later than five years [member] | |||
Current provisions for employee benefits | 51 | 0 | |
Other current non-financial liabilities | 12,340 | 18,016 | |
Other non-current financial liabilities | 7,827 | 16,506 | |
Bank Loans | 7,827 | 16,506 | |
Other non-current provisions | 5,839 | 4,682 | |
Deferred tax liabilities | 90,367 | 108,435 | |
Other non-current non-financial liabilities | 111,841 | 111,634 | |
Brazilian Real [Member] | Later than five years [member] | |||
Current provisions for employee benefits | 0 | 0 | |
Other current non-financial liabilities | 0 | 0 | |
Other non-current financial liabilities | 0 | 0 | |
Bank Loans | 0 | 0 | |
Other non-current provisions | 0 | 0 | |
Deferred tax liabilities | 0 | 0 | |
Other non-current non-financial liabilities | 0 | 0 | |
Argentine Pesos [Member] | |||
Trade and other current payables | 15,590 | 29,243 | |
Current tax liabilities | 16,730 | 46 | |
Other current non-financial liabilities | 3,037 | 3,215 | |
Other non-current provisions | 28,035 | 31,316 | |
Other non-current non-financial liabilities | 29 | 480 | |
Argentine Pesos [Member] | Later than one year and not later than five years [member] | |||
Trade and other current payables | 15,590 | 29,243 | |
Current tax liabilities | 16,730 | 46 | |
Other current non-financial liabilities | 3,037 | 3,215 | |
Other non-current provisions | 28,035 | 31,316 | |
Other non-current non-financial liabilities | 29 | 480 | |
Argentine Pesos [Member] | Later than five years [member] | |||
Trade and other current payables | 0 | 0 | |
Current tax liabilities | 0 | 0 | |
Other current non-financial liabilities | 0 | 0 | |
Other non-current provisions | 0 | 0 | |
Other non-current non-financial liabilities | 0 | 0 | |
Other currencies [Member] | |||
Trade and other current payables | 9,650 | 4,936 | |
Current tax liabilities | 102 | 479 | |
Other current non-financial liabilities | 4,104 | 3,906 | |
Non-current provisions for employee benefits | 159 | 129 | |
Other currencies [Member] | Not later than three months [member] | |||
Trade and other current payables | 9,650 | 4,936 | |
Current tax liabilities | 102 | 479 | |
Other current non-financial liabilities | 4,104 | 3,906 | |
Other currencies [Member] | Later than three months and not later than one year [member] | |||
Trade and other current payables | 0 | 0 | |
Current tax liabilities | 0 | 0 | |
Other current non-financial liabilities | 0 | 0 | |
Other currencies [Member] | Later than one year and not later than five years [member] | |||
Non-current provisions for employee benefits | 159 | 129 | |
Other currencies [Member] | Later than five years [member] | |||
Non-current provisions for employee benefits | 0 | 0 | |
Chilean Pesos [Member] | |||
Other current financial liabilities | 5,017 | 5,624 | |
Financial Leases | 5,017 | 5,624 | |
Trade and other current payables | 348,886 | 333,529 | |
Accounts payable to related companies | 8,452 | 9,854 | |
Current tax liabilities | 136,715 | 7,122 | |
Current provisions for employee benefits | 5,605 | 5,730 | |
Other current non-financial liabilities | 4,734 | 8,825 | |
Other non-current financial liabilities | 5,821 | 9,839 | |
Financial Leases | 5,821 | 9,839 | |
Other non-current provisions | 1 | 3 | |
Non-current provisions for employee benefits | 64,736 | 65,904 | |
Other non-current non-financial liabilities | 178 | 213 | |
Chilean Pesos [Member] | Not later than three months [member] | |||
Other current financial liabilities | 1,334 | 1,508 | |
Financial Leases | 1,334 | 1,508 | |
Trade and other current payables | 348,886 | 333,525 | |
Accounts payable to related companies | 8,452 | 9,854 | |
Current tax liabilities | 136,067 | 5,395 | |
Current provisions for employee benefits | 4,872 | 5,595 | |
Other current non-financial liabilities | 3,762 | 8,809 | |
Chilean Pesos [Member] | Later than three months and not later than one year [member] | |||
Other current financial liabilities | 3,683 | 4,116 | |
Financial Leases | 3,683 | 4,116 | |
Trade and other current payables | 0 | 4 | |
Accounts payable to related companies | 0 | 0 | |
Current tax liabilities | 648 | 1,727 | |
Current provisions for employee benefits | 733 | 135 | |
Other current non-financial liabilities | 972 | 16 | |
Chilean Pesos [Member] | Later than one year and not later than five years [member] | |||
Other non-current financial liabilities | 5,821 | 9,839 | |
Financial Leases | 5,821 | 9,839 | |
Other non-current provisions | 1 | 3 | |
Non-current provisions for employee benefits | 64,736 | 65,904 | |
Other non-current non-financial liabilities | 178 | 213 | |
Chilean Pesos [Member] | Later than five years [member] | |||
Other non-current financial liabilities | 0 | 0 | |
Financial Leases | 0 | 0 | |
Other non-current provisions | 0 | 0 | |
Non-current provisions for employee benefits | 0 | 0 | |
Other non-current non-financial liabilities | 0 | 0 | |
U.F. [Member] | |||
Other current financial liabilities | 80,675 | 69,259 | |
Financial Leases | 25,899 | 38,717 | |
Other Loans | 54,776 | 30,542 | |
Trade and other current payables | 28,180 | 22,060 | |
Other current non-financial liabilities | 0 | 20 | |
Other non-current financial liabilities | 1,416,283 | 1,272,592 | |
Financial Leases | 31,450 | 58,196 | |
Other Loans | 1,384,833 | 1,214,396 | |
U.F. [Member] | Not later than three months [member] | |||
Other current financial liabilities | 8,063 | 10,762 | |
Financial Leases | 5,931 | 8,420 | |
Other Loans | 2,132 | 2,342 | |
Trade and other current payables | 28,180 | 22,060 | |
Other current non-financial liabilities | 0 | 20 | |
U.F. [Member] | Later than three months and not later than one year [member] | |||
Other current financial liabilities | 72,612 | 58,497 | |
Financial Leases | 19,968 | 30,297 | |
Other Loans | 52,644 | 28,200 | |
Trade and other current payables | 0 | 0 | |
Other current non-financial liabilities | 0 | 0 | |
U.F. [Member] | Later than one year and not later than five years [member] | |||
Other non-current financial liabilities | 396,936 | 458,665 | |
Financial Leases | 31,450 | 58,196 | |
Other Loans | 365,486 | 400,469 | |
U.F. [Member] | Later than five years [member] | |||
Other non-current financial liabilities | 1,019,347 | 813,927 | |
Financial Leases | 0 | 0 | |
Other Loans | $ 1,019,347 | $ 813,927 |
BALANCES IN FOREIGN CURRENCY _5
BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS. (Details 2) | 12 Months Ended |
Dec. 31, 2018 | |
Arauco do Brasil S.A. [Member] | |
Country of incorporation of subsidiary | Brazil |
Description of functional currency | Brazilian Real |
Arauco Forest Brasil S.A. [Member] | |
Country of incorporation of subsidiary | Brazil |
Description of functional currency | Brazilian Real |
Arauco Florestal Arapoti S.A. [Member] | |
Country of incorporation of subsidiary | Brazil |
Description of functional currency | Brazilian Real |
Arauco Industria de Paineis Ltda. [Member] | |
Country of incorporation of subsidiary | Brazil |
Description of functional currency | Brazilian Real |
Empreendimentos Florestais Santa Cruz Ltda. [Member] | |
Country of incorporation of subsidiary | Brazil |
Description of functional currency | Brazilian Real |
Mahal Empreendimentos e Participacoes S.A. [Member] | |
Country of incorporation of subsidiary | Brazil |
Description of functional currency | Brazilian Real |
Novo Oeste Gestao de Ativos Florestais S.A. [Member] | |
Country of incorporation of subsidiary | Brazil |
Description of functional currency | Brazilian Real |
Consorcio Proteccion Fitosanitaria Forestal S.A. [Member] | |
Country of incorporation of subsidiary | Chile |
Description of functional currency | Chilean Pesos |
Forestal Nuestra Senora del Carmen S.A. [Member] | |
Country of incorporation of subsidiary | Argentina |
Description of functional currency | Argentine pesos |
Forestal Talavera S.A. [Member] | |
Country of incorporation of subsidiary | Argentina |
Description of functional currency | Argentine pesos |
Greeneagro S.A. [Member] | |
Country of incorporation of subsidiary | Argentina |
Description of functional currency | Argentine pesos |
Leasing Forestal S.A. [Member] | |
Country of incorporation of subsidiary | Argentina |
Description of functional currency | Argentine pesos |
Savitar S.A. [Member] | |
Country of incorporation of subsidiary | Argentina |
Description of functional currency | Argentine pesos |
Flakeboard Company Limited [Member] | |
Country of incorporation of subsidiary | Canada |
Description of functional currency | Canadian Dollar |
BALANCES IN FOREIGN CURRENCY _6
BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS. (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Reserve of exchange differences on translation | $ (180,623) | $ 12,114 | $ 168,884 |
Arauco do Brasil S.A. [Member] | |||
Reserve of exchange differences on translation | (70,685) | (6,537) | 73,087 |
Arauco Forest Brasil S.A. [Member] | |||
Reserve of exchange differences on translation | (65,196) | (6,929) | 68,314 |
Arauco Florestal Arapoti S.A. [Member] | |||
Reserve of exchange differences on translation | (17,007) | (1,051) | 19,523 |
Sonae Arauco S.A. [Member] | |||
Reserve of exchange differences on translation | (9,811) | 20,547 | 0 |
Arauco Argentina S.A. [Member] | |||
Reserve of exchange differences on translation | (7,584) | (752) | 4,989 |
Flakeboard Company Limited [Member] | |||
Reserve of exchange differences on translation | (7,879) | 6,529 | 2,984 |
Others [Member] | |||
Reserve of exchange differences on translation | $ (2,461) | $ 307 | $ (13) |
BALANCES IN FOREIGN CURRENCY _7
BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS. (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Exchange differences recognized in profit or loss, except for those arising on financial instruments measured at fair value through profit or loss | $ (26,470) | $ 98 | $ (3,935) |
Reserve of exchange differences on translation | (180,623) | 12,114 | 168,884 |
Non-controlling interests [member] | |||
Reserve of exchange differences on translation | $ (185,038) | $ 11,873 | $ 173,754 |
BORROWING COSTS (Details)
BORROWING COSTS (Details) - Property, Plant and Equipment [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, plant and equipment capitalized interest cost rate | 3.74% | 4.57% |
Amount of the capitalized interest cost, property, plant and equipment | $ 16,469 | $ 6,830 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Agenciamiento y Servicios Profesionales S.A. [Member] | ||
Country | Mexico | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 99.999% |
Agenciamiento y Servicios Profesionales S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.002% | 0.002% |
Agenciamiento y Servicios Profesionales S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.997% | 99.997% |
Arauco Argentina S.A. [Member] | ||
Country | Argentina | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.9801% | 99.9801% |
Arauco Argentina S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 9.9753% | 9.9753% |
Arauco Argentina S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 90.0048% | 90.0048% |
Arauco Australia Pty Ltd [Member] | ||
Country | Australia | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 99.999% |
Arauco Australia Pty Ltd [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Arauco Australia Pty Ltd [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.999% | 99.999% |
Arauco Bioenergia S.A. [Member] | ||
Country | Chile | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.9999% | 99.9999% |
Arauco Bioenergia S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 98.00% | 98.00% |
Arauco Bioenergia S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 1.9999% | 1.9999% |
Arauco Colombia S.A. [Member] | ||
Country | Colombia | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.9982% | 99.9982% |
Arauco Colombia S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 1.4778% | 1.4778% |
Arauco Colombia S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 98.5204% | 98.5204% |
Arauco do Brasil S.A. [Member] | ||
Country | Brazil | |
Functional Currency | Brazilian Real | |
% Ownership interest | 99.999% | 99.999% |
Arauco do Brasil S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 1.0681% | 1.1624% |
Arauco do Brasil S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 98.9309% | 98.8366% |
Arauco Europe Cooperatief U.A. [Member] | ||
Country | Netherlands | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 99.999% |
Arauco Europe Cooperatief U.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.5689% | 0.5689% |
Arauco Europe Cooperatief U.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.4301% | 99.4301% |
Arauco Florestal Arapoti S.A. [Member] | ||
Country | Brazil | |
Functional Currency | Brazilian Real | |
% Ownership interest | 79.9992% | 79.9992% |
Arauco Florestal Arapoti S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Arauco Florestal Arapoti S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 79.9992% | 79.9992% |
Arauco Forest Brasil S.A. [Member] | ||
Country | Brazil | |
Functional Currency | Brazilian Real | |
% Ownership interest | 99.9992% | 99.9992% |
Arauco Forest Brasil S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 9.7714% | 9.9971% |
Arauco Forest Brasil S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 90.2278% | 90.0021% |
Arauco Industria de Paineis Ltda. [Member] | ||
Country | Brazil | |
Functional Currency | Brazilian Real | |
% Ownership interest | 99.999% | 99.999% |
Arauco Industria de Paineis Ltda. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Arauco Industria de Paineis Ltda. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.999% | 99.999% |
Arauco Middle East DMCC [Member] | ||
Country | Dubai | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 99.999% |
Arauco Middle East DMCC [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Arauco Middle East DMCC [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.999% | 99.999% |
Arauco Nutrientes Naturales SPA [Member] | ||
Country | Chile | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.9484% | 99.9484% |
Arauco Nutrientes Naturales SPA [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Arauco Nutrientes Naturales SPA [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9484% | 99.9484% |
Arauco Panels USA, LLC [Member] | ||
Country | USA | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 0.00% | 99.999% |
Arauco Panels USA, LLC [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Arauco Panels USA, LLC [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 0.00% | 99.999% |
Arauco Peru S.A. [Member] | ||
Country | Peru | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 99.999% |
Arauco Peru S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.0013% | 0.0013% |
Arauco Peru S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9977% | 99.9977% |
Arauco Wood Products, Inc. [Member] | ||
Country | USA | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 0.00% | 99.999% |
Arauco Wood Products, Inc. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.0004% |
Arauco Wood Products, Inc. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 0.00% | 99.9986% |
Araucomex S.A. de C.V. [Member] | ||
Country | Mexico | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 99.999% |
Araucomex S.A. de C.V. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.0005% | 0.0005% |
Araucomex S.A. de C.V. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9985% | 99.9985% |
Consorcio Proteccion Fitosanitaria Forestal S.A. [Member] | ||
Country | Chile | |
Functional Currency | Chilean Pesos | |
% Ownership interest | 57.0831% | 57.5223% |
Consorcio Proteccion Fitosanitaria Forestal S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Consorcio Proteccion Fitosanitaria Forestal S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 57.0831% | 57.5223% |
Empreendimentos Florestais Santa Cruz Ltda. [Member] | ||
Country | Brazil | |
Functional Currency | Brazilian Real | |
% Ownership interest | 99.9985% | 99.9795% |
Empreendimentos Florestais Santa Cruz Ltda. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Empreendimentos Florestais Santa Cruz Ltda. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9985% | 99.9795% |
Flakeboard America Limited [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.999% | 99.999% |
Flakeboard Company Ltd. [Member] | ||
Country | Canada | |
Functional Currency | Canadian Dollar | |
% Ownership interest | 99.999% | 99.999% |
Flakeboard Company Ltd. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Forestal Arauco S.A. [Member] | ||
Country | Chile | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.9484% | 99.9484% |
Forestal Arauco S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 99.9484% | 99.9484% |
Forestal Arauco S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Forestal Cholguan S.A. [Member] | ||
Country | Chile | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 98.5479% | 98.4826% |
Forestal Cholguan S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Forestal Cholguan S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 98.5479% | 98.4826% |
Forestal Los Lagos S.A. [Member] | ||
Country | Chile | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 79.9587% | 79.9587% |
Forestal Los Lagos S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Forestal Los Lagos S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 79.9587% | 79.9587% |
Forestal Nuestra Senora del Carmen S.A. [Member] | ||
Country | Argentina | |
Functional Currency | Argentine pesos | |
% Ownership interest | 99.9805% | 99.9805% |
Forestal Nuestra Senora del Carmen S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Forestal Nuestra Senora del Carmen S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9805% | 99.9805% |
Forestal Talavera S.A. [Member] | ||
Country | Argentina | |
Functional Currency | Argentine pesos | |
% Ownership interest | 99.9942% | 99.9942% |
Forestal Talavera S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Forestal Talavera S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9942% | 99.9942% |
Greenagro S.A. [Member] | ||
Country | Argentina | |
Functional Currency | Argentine pesos | |
% Ownership interest | 97.9805% | 97.9805% |
Greenagro S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Greenagro S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 97.9805% | 97.9805% |
Inversiones Arauco Internacional Ltda. [Member] | ||
Country | Chile | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 99.999% |
Inversiones Arauco Internacional Ltda. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 98.0186% | 98.0186% |
Inversiones Arauco Internacional Ltda. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 1.9804% | 1.9804% |
Investigaciones Forestales Bioforest S.A. [Member] | ||
Country | Chile | |
Functional Currency | Chilean Pesos | |
% Ownership interest | 99.9489% | 99.9489% |
Investigaciones Forestales Bioforest S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 1.00% | 1.00% |
Investigaciones Forestales Bioforest S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 98.9489% | 98.9489% |
Leasing Forestal S.A. [Member] | ||
Country | Argentina | |
Functional Currency | Argentine pesos | |
% Ownership interest | 99.9801% | 99.9801% |
Leasing Forestal S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Leasing Forestal S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9801% | 99.9801% |
Maderas Arauco S.A. (ex Paneles Arauco S.A.) [Member] | ||
Country | Chile | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.9995% | 99.9995% |
Maderas Arauco S.A. (ex Paneles Arauco S.A.) [Member] | Direct Holdings [Member] | ||
% Ownership interest | 99.00% | 99.00% |
Maderas Arauco S.A. (ex Paneles Arauco S.A.) [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 0.9995% | 0.9995% |
Mahal Empreendimentos e Participacoes S.A. [Member] | ||
Country | Brazil | |
Functional Currency | Brazilian Real | |
% Ownership interest | 99.9991% | 99.9961% |
Mahal Empreendimentos e Participacoes S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Mahal Empreendimentos e Participacoes S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9991% | 99.9961% |
Novo Oeste Gestao de Ativos Florestais S.A. [Member] | ||
Country | Brazil | |
Functional Currency | Brazilian Real | |
% Ownership interest | 99.9991% | 99.9991% |
Novo Oeste Gestao de Ativos Florestais S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Novo Oeste Gestao de Ativos Florestais S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9991% | 99.9991% |
Savitar S.A. [Member] | ||
Country | Argentina | |
Functional Currency | Argentine pesos | |
% Ownership interest | 99.9841% | 99.9841% |
Savitar S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Savitar S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9841% | 99.9841% |
Servicios Aereos Forestales Ltda. [Member] | ||
Country | Chile | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 99.999% |
Servicios Aereos Forestales Ltda. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.01% | 0.01% |
Servicios Aereos Forestales Ltda. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.989% | 99.989% |
Servicios Logisticos Arauco S.A. [Member] | ||
Country | Chile | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.9997% | 99.9997% |
Servicios Logisticos Arauco S.A. [Member] | Direct Holdings [Member] | ||
% Ownership interest | 45.00% | 45.00% |
Servicios Logisticos Arauco S.A. [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 54.9997% | 54.9997% |
Arauco North America Inc [Member] | ||
Country | USA | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 99.999% |
Arauco North America Inc [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.0001% | 0.00% |
Arauco North America Inc [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.9989% | 99.999% |
Maderas Arauco Costa Rica SA [Member] | ||
Country | Costa Rica | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 0.00% |
Maderas Arauco Costa Rica SA [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Maderas Arauco Costa Rica SA [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.999% | 0.00% |
Arauco Wood China Company Limited [Member] | ||
Country | China | |
Functional Currency | U.S. Dollar | |
% Ownership interest | 99.999% | 0.00% |
Arauco Wood China Company Limited [Member] | Direct Holdings [Member] | ||
% Ownership interest | 0.00% | 0.00% |
Arauco Wood China Company Limited [Member] | Indirect Holdings [Member] | ||
% Ownership interest | 99.999% | 0.00% |
RELATED PARTIES (Details 1)
RELATED PARTIES (Details 1) | 12 Months Ended |
Dec. 31, 2018 | |
Eufores S.A. [Member] | |
Country | Uruguay |
Functional Currency | U.S. Dollar |
Celulosa y Energia Punta Pereira S.A. [Member] | |
Country | Uruguay |
Functional Currency | U.S. Dollar |
Zona Franca Punta Pereira S.A. [Member] | |
Country | Uruguay |
Functional Currency | U.S. Dollar |
Forestal Cono Sur S.A. [Member] | |
Country | Uruguay |
Functional Currency | U.S. Dollar |
Stora Enso Uruguay S.A. [Member] | |
Country | Uruguay |
Functional Currency | U.S. Dollar |
El Esparragal Asociacion Agraria de R.L. [Member] | |
Country | Uruguay |
Functional Currency | U.S. Dollar |
Ongar S.A. [Member] | |
Country | Uruguay |
Functional Currency | U.S. Dollar |
Terminal Logistica e Industrial M'Bopicua S.A. [Member] | |
Country | Uruguay |
Functional Currency | U.S. Dollar |
RELATED PARTIES (Details 2)
RELATED PARTIES (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Salaries and bonuses | $ 72,666 | $ 59,501 | $ 73,398 |
Per diem compensation to members of the Board of Directors | 2,560 | 2,566 | 1,783 |
Termination benefits | 9,068 | 4,936 | 6,174 |
Total | $ 84,294 | $ 67,003 | $ 81,355 |
RELATED PARTIES (Details 3)
RELATED PARTIES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Receivables, Current | $ 7,324 | $ 3,488 |
Related Party Receivables, Non-Current | $ 481 | 1,056 |
Depsitos Portuarios Lirqun SA [Member] | ||
ID No | 96.871.870-3 | |
Nature of Relationship | Subsidiary of an associate | |
Country | Chile | |
Currency | U.S. Dollar | |
Maturity | 30 days | |
Related Party Payables, Current | $ 2 | |
Orizon SA [Member] | ||
ID No | 96.929.960-7 | |
Nature of Relationship | Common controlling parent | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 1 | 0 |
Va Limpia SPA [Member] | ||
ID No | 79.874.200-0 | |
Nature of Relationship | Common controlling parent | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 9 | 0 |
Air BP Copec [Member] | ||
ID No | 96.942.120-8 | |
Nature of Relationship | Common controlling parent | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 19 | 0 |
Current receivables [Member] | ||
Related Party Receivables, Current | $ 7,324 | 3,488 |
Current receivables [Member] | Forestal Mininco S.A [Member] | ||
ID No | 91.440.000-7 | |
Nature of Relationship | Common Stockholder | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Receivables, Current | $ 14 | 25 |
Current receivables [Member] | Eka Chile S.A [Member] | ||
ID No | 99.500.140-3 | |
Nature of Relationship | Joint Venture | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Receivables, Current | $ 2,362 | 2,027 |
Current receivables [Member] | Forestal del Sur S.A [Member] | ||
ID No | 79.825.060-4 | |
Nature of Relationship | Associate of a subsidiary's minority shareholder | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Receivables, Current | $ 3,740 | 4 |
Current receivables [Member] | Unilin Arauco Pisos Ltda. [Member] | ||
ID No | - | |
Nature of Relationship | Joint Venture | |
Country | Brazil | |
Currency | Brazilian Real | |
Maturity | 30 days | |
Related Party Receivables, Current | $ 83 | 171 |
Current receivables [Member] | Colbun S.A. [Member] | ||
ID No | 96.505.760-9 | |
Nature of Relationship | Common Stockholder | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Receivables, Current | $ 52 | 136 |
Current receivables [Member] | CMPC Celulosa S.A. [Member] | ||
ID No | 96.532.330-9 | |
Nature of Relationship | Common Stockholder | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Receivables, Current | $ 1 | 0 |
Current receivables [Member] | Fundación Acerca Redes [Member] | ||
ID No | 65.097.218-K | |
Nature of Relationship | Parent company is founder and contributor | |
Country | Chile | |
Currency | U.S. Dollar | |
Maturity | 30 days | |
Related Party Receivables, Current | $ 221 | 726 |
Current receivables [Member] | Compañía Puerto de Coronel S.A. [Member] | ||
ID No | 79.895.330-3 | |
Nature of Relationship | Subsidiary of an Associate | |
Country | Chile | |
Currency | U.F. | |
Maturity | 30 days | |
Related Party Receivables, Current | $ 481 | 399 |
Current receivables [Member] | Sonae Arauco Portugal SA [Member] | ||
ID No | - | |
Nature of Relationship | Subsidiary of a Joint Venture | |
Country | Portugal | |
Currency | U.S. Dollar | |
Maturity | 30 days | |
Related Party Receivables, Current | $ 370 | |
Non current receivables one [Member] | Compañía Puerto de Coronel S.A. [Member] | ||
ID No | 79.895.330-3 | |
Nature of Relationship | Subsidiary of an Associate | |
Country | Chile | |
Currency | U.F. | |
Maturity | - | |
Related Party Receivables, Non-Current | $ 0 | 528 |
Non current receivables two [Member] | Compañía Puerto de Coronel S.A. [Member] | ||
ID No | 79.895.330-3 | |
Nature of Relationship | Subsidiary of an Associate | |
Country | Chile | |
Currency | U.F. | |
Maturity | Jan-20 | |
Related Party Receivables, Non-Current | $ 481 | 528 |
Current payables [Member] | ||
Related Party Payables, Current | $ 10,229 | 11,208 |
Current payables [Member] | Abastible S.A. [Member] | ||
ID No | 91.806.000-6 | |
Nature of Relationship | Common controlling parent | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 601 | 545 |
Current payables [Member] | Fundación Educacional Arauco [Member] | ||
ID No | 71.625.000-8 | |
Nature of Relationship | Common director | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 616 | 54 |
Current payables [Member] | Compañía Puerto de Coronel S.A. [Member] | ||
ID No | 79.895.330-3 | |
Nature of Relationship | Subsidiary of an associate | |
Country | Chile | |
Currency | U.S. Dollar | |
Maturity | 30 days | |
Related Party Payables, Current | $ 772 | 0 |
Current payables [Member] | Compania de Petroleos de Chile S.A [Member] | ||
ID No | 99.520.000-7 | |
Nature of Relationship | Common controlling parent | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 7,019 | 8,837 |
Current payables [Member] | Portaluppi, Guzman y Bezanilla Abogados [Member] | ||
ID No | 78.096.080-9 | |
Nature of Relationship | Common director | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | - | |
Related Party Payables, Current | $ 0 | 146 |
Current payables [Member] | Puerto Lirquen S.A. [Member] | ||
ID No | 96.959.030-1 | |
Nature of Relationship | Subsidiary of an associate | |
Country | Chile | |
Currency | U.S. Dollar | |
Maturity | 30 days | |
Related Party Payables, Current | $ 1,003 | 1,354 |
Current payables [Member] | Adm. de ventas al detalle Arco Prime Ltda [Member] | ||
ID No | 77.215.640-5 | |
Nature of Relationship | Common controlling parent | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 1 | 14 |
Current payables [Member] | Empresa Distrib. Papeles y Cartones S.A [Member] | ||
ID No | 88.566.900-k | |
Nature of Relationship | Common Stockholder | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 8 | 0 |
Current payables [Member] | Red to Green S.A. (Ex-Sigma Servicios Informáticos S.A.) [Member] | ||
ID No | 86.370.800-1 | |
Nature of Relationship | Common Stockholder | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 14 | 1 |
Current payables [Member] | Empresa Nacional de Telecomunicaciones S.A. [Member] | ||
ID No | 92.580.000-7 | |
Nature of Relationship | Common Stockholder | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 123 | 137 |
Current payables [Member] | Servicios corporativos sercor s.a. [Member] | ||
ID No | 96.925.430-1 | |
Nature of Relationship | Associate | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 11 | 29 |
Current payables [Member] | Adm.Estaciones de Servicio Serco Ltda. [Member] | ||
ID No | 79.689.550-0 | |
Nature of Relationship | Common controlling parent | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 1 | 1 |
Current payables [Member] | Elemental S.A. [Member] | ||
ID No | 76.659.730-0 | |
Nature of Relationship | Indirect associate of controlling parent | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 1 | 4 |
Current payables [Member] | Woodtech S.A. [Member] | ||
ID No | 76.724.000-7 | |
Nature of Relationship | Indirect associate of controlling parent | |
Country | Chile | |
Currency | Chilean pesos | |
Maturity | 30 days | |
Related Party Payables, Current | $ 28 | $ 86 |
RELATED PARTIES (Details 4)
RELATED PARTIES (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sercor SA [Member] | |||
Tax ID No. | 96.925.430-1 | ||
Nature of Relationship | Associate | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Other purchases | ||
Purchases | $ 148 | $ 150 | $ 0 |
Va Limpia [Member] | |||
Tax ID No. | 79.874.200-0 | ||
Nature of Relationship | Common controlling parent | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Other purchases | ||
Purchases | $ 257 | 0 | 0 |
Purchases [Member] | Abastible S.A. [Member] | |||
Tax ID No. | 91.806.000-6 | ||
Nature of Relationship | Common controlling parent | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Fuel | ||
Purchases | $ 3,668 | 3,115 | 2,199 |
Purchases [Member] | Compania de Petroleos de Chile S.A [Member] | |||
Tax ID No. | 99.520.000-7 | ||
Nature of Relationship | Common controlling parent | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Fuel and other | ||
Purchases | $ 75,328 | 66,789 | 39,732 |
Purchases [Member] | Compania Puerto de Coronel S.A. [Member] | |||
Tax ID No. | 79.895.330-3 | ||
Nature of Relationship | Subsidiary of the Associate | ||
Country | Chile | ||
Currency | U.S. Dollar | ||
Transaction Descriptions | Transport and stowage | ||
Purchases | $ 10,607 | 9,986 | 8,633 |
Purchases [Member] | Puerto Lirquen S.A. [Member] | |||
Tax ID No. | 96.959.030-1 | ||
Nature of Relationship | Subsidiary of the Associate | ||
Country | Chile | ||
Currency | U.S. Dollar | ||
Transaction Descriptions | Port services | ||
Purchases | $ 8,488 | 6,956 | 7,311 |
Purchases [Member] | EKA Chile S.A. | |||
Tax ID No. | 99.500.140-3 | ||
Nature of Relationship | Joint Venture | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Sodium chlorate | ||
Purchases | $ 47,209 | 44,055 | 47,236 |
Purchases [Member] | Forestal del Sur S.A [Member] | |||
Tax ID No. | 79.825.060-4 | ||
Nature of Relationship | Associate of a subsidiary's minority shareholder | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Wood and ships | ||
Purchases | $ 1,675 | 1,310 | 2,093 |
Purchases [Member] | Portaluppi, Guzman y Bezanilla Abogados [Member] | |||
Tax ID No. | 78.096.080-9 | ||
Nature of Relationship | Common director | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Legal services | ||
Purchases | $ 897 | 1,496 | 1,295 |
Purchases [Member] | Empresa Nacional de Telecomunicaciones S.A. [Member] | |||
Tax ID No. | 92.580.000-7 | ||
Nature of Relationship | Common Stockholder | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Telephone services | ||
Purchases | $ 617 | 460 | 512 |
Purchases [Member] | CMPC Maderas S.A [Member] | |||
Tax ID No. | 95.304.000-K | ||
Nature of Relationship | Common Stockholder | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Wood and logs | ||
Purchases | $ 644 | 330 | 511 |
Purchases [Member] | Forestal Mininco S.A [Member] | |||
Tax ID No. | 91.440.000-7 | ||
Nature of Relationship | Common Stockholder | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Wood and logs | ||
Purchases | $ 261 | 62 | 180 |
Purchases [Member] | Colbun Transmision S.A [Member] | |||
Tax ID No. | 76.218.856-2 | ||
Nature of Relationship | Common director | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Electrical Power | ||
Purchases | $ 453 | 389 | 383 |
Purchases [Member] | Woodtech S.A. [Member] | |||
Tax ID No. | 76.724.000-7 | ||
Nature of Relationship | Indirect associate of controlling parent | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Wood volumen measurement services | ||
Purchases | $ 2,449 | 2,239 | 982 |
Purchases [Member] | Inversiones Siemel S.A. [Member] | |||
Tax ID No. | 94.082.000-6 | ||
Nature of Relationship | Common Stockholder | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Rentals | ||
Purchases | $ 326 | 596 | 777 |
Purchases [Member] | CMPC Celulosa S.A. [Member] | |||
Tax ID No. | 96.532.330-9 | ||
Nature of Relationship | Common Stockholder | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Others purchases | ||
Purchases | $ 11 | 965 | 3 |
Sales [Member] | Compania de Petroleos de Chile S.A [Member] | |||
Tax ID No. | 99.520.000-7 | ||
Nature of Relationship | Common controlling parent | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Charter Services | ||
Sales | $ 75 | 202 | 0 |
Sales [Member] | EKA Chile S.A. | |||
Tax ID No. | 99.500.140-3 | ||
Nature of Relationship | Joint venture | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Electrical Power | ||
Sales | $ 24,857 | 19,182 | 16,326 |
Sales [Member] | Forestal del Sur S.A [Member] | |||
Tax ID No. | 79.825.060-4 | ||
Nature of Relationship | Common director | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Harvesting services, Wood and chips | ||
Sales | $ 26,308 | 25,322 | 21,657 |
Sales [Member] | Colbun S.A. [Member] | |||
Tax ID No. | 96.505.760-9 | ||
Nature of Relationship | Common director | ||
Country | Chile | ||
Currency | Chilean pesos | ||
Transaction Descriptions | Electrical Power | ||
Sales | $ 277 | 1,128 | 5,999 |
Sales [Member] | Unilin Arauco Pisos Ltda. [Member] | |||
Tax ID No. | - | ||
Nature of Relationship | Joint venture | ||
Country | Brazil | ||
Currency | Brazilian Real | ||
Transaction Descriptions | Wood | ||
Sales | $ 1,474 | $ 2,966 | $ 5,263 |
CONSOLIDATED FINANCIAL STATEM_3
CONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 06, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalent | $ 4,345 | ||||
Trade and other current receivables | 48,877 | ||||
Inventories | 23,335 | ||||
Property, plant and equipment | 91,956 | ||||
Other assets | 20,929 | ||||
Total assets | 189,442 | ||||
Other financial liabilities, current and non-current | 43,218 | ||||
Trade and other payables | 22,018 | ||||
Other liabilities | 74,791 | ||||
Total liabilities | 140,027 | ||||
Total Equity | $ (7,338,971) | $ (7,116,893) | $ 49,415 | $ (6,999,283) | $ (6,646,445) |
CONSOLIDATED FINANCIAL STATEM_4
CONSOLIDATED FINANCIAL STATEMENTS (Details 1) - Arauco Industria de Paineis Ltda. [Member] $ in Thousands | 1 Months Ended |
Dec. 31, 2017USD ($) | |
Revenue | $ 11,830 |
Net loss | $ (1,376) |
CONSOLIDATED FINANCIAL STATEM_5
CONSOLIDATED FINANCIAL STATEMENTS (Details 2) - Celulosa Arauco Y Constitucin SA And Subsidiaries [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Revenue | $ 5,395,859 |
Net profit | $ 261,776 |
CONSOLIDATED FINANCIAL STATEM_6
CONSOLIDATED FINANCIAL STATEMENTS (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Feb. 28, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 24, 2018 | Aug. 03, 2018 | May 07, 2018 | Dec. 06, 2017 | |
Capital commitments | $ 10,000 | ||||||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | 17,049 | $ 15,918 | $ 0 | ||||||
Gain (loss) recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination | 16,501 | ||||||||
Gains (losses) on exchange differences on translation, net of tax | $ 2,288 | ||||||||
Arauco Industria de Paineis Ltda. [Member] | |||||||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | $ 16,996 | $ 15,918 | |||||||
Consideration transferred, acquisition-date fair value | $ 32,914 | ||||||||
Maderas Arauco Costa Rica SA [Member] | |||||||||
Capital commitments | $ 300,000 | $ 10,000 | |||||||
Arauco Wood China [Member] | |||||||||
Capital commitments | $ 500,000 |
INVESTMENTS IN ASSOCIATES (Deta
INVESTMENTS IN ASSOCIATES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Puertos y Logistica S.A. [Member] | ||
Name | Puertos y Logistica 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 | $ 62,511 | $ 62,225 |
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 | $ 52,643 | 47,619 |
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 | $ 193 | 191 |
Genómica 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 | $ (1) | (4) |
Consorcio Tecnológico Bioenercel S.A. [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 | $ 7 | 6 |
Vale do corisco S.A. [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 | $ 38,497 | 48,921 |
E2E SA [Member] | ||
Name | E2E S.A. | |
Country | Chile | |
Functional Currency | Chilean pesos | |
Corporate purpose | Development of construction solutions | |
Ownership interest (%) | 50.00% | |
Carrying amount | $ 2,044 | 0 |
Parque Eólico Ovejera Sur SpA [Member] | ||
Name | Parque Eólico Ovejera Sur SpA | |
Country | Chile | |
Functional Currency | Chilean pesos | |
Corporate purpose | Electrical power projects | |
Ownership interest (%) | 50.00% | |
Carrying amount | $ 597 | $ 0 |
INVESTMENTS IN ASSOCIATES (De_2
INVESTMENTS IN ASSOCIATES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 06, 2017 | Dec. 31, 2015 | |
Current Assets | $ 3,441,160 | $ 2,770,363 | |||
Non-current Assets | 11,152,588 | 11,224,237 | $ 11,283,821 | ||
Total Assets | 14,593,748 | 13,994,600 | 14,006,181 | ||
Current Liabilities | 1,579,764 | 1,399,394 | |||
Non-current Liabilities | 5,675,013 | 5,478,313 | |||
Equity | 7,338,971 | 7,116,893 | 6,999,283 | $ (49,415) | $ 6,646,445 |
Total Equity and Liabilities | 14,593,748 | 13,994,600 | |||
Revenues | 5,954,833 | 5,238,341 | 4,761,385 | ||
Profit or loss (continuing operations) | 726,759 | 270,352 | 217,577 | ||
Other comprehensive income | (174,441) | 24,023 | 226,188 | ||
Total comprehensive income | 552,318 | 294,375 | 443,765 | ||
Dividends | 326,047 | 176,749 | $ 90,828 | ||
Associates [member] | |||||
Current Assets | 127,013 | 103,555 | |||
Non-current Assets | 782,939 | 814,434 | |||
Total Assets | 909,952 | 917,989 | |||
Current Liabilities | 52,246 | 48,002 | |||
Non-current Liabilities | 359,275 | 365,243 | |||
Equity | 498,431 | 504,744 | |||
Total Equity and Liabilities | 909,952 | 917,989 | |||
Revenues | 179,954 | 175,153 | |||
Expenses | (172,683) | (167,478) | |||
Profit or loss (continuing operations) | 7,271 | 7,675 | |||
Other comprehensive income | 526 | 5,850 | |||
Total comprehensive income | 7,797 | 13,525 | |||
Dividends | 3,277 | 0 | |||
Puertos y Logistica S.A. [Member] | Associates [member] | |||||
Current Assets | 97,866 | 92,816 | |||
Non-current Assets | 566,484 | 590,309 | |||
Total Assets | 664,350 | 683,125 | |||
Current Liabilities | 28,938 | 44,564 | |||
Non-current Liabilities | 327,124 | 331,681 | |||
Equity | 308,288 | 306,880 | |||
Total Equity and Liabilities | 664,350 | 683,125 | |||
Revenues | 160,889 | 130,720 | |||
Expenses | (158,421) | (132,538) | |||
Profit or loss (continuing operations) | 2,468 | (1,818) | |||
Other comprehensive income | (1,676) | 5,850 | |||
Total comprehensive income | 792 | 4,032 | |||
Dividends | 0 | 0 | |||
Inversiones Puerto Corone S.A. [Member] | Associates [member] | |||||
Current Assets | 29 | 29 | |||
Non-current Assets | 105,354 | 97,072 | |||
Total Assets | 105,383 | 97,101 | |||
Current Liabilities | 82 | 82 | |||
Non-current Liabilities | 0 | 0 | |||
Equity | 105,301 | 97,019 | |||
Total Equity and Liabilities | 105,383 | 97,101 | |||
Revenues | 6,080 | 4,741 | |||
Expenses | 0 | 0 | |||
Profit or loss (continuing operations) | 6,080 | 4,741 | |||
Other comprehensive income | 2,202 | 0 | |||
Total comprehensive income | 8,282 | 4,741 | |||
Dividends | 0 | 0 | |||
Serv.Corporativos Sercor S.A. [Member] | Associates [member] | |||||
Current Assets | 22,870 | 4,296 | |||
Non-current Assets | 907 | 769 | |||
Total Assets | 23,777 | 5,065 | |||
Current Liabilities | 22,192 | 3,219 | |||
Non-current Liabilities | 619 | 871 | |||
Equity | 966 | 975 | |||
Total Equity and Liabilities | 23,777 | 5,065 | |||
Revenues | 4,841 | 5,211 | |||
Expenses | (4,855) | (5,246) | |||
Profit or loss (continuing operations) | (14) | (35) | |||
Other comprehensive income | 0 | 0 | |||
Total comprehensive income | (14) | (35) | |||
Dividends | 0 | 0 | |||
Vale do corisco S.A. [Member] | Associates [member] | |||||
Current Assets | 4,295 | 6,384 | |||
Non-current Assets | 105,836 | 126,215 | |||
Total Assets | 110,131 | 132,599 | |||
Current Liabilities | 81 | 123 | |||
Non-current Liabilities | 31,485 | 32,636 | |||
Equity | 78,565 | 99,840 | |||
Total Equity and Liabilities | 110,131 | 132,599 | |||
Revenues | 8,106 | 34,449 | |||
Expenses | (8,711) | (29,648) | |||
Profit or loss (continuing operations) | (605) | 4,801 | |||
Other comprehensive income | 0 | 0 | |||
Total comprehensive income | (605) | 4,801 | |||
Dividends | 3,277 | 0 | |||
Consorcio Tecnológico Bioenercel S.A. [Member] | Associates [member] | |||||
Current Assets | 2 | 5 | |||
Non-current Assets | 36 | 45 | |||
Total Assets | 38 | 50 | |||
Current Liabilities | 0 | 0 | |||
Non-current Liabilities | 5 | 5 | |||
Equity | 33 | 45 | |||
Total Equity and Liabilities | 38 | 50 | |||
Revenues | 0 | 2 | |||
Expenses | (2) | (10) | |||
Profit or loss (continuing operations) | (2) | (8) | |||
Other comprehensive income | 0 | 0 | |||
Total comprehensive income | (2) | (8) | |||
Dividends | 0 | 0 | |||
Genómica Forestal S.A. [Member] | Associates [member] | |||||
Current Assets | 25 | 25 | |||
Non-current Assets | 19 | 24 | |||
Total Assets | 44 | 49 | |||
Current Liabilities | 7 | 14 | |||
Non-current Liabilities | 42 | 50 | |||
Equity | (5) | (15) | |||
Total Equity and Liabilities | 44 | 49 | |||
Revenues | 37 | 30 | |||
Expenses | (29) | (36) | |||
Profit or loss (continuing operations) | 8 | (6) | |||
Other comprehensive income | 0 | 0 | |||
Total comprehensive income | 8 | (6) | |||
Dividends | 0 | 0 | |||
E2E SA [Member] | Associates [member] | |||||
Current Assets | 680 | 0 | |||
Non-current Assets | 3,600 | 0 | |||
Total Assets | 4,280 | 0 | |||
Current Liabilities | 192 | 0 | |||
Non-current Liabilities | 0 | 0 | |||
Equity | 4,088 | 0 | |||
Total Equity and Liabilities | 4,280 | 0 | |||
Revenues | 1 | 0 | |||
Expenses | (370) | 0 | |||
Profit or loss (continuing operations) | (369) | 0 | |||
Other comprehensive income | 0 | 0 | |||
Total comprehensive income | (369) | 0 | |||
Dividends | 0 | 0 | |||
Parque Elico Ovejera Sur SpA [Member] | Associates [member] | |||||
Current Assets | 1,246 | 0 | |||
Non-current Assets | 703 | 0 | |||
Total Assets | 1,949 | 0 | |||
Current Liabilities | 754 | 0 | |||
Non-current Liabilities | 0 | 0 | |||
Equity | 1,195 | 0 | |||
Total Equity and Liabilities | 1,949 | 0 | |||
Revenues | 0 | 0 | |||
Expenses | (295) | 0 | |||
Profit or loss (continuing operations) | (295) | 0 | |||
Other comprehensive income | 0 | 0 | |||
Total comprehensive income | (295) | 0 | |||
Dividends | $ 0 | $ 0 |
INVESTMENTS IN ASSOCIATES (De_3
INVESTMENTS IN ASSOCIATES (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Opening balance | $ 368,772 | $ 446,548 | |||
Changes | |||||
Investment in joint ventures, Additions | 3,028 | 0 | |||
Share of profit (loss) in investment in associates | 3,043 | 4,855 | |||
Share of profit (loss) in investment in joint ventures | 14,203 | 12,162 | |||
Dividends Received, Investments in Associates | (11,307) | (8,586) | |||
Increase (Decrease) in foreign exchange currency on translation of Associates and Joint Ventures | (17,287) | 22,726 | |||
Other increase (decrease) in investment and associates and joint ventures | (2,399) | (108,933) | |||
Total changes | (10,719) | (77,776) | |||
Ending balance | 358,053 | 368,772 | |||
Carrying amount of associates accounted for using equity method | $ 155,609 | $ 158,967 | $ 265,775 | ||
Carrying amount of joint ventures accounted for using equity method | 202,444 | 209,805 | 180,773 | ||
Total investment accounted for using equity method | $ 368,772 | $ 368,772 | $ 358,053 | $ 368,772 | $ 446,548 |
INTERESTS IN JOINT ARRANGEMEN_3
INTERESTS IN JOINT ARRANGEMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 06, 2017 | Dec. 31, 2015 | |
Current Assets | $ 3,441,160 | $ 2,770,363 | |||
Non-current Assets | 11,152,588 | 11,224,237 | $ 11,283,821 | ||
Total Joint Arrangement Assets | 14,593,748 | 13,994,600 | 14,006,181 | ||
Current Liabilities | 1,579,764 | 1,399,394 | |||
Non-current Liabilities | 5,675,013 | 5,478,313 | |||
Equity | 7,338,971 | 7,116,893 | 6,999,283 | $ (49,415) | $ 6,646,445 |
Total Joint Arrangement Liabilities | 14,593,748 | 13,994,600 | |||
Income | 5,954,833 | 5,238,341 | 4,761,385 | ||
Joint Arrangement Net Income (Loss) | 726,759 | 270,352 | $ 217,577 | ||
Celulosa y Energia Punta Pereira S.A. [Member] | |||||
Current Assets | 220,699 | 202,669 | |||
Non-current Assets | 2,044,534 | 2,076,255 | |||
Total Joint Arrangement Assets | 2,265,233 | 2,278,924 | |||
Investment Assets | 809,884 | 753,132 | |||
Current Liabilities | 204,455 | 186,626 | |||
Non-current Liabilities | 441,010 | 586,034 | |||
Equity | 1,619,768 | 1,506,264 | |||
Total Joint Arrangement Liabilities | 2,265,233 | 2,278,924 | |||
Income | 904,853 | 768,508 | |||
Expenses | (611,444) | (650,174) | |||
Joint Arrangement Net Income (Loss) | 293,409 | 118,334 | |||
Forestal Cono Sur S.A. [Member] | |||||
Current Assets | 23,528 | 33,012 | |||
Non-current Assets | 170,443 | 174,943 | |||
Total Joint Arrangement Assets | 193,971 | 207,955 | |||
Investment Assets | 95,173 | 91,530 | |||
Current Liabilities | 1,668 | 22,582 | |||
Non-current Liabilities | 1,957 | 2,314 | |||
Equity | 190,346 | 183,059 | |||
Total Joint Arrangement Liabilities | 193,971 | 207,955 | |||
Income | 25,642 | 15,113 | |||
Expenses | (19,748) | (9,926) | |||
Joint Arrangement Net Income (Loss) | 5,894 | 5,187 | |||
Eufores S.A. [Member] | |||||
Current Assets | 160,708 | 183,175 | |||
Non-current Assets | 638,832 | 612,187 | |||
Total Joint Arrangement Assets | 799,540 | 795,362 | |||
Investment Assets | 315,635 | 303,558 | |||
Current Liabilities | 159,988 | 180,298 | |||
Non-current Liabilities | 8,282 | 7,948 | |||
Equity | 631,270 | 607,116 | |||
Total Joint Arrangement Liabilities | 799,540 | 795,362 | |||
Income | 284,039 | 336,705 | |||
Expenses | (261,683) | (286,616) | |||
Joint Arrangement Net Income (Loss) | 22,356 | 50,089 | |||
Zona Franca Punta Pereira S.A. [Member] | |||||
Current Assets | 5,482 | 6,105 | |||
Non-current Assets | 472,539 | 483,884 | |||
Total Joint Arrangement Assets | 478,021 | 489,989 | |||
Investment Assets | 171,741 | 174,788 | |||
Current Liabilities | 106,676 | 97,233 | |||
Non-current Liabilities | 27,863 | 43,180 | |||
Equity | 343,482 | 349,576 | |||
Total Joint Arrangement Liabilities | 478,021 | 489,989 | |||
Income | 17,880 | 22,129 | |||
Expenses | (23,975) | (24,413) | |||
Joint Arrangement Net Income (Loss) | $ (6,095) | $ (2,284) |
INTERESTS IN JOINT ARRANGEMEN_4
INTERESTS IN JOINT ARRANGEMENTS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 06, 2017 | Dec. 31, 2015 | |
Current Assets | $ 3,441,160 | $ 2,770,363 | |||
Non-current Assets | 11,152,588 | 11,224,237 | $ 11,283,821 | ||
Total Joint Arrangement Assets | 14,593,748 | 13,994,600 | 14,006,181 | ||
Current Liabilities | 1,579,764 | 1,399,394 | |||
Non-current Liabilities | 5,675,013 | 5,478,313 | |||
Equity | 7,338,971 | 7,116,893 | 6,999,283 | $ (49,415) | $ 6,646,445 |
Total Joint Arrangement Liabilities | 14,593,748 | 13,994,600 | |||
Income | 5,954,833 | 5,238,341 | 4,761,385 | ||
Joint Arrangement Net Income (Loss) | 726,759 | 270,352 | 217,577 | ||
Other comprehensive income | (174,441) | 24,023 | 226,188 | ||
Comprehensive income | 552,318 | 294,375 | $ 443,765 | ||
Dividends | (11,307) | (8,586) | |||
Unilin Arauco Pisos Ltda. [Member] | |||||
Current Assets | 6,165 | 7,270 | |||
Non-current Assets | 4,574 | 5,535 | |||
Total Joint Arrangement Assets | 10,739 | 12,805 | |||
Investment Assets | 3,556 | 4,158 | |||
Current Liabilities | 3,591 | 4,461 | |||
Non-current Liabilities | 37 | 28 | |||
Equity | 7,111 | 8,316 | |||
Total Joint Arrangement Liabilities | 10,739 | 12,805 | |||
Income | 16,984 | 17,910 | |||
Expenses | (16,881) | (18,736) | |||
Joint Arrangement Net Income (Loss) | 103 | (826) | |||
Other comprehensive income | 0 | 0 | |||
Comprehensive income | 103 | (826) | |||
Dividends | 0 | 0 | |||
Eka Chile S.A [Member] | |||||
Current Assets | 19,840 | 18,876 | |||
Non-current Assets | 32,363 | 32,040 | |||
Total Joint Arrangement Assets | 52,203 | 50,916 | |||
Investment Assets | 21,341 | 20,237 | |||
Current Liabilities | 4,443 | 5,388 | |||
Non-current Liabilities | 5,078 | 5,054 | |||
Equity | 42,682 | 40,474 | |||
Total Joint Arrangement Liabilities | 52,203 | 50,916 | |||
Income | 47,798 | 43,678 | |||
Expenses | (44,490) | (40,111) | |||
Joint Arrangement Net Income (Loss) | 3,308 | 3,567 | |||
Other comprehensive income | 0 | 0 | |||
Comprehensive income | 3,308 | 3,567 | |||
Dividends | 550 | 0 | |||
Sonae Arauco S.A. [Member] | |||||
Current Assets | 272,030 | 265,578 | |||
Non-current Assets | 655,856 | 664,689 | |||
Total Joint Arrangement Assets | 927,886 | 930,267 | |||
Net assets | 146,762 | 151,920 | |||
Net asset adjustment (Goodwill) | 30,786 | 33,491 | |||
Investment Assets | 177,548 | 185,411 | |||
Current Liabilities | 221,393 | 235,676 | |||
Non-current Liabilities | 351,397 | 323,770 | |||
Equity | 355,096 | 370,821 | |||
Total Joint Arrangement Liabilities | 927,886 | 930,267 | |||
Income | 1,057,535 | 976,936 | |||
Expenses | (1,032,435) | (954,979) | |||
Joint Arrangement Net Income (Loss) | 25,100 | 21,957 | |||
Other comprehensive income | 0 | 0 | |||
Comprehensive income | 25,100 | 21,957 | |||
Dividends | $ 7,480 | $ 0 |
INTERESTS IN JOINT ARRANGEMEN_5
INTERESTS IN JOINT ARRANGEMENTS (Details Textual) - USD ($) $ in Thousands | May 02, 2018 | Jan. 19, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 24, 2012 |
Disclosure Of Interests In Joint Arrangements [Line Items] | ||||||
Capital commitments | $ 10,000 | |||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | $ 17,049 | $ 15,918 | $ 0 | |||
Proportion of ownership interest in joint venture | 50.00% | |||||
E2E SA [Member] | ||||||
Disclosure Of Interests In Joint Arrangements [Line Items] | ||||||
Capital commitments | $ 6,000 | |||||
Proportion of ownership interest in associate | 50.00% | |||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | $ 2,241 | |||||
Parque Elico Ovejera Sur SpA [Member] | ||||||
Disclosure Of Interests In Joint Arrangements [Line Items] | ||||||
Capital commitments | $ 782 | |||||
Proportion of ownership interest in associate | 50.00% | |||||
Flakeboard [Member] | ||||||
Disclosure Of Interests In Joint Arrangements [Line Items] | ||||||
Percentage of voting equity interests acquired | 100.00% |
IMPAIRMENT OF ASSETS (Details)
IMPAIRMENT OF ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Provisions for impairment of property, plant and equipment | $ 31,680 | $ 33,240 | $ 14,979 |
IMPAIRMENT OF ASSETS (Details 1
IMPAIRMENT OF ASSETS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of impairment loss and reversal of impairment loss [abstract] | ||
Opening balance at January 1 | $ 69,922 | $ 74,893 |
Impairment | 0 | (4,640) |
Increase (decrease) in foreign currency exchange | (4,071) | (331) |
Closing balance at December 31, 2017 | $ 65,851 | $ 69,922 |
IMPAIRMENT OF ASSETS (Details T
IMPAIRMENT OF ASSETS (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 24, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Impairment Assets [Line Items] | ||||
Goodwill | $ 65,851 | $ 69,922 | $ 74,893 | |
Acquisitions through business combinations, intangible assets and goodwill | 320 | |||
Impairment loss recognised in profit or loss, goodwill | 0 | (4,640) | ||
Pien plant [Member] | ||||
Disclosure Of Impairment Assets [Line Items] | ||||
Acquisitions through business combinations, intangible assets and goodwill | $ 23,278 | 27,266 | ||
Discount rate used in current estimate of value in use | 7.00% | |||
Description of projected cash flow term | 5 years | |||
Flakeboard [Member] | ||||
Disclosure Of Impairment Assets [Line Items] | ||||
Acquisitions through business combinations, intangible assets and goodwill | $ 40,661 | $ 39,841 | ||
Consideration paid (received) | $ 242,502 | |||
Percentage of voting equity interests acquired | 100.00% | |||
Discount rate used in current estimate of value in use | 6.70% | |||
Description of projected cash flow term | 5 years |
PROVISIONS, CONTINGENT ASSETS_3
PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||
Provisions, Current | $ 413 | $ 2,728 |
Provisions, non-Current | 33,884 | 36,008 |
Total Provisions | 34,297 | 38,736 |
Litigations [Member] | ||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||
Provisions, Current | 413 | 616 |
Provisions, non-Current | 10,384 | 12,556 |
Other Provisions [member] | ||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||
Provisions, Current | 0 | 2,112 |
Provisions, non-Current | $ 23,500 | $ 23,452 |
PROVISIONS, CONTINGENT ASSETS_4
PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | |||||||
Opening balance | $ 38,736 | $ 38,980 | $ 35,399 | ||||
Changes in provisions | |||||||
Increase in existing provisions | 1,662 | 1,330 | 5,364 | ||||
Increase through business combinations | 2,106 | ||||||
Used provisions | (887) | (1,578) | (1,037) | ||||
Increase (decrease) in foreign currency exchange | (5,262) | (1,493) | (609) | ||||
Other Increases (Decreases) | 48 | (609) | (137) | ||||
Total Changes | (4,439) | (244) | 3,581 | ||||
Closing balance | 34,297 | 38,736 | 38,980 | ||||
Litigations [Member] | |||||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | |||||||
Opening balance | 13,172 | [1],[2] | 15,123 | [2],[3] | 11,400 | [3] | |
Changes in provisions | |||||||
Increase in existing provisions | 1,660 | [1] | 1,314 | [2] | 5,363 | [3] | |
Increase through business combinations | [2] | 0 | |||||
Used provisions | (887) | [1] | (1,578) | [2] | (998) | [3] | |
Increase (decrease) in foreign currency exchange | (5,262) | [1] | (1,493) | [2] | (609) | [3] | |
Other Increases (Decreases) | 2,114 | [1] | (194) | [2] | (33) | [3] | |
Total Changes | (2,375) | [1] | (1,951) | [2] | 3,723 | [3] | |
Closing balance | 10,797 | [1] | 13,172 | [1],[2] | 15,123 | [2],[3] | |
Other Provisions [member] | |||||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | |||||||
Opening balance | 25,564 | [4],[5] | 23,857 | [4],[6] | 23,999 | [6] | |
Changes in provisions | |||||||
Increase in existing provisions | 2 | [5] | 16 | [4] | 1 | [6] | |
Increase through business combinations | [4] | 2,106 | |||||
Used provisions | 0 | [5] | 0 | [4] | (39) | [6] | |
Increase (decrease) in foreign currency exchange | 0 | [5] | 0 | [4] | 0 | [6] | |
Other Increases (Decreases) | (2,066) | [5] | (415) | [4] | (104) | [6] | |
Total Changes | (2,064) | [5] | 1,707 | [4] | (142) | [6] | |
Closing balance | $ 23,500 | [5] | $ 25,564 | [4],[5] | $ 23,857 | [4],[6] | |
[1] | The increase in legal claims is composed mainly of ThU.S.$886 and ThU.S.$776 (Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits. | ||||||
[2] | The increase in legal claims is composed mainly of ThU.S.$908 and ThU.S.$375 (Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits. | ||||||
[3] | The increase in legal claims is composed mainly of ThU.S.$ 863 and ThU.S.$ 2,255 (Brazilian and Argentine subsidiaries respectively) in connection with civil and labor lawsuits, and ThU.S.$1,490 from Arauco Argentina in connection of fees in lawsuits. | ||||||
[4] | The change in Other Increases (Decreases) in Other provisions is due to a reverse of the provision in Zona Franca Punta Pereira (Uruguay). The increase through business combination corresponds to the acquisition of Arauco Industrias de Paineis. | ||||||
[5] | The decrease in Other Increases (Decreases) in Other provisions is due to legal claims from Arauco Industrias de Paineis which were classified as Other provisions in 2017 and were included as Litigations in December 2018 | ||||||
[6] | The change in Other Increases (Decreases) in Other provisions is due to a reverse of the ThU.S.$ 100 corresponding to Arauco Argentina. |
PROVISIONS, CONTINGENT ASSETS_5
PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES (Details Textual) | Jul. 11, 2017 | Dec. 31, 2000 | Dec. 31, 2018USD ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2018CLP ($) | Dec. 31, 2018BRL (R$) |
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||||||||||
Deferred Tax Liabilities, Net | $ 1,625,047,000 | $ 1,663,983,000 | ||||||||
Area of land afforested | 4,777 hectares | 23,012 hectares | ||||||||
Capacity of plant | 250,000 m3 | |||||||||
Additional area of land afforested | 1,505.6 hectares | 1,505.6 hectares | 8,089 hectares | |||||||
Fund for export duties payable | $ 23,463,000 | $ 885,528,092 | ||||||||
Receivables from taxes other than income tax | 6,555,207 | |||||||||
Required collateral value | 8,768,000 | $ 330,929,852 | ||||||||
Value of litigation against company | 12,262,000 | $ 8,519,046,182 | ||||||||
Civil lawsuits payable | 886,000 | 908,000 | $ 863,000 | |||||||
Labour lawsuits payable | 776,000 | 375,000 | 2,255,000 | |||||||
Fee in lawsuits payable | 1,490,000 | |||||||||
Estimated tax liabilities after considering special remedy | 14,878,000 | R$ 57556262 | ||||||||
Increase (decrease) in other provisions | (4,439,000) | $ (244,000) | $ 3,581,000 | |||||||
Compensation For Damages Sought Value | 828,000 | 575,000,000 | ||||||||
Compensation Sought For Actual Damages Value | 16,105,000 | 11,189,270,050 | ||||||||
Compensation Sought For Loss Of Profit Value | 11,189,270,050 | |||||||||
Compensation Sought For Moral Damages Value | 7,197,000 | 5,000,000,000 | ||||||||
Value of Emerging Damages | 11,369,000 | 7,899,046,182 | ||||||||
Value of Damages of Lost Profit | 720,000 | 500,000,000 | ||||||||
Value for Moral Damages | $ 173,000 | $ 120,000,000 | ||||||||
Area of land Under Possession | 1,855.9 hectares | 1,855.9 hectares | ||||||||
Total Area of Land | 2,700 hectares | 2,700 hectares | ||||||||
Valdivia plant [Member] | ||||||||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||||||||||
Penalty levied by sma | $ 6,495,000 | |||||||||
Annual Tax Units | 7,777 | 7,777 | 7,777 | |||||||
Arauco do Brasil S.A. [Member] | ||||||||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||||||||||
Estimated tax liabilities | R$ | R$ 164159000 | |||||||||
Estimated tax liabilities after considering special remedy | R$ | R$ 42435 | |||||||||
Forestal Arauco S.A. [Member] | ||||||||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||||||||||
Value of litigation against company | $ 6,050,000 | $ 4,203,216,164 | ||||||||
Litigation payable for general damage | 166,000 | 115,026,673 | ||||||||
Litigation payable for loss of profit | 875,000 | 607,849,413 | ||||||||
Percentage of sale of hereditary rights in real estate property which is under litigation proceedings | 87.50% | |||||||||
Area of real estate property which is under litigation proceedings | 5,144.22 hectares | |||||||||
Tax contingent liability [member] | ||||||||||
Disclosure Of PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES [Line Items] | ||||||||||
Deferred Tax Liabilities, Net | 6,580,000 | $ 4,571,664,617 | ||||||||
Discount allowed on tax payable | 1,741,000 | 1,209,399,164 | ||||||||
Deferred tax liabilities after discount | $ 4,839,000 | $ 3,362,265,453 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Intangible assets, net | $ 90,093 | $ 88,615 |
Classes of intangible Assets, Gross | 185,895 | 173,426 |
Classes of accumulated amortization and impairment | ||
Accumulated Amortization and Impairment | (95,802) | (84,811) |
Computer software [member] | ||
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Intangible assets, net | 26,545 | 26,747 |
Classes of intangible Assets, Gross | 88,177 | 81,907 |
Classes of accumulated amortization and impairment | ||
Accumulated Amortization and Impairment | (61,632) | (55,160) |
Water rights [Member] | ||
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Intangible assets, net | 5,966 | 5,697 |
Classes of intangible Assets, Gross | 5,966 | 5,697 |
Customer [Member] | ||
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Intangible assets, net | 41,634 | 47,144 |
Classes of intangible Assets, Gross | 71,443 | 72,685 |
Classes of accumulated amortization and impairment | ||
Accumulated Amortization and Impairment | (29,809) | (25,541) |
Other identifiable intangible assets [Member] | ||
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Intangible assets, net | 15,948 | 9,027 |
Classes of intangible Assets, Gross | 20,309 | 13,137 |
Classes of accumulated amortization and impairment | ||
Accumulated Amortization and Impairment | $ (4,361) | $ (4,110) |
INTANGIBLE ASSETS (Details 1)
INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Opening Balance | $ 88,615 | $ 89,497 |
Changes | ||
Additions | 14,062 | 10,468 |
Additions through business combination | 320 | |
Disposals | (1) | (181) |
Amortization | (12,349) | (13,327) |
Increase (Decrease) related to foreign currency translation | (1,020) | 1,736 |
Other Increases (Decreases) | 786 | 102 |
Changes Total | 1,478 | (882) |
Closing Balance | 90,093 | 88,615 |
Computer software [member] | ||
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Opening Balance | 26,747 | 26,370 |
Changes | ||
Additions | 6,369 | 7,487 |
Additions through business combination | 320 | |
Disposals | (1) | (181) |
Amortization | (7,132) | (8,122) |
Increase (Decrease) related to foreign currency translation | (287) | 873 |
Other Increases (Decreases) | 849 | 0 |
Changes Total | (202) | 377 |
Closing Balance | 26,545 | 26,747 |
Water rights [Member] | ||
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Opening Balance | 5,697 | 5,689 |
Changes | ||
Additions | 269 | 8 |
Additions through business combination | 0 | |
Disposals | 0 | 0 |
Amortization | 0 | 0 |
Increase (Decrease) related to foreign currency translation | 0 | 0 |
Other Increases (Decreases) | 0 | 0 |
Changes Total | 269 | 8 |
Closing Balance | 5,966 | 5,697 |
Customer [Member] | ||
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Opening Balance | 47,144 | 50,982 |
Changes | ||
Additions | 0 | 0 |
Additions through business combination | 0 | |
Disposals | 0 | 0 |
Amortization | (4,808) | (4,797) |
Increase (Decrease) related to foreign currency translation | (702) | 959 |
Other Increases (Decreases) | 0 | 0 |
Changes Total | (5,510) | (3,838) |
Closing Balance | 41,634 | 47,144 |
Other [Member] | ||
Disclosure of Intangible Assets Explanatory [Line Items] | ||
Opening Balance | 9,027 | 6,456 |
Changes | ||
Additions | 7,424 | 2,973 |
Additions through business combination | 0 | |
Disposals | 0 | 0 |
Amortization | (409) | (408) |
Increase (Decrease) related to foreign currency translation | (31) | (96) |
Other Increases (Decreases) | (63) | 102 |
Changes Total | 6,921 | 2,571 |
Closing Balance | $ 15,948 | $ 9,027 |
INTANGIBLE ASSETS (Details 2)
INTANGIBLE ASSETS (Details 2) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Intangible Assets Explanatory [Line Items] | |
Years of Useful life (Average) | 15 years |
Computer software [member] | |
Disclosure of Intangible Assets Explanatory [Line Items] | |
Years of Useful life (Average) | 5 |
Customer [Member] | |
Disclosure of Intangible Assets Explanatory [Line Items] | |
Years of Useful life (Average) | 15 |
Brand names [member] | |
Disclosure of Intangible Assets Explanatory [Line Items] | |
Years of Useful life (Average) | 7 |
BIOLOGICAL ASSETS (Details)
BIOLOGICAL ASSETS (Details) | 12 Months Ended |
Dec. 31, 2018 | |
CHILE | Pine [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Useful lives or depreciation rates, biological assets, at cost | 24 |
CHILE | Eucalyptus [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Useful lives or depreciation rates, biological assets, at cost | 12 |
ARGENTINA | Pine [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Useful lives or depreciation rates, biological assets, at cost | 15 |
ARGENTINA | Eucalyptus [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Useful lives or depreciation rates, biological assets, at cost | 10 |
BRAZIL | Pine [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Useful lives or depreciation rates, biological assets, at cost | 15 |
BRAZIL | Eucalyptus [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Useful lives or depreciation rates, biological assets, at cost | 7 |
URUGUAY | Pine [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Useful lives or depreciation rates, biological assets, at cost | - |
URUGUAY | Eucalyptus [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Useful lives or depreciation rates, biological assets, at cost | 10 |
BIOLOGICAL ASSETS (Details 1)
BIOLOGICAL ASSETS (Details 1) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure Of Biological Assets [Line Items] | |
Discount rate used in current measurement of fair value less costs of disposal | 0.50% |
Margin rate used as significant input in fair value measurement | 10.00% |
Discount rate [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Discount rate used in current measurement of fair value less costs of disposal | (0.50%) |
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ (130,319) |
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ 137,784 |
Margin Rate [Member] | |
Disclosure Of Biological Assets [Line Items] | |
Margin rate used as significant input in fair value measurement | (10.00%) |
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ (390,729) |
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ 390,729 |
BIOLOGICAL ASSETS (Details 2)
BIOLOGICAL ASSETS (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Biological Assets [Abstract] | |||
Current | $ 315,924 | $ 307,796 | |
Non-current | 3,336,339 | 3,459,146 | |
Total | $ 3,652,263 | $ 3,766,942 | $ 3,898,991 |
BIOLOGICAL ASSETS (Details 3)
BIOLOGICAL ASSETS (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Biological Assets [Line Items] | |||
Opening Balance | $ 3,766,942 | $ 3,898,991 | |
Changes in real incurred cost | 7,510 | 99,314 | |
Additions through acquisition and costs of new plantations | 207,458 | 182,322 | |
Increase due to non-cash capital distribution of Vale do Corisco S.A. (see Note 15) | 127,927 | ||
Sales | (367) | (4,979) | |
Harvest | (117,729) | (118,414) | |
Increases (decreases) in Foreign Currency Translation | (82,096) | (5,792) | |
Loss of forest due to fire | (8,702) | (81,750) | |
Transfers from non-current to current | 0 | 0 | |
Other Increases (decreases) | 8,946 | ||
Changes in fair value | (122,189) | (231,363) | |
Gain (losses) arising from changes in fair value minus sale costs | 84,476 | 83,031 | $ 208,562 |
Sales | (445) | (310) | |
Harvest | (203,164) | (222,694) | |
Loss of forest due to fires | (3,056) | (91,389) | |
Transfers from non-current to current | 0 | 0 | |
Other Increases (decreases) | (1) | ||
Total Changes | (85,256) | (165,942) | (7,641) |
Closing Balance | 3,652,263 | 3,766,942 | 3,898,991 |
Biological assets Current [Member] | |||
Disclosure Of Biological Assets [Line Items] | |||
Opening Balance | 307,796 | 306,117 | |
Changes in real incurred cost | 34,684 | 16,866 | |
Additions through acquisition and costs of new plantations | 2,105 | 6,088 | |
Increase due to non-cash capital distribution of Vale do Corisco S.A. (see Note 15) | 0 | ||
Sales | (52) | 0 | |
Harvest | (117,729) | (118,414) | |
Increases (decreases) in Foreign Currency Translation | (5,424) | (365) | |
Loss of forest due to fire | 0 | 0 | |
Transfers from non-current to current | 155,789 | 129,557 | |
Other Increases (decreases) | (5) | ||
Changes in fair value | (26,556) | (15,187) | |
Gain (losses) arising from changes in fair value minus sale costs | (8,684) | (9,029) | |
Sales | 0 | 0 | |
Harvest | (203,164) | (222,694) | |
Loss of forest due to fires | 0 | 0 | |
Transfers from non-current to current | 185,292 | 216,536 | |
Other Increases (decreases) | 0 | ||
Total Changes | 8,128 | 1,679 | |
Closing Balance | 315,924 | 307,796 | 306,117 |
Biological assets Non-current [Member] | |||
Disclosure Of Biological Assets [Line Items] | |||
Opening Balance | 3,459,146 | 3,592,874 | |
Changes in real incurred cost | (27,174) | 82,448 | |
Additions through acquisition and costs of new plantations | 205,353 | 176,234 | |
Increase due to non-cash capital distribution of Vale do Corisco S.A. (see Note 15) | 127,927 | ||
Sales | (315) | (4,979) | |
Harvest | 0 | 0 | |
Increases (decreases) in Foreign Currency Translation | (76,672) | (5,427) | |
Loss of forest due to fire | (8,702) | (81,750) | |
Transfers from non-current to current | (155,789) | (129,557) | |
Other Increases (decreases) | 8,951 | ||
Changes in fair value | (95,633) | (216,176) | |
Gain (losses) arising from changes in fair value minus sale costs | 93,160 | 92,060 | |
Sales | (445) | (310) | |
Harvest | 0 | 0 | |
Loss of forest due to fires | (3,056) | (91,389) | |
Transfers from non-current to current | (185,292) | (216,536) | |
Other Increases (decreases) | (1) | ||
Total Changes | (122,807) | (133,728) | |
Closing Balance | $ 3,336,339 | $ 3,459,146 | $ 3,592,874 |
BIOLOGICAL ASSETS (Details Text
BIOLOGICAL ASSETS (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure Of Biological Assets [Line Items] | |||
Output of agricultural produce | 20,300,000 | (20,700,000) | |
Gains (losses) on change in fair value less costs to sell of biological assets for current period | $ 84,476 | $ 83,031 | |
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, 2018 amounted to ThU.S.$207,346 (ThU.S.$ 213,234 as of December 31, 2017). | ||
Description of nature of activities of biological assets | 1.77 million hectares as of December 31, 2018 out of which 1.02 million hectares are used for forestry planting, 441 thousand hectares are native forest, 199 thousand hectares are used for other purposes and 111 thousand hectares not yet planted. | ||
Percentage of Recovery on Damages by Fire | 17.60% | ||
Insurance Recovery Amount | $ 35,000 | ||
Subsequent Event [Member] | |||
Disclosure Of Biological Assets [Line Items] | |||
Area of land effected by fire | 72,564 | ||
Loss due to fire | $ 210,000 | ||
Percentage of loss in plantations | 5.60% | ||
Brazil | |||
Disclosure Of Biological Assets [Line Items] | |||
Rate used to discount cash flows | 7.90% | ||
Argentina | |||
Disclosure Of Biological Assets [Line Items] | |||
Rate used to discount cash flows | 10.50% | ||
CHILE | |||
Disclosure Of Biological Assets [Line Items] | |||
Rate used to discount cash flows | 6.40% | (7.50%) | |
Uruguay | |||
Disclosure Of Biological Assets [Line Items] | |||
Rate used to discount cash flows | 6.90% |
ENVIRONMENTAL MATTERS (Details)
ENVIRONMENTAL MATTERS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Arauco do Brasil S.A. | |
Environmental disbursements | $ 94,706 | $ 167,187 |
Commitments for disbursements in project | $ 93,847 | $ 106,043 |
Environmental disbursement one [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Arauco do Brasil S.A. | Arauco do Brasil S.A. |
Description of name of project | Environmental improvement studies | Environmental improvement studies |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 1,771 | $ 1,008 |
Description of nature of disbursement | Assets | Assets |
Detailed description of nature of disbursement | Property, plant and equipment | Property, plant and equipment |
Commitments for disbursements in project | $ 4,001 | $ 48 |
Estimated completion date of project | 2019 | 2018 |
Environmental disbursement two [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Arauco do Brasil S.A. | |
Description of name of project | Environmental improvement studies | Environmental improvement studies |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 3,284 | $ 1,058 |
Description of nature of disbursement | Expense | Expense |
Detailed description of nature of disbursement | Administration expenses | Administration expenses |
Commitments for disbursements in project | $ 2,723 | $ 296 |
Estimated completion date of project | 2019 | 2018 |
Environmental disbursement three [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of name of project | Investment projects for the control and management of gas emissions from industrial process | Investment projects for the control and management of gas emissions from industrial process |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 6,467 | $ 18,501 |
Description of nature of disbursement | Assets | Assets |
Detailed description of nature of disbursement | Property, plant and equipment | Property, plant and equipment |
Commitments for disbursements in project | $ 8,271 | $ 6,928 |
Estimated completion date of project | 2019 | 2018 |
Environmental disbursement four [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of name of project | Environmental improvement studies | Environmental improvement studies |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 29,419 | $ 48,512 |
Description of nature of disbursement | Assets | Assets |
Detailed description of nature of disbursement | Property, plant and equipment | Property, plant and equipment |
Commitments for disbursements in project | $ 63,035 | $ 65,798 |
Estimated completion date of project | 2019 | 2018 |
Environmental disbursement five [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of name of project | Investment projects for the control and management of gas emissions from industrial process | Environmental improvement studies |
Disclosure of status of project | Finished | Finished |
Environmental disbursements | $ 563 | $ 10,326 |
Description of nature of disbursement | Expense | Assets |
Detailed description of nature of disbursement | Operating cost | Property, plant and equipment |
Commitments for disbursements in project | $ 0 | $ 0 |
Environmental disbursement six [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of name of project | Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants | Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 21,978 | $ 55,655 |
Description of nature of disbursement | Assets | Assets |
Detailed description of nature of disbursement | Property, plant and equipment | Property, plant and equipment |
Commitments for disbursements in project | $ 9,233 | $ 18,226 |
Estimated completion date of project | 2019 | 2018 |
Environmental disbursement seven [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of name of project | Environmental improvement studies | Environmental improvement studies |
Disclosure of status of project | Finished | In process |
Environmental disbursements | $ 25,684 | $ 26,578 |
Description of nature of disbursement | Expense | Expense |
Detailed description of nature of disbursement | Operating cost | Operating cost |
Commitments for disbursements in project | $ 0 | $ 6,214 |
Estimated completion date of project | 2018 | |
Environmental disbursement eight [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Arauco Argentina S.A. | Arauco Argentina S.A. |
Description of name of project | Construction emisario | Construction emisario |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 1,454 | $ 2,312 |
Description of nature of disbursement | Assets | Assets |
Detailed description of nature of disbursement | Property, plant and equipment | Property, plant and equipment |
Commitments for disbursements in project | $ 797 | $ 797 |
Estimated completion date of project | 2019 | 2018 |
Environmental disbursement nine [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Maderas Arauco S.A. | Arauco Argentina S.A. |
Description of name of project | Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants | Expansion of solid industrial waste dumpsite for management of these in the future |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 499 | $ 139 |
Description of nature of disbursement | Expense | Assets |
Detailed description of nature of disbursement | Operating cost | Property, plant and equipment |
Commitments for disbursements in project | $ 0 | $ 28 |
Estimated completion date of project | 2018 | |
Environmental disbursement ten [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Maderas Arauco S.A. | Arauco Argentina S.A. |
Description of name of project | Expansion of solid industrial waste dumpsite for management of these in the future | Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 1,471 | $ 19 |
Description of nature of disbursement | Expense | Assets |
Detailed description of nature of disbursement | Operating cost | Property, plant and equipment |
Commitments for disbursements in project | $ 0 | $ 5,921 |
Estimated completion date of project | 2018 | |
Environmental disbursement eleven [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Maderas Arauco S.A. | Maderas Arauco S.A. |
Description of name of project | Environmental improvement studies | Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 0 | $ 432 |
Description of nature of disbursement | Assets | Expense |
Detailed description of nature of disbursement | Property, plant and equipment | Operating cost |
Commitments for disbursements in project | $ 291 | $ 0 |
Estimated completion date of project | 2019 | |
Environmental disbursement twelve [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Forestal Arauco S.A. | Maderas Arauco S.A. |
Description of name of project | Environmental improvement studies | Expansion of solid industrial waste dumpsite for management of these in the future |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 1,547 | $ 1,346 |
Description of nature of disbursement | Expense | Expense |
Detailed description of nature of disbursement | Administration expenses | Operating cost |
Commitments for disbursements in project | $ 1,957 | $ 0 |
Estimated completion date of project | 2019 | |
Environmental disbursement thirteen [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Celulosa y Energía Punta Pereira S.A. | Maderas Arauco S.A. |
Description of name of project | Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants | Environmental improvement studies |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 52 | $ 89 |
Description of nature of disbursement | Assets | Assets |
Detailed description of nature of disbursement | Property, plant and equipment | Property, plant and equipment |
Commitments for disbursements in project | $ 3,266 | $ 332 |
Estimated completion date of project | 2019 | 2018 |
Environmental disbursement fourteen [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Celulosa y Energía Punta Pereira S.A. | Forestal Arauco S.A. |
Description of name of project | Investment projects for the control and management of hazardous liquids and water energy optimization of industrial plants | Environmental improvement studies |
Disclosure of status of project | Finished | In process |
Environmental disbursements | $ 281 | $ 983 |
Description of nature of disbursement | Assets | Expense |
Detailed description of nature of disbursement | Property, plant and equipment | Administration expenses |
Commitments for disbursements in project | $ 0 | $ 1,165 |
Estimated completion date of project | 2018 | |
Environmental disbursement fifteen [Member] | ||
Disclosure Of Emvironmental Matters [Line Items] | ||
Name of subsidiary | Forestal Los Lagos S.A. | Forestal Los Lagos S.A. |
Description of name of project | Environmental improvement studies | Environmental improvement studies |
Disclosure of status of project | In process | In process |
Environmental disbursements | $ 236 | $ 229 |
Description of nature of disbursement | Expense | Expense |
Detailed description of nature of disbursement | Operating cost | Operating cost |
Commitments for disbursements in project | $ 273 | $ 290 |
Estimated completion date of project | 2019 | 2018 |
NON-CURRENT ASSETS HELD FOR S_3
NON-CURRENT ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Noncurrent Assets Held For Sale [Line Items] | |||
Property, plant and equipment | $ 7,174,693 | $ 7,034,299 | $ 6,919,495 |
Total | 11,152,588 | 11,224,237 | $ 11,283,821 |
Non-current assets held for sale [member] | |||
Disclosure Of Noncurrent Assets Held For Sale [Line Items] | |||
Land | 2,352 | 160 | |
Buildings | 1,284 | 1,122 | |
Property, plant and equipment | 2,090 | 2,225 | |
Total | $ 5,726 | $ 3,507 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) $ in Thousands, in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CLF ( ) | [2] | Dec. 31, 2017USD ($) | Dec. 31, 2017CLF ( ) | [2] | Dec. 31, 2016USD ($) | |||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | $ 5,182,353 | [1] | $ 5,002,072 | [1] | $ 4,454,380 | |||||
Financial liabilities, at fair value | [1] | 5,206,334 | 5,198,654 | |||||||
Bonds Issued [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 1,439,610 | 1,244,939 | ||||||||
Hedging liabilities [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 71,599 | 5,393 | $ 87,364 | |||||||
Financial liabilities, at fair value | 71,310 | 5,256 | ||||||||
Receivables due from related parties [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 7,805 | 4,544 | ||||||||
Financial assets, at fair value | 7,805 | 4,544 | ||||||||
Financial liabilities at fair value through profit or loss [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 289 | 137 | ||||||||
Financial liabilities, at fair value | 289 | 137 | ||||||||
Financial liabilities at amortized cost [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 5,182,353 | 5,002,072 | ||||||||
Financial liabilities at amortized cost [member] | Bonds Issued [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 2,062,044 | 1,439,610 | 2,057,746 | 1,244,939 | ||||||
Financial liabilities, at fair value | 1,948,482 | 1,544,813 | 2,135,893 | 1,333,087 | ||||||
Financial liabilities at amortized cost [member] | Bank Borrowings [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 925,780 | 835,099 | ||||||||
Financial liabilities, at fair value | 962,866 | 870,399 | ||||||||
Financial liabilities at amortized cost [member] | Trade and other payables [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 661,848 | 717,346 | ||||||||
Financial liabilities, at fair value | 661,848 | 717,346 | ||||||||
Financial liabilities at amortized cost [member] | Payables to related parties [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 10,229 | 11,208 | ||||||||
Financial liabilities, at fair value | 10,229 | 11,208 | ||||||||
Financial liabilities at amortized cost [member] | Finance lease [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 68,187 | 112,376 | ||||||||
Financial liabilities, at fair value | 63,441 | 107,363 | ||||||||
Financial liabilities at amortized cost [member] | Bank borrowing denominated [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial liabilities | 14,655 | 23,358 | ||||||||
Financial liabilities, at fair value | 14,655 | 23,358 | ||||||||
Financial assets at amortised cost, class [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 1,668,045 | 1,351,712 | ||||||||
Financial assets, at fair value | 1,668,045 | 1,351,712 | ||||||||
Financial assets at fair value through other comprehensive income, category [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | [3] | 20,768 | 58,425 | |||||||
Financial assets, at fair value | [3] | 20,768 | 58,425 | |||||||
Financial assets at fair value through other comprehensive income, category [member] | Derivatives [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | [4] | 75 | 1,679 | |||||||
Financial assets, at fair value | [4] | 75 | 1,679 | |||||||
Financial assets at fair value through profit or loss, category [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 270,110 | 74,849 | ||||||||
Financial assets, at fair value | 270,110 | 74,849 | ||||||||
Financial assets at fair value through profit or loss, category [member] | Mutual funds investment [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | [5] | 270,035 | 73,170 | |||||||
Financial assets, at fair value | [5] | 270,035 | 73,170 | |||||||
Financial assets at fair value through profit or loss, category [member] | Derivatives [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets, at fair value | 75 | |||||||||
Loans and Accounts Receivables [member] | Time deposits [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 478,775 | 292,105 | ||||||||
Financial assets, at fair value | 478,775 | 292,105 | ||||||||
Loans and Accounts Receivables [member] | Cash [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 327,132 | 209,185 | ||||||||
Financial assets, at fair value | 327,132 | 209,185 | ||||||||
Loans and Accounts Receivables [member] | Agreements [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 0 | 15,426 | ||||||||
Financial assets, at fair value | 0 | 15,426 | ||||||||
Loans and Accounts Receivables [member] | Cash and cash equivalents, Category [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 805,907 | 516,716 | ||||||||
Financial assets, at fair value | 805,907 | 516,716 | ||||||||
Accounts Receivable (net) [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 854,333 | 830,452 | ||||||||
Financial assets, at fair value | 854,333 | 830,452 | ||||||||
Accounts Receivable (net) [member] | Trade receivables [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 751,158 | 709,983 | ||||||||
Financial assets, at fair value | 751,158 | 709,983 | ||||||||
Accounts Receivable (net) [member] | Lease receivables [member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 1,968 | 13,106 | ||||||||
Financial assets, at fair value | 1,968 | 13,106 | ||||||||
Accounts Receivable (net) [member] | Other receivables [Member] | ||||||||||
Disclosure Of Financials Instruments [Line items] | ||||||||||
Financial assets | 101,207 | 107,363 | ||||||||
Financial assets, at fair value | $ 101,207 | $ 107,363 | ||||||||
[1] | Financial liabilities measured at amortized cost, other than “Trade and other payables”, “Accounts payable to related parties” 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. | |||||||||
[2] | 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. | |||||||||
[3] | Includes guarantee fund for derivatives which correspond to the collateral under swap agreements and hedging assets. | |||||||||
[4] | The derivatives are presented in the line item “other financial assets” in the consolidated statements of financial position. | |||||||||
[5] | 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. |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details 1) $ in Thousands, in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CLF ( ) | Dec. 31, 2017USD ($) | |
Disclosure Of Financials Instruments [Line items] | ||||
Financial liabilities, at fair value | [1] | $ 5,206,334 | $ 5,198,654 | |
Other financial assets [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial assets, at fair value | 20,768 | |||
Other financial assets [Member] | Level 1 of fair value hierarchy [member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial assets, at fair value | 1,543 | |||
Other financial assets [Member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial assets, at fair value | 19,225 | |||
Hedging liabilities [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial liabilities, at fair value | 71,310 | 5,256 | ||
Hedging liabilities [Member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial liabilities, at fair value | 71,310 | |||
Financial liabilities at amortised cost, category [member] | Bonds issued in US dollars [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial liabilities, at fair value | 1,948,482 | |||
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 | 1,948,482 | |||
Financial liabilities at amortised cost, category [member] | Bonds issued in UF [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial liabilities, at fair value | | 1,544,813 | |||
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 | | 1,544,813 | |||
Financial liabilities at amortised cost, category [member] | Bank borrowings in other Currencies [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial liabilities, at fair value | 962,866 | 870,399 | ||
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 | 14,655 | |||
Financial liabilities at amortised cost, category [member] | Finance lease [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial liabilities, at fair value | 63,441 | 107,363 | ||
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 | 63,441 | |||
Financial liabilities at amortised cost, category [member] | Bank borrowings in US dollars [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial liabilities, at fair value | 962,866 | |||
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 | 962,866 | |||
Financial liabilities at fair value through profit or loss, category [member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial liabilities, at fair value | 289 | 137 | ||
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 | 289 | |||
Financial assets at fair value through profit or loss, category [member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial assets, at fair value | 270,110 | 74,849 | ||
Financial assets at fair value through profit or loss, category [member] | Derivatives [member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Financial assets, at fair value | 75 | |||
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 | 75 | |||
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 | [2] | 270,035 | $ 73,170 | |
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 | $ 270,035 | |||
[1] | Financial liabilities measured at amortized cost, other than “Trade and other payables”, “Accounts payable to related parties” 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. | |||
[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. |
FINANCIAL INSTRUMENTS (Detail_2
FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | $ 537,596 | $ 500,344 | |||
Other non-current financial liabilities | 4,044,279 | 3,778,567 | |||
Other financial liabilities | 4,581,875 | 4,278,911 | |||
Trade and other current payables | 669,847 | 728,554 | |||
Trade and other non-current payables | 2,230 | 0 | |||
Trade and other payables | 672,077 | 728,554 | |||
Current financial liabilities | 1,207,443 | 1,228,898 | |||
Non-current financial liabilities | 4,046,509 | 3,778,567 | |||
Financial liabilities | 5,182,353 | [1] | 5,002,072 | [1] | $ 4,454,380 |
Not later than three months [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 121,606 | 148,778 | |||
Trade and other current payables | 669,847 | 728,550 | |||
Current financial liabilities | 791,453 | 877,328 | |||
Later than three months and not later than one year [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 415,990 | 351,566 | |||
Trade and other current payables | 0 | 4 | |||
Current financial liabilities | 415,990 | 351,570 | |||
Later than one year and not later than five years [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other non-current financial liabilities | 1,451,888 | 1,455,641 | |||
Trade and other non-current payables | 2,230 | 0 | |||
Non-current financial liabilities | 1,454,118 | 1,455,641 | |||
Later than five years [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other non-current financial liabilities | 2,592,391 | 2,322,926 | |||
Trade and other non-current payables | 0 | 0 | |||
Non-current financial liabilities | 2,592,391 | 2,322,926 | |||
Bonds obligations [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 289,871 | 62,994 | |||
Other non-current financial liabilities | 3,211,783 | 3,239,691 | |||
Other financial liabilities | 3,501,654 | 3,302,685 | |||
Financial liabilities | 1,439,610 | 1,244,939 | |||
Bonds obligations [Member] | Not later than three months [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 27,803 | 28,013 | |||
Bonds obligations [Member] | Later than three months and not later than one year [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 262,068 | 34,981 | |||
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 | 818,716 | 1,054,926 | |||
Bonds obligations [Member] | Later than five years [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other non-current financial liabilities | 2,393,067 | 2,184,765 | |||
Bank Borrowings [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 215,049 | 392,872 | |||
Other non-current financial liabilities | 725,386 | 465,585 | |||
Other financial liabilities | 940,435 | 858,457 | |||
Bank Borrowings [Member] | Not later than three months [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 84,778 | 110,700 | |||
Bank Borrowings [Member] | Later than three months and not later than one year [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 130,271 | 282,172 | |||
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 | 526,062 | 327,424 | |||
Bank Borrowings [Member] | Later than five years [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other non-current financial liabilities | 199,324 | 138,161 | |||
Trade and other payables [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Trade and other current payables | 659,618 | 717,346 | |||
Trade and other non-current payables | 2,230 | 0 | |||
Trade and other payables | 661,848 | 717,346 | |||
Trade and other payables [Member] | Not later than three months [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Trade and other current payables | 659,618 | 717,342 | |||
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 | 0 | 4 | |||
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 | 2,230 | 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 | 10,229 | 11,208 | |||
Trade and other non-current payables | 0 | 0 | |||
Trade and other payables | 10,229 | 11,208 | |||
Accounts payable to related companies [Member] | Not later than three months [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Trade and other current payables | 10,229 | 11,208 | |||
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 | 30,916 | 44,341 | |||
Other non-current financial liabilities | 37,271 | 68,035 | |||
Other financial liabilities | 68,187 | 112,376 | |||
Finance lease [Member] | Not later than three months [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 7,265 | 9,928 | |||
Finance lease [Member] | Later than three months and not later than one year [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 23,651 | 34,413 | |||
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 | 37,271 | 68,035 | |||
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 | 1,760 | 137 | |||
Other non-current financial liabilities | 69,839 | 5,256 | |||
Other financial liabilities | 71,599 | 5,393 | |||
Swap and forward [Member] | Not later than three months [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other current financial liabilities | 1,760 | 137 | |||
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 | 69,839 | 5,256 | |||
Swap and forward [Member] | Later than five years [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Other non-current financial liabilities | $ 0 | $ 0 | |||
[1] | Financial liabilities measured at amortized cost, other than “Trade and other payables”, “Accounts payable to related parties” 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. |
FINANCIAL INSTRUMENTS (Detail_3
FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financials Instruments [Line items] | |||
Hedging instrument, assets | $ 19,226 | $ 55,771 | |
Hedging instrument, liabilities | (71,310) | (5,256) | |
Derivative financial liabilities | (289) | (137) | |
Cross currency swap liability [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Hedging instrument, liabilities | (69,086) | (5,248) | |
Derivatives [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Derivative financial assets | 75 | 1,679 | |
Cross currency swap [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Hedging instrument, assets | 17,869 | 52,734 | |
Uruguay | Derivatives [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Derivative financial assets | [1] | 75 | 1,672 |
Hedging instrument, assets | [1] | 1,357 | 3,037 |
Hedging instrument, liabilities | [1] | (2,224) | (8) |
Derivative financial liabilities | [1] | (287) | 0 |
Colombia | Forward Contract liability [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Derivative financial liabilities | [2] | (2) | (137) |
Colombia | Forward contract [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Derivative financial assets | [2] | $ 0 | $ 7 |
[1] | Includes Swap and Forward from Uruguay tables. | ||
[2] | Includes Forwards from Colombia and Chile. |
FINANCIAL INSTRUMENTS (Detail_4
FINANCIAL INSTRUMENTS (Details 4) - Cross currency swap contract [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financials Instruments [Line items] | ||
Net derivative financial liabilities | $ (51,217,000) | $ 47,486,000 |
Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | F | |
Name of the institution | Deutsche - England | |
Starting date of Hedging instrument | Oct. 30, 2011 | |
Maturity date of hedging instrument | Oct. 30, 2021 | |
Net derivative financial liabilities | $ (3,105,000) | 213,000 |
JP Morgan - N.A. [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | F | |
Name of the institution | JP Morgan - N.A. | |
Starting date of Hedging instrument | Oct. 30, 2011 | |
Maturity date of hedging instrument | Oct. 30, 2021 | |
Net derivative financial liabilities | $ (3,039,000) | 306,000 |
Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | F | |
Name of the institution | Deutsche - England | |
Starting date of Hedging instrument | Apr. 30, 2014 | |
Maturity date of hedging instrument | Apr. 30, 2019 | |
Net derivative financial liabilities | $ 1,707,000 | 6,599,000 |
Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | F | |
Name of the institution | Scotiabank - Chile | |
Starting date of Hedging instrument | Oct. 30, 2014 | |
Maturity date of hedging instrument | Apr. 30, 2023 | |
Net derivative financial liabilities | $ 2,041,000 | 5,252,000 |
Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | F | |
Name of the institution | Scotiabank - Chile | |
Starting date of Hedging instrument | Oct. 30, 2014 | |
Maturity date of hedging instrument | Apr. 30, 2023 | |
Net derivative financial liabilities | $ 2,273,000 | 5,550,000 |
Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | F | |
Name of the institution | Santander - Chile | |
Starting date of Hedging instrument | Oct. 30, 2014 | |
Maturity date of hedging instrument | Apr. 30, 2023 | |
Net derivative financial liabilities | $ 2,715,000 | 6,051,000 |
BCI – Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | F | |
Name of the institution | BCI - Chile | |
Starting date of Hedging instrument | Oct. 30, 2014 | |
Maturity date of hedging instrument | Apr. 30, 2023 | |
Net derivative financial liabilities | $ 3,148,000 | 6,549,000 |
Banco de Chile Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | F | |
Name of the institution | Banco de Chile - Chile | |
Starting date of Hedging instrument | Apr. 30, 2019 | |
Maturity date of hedging instrument | Oct. 30, 2029 | |
Net derivative financial liabilities | $ 155,000 | 0 |
Corpbanca - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | J | |
Name of the institution | Corpbanca - Chile | |
Starting date of Hedging instrument | Sep. 1, 2010 | |
Maturity date of hedging instrument | Sep. 1, 2020 | |
Net derivative financial liabilities | $ (3,289,000) | (292,000) |
Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | J | |
Name of the institution | Scotiabank - Chile | |
Starting date of Hedging instrument | Sep. 1, 2010 | |
Maturity date of hedging instrument | Sep. 1, 2020 | |
Net derivative financial liabilities | $ (3,289,000) | (292,000) |
Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | J | |
Name of the institution | Deutsche - England | |
Starting date of Hedging instrument | Sep. 1, 2010 | |
Maturity date of hedging instrument | Sep. 1, 2020 | |
Net derivative financial liabilities | $ (3,313,000) | (356,000) |
Santander – Spain [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | J | |
Name of the institution | Santander - Spain | |
Starting date of Hedging instrument | Sep. 1, 2010 | |
Maturity date of hedging instrument | Sep. 1, 2020 | |
Net derivative financial liabilities | $ (3,273,000) | (263,000) |
Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | J | |
Name of the institution | Scotiabank - Chile | |
Starting date of Hedging instrument | Sep. 1, 2010 | |
Maturity date of hedging instrument | Sep. 1, 2020 | |
Net derivative financial liabilities | $ (3,197,000) | (152,000) |
Corpbanca - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | P | |
Name of the institution | Corpbanca - Chile | |
Starting date of Hedging instrument | May 15, 2012 | |
Maturity date of hedging instrument | Nov. 15, 2021 | |
Net derivative financial liabilities | $ (4,978,000) | (1,775,000) |
JP Morgan - N.A. [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | P | |
Name of the institution | JP Morgan - N.A. | |
Starting date of Hedging instrument | Nov. 15, 2012 | |
Maturity date of hedging instrument | Nov. 15, 2021 | |
Net derivative financial liabilities | $ (5,102,000) | (1,753,000) |
Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | P | |
Name of the institution | Scotiabank - Chile | |
Starting date of Hedging instrument | Nov. 15, 2013 | |
Maturity date of hedging instrument | Nov. 15, 2023 | |
Net derivative financial liabilities | $ (882,000) | 1,854,000 |
Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | P | |
Name of the institution | Santander - Chile | |
Starting date of Hedging instrument | Nov. 15, 2013 | |
Maturity date of hedging instrument | Nov. 15, 2023 | |
Net derivative financial liabilities | $ (89,000) | 2,777,000 |
Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | P | |
Name of the institution | Deutsche - England | |
Starting date of Hedging instrument | Nov. 15, 2013 | |
Maturity date of hedging instrument | Nov. 15, 2023 | |
Net derivative financial liabilities | $ (92,000) | 2,800,000 |
BCI - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | Q | |
Name of the institution | BCI - Chile | |
Starting date of Hedging instrument | Oct. 1, 2014 | |
Maturity date of hedging instrument | Apr. 1, 2021 | |
Net derivative financial liabilities | $ (1,679,000) | 1,022,000 |
BCI - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | Q | |
Name of the institution | BCI - Chile | |
Starting date of Hedging instrument | Oct. 1, 2014 | |
Maturity date of hedging instrument | Apr. 1, 2021 | |
Net derivative financial liabilities | $ (1,655,000) | 1,070,000 |
Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | R | |
Name of the institution | Santander - Chile | |
Starting date of Hedging instrument | Oct. 1, 2014 | |
Maturity date of hedging instrument | Apr. 1, 2024 | |
Net derivative financial liabilities | $ (7,016,000) | (365,000) |
JP Morgan - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | R | |
Name of the institution | JP Morgan - England | |
Starting date of Hedging instrument | Oct. 1, 2014 | |
Maturity date of hedging instrument | Apr. 1, 2024 | |
Net derivative financial liabilities | $ (1,996,000) | 329,000 |
Corpbanca - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | R | |
Name of the institution | Corpbanca - Chile | |
Starting date of Hedging instrument | Oct. 1, 2014 | |
Maturity date of hedging instrument | Apr. 1, 2024 | |
Net derivative financial liabilities | $ (2,015,000) | 327,000 |
Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | S | |
Name of the institution | Santander - Chile | |
Starting date of Hedging instrument | Nov. 15, 2016 | |
Maturity date of hedging instrument | Nov. 15, 2026 | |
Net derivative financial liabilities | $ 5,830,000 | 12,035,000 |
Goldman Sachs [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | W | |
Name of the institution | Goldman Sachs | |
Starting date of Hedging instrument | Oct. 10, 2018 | |
Maturity date of hedging instrument | Oct. 10, 2028 | |
Net derivative financial liabilities | $ (2,392,000) | 0 |
Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | W | |
Name of the institution | Scotiabank - Chile | |
Starting date of Hedging instrument | Oct. 10, 2018 | |
Maturity date of hedging instrument | Oct. 10, 2028 | |
Net derivative financial liabilities | $ (2,294,000) | 0 |
Goldman Sachs One [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | W | |
Name of the institution | Goldman Sachs | |
Starting date of Hedging instrument | Oct. 10, 2018 | |
Maturity date of hedging instrument | Oct. 10, 2028 | |
Net derivative financial liabilities | $ (1,861,000) | 0 |
Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | X | |
Name of the institution | Santander - Chile | |
Starting date of Hedging instrument | Oct. 10, 2018 | |
Maturity date of hedging instrument | Oct. 10, 2038 | |
Net derivative financial liabilities | $ (7,976,000) | 0 |
Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bond Name | X | |
Name of the institution | Santander - Chile | |
Starting date of Hedging instrument | Oct. 10, 2018 | |
Maturity date of hedging instrument | Oct. 10, 2038 | |
Net derivative financial liabilities | $ (6,554,000) | $ 0 |
US dollars [Member] | Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 43,618,307 | |
US dollars [Member] | JP Morgan - N.A. [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 43,618,307 | |
US dollars [Member] | Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 37,977,065 | |
US dollars [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 38,426,435 | |
US dollars [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 38,378,440 | |
US dollars [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 37,977,065 | |
US dollars [Member] | BCI – Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 37,621,562 | |
US dollars [Member] | Banco de Chile Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 36,250,835 | |
US dollars [Member] | Corpbanca - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 42,864,859 | |
US dollars [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 42,864,859 | |
US dollars [Member] | Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 42,864,859 | |
US dollars [Member] | Santander – Spain [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 42,873,112 | |
US dollars [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 42,864,257 | |
US dollars [Member] | Corpbanca - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 46,474,122 | |
US dollars [Member] | JP Morgan - N.A. [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 47,163,640 | |
US dollars [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 42,412,852 | |
US dollars [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 41,752,718 | |
US dollars [Member] | Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 41,752,718 | |
US dollars [Member] | BCI - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 26,990,765 | |
US dollars [Member] | BCI - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 26,997,935 | |
US dollars [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 128,611,183 | |
US dollars [Member] | JP Morgan - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 43,185,224 | |
US dollars [Member] | Corpbanca - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 43,277,070 | |
US dollars [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 201,340,031 | |
US dollars [Member] | Goldman Sachs [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 40,521,750 | |
US dollars [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 40,537,926 | |
US dollars [Member] | Goldman Sachs One [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 40,066,555 | |
US dollars [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 118,400,504 | |
US dollars [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 97,971,786 | |
Unidad de Fomento [Member] | Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | JP Morgan - N.A. [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | BCI – Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Banco de Chile Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 954,545 | |
Unidad de Fomento [Member] | Corpbanca - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Santander – Spain [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Corpbanca - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | JP Morgan - N.A. [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Deutsche - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | BCI - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 625,000 | |
Unidad de Fomento [Member] | BCI - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 625,000 | |
Unidad de Fomento [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 3,000,000 | |
Unidad de Fomento [Member] | JP Morgan - England [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Corpbanca - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 5,000,000 | |
Unidad de Fomento [Member] | Goldman Sachs [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Scotiabank Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Goldman Sachs One [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 1,000,000 | |
Unidad de Fomento [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | 3,000,000 | |
Unidad de Fomento [Member] | Santander - Chile [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Value of hedging instrument | $ 2,500,000 |
FINANCIAL INSTRUMENTS (Detail_5
FINANCIAL INSTRUMENTS (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Forward contract [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Net derivative financial liabilities | $ (2) | $ (130) |
COLOMBIA | Exchange Rate One [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Description of exchange rate translation | USDCOP | USDCOP |
Name of the institution | Corpbanca Colombia | BBVA Colombia |
Value of hedging instrument | $ 1,500 | $ 6,000 |
Starting date of Hedging instrument | Oct. 31, 2018 | Oct. 11, 2017 |
Maturity date of hedging instrument | Jan. 9, 2019 | Jan. 10, 2018 |
Net derivative financial liabilities | $ (2) | $ (1) |
COLOMBIA | Exchange Rate Two [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Description of exchange rate translation | USDCOP | USDCOP |
Name of the institution | Corpbanca Colombia | Corpbanca Colombia |
Value of hedging instrument | $ 1,700 | $ 8,000 |
Starting date of Hedging instrument | Nov. 26, 2018 | Nov. 14, 2017 |
Maturity date of hedging instrument | Feb. 12, 2019 | Feb. 13, 2018 |
Net derivative financial liabilities | $ 0 | $ (136) |
COLOMBIA | Exchange Rate Three [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Description of exchange rate translation | USDCOP | USDCOP |
Name of the institution | Corpbanca Colombia | Corpbanca Colombia |
Value of hedging instrument | $ 1,600 | $ 2,100 |
Starting date of Hedging instrument | Dec. 20, 2018 | Dec. 21, 2017 |
Maturity date of hedging instrument | Mar. 12, 2019 | Mar. 12, 2018 |
Net derivative financial liabilities | $ 0 | $ 7 |
FINANCIAL INSTRUMENTS (Detail_6
FINANCIAL INSTRUMENTS (Details 6) - URUGUAY - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financials Instruments [Line items] | ||
Net derivative financial liabilities | $ (613) | $ 1,756 |
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 | $ 14,880 | $ 24,000 |
Net derivative financial liabilities | $ (586) | $ 1,213 |
Forward contract Two [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Description of exchange rate translation | UYUUSD | UYUUSD |
Name of the institution | HSBC Uruguay | HSBC Uruguay |
Nominal amount of hedging instrument | $ 11,610 | $ 9,000 |
Net derivative financial liabilities | $ (56) | $ 543 |
Forward contract Three [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Description of exchange rate translation | UYUUSD | UYUUSD |
Name of the institution | Citibank U.K. | Citibank U.K. |
Nominal amount of hedging instrument | $ 4,425 | $ 0 |
Net derivative financial liabilities | $ 29 | $ 0 |
FINANCIAL INSTRUMENTS (Detail_7
FINANCIAL INSTRUMENTS (Details 7) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financials Instruments [Line items] | ||
Hedging instrument, liabilities | $ (71,310) | $ (5,256) |
URUGUAY | Commodity contracts [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Hedging instrument, liabilities | $ (1,402) | $ 2,216 |
URUGUAY | 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 | $ 6,189 | $ 4,760 |
Hedging instrument, liabilities | $ (800) | $ 1,372 |
URUGUAY | Commodity contracts [Member] | Fuel oil No.6 Two [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of the institution | Citibank U.K. | Citibank U.K. |
Nominal Amounts Of Hedging Instrument | $ 401 | $ 761 |
Hedging instrument, liabilities | $ (34) | $ 112 |
URUGUAY | Commodity contracts [Member] | Fuel oil No.6 Three [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of the institution | DNB Bank ASA | DNB Bank ASA |
Nominal Amounts Of Hedging Instrument | $ 4,837 | $ 4,002 |
Hedging instrument, liabilities | $ (568) | $ 732 |
FINANCIAL INSTRUMENTS (Detail_8
FINANCIAL INSTRUMENTS (Details 8) - Interest rate swap contract [member] - URUGUAY - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 42,198 | $ 50,638 |
Other financial assets | $ 936 | $ 729 |
FINANCIAL INSTRUMENTS (Detail_9
FINANCIAL INSTRUMENTS (Details 9) - URUGUAY - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents, Category [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | $ 805,907 | $ 516,716 |
Cash and cash equivalents, Category [Member] | Time deposits [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 478,775 | 292,105 |
Cash and cash equivalents, Category [Member] | Cash [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 327,132 | 209,185 |
Cash and cash equivalents, Category [Member] | Agreements | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 0 | 15,426 |
Trade and other receivables, category [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 862,138 | 834,996 |
Trade and other receivables, category [Member] | Trade receivables [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 751,158 | 709,983 |
Trade and other receivables, category [Member] | Lease receivables [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 1,968 | 13,106 |
Trade and other receivables, category [Member] | Other receivables [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 101,207 | 107,363 |
Trade and other receivables, category [Member] | Accounts receivable due from related parties | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | 7,805 | 4,544 |
Financial assets at amortised cost, category [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial assets | $ 1,668,045 | $ 1,351,712 |
FINANCIAL INSTRUMENTS (Detai_10
FINANCIAL INSTRUMENTS (Details 10) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | $ 1,075,942 | $ 589,886 | $ 592,253 | $ 500,025 |
U.S Dollar [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | 834,513 | 501,352 | ||
Euro [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | 8,295 | 4,306 | ||
Other currencies [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | 5,375 | 3,685 | ||
Chilean Pesos [Member] | ||||
Disclosure Of Financials Instruments [Line items] | ||||
Cash and cash equivalents | $ 180,300 | $ 23,191 |
FINANCIAL INSTRUMENTS (Detai_11
FINANCIAL INSTRUMENTS (Details 11) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | $ 839,184 | $ 814,412 |
Accounts receivable from related parties, current | 7,324 | 3,488 |
Trade and other non-current receivables | 15,149 | 16,040 |
Accounts receivable from related parties, non-current | 481 | 1,056 |
U.S Dollar [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 631,047 | 550,674 |
Accounts receivable from related parties, current | 591 | 726 |
Trade and other non-current receivables | 7,733 | 4,247 |
Euro [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 7,399 | 20,498 |
Other currencies [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 15,458 | 17,702 |
Accounts receivable from related parties, current | 591 | 726 |
Trade and other non-current receivables | 27 | 0 |
Chilean Pesos [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 99,950 | 106,442 |
Accounts receivable from related parties, current | 6,169 | 2,192 |
Trade and other non-current receivables | 3,267 | 6,692 |
Unidad de Fomento [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trades and other current receivables | 3,786 | 2,560 |
Accounts receivable from related parties, current | 481 | 399 |
Trade and other non-current receivables | 3,082 | 1,756 |
Accounts receivable from related parties, non-current | $ 481 | $ 1,056 |
FINANCIAL INSTRUMENTS (Detai_12
FINANCIAL INSTRUMENTS (Details 12) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 5,182,353 | [1] | $ 5,002,072 | [1] | $ 4,454,380 |
Hedging liabilities [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | 71,599 | 5,393 | $ 87,364 | ||
Financial liabilities at fair value through profit or loss (held for trading) [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | 289 | 137 | |||
Financial Liabilities Measured at Amortized Cost [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 5,182,353 | $ 5,002,072 | |||
[1] | Financial liabilities measured at amortized cost, other than “Trade and other payables”, “Accounts payable to related parties” 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. |
FINANCIAL INSTRUMENTS (Detai_13
FINANCIAL INSTRUMENTS (Details 13) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Financials Instruments [Line items] | ||
Current portion of non-current borrowings | $ 180,457 | $ 199,961 |
Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current portion of non-current borrowings | 99,397 | 92,693 |
Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current portion of non-current borrowings | $ 81,060 | $ 107,268 |
FINANCIAL INSTRUMENTS (Detai_14
FINANCIAL INSTRUMENTS (Details 14) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | $ 5,182,353 | [1] | $ 5,002,072 | [1] | $ 4,454,380 | |
Financial liabilities, at fair value | [1] | 5,206,334 | 5,198,654 | |||
Bonds Issued [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 1,439,610 | 1,244,939 | ||||
U.S Dollar [Member] | Bonds Issued [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 2,062,044 | 2,057,747 | ||||
Financial liabilities, at fair value | 1,948,482 | 2,135,893 | ||||
U.S Dollar [Member] | Bank Borrowings [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 925,780 | 834,908 | ||||
Financial liabilities, at fair value | 962,866 | 870,399 | ||||
U.S Dollar [Member] | Trade and other payables [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 187,219 | 194,342 | ||||
Financial liabilities, at fair value | 187,219 | 194,342 | ||||
U.S Dollar [Member] | Related party payables | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 1,777 | 1,354 | ||||
Financial liabilities, at fair value | 1,777 | 1,354 | ||||
Unidad de Fomento [Member] | Bonds Issued [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 1,439,610 | 1,244,938 | ||||
Financial liabilities, at fair value | 1,544,813 | 1,333,087 | ||||
Unidad de Fomento [Member] | Trade and other payables [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 28,180 | 22,060 | ||||
Financial liabilities, at fair value | 28,180 | 22,060 | ||||
Unidad de Fomento [Member] | Finance lease [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 57,349 | 96,913 | ||||
Financial liabilities, at fair value | 53,594 | 92,542 | ||||
Other currencies [Member] | Bank Borrowings [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 14,655 | 23,549 | ||||
Financial liabilities, at fair value | 14,655 | 23,358 | ||||
Other currencies [Member] | Trade and other payables [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 90,113 | 158,567 | ||||
Financial liabilities, at fair value | 90,113 | 158,567 | ||||
Chilean Pesos [Member] | Trade and other payables [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 348,886 | 333,529 | ||||
Financial liabilities, at fair value | 348,886 | 333,529 | ||||
Chilean Pesos [Member] | Finance lease [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 10,838 | 15,463 | ||||
Financial liabilities, at fair value | 9,847 | 14,821 | ||||
Chilean Pesos [Member] | Related party payables | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 8,452 | 9,854 | ||||
Financial liabilities, at fair value | 8,452 | 9,854 | ||||
Euro [Member] | Trade and other payables [Member] | ||||||
Disclosure Of Financials Instruments [Line items] | ||||||
Financial liabilities | 7,450 | 8,848 | ||||
Financial liabilities, at fair value | $ 7,450 | $ 8,848 | ||||
[1] | Financial liabilities measured at amortized cost, other than “Trade and other payables”, “Accounts payable to related parties” 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. |
FINANCIAL INSTRUMENTS (Detai_15
FINANCIAL INSTRUMENTS (Details 15) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Financials Instruments [Line items] | ||
Current financial liabilities at amortised cost | $ 1,205,683 | $ 1,228,761 |
Non-current financial liabilities at amortised cost | 3,976,670 | 3,773,311 |
Financial liabilities at amortised cost | 5,182,353 | 5,002,072 |
Other financial liabilities [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current financial liabilities at amortised cost | 535,836 | 500,207 |
Non-current financial liabilities at amortised cost | 3,974,440 | 3,773,311 |
Financial liabilities at amortised cost | 4,510,276 | 4,273,518 |
Trade and other payables [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current financial liabilities at amortised cost | 659,618 | 717,346 |
Non-current financial liabilities at amortised cost | 2,230 | 0 |
Financial liabilities at amortised cost | 661,848 | 717,346 |
Accounts payable to related parties [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current financial liabilities at amortised cost | 10,229 | 11,208 |
Non-current financial liabilities at amortised cost | 0 | 0 |
Financial liabilities at amortised cost | $ 10,229 | $ 11,208 |
FINANCIAL INSTRUMENTS (Detai_16
FINANCIAL INSTRUMENTS (Details 16) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Financials Instruments [Line items] | |||
Amount Restated Through Reserve Of Cash Flow Hedges | $ (1,918) | $ 0 | $ 0 |
Gains (losses) on cash flow hedges | 30,321 | 22,212 | 84,045 |
Recycle of cash flow hedges to profit or loss | 15,286 | 16,965 | 10,198 |
Income tax relating to cash flow hedges | (4,474) | (5,917) | (20,055) |
Recycle of income tax | 0 | (4,326) | (2,700) |
In Accordance With IAS39 And IFRS9 [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Reserve of cash flow hedges | 4,752 | 1,096 | (55,396) |
Reserve of cash flow hedges | 4,752 | 1,096 | |
In accordance with IFRS 9 [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Reserve of cash flow hedges | 4,752 | 1,096 | (55,396) |
Gains (losses) on cash flow hedges | 30,321 | 22,212 | 84,045 |
Recycle of cash flow hedges to profit or loss | (15,286) | (16,965) | (10,198) |
Income tax relating to cash flow hedges | (4,474) | (5,917) | (20,055) |
Recycle of income tax | 0 | 4,326 | 2,700 |
Reserve of cash flow hedges | $ 13,395 | $ 4,752 | $ 1,096 |
FINANCIAL INSTRUMENTS (Detai_17
FINANCIAL INSTRUMENTS (Details 17) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 5,182,353 | [1] | $ 5,002,072 | [1] | $ 4,454,380 |
Bonds Issued [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | 1,439,610 | 1,244,939 | |||
Syndicate loan Scotia [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | 200,563 | 199,597 | |||
Syndicate Loan Banco Estado [Member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 287,565 | $ 130,953 | |||
[1] | Financial liabilities measured at amortized cost, other than “Trade and other payables”, “Accounts payable to related parties” 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. |
FINANCIAL INSTRUMENTS (Detai_18
FINANCIAL INSTRUMENTS (Details 18) | 12 Months Ended |
Dec. 31, 2018 | |
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 |
Moody's [Member] | Local bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | - |
Moody's [Member] | Foreign bonds [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Disclosure of credit rating | Baa3 |
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 (Detai_19
FINANCIAL INSTRUMENTS (Details 19) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 06, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Financials Instruments [Line items] | |||||
Equity | $ 7,338,971 | $ 7,116,893 | $ (49,415) | $ 6,999,283 | $ 6,646,445 |
Bank borrowings | 940,435 | 858,457 | |||
Financial leasing | 68,187 | 112,376 | |||
Bonds issued | 3,501,654 | 3,302,685 | |||
Capitalization | $ 11,849,247 | $ 11,390,411 |
FINANCIAL INSTRUMENTS (Detai_20
FINANCIAL INSTRUMENTS (Details 20) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade receivables | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | $ 747,258 | $ 706,485 |
Trade receivables | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 755,809 | 716,455 |
Trade receivables | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 8,551 | 9,970 |
Financial lease receivables | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 1,131 | 11,932 |
Financial lease receivables | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 1,131 | 12,033 |
Financial lease receivables | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 0 | 101 |
Other debtors | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 90,795 | 95,995 |
Other debtors | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 93,370 | 101,663 |
Other debtors | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 2,575 | 5,668 |
Net subtotal | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 839,184 | 814,412 |
Net subtotal | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 850,310 | 830,151 |
Net subtotal | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 11,126 | 15,739 |
Trade receivables | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 3,900 | 3,498 |
Trade receivables | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 7,921 | 5,544 |
Trade receivables | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 4,021 | 2,046 |
Financial lease receivables | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 837 | 1,174 |
Financial lease receivables | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 837 | 1,174 |
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 | 10,412 | 11,368 |
Other debtors | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 10,412 | 11,368 |
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 | 15,149 | 16,040 |
Net Subtotal | Gross carrying amount [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | 19,170 | 18,086 |
Net Subtotal | Accumulated impairment [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Credit exposure | $ 4,021 | $ 2,046 |
FINANCIAL INSTRUMENTS (Detai_21
FINANCIAL INSTRUMENTS (Details 21) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 763,730 | $ 719,953 |
Percentage of trade receivables | 100.00% | 100.00% |
Below one month [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 59,844 | $ 39,459 |
Percentage of trade receivables | 7.84% | 5.48% |
Later than one month and not later than two months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 854 | $ 551 |
Percentage of trade receivables | 0.11% | 0.08% |
Later than two months and not later than three months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 36 | $ 955 |
Percentage of trade receivables | 0.00% | 0.13% |
Later than three months and not later than four months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 111 | $ 50 |
Percentage of trade receivables | 0.01% | 0.01% |
Later than four months and not later than five months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 43 | $ 34 |
Percentage of trade receivables | 0.01% | 0.00% |
Later than five months and not later than six months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 141 | $ 2,238 |
Percentage of trade receivables | 0.02% | 0.31% |
Later than six months and not later than seven months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 127 | $ 56 |
Percentage of trade receivables | 0.02% | 0.01% |
Later than seven months and not later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 69 | $ 97 |
Percentage of trade receivables | 0.01% | 0.01% |
Later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 14,481 | $ 12,311 |
Percentage of trade receivables | 1.89% | 1.71% |
Financial assets neither past due nor impaired [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 688,024 | $ 664,202 |
Percentage of trade receivables | 90.09% | 92.26% |
FINANCIAL INSTRUMENTS (Detai_22
FINANCIAL INSTRUMENTS (Details 22) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 763,730 | $ 719,953 |
Allowance account for credit losses of financial assets | 12,571 | 17,785 |
Below one month [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 59,844 | 39,459 |
Allowance account for credit losses of financial assets | 0 | |
Later than one month and not later than two months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 854 | 551 |
Allowance account for credit losses of financial assets | 8 | |
Later than two months and not later than three months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 36 | 955 |
Allowance account for credit losses of financial assets | 5 | |
Later than three months and not later than four months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 111 | 50 |
Allowance account for credit losses of financial assets | 66 | |
Later than four months and not later than five months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 43 | 34 |
Allowance account for credit losses of financial assets | 11 | |
Later than five months and not later than six months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 141 | 2,238 |
Allowance account for credit losses of financial assets | 59 | |
Later than six months and not later than seven months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 127 | 56 |
Allowance account for credit losses of financial assets | 124 | |
Later than seven months and not later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 69 | 97 |
Allowance account for credit losses of financial assets | 67 | |
Later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 14,481 | 12,311 |
Allowance account for credit losses of financial assets | 12,231 | |
Financial assets neither past due nor impaired [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 688,024 | $ 664,202 |
Allowance account for credit losses of financial assets | 0 | |
Letter of credits [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 373,287 | |
Allowance account for credit losses of financial assets | 0 | |
Letter of credits [Member] | Below one month [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 17,524 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Letter of credits [Member] | Later than one month and not later than two months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 8 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Letter of credits [Member] | Later than two months and not later than three months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 0 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Letter of credits [Member] | Later than three months and not later than four months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 0 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Letter of credits [Member] | Later than four months and not later than five months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 0 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Letter of credits [Member] | Later than five months and not later than six months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 0 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Letter of credits [Member] | Later than six months and not later than seven months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 0 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Letter of credits [Member] | Later than seven months and not later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 0 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Letter of credits [Member] | Later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 0 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Letter of credits [Member] | Financial assets neither past due nor impaired [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 355,755 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Credit Line [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 383,939 | |
Allowance account for credit losses of financial assets | 9,626 | |
Credit Line [Member] | Below one month [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 40,629 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Credit Line [Member] | Later than one month and not later than two months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 708 | |
Allowance account for credit losses of financial assets | $ 7 | |
Expected credit loss rate | 0.96% | |
Credit Line [Member] | Later than two months and not later than three months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 37 | |
Allowance account for credit losses of financial assets | $ 4 | |
Expected credit loss rate | 10.00% | |
Credit Line [Member] | Later than three months and not later than four months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 36 | |
Allowance account for credit losses of financial assets | $ 4 | |
Expected credit loss rate | 10.00% | |
Credit Line [Member] | Later than four months and not later than five months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 26 | |
Allowance account for credit losses of financial assets | $ 3 | |
Expected credit loss rate | 10.00% | |
Credit Line [Member] | Later than five months and not later than six months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 27 | |
Allowance account for credit losses of financial assets | $ 3 | |
Expected credit loss rate | 10.00% | |
Credit Line [Member] | Later than six months and not later than seven months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 18 | |
Allowance account for credit losses of financial assets | $ 18 | |
Expected credit loss rate | 100.00% | |
Credit Line [Member] | Later than seven months and not later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 35 | |
Allowance account for credit losses of financial assets | $ 35 | |
Expected credit loss rate | 100.00% | |
Credit Line [Member] | Later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 9,552 | |
Allowance account for credit losses of financial assets | $ 9,552 | |
Expected credit loss rate | 100.00% | |
Credit Line [Member] | Financial assets neither past due nor impaired [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 332,871 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Others [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 6,504 | |
Allowance account for credit losses of financial assets | 2,945 | |
Others [Member] | Below one month [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | 1,473 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% | |
Others [Member] | Later than one month and not later than two months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 71 | |
Allowance account for credit losses of financial assets | $ 1 | |
Expected credit loss rate | 0.96% | |
Others [Member] | Later than two months and not later than three months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 13 | |
Allowance account for credit losses of financial assets | $ 1 | |
Expected credit loss rate | 10.00% | |
Others [Member] | Later than three months and not later than four months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 124 | |
Allowance account for credit losses of financial assets | $ 62 | |
Expected credit loss rate | 50.00% | |
Others [Member] | Later than four months and not later than five months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 15 | |
Allowance account for credit losses of financial assets | $ 8 | |
Expected credit loss rate | 50.00% | |
Others [Member] | Later than five months and not later than six months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 112 | |
Allowance account for credit losses of financial assets | $ 56 | |
Expected credit loss rate | 50.00% | |
Others [Member] | Later than six months and not later than seven months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 106 | |
Allowance account for credit losses of financial assets | $ 106 | |
Expected credit loss rate | 100.00% | |
Others [Member] | Later than seven months and not later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 32 | |
Allowance account for credit losses of financial assets | $ 32 | |
Expected credit loss rate | 100.00% | |
Others [Member] | Later than eight months [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 2,679 | |
Allowance account for credit losses of financial assets | $ 2,679 | |
Expected credit loss rate | 100.00% | |
Others [Member] | Financial assets neither past due nor impaired [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 1,879 | |
Allowance account for credit losses of financial assets | $ 0 | |
Expected credit loss rate | 0.00% |
FINANCIAL INSTRUMENTS (Detai_23
FINANCIAL INSTRUMENTS (Details 23) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Financials Instruments [Line items] | |||
Allowance account for credit losses of financial assets | $ (12,571) | $ (17,785) | |
Amounts restated through retained earnings | (2,875) | 0 | $ 0 |
Allowance account for credit losses of financial assets | (12,571) | (17,785) | |
In Accordance with IAS 39 [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Allowance account for credit losses of financial assets | (17,785) | (16,644) | (19,860) |
Allowance account for credit losses of financial assets | (17,785) | (16,644) | (19,860) |
In accordance with IFRS 9 [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Allowance account for credit losses of financial assets | (15,147) | (16,644) | (16,644) |
Increase in loan loss allowance recognised in profit or loss during the year | (5,027) | (3,423) | (2,479) |
Receivables written off during the year as uncollectible | 8,620 | 1,806 | 5,250 |
Unused amount reversed | 1,920 | 476 | 445 |
Allowance account for credit losses of financial assets | $ (15,147) | $ (16,644) | $ (16,644) |
FINANCIAL INSTRUMENTS (Detai_24
FINANCIAL INSTRUMENTS (Details 24) $ in Thousands | Dec. 31, 2018USD ($) |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 58,940 |
Proportion of guarantee | 100.00% |
Certificate of deposits [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 7,107 |
Proportion of guarantee | 12.10% |
Standby [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 9,142 |
Proportion of guarantee | 15.50% |
Promissory notes one [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 31,036 |
Proportion of guarantee | 52.70% |
Financial guarantee contracts [member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 3,605 |
Proportion of guarantee | 6.10% |
Mortgages [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 4,551 |
Proportion of guarantee | 7.70% |
Pledges [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 2,099 |
Proportion of guarantee | 3.60% |
Promissory notes two [Member] | |
Disclosure Of Financials Instruments [Line items] | |
Provision of guarantees, Debtors | $ 1,400 |
Proportion of guarantee | 2.30% |
FINANCIAL INSTRUMENTS (Detai_25
FINANCIAL INSTRUMENTS (Details 25) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 763,730 | $ 719,953 |
Percentage of trade receivables | 100.00% | 100.00% |
Open account customers [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 424,278 | |
Percentage of trade receivables | 100.00% | |
Secured receivables [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 396,275 | |
Percentage of trade receivables | 93.40% | |
Unsecured receivables [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Trade receivables | $ 28,003 | |
Percentage of trade receivables | 6.60% |
FINANCIAL INSTRUMENTS (Detai_26
FINANCIAL INSTRUMENTS (Details 26) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco do Brasil S.A. | |
Bank borrowings, undiscounted cash flows | $ 145 | |
Short-term Debt | $ 215,049 | 392,872 |
Non-current portion of non-current borrowings | 725,386 | 465,585 |
Non-current portion of non-current bonds issued | 3,701,109 | |
Current finance lease liabilities | 30,916 | 44,341 |
Non-current finance lease liabilities | 37,271 | 68,035 |
Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Short-term Debt | 215,049 | 392,872 |
Non-current portion of non-current borrowings | 820,838 | 511,774 |
Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current bonds issued and current portion of non-current bonds issued | $ 289,871 | |
Non-current portion of non-current bonds issued | 4,616,331 | |
Current finance lease liabilities | 62,994 | |
Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Current finance lease liabilities | 44,341 | |
Non-current finance lease liabilities | $ 68,035 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 1,930 | $ 199,597 |
Non-current portion of non-current borrowings | $ 230,437 | $ 0 |
Borrowings, interest rate | 3.70% | 1.70% |
Borrowings, Nominal interest rate | 1.10% | 0.70% |
Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Argentina S.A. | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 5,040 | $ 2,199 |
Non-current portion of non-current borrowings | $ 0 | $ 11,398 |
Borrowings, interest rate | 2.10% | 3.51% |
Borrowings, Nominal interest rate | 2.10% | 2.05% |
Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Argentina S.A. | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 10,054 | $ 5,740 |
Non-current portion of non-current borrowings | $ 0 | $ 11,546 |
Borrowings, interest rate | 6.00% | 3.26% |
Borrowings, Nominal interest rate | 6.00% | 1.80% |
Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Arauco Argentina S.A. | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 13,071 | $ 14,007 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 5.90% | 3.13% |
Borrowings, Nominal interest rate | 5.90% | 1.75% |
Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira S.A. | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 2,216 | $ 4,503 |
Non-current portion of non-current borrowings | $ 9,129 | $ 0 |
Borrowings, interest rate | 4.62% | 3.10% |
Borrowings, Nominal interest rate | 2.05% | 1.75% |
Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira S.A. | Zona Franca Punta Pereira |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 5,726 | $ 2,509 |
Non-current portion of non-current borrowings | $ 5,701 | $ 0 |
Borrowings, interest rate | 4.37% | 3.17% |
Borrowings, Nominal interest rate | 1.80% | 3.17% |
Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira S.A. | Celulosa y Energia Punta Pereira |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 14,103 | $ 8,884 |
Non-current portion of non-current borrowings | $ 0 | $ 46,010 |
Borrowings, interest rate | 4.06% | 3.51% |
Borrowings, Nominal interest rate | 1.30% | 2.05% |
Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira S.A. | Celulosa y Energia Punta Pereira |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 4,517 | $ 23,201 |
Non-current portion of non-current borrowings | $ 0 | $ 46,673 |
Borrowings, interest rate | 4.19% | 3.26% |
Borrowings, Nominal interest rate | 1.25% | 1.80% |
Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Zona Franca Punta Pereira S.A. | Celulosa y Energia Punta Pereira |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 2,509 | $ 46,390 |
Non-current portion of non-current borrowings | $ 0 | $ 218,382 |
Borrowings, interest rate | 4.39% | 3.20% |
Borrowings, Nominal interest rate | 1.50% | 3.20% |
Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Celulosa y Energia Punta Pereira S.A. | Celulosa y Energia Punta Pereira |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 8,949 | $ 45 |
Non-current portion of non-current borrowings | $ 36,850 | $ 0 |
Borrowings, interest rate | 4.62% | 0.00% |
Borrowings, Nominal interest rate | 2.05% | 2.00% |
Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Celulosa y Energia Punta Pereira S.A. | Eufores S.A. |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 23,145 | $ 37,310 |
Non-current portion of non-current borrowings | $ 23,035 | $ 0 |
Borrowings, interest rate | 4.37% | 3.08% |
Borrowings, Nominal interest rate | 1.80% | 1.75% |
Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Celulosa y Energia Punta Pereira S.A. | Eufores S.A. |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Short-term Debt | $ 46,428 | $ 6 |
Non-current portion of non-current borrowings | $ 168,183 | $ 0 |
Borrowings, interest rate | 3.20% | 3.43% |
Borrowings, Nominal interest rate | 3.20% | 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. Dollars | U.S. Dollar |
Short-term Debt | $ 27,081 | $ 1,200 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 4.12% | 2.91% |
Borrowings, Nominal interest rate | 1.30% | 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. Dollars | U.S. Dollar |
Short-term Debt | $ 3 | $ 12,517 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 3.43% | 3.08% |
Borrowings, Nominal interest rate | 2.00% | 1.75% |
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. Dollars | U.S. Dollar |
Short-term Debt | $ 12,535 | $ 1,352 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 4.17% | 3.03% |
Borrowings, Nominal interest rate | 1.75% | 1.75% |
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. Dollars | U.S. Dollar |
Short-term Debt | $ 1,352 | $ 25,243 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 4.30% | 3.06% |
Borrowings, Nominal interest rate | 1.75% | 1.75% |
Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Eufores S.A. | Arauco Do Brasil S.A. |
Description of functional currency | U.S. Dollars | Brazilian Real |
Short-term Debt | $ 25,256 | $ 90 |
Non-current portion of non-current borrowings | $ 0 | $ 135 |
Borrowings, interest rate | 3.86% | 9.50% |
Borrowings, Nominal interest rate | 1.30% | 9.50% |
Bank Borrowings Eighteen [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 | $ 85 | $ 74 |
Non-current portion of non-current borrowings | $ 54 | $ 229 |
Borrowings, interest rate | 9.50% | 10.75% |
Borrowings, Nominal interest rate | 9.50% | 1.75% |
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 | $ 65 | $ 10 |
Non-current portion of non-current borrowings | $ 133 | $ 27 |
Borrowings, interest rate | 10.35% | 11.00% |
Borrowings, Nominal interest rate | 1.75% | 2.00% |
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 Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 3 | $ 1 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 7.00% | 2.50% |
Borrowings, Nominal interest rate | 3.50% | 2.50% |
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 Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 31 | $ 50 |
Non-current portion of non-current borrowings | $ 0 | $ 4 |
Borrowings, interest rate | 6.00% | 3.50% |
Borrowings, Nominal interest rate | 6.00% | 3.50% |
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 Florestal Arapoti S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 14 | $ 44 |
Non-current portion of non-current borrowings | $ 620 | $ 36 |
Borrowings, interest rate | 5.00% | 6.00% |
Borrowings, Nominal interest rate | 5.00% | 6.00% |
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 | $ 18 | $ 16 |
Non-current portion of non-current borrowings | $ 0 | $ 728 |
Borrowings, interest rate | 6.00% | 5.00% |
Borrowings, Nominal interest rate | 6.00% | 5.00% |
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 | $ 23 | $ 87 |
Non-current portion of non-current borrowings | $ 33 | $ 22 |
Borrowings, interest rate | 10.00% | 6.00% |
Borrowings, Nominal interest rate | 10.00% | 6.00% |
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 | $ 17 | $ 27 |
Non-current portion of non-current borrowings | $ 224 | $ 65 |
Borrowings, interest rate | 8.38% | 10.00% |
Borrowings, Nominal interest rate | 8.38% | 10.00% |
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 | $ 67 | $ 1,888 |
Non-current portion of non-current borrowings | $ 308 | $ 0 |
Borrowings, interest rate | 10.32% | 9.50% |
Borrowings, Nominal interest rate | 10.32% | 9.50% |
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 | $ 15 | $ 16 |
Non-current portion of non-current borrowings | $ 27 | $ 24 |
Borrowings, interest rate | 10.47% | 9.00% |
Borrowings, Nominal interest rate | 10.49% | 9.00% |
Bank Borrowings Twenty Eight [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 | $ 44 | $ 64 |
Non-current portion of non-current borrowings | $ 62 | $ 277 |
Borrowings, interest rate | 9.00% | 10.49% |
Borrowings, Nominal interest rate | 9.00% | 10.49% |
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 Forest Brasil S.A. |
Description of functional currency | U.S. Dollars | Brazilian Real |
Short-term Debt | $ 9 | $ 89 |
Non-current portion of non-current borrowings | $ 14 | $ 125 |
Borrowings, interest rate | 17.00% | 9.00% |
Borrowings, Nominal interest rate | 1.80% | 9.00% |
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 Forest Brasil S.A. |
Description of functional currency | Brazilian Real | U.S. Dollar |
Short-term Debt | $ 19 | $ 9 |
Non-current portion of non-current borrowings | $ 29 | $ 23 |
Borrowings, interest rate | 0.22% | 8.20% |
Borrowings, Nominal interest rate | 1.80% | 1.80% |
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 Forest Brasil S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 360 | $ 23 |
Non-current portion of non-current borrowings | $ 552 | $ 56 |
Borrowings, interest rate | 16.00% | 10.80% |
Borrowings, Nominal interest rate | 2.00% | 1.80% |
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 | U.S. Dollars | Brazilian Real |
Short-term Debt | $ 79 | $ 1 |
Non-current portion of non-current borrowings | $ 0 | $ 0 |
Borrowings, interest rate | 10.40% | 2.50% |
Borrowings, Nominal interest rate | 2.00% | 2.50% |
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 | Brazilian Real |
Short-term Debt | $ 3 | $ 811 |
Non-current portion of non-current borrowings | $ 787 | $ 1,047 |
Borrowings, interest rate | 21.78% | 8.10% |
Borrowings, Nominal interest rate | 2.91% | 2.00% |
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. Dollars | U.S. Dollar |
Short-term Debt | $ 5 | $ 34 |
Non-current portion of non-current borrowings | $ 289 | $ 78 |
Borrowings, interest rate | 15.22% | 7.70% |
Borrowings, Nominal interest rate | 2.91% | 2.00% |
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 | $ 101 | $ 4 |
Non-current portion of non-current borrowings | $ 492 | $ 917 |
Borrowings, interest rate | 8.67% | 9.82% |
Borrowings, Nominal interest rate | 8.67% | 2.91% |
Bank Borrowings Thirty Six [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 | $ 2,609 | $ 5 |
Non-current portion of non-current borrowings | $ 1,946 | $ 289 |
Borrowings, interest rate | 19.78% | 7.30% |
Borrowings, Nominal interest rate | 2.91% | 2.91% |
Bank Borrowings Thirty Seven [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 | $ 1,566 | $ 1,979 |
Non-current portion of non-current borrowings | $ 1,167 | $ 682 |
Borrowings, interest rate | 21.78% | 8.90% |
Borrowings, Nominal interest rate | 3.91% | 8.90% |
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. | Mahal Emprendimientos Pat. S.A. |
Description of functional currency | U.S. Dollars | Brazilian Real |
Short-term Debt | $ 2,048 | $ 777 |
Non-current portion of non-current borrowings | $ 1,697 | $ 5,279 |
Borrowings, interest rate | 15.22% | 9.91% |
Borrowings, Nominal interest rate | 2.91% | 2.91% |
Bank Borrowings Thirty Nine [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | $ 0 | |
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. | Mahal Emprendimientos Pat. S.A. |
Description of functional currency | Brazilian Real | Brazilian Real |
Short-term Debt | $ 1,741 | $ 468 |
Non-current portion of non-current borrowings | $ 1,297 | $ 3,168 |
Borrowings, interest rate | 24.18% | 10.91% |
Borrowings, Nominal interest rate | 5.11% | 3.91% |
Bank Borrowings Fourty [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 | U.S. Dollar |
Bank borrowings, undiscounted cash flows | $ 0 | |
Short-term Debt | $ 24 | 402 |
Non-current portion of non-current borrowings | $ 46 | $ 3,734 |
Borrowings, interest rate | 21.96% | 7.31% |
Borrowings, Nominal interest rate | 2.00% | 2.91% |
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. | Mahal Emprendimientos Pat. S.A. |
Description of functional currency | U.S. Dollars | Brazilian Real |
Short-term Debt | $ 12 | $ 523 |
Non-current portion of non-current borrowings | $ 25 | $ 3,520 |
Borrowings, interest rate | 17.40% | 12.11% |
Borrowings, Nominal interest rate | 2.00% | 5.11% |
Bank Borrowings Fourty Two [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 | Brazilian Real |
Short-term Debt | $ 23 | $ 0 |
Non-current portion of non-current borrowings | $ 50 | $ 81 |
Borrowings, interest rate | 21.96% | 11.00% |
Borrowings, Nominal interest rate | 2.00% | 2.00% |
Bank Borrowings Fourty Three [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. Dollars | U.S. Dollar |
Short-term Debt | $ 12 | $ 0 |
Non-current portion of non-current borrowings | $ 28 | $ 38 |
Borrowings, interest rate | 17.40% | 8.40% |
Borrowings, Nominal interest rate | 2.00% | 2.00% |
Bank Borrowings Fourty Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | - | - |
Name of subsidiary | Flakeboard Company Ltd. | Novo Oeste Gestao de Ativos Florestais S.A. |
Description of functional currency | U.S. Dollars | Brazilian Real |
Short-term Debt | $ 2,141 | $ 1 |
Non-current portion of non-current borrowings | $ 337,623 | $ 84 |
Borrowings, interest rate | 3.00% | 11.00% |
Borrowings, Nominal interest rate | 1.65% | 2.00% |
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. | |
Description of functional currency | U.S. Dollar | |
Short-term Debt | $ 1 | |
Non-current portion of non-current borrowings | $ 39 | |
Borrowings, interest rate | 8.40% | |
Borrowings, Nominal interest rate | 2.00% | |
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 | |
Non-current portion of non-current borrowings | $ 157,058 | |
Borrowings, interest rate | 3.00% | |
Borrowings, Nominal interest rate | 1.65% | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion 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 | $ 19,425 | |
Non-current portion of non-current bonds issued | $ 213,784 | $ 263,721 |
Current finance lease liabilities | $ 1,528 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 4.25% | 4.25% |
Borrowings, Nominal interest rate | 4.21% | 4.21% |
Current bonds issued and current portion of non-current bonds issued | $ 7,770 | |
Non-current portion of non-current bonds issued | $ 86,265 | $ 106,308 |
Current finance lease liabilities | $ 611 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 3.23% | 3.23% |
Borrowings, Nominal interest rate | 3.22% | 3.22% |
Current bonds issued and current portion of non-current bonds issued | $ 2,132 | |
Non-current portion of non-current bonds issued | $ 204,731 | $ 231,943 |
Current finance lease liabilities | $ 2,342 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 3.96% | 3.96% |
Borrowings, Nominal interest rate | 3.96% | 3.96% |
Current bonds issued and current portion of non-current bonds issued | $ 1,004 | |
Non-current portion of non-current bonds issued | $ 260,123 | $ 294,408 |
Current finance lease liabilities | $ 1,103 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 2.96% | 2.96% |
Borrowings, Nominal interest rate | 2.98% | 2.98% |
Current bonds issued and current portion of non-current bonds issued | $ 20,207 | |
Non-current portion of non-current bonds issued | $ 30,974 | $ 57,395 |
Current finance lease liabilities | $ 22,364 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 3.57% | 3.57% |
Borrowings, Nominal interest rate | 3.57% | 3.57% |
Current bonds issued and current portion of non-current bonds issued | $ 1,770 | |
Non-current portion of non-current bonds issued | $ 307,208 | $ 345,336 |
Current finance lease liabilities | $ 1,944 | |
Bonds Issued Seven [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 Constitucion S.A. | |
Description of functional currency | U.F. | |
Borrowings, interest rate | 2.44% | |
Borrowings, Nominal interest rate | 2.40% | |
Current bonds issued and current portion of non-current bonds issued | $ 592 | |
Non-current portion of non-current bonds issued | $ 223,923 | |
Current finance lease liabilities | $ 650 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.F. | U.F. |
Borrowings, interest rate | 2.12% | 2.44% |
Borrowings, Nominal interest rate | 2.09% | 2.89% |
Current bonds issued and current portion of non-current bonds issued | $ 559 | |
Non-current portion of non-current bonds issued | $ 137,526 | $ 251,028 |
Current finance lease liabilities | $ 6,168 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.F. | U.S. Dollar |
Borrowings, interest rate | 2.70% | 7.26% |
Borrowings, Nominal interest rate | 2.68% | 7.25% |
Current bonds issued and current portion of non-current bonds issued | $ 1,317 | |
Non-current portion of non-current bonds issued | $ 349,920 | $ 217,034 |
Current finance lease liabilities | $ 4,422 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Borrowings, interest rate | 7.26% | 5.02% |
Borrowings, Nominal interest rate | 7.25% | 5.00% |
Current bonds issued and current portion of non-current bonds issued | $ 208,811 | |
Non-current portion of non-current bonds issued | $ 0 | $ 224,164 |
Current finance lease liabilities | $ 5,705 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Borrowings, interest rate | 5.02% | 4.77% |
Borrowings, Nominal interest rate | 5.00% | 4.75% |
Current bonds issued and current portion of non-current bonds issued | $ 4,422 | |
Non-current portion of non-current bonds issued | $ 214,540 | $ 295,531 |
Current finance lease liabilities | $ 9,375 | |
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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Borrowings, interest rate | 4.77% | 4.52% |
Borrowings, Nominal interest rate | 4.75% | 4.50% |
Current bonds issued and current portion of non-current bonds issued | $ 5,705 | |
Non-current portion of non-current bonds issued | $ 284,091 | $ 638,324 |
Current finance lease liabilities | $ 3,175 | |
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. |
Name of the Country Bonds | Banco Santander | |
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 | $ 558 | $ 1,194 |
Non-current finance lease liabilities | $ 1,198 | $ 1,966 |
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. |
Name of the Country Bonds | Banco Scotiabank | |
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 | $ 4,446 | $ 5,335 |
Non-current finance lease liabilities | $ 5,692 | $ 9,554 |
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. |
Name of the Country Bonds | Banco Estado | |
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 | $ 2,524 | $ 2,931 |
Non-current finance lease liabilities | $ 1,978 | $ 5,096 |
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. |
Name of the Country Bonds | Banco de Chile | |
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 | $ 10,889 | $ 17,341 |
Non-current finance lease liabilities | $ 10,348 | $ 20,266 |
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. |
Name of the Country Bonds | Banco BBVA | |
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 | $ 818 | $ 4,572 |
Non-current finance lease liabilities | $ 0 | $ 894 |
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. |
Name of the Country Bonds | Banco Credito e Inversiones | |
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 | $ 6,664 | $ 7,344 |
Non-current finance lease liabilities | $ 12,234 | $ 20,420 |
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. |
Name of the Country Bonds | Banco Chile | |
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 | $ 974 | $ 67 |
Non-current finance lease liabilities | $ 1,040 | $ 0 |
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. |
Name of the Country Bonds | Banco Credito e Inversiones | |
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 | $ 2,715 | $ 2,154 |
Non-current finance lease liabilities | $ 2,968 | $ 2,276 |
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. |
Name of the Country Bonds | Banco Scotiabank | |
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 | $ 1,328 | $ 3,068 |
Non-current finance lease liabilities | $ 1,813 | $ 6,422 |
Bonds Issued Thirteen [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 Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Borrowings, interest rate | 4.52% | 3.90% |
Borrowings, Nominal interest rate | 4.50% | 3.88% |
Current bonds issued and current portion of non-current bonds issued | $ 9,375 | |
Non-current portion of non-current bonds issued | $ 617,024 | $ 659,979 |
Current finance lease liabilities | $ 3,607 | |
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 | |
Non-current finance lease liabilities | $ 1,141 | |
Bonds Issued fourteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | |
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | Celulosa Arauco y Constitucion S.A. |
Description of functional currency | U.S. Dollars | U.S. Dollar |
Borrowings, interest rate | 3.90% | 5.50% |
Borrowings, Nominal interest rate | 3.88% | 5.50% |
Current bonds issued and current portion of non-current bonds issued | $ 3,175 | |
Non-current portion of non-current bonds issued | $ 155,000 | $ 1,031,160 |
Bonds Issued fifteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Subsidiary Tax ID | 93.458.000-1 | |
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | |
Description of functional currency | U.S. Dollars | |
Borrowings, interest rate | 5.50% | |
Borrowings, Nominal interest rate | 5.50% | |
Current bonds issued and current portion of non-current bonds issued | $ 3,607 | |
Non-current portion of non-current bonds issued | 616,000 | |
Not later than three months [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 84,778 | |
Short-term Debt | 84,778 | 110,700 |
Bonds issued, undiscounted cash flows | 27,802 | 28,012 |
Gross finance lease obligations | 7,265 | |
Current finance lease liabilities | 7,265 | 9,928 |
Not later than three months [member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 110,700 | |
Not later than three months [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,288 | 9,928 |
Not later than three months [member] | Bank Borrowings One [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 25 |
Not later than three months [member] | Bank Borrowings Two [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 5,040 | 1,167 |
Not later than three months [member] | Bank Borrowings Three [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 10,054 | 2,953 |
Not later than three months [member] | Bank Borrowings Four [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 14,007 |
Not later than three months [member] | Bank Borrowings Five [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,184 | 0 |
Not later than three months [member] | Bank Borrowings Six [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 2,940 | 3 |
Not later than three months [member] | Bank Borrowings Seven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 4,723 |
Not later than three months [member] | Bank Borrowings Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 11,946 |
Not later than three months [member] | Bank Borrowings Nine [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 25,176 |
Not later than three months [member] | Bank Borrowings Ten [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 4,770 | 0 |
Not later than three months [member] | Bank Borrowings Eleven [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 11,871 | 24,746 |
Not later than three months [member] | Bank Borrowings Twelve [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 24,850 | 6 |
Not later than three months [member] | Bank Borrowings Thirteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 8 | 1,200 |
Not later than three months [member] | Bank Borrowings Fourteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 3 | 4 |
Not later than three months [member] | Bank Borrowings Fifteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 24 | 1,352 |
Not later than three months [member] | Bank Borrowings Sixteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 1,352 | 20,230 |
Not later than three months [member] | Bank Borrowings Seventeen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 20,235 | 23 |
Not later than three months [member] | Bank Borrowings Eighteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 21 | 18 |
Not later than three months [member] | Bank Borrowings Nineteen [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 17 | 3 |
Not later than three months [member] | Bank Borrowings Twenty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 3 | 1 |
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 | 9 | 13 |
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 | 14 | 11 |
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 | 18 | 16 |
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 | 6 | 22 |
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 | 3 | 7 |
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 | 34 | 981 |
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 | 4 | 0 |
Not later than three months [member] | Bank Borrowings Twenty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 21 | 12 |
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 | 2 | 20 |
Not later than three months [member] | Bank Borrowings Thirty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 5 | 2 |
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 | 162 | 6 |
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 | 34 | 1 |
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 | 3 | 192 |
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 | 5 | 34 |
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 | 43 | 4 |
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 | 663 | 5 |
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 | 399 | 995 |
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 | 520 | 23 |
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 | 444 | 16 |
Not later than three months [member] | Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 6 | 63 |
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 | 3 | 19 |
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 | 5 | 0 |
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 | 3 | 0 |
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 | 0 |
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 | |
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 | |
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 | 0 |
Not later than three months [member] | Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 2,132 | 2,342 |
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 | 0 |
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 | 0 |
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 | |
Not later than three months [member] | Bonds Issued Eight [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 Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 6,168 |
Not later than three months [member] | Bonds Issued Ten [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 6,168 | 4,422 |
Not later than three months [member] | Bonds Issued Eleven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 4,422 | 5,705 |
Not later than three months [member] | Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 5,705 | 9,375 |
Not later than three months [member] | Finance lease One [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 148 | 168 |
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 | |
Not later than three months [member] | Finance lease Three [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 639 | 749 |
Not later than three months [member] | Finance lease Four [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,998 | 3,346 |
Not later than three months [member] | Finance lease Five [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 545 | 1,151 |
Not later than three months [member] | Finance lease Six [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 1,313 | 1,443 |
Not later than three months [member] | Finance lease Seven [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 284 | 50 |
Not later than three months [member] | Finance lease Eight [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 679 | 607 |
Not later than three months [member] | Finance lease Nine [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 371 | 767 |
Not later than three months [member] | Bonds Issued Thirteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 9,375 | 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 | |
Not later than three months [member] | Bonds Issued fourteen [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 fifteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | |
Later than three months and not later than one year [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 130,271 | |
Short-term Debt | 130,271 | 282,172 |
Bonds issued, undiscounted cash flows | 262,069 | 34,982 |
Gross finance lease obligations | 23,651 | |
Current finance lease liabilities | 23,651 | 34,413 |
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 | 282,172 | |
Later than three months and not later than one year [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 3,158 | 34,413 |
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 | 1,930 | 199,572 |
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 | 0 | 1,032 |
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 | 0 | 2,787 |
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 | 13,071 | 0 |
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 | 1,032 | 4,503 |
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 | 2,786 | 2,506 |
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 | 14,103 | 4,161 |
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 | 4,517 | 11,255 |
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 | 2,509 | 21,214 |
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 | 4,179 | 45 |
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 | 11,274 | 12,564 |
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 | 21,578 | 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 | 27,073 | 0 |
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 | 0 | 12,513 |
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 | 12,511 | 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 | 0 | 5,013 |
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 | 5,021 | 67 |
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 | 64 | 56 |
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 | 48 | 7 |
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 | 0 |
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 | 22 | 37 |
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 | 0 | 33 |
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 | 0 |
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 | 17 | 65 |
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 | 14 | 20 |
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 | 33 | 907 |
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 | 11 | 16 |
Later than three months and not later than one year [member] | Bank Borrowings Twenty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 23 | 52 |
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 | 7 | 69 |
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 | 14 | 7 |
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 | 198 | 17 |
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 | 45 | 0 |
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 | 0 | 619 |
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 | 0 |
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 | 58 | 0 |
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 | 1,946 | 0 |
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 | 1,167 | 984 |
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 | 1,528 | 754 |
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 | 1,297 | 452 |
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 | 18 | 339 |
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 | 9 | 504 |
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 | 18 | 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 | 9 | 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 | 2,141 | 1 |
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 | |
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 | 19,425 | 1,528 |
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 | 7,770 | 611 |
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 | 0 |
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 | 1,004 | 1,103 |
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 | 20,207 | 22,364 |
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 | 1,770 | 1,944 |
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 | 592 | |
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 | 559 | 650 |
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 | 1,317 | 0 |
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 | 202,643 | 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 | 0 | 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 | 410 | 1,026 |
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 | |
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 | 1,885 | 2,182 |
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 | 8,891 | 13,995 |
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 | 273 | 3,421 |
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 | 5,351 | 5,901 |
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 | 690 | 17 |
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 | 2,036 | 1,547 |
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 | 957 | 2,301 |
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 | 0 | 3,175 |
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 | |
Later than three months and not later than one year [member] | Bonds Issued fourteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 3,175 | 3,607 |
Later than three months and not later than one year [member] | Bonds Issued fifteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 3,607 | |
Later than one year and not later than two years [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 118,466 | |
Bonds issued, undiscounted cash flows | 374,959 | 394,629 |
Gross finance lease obligations | 13,148 | |
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 | 107,114 | |
Later than one year and not later than two years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 2,368 | 25,010 |
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 | 7,951 | 0 |
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 | 0 | 2,434 |
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 | 0 | 5,870 |
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 | 0 |
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 | 2,435 | 0 |
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 | 5,701 | 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 | 0 | 9,828 |
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 | 0 | 23,735 |
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 | 0 | 50,198 |
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 | 9,826 | 0 |
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 | 23,035 | 0 |
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 | 49,484 | 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 | 0 | 89 |
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 | 48 | 74 |
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 | 64 | 10 |
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 | 0 | 4 |
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 | 0 | 36 |
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 | 0 |
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 | 23 | 22 |
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 | 136 | 27 |
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 | 50 | 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 | 14 | 16 |
Later than one year and not later than two years [member] | Bank Borrowings Twenty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 24 | 85 |
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 | 9 | 53 |
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 | 19 | 9 |
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 | 0 | 23 |
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 | 0 |
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 | 98 | 403 |
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 | 24 | 78 |
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 | 181 | 0 |
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 | 1,946 | 0 |
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 | 1,167 | 107 |
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 | 1,697 | 3,017 |
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 | 1,297 | 1,810 |
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 | 23 | 2,037 |
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 | 13 | 2,011 |
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 | 24 | 27 |
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 | 13 |
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 | 13,164 | 26 |
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 | |
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 | |
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 | 25,413 | 28,132 |
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 | 10,189 | 11,340 |
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 | 204,731 | 7,027 |
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 | 7,857 | 8,633 |
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 | 20,576 | 23,445 |
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 | 7,079 | 7,777 |
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 | 4,733 | |
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 | 2,487 | 5,200 |
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 | 5,853 | 217,034 |
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 | 0 | 10,013 |
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 | 10,013 | 12,153 |
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 | 12,153 | 22,500 |
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 | 599 | 983 |
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 | |
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 | 989 | 2,318 |
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 | 3,618 | 7,886 |
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 | 0 | 447 |
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 | 2,897 | 4,856 |
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 | 520 | 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 | 1,484 | 1,015 |
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 | 673 | 3,032 |
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 | 22,500 | 19,375 |
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 | |
Later than one year and not later than two years [member] | Bonds Issued fourteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 19,375 | 22,000 |
Later than one year and not later than two years [member] | Bonds Issued fifteen [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] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 110,797 | |
Bonds issued, undiscounted cash flows | 353,502 | 393,669 |
Gross finance lease obligations | 13,148 | |
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 | 102,380 | |
Later than two years and not later than three years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 2,368 | 25,010 |
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 | 7,951 | 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 | 0 | 2,361 |
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 | 0 | 5,676 |
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 | 0 |
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 | 2,335 | 0 |
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 | 0 | 9,526 |
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 | 0 | 22,938 |
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 | 0 | 49,484 |
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 | 9,411 | 0 |
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 | 0 |
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 | 47,930 | 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 | 0 | 46 |
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 | 6 | 74 |
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 | 64 | 10 |
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 | 310 | 0 |
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 | 10 | 0 |
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 | 44 | 27 |
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 | 129 | 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 | 11 | 8 |
Later than two years and not later than three years [member] | Bank Borrowings Twenty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 24 | 74 |
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 | 5 | 28 |
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 | 10 | 9 |
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 | 276 | 22 |
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 | 0 |
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 | 394 | 0 |
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 | 145 | 0 |
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 | 173 | 115 |
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 | 0 | 24 |
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 | 0 | 212 |
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 | 0 | 2,262 |
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 | 0 | 1,358 |
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 | 23 | 1,697 |
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 | 12 | 1,509 |
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 | 24 | 27 |
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 | 13 |
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 | 41,497 | 28 |
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 | |
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 | |
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 | 24,656 | 27,301 |
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 | 9,884 | 11,005 |
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 | 0 | 224,916 |
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 | 7,857 | 8,633 |
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 | 10,398 | 22,796 |
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 | 7,079 | 7,777 |
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 | 4,733 | |
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 | 2,487 | 5,200 |
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 | 5,853 | 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 | 0 | 10,013 |
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 | 204,527 | 12,153 |
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 | 12,153 | 22,500 |
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 | 599 | 983 |
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 | |
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 | 989 | 2,318 |
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 | 3,618 | 7,886 |
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 | 0 | 447 |
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 | 2,897 | 4,856 |
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 | 520 | 0 |
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 | 1,484 | 1,015 |
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 | 673 | 3,032 |
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 | 22,500 | 19,375 |
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 | |
Later than two years and not later than three years [member] | Bonds Issued fourteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 19,375 | 22,000 |
Later than two years and not later than three years [member] | Bonds Issued fifteen [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] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 107,920 | |
Bonds issued, undiscounted cash flows | 403,003 | 350,069 |
Gross finance lease obligations | 5,487 | |
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 | 79,108 | |
Later than three years and not later than four years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 478 | 9,008 |
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 | 7,951 | 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 | 0 | 2,282 |
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 | 0 |
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 | 2,233 | 0 |
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 | 0 | 9,201 |
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 | 0 | 47,929 |
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 | 9,008 | 0 |
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 | 0 |
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 | 47,207 | 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 | 0 | 74 |
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 | 5 | 7 |
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 | 310 | 0 |
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 | 0 | 364 |
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 | 44 | 11 |
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 | 129 | 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 | 2 | 0 |
Later than three years and not later than four years [member] | Bank Borrowings Twenty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 14 | 64 |
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 | 0 | 28 |
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 | 0 | 5 |
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 | 276 | 11 |
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 | 295 | 322 |
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 | 120 | 0 |
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 | 138 | 458 |
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 | 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 | 0 | 202 |
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 | 0 |
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 | 0 |
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 | 0 |
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 | 2 | 27 |
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 | 2 | 12 |
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 | 40,184 | 28 |
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 | |
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 | |
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 | 23,899 | 26,469 |
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 | 9,579 | 10,670 |
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 | 0 |
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 | 25,713 | 8,633 |
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 | 0 | 11,154 |
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 | 7,079 | 7,777 |
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 | 4,733 | |
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 | 2,487 | 5,200 |
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 | 5,853 | 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 | 0 | 204,138 |
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 | 0 | 12,153 |
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 | 259,785 | 22,500 |
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 | |
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 | 0 | 230 |
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 | 1,556 | 2,247 |
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 | 3,220 | 5,354 |
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 | 0 | 123 |
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 | 233 | 179 |
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 | 22,500 | 19,375 |
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 | |
Later than three years and not later than four years [member] | Bonds Issued fourteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 19,375 | 22,000 |
Later than three years and not later than four years [member] | Bonds Issued fifteen [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] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 141,443 | 400,231 |
Gross finance lease obligations | 5,488 | |
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 | 279,749 | 77,609 |
Later than four years and not later than five years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 478 | 9,007 |
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 | 206,584 | 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 | 0 | 2,201 |
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 | 0 |
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 | 2,126 | 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 | 0 | 8,885 |
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 | 0 | 47,207 |
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 | 8,605 | 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 | 0 |
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 | 23,562 | 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 | 0 | 7 |
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 | 0 |
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 | 0 | 364 |
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 | 0 |
Later than four years and not later than five years [member] | Bank Borrowings Twenty Eight [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 0 | 54 |
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 | 0 | 16 |
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 | 0 |
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 | 0 | 322 |
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 | 0 |
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 | 0 | 344 |
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 | 0 | 120 |
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 | 0 | 161 |
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 | 0 |
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 | 0 |
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 | 38,872 | 2 |
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 | |
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 | |
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 | 23,143 | 25,638 |
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 | 9,274 | 10,335 |
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 | 0 |
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 | 24,999 | 28,334 |
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 | 0 |
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 | 7,079 | 7,777 |
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 | 4,733 | |
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 | 2,487 | 5,200 |
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 | 5,853 | 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 | 0 | 0 |
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 | 0 | 259,072 |
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 | 0 | 22,500 |
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 | 0 |
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 | |
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 | 0 | 230 |
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 | 1,556 | 2,247 |
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 | 0 |
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 | 3,220 | 5,354 |
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 | 0 | 123 |
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 | 234 | 179 |
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 | 22,500 | 19,375 |
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 | |
Later than four years and not later than five years [member] | Bonds Issued fourteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 19,375 | 22,000 |
Later than four years and not later than five years [member] | Bonds Issued fifteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 22,000 | |
Later than five years [member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Non-current portion of non-current borrowings | 199,324 | 138,161 |
Bonds issued, undiscounted cash flows | 2,428,202 | 3,077,733 |
Gross finance lease obligations | 0 | |
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 | 203,906 | 145,563 |
Later than five years [member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 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 | 0 | 2,120 |
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 | 0 |
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 | 0 | 8,570 |
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 | 0 | 23,564 |
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 | 0 |
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 | 0 |
Later than five years [member] | Bank Borrowings Twenty 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 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 | 0 |
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 | |
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 | 0 |
Later than five years [member] | Bank Borrowings Fourty [Member] | Bank Borrowings [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bank borrowings, undiscounted cash flows | 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 | 203,906 | 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 | |
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 | |
Later than five years [member] | Bonds Issued One [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 116,673 | 156,181 |
Later than five years [member] | Bonds Issued Two [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 47,339 | 62,958 |
Later than five years [member] | Bonds Issued Three [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bonds Issued Four [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 193,697 | 240,175 |
Later than five years [member] | Bonds Issued Five [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 0 |
Later than five years [member] | Bonds Issued Six [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 278,892 | 314,228 |
Later than five years [member] | Bonds Issued Seven [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 204,991 | |
Later than five years [member] | Bonds Issued Eight [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 127,578 | 230,228 |
Later than five years [member] | Bonds Issued Nine [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 326,508 | 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 | 0 | 0 |
Later than five years [member] | Bonds Issued Twelve [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 0 | 548,324 |
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 | 527,024 | 582,479 |
Later than five years [member] | Finance Lease Ten [Member] | Finance lease [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Gross finance lease obligations | 0 | |
Later than five years [member] | Bonds Issued fourteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | 77,500 | $ 943,160 |
Later than five years [member] | Bonds Issued fifteen [Member] | Bonds Issued [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Bonds issued, undiscounted cash flows | $ 528,000 |
FINANCIAL INSTRUMENTS (Detai_27
FINANCIAL INSTRUMENTS (Details 27) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Arauco do Brasil S.A. | |
Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial guarantee granted | $ 47,411 | |
Indirect guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Financial guarantee granted | $ 624,388 | |
Financial guarantee one [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 488 | |
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 Constitucion 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 | $ 322,234 | |
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 Constitucion S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 313 | |
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 Constitucion S.A. | |
Nature of guarantee granted | Full Guarantee | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 287,000 | |
Name of guarantor | Arauco Forest Brasil y Mahal (Brasil) | |
Financial guarantee three [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 230 | |
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 Constitucion S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 4,039 | |
Name of guarantor | Arauco Forest Brasil y Mahal (Brasil) | |
Financial guarantee four [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 209 | |
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 Constitucion S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Brazilian Real | |
Financial guarantee granted | $ 11,115 | |
Name of guarantor | Arauco Forest Brasil y Mahal (Brasil) | |
Financial guarantee five [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Celulosa Arauco y Constitucion S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 120 | |
Name of guarantor | National Customs Service | |
Financial guarantee six [Member] | Direct guarantee [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of subsidiary | Forestal Arauco S.A. | |
Nature of guarantee granted | Guarantee letter | |
Description of assets pledged | - | |
Description of functional currency | Chilean Pesos | |
Financial guarantee granted | $ 831 | |
Name of guarantor | CODELCO S.A. | |
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 | Mortgage Industrial Plant of Jaguariaíva of Arauco do Brasil | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 39,566 | |
Name of guarantor | BNDES | |
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 ADB + Guarantee Letter AISA | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 3,022 | |
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 | Endorsement of Arauco do Brasil | |
Description of assets pledged | - | |
Description of functional currency | U.S. Dollar | |
Financial guarantee granted | $ 550 | |
Name of guarantor | Bank Votorantim 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 | $ 115 | |
Name of guarantor | Bank Santander 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 | $ 192 | |
Name of guarantor | Bank Santander 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 | |
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 | $ 179 | |
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 | $ 176 | |
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 | $ 621 | |
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 | $ 332 | |
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 | $ 198 | |
Name of guarantor | Bank Santander S.A. | |
Financial guarantee eighteen [Member] | ||
Disclosure Of Financials Instruments [Line items] | ||
Name of guarantor | Bank Votorantim 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 | $ 172 | |
Name of guarantor | Bank Itaú BBA S.A. |
FINANCIAL INSTRUMENTS (Detai_28
FINANCIAL INSTRUMENTS (Details 28) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 5,182,353 | [1] | $ 5,002,072 | [1] | $ 4,454,380 |
Bonds issued | 3,501,654 | 3,302,685 | |||
Borrowings | 940,435 | 858,457 | |||
Other financial liabilities | $ 4,581,875 | $ 4,278,911 | |||
Percentage of entity total interest rate borrowings | 100.00% | 100.00% | |||
Fixed interest rate [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 3,807,932 | $ 3,676,210 | |||
Bonds issued | 3,501,654 | 3,302,685 | |||
Borrowings | 238,091 | 261,149 | |||
Other financial liabilities | $ 68,187 | $ 112,376 | |||
Proportion of fixed interest rate borrowings | 84.40% | 86.00% | |||
Floating interest rate [member] | |||||
Disclosure Of Financials Instruments [Line items] | |||||
Financial liabilities | $ 702,344 | $ 597,308 | |||
Bonds issued | 0 | 0 | |||
Borrowings | $ 702,344 | $ 597,308 | |||
Proportion of variable interest rate borrowings | 15.60% | 14.00% | |||
[1] | Financial liabilities measured at amortized cost, other than “Trade and other payables”, “Accounts payable to related parties” 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. |
FINANCIAL INSTRUMENTS (Detai_29
FINANCIAL INSTRUMENTS (Details Textual) ha in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)ha | Dec. 31, 2017USD ($) | Sep. 29, 2011USD ($) | |
Disclosure Of Financials Instruments [Line items] | |||
Allowance account for credit losses of financial assets | $ 12,571 | $ 17,785 | |
Trade receivables | $ 763,730 | $ 719,953 | |
Number of debtors | ha | 2,265 | ||
Provision of guarantees, Debtors | $ 58,940 | ||
Percentage of secured trade receivables | 93.40% | ||
Percentage of unsecured trade receivables | 6.60% | ||
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 | 51.10% | ||
Floating interest rate [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Proportion of variable interest rate borrowings | 15.60% | 14.00% | |
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 +/- 2.14% (equivalent to ThU.S.$ -/+ 15,524), and +/- 0.13% of equity (equivalent to ThU.S.$ -/+ 9,314). | ||
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 +/- 0.008% (equivalent to ThU.S.-/+$56) and a change on the equity of +/- 0.0008% (equivalent to ThU.S. -/+$56). | ||
Interest Rate Risk [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Description of changes in exposure to risk | A change of +/- 10% in the interest rate is considered a possible range of fluctuation. Such market conditions would affect the income after tax at rate of +/- 0.25% (equivalent to ThU.S.$-/+ 1,823) and +/- 0.01% (equivalent to ThU.S.$-/+ 1,094) on equity. | ||
Commodity price risk [member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Description of changes in exposure to risk | Sensitivity analysis considers a variation of +/- 10% in the average pulp price, a possible fluctuation range given current market conditions at the date of the closing balance.With all other variables constant, a variation of +/- 10% in the average pulp price would mean a variation of +/-29.69% (equivalent to ThU.S.$ -/+ 215,781) on the income for the year after tax and +/- 1.76% (equivalent to ThU.S.$129,468) on equity. | ||
IDB Facility Agreement [Member] | Uruguayan companies [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial guarantee granted | $ 454 | ||
Finnevera Guaranteed Facility Agreement [Member] | Uruguayan companies [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial guarantee granted | $ 900 | ||
Direct guarantee [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial assets pledged as collateral for liabilities or contingent liabilities | $ 47 | ||
Financial guarantee granted | 47,411 | ||
Indirect guarantee [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Financial assets pledged as collateral for liabilities or contingent liabilities | 624 | ||
Financial guarantee granted | 624,388 | ||
Open account customers [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Trade receivables | $ 424,278 | ||
Percentage of entity's revenue | 50.36% | ||
Letter of credit customers [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Percentage of entity's revenue | 48.74% | ||
Other type of customers [Member] | |||
Disclosure Of Financials Instruments [Line items] | |||
Percentage of entity's revenue | 0.91% |
REPORTABLE SEGMENTS (Details)
REPORTABLE SEGMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Reportable Segments [Line Items] | |||
Revenue from sale of goods | $ 5,857,584 | $ 5,133,339 | $ 4,649,581 |
Revenue from rendering of services | 97,249 | 105,002 | 111,804 |
Revenue | 5,954,833 | 5,238,341 | 4,761,385 |
Revenues from transactions with other operating segments | 0 | 0 | 0 |
Finance income | 20,895 | 19,640 | 29,701 |
Finance costs | (214,779) | (287,958) | (258,467) |
Net finance costs | (193,884) | (268,318) | (228,766) |
Depreciation and amortizations | 407,422 | 421,551 | 409,387 |
Sum of significant income accounts | 91,846 | 92,974 | 228,257 |
Sum of significant expense accounts | 28,059 | 141,472 | 27,758 |
Profit (loss) of each reportable segment | 726,759 | 270,352 | 217,577 |
Associates | 3,043 | 4,855 | 16,348 |
Joint ventures | 14,203 | 12,162 | 7,591 |
Income Tax | (226,765) | 30,992 | (45,647) |
Total Ordinary Income | 5,954,833 | 5,238,341 | 4,761,385 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 900,669 | 637,966 | 511,718 |
Acquisition and contribution of investments in associates and joint venture | 3,023 | 0 | 153,135 |
Segment assets | 14,593,748 | 13,994,600 | 14,006,181 |
Segments assets (excluding deferred tax assets) | 14,589,113 | 13,986,334 | 14,000,084 |
Deferred tax assets | 4,635 | 8,266 | 6,097 |
Associates | 155,609 | 158,967 | 265,775 |
Joint Ventures | 202,444 | 209,805 | 180,773 |
Segment liabilities | 7,254,777 | 6,877,707 | 7,006,898 |
Segment liabilities (excluding deferred tax liabilities) | 5,837,119 | 5,392,343 | 5,375,833 |
Deferred tax liabilities | 1,417,658 | 1,485,365 | 1,631,065 |
Geographical information on non-current assets | |||
Long-Lived Assets | 11,152,588 | 11,224,237 | 11,283,821 |
Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue from sale of goods | 3,608,017 | 3,028,025 | 3,001,181 |
Revenue from rendering of services | 71,209 | 75,543 | 84,461 |
Revenue | 3,679,226 | 3,103,568 | 2,850,436 |
Total Ordinary Income | 3,679,226 | 3,103,568 | 2,850,436 |
Geographical information on non-current assets | |||
Long-Lived Assets | 6,870,004 | 6,631,316 | 6,936,107 |
Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 2,275,607 | 2,134,773 | 1,910,949 |
Total Ordinary Income | 2,275,607 | 2,134,773 | 1,910,949 |
Geographical information on non-current assets | |||
Long-Lived Assets | 4,282,584 | 4,592,921 | 4,347,714 |
Elimination [member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 0 | 0 | |
Revenues from transactions with other operating segments | (1,127,684) | (1,056,169) | (1,187,829) |
Finance income | 0 | 0 | |
Finance costs | 0 | 0 | |
Net finance costs | 0 | 0 | |
Depreciation and amortizations | 0 | 0 | |
Sum of significant income accounts | 0 | 0 | |
Sum of significant expense accounts | 0 | 0 | |
Profit (loss) of each reportable segment | 0 | 0 | |
Associates | 0 | 0 | |
Joint ventures | 0 | 0 | |
Income Tax | 0 | 0 | |
Total Ordinary Income | 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 | (45,479) | (38,765) | (41,604) |
Segments assets (excluding deferred tax assets) | (45,479) | (38,765) | (41,604) |
Deferred tax assets | 0 | 0 | |
Associates | 0 | 0 | |
Joint Ventures | 0 | 0 | |
Segment liabilities | 0 | 0 | |
Segment liabilities (excluding deferred tax liabilities) | 0 | 0 | |
Deferred tax liabilities | 0 | 0 | |
Geographical information on non-current assets | |||
Long-Lived Assets | (3,842) | (4,635) | (3,575) |
Elimination [member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 0 | 0 | |
Total Ordinary Income | 0 | 0 | |
Geographical information on non-current assets | |||
Long-Lived Assets | (3,842) | (4,635) | (3,575) |
Elimination [member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 0 | 0 | |
Total Ordinary Income | 0 | 0 | |
Geographical information on non-current assets | |||
Long-Lived Assets | 0 | 0 | 0 |
Pulp [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue from sale of goods | 2,956,863 | 2,356,782 | 2,041,897 |
Revenue from rendering of services | 87,643 | 94,581 | 104,182 |
Revenue | 3,044,506 | 2,451,363 | 2,146,079 |
Revenues from transactions with other operating segments | 42,434 | 43,829 | 41,586 |
Finance income | 0 | 0 | 0 |
Finance costs | 0 | 0 | 0 |
Net finance costs | 0 | 0 | 0 |
Depreciation and amortizations | 232,275 | 246,382 | 240,699 |
Sum of significant income accounts | 1,888 | 581 | 212 |
Sum of significant expense accounts | 19,619 | 0 | 0 |
Profit (loss) of each reportable segment | 1,173,249 | 589,934 | 308,536 |
Associates | 0 | 0 | 0 |
Joint ventures | 0 | 0 | 0 |
Income Tax | 0 | 0 | 0 |
Total Ordinary Income | 3,044,506 | 2,451,363 | 2,146,079 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 324,482 | 191,771 | 205,205 |
Acquisition and contribution of investments in associates and joint venture | 0 | 0 | |
Segment assets | 5,252,765 | 5,035,105 | 5,077,300 |
Segments assets (excluding deferred tax assets) | 5,252,765 | 5,035,105 | 5,077,300 |
Deferred tax assets | 0 | 0 | 0 |
Associates | 0 | 0 | 0 |
Joint Ventures | 0 | 0 | 0 |
Segment liabilities | 396,332 | 325,598 | 277,474 |
Segment liabilities (excluding deferred tax liabilities) | 396,332 | 325,598 | 277,474 |
Deferred tax liabilities | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 4,324,711 | 4,238,187 | 4,313,261 |
Pulp [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 2,303,086 | 1,781,769 | 1,521,453 |
Total Ordinary Income | 2,303,086 | 1,781,769 | 1,521,453 |
Geographical information on non-current assets | |||
Long-Lived Assets | 2,667,179 | 2,537,947 | 2,572,702 |
Pulp [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 741,420 | 669,594 | 624,626 |
Total Ordinary Income | 741,420 | 669,594 | 624,626 |
Geographical information on non-current assets | |||
Long-Lived Assets | 1,657,532 | 1,700,240 | 1,740,559 |
Forestry [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue from sale of goods | 105,170 | 104,392 | 89,750 |
Revenue from rendering of services | 8,811 | 9,730 | 6,738 |
Revenue | 113,981 | 114,122 | 96,488 |
Revenues from transactions with other operating segments | 1,038,624 | 970,384 | 1,105,220 |
Finance income | 0 | 0 | 0 |
Finance costs | 0 | 0 | 0 |
Net finance costs | 0 | 0 | 0 |
Depreciation and amortizations | 19,448 | 22,011 | 19,996 |
Sum of significant income accounts | 86,763 | 91,089 | 227,776 |
Sum of significant expense accounts | 3,885 | 138,139 | 15,193 |
Profit (loss) of each reportable segment | (146,538) | (210,566) | 98,955 |
Associates | 0 | 0 | 0 |
Joint ventures | 0 | 0 | 0 |
Income Tax | 0 | 0 | 0 |
Total Ordinary Income | 113,981 | 114,122 | 96,488 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 251,574 | 211,245 | 182,743 |
Acquisition and contribution of investments in associates and joint venture | 0 | 0 | |
Segment assets | 5,114,163 | 5,040,500 | 5,492,364 |
Segments assets (excluding deferred tax assets) | 5,114,163 | 5,040,500 | 5,492,364 |
Deferred tax assets | 0 | 0 | 0 |
Associates | 38,497 | 48,921 | 160,490 |
Joint Ventures | 0 | 0 | 0 |
Segment liabilities | 180,259 | 184,721 | 161,091 |
Segment liabilities (excluding deferred tax liabilities) | 180,259 | 184,721 | 161,091 |
Deferred tax liabilities | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 4,564,191 | 4,870,468 | 5,034,917 |
Forestry [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 55,579 | 55,946 | 52,161 |
Total Ordinary Income | 55,579 | 55,946 | 52,161 |
Geographical information on non-current assets | |||
Long-Lived Assets | 3,259,801 | 3,221,911 | 3,509,727 |
Forestry [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 58,402 | 58,176 | 44,327 |
Total Ordinary Income | 58,402 | 58,176 | 44,327 |
Geographical information on non-current assets | |||
Long-Lived Assets | 1,304,390 | 1,648,557 | 1,525,190 |
Panels [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue from sale of goods | 2,761,878 | ||
Revenue from rendering of services | 0 | ||
Revenue | 2,761,878 | ||
Revenues from transactions with other operating segments | 9,058 | ||
Finance income | 0 | ||
Finance costs | 0 | ||
Net finance costs | 0 | ||
Depreciation and amortizations | 145,299 | ||
Sum of significant income accounts | 3,195 | ||
Sum of significant expense accounts | 4,555 | ||
Profit (loss) of each reportable segment | 232,914 | ||
Associates | 0 | ||
Joint ventures | 12,549 | ||
Income Tax | 0 | ||
Total Ordinary Income | 2,761,878 | ||
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 323,675 | ||
Segment assets | 2,905,670 | ||
Segments assets (excluding deferred tax assets) | 2,905,670 | ||
Deferred tax assets | 0 | ||
Associates | 0 | ||
Joint Ventures | 181,103 | ||
Segment liabilities | 405,551 | ||
Segment liabilities (excluding deferred tax liabilities) | 405,551 | ||
Deferred tax liabilities | 0 | ||
Geographical information on non-current assets | |||
Long-Lived Assets | 2,053,261 | ||
Panels [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 1,319,766 | ||
Total Ordinary Income | 1,319,766 | ||
Geographical information on non-current assets | |||
Long-Lived Assets | 806,253 | ||
Panels [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 1,442,112 | ||
Total Ordinary Income | 1,442,112 | ||
Geographical information on non-current assets | |||
Long-Lived Assets | 1,247,008 | ||
Other [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue from sale of goods | 33,673 | 38,391 | 23,183 |
Revenue from rendering of services | 795 | 692 | 885 |
Revenue | 34,468 | 39,083 | 24,068 |
Revenues from transactions with other operating segments | 37,568 | 35,659 | 34,085 |
Finance income | 0 | 0 | 0 |
Finance costs | 0 | 0 | 0 |
Net finance costs | 0 | 0 | 0 |
Depreciation and amortizations | 3,313 | 3,568 | 2,529 |
Sum of significant income accounts | 0 | 0 | 0 |
Sum of significant expense accounts | 0 | 0 | 0 |
Profit (loss) of each reportable segment | 7,506 | 6,668 | (2,559) |
Associates | 0 | 0 | 0 |
Joint ventures | 0 | 0 | 0 |
Income Tax | 0 | 0 | 0 |
Total Ordinary Income | 34,468 | 39,083 | 24,068 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 645 | 428 | 1,479 |
Acquisition and contribution of investments in associates and joint venture | 0 | 0 | |
Segment assets | 49,588 | 52,640 | 30,970 |
Segments assets (excluding deferred tax assets) | 49,588 | 52,640 | 30,970 |
Deferred tax assets | 0 | 0 | 0 |
Associates | 0 | 0 | 0 |
Joint Ventures | 0 | 0 | 0 |
Segment liabilities | 13,727 | 16,100 | 11,836 |
Segment liabilities (excluding deferred tax liabilities) | 13,727 | 16,100 | 11,836 |
Deferred tax liabilities | 0 | 0 | 0 |
Geographical information on non-current assets | |||
Long-Lived Assets | 39,889 | 43,791 | 23,067 |
Other [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 795 | 692 | 885 |
Total Ordinary Income | 795 | 692 | 885 |
Geographical information on non-current assets | |||
Long-Lived Assets | 20,382 | 22,220 | 27 |
Other [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 33,673 | 38,391 | 23,183 |
Total Ordinary Income | 33,673 | 38,391 | 23,183 |
Geographical information on non-current assets | |||
Long-Lived Assets | 19,507 | 21,571 | 23,040 |
Sub Total [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue from sale of goods | 5,857,584 | 5,133,338 | 4,649,580 |
Revenue from rendering of services | 97,249 | 105,003 | 111,805 |
Revenue | 5,954,833 | 5,238,341 | 4,761,385 |
Revenues from transactions with other operating segments | 1,127,684 | 1,056,169 | 1,187,829 |
Finance income | 20,895 | 19,640 | 29,701 |
Finance costs | (214,779) | (287,958) | (258,467) |
Net finance costs | (193,884) | (268,318) | (228,766) |
Depreciation and amortizations | 407,422 | 421,551 | 409,387 |
Sum of significant income accounts | 91,846 | 92,974 | 228,257 |
Sum of significant expense accounts | 28,059 | 141,472 | 27,758 |
Profit (loss) of each reportable segment | 726,759 | 270,352 | 217,577 |
Associates | 3,043 | 4,855 | 16,348 |
Joint ventures | 14,203 | 12,162 | 7,591 |
Income Tax | (226,765) | 30,992 | (45,647) |
Total Ordinary Income | 5,954,833 | 5,238,341 | 4,761,385 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 900,669 | 637,966 | 511,718 |
Acquisition and contribution of investments in associates and joint venture | 19,627 | 15,918 | 153,135 |
Segment assets | 14,639,227 | 14,033,365 | 14,047,785 |
Segments assets (excluding deferred tax assets) | 14,634,592 | 14,025,099 | 14,041,688 |
Deferred tax assets | 4,635 | 8,266 | 6,097 |
Associates | 155,609 | 158,967 | 265,775 |
Joint Ventures | 202,444 | 209,805 | 180,773 |
Segment liabilities | 7,254,777 | 6,877,707 | 7,006,898 |
Segment liabilities (excluding deferred tax liabilities) | 5,837,119 | 5,392,343 | 5,375,833 |
Deferred tax liabilities | 1,417,658 | 1,485,364 | 1,631,065 |
Geographical information on non-current assets | |||
Long-Lived Assets | 11,156,430 | 11,228,872 | 11,287,396 |
Sub Total [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 3,679,226 | 3,103,568 | 2,850,436 |
Total Ordinary Income | 3,679,226 | 3,103,568 | 2,850,436 |
Geographical information on non-current assets | |||
Long-Lived Assets | 6,873,846 | 6,635,951 | 6,939,682 |
Sub Total [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 2,275,607 | 2,134,773 | 1,910,949 |
Total Ordinary Income | 2,275,607 | 2,134,773 | 1,910,949 |
Geographical information on non-current assets | |||
Long-Lived Assets | 4,282,584 | 4,592,921 | 4,347,714 |
Corporate [member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue from sale of goods | 0 | 0 | |
Revenue from rendering of services | 0 | 0 | |
Revenue | 0 | 0 | 0 |
Revenues from transactions with other operating segments | 0 | 0 | 0 |
Finance income | 20,895 | 19,640 | 29,701 |
Finance costs | (214,779) | (287,958) | (258,467) |
Net finance costs | (193,884) | (268,318) | (228,766) |
Depreciation and amortizations | 7,087 | 7,086 | 6,319 |
Sum of significant income accounts | 0 | 0 | 0 |
Sum of significant expense accounts | 0 | 0 | 0 |
Profit (loss) of each reportable segment | (540,372) | (341,001) | (353,242) |
Associates | 3,043 | 4,855 | 16,348 |
Joint ventures | 1,654 | 1,784 | 2,116 |
Income Tax | (226,765) | 30,992 | (45,647) |
Total Ordinary Income | 0 | 0 | 0 |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 293 | 4,127 | 3,883 |
Acquisition and contribution of investments in associates and joint venture | 19,627 | 15,918 | 0 |
Segment assets | 1,317,041 | 881,000 | 932,059 |
Segments assets (excluding deferred tax assets) | 1,312,406 | 872,734 | 925,962 |
Deferred tax assets | 4,635 | 8,266 | 6,097 |
Associates | 117,112 | 110,046 | 105,285 |
Joint Ventures | 21,341 | 20,237 | 19,070 |
Segment liabilities | 6,258,908 | 5,862,266 | 6,244,830 |
Segment liabilities (excluding deferred tax liabilities) | 4,841,250 | 4,376,902 | 4,613,765 |
Deferred tax liabilities | 1,417,658 | 1,485,364 | 1,631,065 |
Geographical information on non-current assets | |||
Long-Lived Assets | 174,378 | 218,297 | 178,100 |
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 | 120,231 | 187,639 | 135,808 |
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 | $ 54,147 | 30,658 | 42,292 |
Wood products [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue from sale of goods | 2,633,773 | 2,494,750 | |
Revenue from rendering of services | 0 | 0 | |
Revenue | 2,633,773 | 2,494,750 | |
Revenues from transactions with other operating segments | 6,297 | 6,938 | |
Finance income | 0 | 0 | |
Finance costs | 0 | 0 | |
Net finance costs | 0 | 0 | |
Depreciation and amortizations | 142,504 | 139,844 | |
Sum of significant income accounts | 1,304 | 269 | |
Sum of significant expense accounts | 3,333 | 12,565 | |
Profit (loss) of each reportable segment | 225,317 | 165,887 | |
Associates | 0 | 0 | |
Joint ventures | 10,378 | 5,475 | |
Income Tax | 0 | 0 | |
Total Ordinary Income | 2,633,773 | 2,494,750 | |
Amounts of additions to non-current assets [Abstract] | |||
Acquisition of property, plant and equipment and biological assets | 230,395 | 118,408 | |
Acquisition and contribution of investments in associates and joint venture | 0 | 153,135 | |
Segment assets | 3,024,120 | 2,515,092 | |
Segments assets (excluding deferred tax assets) | 3,024,120 | 2,515,092 | |
Deferred tax assets | 0 | 0 | |
Associates | 0 | 0 | |
Joint Ventures | 189,568 | 161,703 | |
Segment liabilities | 489,022 | 311,667 | |
Segment liabilities (excluding deferred tax liabilities) | 489,022 | 311,667 | |
Deferred tax liabilities | 0 | 0 | |
Geographical information on non-current assets | |||
Long-Lived Assets | 1,858,129 | 1,738,051 | |
Wood products [Member] | Chilean entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 1,265,161 | 1,275,937 | |
Total Ordinary Income | 1,265,161 | 1,275,937 | |
Geographical information on non-current assets | |||
Long-Lived Assets | 666,234 | 721,418 | |
Wood products [Member] | Foreign entities [Member] | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 1,368,612 | 1,218,813 | |
Total Ordinary Income | 1,368,612 | 1,218,813 | |
Geographical information on non-current assets | |||
Long-Lived Assets | $ 1,191,895 | $ 1,016,633 |
REPORTABLE SEGMENTS (Details 1)
REPORTABLE SEGMENTS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | $ 5,954,833 | $ 5,238,341 | $ 4,761,385 |
Non-current Assets other than deferred tax | 11,147,953 | 11,215,971 | 11,277,724 |
Revenue from sale of goods | 5,857,584 | 5,133,339 | 4,649,581 |
Revenue from rendering of services | 97,249 | 105,002 | 111,804 |
Chile | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 3,679,226 | 3,103,568 | 2,850,436 |
Non-current Assets other than deferred tax | 6,865,406 | 6,624,381 | 6,931,755 |
Revenue from sale of goods | 3,608,017 | 3,028,025 | 3,001,181 |
Revenue from rendering of services | 71,209 | 75,543 | 84,461 |
Argentina | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 479,698 | 494,479 | 360,224 |
Non-current Assets other than deferred tax | 825,915 | 956,511 | 960,596 |
Revenue from sale of goods | 479,698 | 494,479 | 360,224 |
Revenue from rendering of services | 0 | 0 | 0 |
Brazil | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 504,589 | 395,416 | 354,170 |
Non-current Assets other than deferred tax | 984,746 | 1,274,536 | 1,186,538 |
Revenue from sale of goods | 504,589 | 395,416 | 354,170 |
Revenue from rendering of services | 0 | 0 | 0 |
USA/Canada | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 815,668 | 801,092 | 779,356 |
Non-current Assets other than deferred tax | 810,461 | 575,231 | 397,924 |
Revenue from sale of goods | 815,668 | 801,092 | 779,356 |
Revenue from rendering of services | 0 | 0 | |
Uruguay | |||
Disclosure Of Reportable Segments [Line Items] | |||
Revenue | 475,652 | 443,786 | 181,993 |
Non-current Assets other than deferred tax | 1,661,425 | 1,785,312 | 1,800,911 |
Revenue from sale of goods | 449,612 | 414,326 | 154,649 |
Revenue from rendering of services | $ 26,040 | $ 29,460 | $ 27,344 |
REPORTABLE SEGMENTS (Details Te
REPORTABLE SEGMENTS (Details Textual) | 12 Months Ended |
Dec. 31, 2018bbl | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 50,000 |
Uruguayer [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Area of Property | 50.00% |
Pulp [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 4,000,000 |
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 1.77 million hectares as of December 31, 2018, of which 1.02 million hectares are used for plantations, 441 thousand hectares for native forests, 199 thousand hectares for other uses and 111 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 | 516,000 |
Osb [Member] | Fifty Percent Production Capacity [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 258,000 |
Pb [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 2,300,000 |
Pb [Member] | Fifty Percent Production Capacity [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 4,000,000 |
Sawn lumber [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 1,500,000 |
Sawn lumber [Member] | Fifty Percent Production Capacity [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 4,600,000 |
Wood products [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 7,400,000 |
Sawn Wood [Member] | |
Disclosure Of Reportable Segments [Line Items] | |
Annual production capacity | 2,900,000 |
OTHER NON-FINANCIAL ASSETS AN_3
OTHER NON-FINANCIAL ASSETS AND NON-FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Current non-financial assets | |||
Total | $ 129,854 | $ 129,837 | |
Non-current non-financial assets | |||
Other non-current non-financial assets | 86,948 | 121,521 | |
Total | 20,346 | 56,600 | |
Current non-financial liabilities | |||
Other Current non-financial liablities | 212,610 | 153,950 | |
Total | 537,596 | 500,344 | |
Non-current non-financial liabilities | |||
Other non-current non-financial liablities | 112,067 | 112,340 | |
Total | 4,044,279 | 3,778,567 | |
Financial Assets and Liabilities [Member] | |||
Current non-financial assets | |||
Roads to amortize current | 41,456 | 43,301 | |
Prepayment to amortize (insurance + others) | 14,020 | 21,257 | |
Recoverable taxes (Relating to purchases) | 67,778 | 60,823 | |
Other current non-financial assets | 6,600 | 4,456 | |
Total | 129,854 | 129,837 | |
Non-current non-financial assets | |||
Roads to amortize, non-current | 78,418 | 112,937 | |
Guarantee values | 3,295 | 2,893 | |
Recoverable taxes | 1,519 | 1,835 | |
Other non-current non-financial assets | 3,716 | 3,856 | |
Total | 86,948 | 121,521 | |
Current non-financial liabilities | |||
Provision of minimum dividend | [1] | 182,890 | 116,123 |
ICMS tax payable | 9,109 | 12,593 | |
Other tax payable | 14,034 | 23,040 | |
Other Current non-financial liablities | 6,577 | 2,194 | |
Total | 212,610 | 153,950 | |
Non-current non-financial liabilities | |||
ICMS tax payable | 111,134 | 110,532 | |
Other non-current non-financial liablities | 933 | 1,808 | |
Total | $ 112,067 | $ 112,340 | |
[1] | Provision includes a minimum dividend of subsidiary minority. |
DISTRIBUTABLE NET PROFIT AND _3
DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE [Line Items] | |||
Net profit attributable to owners of parent | $ 725,482 | $ 269,724 | $ 213,801 |
Profit due bargain acquisition (net) | (207,458) | (182,322) | |
Total adjustments | 85,256 | 165,942 | 7,641 |
Distributable Net Profit | 810,738 | 435,666 | 221,442 |
Biological assets [member] | |||
Disclosure of DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE [Line Items] | |||
Unrealized gains/losses | (83,243) | (82,782) | (204,671) |
Realized gains/losses | 208,362 | 303,668 | 210,223 |
Deferred income taxes | (30,482) | $ (54,944) | $ 2,089 |
Total Biological assets | 94,637 | ||
Profit due bargain acquisition (net) | $ (9,381) |
DISTRIBUTABLE NET PROFIT AND _4
DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE [Line Items] | |||
Profit or loss attributable to ordinary equity holder of parent | $ 725,482 | $ 269,724 | $ 213,801 |
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) | $ 6.4111 | $ 2.3836 | $ 1.8894 |
DISTRIBUTABLE NET PROFIT AND _5
DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE (Details textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of DISTRIBUTABLE NET PROFIT AND EARNINGS PER SHARE [Line Items] | |
Provision For Dividends | $ 182,040 |
Dividends paid, ordinary shares | $ 142,256 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2018USD ($) | Dec. 31, 2019 | Jan. 31, 2019USD ($)tons | |
Arauco Internacional [Member] | |||
Annual Installed Capacity Of Particle Board | 339,000 | ||
Annual Installed Capacity Of MDF | 220,000 | ||
Annual Installed Capacity Of Melamine | 309,000 | ||
Annual Installed Capacity Of Resins | 60,000 | ||
Annual Installed Capacity Of Formaldehyde | 60,600 | ||
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $ | $ 28.9 | ||
Maximum Installed Capacity in Manufacturing Industry | more tha 10 million m3 | ||
Consideration transferred, acquisition-date fair value | $ | $ 160 | ||
Masisa Mexico [Member] | |||
Annual Installed Capacity Of Resins | 43,200 | ||
Annual Installed Capacity Of Formaldehyde | 21,600 |