Analysis of changes in financing activities during the year

12 Months Ended

Dec. 31, 2020

27. Analysis of changes in financing activities during the year

The following chart provides a reconciliation between the opening and closing balances for liabilities arising from financing activities:


	2020			2019
Debt securities issued
Opening balance		13,390,515			5,180,604
Gain of control over subsidiaries		—			5,054,024
New borrowings		4,691,050			11,710,741
Debt payments		(8,260,445	)		(6,054,607	)
Interests and adjustments accrued		3,540,061			5,716,480
Interests paid		(3,910,199	)		(3,362,337	)
Inflation effect on debt securities issued		(5,331,472	)		(4,854,390	)

Closing balance		4,119,510			13,390,515