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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings | The breakdown of the Group´s borrowing by currency is included in Note 2 - Interest rate risk. Evolution of the Group's borrowings as December 31, 2017 and 2016 is as follow:
| 2017 |  | 2016
Amount at the beginning of the year | 635,396 |  |  | 723,339 |
Issuance of senior notes | 495,678 |  |  | — |
Proceeds from long term loans | 232,433 |  |  | 167,385 |
Payments of long term loans | (602,700 | ) |  | (277,913 | )
Proceeds from short term loans | 106,730 |  |  | 257,395 |
Payments of short term loans | (64,787 | ) |  | (272,033 | )
Payments of interest | (39,118 | ) |  | (45,473 | )
Accrued interest | 51,005 |  |  | 46,470 |
Exchange differences and translation, net | (4,588 | ) |  | 32,583 |
Others | 7,909 |  |  | 3,643 |
Amount at the end of the year | 817,958 |  |  | 635,396 |
The maturity of the Group's borrowings (excluding obligations under finance leases) and the Group's exposure to fixed and variable interest rates is as follows:
| 2017 |  | 2016
Fixed rate: |  |  |  |  |
Less than 1 year | 132,998 |  |  | 67,682 |
Between 1 and 2 years | 35,762 |  |  | 43,630 |
Between 2 and 3 years | 20,097 |  |  | 40,047 |
Between 3 and 4 years | 20,130 |  |  | 21,857 |
Between 4 and 5 years | 16,310 |  |  | 21,116 |
More than 5 years | 495,754 |  |  | 20,239 |
| 721,051 |  |  | 214,571 |
Variable rate: |  |  |  |  |
Less than 1 year | 21,833 |  |  | 137,331 |
Between 1 and 2 years | 22,871 |  |  | 150,517 |
Between 2 and 3 years | 17,945 |  |  | 81,947 |
Between 3 and 4 years | 18,215 |  |  | 18,457 |
Between 4 and 5 years | 11,164 |  |  | 18,309 |
More than 5 years | 4,774 |  |  | 14,083 |
| 96,802 |  |  | 420,644 |
| 817,853 |  |  | 635,215 |
The main loans of the Group’s Brazilian Subsidiaries are:
Bank | Grant date | Nominal amount | Capital outstanding as of December 31 | Maturity date | Annual interest rate
2017 | 2016
(In millions) | Millions of Reais | Millions of equivalent Dollars | Millions of equivalent Dollars
Banco Do Brasil (1) | October 2012 | R$ | 130.0 |  | R$ | 91.3 |  | 27.6 |  | 33.7 |  | November 2022 | 2.94% with 15% of bonus performance
Itau BBA FINAME Loan (2) | December 2012 | R$ | 45.9 |  | R$ | 25.2 |  | 7.6 |  | 9.3 |  | December 2022 | 2.50%
Itau BBA | March 2013 | R$ | 75.0 |  | R$ | - |  | - |  | 5.8 |  | - | CDI + 3.20%
Banco do Brasil / Itaú BBA Finem Loan (3) | September 2013 | R$ | 273.0 |  | R$ | 176.5 |  | 53.4 |  | 67.3 |  | January 2023 | 6.77%
BNDES Finem Loan (4) | November 2013 | R$ | 215.0 |  | R$ | 136.9 |  | 41.4 |  | 50.3 |  | January 2023 | 3.75%
ING / Rabobank / ABN / HSBC / Credit Agricole / Caixa Geral / Galena (7) | January 2015 | US$ | 160.0 |  |  | - |  | - |  | 98.0 |  | - | LIBOR 3M plus 4.40%
ING / Rabobank / Bladex / Credit Agricole / Votorantim / ABN (7) | August 2015 | US$ | 110.0 |  |  | - |  | - |  | 110.0 |  | - | LIBOR 3M plus 4.65%
Rabobank (7) | February 2016 | US$ | 40.0 |  |  | - |  | - |  | 40.0 |  | - | LIBOR 3M plus 3.50%
Tokyo-Mitsubishi (5) | August 2016 | US$ | 30.0 |  |  | - |  | 30.0 |  | 30.0 |  | August 2019 | 6.35%
Bradesco (7) | July 2016 | R$ | 90.0 |  |  | - |  | - |  | 27.6 |  | - | CDI + 2.10%
Votorantim (6) | July 2016 | US$ | 15.0 |  |  | - |  | 10.0 |  | 15.0 |  | June 2019 | LIBOR 3M plus 4.60%
(1) | Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; (iii) a first degree mortgage of the Takuare farm; and (iv) liens over the Ivinhema mill and equipment.
(2) | Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; (iii) a first degree mortgage of the Takuare farm; and (iv) liens over the Ivinhema mill and equipment.
(3) | Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; (iii) a first degree mortgage of the Takuare farm; (iv) liens over the Ivinhema mill and equipment; and (v) power sales contract.
(4) | Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts.
(5) | Collateralized by sales contracts.
(6) | Collateralized by (i) power sales contract and (ii) sales contracts.
(7) | These loans were prepaid in 2017, with the proceeds of the Notes 2027.
Bank | Grant date | Nominal amount | Capital outstanding as of December 31 | Maturity date | Annual interest rate
2017 | 2016
(In millions) | (In millions) | (In millions)
IDB Tranche A (1) | Feb-09 | USD 20 | US$3.1 | US$6.2 | Nov-18 | 6.11% per annum
IFC Tranche A (2) | Dec-16 | USD 25 | US$24.67 | US$25.00 | Sep-21 | 4.3% plus LIBOR
IFC Tranche B (2) | Dec-16 | USD 25 | US$24.93 | US$25.00 | Sep-23 | 4% plus LIBOR
(1): Collateralized by property, plant and equipment with a net book value of US$ 24.77 million, by a mortgage over (i) Carmen and La Rosa farms which are property of Adeco Agropecuaria S.A. and (ii) El Meridiano farm which is the property of Pilagá S.A. (2): Collateralized by a US$ 75 million mortgage over Carmen farm, which is property of Adeco Agropecuaria S.A.
| 2017 |  | 2016
Non-current |  |  |  |  |
Senior Notes | 495,707 |  |  | — |
Bank borrowings | 167,315 |  |  | 430,202 |
Obligations under finance leases | 38 |  |  | 102 |
| 663,060 |  |  | 430,304 |
Current |  |  |  |  |
Senior Notes | 8,250 |  |  | — |
Bank overdrafts | 6,214 |  |  | 90 |
Bank borrowings | 140,367 |  |  | 204,923 |
Obligations under finance leases | 67 |  |  | 79 |
| 154,898 |  |  | 205,092 |
Total borrowings | 817,958 |  |  | 635,396 |

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