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v3.20.1

Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2019
Financial Instruments [Abstract] |
Schedule of Detailed Information about Borrowings | Evolution of the Group's borrowings as December 31, 2019 and 2018 is as follow:
| 2019 |  | 2018
Amount at the beginning of the year | 862,116 |  |  | 817,958 |
Proceeds from long term borrowings | 108,271 |  |  | 45,536 |
Payments of long term borrowings | (101,826 | ) |  | (124,349 | )
Proceeds from short term borrowings | 193,977 |  |  | 318,108 |
Payments of short term borrowings | (127,855 | ) |  | (190,630 | )
Payments of interest (1) | (55,195 | ) |  | (47,401 | )
Accrued interest | 56,943 |  |  | 61,186 |
Acquisition of subsidiaries | 12,823 |  |  | — |
Exchange differences, inflation and translation, net | 3,618 |  |  | (19,506 | )
Others | 15,408 |  |  | 1,214 |
Amount at the end of the year | 968,280 |  |  | 862,116 |
(1) Excludes payment of interest related to trade and other payables. 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
2019 | 2018
(In millions) | Millions of Reais | Millions of equivalent Dollars | Millions of equivalent Dollars
Banco Do Brasil (1) | October 2012 | R$ | 130.0 |  | R$ | 54.2 |  | 13.4 |  | 18.8 |  | November 2022 | 2.94% minus 15% of performance bonus
Itau BBA FINAME Loan (2) | December 2012 | R$ | 45.9 |  | R$ | 6.5 |  | 1.6 |  | 3.1 |  | December 2022 | 2.50%
Banco do Brasil / Itaú BBA Finem Loan (3) | September 2013 | R$ | 273.0 |  | R$ | 66.3 |  | 16.5 |  | 38.0 |  | January 2023 | 6.83%
BNDES Finem Loan (4) | November 2013 | R$ | 215.0 |  | R$ | 83.7 |  | 20.8 |  | 28.6 |  | January 2023 | 3.75%
ING Bank N.V. (5) | October 2018 | US$ | 75.0 |  |  | — |  | 75.0 |  | 75.0 |  | October 2023 | 6.33%
Certificados Recebíveis do Agronegócio (CRA) | December 2019 | R$ | 400.0 |  |  | — |  | 99.2 |  | — |  | November 2027 | 3,8% + IPCA
(1) | Collateralized by (i) a first degree mortgage of the Carmen (Santa Agua) farm; (ii) a first degree mortgage of the Sapálio farm; and (iii) 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; and (iii) 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) liens over the Ivinhema mill and equipment; and (iv) long term power purchase agreements (PPA).
(4) | Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts.
(5) | Collateralized by sales contracts.
The main loans of the Group’s Argentinian Subsidiaries are:
Bank | Grant date | Nominal amount | Capital outstanding as of December 31 | Maturity date | Annual interest rate
2019 | 2018
(In millions) | (In millions) | (In millions)
IFC Tranche A (1) | 2016 | USD 25 | 18.18 | 22.70 | September 2023 | 4.3% per annum
IFC Tranche B (1) | 2016 | USD 25 | 14.29 | 21.40 | September 2021 | 4% plus LIBOR
Rabobank (2) | 2018 | USD 50 | 50.00 | 50.00 | June 2024 | 3% plus LIBOR
(1) Collateralized by a US$ 113 million mortgage over Carmen farm, which is property of Adeco Agropecuaria S.A. (2) Collateralized by the pledged of the shares of Dinaluca S.A., Compañía Agroforestal S.M.S.A. and Bañado del Salado S.A.
| 2019 |  | 2018
Non-current |  |  |  |  |
Senior Notes | 496,564 |  |  | 496,118 |
Bank borrowings | 283,638 |  |  | 221,971 |
Obligations under finance leases | — |  |  | 395 |
| 780,202 |  |  | 718,484 |
Current |  |  |  |  |
Senior Notes | 8,250 |  |  | 8,250 |
Bank overdrafts | 27 |  |  | 2,320 |
Bank borrowings | 179,801 |  |  | 132,862 |
Obligations under finance leases | — |  |  | 200 |
| 188,078 |  |  | 143,632 |
Total borrowings | 968,280 |  |  | 862,116 |
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:
| 2019 |  | 2018
Fixed rate: |  |  |  |  |
Less than 1 year | 120,154 |  |  | 105,708 |
Between 1 and 2 years | 46,247 |  |  | 16,287 |
Between 2 and 3 years | 55,453 |  |  | 25,704 |
Between 3 and 4 years | 40,725 |  |  | 43,507 |
Between 4 and 5 years | 10,331 |  |  | 26,415 |
More than 5 years | 595,550 |  |  | 505,456 |
| 868,460 |  |  | 723,077 |
Variable rate: |  |  |  |  |
Less than 1 year | 67,924 |  |  | 37,724 |
Between 1 and 2 years | 20,007 |  |  | 17,278 |
Between 2 and 3 years | 7,197 |  |  | 29,861 |
Between 3 and 4 years | 4,692 |  |  | 22,886 |
Between 4 and 5 years | — |  |  | 18,251 |
More than 5 years | — |  |  | 12,444 |
| 99,820 |  |  | 138,444 |
| 968,280 |  |  | 861,521 |

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