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v3.22.1

Borrowings (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Financial Instruments [Abstract] |
Schedule of Detailed Information about Borrowings |
| 2021 |  | 2020
Non-current |  |  |
Senior Notes | 497,455 |  |  | 497,009 |
Bank borrowings | 208,032 |  |  | 316,455 |
| 705,487 |  |  | 813,464 |
Current |  |  |
Senior Notes | 8,250 |  |  | 8,250 |
Bank overdrafts | 11,768 |  |  | 50,447 |
Bank borrowings | 92,146 |  |  | 98,929 |
| 112,164 |  |  | 157,626 |
Total borrowings | 817,651 |  |  | 971,090 |
The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows:
| 2021 |  | 2020
Fixed rate: |  |  |
Less than 1 year | 104,349 |  |  | 116,113 |
Between 1 and 2 years | 12,503 |  |  | 52,175 |
Between 2 and 3 years | 12,500 |  |  | 39,844 |
Between 3 and 4 years | — |  |  | 12,500 |
More than 5 years | 497,455 |  |  | 497,009 |
| 626,807 |  |  | 717,641 |
Variable rate: |  |  |
Less than 1 year | 7,815 |  |  | 41,513 |
Between 1 and 2 years | 5,075 |  |  | 32,870 |
Between 2 and 3 years | 31,754 |  |  | 6,035 |
Between 3 and 4 years | 29,255 |  |  | 5,154 |
Between 4 and 5 years | 71,045 |  |  | 28,334 |
More than 5 years | 45,900 |  |  | 139,543 |
| 190,844 |  |  | 253,449 |
| 817,651 |  |  | 971,090 |
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
2021 | 2020
(In millions) | Millions of Reais | Millions of equivalent Dollars | Millions of equivalent Dollars
Banco Do Brasil (FCO) (1) | October 2012 | R$ | 130.0 |  | R$ | 17.7 |  | 3.17 |  | 7.08 |  | November 2022 | 2.94% minus 15% of performance bonus
Itau BBA (FINAME) (2) | December 2012 | R$ | 45.9 |  | R$ | 2.1 |  | 0.37 |  | 1.40 |  | December 2022 | 2.50%
Banco do Brasil / Itaú BBA (FINEM) (3) | September 2013 | R$ | 273.0 |  | R$ | 26.5 |  | 4.75 |  | 9.51 |  | January 2023 | 7.29%
BNDES (FINEM) (4) | November 2013 | R$ | 215.0 |  | R$ | 29.5 |  | 5.28 |  | 10.66 |  | January 2023 | 4.63%
Certificados Recebíveis do Agronegócio (CRA) | December 2019 | R$ | 467.0 |  | R$ | 467.0 |  | 83.68 |  | 77.92 |  | November 2027 | 3.80% + IPCA
Debenture | December 2020 | R$ | 447.0 |  | R$ | 447.0 |  | 80.10 |  | 14.43 |  | December 2026 | 4.24% + IPCA
ING Bank N.V (5) | October 2018 | US$ | 75.0 |  | US$ | — |  | — |  | 75.0 |  | October 2023 | 6.33%
(1)Collateralized by (i) a first degree mortgage of the Carmen farm; and (ii) liens over the Ivinhema mill and equipment. (2)Collateralized by (i) a first degree mortgage of the Carmen farm; (ii) liens over the Ivinhema mill and equipment; and (iii) long term power purchase agreements (PPA). (3)Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power sales contracts. (4)Collateralized by long term power purchase agreement (PPA). (5)Canceled during 2021. 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
2021 | 2020
(In millions) | (In millions) | (In millions)
Rabobank (1) | 2018 | US$50.0 | 37.50 | 50.00 | June, 2024 | 6.17%
IFC Tranche A (2) | 2020 | US$12.6 | 12.35 | 12.60 | June, 2028 | 4% plus LIBOR
IFC Tranche B (2) | 2020 | US$9.4 | 9.22 | 9.41 | June, 2028 | 4% plus LIBOR
(1) Collateralized by the pledged of the shares of Dinaluca S.A., Compañía Agroforestal S.M.S.A. and Girasoles del Plata S.A. (2) Collateralized by a US$241.8 million mortgage over Carmen, Abolengo, San Carlos, Las Horquertas, and La Rosa farm, which is property of Adeco Agropecuaria S.A. A US$35.7 million mortgage over El Meridiano farm, which is property of Pilaga S.A. and a US$44.3 million mortgage over Santa Lucia farm, which is property of Bañados del Salado S.A. Evolution of the Group's borrowings as December 31, 2021 and 2020 is as follow:
| 2021 |  | 2020
Amount at the beginning of the year | 971,090 |  |  | 968,280 |
Proceeds from long term borrowings | 30,972 |  |  | 116,015 |
Payments of long term borrowings | (108,425) |  |  | (34,750) |
Proceeds from short term borrowings | 286,115 |  |  | 207,217 |
Payments of short term borrowings | (328,463) |  |  | (233,540) |
Payments of interest (1) | (49,592) |  |  | (57,914) |
Accrued interest | 48,791 |  |  | 52,800 |
Exchange differences, inflation and translation, net | (52,693) |  |  | (55,612) |
Others | 19,856 |  |  | 8,594 |
Amount at the end of the year | 817,651 |  |  | 971,090 |
(1) Excludes payment of interest related to trade and other payables.

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