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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Instruments [Abstract] |
Schedule of Detailed Information about Borrowings |
| 2022 |  | 2021
Non-current |  |  |
Senior Notes | 497,901 |  |  | 497,455 |
Bank borrowings | 230,082 |  |  | 208,032 |
| 727,983 |  |  | 705,487 |
Current |  |  |
Senior Notes | 8,250 |  |  | 8,250 |
Bank overdrafts | 48,058 |  |  | 11,768 |
Bank borrowings | 223,461 |  |  | 92,146 |
| 279,769 |  |  | 112,164 |
Total borrowings | 1,007,752 |  |  | 817,651 |
The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows:
| 2022 |  | 2021
Fixed rate: |  |  |
Less than 1 year | 272,900 |  |  | 104,349 |
Between 1 and 2 years | 27,720 |  |  | 12,503 |
Between 2 and 3 years | 2,222 |  |  | 12,500 |
Between 3 and 4 years | — |  |  | — |
More than 5 years | 497,901 |  |  | 497,455 |
| 800,743 |  |  | 626,807 |
Variable rate: |  |  |
Less than 1 year | 6,869 |  |  | 7,815 |
Between 1 and 2 years | 35,355 |  |  | 5,075 |
Between 2 and 3 years | 32,851 |  |  | 31,754 |
Between 3 and 4 years | 80,115 |  |  | 29,255 |
Between 4 and 5 years | 50,211 |  |  | 71,045 |
More than 5 years | 1,608 |  |  | 45,900 |
| 207,009 |  |  | 190,844 |
| 1,007,752 |  |  | 817,651 |
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
2022 | 2021
(In millions) | Millions of Reais | Millions of equivalent Dollars | Millions of equivalent Dollars
Banco do Brasil / Itaú BBA (FINEM) (1) | September 2013 | R$ | 273.0 |  | R$ | 273.0 |  | 52.32 |  | 4.75 |  | January 2023 | 4.68%
Certificados Recebíveis do Agronegócio (CRA) | December 2019 | R$ | 400.0 |  | R$ | 400.0 |  | 76.66 |  | 83.68 |  | November 2027 | 3.80% + IPCA
Debênture | December 2020 | R$ | 400.0 |  | R$ | 400.0 |  | 76.66 |  | 80.10 |  | December 2026 | 4.24% + IPCA
Banco do Brasil (CCB) | December 2020 | R$ | 30.0 |  | R$ | 30.0 |  | 5.75 |  | 5.48 |  | January 2024 | CDI + 2.32%
Banco Itaú BBA (NCR) | April 2022 | R$ | 20.0 |  | R$ | 20.0 |  | 3.83 |  | — |  | March 2024 | 13.23%
(1)Collateralized by (i) liens over the Ivinhema mill and equipment; and (ii) power 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
2022 | 2021
(In millions) | (In millions) | (In millions)
Rabobank (1) | 2018 | US$50.0 | 25.00 | 37.50 | June, 2024 | 6.17%
IFC Tranche A (2) | 2020 | US$12.6 | 10.66 | 12.35 | June, 2028 | 4% plus LIBOR
IFC Tranche B (2) | 2020 | US$9.4 | 7.96 | 9.22 | 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 Horquetas, and La Rosa farms, which are 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, 2022 and 2021 is as follow:
| 2022 |  | 2021
Amount at the beginning of the year | 817,651 |  |  | 971,090 |
Proceeds from long term borrowings | 41,082 |  |  | 30,972 |
Payments of long term borrowings | (14,012) |  |  | (108,425) |
Proceeds from short term borrowings | 347,928 |  |  | 286,115 |
Payments of short term borrowings | (192,648) |  |  | (328,463) |
Payments of interest (1) | (33,189) |  |  | (49,592) |
Accrued interest | 51,596 |  |  | 48,791 |
Acquisition of subsidiaries (Note 21) | 17,738 |  |  | — |
Exchange differences, inflation and translation, net | (30,489) |  |  | (52,693) |
Others | 2,095 |  |  | 19,856 |
Amount at the end of the year | 1,007,752 |  |  | 817,651 |
(1) Excludes payment of interest related to trade and other payables.

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