XML 93 R68.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Financial Instruments [Abstract]  
Schedule of Detailed Information about Borrowings
 20232022
Non-current  
Senior Notes498,347 497,901 
Bank borrowings199,496 230,082 
 697,843 727,983 
Current  
Senior Notes8,250 8,250 
Bank overdrafts4,386 48,058 
Bank borrowings194,470 223,461 
 207,106 279,769 
Total borrowings904,949 1,007,752 
The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows:
 20232022
Fixed rate:  
Less than 1 year117,105 272,900 
Between 1 and 2 years6,010 27,720 
Between 2 and 3 years5,508 2,222 
Between 4 and 5 years498,347 — 
More than 5 years— 497,901 
 626,970 800,743 
Variable rate:  
Less than 1 year90,001 6,869 
Between 1 and 2 years37,712 35,355 
Between 2 and 3 years91,878 32,851 
Between 3 and 4 years56,605 80,115 
Between 4 and 5 years1,783 50,211 
More than 5 years— 1,608 
 277,979 207,009 
 904,949 1,007,752 
The main loans of the Group’s Brazilian Subsidiaries are:
BankGrant date
Nominal
amount
Capital outstanding as of December 31Maturity dateAnnual interest rate
20232022
(In millions)Millions of
Brazilian Real
Millions of
equivalent
Dollars
Millions of
equivalent
Dollars
Certificados Recebíveis do Agronegócio (CRA)December, 2019R$400.0 R$400.0 82.6 76.7 November-27
3.80% + IPCA
Debênture (1)December, 2020R$400.0 R$400.0 82.6 76.7 December-26
4.24% + IPCA
Banco do Brasil (CCB)December, 2020R$30.0 R$15.0 3.1 5.7 January-24
CDI + 2.32%
Itaú BBA (NCR)June, 2023R$40.0 R$40.0 8.3 — March 2024
CDI + 1.48%
 
(1) Collateralized by long term power purchase agreement (PPA). 
The main loans of the Group’s Argentinian Subsidiaries are:
BankGrant dateNominal
amount		Capital outstanding as of
December 31		Maturity dateAnnual interest rate
20232022
(In millions)(In millions)(In millions)
IFC (1)2020US$20.016.3318.60June, 2028
4% plus SOFR
 
(1) Collateralized by a US$100.0 million mortgage over Carmen, Abolengo and San Carlos farms, which are property of Adeco Agropecuaria S.A.
Evolution of the Group's borrowings as December 31, 2023 and 2022 is as follow:

 20232022
Amount at the beginning of the year1,007,752 817,651 
Proceeds from long term borrowings7,739 41,082 
Payments of long term borrowings(24,105)(14,012)
Proceeds from short term borrowings448,532 347,928 
Payments of short term borrowings(420,276)(192,648)
Payments of interest (1)(43,457)(33,189)
Accrued interest33,495 51,596 
Acquisition of subsidiaries (Note 21)— 17,738 
Exchange differences, inflation and translation, net(105,465)(30,489)
Others 734 2,095 
Amount at the end of the year904,949 1,007,752 
(1) Excludes payment of interest related to trade and other payables.