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v3.25.1

Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Schedule of Detailed Information about Borrowings |
| 2024 |  | 2023
Non-current |  |  |
Senior Notes | 414,638 |  |  | 498,347 |
Bank borrowings | 265,367 |  |  | 199,496 |
| 680,005 |  |  | 697,843 |
Current |  |  |
Senior Notes | 6,858 |  |  | 8,250 |
Bank overdrafts | — |  |  | 4,386 |
Bank borrowings | 92,693 |  |  | 194,470 |
| 99,551 |  |  | 207,106 |
Total borrowings | 779,556 |  |  | 904,949 |
The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows:
| 2024 |  | 2023
Fixed rate: |  |  |
Less than 1 year | 69,178 |  |  | 117,105 |
Between 1 and 2 years | 55,952 |  |  | 6,010 |
Between 2 and 3 years | 414,994 |  |  | 5,508 |
Between 3 and 4 years | 356 |  |  | 498,347 |
Between 4 and 5 years | 356 |  |  | — |
More than 5 years | 35,936 |  |  | — |
| 576,772 |  |  | 626,970 |
Variable rate: |  |  |
Less than 1 year | 30,373 |  |  | 90,001 |
Between 1 and 2 years | 83,142 |  |  | 37,712 |
Between 2 and 3 years | 46,593 |  |  | 91,878 |
Between 3 and 4 years | 2,932 |  |  | 56,605 |
Between 4 and 5 years | 441 |  |  | 1,783 |
More than 5 years | 39,303 |  |  | — |
| 202,784 |  |  | 277,979 |
| 779,556 |  |  | 904,949 |
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
2024 | 2023
(In millions) | Millions of Brazilian Real | Millions of equivalent Dollars | Millions of equivalent Dollars
Certificados Recebíveis do Agronegócio (CRA) (2) | December, 2019 | R$ | 400.0 |  | R$ | 400.0 |  | 64.6 |  | 82.6 |  | November-27 | 3.80% + IPCA
Debênture (1) | December, 2020 | R$ | 400.0 |  | R$ | 400.0 |  | 64.6 |  | 82.6 |  | December-26 | 4.24% + IPCA
Certificados Recebíveis do Agronegócio (CRA) (2) | July, 2024 | R$ | 400.0 |  | R$ | 400.0 |  | 64.6 |  | — |  | Jul-31 / Jul-34 | IPCA + 6.80% /12.65%
(1) Collateralized by long term power purchase agreement (PPA). (2) This debt was issued with no guarantee. 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
2024 | 2023
(In millions) | (In millions) | (In millions)
IFC (1) | June, 2020 | US$20.0 | — | 16.33 | June, 2028 | 4% plus SOFR
Rabobank | June, 2024 | US$13.6 | 13.60 | — | December, 2028 | 3.1% + SOFR
(1) During 2024, the Group settled the outstanding amount of US$16.4 million under the loan agreement entered into with the International Finance Corporation (IFC). Evolution of the Group's borrowings as December 31, 2024 and 2023 is as follow:
| 2024 |  | 2023
Amount at the beginning of the year | 904,949 |  |  | 1,007,752 |
Proceeds from long term borrowings | 126,757 |  |  | 7,739 |
Payments of long term borrowings | (105,749) |  |  | (24,105) |
Proceeds from short term borrowings | 169,901 |  |  | 448,532 |
Payments of short term borrowings | (239,947) |  |  | (420,276) |
Payments of interest (1) | (741) |  |  | (43,457) |
Accrued interest | 23,489 |  |  | 33,495 |
Exchange differences, inflation and translation, net | (99,800) |  |  | (105,465) |
Others | 697 |  |  | 734 |
Amount at the end of the year | 779,556 |  |  | 904,949 |
(1) Excludes payment of interest related to trade and other payables.

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