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Note 19 - Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2017
Statement Line Items [Line Items] |
Disclosure of borrowings [text block] |
19 |  | Borrowings
|  | Year ended December 31, |
|  | 2017 |  |  | 2016 |
Non-current |  |  |  |  |  |
Bank borrowings |  |  | 34,626 |  |  |  | 31,544 |
Finance lease liabilities |  |  | 59 |  |  |  | 35 |
Costs of issue of debt |  |  | (40 | ) |  |  | (37 | )
|  |  | 34,645 |  |  |  | 31,542 |
Current |  |  |  |  |  |  |  |
Bank borrowings |  |  | 930,957 |  |  |  | 807,252 |
Bank overdrafts |  |  | 131 |  |  |  | 1,320 |
Finance lease liabilities |  |  | 138 |  |  |  | 130 |
Costs of issue of debt |  |  | (12 | ) |  |  | (8 | )
|  |  | 931,214 |  |  |  | 808,694 |
Total Borrowings |  |  | 965,859 |  |  |  | 840,236 |
The maturity of borrowings is as follows:
|  | 1 year or less |  |  | 1 - 2 years |  |  | 2 – 3 years |  |  | 3 - 4 years |  |  | 4 - 5 years |  |  | Over 5 years |  |  | Total |
At December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial lease |  |  | 138 |  |  |  | 59 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 197 |
Other borrowings |  |  | 931,076 |  |  |  | 4,876 |  |  |  | 4,484 |  |  |  | 4,978 |  |  |  | 20,248 |  |  |  | - |  |  |  | 965,662 |
Total borrowings |  |  | 931,214 |  |  |  | 4,935 |  |  |  | 4,484 |  |  |  | 4,978 |  |  |  | 20,248 |  |  |  | - |  |  |  | 965,859 |
Interest to be accrued (*) |  |  | 14,512 |  |  |  | 1,212 |  |  |  | 1,203 |  |  |  | 1,190 |  |  |  | 174 |  |  |  | - |  |  |  | 18,290 |
Total |  |  | 945,726 |  |  |  | 6,147 |  |  |  | 5,687 |  |  |  | 6,168 |  |  |  | 20,422 |  |  |  | - |  |  |  | 984,149 |
|  | 1 year or less |  |  | 1 - 2 years |  |  | 2 – 3 years |  |  | 3 - 4 years |  |  | 4 - 5 years |  |  | Over 5 years |  |  | Total |
At December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial lease |  |  | 130 |  |  |  | 35 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 165 |
Other borrowings |  |  | 808,564 |  |  |  | 1,198 |  |  |  | 3,739 |  |  |  | 3,360 |  |  |  | 3,632 |  |  |  | 19,578 |  |  |  | 840,071 |
Total borrowings |  |  | 808,694 |  |  |  | 1,233 |  |  |  | 3,739 |  |  |  | 3,360 |  |  |  | 3,632 |  |  |  | 19,578 |  |  |  | 840,236 |
Interest to be accrued (*) |  |  | 6,461 |  |  |  | 1,172 |  |  |  | 1,161 |  |  |  | 1,142 |  |  |  | 1,116 |  |  |  | 237 |  |  |  | 11,289 |
Total |  |  | 815,155 |  |  |  | 2,405 |  |  |  | 4,900 |  |  |  | 4,502 |  |  |  | 4,748 |  |  |  | 19,815 |  |  |  | 851,525 |
(*) Includes the effect of hedge accounting. Significant borrowings include:
|  |  |  |  |  | In million of USD
Disbursement date |  | Borrower |  | Type |  | Original & Outstanding |  | Final maturity
2017 |  | Tamsa |  | Bank loans |  | 404 |  | 2018
2017 |  | Siderca |  | Bank loans |  | 311 |  | 2018
Dec-17 |  | TuboCaribe |  | Bank loan |  | 150 |  | Dec-18
As of December 31, 2017, Tenaris was in compliance with all of its covenants. The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, 2017 and 2016 (considering hedge accounting where applicable).
|  | 2017 |  |  | 2016 |
Total borrowings |  |  | 3.73 | % |  |  | 1.97 | %
Breakdown of long-term borrowings by currency and rate is as follows: Non-current borrowings
|  |  |  | Year ended December 31, |
Currency |  | Interest rates |  | 2017 |  |  | 2016 |
USD |  | Fixed |  |  | 19,120 |  |  |  | 19,461 |
EUR |  | Fixed |  |  | 13,828 |  |  |  | 10,701 |
Others |  | Variable |  |  | 1,697 |  |  |  | 1,380 |
Total non-current borrowings |  |  |  |  | 34,645 |  |  |  | 31,542 |
Breakdown of short-term borrowings by currency and rate is as follows: Current borrowings
|  |  |  | Year ended December 31, |
Currency |  | Interest rates |  | 2017 |  |  | 2016 |
USD |  | Variable |  |  | 17,640 |  |  |  | 17,081 |
USD |  | Fixed |  |  | 187,872 |  |  |  | 200,448 |
EUR |  | Variable |  |  | 169 |  |  |  | 99 |
EUR |  | Fixed |  |  | 839 |  |  |  | 841 |
MXN |  | Fixed |  |  | 412,719 |  |  |  | 391,318 |
ARS |  | Fixed |  |  | 311,829 |  |  |  | 197,637 |
ARS |  | Variable |  |  | - |  |  |  | 1,041 |
Others |  | Variable |  |  | 138 |  |  |  | 35 |
Others |  | Fixed |  |  | 8 |  |  |  | 194 |
Total current borrowings |  |  |  |  | 931,214 |  |  |  | 808,694 |
Borrowings evolution
|  | Year ended December 31, 2017 |
|  | Non current |  |  | Current |
At the beginning of the year |  |  | 31,542 |  |  |  | 808,694 |
Translation differences |  |  | 1,649 |  |  |  | (3,622 | )
Proceeds and repayments, net |  |  | 1,510 |  |  |  | 105,142 |
Interests Accrued less payments |  |  | (19 | ) |  |  | 21,880 |
Reclassifications |  |  | (309 | ) |  |  | 309 |
Other Movements |  |  | 272 |  |  |  | - |
Overdrafts variation |  |  | - |  |  |  | (1,189 | )
At the end of the year |  |  | 34,645 |  |  |  | 931,214 |

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