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Note 18 - Borrowings | 12 Months Ended
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Dec. 31, 2018
Statement Line Items [Line Items] |
Disclosure of borrowings [text block] |
18 | Borrowings
|  | Year ended December 31,
|  | 2018 |  | 2017
Non-current |  |  |  |
Bank borrowings |  |  | 29,214 |  |  |  | 34,626 |
Finance lease liabilities |  |  | - |  |  |  | 59 |
Costs of issue of debt |  |  | (27 | ) |  |  | (40 | )
|  |  | 29,187 |  |  |  | 34,645 |
Current |  |  |  |  |  |  |  |
Bank borrowings |  |  | 508,143 |  |  |  | 930,957 |
Bank overdrafts |  |  | 1,644 |  |  |  | 131 |
Finance lease liabilities |  |  | 44 |  |  |  | 138 |
Costs of issue of debt |  |  | (11 | ) |  |  | (12 | )
|  |  | 509,820 |  |  |  | 931,214 |
Total Borrowings |  |  | 539,007 |  |  |  | 965,859 |
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, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial lease |  |  | 44 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 44 |
Other borrowings |  |  | 509,776 |  |  |  | 4,271 |  |  |  | 4,771 |  |  |  | 20,145 |  |  |  | - |  |  |  | - |  |  |  | 538,963 |
Total borrowings |  |  | 509,820 |  |  |  | 4,271 |  |  |  | 4,771 |  |  |  | 20,145 |  |  |  | - |  |  |  | - |  |  |  | 539,007 |
Interest to be accrued (*) |  |  | 8,182 |  |  |  | 1,175 |  |  |  | 1,166 |  |  |  | 169 |  |  |  |  |  |  |  |  |  |  |  | 10,692 |
Total |  |  | 518,002 |  |  |  | 5,446 |  |  |  | 5,937 |  |  |  | 20,314 |  |  |  | - |  |  |  | - |  |  |  | 549,699 |
|  | 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 |
(*) Includes the effect of hedge accounting. Significant borrowings include:
|  |  | In million of USD
Disbursement date | Borrower | Type | Original & Outstanding | Final maturity
2018 | Tamsa | Bank loans | 347 | 2019
2018 | Siderca | Bank loans | 66 | 2019
2018 | TuboCaribe | Bank loan | 50 | May 2019
As of December 31, 2018, 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, 2018 and 2017, considering hedge accounting where applicable.
|  | 2018 |  | 2017
Total borrowings |  |  | 3.98 | % |  |  | 3.73 | %
Breakdown of long-term borrowings by currency and rate is as follows:
| 18 | Borrowings (Cont.)
Non-current borrowings
|  |  |  | Year ended December 31,
Currency |  | Interest rates |  | 2018 |  | 2017
USD |  | Fixed |  |  | 18,762 |  |  |  | 19,120 |
EUR |  | Fixed |  |  | 9,023 |  |  |  | 13,828 |
EUR |  | Variable |  |  | 1,402 |  |  |  | 1,638 |
Others |  | Variable |  |  | - |  |  |  | 59 |
Total non-current borrowings |  |  |  |  | 29,187 |  |  |  | 34,645 |
Breakdown of short-term borrowings by currency and rate is as follows: Current borrowings
|  |  |  | Year ended December 31,
Currency |  | Interest rates |  | 2018 |  | 2017
USD |  | Variable |  |  | 16,847 |  |  |  | 17,640 |
USD |  | Fixed |  |  | 138,303 |  |  |  | 187,872 |
EUR |  | Variable |  |  | 198 |  |  |  | 169 |
EUR |  | Fixed |  |  | 4,178 |  |  |  | 839 |
MXN |  | Fixed |  |  | 301,047 |  |  |  | 412,719 |
ARS |  | Fixed |  |  | 49,125 |  |  |  | 311,829 |
Others |  | Variable |  |  | 89 |  |  |  | 138 |
Others |  | Fixed |  |  | 33 |  |  |  | 8 |
Total current borrowings |  |  |  |  | 509,820 |  |  |  | 931,214 |
Borrowings evolution
|  | Year ended December 31, 2018
|  | Non current |  | Current
At the beginning of the year |  |  | 34,645 |  |  |  | 931,214 |
Translation differences |  |  | (623 | ) |  |  | (8,191 | )
Proceeds and repayments, net |  |  | (1,330 | ) |  |  | (411,570 | )
Interests accrued less payments |  |  | (5 | ) |  |  | (6,646 | )
Reclassifications |  |  | (3,500 | ) |  |  | 3,500 |
Overdrafts variation |  |  | - |  |  |  | 1,513 |
At the end of the year |  |  | 29,187 |  |  |  | 509,820 |

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