TENARIS SA | CIK:0001190723 |

 

		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 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 and (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:

 

				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:

 

				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

 

		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