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v3.22.2.2

Finance debt | 6 Months Ended
--- | ---
Jun. 30, 2022
Finance Debt |
Finance debt |
| 23. | Finance debt
| 23.1. | Balance by type of finance debt
In Brazil | 06.30.2022 | 12.31.2021
Banking Market | 1,242 | 1,237
Capital Market | 2,800 | 2,504
Development banks (*) | 770 | 769
Others | 6 | 7
Total | 4,818 | 4,517
Abroad |  |
Banking Market | 7,916 | 8,525
Capital Market | 15,461 | 19,527
Export Credit Agency | 2,688 | 2,951
Others | 168 | 180
Total | 26,233 | 31,183
Total finance debt | 31,051 | 35,700
Current | 4,116 | 3,641
Non-current | 26,935 | 32,059
(*) It includes BNDES, FINAME and FINEP
Current finance debt is composed of: Schedule of current finance debt
| 06.30.2022 | 12.31.2021
Short-term debt | 151 | 108
Current portion of long-term debt | 3,497 | 3,063
Accrued interest on short and long-term debt | 468 | 470
Total | 4,116 | 3,641
The capital market balance is mainly composed of US$ 14,869 in global notes issued abroad by the wholly-owned subsidiary PGF and US$ 2,624 in debentures issued by Petrobras in reais in Brazil. The balance in global notes has maturities between 2024 to 2115 and does not require collateral. Such financing was carried out in dollars, euros and pounds, 87%, 2% and 11%, of the total global notes, respectively. The debentures, with maturities between 2022 and 2034 and without guarantees, are not convertible into shares. At June 30, 2021, there was no default, breach of covenants or change in collateral provided or clauses that would result in change in payment terms compared December 31, 2021.
| 23.2. | Changes in finance debt
Changes in Finance Debt
| In Brazil | Abroad | Total
Balance at December 31, 2021 | 4,517 | 31,183 | 35,700
Additions | − | 330 | 330
Principal amortization (*) | (177) | (5,186) | (5,363)
Interest amortization (*) | (125) | (790) | (915)
Accrued interest (**) | 201 | 953 | 1,154
Foreign exchange/ inflation indexation charges | 109 | (532) | (423)
Cumulative translation adjustment (CTA) | 293 | 275 | 568
Balance at June 30, 2022 | 4,818 | 26,233 | 31,051
| In Brazil | Abroad | Total
Balance at December,31 2020 | 8,854 | 45,035 | 53,889
Additions | - | 1,668 | 1,668
Principal amortization (*) | (3,430) | (9,254) | (12,684)
Interest amortization (*) | (158) | (1,106) | (1,264)
Accrued interest (**) | 159 | 1,436 | 1,595
Foreign exchange/ inflation indexation charges | 127 | (220) | (93)
Cumulative translation adjustment (CTA) | 213 | 180 | 393
Balance at June 30, 2021 | 5,765 | 37,739 | 43,504
(*) It includes pre-payments.
(**) It includes premium and discount over notional amounts, as well as gains and losses by modifications in contractual cash flows.
The Company repaid several finance debts, in the amount of US$ 6,393 notably US$ 3,986 to repurchase and withdraw global bonds previously issued by the Company in the capital market.
| 23.3. | Reconciliation with cash flows from financing activities
Schedule of cash flows reconciliation
|  |  | Jan-Jun/2022 |  |  | Jan-Jun/2021
| Additions | Principal amortization | Interest amortization | Additions | Principal amortization | Interest amortization
Movement in financing | 330 | (5,363) | (915) | 1,668 | (12,684) | (1,264)
Repurchase of debt securities | − | (110) | − | − | (848) | −
Deposits linked to financing (*) | − | (4) | (1) | − | (26) | 37
Net cash used in financing activities | 330 | (5,477) | (916) | 1,668 | (13,558) | (1,227)
(*) | Deposits linked to financing with China Development Bank (CDB), with semiannual settlements in June and December.
| 23.4. | Summarized information on current and non-current finance debt
Summarized Information on Current and Non-Current Finance Debt
Maturity in | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 onwards | Total (*) | Fair Value
Financing in U.S.Dollars (US$): | 1,648 | 2,558 | 3,257 | 2,585 | 1,545 | 12,093 | 23,686 | 23,491
Floating rate debt (**) | 1,248 | 2,558 | 2,675 | 1,934 | 1,143 | 897 | 10,455 |
Fixed rate debt | 400 | - | 582 | 651 | 402 | 11,196 | 13,231 |
Average interest rate p.a. | 5.0% | 6.2% | 6.1% | 6.0% | 6.4% | 6.6% | 6.4% |
Financing in Brazilian Reais (R$): | 954 | 481 | 671 | 221 | 436 | 2,053 | 4,816 | 4,643
Floating rate debt (***) | 702 | 282 | 280 | 138 | 138 | 528 | 2,068 |
Fixed rate debt | 252 | 199 | 391 | 83 | 298 | 1,525 | 2,748 |
Average interest rate p.a. | 6.1% | 5.9% | 5.4% | 4.8% | 4.3% | 4.8% | 5.2% |
Financing in Euro (€): | - | 15 | 13 | 313 | - | 570 | 911 | 891
Fixed rate debt | - | 15 | 13 | 313 | - | 570 | 911 |
Average interest rate p.a. | - | 4.7% | 4.7% | 4.7% | - | 4.7% | 4.7% |
Financing in Pound Sterling (£): | 39 | 16 | - | - | 651 | 932 | 1,638 | 1,556
Fixed rate debt | 39 | 16 | - | - | 651 | 932 | 1,638 |
Average interest rate p.a. | 6.2% | 6.2% | - | - | 6.2% | 6.4% | 6.3% |
Total as of June 30, 2022 | 2,641 | 3,070 | 3,941 | 3,119 | 2,632 | 15,648 | 31,051 | 30,581
Average interest rate | 5.3% | 6.1% | 6.0% | 5.8% | 6.0% | 6.5% | 6.3% |
Total as of December 31, 2021 | 3,641 | 2,973 | 3,988 | 3,449 | 2,832 | 18,817 | 35,700 | 37,891
Average interest rate | 5.2% | 5.3% | 5.5% | 5.6% | 5.9% | 6.5% | 6.2% |
(*) | The average maturity of outstanding debt as of June 30, 2022 and 2021 is 13.04 years (13.39 years as of December 31, 2021).
(**) | Operations with variable index + fixed spread.
(***) | Operations with variable index + fixed spread, if applicable.
The fair value of the Company's finance debt is mainly determined and categorized into a fair value hierarchy as follows: Level 1- quoted prices in active markets for identical liabilities, when applicable, amounting to US$ 14,402 of June 30, 2022 (US$ 20,770 of December 31, 2021); and Level 2 – discounted cash flows based on discount rate determined by interpolating spot rates considering financing debts indexes proxies, taking into account their currencies and also Petrobras’ credit risk, amounting to US$ 16,179 as of June 30, 2022 (US$ 17,121 as of December 31, 2021). The sensitivity analysis for financial instruments subject to foreign exchange variation is set out in note 27.3. A maturity schedule of the Company’s finance debt (undiscounted), including face value and interest payments is set out as follows:
Maturity | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and thereafter | 06.30.2022 | 12.31.2021
Principal | 2,150 | 3,102 | 4,039 | 3,210 | 2,723 | 16,572 | 31,796 | 36,557
Interest | 933 | 1,665 | 1,488 | 1,243 | 1,115 | 20,090 | 26,533 | 30,557
Total | 3,083 | 4,767 | 5,527 | 4,453 | 3,838 | 36,662 | 58,329 | 67,114
A maturity schedule of the lease arrangements (nominal amounts) is set out in note 24.
| 23.5. | Lines of credit
|  |  |  |  |  | 06.30.2022
Company | Financial institution | Date | Maturity | Available (Lines of Credit) | Used | Balance
Abroad |  |  |  |  |  |
PGT BV | Syndicate of banks | 12/16/2021 | 11/16/2026 | 5,000 | − | 5,000
PGT BV (*) | Syndicate of banks | 3/27/2019 | 2/27/2024 | 3,250 | − | 3,250
Total |  |  |  | 8,250 | − | 8,250
In Brazil |  |  |  |  |  |
Petrobras | Banco do Brasil | 3/23/2018 | 9/26/2026 | 382 | − | 382
Petrobras | Bradesco | 6/1/2018 | 5/31/2023 | 382 | − | 382
Petrobras | Banco do Brasil | 10/4/2018 | 9/5/2025 | 382 | − | 382
Transpetro | Caixa Econômica Federal | 11/23/2010 | Not defined | 63 | − | 63
Total |  |  |  | 1,209 | − | 1,209
(*) | In April 2021, the subsidiary PGT BV extended part of the Revolving Credit Facility. As such, US$ 2,050 will be available for withdrawal from February 28, 2024 until February 27, 2026.

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