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Finance debt | 6 Months Ended
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Jun. 30, 2023
Finance Debt |
Finance debt |
| 24. | Finance debt
| 24.1. | Balance by type of finance debt
Summary of balance by type of finance debt |  |
In Brazil | 06.30.2023 | 12.31.2022
Banking market | 1,304 | 1,285
Capital market | 3,198 | 2,896
Development banks (1) | 735 | 723
Others | 3 | 4
Total | 5,240 | 4,908
Abroad |  |
Banking market | 7,471 | 8,387
Capital market | 14,165 | 14,061
Export credit agency | 2,190 | 2,443
Others | 162 | 155
Total | 23,988 | 25,046
Total finance debt | 29,228 | 29,954
Current | 4,129 | 3,576
Non-current | 25,099 | 26,378
(1) | It includes BNDES, FINAME and FINEP
Current finance debt is composed of:
Schedule of current finance debt |  |
| 06.30.2023 | 12.31.2022
Short-term debt | 9 | −
Current portion of long-term debt | 3,626 | 3,111
Accrued interest on short and long-term debt | 494 | 465
Total | 4,129 | 3,576
The capital market balance is mainly composed of US$ 13,544 in global notes issued abroad by the wholly owned subsidiary PGF, as well as US$ 2,059 in debentures and US$ 977 in commercial notes 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 and the commercial notes, with maturities between 2024 and 2037, do not require collateral and are not convertible into shares or equity interests. On June 30, 2023, there were no default, breach of covenants or adverse changes in clauses that would result in changes to the payment terms of loan and financing agreements. There was no change in the guarantees required in relation to December 31, 2022.
| 24.2. | Changes in finance debt
Schedule of changes in finance debt |  |  |
| In Brazil | Abroad | Total
Balance at December 31, 2022 | 4,907 | 25,047 | 29,954
Proceeds from finance debt | 12 | 50 | 62
Repayment of principal (1) | (208) | (1,237) | (1,445)
Repayment of interest (1) | (144) | (846) | (990)
Accrued interest (2) | 212 | 877 | 1,089
Foreign exchange/ inflation indexation charges | 82 | (173) | (91)
Translation adjustment | 398 | 268 | 666
Modification of contractual cash flows | (17) | − | (17)
Balance at June 30, 2023 | 5,242 | 23,986 | 29,228
| In Brazil | Abroad | Total
Balance at December 31, 2021 | 4,517 | 31,183 | 35,700
Proceeds from finance debt | - | 330 | 330
Repayment of principal (1) | (177) | (5,186) | (5,363)
Repayment of interest (1) | (125) | (790) | (915)
Accrued interest (2) | 201 | 953 | 1,154
Foreign exchange/ inflation indexation charges | 109 | (532) | (423)
Translation adjustment | 293 | 275 | 568
Balance at June 30, 2022 | 4,818 | 26,233 | 31,051
(1) | It includes pre-payments.
(2) | It includes premium and discount over notional amounts, as well as gains and losses by modifications in contractual cash flows.
In the six-month period ended June 30, 2023, the Company repaid several finance debts, in the amount of US$ 2,486. The Company carried out an exchange operation under the terms of a debt in the domestic banking market in the amount of US$ 519, changing the term from 2024 to 2030. The modification of the contractual terms was not substantial and resulted in a gain of US$17 per modification.
| 24.3. | Reconciliation with cash flows from financing activities
Schedule of cash flows reconciliation |  |  |  |  |  |
|  |  | Jan-Jun/2023 |  |  | Jan-Jun/2022
| Proceeds from finance debt | Repayment of principal | Repayment of interest | Proceeds from finance debt | Repayment of principal | Repayment of interest
Changes in finance debt | 62 | (1,445) | (990) | 330 | (5,363) | (915)
Repurchase of debt securities |  | − | − |  | (110) | −
Deposits linked to finance debt (1) |  | (37) | (14) |  | (4) | (1)
Net cash used in financing activities | 62 | (1,482) | (1,004) | 330 | (5,477) | (916)
(1) | Deposits linked to finance debt with China Development Bank, with semiannual settlements in June and December.
| 24.4. | Summarized information on current and non-current finance debt
Schedule of summarized information on current and non-current finance debt |  |  |  |  |  |  |  |
Maturity in | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 onwards | Total (1) | Fair Value
Financing in U.S.Dollars (US$): | 1,714 | 3,237 | 2,568 | 1,528 | 2,463 | 10,021 | 21,531 | 21,582
Floating rate debt (2) | 1,514 | 2,678 | 1,933 | 1,143 | 1,740 | 652 | 9,660 |
Fixed rate debt | 200 | 559 | 635 | 385 | 723 | 9,369 | 11,871 |
Average interest rate p.a. | 6.6% | 6.8% | 6.1% | 6.3% | 5.9% | 6.6% | 6.6% |
Financing in Brazilian Reais (R$): | 284 | 536 | 238 | 482 | 135 | 3,566 | 5,241 | 5,402
Floating rate debt (3) | 90 | 43 | 146 | 146 | 42 | 1,984 | 2,451 |
Fixed rate debt | 194 | 493 | 92 | 336 | 93 | 1,582 | 2,790 |
Average interest rate p.a. | 6.2% | 7.1% | 6.9% | 6.7% | 7.0% | 6.8% | 6.8% |
Financing in Euro (€): | − | 29 | 296 | − | − | 599 | 924 | 901
Fixed rate debt | − | 29 | 296 | − | − | 599 | 924 |
Average interest rate p.a. | − | 4.7% | 4.7% | − | − | 4.7% | 4.7% |
Financing in Pound Sterling (£): | 35 | 16 | − | 587 | − | 894 | 1,532 | 1,387
Fixed rate debt | 35 | 16 | − | 587 | − | 894 | 1,532 |
Average interest rate p.a. | 6.2% | 6.3% | − | 6.2% | − | 6.5% | 6.3% |
Total as of June 30, 2023 | 2,033 | 3,818 | 3,102 | 2,597 | 2,598 | 15,080 | 29,228 | 29,272
Average interest rate | 6.5% | 6.7% | 6.2% | 6.3% | 6.1% | 6.6% | 6.6% |
Total as of December 31, 2022 | 3,576 | 3,943 | 3,079 | 2,523 | 2,892 | 13,941 | 29,954 | 29,853
Average interest rate | 6.7% | 6.5% | 6.1% | 6.2% | 6.0% | 6.6% | 6.5% |
(1) | The average maturity of outstanding debt as of June 30, 2023 is 12.12 years (12.07 years as of December 31, 2022).
(2) | Operations with variable index + fixed spread.
(3) | Operations with variable index + fixed spread, if applicable.
The fair value of the Company's finance debt is mainly determined and categorized into a fair value hierarchy as follows: Level 1- quoted prices in active markets for identical liabilities, when applicable, amounting to US$ 13,196 of June 30, 2023 (US$ 13,061 of December 31, 2022); 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$ 16,076 as of June 30, 2023 (US$ 16,792 as of December 31, 2022). Regarding the Interest Rate Benchmark Reform (IBOR Reform), there will be a need to amend all the Company's contracts referenced in these indexes, considering the end of the publication of LIBOR (London Interbank Offered Rate) in dollars (US$), of one, three and six months, on June 30, 2023. As of June 30, 2023, 27.9% of the Company's finance debt is originally indexed to LIBOR. Throughout July 2023, there were renegotiations for contractual amendments so that the SOFR (Secured Overnight Financing Rate) was established as the new index, with the CSA (Credit Spread Adjustment) indicated by the regulatory bodies serving as a parameter. As the renegotiations of current contracts are being carried out under market conditions, the Company does not expect that there will be material effects when this process is completed. The renegotiations were carried out only to change the LIBOR index and are necessary as a direct consequence of the reform of the reference interest rate, as well as the renegotiated cash flows which are economically equivalent to the previous basis. Thus, the change will be prospective with the recognition of interest at the new index in the periods applicable to the changes made. 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:
Schedule of finance debt (undiscounted), including face value and interest payments |  |  |  |  |  |  |  |
Maturity | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and thereafter | 06.30.2023 | 12.31.2022
Principal | 1,525 | 3,831 | 3,199 | 2,675 | 2,670 | 15,921 | 29,821 | 31,703
Interest | 974 | 1,861 | 1,556 | 1,381 | 1,152 | 17,469 | 24,392 | 24,815
Total | 2,499 | 5,692 | 4,755 | 4,056 | 3,822 | 33,390 | 54,213 | 56,518
A maturity schedule of the lease arrangements (nominal amounts) is set out in note 25.
| 24.5. | Lines of credit
Schedule of lines of credit |  |  |  |  |  |
|  |  |  |  |  | 06.30.2023
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 (1) | Syndicate of banks | 3/27/2019 | 2/27/2026 | 2,050 | − | 2,050
Total |  |  |  | 7,050 | − | 7,050
In Brazil |  |  |  |  |  |
Petrobras | Banco do Brasil | 3/23/2018 | 9/26/2026 | 415 | − | 415
Petrobras | Banco do Brasil | 10/4/2018 | 9/5/2025 | 415 | − | 415
Transpetro | Caixa Econômica Federal | 11/23/2010 | Not defined | 68 | − | 68
Total |  |  |  | 898 | − | 898
(1) | On June 30, 2023, Petrobras reduced part of the Revolving Credit Facility to US$ 2,050 compared to the US$ 3,250 contracted in 2019. Thus, US$ 2,050 will be available for withdrawal from July 1st, 2023, to February 27, 2026.

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