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Finance debt | 12 Months Ended
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Dec. 31, 2023
Finance Debt |
Finance debt |
32. | Finance debt
32.1. | Balance by type of finance debt
Schedule of balance by type of finance debt |  |
In Brazil | 12.31.2023 | 12.31.2022
Banking market | 2,262 | 1,285
Capital market | 3,130 | 2,896
Development banks (1) | 698 | 723
Others | 1 | 4
Total | 6,091 | 4,908
Abroad |  |
Banking market | 6,303 | 8,387
Capital market | 14,384 | 14,061
Export credit agency | 1,870 | 2,443
Others | 153 | 155
Total | 22,710 | 25,046
Total finance debt | 28,801 | 29,954
Current | 4,322 | 3,576
Non-current | 24,479 | 26,378
(1) It includes BNDES, FINAME and FINEP.
Current finance debt is composed of:
Schedule of current finance debt |  |
| 12.31.2023 | 12.31.2022
Short-term debt | 4 | −
Current portion of long-term debt | 3,776 | 3,111
Accrued interest on short and long-term debt | 542 | 465
Total | 4,322 | 3,576
The capital market balance is mainly composed of US$ 13,739 in global notes issued abroad by the wholly owned subsidiary PGF, as well as US$ 2,029 in debentures and US$ 980 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.
32.2. | 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 | 925 | 1,285 | 2,210
Repayment of principal (1) | (331) | (3,907) | (4,238)
Repayment of interest (1) | (324) | (1,640) | (1,964)
Accrued interest (2) | 436 | 1,822 | 2,258
Foreign exchange/ inflation indexation charges | 111 | (150) | (39)
Translation adjustment | 383 | 254 | 637
Modification of contractual cash flows | (17) | − | (17)
Balance at December 31, 2023 | 6,090 | 22,711 | 28,801
| In Brazil | Abroad | Total
Balance at December 31, 2021 | 4,517 | 31,183 | 35,700
Proceeds from finance debt | 853 | 2,027 | 2,880
Repayment of principal (1) | (1,013) | (8,183) | (9,196)
Repayment of interest (1) | (292) | (1,554) | (1,846)
Accrued interest (2) | 396 | 1,867 | 2,263
Foreign exchange/ inflation indexation charges | 120 | (580) | (460)
Translation adjustment | 326 | 287 | 613
Balance at December 31, 2022 | 4,907 | 25,047 | 29,954
(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 2023, the Company repaid several finance debts, in the amount of US$ 6,171. In the same period, the Company raised funds in the amount of US$ 2,210, notably: (i) the issuance of Global notes in the international capital market in the amount of US$ 1,235 due in 2033; and (ii) proceeds in the domestic banking market, in the amount of US$ 907. The Company carried out an exchange operation under the terms of a US$ 519 debt in the domestic banking market, 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.
32.3. | Reconciliation with cash flows from financing activities
Schedule of cash flows reconciliation |  |  |  |  |  |
|  |  | 2023 |  |  | 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 | 2,210 | (4,238) | (1,964) | 2,880 | (9,196) | (1,846)
Repurchase of debt securities |  | 78 | − |  | (121) | −
Deposits linked to finance debt (1) |  | (33) | (14) |  | (17) | (4)
Net cash used in financing activities | 2,210 | (4,193) | (1,978) | 2,880 | (9,334) | (1,850)
(1) Deposits linked to finance debt with China Development Bank, with semiannual settlements in June and December.
32.4. | Summarized information on current and non-current finance debt
Schedule of summarized information on current and non-current finance debt |  |  |  |  |  |  |  |
Maturity in | Up to 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years onwards | Total (1) | Fair Value
Financing in U.S.Dollars (US$): | 3,578 | 2,509 | 1,460 | 2,398 | 1,529 | 9,056 | 20,530 | 20,661
Floating rate debt (2) | 2,773 | 1,915 | 1,119 | 1,716 | 524 | 428 | 8,475 |
Fixed rate debt | 805 | 594 | 341 | 682 | 1,005 | 8,628 | 12,055 |
Average interest rate p.a. | 5.5% | 5.5% | 6.2% | 5.8% | 5.4% | 6.6% | 6.3% |
Financing in Brazilian Reais (R$): | 653 | 257 | 503 | 149 | 151 | 4,076 | 5,789 | 6,206
Floating rate debt (3) | 118 | 145 | 145 | 40 | 40 | 2,557 | 3,045 |
Fixed rate debt | 535 | 112 | 358 | 109 | 111 | 1,519 | 2,744 |
Average interest rate p.a. | 6.9% | 6.6% | 6.7% | 7.2% | 7.4% | 6.6% | 6.8% |
Financing in Euro (€): | 51 | 300 | − | − | 136 | 472 | 959 | 970
Fixed rate debt | 51 | 300 | − | − | 136 | 472 | 959 |
Average interest rate p.a. | 4.7% | 4.7% | 0.0% | 0.0% | 4.6% | 4.7% | 4.7% |
Financing in Pound Sterling (£): | 40 | − | 588 | − | − | 895 | 1,523 | 1,492
Fixed rate debt | 40 | − | 588 | − | − | 895 | 1,523 |
Average interest rate p.a. | 6.3% | 0.0% | 6.2% | 0.0% | 0.0% | 6.6% | 6.4% |
Total as of December 31, 2023 | 4,322 | 3,066 | 2,551 | 2,547 | 1,816 | 14,499 | 28,801 | 29,329
Average interest rate | 5.8% | 5.8% | 6.3% | 6.1% | 5.9% | 6.5% | 6.4% |
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 December 31, 2023 is 11.38 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$ 13,971 of December 31, 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$ 15,358 as of December 31, 2023 (US$ 16,792 as of December 31, 2022).
Regarding the Interest Rate Benchmark Reform (IBOR Reform), there was a necessity to amend 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. As of December 31, 2023, 23% of the Company's finance debt has been indexed to SOFR (Secured Overnight Financing Rate) and has the CSA (Credit Spread Adjustment) negotiated with the creditors serving as a parameter, while 1.0% will still undergo contractual changes to switch to this new index. The renegotiations performed so far have been solely for the replacement of the LIBOR benchmark and are necessary as a direct consequence of the reform of the reference interest rate. In these renegotiated cash flows, the change of the index is economically equivalent to the previous basis. Thus, the changes were prospective with the recognition of interest at the new index in the applicable periods. Therefore, the Company does not expect material effects for the contracts that will still undergo contractual changes for the new index, considering that they will occur under market conditions. The sensitivity analysis for financial instruments subject to foreign exchange variation is set out in note 35.2.2. 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 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and thereafter | 12.31.2023 | 12.31.2022
Principal | 3,814 | 3,135 | 2,606 | 2,600 | 1,951 | 15,075 | 29,181 | 31,703
Interest | 1,922 | 1,627 | 1,492 | 1,242 | 1,022 | 15,237 | 22,541 | 24,815
Total (1) | 5,736 | 4,762 | 4,098 | 3,842 | 2,973 | 30,312 | 51,722 | 56,518
(1) A maturity schedule of the lease arrangements (nominal amounts) is set out in note 33.
32.5. | Lines of credit
Schedule of lines of credit |  |  |  |  |  |
|  |  |  |  |  | 12.31.2023
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 | 413 | − | 413
Petrobras | Banco do Brasil | 10/4/2018 | 9/5/2025 | 413 | − | 413
Transpetro | Caixa Econômica Federal | 11/23/2010 | Not defined | 68 | − | 68
Total |  |  |  | 894 | − | 894
(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.
32.6. | Covenants and Collateral
32.6.1. | Covenants
The Company has covenants that were not in default at December 31, 2023 in its loan agreements and notes issued in the capital markets requiring, among other obligations i) the presentation of interim financial statements within 90 days of the end of each quarter (not reviewed by Independent Registered Public Accounting Firm) and audited financial statements within 120 days of the end of each fiscal year; ii) Negative Pledge / Permitted Liens clause. Additionally, there are other non-financial obligations that the Company has to comply with: i) clauses of compliance with the laws, rules and regulations applicable to the conduct of its business including (but not limited to) environmental laws; (ii) clauses in financing agreements that require both the borrower and the guarantor to conduct their business in compliance with anti-corruption laws and anti-money laundering laws and to institute and maintain policies necessary for such compliance; and (iii) clauses in financing agreements that restrict relations with entities or even countries sanctioned primarily by the United States (including, but not limited to, the Office of Foreign Assets Control - OFAC, Department of State and Department of Commerce), the European Union and United Nations. If the Company breaches any of the aforementioned covenants and either is incapable of remedy or continues to fail to comply with the covenants for a period ranging from 30 to 60 calendar days (depending on the contract) after it has received a written notice from the creditors specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”, this may be declared an Event of Default, and in certain cases the debt related to that contract becomes due and payable.
32.6.2. | Collateral
Most of the Company’s debt is unsecured, but certain specific funding instruments to promote economic development are collateralized. Such contracts represent 13.9% of the total financing, notably a Financing agreement with China Development Bank (CDB). The loans obtained by structured entities are collateralized based on the projects’ assets, as well as liens on receivables of the structured entities. Bonds issued by the Company in the capital market are unsecured. The global notes issued by the Company in the capital market through its wholly-owned subsidiary Petrobras Global Finance B.V. – PGF are unsecured. However, Petrobras fully, unconditionally and irrevocably guarantees these notes. Accounting policy for loans and finance debt Loans and finance debt are initially recognized at fair value less transaction costs that are directly attributable to its issue and subsequently measured at amortized cost using the effective interest method. When the contractual cash flows of a financial liability measured at amortized cost are renegotiated or modified and this change is not substantial, its gross carrying amount will reflect the discounted present value of its cash flows under new terms using the original effective interest rate. The difference between the book value immediately prior to such modification and the new gross carrying amount is recognized as gain or loss in the statement of income. When such modification is substantial, the original liability is extinguished and a new liability is recognized, impacting the statement of income of the period.

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