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Finance debt | 6 Months Ended
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Jun. 30, 2024
Finance Debt |
Finance debt |
| 24. | Finance debt
| 24.1. | Balance by type of finance debt
Schedule of balance by type finance debt |  |
In Brazil | 06.30.2024 | 12.31.2023
Banking market | 2,456 | 2,262
Capital market | 2,792 | 3,130
Development banks (1) | 585 | 698
Others | 2 | 1
Total | 5,835 | 6,091
Abroad |  |
Banking market | 4,871 | 6,303
Capital market | 13,762 | 14,384
Export credit agency | 1,702 | 1,870
Others | 151 | 153
Total | 20,486 | 22,710
Total finance debt | 26,321 | 28,801
Current | 4,617 | 4,322
Non-current | 21,704 | 24,479
(1) | It includes BNDES, FINAME and FINEP.
Current finance debt is composed of:
Schedule of current finance debt |  |
| 06.30.2024 | 12.31.2023
Short-term debt | 12 | 4
Current portion of long-term debt | 4,124 | 3,776
Accrued interest on short and long-term debt | 481 | 542
Total | 4,617 | 4,322
The capital market balance is mainly composed of US$ 13,164 in global notes issued abroad by the wholly owned subsidiary PGF, as well as US$ 1,823 in debentures and US$ 857 in commercial notes issued by Petrobras in reais in Brazil. The balance in global notes has maturities between 2025 to 2115 and does not require collateral. Such financing was carried out in dollars, euros and pounds, 86%, 2% and 12%, 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, 2024, 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, 2023. Petrobras fully, unconditionally and irrevocably guarantees its global notes issued in the capital markets by its wholly-owned subsidiary PGF and the loan agreements of its wholly-owned subsidiary PGT.
| 24.2. | Changes in finance debt
Schedule of changes in finance debt |  |  |
| In Brazil | Abroad | Total
Balance at December 31, 2023 | 6,090 | 22,711 | 28,801
Proceeds from finance debt | 557 | 10 | 567
Repayment of principal (1) | (158) | (2,177) | (2,335)
Repayment of interest (1) | (203) | (795) | (998)
Accrued interest (2) | 240 | 774 | 1,014
Foreign exchange/ inflation indexation charges | 110 | 300 | 410
Translation adjustment | (800) | (338) | (1,138)
Balance at June 30, 2024 | 5,836 | 20,485 | 26,321
| 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
(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.
| 24.3. | Reconciliation with cash flows from financing activities
Schedule of cash flows reconciliation |  |  |  |  |  |
|  |  | Jan-Jun/2024 |  |  | Jan-Jun/2023
| Proceeds from finance debt | Repayment of principal | Repayment of interest | Proceeds from finance debt | Repayment of principal | Repayment of interest
Changes in finance debt | 567 | (2,335) | (998) | 62 | (1,445) | (990)
Deposits linked to finance debt (1) |  | 17 | 3 |  | (37) | (14)
Net cash used in financing activities | 567 | (2,318) | (995) | 62 | (1,482) | (1,004)
(1) | Deposits linked to finance debt with China Development Bank, with semiannual settlements in June and December.
In the six-month period ended, the Company repaid several finance debts, in the amount of US$ 3,313, notably the pre-payment of US$ 250 of loan in the international banking market.
| 24.4. | Summarized information on current and non-current finance debt
Schedule of summarized information on current and non-current finance debt |  |  |  |  |  |  |  |
Maturity in | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 onwards | Total (1) | Fair Value
Financing in U.S.Dollars (US$): | 1,661 | 2,512 | 1,460 | 2,148 | 1,536 | 9,046 | 18,363 | 18,036
Floating rate debt (2) | 1,416 | 1,916 | 1,119 | 1,468 | 523 | 428 | 6,870 |
Fixed rate debt | 245 | 596 | 341 | 680 | 1,013 | 8,618 | 11,493 |
Average interest rate p.a. | 6.7% | 6.2% | 6.5% | 5.9% | 5.4% | 6.6% | 6.5% |
Financing in Brazilian Reais (R$): | 447 | 270 | 440 | 128 | 130 | 4,121 | 5,536 | 5,225
Floating rate debt (3) | 77 | 129 | 125 | 34 | 34 | 2,773 | 3,172 |
Fixed rate debt | 370 | 141 | 315 | 94 | 96 | 1,348 | 2,364 |
Average interest rate p.a. | 6.5% | 8.0% | 8.3% | 8.7% | 8.8% | 7.5% | 7.8% |
Financing in Euro (€): | − | 306 | − | − | 132 | 458 | 896 | 890
Fixed rate debt | − | 306 | − | − | 132 | 458 | 896 |
Average interest rate p.a. | 0.0% | 4.6% | 0.0% | 0.0% | 4.6% | 4.7% | 4.6% |
Financing in Pound Sterling (£): | 35 | 16 | 585 | − | − | 890 | 1,526 | 1,491
Fixed rate debt | 35 | 16 | 585 | − | − | 890 | 1,526 |
Average interest rate p.a. | 6.2% | 6.2% | 6.2% | 0.0% | 0.0% | 6.5% | 6.3% |
Total as of June 30, 2024 | 2,143 | 3,104 | 2,485 | 2,276 | 1,798 | 14,515 | 26,321 | 25,642
Average interest rate | 6.6% | 6.5% | 6.9% | 6.5% | 6.3% | 6.6% | 6.6% |
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% |
(1) | The average maturity of outstanding debt as of June 30, 2024 is 11.76 years (11.38 years as of December 31, 2023).
(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$ 12,703 of June 30, 2024 (US$ 13,971 of December 31, 2023); 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$ 12,939 as of June 30, 2024 (US$ 15,358 as of December 31, 2023). 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 June 30, 2024, 21% 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 0.2% 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 27.2.2. 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 | 06.30.2024 | 12.31.2023
Principal | 1,702 | 3,100 | 2,536 | 2,324 | 1,920 | 15,064 | 26,646 | 29,181
Interest | 901 | 1,601 | 1,470 | 1,224 | 1,021 | 15,236 | 21,453 | 22,541
Total (1) | 2,603 | 4,701 | 4,006 | 3,548 | 2,941 | 30,300 | 48,099 | 51,722
(1) | 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 |  |  |  |  |  |
|  |  |  |  |  | 06.30.2024
Company | Financial institution | Date | Maturity | Available (Lines of Credit) | Used | Balance
Abroad |  |  |  |  |  |
PGT BV (1) | Syndicate of banks | 12/16/2021 | 11/16/2026 | 5,000 | − | 5,000
PGT BV | 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 | 360 | − | 360
Petrobras (1) | Banco do Brasil | 10/4/2018 | 10/4/2029 | 720 | − | 720
Transpetro | Caixa Econômica Federal | 11/23/2010 | Not defined | 59 | − | 59
Total |  |  |  | 1,139 | − | 1,139
(1) | On April 08, 2024, Petrobras reduced part of the Revolving Credit Facility to US$ 4,110 compared to the US$ 5,000 contracted in 2021. Thus, US$ 5,000 will be available for withdrawal until November 16, 2026 and US$ 4,110 from November 16, 2026, to November 16, 2028. On June 18, 2024, Petrobras renewed the RCF with Banco do Brasil, extending its maturity to October 4, 2029, and increasing its amount from US$ 360 (R$ 2 billion) to US$ 720 (R$ 4 billion).

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