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v3.21.1

Loans, borrowings, leases, cash and cash equivalents and short-term investments (Tables) | 12 Months Ended
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Dec. 31, 2020
Loans, borrowings, leases, cash and cash equivalents and short-term investments |
Schedule of net debt |
|  | December 31, 2020 |  | December 31, 2019
Debt contracts in the international markets |  | 11,890 |  | 10,494
Debt contracts in Brazil |  | 1,470 |  | 2,562
Total of loans and borrowings |  | 13,360 |  | 13,056
(-) Cash and cash equivalents |  | 13,487 |  | 7,350
(-) Short-term investments |  | 771 |  | 826
Net debt (cash) |  | (898) |  | 4,880
Leasing |  | 1,667 |  | 1,791
Schedule of total debt |
|  | Average interest |  | Current liabilities |  | Non-current liabilities
|  | rate(i) |  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Quoted in the secondary market: |  |  |  |  |  |  |  |  |  |
Bonds |  | 6.01 | % | — |  | — |  | 7,448 |  | 5,948
Eurobonds |  | 4.29 | % | — |  | — |  | 920 |  | 843
Debentures |  | 10.48 | % | 107 |  | 374 |  | 389 |  | 621
Debt contracts in Brazil in: |  |  |  |  |  |  |  |  |  |
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI |  | 9.29 | % | 320 |  | 276 |  | 540 |  | 1,056
R$, with fixed interest |  | 2.86 | % | 20 |  | 43 |  | 14 |  | 45
Basket of currencies and bonds in US$ indexed to LIBOR |  | 2.31 | % | 45 |  | 44 |  | 11 |  | 56
Debt contracts in the international market in: |  |  |  |  |  |  |  |  |  |
US$, with variable and fixed interest |  | 2.24 | % | 182 |  | 260 |  | 3,044 |  | 2,934
EUR, with variable interest |  | — |  | — |  | — |  | — |  | 225
Other currencies, with fixed interest |  | 3.17 | % | 12 |  | 14 |  | 107 |  | 106
Accrued charges |  |  |  | 201 |  | 203 |  | — |  | 8
Total |  |  |  | 887 |  | 1,214 |  | 12,473 |  | 11,842
| (i) |  | In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2020.
| (ii) |  | R$ denominated debt that bears interest at IPCA, IGP, CDI, TR or TJLP, plus spread. For a total of US$1,296 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 2.99% per year in US$.
Eurobonds, for which the Company entered into derivatives to mitigate the exposure to the cash flow variations of the debt denominated in EUR, resulting in an average cost of 4.29% per year in US$.
Schedule of future flows of debt payments, principal and interest |
|  |  |  | Estimated future
|  | Principal |  | interest payments (i)
2021 |  | 685 |  | 637
2022 |  | 1,230 |  | 610
2023 |  | 1,229 |  | 581
2024 |  | 2,024 |  | 527
Between 2025 and 2029 |  | 2,175 |  | 2,108
2030 onwards |  | 5,816 |  | 2,450
Total |  | 13,159 |  | 6,913
| (i) |  | Based on interest rate curves and foreign exchange rates applicable as at December 31, 2020 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the financial statements.
Schedule of reconciliation of debt to cash flows arising from financing activities | Reconciliation of debt to cash flows arising from financing activities
|  | Quoted in the |  | Debt contracts |  | Debt contracts on the |  |
|  | secondary market |  | in Brazil |  | international market |  | Total
December 31, 2019 |  | 7,954 |  | 1,535 |  | 3,567 |  | 13,056
Additions |  | 1,500 |  | - |  | 5,300 |  | 6,800
Repayments |  | (243) |  | (294) |  | (5,527) |  | (6,064)
Interest paid |  | (556) |  | (60) |  | (139) |  | (755)
Cash flow from financing activities |  | 701 |  | (354) |  | (366) |  | (19)
Effect of exchange rate |  | (140) |  | (271) |  | (3) |  | (414)
Interest accretion |  | 531 |  | 49 |  | 157 |  | 737
Non-cash changes |  | 391 |  | (222) |  | 154 |  | 323
December 31, 2020 |  | 9,046 |  | 959 |  | 3,355 |  | 13,360
Schedule of lease liabilities |
|  | December 31, |  | Additions and contract |  |  |  |  |  | Translation |  | December 31,
|  | 2019 |  | modifications |  | Payments (i) |  | Interest (ii) |  | adjustment |  | 2020
Ports |  | 750 |  | 50 |  | (71) |  | 30 |  | (16) |  | 743
Vessels |  | 580 |  | — |  | (72) |  | 25 |  | — |  | 533
Pellets plants |  | 175 |  | 39 |  | (36) |  | 4 |  | (45) |  | 137
Properties |  | 152 |  | 32 |  | (17) |  | 7 |  | (32) |  | 142
Energy plants |  | 71 |  | — |  | (2) |  | 1 |  | (8) |  | 62
Mining equipment and locomotives |  | 63 |  | 4 |  | (21) |  | 3 |  | 1 |  | 50
Total |  | 1,791 |  | 125 |  | (219) |  | 70 |  | (100) |  | 1,667
| (i) |  | The total amount of the variable lease payments not included in the measurement of lease liabilities, which have been recognized straight to the income statement, for the year ended December 31, 2020 and 2019 was US$63 and US$560, respectively.
| (ii) |  | The interest accretion recognized in the income statement is disclosed in note 6.
Schedule of discount rates |
|  | Discount rate |
Ports |  | 3% to 6 | %
Vessels |  | 3% to 6 | %
Pellets plants |  | 3% to 6 | %
Properties |  | 3% to 7 | %
Energy plants |  | 4% to 5 | %
Mining equipment and locomotives |  | 3% to 6 | %
Summary of annual minimum payments related |
|  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 onwards |  | Total
Ports |  | 68 |  | 62 |  | 61 |  | 60 |  | 801 |  | 1,052
Vessels |  | 65 |  | 63 |  | 62 |  | 60 |  | 404 |  | 654
Pellets plants |  | 36 |  | 31 |  | 10 |  | 10 |  | 85 |  | 172
Properties |  | 47 |  | 27 |  | 23 |  | 21 |  | 39 |  | 157
Energy plants |  | 7 |  | 7 |  | 6 |  | 6 |  | 59 |  | 85
Mining equipment and locomotives |  | 18 |  | 16 |  | 10 |  | 8 |  | 16 |  | 68
Total |  | 241 |  | 206 |  | 172 |  | 165 |  | 1,404 |  | 2,188

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