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Loans, borrowings, leases, cash and cash equivalents and short-term investments (Tables)

6 Months Ended

Jun. 30, 2021

Loans, borrowings, leases, cash and cash equivalents and short-term investments

Schedule of net debt

​

​	​	​	​	​
​		June 30, 2021		December 31, 2020
Debt contracts in the international markets		11,194		11,890
Debt contracts in Brazil		960		1,470
Leases	​	1,708	​	1,667
Total of loans, borrowings and leases		13,862		15,027
(-) Cash and cash equivalents		13,649		13,487
(-) Short-term investments	​	951	​	771
Net debt (cash)		(738)		769

Schedule of total debt

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Average	​	Current liabilities			​	Non-current liabilities
​		interest rate (i)	​	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Quoted in the secondary market:		​	​
Bonds		6.01	%	—	​	—	​	7,448	​	7,448
Eurobonds		​	​	—	​	—	​	—	​	920
Debentures		10.48	%	50	​	107	​	378	​	389
Debt contracts in Brazil in:		​	​	​	​	​	​	​	​	​
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI (ii)		9.29	%	128	​	320	​	332	​	540
R$, with fixed interest		2.76	%	19	​	20	​	6	​	14
Basket of currencies and bonds in US$ indexed to LIBOR	​	2.32	%	33	​	45	​	—	​	11
Debt contracts in the international market in:		​	​	​	​	​	​	​	​	​
US$, with variable and fixed interest		2.26	%	325	​	182	​	3,073	​	3,044
Other currencies, with variable interest		4.09	%	86	​	—	​	10	​	—
Other currencies, with fixed interest	​	3.35	%	12	​	12	​	98	​	107
Accrued charges		​	​	156	​	201	​	—	​	—
Total		​	​	809	​	887	​	11,345	​	12,473

(i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable as at June 30, 2021.

(ii) R$ denominated debt that bears interest at IPCA, CDI, TR or TJLP, plus spread. For a total of US$892 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 2.92% per year in US$.

Schedule of future flows of debt payments, principal and interest

​

​	​	​	​	​
​		​		Estimated future
​	​	Principal	​	interest payments (i)
2021		173	​	300
2022		1,254	​	593
2023		298	​	555
2024		2,014	​	537
Between 2025 and 2029		2,142	​	1,008
2030 onwards		6,117	​	3,641
Total		11,998	​	6,634

(i) Based on interest rate curves and foreign exchange rates applicable as at June 30, 2021 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 interim financial statements.

Schedule of reconciliation of debt to cash flows arising from financing activities

​

​	​	​	​	​	​	​	​	​
​		Quoted in the		​		Debt contracts on the		​
​	​	secondary market	​	Debt contracts in Brazil	​	international market	​	Total
December 31, 2020		9,046	​	959	​	3,355	​	13,360
Additions		—	​	—	​	300	​	300
Payments (i)		(922)	​	(269)	​	(221)	​	(1,412)
Interest paid		(279)	​	(79)	​	(68)	​	(426)
Cash flow from financing activities		(1,201)	​	(348)	​	11	​	(1,538)
​	​	​	​	​	​	​	​	​
Effect of exchange rate		(50)	​	(153)	​	196	​	(7)
Interest accretion		222	​	63	​	54	​	339
Non-cash changes		172	​	(90)	​	250	​	332
​	​	​	​	​	​	​	​	​
June 30, 2021		8,017	​	521	​	3,616	​	12,154

(i) Includes expenses with the redemption in the amount of US$63.

Schedule of lease liabilities

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Additions and contract	​	​	​	​	​	​	​	​
​		December 31, 2020		modifications		Payments (i)		Interest (ii)		Translation adjustment		June 30, 2021
Ports		743		—		(40)		14		1		718
Vessels		533		—		(31)		11		—		513
Pellets plants		137		37		(2)		3		8		183
Properties		142		3		(24)		2		1		124
Energy plants		62		—		(2)		3		—		63
Mining equipment and locomotives (iii)		50		58		(5)		2		2		107
Total		1,667		98		(104)		35		12		1,708

(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 three and six-month periods ended June 30, 2021 was US$78 and US$111 (US$10 and US$38 for the three and six-month periods ended June 30, 2020), respectively.

(ii) The interest accretion recognized in the income statement is disclosed in note 6.

(iii) "Additions and contract modifications" includes the effects arising from the acquisition of NLC in the amount of US$53.

Summary of annual minimum payments related

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		2021		2022		2023		2024		2025 onwards		Total
Ports		35		63		62		61		802		1,023
Vessels		33		63		62		60		405		623
Pellets plants		44		40		13		13		116		226
Properties		24		29		23		22		41		139
Energy plants		3		7		7		6		61		84
Mining equipment and locomotives		11		21		16		15		79		142
Total		150		223		183		177		1,504		2,237

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