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v3.23.1

Loans, borrowings, leases, cash and cash equivalents and short-term investments (Tables) | 12 Months Ended
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Dec. 31, 2022
Loans Borrowings Leases Cash And Cash Equivalents And Short-term Investments |
Schedule of net debt |
Schedule of net debt |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
Debt contracts |  | 11,181 |  | 12,180
Leases |  | 1,531 |  | 1,602
Total of loans, borrowings and leases |  | 12,712 |  | 13,782
(-) Cash and cash equivalents |  | 4,736 |  | 11,721
(-) Short-term investments (i) |  | 61 |  | 184
Net debt |  | 7,915 |  | 1,877
(i) | Substantially comprises investments in exclusive investment fund, whose portfolio is composed of committed transactions and Financial Treasury Bills (“LFTs”), which are floating-rate securities issued by the Brazilian government.
Cash and cash equivalents |
Cash and cash equivalents |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
R$ |  | 1,770 |  | 6,714
US$ |  | 2,798 |  | 4,769
Other currencies |  | 168 |  | 238
|  | 4,736 |  | 11,721
Schedule of total debt |
Schedule of total debt |  |  |  |  |  |  |  |  |  |
|  |  |  | Current liabilities |  | Non-current liabilities
|  | Average interest rate (i) |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2021
Quoted in the secondary market: |  |  |  |  |  |  |  |  |  |
US$, Bonds |  | 6.00% |  | - |  | - |  | 6,157 |  | 7,448
R$, Debentures (ii) |  | 10.09% |  | 47 |  | 186 |  | 186 |  | 201
Debt contracts in Brazil in (iii): |  |  |  |  |  |  |  |  |  |
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI |  | 10.62% |  | 46 |  | 95 |  | 232 |  | 259
R$, with fixed interest |  | 3.04% |  | 2 |  | 12 |  | - |  | 1
Basket of currencies and bonds in US$ indexed to LIBOR |  | 2.32% |  | - |  | 11 |  | - |  | -
Debt contracts in the international market in: |  |  |  |  |  |  |  |  |  |
US$, with variable and fixed interest |  | 5.03% |  | 54 |  | 479 |  | 4,212 |  | 3,136
Other currencies, with variable interest |  | 4.10% |  | - |  | 77 |  | 9 |  | 10
Other currencies, with fixed interest |  | 3.59% |  | 11 |  | 12 |  | 78 |  | 95
Accrued charges |  |  |  | 147 |  | 158 |  | - |  | -
|  |  |  | 307 |  | 1,030 |  | 10,874 |  | 11,150
(i) | In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2022.
(ii) | The Company has debentures in Brazil with BNDES obtained for the Company's infrastructure investment projects.
(iii) | The Company entered into derivatives to mitigate the exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 3.59% per year in US$.
Schedule of reconciliation of debt to cash flows arising from financing activities |
Schedule of reconciliation of debt to cash flows arising from financing activities |  |  |  |
|  | Principal |  | Estimated future interest payments (i)
2023 |  | 160 |  | 674
2024 |  | 611 |  | 662
2025 |  | 452 |  | 637
2026 |  | 847 |  | 609
2027 |  | 1,696 |  | 501
Between 2028 and 2030 |  | 2,825 |  | 1,267
2031 onwards |  | 4,443 |  | 2,056
|  | 11,034 |  | 6,406
(i) | Based on interest rate curves and foreign exchange rates applicable as at December 31, 2022 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 lease liabilities |
Schedule of lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2021 |  | Additions and contract modifications |  | Payments (i) |  | Interest |  | Transfer to liabilities held for sale |  | Translation adjustment |  | December 31, 2022
Ports |  | 713 |  | 23 |  | (69) |  | 29 |  | (17) |  | 11 |  | 690
Vessels |  | 489 |  | - |  | (63) |  | 17 |  | - |  | (2) |  | 441
Pelletizing plants |  | 225 |  | 20 |  | (47) |  | 11 |  | - |  | 13 |  | 222
Properties |  | 103 |  | 22 |  | (32) |  | 3 |  | - |  | 9 |  | 105
Energy plants |  | 59 |  | - |  | (7) |  | 3 |  | - |  | (3) |  | 52
Mining equipment and locomotives |  | 13 |  | 12 |  | (6) |  | 2 |  | - |  | - |  | 21
Total |  | 1,602 |  | 77 |  | (224) |  | 65 |  | (17) |  | 28 |  | 1,531
Current liabilities |  | 174 |  |  |  |  |  |  |  |  |  |  |  | 182
Non-current liabilities |  | 1,428 |  |  |  |  |  |  |  |  |  |  |  | 1,349
Total |  | 1,602 |  |  |  |  |  |  |  |  |  |  |  | 1,531
(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, 2022, 2021 and 2020 was US$367, US$395 and US$63, respectively.
Summary of annual minimum payments related |
Summary of annual minimum payments related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 onwards |  | Total |  | Average remaining term (years) |  | Discount rate
Ports |  | 66 |  | 66 |  | 65 |  | 53 |  | 700 |  | 950 |  | 1 to 20 |  | 3% to 5%
Vessels |  | 62 |  | 60 |  | 59 |  | 54 |  | 292 |  | 527 |  | 2 to 10 |  | 3% to 4%
Pelletizing plants |  | 53 |  | 44 |  | 42 |  | 15 |  | 101 |  | 255 |  | 1 to 10 |  | 2% to 5%
Properties |  | 36 |  | 25 |  | 15 |  | 14 |  | 31 |  | 121 |  | 1 to 7 |  | 2% to 6%
Energy plants |  | 6 |  | 5 |  | 5 |  | 5 |  | 45 |  | 66 |  | 1 to 7 |  | 5% to 6%
Mining equipment |  | 6 |  | 5 |  | 5 |  | 4 |  | 3 |  | 23 |  | 1 to 5 |  | 2% to 6%
Total |  | 229 |  | 205 |  | 191 |  | 145 |  | 1,172 |  | 1,942 |  |  |  |

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