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Cash flows reconciliation | 12 Months Ended
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Dec. 31, 2022
Cash Flows Reconciliation |
Cash flows reconciliation |
| 10. | Cash flows reconciliation
a) Cash flow from operating activities:
Cash flow from operating activities |  |  |  |  |  |  |  |
|  |  |  | Year ended December 31,
|  | Notes |  | 2022 |  | 2021 |  | 2020
Cash flow from operating activities: |  |  |  |  |  |  |  |
Income before income taxes |  |  |  | 19,781 |  | 29,541 |  | 6,990
Adjusted for: |  |  |  |  |  |  |  |
Equity results and other results in associates and joint ventures |  | 15 and 25 |  | (305) |  | 1,271 |  | 1,020
Impairment and disposals (impairment reversal) of non-current assets, net |  | 19 |  | (773) |  | 426 |  | 1,308
Provisions related to Brumadinho |  | 24 |  | 400 |  | 201 |  | 4,130
Provision for de-characterization of dams |  | 26 |  | 72 |  | 1,725 |  | 617
Depreciation, depletion and amortization |  |  |  | 3,171 |  | 3,034 |  | 3,215
Financial results, net |  | 6 |  | (2,268) |  | (3,119) |  | 4,813
Changes in assets and liabilities: |  |  |  |  |  |  |  |
Accounts receivable |  | 11 |  | (325) |  | 1,029 |  | (2,544)
Inventories |  | 12 |  | 45 |  | (503) |  | (183)
Suppliers and contractors |  | 13 |  | 495 |  | 251 |  | (222)
Other assets and liabilities, net |  |  |  | (1,531) |  | (442) |  | (250)
Cash flow from operations |  |  |  | 18,762 |  | 33,414 |  | 18,894
b) Cash flow from investing activities
Cash flow from investing activities |  |  |  |  |  |  |  |
|  |  |  | Year ended December 31,
|  | Notes |  | 2022 |  | 2021 |  | 2020
Disbursement related to VNC sale |  | 16(f) |  | - |  | (555) |  | -
Proceeds from sale of CSI |  | 16(c) |  | 437 |  | - |  | -
Proceeds from sale of Midwestern System, net of cash |  | 16(b) |  | 140 |  | - |  | -
Proceeds from disposal of Mosaic shares |  | 16(l) |  | - |  | 1,259 |  | -
Proceeds from sale of Vale Florestar |  | - |  | 9 |  | 10 |  | 10
Proceeds from disposal of VLI shares |  | 16(h) |  | - |  | - |  | 241
Proceeds from sale of Longyu |  | 16(j) |  | - |  | - |  | 156
Proceeds from disposal of investments, net |  |  |  | 586 |  | 714 |  | 407
c) Reconciliation of debt to cash flows arising from financing activities
Reconciliation of debt to cash flows |  |  |  |  |  |  |  |
|  | Quoted in the secondary market |  | Debt contracts in Brazil |  | Debt contracts on the international market |  | Total
December 31, 2020 |  | 9,046 |  | 959 |  | 3,355 |  | 1,336
Additions |  | - |  |  |  | 930 |  | 930
Payments (i) |  | (922) |  | (373) |  | (632) |  | (1,927)
Interest paid (ii) |  | (501) |  | (117) |  | (75) |  | (693)
Cash flow from financing activities |  | (1,423) |  | (490) |  | 223 |  | (1,690)
Effect of exchange rate |  | (118) |  | (199) |  | 177 |  | (140)
Interest accretion |  | 469 |  | 110 |  | 71 |  | 650
Non-cash changes |  | 351 |  | (89) |  | 248 |  | 510
December 31, 2021 |  | 7,974 |  | 380 |  | 3,826 |  | 12,180
Additions |  | - |  | - |  | 1,275 |  | 1,275
Payments (i) |  | (1,441) |  | (220) |  | (639) |  | (2,300)
Interest paid (ii) |  | (650) |  | (45) |  | (90) |  | (785)
Cash flow from financing activities |  | (2,091) |  | (265) |  | 546 |  | (1,810)
Effect of exchange rate |  | 126 |  | 7 |  | (55) |  | 78
Interest accretion |  | 488 |  | 158 |  | 87 |  | 733
Non-cash changes |  | 614 |  | 165 |  | 32 |  | 811
December 31, 2022 |  | 6,497 |  | 280 |  | 4,404 |  | 11,181
| (i) | Includes bond premium repurchase.
| (ii) | Classified as operating activities in the statement of cash flows.
Funding
| · | In November 2022, the Company contracted a loan with the Export-Import Bank of China of US$300 (R$1,582 million) indexed to the Secured Overnight Financing Rate (“SOFR”) and maturing in 2025. The Company also drawdown US$200 (R$1,055 million) from a line of credit with Japan Bank International Cooperation (“JBIC”), which is maturing in 2032.
| · | In July 2022, the Company contracted a loan of US$150 (R$805 million) with SMBC Bank indexed to SOFR and maturing in 2027.
| · | In May 2022, the Company contracted a loan of US$200 (R$967 million) with MUFG Bank indexed to SOFR and maturing in 2027.
| · | In January 2022, the Company contracted two loans indexed to LIBOR, in the amount of US$425 (R$2,361 million) with maturity in 2027 with the Bank of Nova Scotia. Vale is in discussions to replace the reference interest rate from LIBOR to SOFR and does not expect a material change in the costs of this transaction.
| · | In October and December 2021, the Company contracted a loan indexed to LIBOR in the amounts of US$350 (R$1,953 million) and US$280 (R$1,563 million), maturing in 2027 and 2032, with a commercial bank and a Japanese development bank, respectively. Vale is in discussions to replace the reference interest rate from LIBOR to SOFR and does not expect a material change in the costs of this transaction.
| · | In January 2021, the Company contracted a loan of US$300 (R$1,633 million) with The New Development Bank maturing in 2035 and indexed to LIBOR + 2.49% per year. Vale is in discussions to replace the reference interest rate from LIBOR to SOFR and does not expect a material change in the costs of this transaction.
Payments
| · | In January 2023 (subsequent event), the Company paid principal and interest of debentures, in the amount of US$24 (R$124 million).
| · | In August 2022, the Company settle its infrastructure debentures of the 2nd series, by a payment of US$170 (R$865 million).
| · | In June 2022, the Company repurchased US$1,291 (R$6,520 million) of its bonds and paid a premium of US$113 (R$568 million), which has been recorded and is presented as “bond premium repurchase” under the financial results for the year ended December 31, 2022.
| · | In January 2022, the Company prepaid US$200 (R$993 million) of a line of credit maturing in 2023 with the Bank of Nova Scotia.
| · | In March 2021, the Company redeemed all of its 3.75% bonds due January 2023, in the total amount of US$884 (R$4,946 million) (EUR750 million) and paid a premium of US$63 (R$354 million), which was recorded and is presented as “bond premium repurchase” under the financial results for the year ended December 31, 2021.
d) Non-cash transactions
Non-cash transactions |  |  |  |  |  |  |
|  |  | Year ended December 31,
|  |  | 2022 |  | 2021 |  | 2020
Non-cash transactions: |  |  |  |  |  |  |
Additions to property, plant and equipment - capitalized loans and borrowing costs |  |  | 47 |  | 59 |  | 70

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