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Cash flows reconciliation | 6 Months Ended
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Jun. 30, 2023
Cash Flows Reconciliation |
Cash flows reconciliation |
| 9. | Cash flows reconciliation
a) Cash flow from operating activities:
Cash flow from operating activities |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2023 | 2022 | 2023 | 2022
Cash flow from operating activities: |  |  |  |  |
Income before income taxes |  | 2,720 | 5,056 | 5,016 | 11,625
Adjusted for: |  |  |  |  |
Equity results and other results in associates and joint ventures | 14 and 23 | (5) | 56 | 50 | (155)
Impairment (impairment reversal) and results on disposal of non-current assets, net | 15 and 17 | 66 | 82 | 70 | (990)
Provisions related to Brumadinho | 22 | 140 | 126 | 140 | 126
Provision for de-characterization of dams | 24 | - | - | - | 37
Depreciation, depletion and amortization |  | 779 | 810 | 1,435 | 1,496
Financial results, net | 6 | 157 | (821) | 687 | (579)
Changes in assets and liabilities: |  |  |  |  |
Accounts receivable | 10 | (247) | 902 | 1,439 | 1,779
Inventories | 11 | (157) | (305) | (520) | (609)
Suppliers and contractors | 12 | 570 | 432 | 465 | (240)
Other assets and liabilities, net |  | (764) | (600) | (1,243) | (1,221)
Cash flow from operations |  | 3,259 | 5,738 | 7,539 | 11,269
b) Cash flow from investing activities
Cash flow from investing activities |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2023 | 2022 | 2023 | 2022
Cash received from the sale of California Steel Industries | 15(d) | - | - | - | 437
Cash received from the sale of Companhia Siderúrgica do Pecém |  | - | - | 1,082 | -
Cash contribution to Companhia Siderúrgica do Pecém | 15(a) | - | - | (1,149) | -
Proceeds (payments) from disposal of investments, net |  | - | - | (67) | 437
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, 2022 | 6,497 | 280 | 4,404 | 11,181
Additions | 1,500 | - | 300 | 1,800
Payments | (517) | (38) | (65) | (620)
Interest paid (i) | (237) | (16) | (116) | (369)
Cash flow from financing activities | 746 | (54) | 119 | 811
Effect of exchange rate | 7 | 34 | 3 | 44
Interest accretion | 234 | 16 | 131 | 381
Non-cash changes | 241 | 50 | 134 | 425
June 30, 2023 | 7,484 | 276 | 4,657 | 12,417
| Quoted in the secondary market | Debt contracts in Brazil | Debt contracts on the international market | Total
December 31, 2021 | 7,974 | 380 | 3,826 | 12,180
Additions | - | - | 625 | 625
Payments | (1,317) | (174) | (337) | (1,828)
Interest paid (i) | (388) | (37) | (31) | (456)
Cash flow from financing activities | (1,705) | (211) | 257 | (1,659)
Effect of exchange rate | 71 | 77 | (76) | 72
Interest accretion | 318 | 89 | 31 | 438
Non-cash changes | 389 | 166 | (45) | 510
June 30, 2022 | 6,658 | 335 | 4,038 | 11,031
| (i) | Classified as operating activities in the statement of cash flows.
Additions - In March 2023, the Company contracted a loan of US$300 with the Industrial and Commercial Bank of China Limited, Panama Branch (“ICBC”) indexed to Secured Overnight Financing Rate (“SOFR”) with spread adjustments and maturing in 2028. In June 2023, Vale issued notes of US$1,500 with a coupon of 6.125% per year, payable semi-annually, and maturing in 2033. The notes were sold at a price of 99.117% of the principal amount, resulting in a yield to maturity of 6.245%. In January 2022, the Company contracted two loans of US$425 with The Bank of Nova Scotia, indexed to Libor and maturing in 2027. In May 2022, the Company contracted a loan of US$200 with MUFG Bank indexed to SOFR with spread adjustments and maturing in 2027. Payments - In January 2023, the Company paid principal and interest of debentures, in the amount of US$24. In June 2023, Vale redeemed notes with maturity date in 2026, 2036 and 2039, in the total amount of US$500, and paid a premium of US$22, recorded as “Bond premium repurchase” in the financial results for the three-month period ended June 30, 2023. In January 2022, the Company prepaid US$200 of a loan maturing in 2023 with The Bank of Nova Scotia. In June 2022, the Company repurchased US$1,291 of its bonds and paid a premium of US$113, which has been recorded and is presented as “Bond premium repurchase” in the financial results for the three-month period ended June 30, 2022. d) Non-cash transactions
Non-cash transactions |  |  |  |
| Three-month period ended June 30, | Six-month period ended June 30,
| 2023 | 2022 | 2023 | 2022
Non-cash transactions: |  |  |  |
Additions to property, plant and equipment - capitalized loans and borrowing costs | 5 | 17 | 10 | 31

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- Definition The disclosure of the reconciliation of changes in assets for insurance acquisition cash flows recognised for insurance acquisition cash flows paid (or insurance acquisition cash flows for which a liability has been recognised applying another IFRS Standard) before the related group of insurance contracts is recognised. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 17 -IssueDate 2023-01-01 -Paragraph 105A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_105A&doctype=Standard -URIDate 2023-03-23 + Details
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