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Financial results
 6 Months Ended
Jun. 30, 2023
Notes and other explanatory information [abstract]  
Financial results

 

6.Financial results

 

 

         
    Three-month period ended June 30, Six-month period ended June 30,
  Notes 2023 2022 2023 2022
Financial income          
Short-term investments   82 121 170 250
Other   24 16 57 37
    106 137 227 287
Financial expenses          
Loans and borrowings gross interest   (185) (162) (365) (323)
Capitalized loans and borrowing costs   5 17 10 31
Interest on REFIS   (38) (39) (76) (71)
Interest on lease liabilities 21 (15) (16) (30) (32)
Bond premium repurchase   (22) (113) (22) (113)
Other   (142) (59) (234) (159)
    (397) (372) (717) (667)
Other financial items, net          
Participative shareholders' debentures 20 321 537 274 288
Financial guarantees 15(a) - 356 - 479
Derivative financial instruments, net 18(c) 563 (270) 755 591
Foreign exchange and indexation gains (losses), net (i)   (750) 433 (1,226) (399)
    134 1,056 (197) 959
Total   (157) 821 (687) 579

 

(i) It mainly includes foreign exchange gains or losses from accounts receivable (note 10) and loans (note 21) and indexation adjustments from liabilities related to Brumadinho (note 22), associates and joint ventures (note 23), de-characterization of dams and asset retirement obligations (note 24) and legal proceedings (note 26a).

 

Financial guarantees

As of June 30, 2023, the total guarantees granted by the Company (within the limit of its direct or indirect interest) for certain associates and joint ventures totaled US$277 (December 31, 2022: US$1,522), which the fair value was null as of June 30, 2023 (December 31, 2022: US$103), as presented in note 13.