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Cash flows reconciliation
 12 Months Ended
Dec. 31, 2023
Cash Flows Reconciliation  
Cash flows reconciliation

10. Cash flows reconciliation

 

a) Cash flow from operating activities

 

 

       
    Year ended December 31,
  Notes 2023 2022 2021
Cash flow from operating activities:        
Income before income taxes   11,151 19,781 29,541
Adjusted for:        
Equity results and other results in associates and joint ventures 15 1,108 (305) 1,271
Impairment (impairment reversal) and results on disposal of non-current assets, net 19 266 (773) 426
Provisions related to Brumadinho 25 461 400 201
Provision for de-characterization of dams 27 153 72 1,725
Depreciation, depletion and amortization   3,070 3,171 3,034
Financial results, net 6 1,946 (2,268) (3,119)
Changes in assets and liabilities:        
Accounts receivable 11 197 (325) 1,029
Inventories 12 (214) 45 (503)
Suppliers and contractors 13 637 495 251
Other assets and liabilities, net   (1,523) (1,531) (442)
Cash flow from operations   17,252 18,762 33,414

 

b) Cash flow from investing activities

 

       
    Year ended December 31,
  Notes 2023 2022 2021
Disbursement related to VNC sale 16(m)   - (555)
Proceeds from disposal of Mosaic shares 16(j)   - 1,259
Cash received from the sale of California Steel Industries 16(h) - 437 -
Cash received from the sale of Companhia Siderúrgica do Pecém 16(f) 1,082 - -
Cash contribution to Companhia Siderúrgica do Pecém 16(f) (1,149) - -
Cash received from the sale of Midwestern System 16(g) - 140 -
Disbursement related to MRN sale 16(d) (72) - -
Proceeds (payments) from disposal of investments, net   (139) 577 704

 

c) Reconciliation of debt to cash flows arising from financing activities

 

 

       
  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 - - 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
Additions 1,500                       -   450 1,950
Payments (i) (542) (50) (66) (658)
Interest paid (ii) (454) (24) (265) (743)
Cash flow from financing activities 504 (74) 119 549
Effect of exchange rate 19 20 (64) (25)
Interest accretion 454 24 288 766
Non-cash changes 473 44 224 741
December 31, 2023 7,474 250 4,747 12,471
         

(i)Includes bond premium repurchase.
(ii)Classified as operating activities in the statement of cash flows.

 

Funding

 

·In September 2023, the Company contracted a loan of US$150 with Citibank, 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 March 2023, the Company contracted a loan of US$300 with the Industrial and Commercial Bank of China Limited, Panama Branch (“ICBC”) indexed to SOFR with spread adjustments and maturing in 2028.

 

·In July 2022, the Company contracted the credit line of US$150 with SMBC Bank indexed to SOFR with spread adjustments 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.

 

·In January 2022, the Company contracted two loans of US$425 with The Bank of Nova Scotia, indexed to SOFR with spread adjustments and maturing in 2027.

 

Payments

 

·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 “financial expenses” in the income statement for the year period ended December 31, 2023.

 

·In January 2023, the Company paid principal and interest of debentures, in the amount of U$24.

 

·In August 2022, the Company settled its infrastructure debentures of the 2nd series, by a payment of US$170.

 

·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 “Other expenses” in the financial results for the year ended December 31, 2022.

 

·In January 2022, the Company prepaid US$200 of a loan maturing in 2023 with The Bank of Nova Scotia.

 

d) Non-cash transactions

 

 

     
  Year ended December 31,
  2023 2022 2021
Non-cash transactions:      
Additions to PP&E - capitalized loans and borrowing costs 19 47 59