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Cash flows reconciliation | 6 Months Ended
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Jun. 30, 2024
Cash Flows Reconciliation |
Cash flows reconciliation | 9. Cash flows reconciliation a) Cash flow from operating activities
Schedule of cash flow from operating activities |  |  |
|  | Six-month period ended June 30,
| Notes | 2024 | 2023
Cash flow from operating activities: |  |  |
Income before income taxes |  | 4,870 | 5,016
Adjusted for: |  |  |
Equity results and other results in associates and joint ventures | 14 | (236) | 50
Impairment and results on disposal of non-current assets, net | 5(c) | (1,004) | 70
Review of estimates related to Brumadinho | 23 | (20) | 140
Review of estimates related to de-characterization of dams | 25 | (131) | -
Depreciation, depletion and amortization |  | 1,507 | 1,435
Financial results, net | 6 | 1,689 | 687
Changes in assets and liabilities: |  |  |
Accounts receivable | 10 | 1,768 | 1,439
Inventories | 11 | (461) | (520)
Suppliers and contractors | 12 | (150) | 465
Other assets and liabilities, net |  | (1,000) | (1,243)
Cash flow from operations |  | 6,832 | 7,539
b) Cash flow from investing activities
Schedule of cash flow from investing activities |  |  |
|  | Six-month period ended June 30,
| Notes | 2024 | 2023
Proceeds from the partial disposal of VBML shares | 15(b) | 2,455 | -
Proceeds from the partial disposal of PTVI shares | 15(a) | 155 | -
Proceeds from the divestment of Companhia Siderúrgica do Pecém | 15(f) | - | 1,082
Cash contribution to Companhia Siderúrgica do Pecém | 15(f) | - | (1,149)
Cash received (payments) from disposal of investments, net |  | 2,610 | (67)
c) Reconciliation of debt to cash flows arising from financing activities
Schedule of reconciliation of debt to cash flows arising from financing activities |  |  |  |
| Quoted in the secondary market | Other debt contracts in Brazil | Other debt contracts on the international market | Total
December 31, 2023 | 7,474 | 250 | 4,747 | 12,471
Additions | 1,000 | - | 960 | 1,960
Payments | (51) | (24) | (517) | (592)
Interest paid (i) | (227) | (11) | (159) | (397)
Cash flow from financing activities | 722 | (35) | 284 | 971
Effect of exchange rate | (53) | (30) | 29 | (54)
Interest accretion | 227 | 11 | 144 | 382
Non-cash changes | 174 | (19) | 173 | 328
June 30, 2024 | 8,370 | 196 | 5,204 | 13,770
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
| (i) | Classified as operating activities in the statement of cash flows.
Funding
| · | In June 2024, the Company issued bonds of US$1 billion with a coupon of 6.45% per year, payable semi-annually, and maturing in 2054. In July 2024 (subsequent event), Vale redeemed notes with maturity date in 2026, 2036 and 2039, in the total amount of US$970 and paid a premium of US$38.
| · | In April 2024, the Company contracted a loan of US$90 with the Canadian Imperial Bank of Commerce (“CIBC”) indexed to SOFR plus spread adjustments and maturing in 2024.
| · | In March 2024, the Company contracted a loan of US$360 with the Japan Bank of International Cooperation (“JBIC”) indexed to SOFR plus spread adjustments and maturing in 2035.
| · | In March 2024, the Company contracted a loan of US$60 with the CIBC indexed to SOFR plus spread adjustments and maturing in 2024.
| · | In February 2024, the Company contracted a loan of US$166 with Banco Santander indexed to SOFR plus spread adjustments and maturing in 2025.
| · | In February 2024, the Company contracted a loan of US$34 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2025.
| · | From January to February 2024, the Company contracted a loan of US$250 with Banco Bradesco with a fixed rate maturing in 2025.
| · | 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 plus 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.
Payments
| · | In January 2024, the Company paid principal and interest of debentures, in the amount of U$46.
| · | In January 2023, the Company paid principal and interest of debentures, in the amount of U$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.
d) Non-cash transactions
Schedule of non-cash transactions |  |
| Six-month period ended June 30,
| 2024 | 2023
Non-cash transactions: |  |
Additions to PP&E with capitalized loans and borrowing costs | 13 | 10

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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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