Long-term debt (Tables)

12 Months Ended

Dec. 31, 2011

Long-term debt

Long-term debt

	Current liabilities				Non-current liabilities
	2011		2010		2011		2010
Foreign debt
Loans and financing denominated in the following currencies:
US dollars		496		2,384		2,693		2,530
Others		9		18		52		217
Fixed Rate Notes
US dollars		410		–		10,073		10,242
EUR				–		970		1,003
Perpetual notes		–		–		–		78
Accrued charges		221		233		–		–
		1,136		2,635		13,788		14,070
Brazilian debt
Brazilian Reais indexed to Long-Term Interest Rate—TJLP/CDI and General Price Index-Market (IGP-M)		246		76		5,245		3,891
Basket of currencies		1		1		–		125
Non-convertible debentures		–		–		2,505		2,767
US dollars denominated		–		1		–		738
Accrued charges		112		110		–		–
		359		188		7,750		7,521
Total		1,495		2,823		21,538		21,591

Maturities of Long-term Debt

2013	3,184
2014	1,231
2015	952
2016	1,607
2017 and after	14,200
No due date	364
	21,538

Annual interest rates on long-term debt

Up to 3%	4,738
3.1% to 5%(*)	2,301
5.1% to 7%	8,802
7.1% to 9%(**)	2,793
9.1% to 11%(**)	2,365
Over 11%(**)	2,033
Variable	1
	23,033

(*)

Includes Eurobonds. For this operation we have entered into derivative transactions at a cost of 4.71% per year in US dollars.

(**)

Includes non-convertible debentures and other Brazilian Real denominated debt that bear interest at the Brazilian Interbank Certificate of Deposit (CDI) and Brazilian Government Long-term Interest Rates (TJLP) plus a spread. For these operations, we have entered into derivative transactions to mitigate our exposure to the floating rate debt denominated in Brazilian Real, totaling US$ 6,005 of which US$ 5,041 has an original interest rate above 7% per year. The average cost after taking into account the derivative transactions is 2.98% per year in US dollars.

Non-convertible debentures in Brazilian Reais denominated

	Quantity as of December 31, 2011								Balance
Non Convertible Debentures									December 31, 2011		December 31, 2010
	Issued		Outstanding		Maturity	Interest
2nd Series		400,000		400,000	November 20, 2013		100% CDI + 0.25	%		2,167		2,429
Tranche "B"		5		5	No date		6.5% p.a + IGP-DI			364		367
										2,531		2,796
Long-term portion										2,505		2,767
Accrued chages										26		29
										2,531		2,796

Indexation rates applied to debt

	Year ended as of December 31,
	2011		2010
TJLP—Long-Term Interest Rate (effective rate)		–		6.0
IGP-M—General Price Index-Market		4.1		10.9
Appreciation (devaluation) of Real against US dollar		25.3		4.7