|
|
|
Year ended December 31, 2017 |
|
||||||||||||
|
|
|
Net operating |
|
Cost of goods |
|
Sales, |
|
Research and |
|
Pre operating |
|
Dividends |
|
Adjusted |
|
|
Ferrous minerals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iron ore |
|
18,524 |
|
(7,950 |
) |
(284 |
) |
(88 |
) |
(181 |
) |
30 |
|
10,051 |
|
|
Iron ore Pellets |
|
5,653 |
|
(2,876 |
) |
(65 |
) |
(19 |
) |
(7 |
) |
81 |
|
2,767 |
|
|
Ferroalloys and manganese |
|
469 |
|
(278 |
) |
(12 |
) |
— |
|
(4 |
) |
— |
|
175 |
|
|
Other ferrous products and services |
|
483 |
|
(306 |
) |
5 |
|
(2 |
) |
— |
|
19 |
|
199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,129 |
|
(11,410 |
) |
(356 |
) |
(109 |
) |
(192 |
) |
130 |
|
13,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal |
|
1,567 |
|
(1,354 |
) |
(44 |
) |
(14 |
) |
(4 |
) |
179 |
|
330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base metals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nickel and other products |
|
4,667 |
|
(3,437 |
) |
(152 |
) |
(49 |
) |
(75 |
) |
— |
|
954 |
|
|
Copper |
|
2,204 |
|
(979 |
) |
(27 |
) |
(13 |
) |
— |
|
— |
|
1,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,871 |
|
(4,416 |
) |
(179 |
) |
(62 |
) |
(75 |
) |
— |
|
2,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
400 |
|
(375 |
) |
(281 |
) |
(155 |
) |
(9 |
) |
97 |
|
(323 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total of continuing operations |
|
33,967 |
|
(17,555 |
) |
(860 |
) |
(340 |
) |
(280 |
) |
406 |
|
15,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations (Fertilizers) |
|
1,746 |
|
(1,606 |
) |
(102 |
) |
(12 |
) |
(25 |
) |
3 |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
35,713 |
|
(19,161 |
) |
(962 |
) |
(352 |
) |
(305 |
) |
409 |
|
15,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
||||||||||||
|
|
|
Net operating |
|
Cost of goods |
|
Sales, |
|
Research and |
|
Pre operating |
|
Dividends |
|
Adjusted |
|
|
Ferrous minerals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iron ore |
|
15,784 |
|
(6,622 |
) |
(486 |
) |
(91 |
) |
(150 |
) |
10 |
|
8,445 |
|
|
Iron ore Pellets |
|
3,827 |
|
(2,002 |
) |
(73 |
) |
(13 |
) |
(22 |
) |
103 |
|
1,820 |
|
|
Ferroalloys and manganese |
|
302 |
|
(231 |
) |
(4 |
) |
— |
|
(11 |
) |
— |
|
56 |
|
|
Other ferrous products and services |
|
438 |
|
(269 |
) |
(8 |
) |
(2 |
) |
(4 |
) |
— |
|
155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,351 |
|
(9,124 |
) |
(571 |
) |
(106 |
) |
(187 |
) |
113 |
|
10,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal |
|
839 |
|
(872 |
) |
35 |
|
(15 |
) |
(41 |
) |
— |
|
(54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base metals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nickel and other products |
|
4,472 |
|
(3,204 |
) |
(95 |
) |
(78 |
) |
(114 |
) |
4 |
|
985 |
|
|
Copper |
|
1,667 |
|
(924 |
) |
(25 |
) |
(5 |
) |
— |
|
— |
|
713 |
|
|
Other base metals products |
|
— |
|
— |
|
150 |
|
— |
|
— |
|
— |
|
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,139 |
|
(4,128 |
) |
30 |
|
(83 |
) |
(114 |
) |
4 |
|
1,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
159 |
|
(259 |
) |
(157 |
) |
(116 |
) |
(1 |
) |
76 |
|
(298 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total of continuing operations |
|
27,488 |
|
(14,383 |
) |
(663 |
) |
(320 |
) |
(343 |
) |
193 |
|
11,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations (Fertilizers) |
|
1,875 |
|
(1,545 |
) |
(87 |
) |
(22 |
) |
(16 |
) |
4 |
|
209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
29,363 |
|
(15,928 |
) |
(750 |
) |
(342 |
) |
(359 |
) |
197 |
|
12,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015 |
|
||||||||||||
|
|
|
Net operating |
|
Cost of goods |
|
Sales, |
|
Research and |
|
Pre operating |
|
Dividends |
|
Adjusted |
|
|
Ferrous minerals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iron ore |
|
12,330 |
|
(7,604 |
) |
(398 |
) |
(121 |
) |
(124 |
) |
22 |
|
4,105 |
|
|
Iron ore Pellets |
|
3,600 |
|
(2,121 |
) |
9 |
|
(4 |
) |
(24 |
) |
225 |
|
1,685 |
|
|
Ferroalloys and manganese |
|
162 |
|
(175 |
) |
1 |
|
— |
|
(19 |
) |
— |
|
(31 |
) |
|
Other ferrous products and services |
|
470 |
|
(341 |
) |
8 |
|
(3 |
) |
(2 |
) |
8 |
|
140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,562 |
|
(10,241 |
) |
(380 |
) |
(128 |
) |
(169 |
) |
255 |
|
5,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal |
|
526 |
|
(839 |
) |
(140 |
) |
(22 |
) |
(61 |
) |
28 |
|
(508 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base metals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nickel and other products |
|
4,693 |
|
(3,393 |
) |
(154 |
) |
(103 |
) |
(411 |
) |
— |
|
632 |
|
|
Copper |
|
1,470 |
|
(903 |
) |
(32 |
) |
(8 |
) |
(1 |
) |
— |
|
526 |
|
|
Other base metals products |
|
— |
|
— |
|
230 |
|
— |
|
— |
|
— |
|
230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,163 |
|
(4,296 |
) |
44 |
|
(111 |
) |
(412 |
) |
— |
|
1,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
133 |
|
(139 |
) |
(160 |
) |
(134 |
) |
— |
|
35 |
|
(265 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total of continuing operations |
|
23,384 |
|
(15,515 |
) |
(636 |
) |
(395 |
) |
(642 |
) |
318 |
|
6,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations (Fertilizers) |
|
2,225 |
|
(1,469 |
) |
(37 |
) |
(82 |
) |
(70 |
) |
— |
|
567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
25,609 |
|
(16,984 |
) |
(673 |
) |
(477 |
) |
(712 |
) |
318 |
|
7,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA is reconciled to net income (loss) as follows:
From Continuing operations
|
|
|
Year ended December 31 |
|
||||
|
|
|
2017 |
|
2016 |
|
2015 |
|
|
Adjusted EBITDA from continuing operations |
|
15,338 |
|
11,972 |
|
6,514 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
(3,708 |
) |
(3,487 |
) |
(3,719 |
) |
|
Dividends received and interest from associates and joint ventures |
|
(406 |
) |
(193 |
) |
(318 |
) |
|
Impairment and other results on non-current assets |
|
(294 |
) |
(1,240 |
) |
(8,708 |
) |
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
10,930 |
|
7,052 |
|
(6,231 |
) |
|
Financial results, net |
|
(3,019 |
) |
1,843 |
|
(10,654 |
) |
|
Equity results in associates and joint ventures |
|
98 |
|
309 |
|
(445 |
) |
|
Impairment and other results in associates and joint ventures |
|
(180 |
) |
(1,220 |
) |
(349 |
) |
|
Income taxes |
|
(1,495 |
) |
(2,781 |
) |
5,249 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations |
|
6,334 |
|
5,203 |
|
(12,430 |
) |
|
Net income (loss) attributable to noncontrolling interests |
|
21 |
|
(8 |
) |
(501 |
) |
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Vale’s stockholders |
|
6,313 |
|
5,211 |
|
(11,929 |
) |
|
|
|
|
|
|
|
|
|
From Discontinued operations
|
|
|
Year ended December 31 |
|
||||
|
|
|
2017 |
|
2016 |
|
2015 |
|
|
Adjusted EBITDA from discontinued operations |
|
4 |
|
209 |
|
567 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
(1 |
) |
(347 |
) |
(310 |
) |
|
Dividends received and interest from associates and joint ventures |
|
(3 |
) |
(4 |
) |
— |
|
|
Impairment of non-current assets |
|
(885 |
) |
(1,738 |
) |
(157 |
) |
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
(885 |
) |
(1,880 |
) |
100 |
|
|
Financial results, net |
|
(28 |
) |
20 |
|
(147 |
) |
|
Equity results in associates and joint ventures |
|
(2 |
) |
3 |
|
6 |
|
|
Income taxes |
|
102 |
|
630 |
|
(149 |
) |
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
(813 |
) |
(1,227 |
) |
(190 |
) |
|
Net income (loss) attributable to noncontrolling interests |
|
(7 |
) |
2 |
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to Vale’s stockholders |
|
(806 |
) |
(1,229 |
) |
(200 |
) |
|
|
|
|
|
|
|
|
|
b)Assets by segment
|
|
|
Year ended December 31, 2017 |
|
||||||||
|
|
|
Product inventory |
|
Investments in |
|
Property, plant and |
|
Additions to |
|
Depreciation, |
|
|
Ferrous minerals |
|
1,770 |
|
1,922 |
|
36,103 |
|
2,679 |
|
1,767 |
|
|
Coal |
|
82 |
|
317 |
|
1,719 |
|
118 |
|
297 |
|
|
Base metals |
|
1,009 |
|
13 |
|
23,603 |
|
1,010 |
|
1,614 |
|
|
Others |
|
6 |
|
1,316 |
|
1,946 |
|
24 |
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
2,867 |
|
3,568 |
|
63,371 |
|
3,831 |
|
3,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
||||||||
|
|
|
Product inventory |
|
Investments in |
|
Property, plant and |
|
Additions to |
|
Depreciation, |
|
|
Ferrous minerals |
|
1,134 |
|
1,808 |
|
34,834 |
|
3,246 |
|
1,618 |
|
|
Coal |
|
126 |
|
285 |
|
1,907 |
|
612 |
|
191 |
|
|
Base metals |
|
1,110 |
|
12 |
|
23,372 |
|
1,057 |
|
1,658 |
|
|
Others |
|
3 |
|
1,591 |
|
2,177 |
|
36 |
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
2,373 |
|
3,696 |
|
62,290 |
|
4,951 |
|
3,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Goodwill is allocated mainly in ferrous minerals and base metals segments in the amount of US$2,157 and US$1,953 in December 31, 2017 and US$1,246 and US$1,835 in December 31, 2016, respectively.
(ii) Includes only cash effect.
(iii) Refers to amounts recognized in the income statement.