Vale S.A. Files Q2 2024 Interim Financial Statements

TL;DR

Vale dropped its Q2 2024 financials, check 'em out.

AI Summary

Vale S.A. filed a 6-K report on July 26, 2024, for the period ending June 30, 2024. The report contains a review of parent company and consolidated interim financial statements, including income statements, statements of comprehensive income, cash flows, and financial position. The filing covers the month of July 2024 and includes financial data for the second quarter of 2024.

Why It Matters

This filing provides investors with Vale's latest financial performance and position, crucial for assessing the company's operational health and investment potential.

Risk Assessment

Risk Level: low — This is a routine financial filing providing interim financial statements, not indicating new or unusual risks.

Key Numbers

• Q2 2024 — Financial Period (The financial statements cover the second quarter of 2024.)

Key Players & Entities

• Vale S.A. (company) — Filer of the report
• 20240630 (date) — End of reporting period
• 20240726 (date) — Filing date
• Rio de Janeiro, Brazil (location) — Principal executive office location

FAQ

Key Financial Figures

• $5,728 — n adjustments of PTVI in the amount of R$5,728 (US$1,063 million) (note 15a). Items a
• $1,063 million — nts of PTVI in the amount of R$5,728 (US$1,063 million) (note 15a). Items above are stated ne
• $9,050 — PT Vale Indonesia Tbk in the amount of R$9,050 (US$1,628 million) (note 15a) and the r
• $1,628 million — donesia Tbk in the amount of R$9,050 (US$1,628 million) (note 15a) and the recognition of nonc
• $7,828 — e Base Metals Limited in the amount of R$7,828 (US$1,514 million) (note 15b). The acc
• $1,514 million — als Limited in the amount of R$7,828 (US$1,514 million) (note 15b). The accompanying notes ar

Filing Documents

• valedfbrgaap2q24_6k.htm (6-K) — 2116KB
• image_004.jpg (GRAPHIC) — 3KB
• image_001.jpg (GRAPHIC) — 199KB
• 0001292814-24-002843.txt ( ) — 2394KB

financial statements taken as a whole

financial statements taken as a whole. Rio de Janeiro, July 25, 2024 PricewaterhouseCoopers Auditores Independentes Ltda. CRC 2SP000160/F-5 Leandro Mauro Ardito Contador CRC 1SP188307/O-0 4 Consolidated Interim Income In millions of Brazilian reais, except earnings per share Consolidated Three-month period ended June 30, Six-month period ended June 30, Notes 2024 2023 2024 2023 Net operating revenue 4(b) 51,735 47,758 93,626 91,599 Cost of goods sold and services rendered 5(a) (33,134) (29,356) (59,728) (55,080) Gross profit 18,601 18,402 33,898 36,519 Operating expenses Selling and administrative 5(b) (717) (685) (1,413) (1,300) Research and development (988) (816) (1,760) (1,539) Pre-operating and operational stoppage 25 (476) (511) (932) (1,157) Other operating revenues (expenses), net 5(c) 3,963 (2,217) 2,696 (3,389) Operating income 20,383 14,173 32,489 29,134 Financial income 6 406 523 944 1,151 Financial expenses 6 (1,901) (1,964) (3,582) (3,623) Other financial items, net 6 (5,119) 727 (6,155) (1,016) Equity results and other results in associates and joint ventures 14 and 24 580 35 1,200 (255) Income before income taxes 14,349 13,494 24,896 25,391 Income taxes 7 237 (8,742) (1,978) (10,905) Net income 14,586 4,752 22,918 14,486 Net income (loss) attributable to noncontrolling interests (6) 179 35 392 Net income attributable to Vale's shareholders 14,592 4,573 22,883 14,094 Basic and diluted earnings per share attributable to Vale's shareholders 8 Common share (R$) 3.41 1.04 5.34 3.19 The accompanying notes are an integral part of these interim

financial statements

financial statements. 5 Interim Income Statement of the Parent Company In millions of Brazilian reais, except earnings per share Parent Company Three-month period ended June 30, Six-month period ended June 30, Notes 2024 2023 2024 2023 Net operating revenue 32,870 33,659 68,068 63,204 Cost of goods sold and services rendered (17,269) (16,424) (32,773) (31,022) Gross profit 15,601 17,235 35,295 32,182 Operating expenses Selling and administrative (369) (390) (710) (731) Research and development (547) (427) (951) (750) Pre-operating and operational stoppage 24 (443) (492) (884) (1,106) Equity results and others results from subsidiaries 14 5,794 389 4,520 101 Other operating expenses, net (1,232) (1,981) (2,144) (2,973) Operating income 18,804 14,334 35,126 26,723 Financial income 264 264 494 566 Financial expenses (1,959) (2,338) (3,919) (4,459) Other financial items, net (4,206) 791 (4,546) (594) Equity results and other results in associates and joint ventures 580 35 1,200 (255) Income before income taxes 13,483 13,086 28,355 21,981 Income taxes 7 1,109 (8,513) (5,472) (7,887) Net income 14,592 4,573 22,883 14,094 Basic and diluted earnings per share 8 Common share (R$) 3.41 1.04 5.34 3.19 The accompanying notes are an integral part of these interim

financial statements

financial statements. 6 Interim In millions of Brazilian reais Consolidated Three-month period ended June 30, Six-month period ended June 30, Notes 2024 2023 2024 2023 Net income 14,586 4,752 22,918 14,486 Other comprehensive income (loss): Items that will not be reclassified to income statement Retirement benefit obligations 21 (22) 219 (59) Fair value adjustment to investment in equity securities - 63 - 63 21 41 219 4 Items that may be reclassified to income statement Translation adjustments (i) 7,814 (1,680) 8,911 (2,750) Net investment hedge 18(h) (1,062) 540 (1,339) 796 Cash flow hedge 18(h) - (20) - 79 Reclassification of cumulative translation adjustments to income statement (ii) 15(a) (5,648) - (5,394) - 1,104 (1,160) 2,178 (1,875) Comprehensive income 15,711 3,633 25,315 12,615 Comprehensive income attributable to noncontrolling interests 1,452 (209) 1,718 (171) Comprehensive income attributable to Vale's shareholders 14,259 3,842 23,597 12,786 Parent Company Three-month period ended June 30, Six-month period ended June 30, Notes 2024 2023 2024 2023 Net income 14,592 4,573 22,883 14,094 Other comprehensive income (loss): Items that will not be reclassified to income statement Retirement benefit obligations (7) (6) (17) (11) Fair value adjustment to investment in equity securities - 63 - 63 Equity results 28 (16) 236 (48) 21 41 219 4 Items that may be reclassified to income statement Translation adjustments (i) 6,356 (1,292) 7,228 (2,187) Net investment hedge 18(h) (1,062) 540 (1,339) 796 Cash flow hedge 18(h) - 4 - 6 Equity results - (24) - 73 Reclassification of cumulative translation adjustments to income statement (ii) 15(a) (5,648) - (5,394) - (354) (772) 495 (1,312) Comprehensive income 14,259 3,842 23,597 12,786 (i) Incl

financial statements

financial statements. 7 Interim In millions of Brazilian reais Consolidated Parent Company Six-month period ended June 30, Six-month period ended June 30, Notes 2024 2023 2024 2023 Cash flow from operations 9(a) 34,356 38,443 35,004 32,563 Interest on loans and borrowings paid 9(c) (2,019) (1,868) (3,073) (3,098) Cash received on settlement of derivatives, net 18(d) 626 865 599 587 Payments related to the Brumadinho event 23 (2,039) (3,114) (2,039) (3,114) Payments related to de-characterization of dams 25 (1,275) (877) (1,275) (877) Interest on participative shareholders' debentures paid 20 (766) (637) (766) (637) Income taxes (including settlement program) paid (4,936) (4,602) (4,307) (4,057) Net cash generated by operating activities 23,947 28,210 24,143 21,367 Cash flow from investing activities: Capital expenditures 4(c) (13,862) (11,846) (9,795) (8,343) Payments related to the Samarco dam failure 24 (976) (557) (976) (557) Cash received (payments) from disposal of investments, net 9(b) 13,559 (346) - (346) Dividends received from associates and joint ventures 218 527 2,844 1,002 Short-term investment (67) 43 (255) (338) Other investing activities, net 8 21 (148) (1,924) Net cash used in investing activities (1,120) (12,158) (8,330) (10,506) Cash flow from financing activities: Loans and borrowings from third parties 9(c) 10,166 8,858 1,802 1,581 Payments of loans and borrowings from third parties 9(c) (3,092) (3,028) (376) (274) Payments of leasing 22 (430) (468) (56) (99) Dividends and interest on capital paid to Vale’s shareholders 28(d) (11,722) (9,449) (11,722) (9,449) Dividends and interest on capital paid to noncontrolling interest - (41) - - Shares buyback program 28(c) (1,942) (10,714) (1,154) (5,563) Acquisition of additional stake in VOPC 15(g) - (653

financial statements

financial statements. 8 Interim In millions of Brazilian reais Consolidated Parent Company Notes June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents 21 36,018 17,474 8,515 4,193 Short-term investments 21 338 250 13 14 Accounts receivable 10 12,965 20,317 27,325 37,114 Other financial assets 13 936 1,311 811 1,107 Inventories 11 26,646 22,679 7,667 8,097 Recoverable taxes 7(e) 3,665 4,355 2,585 3,377 Judicial deposits 26(c) - 2,956 - 2,956 Other 1,870 2,146 1,849 4,398 82,438 71,488 48,765 61,256 Non-current assets held for sale 15(a) - 19,041 - - 82,438 90,529 48,765 61,256 Non-current assets Judicial deposits 26(c) 3,252 3,861 3,111 3,532 Other financial assets 13 889 2,874 679 2,697 Recoverable taxes 7(e) 7,389 6,652 5,107 4,574 Deferred income taxes 7(b) 55,204 46,307 45,798 42,268 Other 7,162 6,089 4,550 3,678 73,896 65,783 59,245 56,749 Investments 14 20,650 9,061 140,007 123,846 Intangibles 16 56,673 56,309 39,818 40,366 Property, plant, and equipment 17 247,826 234,302 146,090 141,409 399,045 365,455 385,160 362,370 Total assets 481,483 455,984 433,925 423,626 Liabilities Current liabilities Suppliers and contractors 12 26,513 25,523 15,137 15,983 Loans and borrowings 21 5,061 3,986 1,298 3,374 Leases 22 985 954 409 406 Other financial liabilities 13 8,105 8,113 22,534 21,802 Taxes payable 7(e) 6,903 6,361 5,557 5,615 Settlement program ("REFIS") 7(c) 2,128 2,071 2,128 2,071 Liabilities related to Brumadinho 23 5,413 5,119 5,413 5,119 Liabilities related to associates and joint ventures 24 8,919 4,050 8,919 4,050 De-characterization of dams and asset retirement obligations 25 5,317 5,011 4,657 4,516 Provisions for litigation 26

financial statements

financial statements. 9 Interim Statement of Changes in Equity In millions of Brazilian reais Notes Share capital Capital reserve Profit reserves Treasury shares Other reserves Cumulative translation adjustments Retained earnings Equity attributable to Vale’s shareholders Equity attributable to noncontrolling interests Total equity Balance as of December 31, 2023 77,300 3,634 106,181 (17,739) (5,831) 27,420 - 190,965 7,360 198,325 Net income - - - - - - 22,883 22,883 35 22,918 Other comprehensive income - - - - 308 406 - 714 1,683 2,397 Dividends and interest on capital of Vale's shareholders 28(d) - - (11,722) - - - - (11,722) - (11,722) Dividends of noncontrolling interest - - - - - - - - (1) (1) Transactions with noncontrolling interests (i) 15(a) and 15(b) - - - - 4,593 - - 4,593 (1,222) 3,371 Shares buyback program 28(c) - - - (1,942) - - - (1,942) - (1,942) Share-based payment program 27(a) - - - 8 (48) - - (40) - (40) Balance as of June 30, 2024 77,300 3,634 94,459 (19,673) (978) 27,826 22,883 205,451 7,855 213,306 Balance as of December 31, 2022 77,300 3,634 108,213 (25,675) (5,276) 28,916 - 187,112 7,782 194,894 Net income - - - - - - 14,094 14,094 392 14,486 Other comprehensive income - - - - 5 (1,313) - (1,308) (563) (1,871) Dividends and interest on capital of Vale's shareholders 28(d) - - (2,265) - - - - (2,265) - (2,265) Dividends of noncontrolling interests - - - - - - - - (187) (187) Transactions with noncontrolling interests 15(g) - - - - 15 - - 15 (298) (283) Shares buyback program 28(c) - - - (10,714) - - - (10,714) - (10,714) Treasury shares canceled 28(b) - - (21,397) 21,397 - - - - - - Share-based payment program 27(a) - - - 132 (78) - - 54 - 54 Balance as of June 30, 2023 77,300 3,634

financial statements

financial statements. 10 Value Added Interim Statement In millions of Brazilian reais Consolidated Parent Company Six-month period ended June 30, 2024 2023 2024 2023 Generation of value added Gross revenue Revenue from products and services 94,777 92,630 69,211 64,238 Revenue from the construction of own assets 3,758 3,540 3,222 3,103 Other revenues 622 1,108 534 825 Less: Cost of products, goods and services sold (18,431) (19,576) (12,395) (12,653) Material, energy, third-party services and other (24,277) (21,951) (9,527) (9,603) Impairment reversal (impairment and disposals) of non-current assets, net 5,415 (343) (163) (277) Expenses related to Brumadinho event (861) (1,906) (861) (1,906) De-characterization of dams 682 - 682 - Other costs and expenses (8,491) (6,649) (4,559) (4,176) Gross value added 53,194 46,853 46,144 39,551 Depreciation, amortization and depletion (7,677) (7,260) (4,802) (4,513) Net value added 45,517 39,593 41,342 35,038 Received from third parties Equity results 1,200 (255) 5,720 (154) Financial result 4,273 (2,144) 4,260 (2,509) Total value added to be distributed 50,990 37,194 51,322 32,375 Personnel and charges Direct compensation 4,745 3,456 2,740 1,943 Benefits 2,049 1,552 1,744 1,178 FGTS 271 252 244 226 Taxes and contributions Federal taxes 4,917 13,706 8,295 10,691 2,371 2,300 2,293 1,881 Municipal taxes 124 79 94 58 Remuneration of third-party capital Interest (net derivatives and monetary and exchange rate variation) 12,738 761 12,223 1,753 Leasing 857 602 806 551 Remuneration of own capital Reinvested net income from continuing operations 22,883 14,094 22,883 14,094 Net income attributable to noncontrolling interest 35 392 - - Distributed value added 50,990 37,194 51,322 32,375 The accompanying notes are an integral part of these fi

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