Vale
VALE · NYSEMetal Mining · Fiscal year ends Dec 31
Vale reported revenue of $48.8B in the fiscal year ended Dec 2012, down 21.8% from the year before. Operating income was $9.2B, an operating margin of 18.9%, and net income was $5.5B. Operating cash flow of $16.6B less capital expenditure of $15.8B left free cash flow of $818M. Net debt was $24.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 |
|---|---|---|---|---|---|
| Revenue | $38.5B | $23.9B | $48.2B | $62.3B | $48.8B |
| Research & development | $1.1B | $981M | $878M | $1.7B | $1.5B |
| Selling, general & admin | $1.7B | $1.1B | $1.7B | $2.3B | $2.2B |
| Operating income | $14.7B | $6.1B | $21.7B | $30.1B | $9.2B |
| Pre-tax income | $13.2B | $7.1B | $20.3B | $26.8B | $5.4B |
| Income tax | $535M | $2.1B | $3.7B | $5.3B | −$833M |
| Net income | $13.2B | $5.3B | $17.3B | $22.9B | $5.5B |
Balance sheet
| Fiscal year | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 |
|---|---|---|---|---|---|
| Cash & equivalents | $10.3B | $7.3B | $7.6B | $3.5B | $5.8B |
| Receivables | $3.1B | $3B | $7.8B | $8.2B | $6.7B |
| Inventory | $3.9B | $3.2B | $4.3B | $5.3B | $5.1B |
| Current assets | $23.2B | $21.3B | $31.8B | $21.7B | $22.9B |
| Net PP&E | $48.5B | $67.6B | $83.1B | $88.9B | $90.7B |
| Goodwill | $1.9B | $2.3B | $3.3B | $3B | $2.9B |
| Total assets | $80B | $102B | $129B | $129B | $131B |
| Payables | $2.3B | $2.3B | $3.6B | $4.8B | $4.5B |
| Current liabilities | $7.2B | $9.2B | $17.9B | $11B | $12.6B |
| Short-term debt | $633M | $2.9B | $2.8B | $22M | $0 |
| Long-term debt | $17.5B | $19.9B | $21.6B | $23B | $30.3B |
| Shareholders' equity | $42.6B | $56.9B | $68.9B | $77.7B | $74.2B |
Cash flow
| Fiscal year | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 |
|---|---|---|---|---|---|
| Operating cash flow | $17.1B | $7.1B | $19.2B | $24.5B | $16.6B |
| Capital expenditure | $9B | $8.1B | $12.6B | $16.1B | $15.8B |
| Free cash flow | $8.1B | −$960M | $6.5B | $8.4B | $818M |
| Depreciation & amortisation | $2.8B | $2.7B | $3.3B | $4.1B | $4.4B |
| Acquisitions | – | $2B | $6.3B | – | – |
Key ratios
| Fiscal year | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −37.8% | 101.4% | 29.3% | −21.8% |
| Operating income growth (YoY) | – | −58.9% | 258.2% | 38.8% | −69.4% |
| Operating margin | 38.3% | 25.3% | 45.0% | 48.3% | 18.9% |
| Net margin | 34.3% | 22.3% | 35.8% | 36.7% | 11.3% |
| Return on equityBlank when equity is negative | 31.1% | 9.4% | 25.1% | 29.4% | 7.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.3% | 6.5% | 19.5% | 25.6% | 7.8% |
| Free cash flow margin | 21.1% | −4.0% | 13.6% | 13.5% | 1.7% |
| Cash conversion (CFO ÷ net income) | 1.29x | 1.33x | 1.11x | 1.07x | 3.01x |
| Receivable days | 29 | 46 | 59 | 48 | 50 |
| Debt ÷ equity | 0.43x | 0.40x | 0.35x | 0.30x | 0.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $7.8B | $15.5B | $16.8B | $19.5B | $24.4B |
| Current ratio | 3.21x | 2.32x | 1.77x | 1.97x | 1.82x |
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.