Financial results 4Q23 and 2023
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2/22/24
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Investors
Financial results 4Q23 and 2023
"2023 was a remarkable year for Vale. Our results translated the evolution of our safety-driven cultural transformation and our progress towards operational excellence. Regarding our Safety Journey, in 2023 we recorded the lowest injury frequency rate in our history. Our 2023 iron ore production at 321 Mt exceeded our guidance and provided evidence of increased asset and process reliability. In addition, we started up our 1st briquette plant and entered into a partnership with Anglo American in a world-class operation, important steps to support our strategy to grow with quality. In our path to transform the Energy Transition Metals business, copper production had an impressive 50% growth in the 4th quarter, while nickel production was in line with guidance. Regarding our commitments, 2023 saw a substantial progress in the reparations of Brumadinho and Mariana. Finally, we remain focused on a disciplined capital allocation, consistently returning value to our shareholders, as evidenced by our recent dividend announcement. We have walked the talk, and I am excited that Vale is progressing towards achieving even greater performance levels”,commented Eduardo Bartolomeo, Chief Executive Officer.
Highlights
Business Results
• Proforma adjusted EBITDA from continued operations of US$ 6.7 billion in Q4, up 35% y/y and 50% q/q on the back of better operational performance and strong iron ore prices. Proforma adjusted EBITDA from continued operations of US$ 19.0 billion in 2023, down 9% mainly due to lower average iron ore, copper, and nickel reference prices in the year.
• Iron ore fines C1 cash cost ex-3rd party purchase decreased 5% q/q, reaching US$ 20.8/t in Q4. In 2023, it reached US$ 22.3/t, below the US$ 22.5/t guidance for the year.
• Free Cash Flow from Operations of US$ 2.5 billion in Q4, representing an EBITDA to cash-conversion of 37%.
Disciplined capital allocation
• Capital expenditures of US$ 2.1 billion in Q4, an increase of US$ 331 million y/y, resulting primarily from increased investments in Iron Ore Solutions projects, particularly Capanema and the Carajás Railway, and higher investments to enhance our Energy Transition Metals mining operations.
• Gross debt and leases of US$ 13.9 billion as of December 31st, 2023, US$ 113 million lower q/q.
• Expanded net debt of US$ 16.2 billion as of December 31st, 2023, US$ 670 million higher q/q, mainly driven by the US$ 1.2 billion provision increase related to the Renova Foundation and a potential global agreement framework. Vale´s expanded net debt target continues to be US$ 10-20 billion.
Value creation and distribution
• US$ 2.4 billion in dividends to be paid in March 2024, considering Vale’s ordinary dividend policy applied to 2H23 results.
• US$ 2.0 billion in dividends and interest on capital paid in December 2023, referring to the anticipated allocation of the 2023 results.
• Allocation of US$ 44 million as part of the 4th buyback program in the quarter. As of the date of this report, the 4th buyback program was 15% complete , with 22.6 million shares repurchased.
Recent developments
• Agreement signed with Anglo American, in February, to acquire a 15% ownership interest and establish a partnership encompassing the Minas-Rio iron ore complex and Vale’s Serra da Serpentina resources in Brazil. Following completion of the transaction, Vale will receive its pro-rata share of Minas-Rio production. Minas-Rio has an estimated high-grade pellet feed production capacity of 26.5 Mtpy.
• MoU signed with Hydnum Steel, in February, to jointly evaluate the feasibility of building an iron ore briquette plant in Hydnum Steel's flagship project for green steel in Puertollano, Spain. The plant will begin producing 1.5 Mtpy of rolled steel in 2026, and it is projected to have a 2.6 Mtpy capacity starting from 2030.
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