On Wednesday, April 25th, Vale announced its financial results for the first quarter of 2018. Financial highlights include a net income of US$1.6 billion and cash generation, measured by EBITDA, of US$4 billion, very similar to the results of the previous quarter. “This is very unusual, given the seasonality”, says Chief Financial Officer, Luciano Siani Pires, in the video below. According to the CFO, the results were only achieved thanks to our supply chain and our premium portfolio of products. “We had premiums of more than US$5 per ton in our iron ore product portfolio”, explains Siani.
In base metals, Vale achieved strong cash generation, of US$644 million, thanks to the increase in nickel price of and the high cobalt prices. “Let me say that Vale is well positioned to supply the nickel the world will need for the electric-vehicle revolution”, says the CFO.
With record sales and the divestures in coal and fertilizers, Vale was able to reduce its debt to the lowest level in several years, US$14.9 billion. Besides this, in March, we paid US$1.4 billion in dividends and we also approved a new dividend policy for our shareholders. “Together with the results of the first quarter of 2018, we can already guarantee, a minimum of US$1 billion in September of this year”, says Luciano Siani Pires.
On Thursday, starting at 10:00, CEO, Fabio Schvartsman and the Executive Directors will attend conferences with investors. Access the links below.