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v3.23.1

Information by business segment and geographic area (Tables) | 12 Months Ended
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Dec. 31, 2022
Information By Business Segment And Geographic Area |
Schedule of adjusted EBITDA |
Schedule of adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Year ended December 31, 2022
|  | Iron ore |  | Iron ore pellets |  | Other ferrous products and services |  | Iron Solutions |  | Nickel and other products |  | Copper |  | Energy Transition Materials |  | Other (i) |  | Total of continuing operations |  | Coal (note 16a) |  | Total
Net operating revenue |  | 28,188 |  | 6,256 |  | 472 |  | 34,916 |  | 6,619 |  | 1,779 |  | 8,398 |  | 525 |  | 43,839 |  | 448 |  | 44,287
Cost of goods sold and services rendered |  | (11,929) |  | (2,682) |  | (335) |  | (14,946) |  | (4,541) |  | (1,049) |  | (5,590) |  | (443) |  | (20,979) |  | (264) |  | (21,243)
Sales, administrative and other operating expenses |  | (54) |  | (1) |  | 4 |  | (51) |  | (38) |  | (21) |  | (59) |  | (2,086) |  | (2,196) |  | (12) |  | (2,208)
Research and development |  | (208) |  | (4) |  | (3) |  | (215) |  | (115) |  | (127) |  | (242) |  | (203) |  | (660) |  | (1) |  | (661)
Pre operating and operational stoppage |  | (342) |  | (21) |  | (18) |  | (381) |  | (1) |  | (13) |  | (14) |  | (3) |  | (398) |  | - |  | (398)
Dividends received and interest from associates and joint ventures |  | 15 |  | 105 |  | - |  | 120 |  | - |  | - |  | - |  | 34 |  | 154 |  | - |  | 154
Adjusted EBITDA |  | 15,670 |  | 3,653 |  | 120 |  | 19,443 |  | 1,924 |  | 569 |  | 2,493 |  | (2,176) |  | 19,760 |  | 171 |  | 19,931
Depreciation, depletion and amortization |  | (1,345) |  | (447) |  | (98) |  | (1,890) |  | (908) |  | (329) |  | (1,237) |  | (44) |  | (3,171) |  | - |  | (3,171)
Equity results and other results in associates and joint ventures |  | (32) |  | 138 |  | (9) |  | 97 |  | 289 |  | - |  | 289 |  | (81) |  | 305 |  | - |  | 305
Dividends received and interest from associates and joint ventures |  | (15) |  | (105) |  | - |  | (120) |  | - |  | - |  | - |  | (34) |  | (154) |  | - |  | (154)
Impairment reversal (impairment and disposals) of non-current assets, net |  | (151) |  | (14) |  | (13) |  | (178) |  | (18) |  | (15) |  | (33) |  | 984 |  | 773 |  | (589) |  | 184
Adjusted EBITDA |  | 14,127 |  | 3,225 |  | - |  | 17,352 |  | 1,287 |  | 225 |  | 1,512 |  | (1,351) |  | 17,513 |  | (418) |  | 17,095
Unallocated items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,268 |  | 3,065 |  | 5,333
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,971) |  | (2) |  | (2,973)
Derecognition of noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  | (585) |  | (585)
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,810 |  | 2,060 |  | 18,870
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 82 |  | - |  | 82
Net income attributable to Vale's shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,728 |  | 2,060 |  | 18,788
(i) Includes the reclassification of the EBITDA of Midwestern System in the amount of US$77.
|  | Year ended December 31, 2021
|  | Iron ore |  | Iron ore pellets |  | Other ferrous products and services |  | Iron Solutions |  | Nickel and other products |  | Copper |  | Energy Transition Materials |  | Other (i) |  | Total of continuing operations |  | Coal (Note 16a) |  | Total
Net operating revenue |  | 38,324 |  | 7,053 |  | 548 |  | 45,925 |  | 5,377 |  | 2,589 |  | 7,966 |  | 611 |  | 54,502 |  | 1,083 |  | 55,585
Cost of goods sold and services rendered |  | (11,199) |  | (2,231) |  | (400) |  | (13,830) |  | (3,606) |  | (878) |  | (4,484) |  | (558) |  | (18,872) |  | (1,317) |  | (20,189)
Sales, administrative and other operating expenses |  | (137) |  | 30 |  | 9 |  | (98) |  | (5) |  | (9) |  | (14) |  | (3,303) |  | (3,415) |  | (26) |  | (3,441)
Research and development |  | (198) |  | (3) |  | (4) |  | (205) |  | (77) |  | (81) |  | (158) |  | (185) |  | (548) |  | (7) |  | (555)
Pre operating and operational stoppage |  | (329) |  | (47) |  | (17) |  | (393) |  | (113) |  | (4) |  | (117) |  | (4) |  | (514) |  | - |  | (514)
Dividends received and interest from associates and joint ventures |  | 10 |  | 71 |  | - |  | 81 |  | - |  | - |  | - |  | 109 |  | 190 |  | 78 |  | 268
Adjusted EBITDA |  | 26,471 |  | 4,873 |  | 136 |  | 31,480 |  | 1,576 |  | 1,617 |  | 3,193 |  | (3,330) |  | 31,343 |  | (189) |  | 31,154
Depreciation, depletion and amortization |  | (1,255) |  | (388) |  | (107) |  | (1,750) |  | (841) |  | (372) |  | (1,213) |  | (71) |  | (3,034) |  | (69) |  | (3,103)
Equity results and other results in associates and joint ventures |  | (1,642) |  | 123 |  | (40) |  | (1,559) |  | 1 |  | - |  | 1 |  | 287 |  | (1,271) |  | (26) |  | (1,297)
Dividends received and interest from associates and joint ventures |  | (10) |  | (71) |  | - |  | (81) |  | - |  | - |  | - |  | (109) |  | (190) |  | (78) |  | (268)
Impairment and disposals of non-current assets, net |  | (92) |  | (7) |  | (35) |  | (134) |  | (27) |  | (20) |  | (47) |  | (245) |  | (426) |  | (3,282) |  | (3,708)
Adjusted EBITDA |  | 23,472 |  | 4,530 |  | (46) |  | 27,956 |  | 709 |  | 1,225 |  | 1,934 |  | (3,468) |  | 26,422 |  | (3,644) |  | 22,778
Unallocated items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,119 |  | 447 |  | 3,566
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,697) |  | 821 |  | (3,876)
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,844 |  | (2,376) |  | 22,468
Net income (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 108 |  | (85) |  | 23
Net income (loss) attributable to Vale’s shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,736 |  | (2,291) |  | 22,445
(i) Includes the reclassification of the EBITDA of Midwestern System in the amount of US$109.
|  | Year ended December 31, 2020
|  | Iron ore |  | Iron ore pellets |  | Other ferrous products and services |  | Iron Solutions |  | Nickel and other products |  | Copper |  | Energy Transition Materials |  | Other (i) |  | Total of continuing operations |  | Coal (note 16a) |  | Total
Net operating revenue |  | 27,123 |  | 4,242 |  | 551 |  | 31,916 |  | 4,652 |  | 2,175 |  | 6,827 |  | 802 |  | 39,545 |  | 473 |  | 40,018
Cost of goods sold and services rendered |  | (8,025) |  | (1,661) |  | (433) |  | (10,119) |  | (2,734) |  | (794) |  | (3528) |  | (956) |  | (14,603) |  | (1,456) |  | (16,059)
Sales, administrative and other operating expenses |  | (192) |  | 11 |  | 3 |  | (178) |  | (21) |  | (7) |  | (28) |  | (6,293) |  | (6,499) |  | (15) |  | (6,514)
Research and development |  | (127) |  | (5) |  | (4) |  | (136) |  | (42) |  | (68) |  | (110) |  | (169) |  | (415) |  | (28) |  | (443)
Pre operating and operational stoppage |  | (532) |  | (77) |  | (29) |  | (638) |  | (29) |  | (1) |  | (30) |  | (14) |  | (682) |  | - |  | (682)
Dividends received and interest from associates and joint ventures |  | 23 |  | 116 |  | 2 |  | 141 |  | - |  | - |  | - |  | 32 |  | 173 |  | 95 |  | 268
Adjusted EBITDA |  | 18,270 |  | 2,626 |  | 90 |  | 20,986 |  | 1,826 |  | 1,305 |  | 3,131 |  | (6,598) |  | 17,519 |  | (931) |  | 16,588
Depreciation, depletion and amortization |  | (1,277) |  | (388) |  | (101) |  | (1,766) |  | (921) |  | (430) |  | (1,351) |  | (98) |  | (3,215) |  | (19) |  | (3,234)
Equity results and other results in associates and joint ventures |  | (1,033) |  | 37 |  | (22) |  | (1,018) |  | - |  | - |  | - |  | (2) |  | (1,020) |  | (43) |  | (1,063)
Dividends received and interest from associates and joint ventures |  | (23) |  | (116) |  | (2) |  | (141) |  | - |  | - |  | - |  | (32) |  | (173) |  | (95) |  | (268)
Impairment and disposals of non-current assets, net |  | (76) |  | - |  | (79) |  | (155) |  | (133) |  | (14) |  | (147) |  | (1,006) |  | (1308) |  | (935) |  | (2,243)
|  | 15,861 |  | 2,159 |  | (114) |  | 17,906 |  | 772 |  | 861 |  | 1,633 |  | (7,736) |  | 11,803 |  | (2,023) |  | 9,780
Unallocated items: |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,813) |  | 2 |  | (4,811)
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (735) |  | 297 |  | (438)
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,255 |  | (1,724) |  | 4,531
Loss attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3) |  | (347) |  | (350)
Net income (loss) attributable to Vale's shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,258 |  | (1,377) |  | 4,881
(i) | Includes the reclassification of the EBITDA of Midwestern System in the amount of US$19.
Asset by segment |
Asset by segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
|  | Iron Solutions |  | Energy Transition Materials |  | Other (ii) |  | Total |  | Iron Solutions |  | Energy Transition Materials |  | Other (ii) |  | Total
Investments in associates and joint ventures |  | 1,296 |  | - |  | 502 |  | 1,798 |  | 1,113 |  | 17 |  | 621 |  | 1,751
Property, plant and equipment and intangibles |  | 33,048 |  | 19,655 |  | 2,473 |  | 55,176 |  | 28,988 |  | 20,127 |  | 1,827 |  | 50,942
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sustaining capital (i) |  | 2,236 |  | 1,521 |  | 102 |  | 3,859 |  | 2,481 |  | 1,518 |  | 35 |  | 4,034
Project execution |  | 866 |  | 338 |  | 383 |  | 1,587 |  | 531 |  | 344 |  | 124 |  | 999
Product inventory |  | 3,102 |  | 1,859 |  | 485 |  | 5,446 |  | 3,012 |  | 1,862 |  | 159 |  | 5,033
(i) | According to the Company's shareholder remuneration policy, dividends are calculated based on 30% of the adjusted EBITDA less sustaining capital investments. The calculation also considered the investments made on the coal operation (discontinued operation, note 16a), which was US$38 for the year ended December 31, 2022 (2021: US$194).
(ii) | The sustaining capital investments related to the Midwestern System were reclassified from “Iron Solutions” to “Other” for the year ended December 31, 2022 in the amount of US$5 (2021: US$15).
Assets by geographic area |
Assets by geographic area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
|  | Investments in associates and joint ventures |  | Intangible |  | Property, plant and equipment |  | Total |  | Investments in associates and joint ventures |  | Intangible |  | Property, plant and equipment |  | Total
Brazil |  | 1,798 |  | 8,391 |  | 28,210 |  | 38,399 |  | 1,730 |  | 7,050 |  | 23,793 |  | 32,573
Canada |  | - |  | 1,845 |  | 11,178 |  | 13,023 |  | - |  | 1,958 |  | 12,441 |  | 14,399
Americas, except Brazil and Canada |  | - |  | - |  | 4 |  | 4 |  | - |  | - |  | 3 |  | 3
Europe |  | - |  | - |  | 747 |  | 747 |  | - |  | - |  | 739 |  | 739
Indonesia |  | - |  | 1 |  | 2,731 |  | 2,732 |  | - |  | 1 |  | 2,723 |  | 2,724
Asia, except Indonesia and China |  | - |  | - |  | 786 |  | 786 |  | 21 |  | - |  | 874 |  | 895
China |  | - |  | 1 |  | 19 |  | 20 |  | - |  | 2 |  | 21 |  | 23
Oman |  | - |  | - |  | 1,263 |  | 1,263 |  | - |  | - |  | 1,337 |  | 1,337
Total |  | 1,798 |  | 10,238 |  | 44,938 |  | 56,974 |  | 1,751 |  | 9,011 |  | 41,931 |  | 52,693
Net operating revenue by shipment destination |
Net operating revenue by shipment destination |  |  |  |  |  |  |  |
|  | Year ended December 31, 2022
|  | Iron Solutions (i) |  | Energy Transition Materials |  | Other (ii) |  | Total
Americas, except United States and Brazil |  | 477 |  | 597 |  | 125 |  | 1,199
United States of America |  | 218 |  | 1,425 |  | - |  | 1,643
Germany |  | 373 |  | 1,148 |  | - |  | 1,521
Europe, except Germany |  | 1,713 |  | 2,123 |  | - |  | 3,836
Middle East, Africa, and Oceania |  | 2,594 |  | 27 |  | 25 |  | 2,646
Japan |  | 2,765 |  | 770 |  | - |  | 3,535
China |  | 20,593 |  | 1,610 |  | - |  | 22,203
Asia, except Japan and China |  | 2,434 |  | 638 |  | 47 |  | 3,119
Brazil |  | 3,749 |  | 60 |  | 328 |  | 4,137
Net operating revenue |  | 34,916 |  | 8,398 |  | 525 |  | 43,839
|  | Year ended December 31, 2021
|  | Iron Solutions |  | Energy Transition Materials |  | Other (ii) |  | Total
Americas, except United States and Brazil |  | 759 |  | 402 |  | 122 |  | 1,283
United States of America |  | 392 |  | 1,151 |  | - |  | 1,543
Germany |  | 618 |  | 1,416 |  | - |  | 2,034
Europe, except Germany |  | 2,373 |  | 2,323 |  | - |  | 4,696
Middle East, Africa, and Oceania |  | 2,140 |  | 15 |  | - |  | 2,155
Japan |  | 3,977 |  | 546 |  | - |  | 4,523
China |  | 27,510 |  | 1,093 |  | - |  | 28,603
Asia, except Japan and China |  | 3,536 |  | 965 |  | - |  | 4,501
Brazil |  | 4,620 |  | 55 |  | 489 |  | 5,164
Net operating revenue |  | 45,925 |  | 7,966 |  | 611 |  | 54,502
|  | Year ended December 31, 2020
|  | Iron Solutions |  | Energy Transition Materials |  | Other (ii) |  | Total
Americas, except United States and Brazil |  | 271 |  | 83 |  | 406 |  | 760
United States of America |  | 244 |  | 797 |  | - |  | 1,041
Germany |  | 326 |  | 1,169 |  | 31 |  | 1,526
Europe, except Germany |  | 1,202 |  | 2,356 |  | 12 |  | 3,570
Middle East, Africa, and Oceania |  | 1,418 |  | 17 |  | - |  | 1,435
Japan |  | 1,793 |  | 400 |  | - |  | 2,193
China |  | 22,169 |  | 922 |  | 33 |  | 23,124
Asia, except Japan and China |  | 2,068 |  | 931 |  | - |  | 2,999
Brazil |  | 2,425 |  | 152 |  | 320 |  | 2,897
Net operating revenue |  | 31,916 |  | 6,827 |  | 802 |  | 39,545
(i) | In 2022, the revenue from Iron Solutions decreased from prior year, among other factors, due to the decline of 23.5% in the average realized price of iron ore, following the decrease in the international price of this product.
(ii) | Includes the reclassification of the revenues of Midwestern System in the amount of US$231, for the year ended December 31, 2022 (2021: US$377 and 2020: US$162).

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