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20230727_INCO_Laporan Informasi dan Fakta Material_31354909_lamp4.pdf
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Page 1
Increased production and controlled cost
led to higher Revenue in 1H23
Jakarta, July 27th, 2023 – PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker: INCO)
and its subsidiaries (jointly referred to as the “Group”) today announced its unaudited results for the
second quarter of 2023 (“2Q23”). During this quarter, production surged to 16,922 metric tons (t),
marking a significant 35% increase compared to the corresponding period in the previous year. This
output aligns with the Group’s annual production target of approximately 70,000 t for 2023.
”We have sustained positive earnings thanks to the seamless execution of our operation,” said
Febriany Eddy, CEO and President Director of the Company, while commenting on the achievement.
“Moving forward, we will continue to enhance our efficiency and cost reduction efforts. In this quarter,
PT Vale managed to further decrease its quarterly unit cash cost of revenue even further, surpassing
the level achieved in the previous quarter”.
The Group’s Revenue increased to US$658.9 million or, 17% in 1H23 from US$564.5 million in 1H22,
mainly due to higher shipment volume of 6,208 t in this period. However, the Group’s Cost of Revenue
was also increased from US$356.3 million in 1H22 to US$438.4 million in 1H23, primarily due to
higher fuels consumption and diesel price.
The following table provides details on PT Vale’s High Sulphur Fuel Oil (“HSFO”), diesel and coal
consumption and average price:
2Q23 1Q23 1H23 1H22
HSFO volume (barrels) 363,865 557,543 921,408 445,518
HSFO average price per barrel US$80.29 US$77.44 US$78.66 US$80.63
Diesel volume (kilolitres) 16,244 15,241 31,485 29,211
Diesel average price per litre US$0.92 US$1.02 US$0.97 US$0.74
Coal volume (t) 91,612 50,923 142,535 170,955
Coal average price per t (*) US$337.45 US$466.22 US$383.46 US$317.97
(*) Price in DMT (Dry Metric Ton) and CFR (Cost & Freight) basis
The table above reflects the outcome of continuous improvements in operational efficiency. Starting
in April 2023, the Company decided to switch the energy source for burner from HSFO to coal,
prompted by the decline in coal price. PT Vale remains committed to seeking avenues for cost
reduction, including adjustments in other components, as part of its ongoing efforts to manage the
cost.
Aside from cost control measures, PT Vale is taking prudent steps to manage its cash flows in
anticipation of unfavourable nickel price environment. As of June 30, 2023, the Company’s cash and
cash equivalents amounted to US$719.9 million. During 2Q23, PT Vale disbursed approximately
US$60.8 million in capital expenditures, marking a notable increase of around 36% compared to
capital expenditure spending in 2Q22.
[1]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 2
The Company remains committed to prioritizing productivity and cost efficiency improvements,
ensuring long-term competitiveness while upholding its core values: Life Matters Most, Respect Our
Planet and Communities.
Readers are encouraged to examine the Group’s results, where operational achievements and
unaudited financial results are concisely summarized in the following pages.
For further information, please contact:
Bernardus Irmanto, Chief Financial Officer
ptvi.investorrelation@vale.com
or visit our website at
www.vale.com/indonesia
[2]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 3
PT Vale Indonesia Tbk
Production and Financial Highlights
2Q23 1Q23 1H23 1H22
Nickel in matte production1 16,922 16,769 33,691 26,394
Nickel matte deliveries1 16,463 16,758 33,221 27,013
Average realized price2 17,967 21,672 19,836 20,899
EBITDA3 123.02 173.58 296.60 279.6
Revenue3 295.8 363.2 658.9 564.5
Profit3 70.4 98.1 168.5 150.4
Earnings per share4 0.0071 0.0099 0.0170 0.0151
1
metric ton (t)
2
US$ per t
3
US$ million
4
US$
[3]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 4
PT Vale Indonesia Tbk and its subsidiaries
Interim Consolidated Statements of Profit or Loss
and Other Comprehensive Income
(In thousands of US$ except basic earnings per share)
2Q23 1Q23 1H23 1H22
Revenue 295,787 363,180 658,967 564,536
Cost of revenue (210,248) (228,244) (438,492) (356,313)
Gross profit 85,539 134,936 220,475 208,223
Operating expenses (4,772) (6,142) (10,914) (8,773)
Other income 108 117 225 1,191
Other expenses (1,960) (9,236) (11,196) (5,124)
Operating profit 78,915 119,675 198,590 195,517
Finance income 8,740 7,535 16,275 2,009
Finance costs (1,381) (1,254) (2,635) (2,196)
Net finance income/(costs) 7,359 6,281 13,640 (187)
Profit before income tax 86,274 125,956 212,230 195,330
Income tax expense (15,911) (27,803) (43,714) (44,875)
Profit for the period 70,363 98,153 168,516 150,455
Other comprehensive
(loss)/income
Items that will not be reclassified to
profit or loss:
− Changes resulting from actuarial
remeasurement of post-
employment benefit liabilities - - - -
− Income tax on other
comprehensive income - - - -
Total other comprehensive
(loss)/income - - - -
Total comprehensive
income for the period 70,363 98,153 168,516 150,455
Profit for the period
attributable to:
Owners of the parent entity 70,363 98,153 168,516 150,455
Non-controlling interest - - - -
70,363 98,153 168,516 150,455
Total comprehensive income for
the period attributable to:
Owners of the parent entity 70,363 98,153 168,516 150,455
Non-controlling interest - - - -
70,363 98,153 168,516 150,455
Earnings per share
- Basic and diluted
(in full amount of US Dollars) 0.0071 0.0099 0.0170 0.0151
[4]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 5
PT Vale Indonesia Tbk and its subsidiaries
Interim Consolidated Statements of Financial Position
(In thousands of US$)
June 30, March 31, December 31,
2023 2023 2022
Assets (Unaudited) (Unaudited) (Audited)
Cash and cash equivalents 719,881 717,267 634,042
Trade receivables - Related parties 92,079 120,598 141,377
Inventories 168,647 168,102 155,753
Prepaid taxes – Other taxes 80,745 71,723 48,723
Prepayments and advances 1,814 4,002 4,444
Other current financial assets 6,240 5,412 5,463
Total current assets 1,069,406 1,087,104 989,802
Restricted cash 103,088 91,559 73,044
Prepaid taxes - Corporate income tax 11,084 10,933 10,933
- Other taxes 29,809 31,636 30,869
Investments in associates 12,724 12,709 -
Fixed assets 1,579,185 1,556,198 1,549,857
Other non-current financial assets 3,646 3,430 3,611
Total non-current assets 1,739,536 1,706,465 1,668,314
Total assets 2,808,942 2,793,569 2,658,116
Liabilities and Equity
Trade payables - Related parties 69 190 298
- Third parties 129,634 123,847 115,296
Accruals 29,375 37,677 27,772
Short-term employee benefit liabilities 12,823 15,729 26,244
Taxes payable - Corporate income tax 22,072 18,764 -
- Other taxes 2,231 4,474 2,407
Lease liabilities 1,883 1,874 1,816
Share-based payment liabilities 29 141 467
Other current financial liabilities 4,045 2,685 739
Total current liabilities 202,161 205,381 175,039
Long-term post-employment benefit
liabilities 30,894 30,197 28,457
Deferred tax liabilities 22,776 22,050 24,891
Lease liabilities 3,239 3,671 3,918
Provision for asset retirement 86,782 79,423 71,031
Total non-current liabilities 143,691 135,341 128,297
Total liabilities 345,852 340,722 303,336
Equity 2,463,090 2,452,847 2,354,780
Total liabilities and equity 2,808,942 2,793,569 2,658,116
[5]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 6
PT Vale Indonesia Tbk and its subsidiaries
Interim Consolidated Statements of Cash Flows
(In thousands of US$)
2Q23 1Q23 1H23 1H22
Cash flows from operating activities
Receipts from customers 324,307 383,959 708,266 569,185
Payments to suppliers (144,237) (155,755) (299.992) (249,618)
Payments of corporate income tax (17,341) (11,884) (29,225) (40,659)
Payments of other taxes (15,315) (15,112) (30,427) (23,038)
Receipts of tax refunds 21,883 - 21,883 20,319
Payments to employees (29,421) (30,943) (60,364) (59,191)
Placement of financial guarantee (11,529) (18,515) (30,044) (23,174)
Receipts of finance income 8,741 7,534 16,275 2,014
Payments of royalties and levies (15,751) (19,774) (35,525) (29,279)
Net cash flows provided by operating
121,337 139,510 260,847 166,559
activities
Cash flows from investing activities
Payments for acquisition of fixed assets (60,761) (56,160) (116,921) (87,029)
Net cash flows used in investing activities (60,761) (56,160) (116,921) (87,029)
Cash flows from financing activities
Payment of dividends (59,304) - (59,304) -
Payment of lease liabilities (767) (189) (956) (596)
Payments of finance costs (68) - (68) (45)
Net cash flows used in financing activities (60,139) (189) (60,328) (641)
Net increase/(decrease) in cash and cash 437 83,161 83,598 78,889
equivalents
Cash and cash equivalents at the 717,267 634,042 634,042 508,327
beginning of the period
Effect of exchange rate changes on cash 2,177 229 2,406 (1,296)
and cash equivalents
Cash and cash equivalents of - (165) (165) -
deconsolidated subsidiaries
Cash and cash equivalents at the end of the 719,881 717,267 719,881 585,920
period
[6]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
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