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20250429_INCO_Laporan Informasi dan Fakta Material_31879305_lamp1.pdf
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Obtaining positive results and new growth driver
amid uncertainty
Jakarta, April 29, 2025 – PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker: INCO)
announced today that it produced 17,027 metric tons (“tons”) of nickel in matte in the first quarter of
2025 (“1Q25”).
Production Highlights
1Q25 4Q24 1Q24
Nickel in matte production (t) 17,027 18,528 18,199
In 1Q25, our production volume was approximately 8% and 6% lower compared to the production
volume realized in 4Q24 and 1Q24, respectively. This was mainly due to an unplanned shutdown of
one of our electric furnaces, which was caused by a one-off issue within the electrode system.
“We took this opportunity to accelerate our maintenance schedule from the third quarter to the first
quarter of 2025, allowing us to better align our operations in the upcoming quarters. Despite this
challenge, we are implementing strategic measures to keep our production on track. We remain
committed to innovation and excellence and look forward to the exciting opportunities ahead," said
Abu Ashar, Vice President Director and Chief Operation and Infrastructure Officer of the Company.
The Company delivered 17,096 tons of nickel matte and recorded sales of US$206.5 million in the
quarter, down from US$241.8 million in 4Q24 due to lower shipment quantity and lower average
realized nickel price. The average realized price in 1Q25 was US$11,932 per ton, reflecting a 5% and
6% lower change compared to the price in 4Q24 and 1Q24, respectively.
In addition to our nickel matte sales, for the first time the Company commercially sold approximately
80,000 tons of saprolite ore to domestic buyers, marking a more diversified revenue stream and
positive growth prospect for the company’s operations. We expect this number to gradually increase
in the coming months, following the approval of our Work Plan and Budget (RKAB) at the end of 2024,
as part of the 290,000 tons that we aim to conclude by the first half of 2025.
Aside from diversifying our revenue stream, we continued to improve our cost base and successfully
reduce our Cost of Revenue. On a quarter-on-quarter basis, the Company’s Cost of Revenue
decreased by 13%, from US$213.8 million in 4Q24 to US$187.0 million in 1Q25, and it is also 11%
lower than the same period last year. Aside from benefiting from lower commodity prices, the
Company continued to focus on improving efficiencies through implementation of procurement bulk
material sourcing strategy where positive result was reflected in this quarter.
[ 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
Thanks to the Company's ongoing efforts to manage costs, we recorded EBITDA of US$51.7 million
in the first quarter of 2025, slightly lower than the US$54.1 million recorded in the previous quarter
mainly due to a lower average realized nickel price. Despite this, we achieved positive earnings of
US$21.8 million for the quarter.
The table below outlines PT Vale's consumption and average prices for High Sulphur Fuel Oil (HSFO),
diesel, and coal:
1Q25 4Q24 1Q24
HSFO volume (barrels) 319,536 336,513 425,301
HSFO average price per barrel US$84.64 US$87.07 US$85.63
Diesel volume (kilolitres) 18,614 15,319 18,473
Diesel average price per litre US$0.79 US$0.78 US$0.84
Coal volume (t) 118,018 121,104 117,115
Coal average price per t (*) US$161.49 US$182.11 US$176.85
(*) Price in WMT (Wet Metric Ton) and CFR (Cost & Freight) basis
The table shows a quarter-on-quarter decrease in HSFO and coal consumption due to lower
production during the quarter. On the other hand, diesel consumption in the 4Q24 should become the
normal range, where we expect consumption and activities distributed to normal levels in the coming
quarters. In 1Q25, HSFO and coal prices fell by 3% and 11% respectively, while diesel prices saw a
modest increase of 1% compared to the previous quarter which already reflect B40 implementation.
The significant drop in coal price also reflected improvement from procurement category initiative
related to vendor sourcing which we expect to support coal price baseline in the following quarters.
Fuels and coal are key components of PT Vale’s production costs. Alongside our energy mix initiative,
the recent decline in commodity prices has helped lower our unit cash cost of sales to US$8,501 per
ton in 1Q25, an improvement over the previous quarter of US$8,978 per ton in 4Q24.
As of this report, the Company is in the process of preparing the revised RKAB to secure around 2
million tons of additional saprolite ore from the Bahodopi block. With the recent progress in mining
development in Bahodopi, we are optimistic that the operations will commence earlier sometimes
around end of Q2 – early Q3 this year.
During the period, PT Vale disbursed approximately US$128.1 million in capital expenditure for
sustaining and growth spending, a signal toward our commitment for the growth projects. The
Company’s Cash and cash equivalents as of March 31, 2025 was US$601.4 million, a decrease of
11% compared to US$674.7 million as of December 31, 2024. The Company will continue to exercise
prudent control of its spending to preserve cash.
Readers are encouraged to review the Company’s results. Operational achievements and interim
financial results are summarized on the following pages – all figures are in US$ except for nickel in
matte production and deliveries which are in metric tons.
[ 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
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For further information, please contact:
Rizky Putra, Chief Financial Officer
ptvi.investorrelation@vale.com
Vanda Kusumaningrum, Head of Corporate
Communications
vanda.kusumaningrum@vale.com
visit our website at
www.vale.com/indonesia
or call us at
(+62 21) 524 9000
[ 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
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PT Vale Indonesia Tbk
Production and Financial Highlights
1Q25 4Q24 1Q24
Nickel in matte production1 17,027 18,528 18,199
Nickel matte deliveries1 17,096 19,196 18,175
Average realized price2 11,932 12,597 12,651
EBITDA3 51.7 54.1 52.4
Revenue3 206.5 241.8 229.9
Profit3 21.8 6.7 6.2
Earnings per share4 0.0021 0.0006 0.0006
1
metric ton (t)
2
US$ per t
3
US$ million
4
US$
[ 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
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PT Vale Indonesia Tbk
Interim Statements of Profit or Loss and Other Comprehensive Income
(In thousands of US$ except basic earnings per share)
1Q25 4Q24 1Q24
Revenue 206,525 241,820 229,937
Cost of revenue (187,012) (213,762) (209,843)
Gross profit 19,513 28,058 20,094
Operating expenses (7,901) (16,690) (6,302)
Other income 101 (730) 1,559
Other expenses (2,931) (1,987) (635)
Operating profit 8,782 8,678 14,716
Share in net profit from associate 23 (26) 63
(Loss)/gain on recognition of fair value of derivative
asset 16,570 (10,150) (12,880)
Gain on recognition of fair value of investment in
associate 448 1,346 -
Finance income 7,553 8,841 9,194
Finance costs (2,046) (1,489) (2,256)
Profit before income tax 31,330 7,200 8,837
Income tax expense (7,113) (4,171) (2,643)
Profit for the period before non-tax
government revenue 24,217 3,029 6,194
Non-tax government revenue (2,422) 3,624 -
Profit for the period 21,795 6,653 6,194
Other comprehensive loss
Items that will not be reclassified to profit or loss:
− Changes resulting from actuarial remeasurement
of post-employment benefit liabilities - 2,353 (3,544)
− Income tax on other comprehensive income - (518) 780
- 1,835 (2,764)
Items that will be reclassified to profit or loss:
- Currency differences from translation of
associate entity’s financial statements - (233) (346)
Total other comprehensive loss - 1,602 (3,110)
Total comprehensive income for the period 21,795 8,255 3,084
Profit for the period attributable to:
Owners of the parent entity 21,795 6,653 6,194
Total comprehensive income for
the period attributable to:
Owners of the parent entity 21,795 8,255 3,084
Earnings per share
- Basic and diluted (in full amount of US Dollars)
0.0021 0.0006 0.0006
[ 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
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PT Vale Indonesia Tbk
Interim Statements of Financial Position
(In thousands of US$)
March 31, December 31, March 31,
2025 2024 2024
Assets (Unaudited) (Audited) (Audited)
Cash and cash equivalents 601,395 674,690 730,852
Trade receivables - Related parties 87,797 84,402 86,418
Inventories 170,827 148,550 143,022
Prepaid taxes – Corporate Income Tax 3,810 - 10,145
– Other taxes 68,154 82,756 59,513
Prepayments and advances 8,125 8,195 4,902
Other current financial assets 6,602 6,181 5,861
Total current assets 946,710 1,004,774 1,040,713
Restricted cash 86,650 86,650 75,777
Prepaid taxes - Corporate income tax 61,534 63,752 18,726
- Other taxes 13,286 24,169 7,149
Investments in associate 58,375 - 12,127
Investments in shares 12,934 13,270 -
Derivative asset 21,320 4,750 11,810
Fixed assets 1,978,015 1,975,092 1,721,920
Other non-current financial assets 3,534 4,071 4,841
Total non-current assets 2,235,648 2,171,754 1,852,350
Total assets 3,182,358 3,176,528 2,893,063
Liabilities and Equity
Trade payables - Related parties - 239 114
- Third parties 153,886 170,486 104,285
Accruals 67,564 56,061 42,381
Short-term employee benefit liabilities 11,914 18,807 11,903
Taxes payable – Other Taxes 5,506 4,287 7,325
Lease liabilities 4,579 5,767 5,916
Share-based payment liabilities 242 595 29
Provision for asset retirement 4,282 5,497 6,568
Other current financial liabilities 1,172 1,732 2,548
Total current liabilities 249,145 263,471 181,069
Long-term post-employment benefit
liabilities 43,365 43,613 43,127
Deferred tax liabilities 9,492 5,660 14,653
Lease liabilities 1,366 2,260 3,960
Provision for asset retirement 116,374 122,528 76,331
Other non-current financial liabilities 6,044 6,220 6,302
Total non-current liabilities 176,641 180,281 144,373
Total liabilities 425,786 443,752 325,442
Equity 2,756,572 2,732,776 2,567,621
Total liabilities and equity 3,182,358 3,176,528 2,893,063
[ 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
Page 7
PT Vale Indonesia Tbk
Interim Statements of Cash Flows
(In thousands of US$)
1Q25 4Q24 1Q24
Cash flows from operating activities
Receipts from customers 203,178 237,401 245,332
Payments to suppliers (113,308) (130,685) (156,730)
Payments of corporate income tax (4,753) (26,139) (20,669)
Payments of other taxes (22,336) (19,519) (11,179)
Receipts of refunds of taxes 35,195 8,258 50,118
Payments to employees (36,163) (14,131) (37,344)
Withdrawal of financial guarantee - 769 28,080
Placement of financial guarantee - (10,873) -
Receipts of finance income 7,553 8,833 9,194
Payments of royalties and levies (13,685) (6,671) (14,039)
Net cash flows provided by operating activities 55,681 47,243 92,763
Cash flows from investing activities
Payments for acquisition of fixed assets (128,095) (131,219) (57,452)
Proceeds from disposal of fixed assets - (23) 150
Net cash flow decrease from loss of control of a subsidiary (880) - -
Net cash flows used in investing activities (128,975) (131,242) 57,302
Cash flows from financing activities
Issuance of new share - 94 -
Payments of lease liabilities (1,454) (7,150) (2,379)
Transaction costs for issuance of new share - (939)
Payments of finance costs (87) (247) (123)
Net cash flows provided by/(used in) financing
activities (1,541) (8,242) (2,502)
Net (decrease) /increase in cash and cash equivalents (74,835) (92,241) 32,959
Cash and cash equivalents at the beginning of the 674,690 771,215 698,795
period
Effect of exchange rate changes on cash 1,540 (4,284) (902)
and cash equivalents
Cash and cash equivalents at the end of the 601,395 674,690 730,852
period
[ 7 ]
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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