Back to announcement
20240630_INCO_Laporan Informasi dan Fakta Material_31677179_lamp4.pdf
Other Text extracted INCOSource file signed link, expires in 15 minutes
Extracted text 6
Page 1
Higher production and deliveries in 1Q24 compared to the same quarter last year
Jakarta, June 28th, 2024 – PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker: INCO)
and its subsidiary (jointly referred to as the “Group”) today announced its production and audited
financial results for the first quarter of 2024 (“1Q24”). The Company recorded production of 18,199
metric tons (“t”) of nickel in matte and deliveries of 18,175 t of nickel matte in the quarter, resulting in
total Revenue of US$229.9 million.
Production Highlights
1Q24 4Q23 1Q23
Nickel in matte production (t) 18,199 19,084 16,769
As part of the Company’s maintenance strategy, there were no major shutdowns in 1Q24, leading to
a 9% increase in the production of nickel in matte compared to the same period last year. However,
this production level was 5% lower than the previous quarter, primarily due to the lower nickel grade.
The Group achieved a Revenue of US$229.9 million, reflecting a 22% and 37% decline compared to
Revenue in 4Q23 and 1Q23, primarily due to a lower average realized price. The average realized
price adjusted from US$14,239/t in 4Q23 and US$21,672/t in 1Q23 to US$12,651/t in 1Q24, reflecting
an 11% and 42% change. Despite the fluctuations in nickel price, the Company successfully maintain
its Cost of Revenue. On a year-on-year basis, the Company’s Cost of Revenue fell by 8%, from
US$228.2 million in 1Q23 to US$209.8 million in 1Q24, and it is also 10% lower than the previous
quarter. In addition to benefiting from lower commodity prices, the Company remains focused on
improving efficiencies and reducing costs while continuously enhancing our discipline on good mining
practices.
The following table provides details on PT Vale’s High Sulphur Fuel Oil (“HSFO”), diesel and coal
consumption and average price:
1Q24 4Q23 1Q23
HSFO volume (barrels) 425,301 396,234 557,543
HSFO average price per barrel US$85.63 US$90.93 US$77.59
Diesel volume (kilolitres) 18,473 19,435 15,241
Diesel average price per litre US$0.84 US$0.90 US$1.02
Coal volume (t) 117,115 100,789 56,268
Coal average price per t (*) US$176.85 US$198.01 US$421.94
(*) Price in WMT (Wet Metric Ton) and CFR (Cost & Freight) basis
[ 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
In line with the Financial Statements as of December 31, 2023, the Group recognized a derivative
asset arising from the additional participating right in its investment in PT Kolaka Nickel Indonesia in
the Financial Statements for the three-month period ended March 31, 2024. As of March 31, 2024,
the Company recorded a decline in the fair value of this derivative asset amounting US$12.88 million
from its value as of December 31, 2023, resulting a recognition of a loss in the fair value of the
derivative asset. This decline is primarily due to the decrease in nickel prices, which is a key
component in valuing the derivative asset.
Considering the Group has not yet recognized the derivative asset and the corresponding gain on
recognition of fair value of derivative asset in the Financial Statements for the period ended March
31, 2023, the Group restated the Financial Statements to include the derivative asset in the Balance
Sheet and the corresponding gain on recognition of fair value of derivative asset in the Interim
Consolidated Statements of Profit or Loss and Other Comprehensive Income.
PT Vale disbursed approximately US$57.4 million in capital expenditures this quarter, a 13% increase
compared to the same period last year of US$50.7 million due to higher spending on sustaining and
growth projects. However, this was 45% lower compared the previous quarter.
The Company’s Cash and cash equivalents as of March 31, 2024 was US$730.8 million, an increase
of 5% and 2% compared to US$698.8 million as of December 31, 2023 and US$717.3 million as of
March 31, 2023, respectively. PT Vale will continue to exercise prudent control of its spending to preserve
cash.
In 2024, PT Vale plans to produce approximately 70,800 t of nickel in matte. At the same time, the
Company will continue to improve productivity and cost efficiency of the operation without
compromising its foremost values: Life Matters Most, Respect Our Planet and Communities.
Readers are encouraged to review the Company’s results. Operational achievements and audited
financial results are summarized on the following pages – all figures are in US$ except for nickel in
matte production and deliveries which are in metric tons.
For further information, please contact:
Bernardus Irmanto, Chief Financial Officer
ptvi.investorrelation@vale.com
visit our website at
www.vale.com/indonesia
or call us at
(+62-21) 524 9000
[ 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
1Q24 4Q23 1Q23
Nickel in matte production1 18,199 19,084 16,769
Nickel matte deliveries1 18,175 20,673 16,758
Average realized price2 12,651 14,239 21,672
EBITDA3 52.4 98.5 173.58
Revenue3 229.9 294.4 363.2
Profit3 6.2 53.2 168.7
Earnings per share4 0.0006 0.0054 0.0170
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 subsidiary
Interim Consolidated Statements of Profit or Loss
and Other Comprehensive Income
(In thousands of US$ except basic earnings per share)
1Q24 4Q23 1Q23*)
Revenue 229,937 294,367 363,180
Cost of revenue (209,843) (234,249) (228,244)
Gross profit 20,094 60,118 134,936
Operating expenses (6,302) (6,240) (11,741)
Other income 1,559 490 117
Other expenses (635) (10,220) (9,236)
Operating profit 14,716 44,148 114,076
Share in net profit from associate 63 3 -
(Loss)/gain on recognition of fair value of derivative
asset (12,880) 24,690 96,180
Finance income 9,194 10,064 7,535
Finance costs (2,256) (6,138) (1,254)
Profit before income tax 8,837 72,767 216,537
Income tax expense (2,643) (19,519) (47,820)
Profit for the period 6,194 53,248 168,717
Other comprehensive (loss)/income
Items that will not be reclassified to profit or loss:
− Changes resulting from actuarial remeasurement
of post-employment benefit liabilities (3,544) (5,701) (4,588)
− Income tax on other comprehensive income 780 1,254 1,009
(2,764) (4,447) (3,579)
Items that will be reclassified to profit or loss:
- Currency differences from translation of
associate entity’s financial statements (346) - -
Total other comprehensive loss (3,110) (4,447) (3,579)
Total comprehensive income for the period 3,084 48,801 165,138
Profit for the period attributable to:
Owners of the parent entity 6,194 53,248 168,717
Total comprehensive income for
the period attributable to:
Owners of the parent entity 3,084 48,801 165,138
Earnings per share
- Basic and diluted (in full amount of US Dollars)
0.0006 0.0054 0.0170
*) Unaudited and unreviewed. Restated,
refer to FS note 42
[ 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 subsidiary
Interim Consolidated Statements of Financial Position
(In thousands of US$)
March 31, December 31, March 31,
2024 2023 2023*)
Assets (Audited) (Audited) (Unaudited)
Cash and cash equivalents 730,852 698,795 717,267
Trade receivables - Related parties 86,418 101,813 120,598
Inventories 143,022 155,946 168,102
Prepaid taxes – Corporate Income Tax 10,145 - -
– Other taxes 59,513 64,599 71,723
Prepayments and advances 4,902 6,056 4,002
Other current financial assets 5,861 5,910 5,412
Total current assets 1,040,713 1,033,119 1,087,104
Restricted cash 75,777 103,857 91,559
Prepaid taxes - Corporate income tax 18,726 15,015 10,933
- Other taxes 7,149 36,498 31,636
Investments in associate 12,127 12,410 12,709
Derivative asset 11,810 24,690 -
Fixed assets 1,721,920 1,695,531 1,567,276
Other non-current financial assets 4,841 4,879 3,430
Total non-current assets 1,852,350 1,892,880 1,813,723
Total assets 2,893,063 2,925,999 2,900,827
Liabilities and Equity
Trade payables - Related parties 114 312 190
- Third parties 104,285 140,515 123,847
Accruals 42,381 33,843 37,677
Short-term employee benefit liabilities 11,903 25,070 15,729
Taxes payable – Corporate income tax - - 18,764
– Other taxes 7,325 2,821 4,474
Lease liabilities 5,916 5,543 1,874
Share-based payment liabilities 29 110 141
Provision for asset retirement 6,568 6,422 6,106
Other current financial liabilities 2,548 2,091 2,390
Total current liabilities 181,069 216,727 211,192
Long-term post-employment benefit
liabilities 43,127 39,695 35,535
Deferred tax liabilities 14,653 19,603 41,150
Lease liabilities 3,960 3,078 3,671
Provision for asset retirement 76,331 77,482 84,395
Other non-current financial liabilities 6,302 4,877 5,068
Total non-current liabilities 144,373 144,735 169,819
Total liabilities 325,442 361,462 381,011
Equity 2,567,621 2,564,537 2,519,816
Total liabilities and equity 2,893,063 2,925,999 2,900,827
*) Unaudited and unreviewed. Restated, refer to FS note 42
[ 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 subsidiary
Interim Consolidated Statements of Cash Flows
(In thousands of US$)
1Q24 4Q23 1Q23
Cash flows from operating activities
Receipts from customers 245,332 293,394 383,959
Payments to suppliers (156,730) (152,786) (154,647)
Payments of corporate income tax (20,669) (40,559) (11,880)
Payments of other taxes (11,179) (38,852) (21,700)
Receipts of tax refunds 50,118 (1,125) -
Payments to employees (37,344) (4,091) (32,177)
Withdrawal of financial guarantee 28,080 - -
Placement of financial guarantee - (769) (18,515)
Receipts of finance income 9,194 10,064 7,535
Payments of royalties and levies (14,039) (18,668) (19,774)
Net cash flows provided by operating activities 92,763 46,608 132,801
Cash flows from investing activities
Payments for acquisition of fixed assets (57,452) (103,605) (50,687)
Proceeds from disposal of fixed assets 150 (2,062) 267
Net cash flow decrease from loss of control of a subsidiary - (165) (165)
Net cash flows used in investing activities 57,302 (105,832) (50,585)
Cash flows from financing activities
Payments of dividends - (789) -
Payments of lease liabilities (2,379) (3,592) (465)
Payments of finance costs (123) (115) (37)
Net cash flows used in financing activities (2,502) (4,496) (502)
32,959 (63,720) 81,714
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the 698,795 768,371 634,042
period
Effect of exchange rate changes on cash (902) (5,856) 1,511
and cash equivalents
Cash and cash equivalents at the end of the 730,852 698,795 717,267
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
Names mentioned 4 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Vale’s High Sulphur Fuel Oil
p.1
unresolved
org
PT Kolaka Nickel Indonesia
p.2
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.