Vale Indonesia Pays USD $50 Million in Dividends amid Weak 2012 Performance
Shareholders of Vale Indonesia, Indonesia's largest nickel producer, approved the proposal to allocate USD $6.7 million to general reserve and to distribute final dividend of USD $0.00252 per share. The dividend - equivalent to USD $25 million in aggregate from Vale Indonesia's net profit - will be paid on 31 May 2013. Indonesian shareholders will be paid in Indonesian rupiah based on the Central Bank's mid rate on 17 May 2013. Non-Indonesian shareholders will be paid in US dollar.
Vale Indonesia had already distributed interim dividend in December 2012, amounting to USD $25 million. Total dividends related to 2012 will thus be about USD $50 million, a payout ratio of approximately 74 percent.
Despite reaching an all time high quarterly production record of 21,306 metric tons of nickel in matte in Q4-2012, low nickel prices - due to global economic uncertainties - impacted on Vale Indonesia's revenue in 2012 (the nickel price per metric ton in 2012 was 26 percent lower than in 2011). The company's revenue fell 22.2 percent to USD $967.3 million. Net profit in 2012 fell 79.8 percent to USD $67.5 million. Cost of revenue in 2012 rose 10 percent due to the higher High Sulphur Fuel Oil price as well as increased supply costs associated with furnace repair activities in the first half of 2012.
Vale Indonesia, Indonesia's largest nickel producer and subsidiary of the world's second largest mining company, operates one of the world's biggest integrated lateritic nickel mining and processing operations on the island of Sulawesi.
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Vale Indonesia's Financial Highlight:
| 2008 | 2009 | 2010 | 2011 | 2012 | |
| Nickel in Matte Production¹ |
72,385 | 67,329 | 75,989 | 66,900 | 70,717 |
| Revenue | 1,312.1 | 761.0 | 1,276.3 | 1,242.6 | 967.3 |
| Gross Profit | 503.2 | 244.9 | 624.9 | 515.4 | 166.7 |
| Profit before Tax |
463.3 | 236.7 | 581.3 | 452.3 | 91.4 |
| Net Profit |
359.3 | 170.4 | 437.4 | 333.8 | 67.5 |
| Total Assets | 1,843.2 | 2,027.6 | 2,190.2 | 2,421.4 | 2,333.1 |
| Total Liabilities | 322.3 | 446.3 | 510.4 | 652.2 | 611.6 |
| EBITDA | 550.1 | 327.8 | 679.6 | 552.0 | 209.2 |
| Earnings per Share² | 0.036 | 0.017 | 0.044 | 0.034 | 0.007 |
| Dividend per Share² | 0.02264 | 0.01107 | 0.01410 | 0.01000 | 0.00252 |
in million US dollar unless otherwise stated
¹ in tons
² in US dollar
Source: Vale Indonesia, Annual Report 2012
Download Vale Indonesia's Annual 2012 Report