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1Q08 Results

1Q08 Results. Rio de Janeiro – April 25th, 2008. Corporate social responsibility is a strategic commitment. Socio-environmental investments in 1Q08: US$ 154.6 million. Investments US$ million. Highlights. Social

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1Q08 Results

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  1. 1Q08 Results Rio de Janeiro – April 25th, 2008

  2. Corporate social responsibility is a strategic commitment Socio-environmental investments in 1Q08: US$ 154.6 million Investments US$ million

  3. Highlights Social • Socio-economic Integrated Diagnostics: study performed in 27 cities in Maranhão and Pará, with the objective of analyzing the reality of the regions where the company is present. • Educational Project of Social Inclusion: pre-SAT course sponsored by Vale, with support of the Federal University of Maranhão. One of the students was ranked first in the tests for the Chemistry course. • Sarzedo Station Project: revitalization of the former Sarzedo rail station, in Minas Gerais, which will be part of the museum corridor of the region. Environmental • Finalization of Ecologically Correct Maintenance Workshop, in Parauapebas, Pará: a system that uses rain water, thus saving approximately 400,000 liters of water/day, besides power savings. • Signature of agreement to expand the water treatment station of Canãa de Carajás, Pará, which will increase the production capacity of treated water.

  4. Labor Force Generation In 1T08, Vale launched 3 of 8 Entrance Door programs • Professional Specialization: 16,498 engineers and geologists enrolled for 300 vacancies for post-graduate courses in Mine, Port and Railway. It had 54 candidates per position. Three classes in the North will start by the end of April, May and June. In the South and Southeastern regions candidates make the tests of the selective process. • Internship Program: 39,000 people enrolled for 300 internship positions in the states of RJ, SP, SE, MG, ES, MA, PA, and DF. New selection with 1,200 positions shall be performed in the months of July and August. • Professional Education: 22,640 people enrolled with the course of High School or Professional High School finished for 550 positions offered in Espírito Santo and Pará. Other 3,000 positions will be offered in 2008 in MG, RJ and MA.

  5. Job creation * It is estimated that Vale’s activities generate 765,000 direct and indirect jobs, of which 81% in Brazil * In addition to these direct jobs, approximately 5,000 jobs are created in Vale’s affiliate companies

  6. Record operating results in 1Q08

  7. Record shipments in 1Q08 • iron ore and pellets:76.572 million metric tons (a 15% increase compared with 1Q07) • aluminum: 136 thousand metric tons • alumina: 833 thousand metric tons • cobalt: 740 thousand metric tons • Platinum metals group:86 thousand troy ounces

  8. + 14.9% Vale’s iron ore and pellet sales Millions of metric tons

  9. Vale and its partners attracted US$ 13.3 billion to Brazil in steel projects This represents 74% of the entire Brazilian steel sector growth in the next years 1-Total investment of 100% of the project 2-In review 3-Part regarding the increase of steel production. 4-Siderúrgica do Pará not added

  10. Dividends paid to shareholders • Vale announced it will pay the first tranche of its 2008 minimum dividend as of April 30th • The amount will be US$ 0.26 per common or preferred share, totalling US$ 1.25 billion

  11. Solid financial performance In US$ million 1Q07 1Q08Δ% Gross revenue 7,680 8,048 4.8 Net revenue 7,489 7,832 4.6 Operating profit2,702 2,915 7.9 Net profit 2,217 2,021 -8.8 EBITDA 3,184 3,729 17.1

  12. + 24.6 % Investment 1Q08 US$ million (*) (*) Excludes acquisitions

  13. Delivered projects Fazendão Capacity of 15.8 mtpy to supply Samarco’s 3rd pelletizing plant Samarco Usina 3 New pelletizing plant (Vale owns a 5O% stake) will have a capacity of 7,6 million tpy of pellets Dalian Plant in China to process matte nickel produced in Goro, with capacity of 35,000 t/y

  14. Projects yet to be delivered in 2008 Organic growth is Vale’s goal Total investment CapacityStart-up Paragominas II 196 + 4.5 mtpa 1H08 Alunorte 6 and 7 846 + 2 mtpa 2H08 Itabiritos 973 7.0 mtpa 2H08 Goro (nickel) 3,212 60 mtpa 2H08 In US$ million

  15. +23.5% 1Q07-1Q08 Vale’s exports US$ billion

  16. Vale is Brazil’s biggest net exporter 96.5% of the Brazilian trade surplus in 1Q07 US$ billion * exports - imports

  17. Diversification of the portfolio of products Gross revenue per product 1Q07 US$ 7,680 million 1Q08 US$ 8,048 million * * * cobalt, kaolin, potassium and others

  18. Diversification in the destination of sales Gross revenue per destination 1Q07 US$ 7,680 million 1Q08 US$ 8,048 million

  19. In five years we multiplied our market value by 17-fold March 31, 2007 December 31, 2001 US$ 159.9 billion Value in Apr/24/08: US$ 170.6 billion US$ 9.2 billion Record in Apr/22/08:US$ 180.4 billion 2nd 6th

  20. 1Q08 Results Rio de Janeiro – April 25th, 2008 www.vale.com/pressoffice

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