VALEVale S.A.

$65B

Q2 2017 Earnings

Basic Materials Industrial Materials

Income Statement

Revenue

$7.2B+9.2% YoY

Gross Profit

$2.1B29.5% margin

Operating Income

$1.5B21.1% margin

Net Income

$16M0.2% margin

EPS (Diluted)

$0.00

QoQ Revenue Growth

-15.0%

Cash Flow

Operating Cash Flow

$3.4B

Free Cash Flow

$2.2B

Stock-Based Comp.

$0

Balance Sheet

Total Assets

$98.3B

Total Liabilities

$56.4B

Stockholders' Equity

$40.5B

Cash & Equivalents

$5.7B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$7.2B	$6.6B	+9.2%
Gross Profit	$2.1B	$1.8B	+16.5%
Operating Income	$1.5B	$1.3B	+19.6%
Net Income	$16M	$1.1B	-98.6%

VALE Q2 2017 Earnings — Vale S.A. Revenue & Financial Results | Market Cap Arena