Equity securities classified as "available-for-sale" are recorded pursuant to accounting for certain investments in debt and equity securities. Accordingly, Vale classifies unrealized holding gains and losses, net of taxes, as a separate component of stockholders' equity until realized.
Source: Vale S.A., Annual Report
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Vale S.A., adjustment to Net Income Attributable To The Company’s Stockholders
USD $ in millions
| 12 months ended | Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
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Net income attributable to the Company’s stockholders (as reported) | |
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Add: Unrealized gain (loss) on available-for-sale securities | |
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Net income attributable to the Company’s stockholders (adjusted) | |
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Vale S.A., adjusted ratios
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| Net Profit Margin | ||||||
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Reported net profit margin | % |
% |
% |
% |
% |
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Adjusted net profit margin | % |
% |
% |
% |
% |
| Return on Equity (ROE) | ||||||
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Reported ROE | % |
% |
% |
% |
% |
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Adjusted ROE | % |
% |
% |
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% |
| Return on Assets (ROA) | ||||||
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Reported ROA | % |
% |
% |
% |
% |
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Adjusted ROA | % |
% |
% |
% |
% |
| Ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Vale S.A.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by shareholders' equity. | Vale S.A.'s adjusted ROE improved from 2009 to 2010 and from 2010 to 2011. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by total assets. | Vale S.A.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net income attributable to the Company’s stockholders (USD $ in millions) | |
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Operating revenues, net of discounts, returns and allowances (USD $ in millions) | |
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Net profit margin1 | % |
% |
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| Adjusted: Mark to Market Available-for-sale Securities | ||||||
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Adjusted net income attributable to the Company’s stockholders (USD $ in millions) | |
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Operating revenues, net of discounts, returns and allowances (USD $ in millions) | |
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Adjusted net profit margin2 | % |
% |
% |
% |
% |
2011 Calculations
1 Net profit margin = 100 × Net income attributable to the Company’s stockholders ÷ Operating revenues, net of discounts, returns and allowances
= 100 × ÷ = %
2 Adjusted net profit margin = 100 × Adjusted net income attributable to the Company’s stockholders ÷ Operating revenues, net of discounts, returns and allowances
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Vale S.A.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net income attributable to the Company’s stockholders (USD $ in millions) | |
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Company stockholders’ equity (USD $ in millions) | |
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ROE1 | % |
% |
% |
% |
% |
| Adjusted: Mark to Market Available-for-sale Securities | ||||||
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Adjusted net income attributable to the Company’s stockholders (USD $ in millions) | |
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Company stockholders’ equity (USD $ in millions) | |
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Adjusted ROE2 | % |
% |
% |
% |
% |
2011 Calculations
1 ROE = 100 × Net income attributable to the Company’s stockholders ÷ Company stockholders’ equity
= 100 × ÷ = %
2 Adjusted ROE = 100 × Adjusted net income attributable to the Company’s stockholders ÷ Company stockholders’ equity
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by shareholders' equity. | Vale S.A.'s adjusted ROE improved from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net income attributable to the Company’s stockholders (USD $ in millions) | |
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Total assets (USD $ in millions) | |
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ROA1 | % |
% |
% |
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% |
| Adjusted: Mark to Market Available-for-sale Securities | ||||||
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Adjusted net income attributable to the Company’s stockholders (USD $ in millions) | |
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Total assets (USD $ in millions) | |
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Adjusted ROA2 | % |
% |
% |
% |
% |
2011 Calculations
1 ROA = 100 × Net income attributable to the Company’s stockholders ÷ Total assets
= 100 × ÷ = %
2 Adjusted ROA = 100 × Adjusted net income attributable to the Company’s stockholders ÷ Total assets
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by total assets. | Vale S.A.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011. |
May 24, 2012