VALE S.A. As filed with the Securities and Exchange Commission on April 10, 2017
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2016 Commission file number: 001-15030 VALE S.A.(Exact name of Registrant as specified in its charter)
Federative Republic of Brazil
(Jurisdiction of incorporation or organization)
Luciano Siani Pires, Chief Financial Officer phone: +55 21 3814 8888
fax: +55 21 3814 8820
Avenida das Am´ericas, 700 - Bloco 8 - Loja 318 22640-100 Rio de Janeiro, RJ, Brazil (Address of principal executive offices)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Name of Each Exchange on
Title of Each Class Which Registered
Preferred class A shares of Vale, no par value per share New York Stock Exchange*
American Depositary Shares (evidenced by American Depositary Receipts), each New York Stock Exchange representing one preferred class A share of Vale
Common shares of Vale, no par value per share New York Stock Exchange*
American Depositary Shares (evidenced by American Depositary Receipts), each New York Stock Exchange representing one common share of Vale
5.625% Guaranteed Notes due 2019, issued by Vale Overseas New York Stock Exchange
4.625% Guaranteed Notes due 2020, issued by Vale Overseas New York Stock Exchange
5.875% Guaranteed Notes due 2021, issued by Vale Overseas New York Stock Exchange
4.375% Guaranteed Notes due 2022, issued by Vale Overseas New York Stock Exchange
6.250% Guaranteed Notes due 2026, issued by Vale Overseas New York Stock Exchange
8.250% Guaranteed Notes due 2034, issued by Vale Overseas New York Stock Exchange
6.875% Guaranteed Notes due 2036, issued by Vale Overseas New York Stock Exchange
6.875% Guaranteed Notes due 2039, issued by Vale Overseas New York Stock Exchange
5.625% Notes due 2042, issued by Vale S.A. New York Stock Exchange
* Shares are not listed for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the New York Stock Exchange.
Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None The number of outstanding shares of each class of stock of Vale as of December 31, 2016 was:
3,185,653,000 common shares, no par value per share 1,967,721,914 preferred class A shares, no par value per share 12 golden shares, no par value per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes lg] No D
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Yes D No lg]
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes lg] No D
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes lg] No D
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of ''accelerated filer'' and ''large accelerated filer'' in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer lg] Accelerated filer D Non-accelerated filer D
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP D International Financial Reporting Standards as issued by the International Accounting Standards Board lg] Other D
If ''Other'' has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
Item 17 D Item 18 D
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes D No lg]
TABLE OF CONTENTSPage | Page | ||
Form 20-F cross reference guide . . . . . . . | ii | III. Share ownership and trading | |
Forward-looking statements . . . . . . . . . . | iv | Major shareholders . . . . . . . . . . . . . . . . | 109 |
Risk factors . . . . . . . . . . . . . . . . . . . . . | 1 | Related party transactions . . . . . . . . . . . | 116 |
Selected financial data . . . . . . . . . . . . . . | 15 | Distributions . . . . . . . . . . . . . . . . . . . . | 118 |
Trading markets . . . . . . . . . . . . . . . . . . | 119 | ||
I. Information on the company | Share price history . . . . . . . . . . . . . . . . | 120 | |
Business overview . . . . . . . . . . . . . . . . . | 17 | Depositary shares . . . . . . . . . . . . . . . . . | 120 |
Lines of business . . . . . . . . . . . . . . . . . | 27 | Purchases of equity securities by the issuer | |
1. Ferrous minerals . . . . . . . . . . . | 29 | and affiliated purchasers . . . . . . . . . | 121 |
2. Base metals . . . . . . . . . . . . . . . | 39 | ||
3. Coal . . . . . . . . . . . . . . . . . . . . | 52 | IV. Management and employees | |
4. Infrastructure . . . . . . . . . . . . . . | 54 | Management . . . . . . . . . . . . . . . . . . . . | 122 |
5. Other investments . . . . . . . . . . | 61 | Management compensation . . . . . . . . . . | 133 |
Reserves . . . . . . . . . . . . . . . . . . . . . . . | 62 | Employees . . . . . . . . . . . . . . . . . . . . . . | 135 |
Capital expenditures . . . . . . . . . . . . . . . | 71 | ||
Regulatory matters . . . . . . . . . . . . . . . . | 73 | V. Additional information | |
Discontinued operations . . . . . . . . . . . . . | 78 | Legal proceedings . . . . . . . . . . . . . . . . . | 136 |
Memorandum and articles of association . | 144 | ||
II. Operating and financial review and | Shareholder debentures . . . . . . . . . . . . . | 151 | |
prospects | Exchange controls and other limitations | ||
Overview . . . . . . . . . . . . . . . . . . . . . . . | 81 | affecting security holders . . . . . . . . . | 152 |
Results of operations . . . . . . . . . . . . . . . | 87 | Taxation . . . . . . . . . . . . . . . . . . . . . . . | 154 |
Liquidity and capital resources . . . . . . . . | 100 | Evaluation of disclosure controls and | |
Contractual obligations . . . . . . . . . . . . . | 103 | procedures . . . . . . . . . . . . . . . . . . . | 161 |
Off-balance sheet arrangements . . . . . . . | 103 | Management's report on internal control | |
Critical accounting policies and estimates . | 103 | over financial reporting . . . . . . . . . . | 161 |
Risk management . . . . . . . . . . . . . . . . . | 107 | Corporate governance . . . . . . . . . . . . . . | 162 |
Code of ethics and conduct . . . . . . . . . . | 164 | ||
Principal accountant fees and services . . . | 165 | ||
Information filed with securities regulators . | 166 | ||
Exhibits . . . . . . . . . . . . . . . . . . . . . . . . | 167 | ||
Glossary . . . . . . . . . . . . . . . . . . . . . . . | 168 | ||
Signatures . . . . . . . . . . . . . . . . . . . . . . | 173 |
Index to consolidated financial statements . . F-1
FORM 20-F CROSS REFERENCE GUIDEItem | Form 20-F caption | Location in this report | Page |
1 | Identity of directors, senior management |
and advisers . . . . . . . . . . . . . . . . . . Not applicable . . . . . . . . . . . . . . . . . . . -
Offer statistics and expected timetable . . . . Not applicable . . . . . . . . . . . . . . . . . . . -
Key information
3A Selected financial data . . . . . . . . . . . . Selected financial data . . . . . . . . . . . . . . 15
3B Capitalization and indebtedness . . . . . . Not applicable . . . . . . . . . . . . . . . . . . . - 3C Reasons for the offer and use of
proceeds . . . . . . . . . . . . . . . . . . . . Not applicable . . . . . . . . . . . . . . . . . . . -
3D Risk factors . . . . . . . . . . . . . . . . . . . Risk factors . . . . . . . . . . . . . . . . . . . . . 1
Information on the Company . . . . . . . . . . 4A History and development of the
company . . . . . . . . . . . . . . . . . . . . Business overview, Capital expenditures . . . 17, 71 4B Business overview . . . . . . . . . . . . . . . Business overview, Lines of business,
Reserves, Regulatory matters . . . . . . . . . 17, 27, 62, 73 4C Organizational structure . . . . . . . . . . . Exhibit 8 . . . . . . . . . . . . . . . . . . . . . . . - 4D Property, plant and equipment . . . . . . . Lines of business, Capital expenditures,
Regulatory matters . . . . . . . . . . . . . . . 27, 71, 73
4A Unresolved staff comments . . . . . . . . . . . None . . . . . . . . . . . . . . . . . . . . . . . . . -
Operating and financial review and prospects
5A Operating results . . . . . . . . . . . . . . . | Results of operations . . . . . . . . . . . . . . . | 87 |
5B Liquidity and capital resources . . . . . . . | Liquidity and capital resources . . . . . . . . . | 100 |
5C Research and development, patents and | ||
licenses, etc. . . . . . . . . . . . . . . . . . . | Capital expenditures . . . . . . . . . . . . . . . | 71 |
5D Trend information . . . . . . . . . . . . . . . | Results of operations . . . . . . . . . . . . . . . | 87 |
5E Off-balance sheet arrangements . . . . . . | Off-balance sheet arrangements . . . . . . . . | 103 |
Critical accounting policies and estimates . . | 103 | |
5F Tabular disclosure of contractual | ||
obligations . . . . . . . . . . . . . . . . . . . | Contractual obligations . . . . . . . . . . . . . . | 103 |
5G Safe harbor . . . . . . . . . . . . . . . . . . . | Forward-looking statements . . . . . . . . . . . | iv |
6 | Directors, senior management and | |
employees | - | |
6A Directors and senior management . . . . . | Management . . . . . . . . . . . . . . . . . . . . | 122 |
6B Compensation . . . . . . . . . . . . . . . . . | Management compensation . . . . . . . . . . . | 133 |
6C Board practices . . . . . . . . . . . . . . . . | Management-Board of directors . . . . . . . | 122 |
6D Employees . . . . . . . . . . . . . . . . . . . | Employees . . . . . . . . . . . . . . . . . . . . . . | 135 |
6E Share ownership . . . . . . . . . . . . . . . . | Major shareholders, . . . . . . . . . . . . . . . . | |
Major shareholders, | ||
Employees-Performance-based | ||
compensation . . . . . . . . . . . . . . . . . . | 109, 136 | |
7 | Major shareholders and related party | |
transactions | ||
7A Major shareholders . . . . . . . . . . . . . . | Major shareholders . . . . . . . . . . . . . . . . | 109 |
7B Related party transactions . . . . . . . . . . | Related party transactions . . . . . . . . . . . . | 116 |
7C Interests of experts and counsel . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
8 | Financial information | |
8A Consolidated statements and other | ||
financial information . . . . . . . . . . . . . | Financial statements . . . . . . . . . . . . . . . . | F-1 |
Distributions . . . . . . . . . . . . . . . . . . . . | 118 | |
Legal proceedings . . . . . . . . . . . . . . . . . | 136 | |
8B Significant changes . . . . . . . . . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
9 | The offer and listing | |
9A Offer and listing details . . . . . . . . . . . | Share price history . . . . . . . . . . . . . . . . . | 120 |
9B Plan of distribution . . . . . . . . . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
9C Markets . . . . . . . . . . . . . . . . . . . . . | Trading markets . . . . . . . . . . . . . . . . . . | 119 |
9D Selling shareholders . . . . . . . . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
9E Dilution . . . . . . . . . . . . . . . . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
9F Expenses of the issue . . . . . . . . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
Item Form 20-F caption Location in this report Page
10 Additional information
10A Share capital . . . . . . . . . . . . . . . . . Memorandum and articles
of association-Common shares and preferred shares . . . . . . . . . . . . . . . . . | 144 | ||
10B Memorandum and articles of association . . . . . . . . . . . . . . . . . . . | Memorandum and articles of association . . . | 144 | |
10C Material contracts . . . . . . . . . . . . . . 10D Exchange controls . . . . . . . . . . . . . . | Lines of business, Results of operations, Related party transactions . . . . . . . . . . Exchange controls and other limitations affecting security holders . . . . . . . . . . . | 27, 87, 116 152 | |
10E Taxation . . . . . . . . . . . . . . . . . . . . 10F Dividends and paying agents . . . . . . . 10G Statement by experts . . . . . . . . . . . . 10H Documents on display . . . . . . . . . . . 10I Subsidiary information . . . . . . . . . . . . | Taxation . . . . . . . . . . . . . . . . . . . . . . . Not applicable . . . . . . . . . . . . . . . . . . . Reserves . . . . . . . . . . . . . . . . . . . . . . . Information filed with securities regulators . . . . . . . . . . . . . . . . . . . . . Not applicable . . . . . . . . . . . . . . . . . . . | 154 - 62 166 - | |
11 | Quantitative and qualitative disclosures about market risk . . . . . . . . . . . . . . | Risk management . . . . . . . . . . . . . . . . . | 107 |
12 | Description of securities other than equity securities | ||
12A Debt securities . . . . . . . . . . . . . . . . 12B Warrants and rights . . . . . . . . . . . . . 12C Other securities . . . . . . . . . . . . . . . 12D American Depositary Shares . . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . Not applicable . . . . . . . . . . . . . . . . . . . Not applicable . . . . . . . . . . . . . . . . . . . Depositary shares . . . . . . . . . . . . . . . . . | - - - 120 | |
13 | Defaults, dividend arrearages and delinquencies . . . . . . . . . . . . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
14 | Material modifications to the rights of security holders and use of proceeds . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
15 | Controls and procedures . . . . . . . . . . . . . | Evaluation of disclosure controls and procedures . . . . . . . . . . . . . . . . . . . . | 161 |
Management's report on internal control over financial reporting . . . . . . . . . . . . | 161 | ||
16A | Audit Committee financial expert . . . . . . . | Management-Fiscal Council . . . . . . . . . . | 130 |
16B | Code of ethics . . . . . . . . . . . . . . . . . . . | Code of ethics and conduct . . . . . . . . . . . | 164 |
16C | Principal accountant fees and services . . . . | Principal accountant fees and services . . . . | 165 |
16D | Exemptions from the listing standards for audit committees . . . . . . . . . . . . . . . | Management-Fiscal Council; Corporate | |
governance . . . . . . . . . . . . . . . . . . . . | 130, 162 | ||
16E | Purchase of equity securities by the issuer and affiliated purchasers . . . . . . . . . . | Purchases of equity securities by the issuer | |
and affiliated purchasers . . . . . . . . . . . | 121 | ||
16F | Change in registrant's certifying accountant | Not applicable . . . . . . . . . . . . . . . . . . . | - |
16G | Corporate governance . . . . . . . . . . . . . . | Corporate governance . . . . . . . . . . . . . . | 162 |
16H | Mine safety disclosure . . . . . . . . . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
17 | Financial statements . . . . . . . . . . . . . . . | Not applicable . . . . . . . . . . . . . . . . . . . | - |
18 | Financial statements . . . . . . . . . . . . . . . | Financial statements . . . . . . . . . . . . . . . . | F-1 |
19 | Exhibits . . . . . . . . . . . . . . . . . . . . . . . | Exhibits . . . . . . . . . . . . . . . . . . . . . . . | 167 |
Vale SA published this content on 11 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 April 2017 03:40:04 UTC.
Original documenthttp://www.vale.com/EN/investors/information-market/Press-Releases/ReleaseDocuments/Vale 20-F FY2016 - i.pdf
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