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UNDERSTANDING: Dividends and Interest on Equity
Mariana still has not settled an option to buy shares. The minor paid dividends in the amount of R $ 1.8 billion in the form of dividends in 2016. The previous year During the disaster, Vale recorded a net loss of 44.2 billion rubles, according to Economatica financial information provider.
Two days after the break-up of the Vale dam in Brumadinho, rescuers search for a helicopter in a flooded area – Photo: Andréé Penner / AP
Dividends are paid to shareholders of a company that trades shares on the stock market for the profit generated the previous year – or previous years. Interest on shareholders' equity (JSCP) is a form of dividend paid in the form of a premium . In 1966, the company announced that it would propose not to distribute dividends to shareholders that year, citing "price volatility of mineral products" as the reason, but that a payment had been made.
then, Vale compensated its shareholders According to Economatica, the record figure reached 15 billion rand in 2018, reaching 13 billion rand in 2018, a record for 15 years.
Who Receives Dividends
More than half of Vale's shares (52%) belong to several categories of investors, such as foreigners, according to B3. The second largest shareholder is Litel Participações (consisting of public pension funds), with 19%.
The other major shareholders are BNDES Participant (7.6%), Bradespar (6.3%) and Blackrock (5.9%). The government owns 12 shares (preferred shares) of the mining company, but its participation is unimportant.
Gold shares are a special clbad of shares offering specific and strategic rights. The union took these steps after the privatization of the mining company, allowing the government to intervene in areas such as the change of corporate name and the company's purpose; liquidation of the company; sale (sale) or closure of activities; among others.
See the amount of dividends paid by Vale to shareholders:
- 2015: R $ 5.07 billion
- 2016: R $ 1,829 billion
- 2017: R $ 4,667 billion
- 2018: R Percentage (%) per shareholder as of 22/01/2019
Source: B3
In Brazilian corporate law, companies must distribute dividends of at least 25% of the net income of the company. previous year, plus payment of the JSCP. But the status of each company can set the percentage to pay and even suspend the distribution.
Marcos Piellusch, professor at the Institute of Administration Foundation (FIA), based on data provided by the companies themselves, shows that the company's board of directors has also increased since 2015. This year- There, R $ 93.3 to executives, with a salary of R $ 22.28 million.
The following year, total compensation paid fell to R $ 57.98 million – but rose again in subsequent years to R $ 161.38 million in 2017 and $ 170.54 million in R $ in 2018. [19659009] Dividends and bonds suspended
Vale announced Monday (28) that its board of directors decided to suspend the payment of dividends and interest on own funds and variable remuneration (bonuses) to the leaders of the company after the Brumadinho disaster.
The news came after court decisions blocked $ 11 billion of corporate resources.
For Luiz Marcatti, chairman of the governance council, the financial burden of the disaster will be enormous this time. "It is very difficult for a company with foreigners among its major investors and with shares traded around the world to recover its image," he said.
The boards of directors may still propose the suspension of this type of payment for a relevant reason, subject to the approval of this vote.
"Given the gravity of the situation, we can not imagine that it would be different, even because justice has blocked a very large volume and that the company would not even be able to pay" Marcatti notes.
Market value tripled after Mariana
Market value of Vale
Amount on the last day of each year, in R $ billion
Source: Economatica
In 2015, Vale lost 45 R $. , 9 billion in market value compared to 2014, closing the year at R $ 61.6 billion, a reduction of 42%, according to Economatica data.
But in three years, the miner recovered his losses and even more than tripled his market value, closing in 2018 with a value of 263 billion R $.
Privatization and record production
Founded in 1942 and privatized in 1997, Vale started as a limited company called "Companhia Vale Do Rio Doce" in Minas Gerais.
In 2017, the company recorded record production of 366.5 million tonnes of iron ore, the majority of which was exported to China. Vale also operates nickel, copper and other metals.
With 76,500 employees, the company operates in 30 countries and has diversified over the years, including hydroelectric power stations, railways and ports.
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