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28.04.2012 00:00  | Business Wire

Buenaventura Announces First Quarter 2012 Results

Compañia de Minas Buenaventura S.A.A. ('Buenaventura? or 'the
Company?) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru′s largest,
publicly-traded precious metals mining company, announced today results
for the first quarter 2012. All figures have been prepared in accordance
with IFRS and are stated in U.S. dollars (US$).

Comments from the Chief Executive Officer:


Mr. Roque Benavides, Buenaventura′s Chief Executive Officer, stated:


'Net income in the first quarter reached US$207.5, 8% lower than the
figure reported in 1Q11 (US$224.8 million). EBITDA from Buenaventura′s
Direct Operations was US$171.1 million, 17% lower than the figure
reported in 1Q11 (US$207.0 million), while EBITDA including Yanacocha
and Cerro Verde increased 2%, from US$396.6 million in 1Q11 to US$403.1
million in 1Q12.


The Company reported higher operating costs and expenses in 1Q12, while
sales remained flat, which led to lower than expected results.

Financial Highlights (in millions of US$, except EPS figures):


 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

1Q12


 ?

 ?
1Q11
 ?

 ?
Var%
Total Revenues
 ?

 ?

377.0

 ?

 ?

375.7

 ?

 ?
0%
Operating Income
 ?

 ?

131.5

 ?

 ?

178.4

 ?

 ?
-26%
EBITDA

(BVN Direct Operations)?


 ?

 ?

171.1

 ?

 ?

207.0

 ?

 ?
-17%
EBITDA

(inc. Yanacocha and Cerro Verde) ?


 ?

 ?

403.1

 ?

 ?

396.6

 ?

 ?
2%
Net Income
 ?

 ?

207.5

 ?

 ?

224.8

 ?

 ?
-8%
EPS*
 ?

 ?

0.82

 ?

 ?

0.88

 ?

 ?
-8%

 ?

 ?

 ?

 ?

 ?

 ?


(*) As of March 31, 2012, Buenaventura had 254,442,328 shares
outstanding.

? Within this release, Buenaventura presents financial measures
in accordance with Peruvian GAAP, as well as on a non-GAAP basis. EBITDA
(Buenaventura Direct Operations) and EBITDA (including Yanacocha and
Cerro Verde) included in this release are non-GAAP financial measures.
Please see the consolidated financial information below for information
reconciling non-GAAP financial measures with Peruvian GAAP financial
measures.

Operating Revenue


During 1Q12, net sales were US$359.0 million, similar to the US$363.5
million reported in 1Q11. Lower base metal prices, as well as a decrease
in silver, copper and zinc volume sold offset higher precious metal
prices. It is important to mention that due to logistic constraints at
the Callao Port and warehouses, lead-silver concentrate inventories
tripled when comparing 1Q12 with 1Q11, representing a US$31 million
increase at market value.


Royalty income increased 47%, from US$12.3 million reported in 1Q11 to
US$18.1 million in 1Q12 due to higher revenues at Yanacocha.


 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?
Operating Highlights
 ?

 ?

 ?
1Q12
 ?

 ?
1Q11
 ?

 ?
Var%
 ?

Net Sales

(in millions of US$)


 ?

 ?

 ?

359.0

 ?

 ?

363.5

 ?

 ?
-1%
 ?
Average Realized Gold Price Gold (US$/oz)*
 ?

 ?

 ?

1,721

 ?

 ?

1,393

 ?

 ?
24%
 ?
Average Realized Gold Price (US$/oz) inc. Yanacocha
 ?

 ?

 ?

1,707

 ?

 ?

1,234

 ?

 ?
38%
 ?
Average Realized Silver Price (US$/oz)*
 ?

 ?

 ?

32.20

 ?

 ?

31.78

 ?

 ?
1%
 ?
Average Realized Lead Price (US$/MT)*
 ?

 ?

 ?

2,085

 ?

 ?

2,601

 ?

 ?
-20%
 ?
Average Realized

Zinc Price (US$/MT)*


 ?

 ?

 ?

2,042

 ?

 ?

2,423

 ?

 ?
-16%
 ?
Average Realized Copper Price (US$/MT)*
 ?

 ?

 ?

8,361

 ?

 ?

9,642

 ?

 ?
-13%
 ?


(*) Buenaventura′s Direct Operations


 ?

 ?

 ?

 ?
Sales Content
 ?

 ?

 ?

 ?

 ?

 ?

 ?
1Q12
 ?

 ?

 ?
1Q11
 ?

 ?

 ?
Var
 ?

 ?
Gold (in oz)*
 ?

 ?

 ?

127,017

 ?

 ?

 ?

120,426

 ?

 ?

 ?

5%

 ?
Gold (in oz) inc. Yanacocha
 ?

 ?

 ?

280,718

 ?

 ?

 ?

243,849

 ?

 ?

 ?

15%

 ?
Silver (in oz)*
 ?

 ?

 ?

2,810,762

 ?

 ?

 ?

3,697,027

 ?

 ?

 ?

-24%

 ?
Lead (in MT)*
 ?

 ?

 ?

2,135

 ?

 ?

 ?

2,772

 ?

 ?

 ?

-23%

 ?
Zinc (in MT)*
 ?

 ?

 ?

7,943

 ?

 ?

 ?

7,888

 ?

 ?

 ?

1%

 ?
Copper (in MT)*
 ?

 ?

 ?

5,714

 ?

 ?

 ?

7,166

 ?

 ?

 ?

-20%

 ?


(*) Buenaventura Direct Operations

Production and Operating Costs


Buenaventura′s equity production1 in 1Q12 was 117,852 ounces
of gold, in-line with the figures reported in 1Q11. Silver production in
1Q12 was 4.0 million ounces, a 14% increase when compared to the figure
reported in 1Q11 (3.5 million oz) mainly due to higher production from
Uchucchacua.

Equity Production 1
 ?

 ?

 ?

 ?

 ?

 ?
1Q12
 ?

 ?

 ?
1Q11
 ?

 ?

 ?
Var%
 ?
Gold (oz)
 ?

 ?

 ?

117,852

 ?

 ?

 ?

116,270

 ?

 ?

 ?
1%
 ?
Gold (oz) inc. Yanacocha
 ?

 ?

 ?

277,798

 ?

 ?

 ?

242,076

 ?

 ?

 ?
15%
 ?
Silver (oz)
 ?

 ?

 ?

4,013,509

 ?

 ?

 ?

3,533,975

 ?

 ?

 ?
14%
 ?
Lead ( MT)
 ?

 ?

 ?

4,907

 ?

 ?

 ?

3,092

 ?

 ?

 ?
59%
 ?
Zinc ( MT)
 ?

 ?

 ?

7,735

 ?

 ?

 ?

2,608

 ?

 ?

 ?
197%
 ?
Copper (MT) inc. Cerro Verde
 ?

 ?

 ?

15,338

 ?

 ?

 ?

18,760

 ?

 ?

 ?
-18%
 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

Orcopampa′s(100% owned by Buenaventura) production from
the Chipmo mine in 1Q12 was 62,358 ounces, 15% lower than the 73,570
ounces reported in 1Q11 due to a lower tonnage treated and ore grade
declines (See Appendix 2). The old tailings treatment produced 6,907
gold ounces (compared to 4,043 ounces in 1Q11). As a consequence, total
gold production in 1Q12 was 69,265 ounces, 11% lower than the 77,614
ounces reported in 1Q11.


Cash operating cost in 1Q12 was US$463/oz, 24% higher when compared to
1Q11 (US$373/oz). This was mainly explained by:


 ?

 ?

1.

 ?

The 12% decrease in gold ounces produced due to lower ore grades

2.

A 20% increase in supply expenses: reagents (cyanide) and diesel

3.

Contractor costs increased approximately 50% due to the 27% increase
in drilling (7,803m vs. 6,765m) and the 13% increase in drifting
work (5,518m vs. 4,879m).

4.

These factors were partially offset by an increase in the by-product
credit contribution explained by higher silver production and prices.

 ?


At Poracota, gold production in 1Q12 was 11,320 ounces, a 6% decrease
when compared to 1Q11 (12,101 ounces) due to lower ore grade and a
decrease in the recovery rate (See Appendix 2). Cash operating cost was
US$1,257/oz, 28% higher than the figure reported in 1Q11 (US$982/oz),
mainly explained by:


 ?

 ?

1.

 ?

Contractor costs increased approximately 21% due to the increase of
drifting work (19% higher vs. 1Q11).

2.

A 62% increase in commercial deductions due to a temporary increase
of arsenic content in the mine concentrate.

 ?


At Uchucchacua(100% owned by Buenaventura), total silver
production in 1Q12 was 2.7 million ounces, a 10% increase when compared
to 2.5 million ounces in 1Q11 due to higher tonnage treated, and an
increase in the silver grade & recovery rate (See Appendix). Zinc
production in 1Q12 was 2,439 MT, 28% higher than the figure reported in
1Q11 (1,902MT). In addition, lead production increased 11% (2,193 MT in
1Q12 vs. 1,974 MT in 1Q11).


__________________

1 Production includes 100% of
Buenaventura′s operating units, 100% of CEDIMIN, 53.06% of La Zanja and
53.78% of El Brocal.


Cash operating cost in 1Q12 was US$17.91/oz, a 20% increase compared to
US$14.98/oz in 1Q11. This increase was primarily due to a:


 ?

 ?

1.

 ?

23% increase in contractor expenses explained by higher wages and
one-time bonuses for closing negotiations with unions. Last year,
the effect of this expense was reflected in 2Q11.

2.

Labor and supply expenses increased 13% and 14%, respectively.

3.

An increase in commercial terms due to higher silver refining
charges, as well as lower by-product credit contribution due to
lower lead and zinc prices

 ?


At Julcani (100% owned by Buenaventura), total production in 1Q12
was 631,628 ounces of silver, an increase of 4% compared to 1Q11
(606,288 ounces), mainly due to a 3% increase in tonnage treated.


Silver cash operating cost in 1Q12 was US$12.77/oz, 15% higher than 1Q11
(US$11.10/oz), mainly explained by a 13% increase in contractors costs
due to higher prices and drifting work increases.


At La Zanja (53.06% owned by Buenaventura) total production in
1Q12 was 26,329 ounces of gold, a 5% increase when compared to 1Q11
(25,151 ounces). Cash operating cost in 1Q12 was US$496/oz, 43% higher
than 1Q11 (US$346 /oz) due to higher labor and contractor expenses,
partially offset by higher silver by-product contribution.


At Tantahuatay (40% owned by Buenaventura) Total production in
1Q12 was 27,606 ounces of gold (11,042 ounces attributable to
Buenaventura). Cash operating cost in 1Q12 was US$497/oz.


During 1Q12, El Brocal(53.76% owned by Buenaventura)
produced 7,607 MT of zinc and 2,279 MT of lead. Silver production
decreased 2% from 443,942 ounces in 1Q12 to 453,674 ounces in 1Q11. Zinc
cash cost in 1Q12 was US$1,346/MT.


Copper production in 1Q12 was 5,614 MT, 25% lower than 1Q11 (7,473 MT).
Copper cash cost was US$4,984/MT, 55% higher when compared to the
US$3,220/MT reported in 1Q11 due to higher contractor expenses at
Marcapunta.

General and Administrative Expenses


General and administrative expenses in 1Q12 were US$29.8 million, 76%
higher than the figure reported in 1Q11 (US$17.0 million) due to a
higher long-term compensation provision (US$7.3 million in 1Q12 vs. zero
in 1Q11) and a US$3.8 million increase in worker ?s profit sharing.

Exploration Costs in Non-Operational Mining Sites


Exploration costs at non-operational mining sites, which include care
and maintenance, in 1Q12 were US$19.4 million, an 83% increase compared
to the US$10.6 million reported in 1Q11. Buenaventura′s main exploration
efforts were focused at the Tambomayo (US$3.0 million), San Gregorio
(US$2.4 million), Breapampa (US$2.0 million), Mallay (US$2.0 million)
and Trapiche (US$1.5 million) projects.

Operating Income


Operating income in 1Q12 was US$131.5 million, a 26% decrease compared
to the US$178.4 million reported in 1Q11. This decrease was mainly due
to the 15% increase in operating costs and an 81% increase in operating
expenses, while revenues remained flat.

Share in Associated Companies


During 1Q12, Buenaventura′s share in associated companies was US$136.0
million, 20% higher than the US$112.9 million reported in 1Q11.
Yanacocha′s contribution to these results increased 83%, from US$48.2
million in 1Q11 to US$88.2 million in 1Q12, while Cerro Verde′s
contribution decreased 37% from US$71.0 million in 1Q11 to US$44.9
million in 1Q12.

YANACOCHA


At Yanacocha (43.65% owned by Buenaventura), 1Q12 gold production was
366,428 ounces of gold, 27% higher than the figure reported in 1Q11
(288,214 ounces).


Costs applicable to sales (CAS) at Yanacocha in 1Q12 were US$481/oz, 20%
lower than the figure reported in 1Q11 (US$603/oz) due to lower
operating costs, partially offset by higher worker ?s participation.


Net income at Yanacocha in 1Q12 was US$202.0 million, a 82% increase
compared to the 1Q11 figure (US$110.7 million).


Capital expenditures at Yanacocha were US$227.4 million in 1Q12.

CERRO VERDE


At Cerro Verde (19.35% owned by Buenaventura), 1Q12 copper production
was 63,295 MT, a 20% decrease when compared to 1Q11 (79,463 MT).


During 1Q12, Cerro Verde reported net income of US$232.3 million, a 37%
decrease when compared to US$367.7 million in 1Q11. This was mainly due
to a 23% decrease in sales revenues (US$568.8 million in 1Q12 versus
US$740.9 million in 1Q11).


Capital expenditures at Cerro Verde in 1Q12 totaled US$82.2 million.

CANTERAS DEL HALLAZGO (Chucapaca project)


At Canteras del Hallazgo (49% owned by Buenaventura), there was a net
loss reported in 1Q12 totaling US$5.4 million due to the execution of
the project′s exploration program.

Net Income


Buenaventura′s 1Q12 net income was US$207.5 million (US$0.82 per share),
an 8% decrease compared to the US$224.8 million (US$0.88 per share)
reported in 1Q11. This was mainly due to a 26% decline in operating
income.

Project Development

LA ZANJA DEVELOPMENT PROGRAM


 ?


?


 ?

Pampa Verde Project will allow the development of a new
open pit, an expansion of the current leach pad and improvements
in the operation′s road access. Construction began in 2Q11. As of
March 31, 2012, total project expenditures were US$25.5 million
(total investment is US$32.5 million). Completion is expected in
3Q12.


 ?

 ?

 ?

 ?

 ?
Progress as of March 31, 2012

San Pedro Sur Leach Pad Stage II

51.88%

San Pedro Sur Waste Rock Deposit

100%

Pampa Verde Pit

0%

Pampa Verde Top Soil Deposit

0%

Pampa Verde Waste Soil Deposit

45%

Pampa Verde Acid Water Plant

8.40%

Pampa Verde Auxiliary Access

40%

Pampa Verde Waste Rock Deposit

12%

Pampa Verde Haul Road to SPS

14%

 ?

TANTAHUATAY DEVELOPMENT PROGRAM

  • Cienaga Norte project includes the Leach Pad′s Stage II
    (additional 10.5 Ha), development of the Cienaga Norte Pit and an
    access road between the leach pad and the open pit. Total CAPEX totals
    US$30 million. Project construction will begin in 3Q12, after the
    approval of the environmental impact assessment.

MALLAY


  • Mallay mine construction was completed in 1Q12. The project has
    already received the mine operating license, which allows the mine to
    begin production. Total CAPEX was US$60 million.

  • During the first year of operation, silver production from Mallay is
    expected to be approximately 900k oz of silver.

  • Currently, Mallay holds Brownfield exploration investments in the
    Chancas?Chiptaj area.

RIO SECO MANGANESE SULFATE PLANT


  • Buenaventura continued with the construction of the manganese sulfate
    plant with a total budget of US$76.0 million. As of March 31, 2012,
    total expenditures were US$44.5 million. The project includes an acid
    leaching facility, a sulfuric acid production plant and a manganese
    sulfate crystallization plant.

  • The leaching processing facilities are expected to be completed at the
    end of 2Q12. The construction of the Sulfuric Acid and the Manganese
    Sulfate Plant is expected to be ready in 2Q12. Construction and
    start-up tests at both plants are scheduled at the end of 2012.

BREAPAMPA


  • As of March 31, 2012, Buenaventura′s total investment at the Breapampa
    Project was US$30.1 million, representing 62% of the entire budget
    (US$48.0 million).

  • Construction progress includes:

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?
Progress as of March 31, 2012

Leach Pad Stage I

 ?

 ?

 ?

98%

Process Plant

 ?

 ?

 ?

97%

Dam Facilities

 ?

 ?

 ?

97%

Internal Electric System

 ?

 ?

 ?

96%

Waste Soil Deposit

 ?

 ?

 ?

71%

Top Soil Deposit

 ?

 ?

 ?

90%

 ?

 ?

 ?

  • This project should be completed by the end of 2Q12. Production will
    begin at the beginning of 3Q12.

  • Expected gold production in 2012 is approximately 22,000 ounces.

HUANZA HYDROELECTRICAL PLANT


  • As of March, 2012, Buenaventura′s total disbursement at the Huanza
    Project was US$146.4 million (which included US$14.5 million in
    advanced payments), representing 92% of the entire budget. US$116
    million of the total amount invested was financed via a leasing
    agreement totaling US$119.0 million.

  • Construction progress at the Huanza Project included:

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

1.

 ?

Water Conduction Tunnel: 9,760 meters of excavation was 97%
completed.

2.

Powerplant: civil work was 75% completed.

3.

Pallca Dam: 30.1% was completed.

4.

Electromechanical equipment is nearly complete, and will be
delivered on schedule. Equipment assembly is 7% complete.

 ?

* * *

Company Description


Compañía de Minas Buenaventura S.A.A. is Peru′s largest, publicly
traded, Precious Metals Company and a major holder of mining rights in
Peru. The Company is engaged in the mining, processing, development and
exploration of gold and silver and other metals via wholly owned mines
as well as through its participation in joint exploration projects.


Buenaventura currently operates several mines in Peru (Orcopampa*,
Poracota*, Uchucchacua*, Antapite*, Julcani*, Recuperada*, El Brocal, La
Zanja, Coimolache and CEDIMIN*).


The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with
Newmont Mining Corporation), an important precious metal producer;
19.35% of Sociedad Minera Cerro Verde, an important Peruvian copper
producer, and 49% of Canteras del Hallazgo S.A, owner the Chucapaca
project.


For a printed version of the Company′s 2010 Form 20-F, please contact
the persons indicated above, or download a PDF format file from the
Company′s web site.


(*) Operations wholly owned by Buenaventura


 ?

(1) First time adoption of International Financial Reporting
Standards ('IFRS?)


As part of the first adoption of the International Financial
Reporting Standards (IFRS) in Peru, as of October 14, 2010, through
Resolution N ?102-2010-EF/94.01.1, the Superintendence of Securities
Market ('SMV?, before CONASEV), required to all legal entities under
its supervision to adopt IFRS since the year 2011.

For periods up to and including the year ended December 31, 2010,
the Company prepared its financial statements in accordance with
Generally Accepted Accounting Principles in Peru (Peru GAAP). These
consolidated financial statements, for the year ended December 31,
2011, are the first the Company has prepared in accordance with
IFRS, in which the Company has applied IFRS 1 'First Time Adoption
of International Financial Reporting Standard? in the opening
balance as of January 1, 2010, transition date to IFRS. The IFRS 1
application implies that all the standards are apply retrospectively
at the transition date, including certain mandatory exceptions and
voluntary exemptions defined in the standard.

 ?

Note on Forward-Looking Statements


This press release may contain forward-looking information (as
defined in the U.S. Private Securities Litigation Reform Act of
1995) that involve risks and uncertainties, including those
concerning the Company′s, Yanacocha′s and Cerro Verde′s costs and
expenses, results of exploration, the continued improving efficiency
of operations, prevailing market prices of gold, silver, copper and
other metals mined, the success of joint ventures, estimates of
future explorations, development and production, subsidiaries′ plans
for capital expenditures, estimates of reserves and Peruvian
political, economical, social and legal developments. These
forward-looking statements reflect the Company′s view with respect
to the Company′s, Yanacocha′s and Cerro Verde′s future financial
performance. Actual results could differ materially from those
projected in the forward-looking statements as a result of a variety
of factors discussed elsewhere in this Press Release.

 ?

 ?

APPENDIX 1


 ?
Equity Participation in

Subsidiaries and Affiliates (as of December 31, 2011)


 ?

 ?
BVN
 ?

 ?
Operating

 ?

 ?

 ?
Equity %
 ?

 ?
Mines / Business

Cedimin S.A.C*

 ?

 ?

100.00

 ?

 ?

Shila / Paula

Consorcio Energetico de Huancavelica S.A*

 ?

 ?

100.00

 ?

 ?

Energy ? Huanza Hydroelectrical Project

Buenaventura Ingenieros S.A*

 ?

 ?

100.00

 ?

 ?

Engineering Consultant

Minera La Zanja S.A*

 ?

 ?

53.06

 ?

 ?

La Zanja

Sociedad Minera El Brocal S.A.A*

 ?

 ?

53.78

 ?

 ?

Colquijirca and Marcapunta

Canteras del Hallazgo S.A **

 ?

 ?

49.00

 ?

 ?

Chucapaca Project

Compañía Minera Coimolache S.A **

 ?

 ?

40.09

 ?

 ?

Tantahuatay

Minera Yanacocha S.R.L **

 ?

 ?

43.65

 ?

 ?

Yanacocha

Sociedad Minera Cerro Verde S.A.A **

 ?

 ?

19.35

 ?

 ?

Cerro Verde


 ?


(*)Consolidates


(**) Equity Accounting


 ?

 ?

APPENDIX 2


 ?

 ?

 ?

 ?
GOLD PRODUCTION
Three Months Ended March 31
Orcopampa
 ?

 ?
Orcopampa Old Tailings
2012
 ?
2011
 ?
%
 ?

 ?
2012
 ?
2011
 ?
%

Ore Milled MT

117,478

 ?

113,822

 ?
3%
126,784

 ?

82,115

 ?
54%

Ore Grade gr/MT

17.25

21.26
-19%
1.920

2.06
-7%

Recovery Rate %

95.7%

95.4%
0%
79.6%

74.9%
6%
Ounces Produced62,358
 ?
73,570
 ?
-15%
 ?

 ?
6,907
 ?
4,954
 ?
39%

 ?
Three Months Ended March 31
AntapitePoracota
2012
 ?
2011
 ?
%
 ?

 ?
2012
 ?
2011
 ?
%

Ore Milled MT

34,282

32,519
5%
58,221

54,817
6%

Ore Grade gr/MT

4.25

8.23
-48%
7.51

8.23
-9%

Recovery Rate %

95.3%

95.6%
0%
79.8%

82.1%
-3%
Ounces Produced4,483
 ?
8,254
 ?
-46%
 ?

 ?
11,320
 ?
12,101
 ?
-6%

 ?
LA ZANJA
 ?

 ?
TANTAHUATAY
1Q12
 ?
1Q11
 ?
%
 ?

 ?
1Q12
 ?
1Q11
 ?
%
Ounces Produced26,329
 ?
25,151
 ?
5%
 ?

 ?
27,606
 ?
0
 ?

 ?

 ?
SILVER PRODUCTION
Three Months Ended March 31
UchucchacuaEl Brocal
2012
 ?
2011
 ?
%
 ?

 ?
2012
 ?
2011
 ?
%

Ore Milled MT

259,341

253,085
2%
802,963

576,353
39%

Ore Grade gr/MT

450.17

432.00
4%
32.80

46.29
-29%

Recovery Rate %

72.4%

71.0%
2%
57.8%

53.0%
9%
Ounces Produced2,744,686
 ?
2,501,813
 ?
10%
 ?

 ?
443,942
 ?
453,674
 ?
-2%

 ?
SILVER PRODUCTION
Three Months Ended March 31
Julcani
2012
 ?
2011
 ?
%

Ore Milled MT

32,205

31,307
3%

Ore Grade gr/MT

654.86

645.26
1%

Recovery Rate %

93.2%

93.3%
0%
Ounces Produced631,627
 ?
606,288
 ?
4%

 ?
ZINC PRODUCTION
Three Months Ended March 31
UchucchacuaColquijirca
2012
 ?
2011
 ?
%
 ?

 ?
2012
 ?
2011
 ?
%

Ore Milled MT

259,341

253,085
2%
331,337

-

Ore Grade %

1.50

1.33
13%
3.24

-

Recovery Rate %

57.1%

55.9%
2%
70.8%

-
MT Produced2,439
 ?
1,902
 ?
28%
 ?

 ?
7,607
 ?
-
 ?

 ?

 ?

 ?

APPENDIX 3


 ?
EBITDA RECONCILIATION (in thousand US$)
 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?
1Q12
 ?

 ?
1Q11

Net Income

 ?

 ?

 ?

 ?

220,986

 ?

 ?

246,144
Add / Substract:
 ?

 ?

 ?

 ?
-49,856
 ?

 ?
-39,111

Provision for income tax, net

 ?

 ?

 ?

 ?

47,675

 ?

 ?

45,539

Share in associated companies by the equity method, net

 ?

 ?

 ?

 ?

-135,986

 ?

 ?

-112,919

Interest income

 ?

 ?

 ?

 ?

-2,749

 ?

 ?

-3,335

Interest expense

 ?

 ?

 ?

 ?

1,296

 ?

 ?

2,145

Loss on currency exchange difference

 ?

 ?

 ?

 ?

285

 ?

 ?

798

Depreciation and Amortization

 ?

 ?

 ?

 ?

23,404

 ?

 ?

21,503

Provision for long term officers ? compensation

 ?

 ?

 ?

 ?

7,315

 ?

 ?

0

Workers ? participation provision

 ?

 ?

 ?

 ?

8,904

 ?

 ?

7,158
EBITDA Buenaventura Direct Operations
 ?

 ?

 ?

 ?
171,130
 ?

 ?
207,033
EBITDA Yanacocha (43.65%)
 ?

 ?

 ?

 ?

158,906

 ?

 ?

84,638
EBITDA Cerro Verde (19.35%)
 ?

 ?

 ?

 ?

73,100

 ?

 ?

104,910
EBITDA Buenaventura inc Yanacocha and Cerro Verde
 ?

 ?

 ?

 ?
403,136
 ?

 ?
396,581

 ?

Note:


EBITDA (Buenaventura Direct Operations) consists of earnings before net
interest, taxes, depreciation and amortization, share in associated
companies, net, loss on currency exchange difference, other, net,
provision for workers′ profit sharing and provision for long-term
officers′ compensation.


EBITDA (including Yanacocha and Cerro Verde) consists of EBITDA
(Buenaventura Direct Operations), plus (1) Buenaventura′s equity share
of EBITDA (Yanacocha) and (2) Buenaventura′s equity share of EBITDA
(Cerro Verde). EBITDA (Yanacocha) and EBITDA (Cerro Verde) were
similarly calculated using financial information provided to
Buenaventura by Yanachocha and Cerro Verde, respectively.


Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA
(including Yanacocha and Cerro Verde) to provide further information
with respect to its operating performance and the operating performance
of its equity investees, Yanachoca and Cerro Verde. EBITDA (Buenaventura
Direct Operations) and EBITDA (including Yanacocha and Cerro Verde) are
not a measure of financial performance under Peruvian GAAP, and may not
be comparable to similarly titled measures of other companies. You
should not consider EBITDA (Buenaventura Direct Operations) and EBITDA
(including Yanacocha and Cerro Verde) as alternatives to operating
income or net income determined in accordance with Peruvian GAAP, as an
indicator of Buenaventura′s, Yanacocha′s or Cerro Verde′s operating
performance, or as an alternative to cash flows from operating
activities, determined in accordance with Peruvian GAAP, as an indicator
of cash flows or as a measure of liquidity.


 ?

 ?

APPENDIX 4


 ?

 ?

 ?

 ?

 ?
Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Balance sheet
As of March, 31 2012 and December, 31 2011
20122011
AssetsUS$(000)US$(000)
Current assets

Cash and cash equivalents

514,092

470,847

Financial asset at fair value through profit and loss

55,451

62,299

Trade accounts receivable, net

129,550

172,569

Other accounts receivable

46,142

48,521

Accounts receivable from related parties

35,606

47,425

Hedge derivative financial instruments

-

1,283

Embedded derivatives for concentrates sales

728

Inventory, net

165,105

149,108

Prepaid expenses

11,566

16,234
Total current assets958,240968,286

 ?

Other accounts receivable

6,839

5,570

Accounts receivable from related parties

46,807

32,262

Inventory

49,561

48,845

Prepaid expenses

88

Hedge derivative financial instruments

Investment in associates

2,071,288

1,935,004

Mining concessions, development cost and property, plant and
equipment, net

879,695

830,997

Deferred income tax asset

112,251

125,538

Other assets

6,365

7,047
Total assets4,131,1343,953,549

 ?
Liabilities and shareholders′ equity, net
Current liabilities

Trade accounts payable

133,391

142,375

Income tax payable

33,720

36,423

Dividend

118,529

1,052

Other liabilities

72,080

40,098

Provisions

52,523

91,287

Accounts payable from related parties

1,102

883

Embedded derivatives for concentrates sales

7,306

Hedge derivative financial instruments

1,679

-

Financial obligations

542

1,042
Total current liabilities413,566320,466

 ?

Other long-term liabilities

84,911

86,528

Accounts payable from related parties

936

1,004

Financial obligations

115,667

105,072
Total liabilities615,080513,070

 ?
Shareholders′ equity net

 ?

Capital stock, net of treasury shares of US$62,622,000 in the year
2011 y 2010

750,540

750,540

Investments shares, net of treasury shares of US$142,000 in the year
2011 y 2010

2,019

2,019

Additional paid-in capital

225,978

225,978

Legal reserve

162,639

162,639

Other reserves

269

269

Retained earnings

2,140,461

2,034,768

Cumulative unrealized, loss

1,287

2,068

3,283,193

3,178,281

Minority interest

232,861

262,198
Total shareholders′ equity, net
3,516,054

3,440,479

 ?

 ?
Total liabilities and shareholders′ equity, net4,131,1343,953,549


 ?


 ?


 ?

 ?
Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Statements of income
For the three month period ended March 31, 2012 and March 31, 2011

 ?

 ?

 ?

 ?

 ?
For the three month period ended March, 31
20122011
US$(000)US$(000)
Operating income

Net sales

358,981

363,480

Royalty income

18,057

 ?

12,267

 ?
Total income
377,038

375,747

 ?
Operating costs

Cost of sales, excluding depreciation and amortization

(133,341

)

(111,508

)

Exploration in units in operation

(28,669

)

(22,259

)

Depreciation and amortization

(23,404

)

(21,503

)

Royalties

(9,878

)

(14,323

)
Total operating costs
(195,292

)

(169,593

)
Gross income
181,746

 ?

206,154

 ?

 ?
Operating expenses

Administrative expenses

(29,818

)

(16,982

)

Exploration in non-operating areas

(19,427

)

(10,604

)

Sales expenses

(2,773

)

(2,205

)

Other, net

1,779

 ?

2,009

 ?
Total operating expenses
(50,239

)

(27,782

)

 ?
Operating income
131,507

 ?

178,372

 ?

 ?
Other income (expenses), net

Share in associates companies by the equity method, net

135,986

112,919

Interest incomes

2,749

3,335

Interest expenses

(1,296

)

(2,145

)

Loss (income) from currency exchange difference, net

(285

)

(798

)
Total other income, net
137,154

113,311

 ?

 ?
Income before income tax and minority interest
268,661

291,683

 ?

Provision for income tax

(47,675

)

(45,539

)

 ?

 ?
Net income
220,986

 ?

246,144

 ?

 ?

Net income attributable to minority interest

(13,514

)

(21,374

)

 ?

 ?
Net income attributable to Buenaventura
207,472

 ?

224,770

 ?

 ?
Basic and diluted earnings per share attributable to
Buenaventura, stated in U.S. dollars
0.82

 ?

0.88

 ?

 ?

 ?
Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Statements of cash flows
For the three month period ended March 31, 2012 and March 31, 2011

 ?

 ?

 ?

 ?

 ?
For the three month period ended March, 31
20122011
US$(000)US$(000)
Operating activities

Proceeds from sales

393,773

396,795

Dividends received

2,406

-

Royalties received

14,408

14,150

Value Added Tax recovered

8,772

4,035

Interest received

2,045

2,480

Payments to suppliers and third parties

(155,218)

(186,257)

Payments to employees

(98,796)

(58,454)

Income tax paid

(21,476)

(30,232)

Payment of royalties

(9,683)

(15,573)

Payments of interest

(242)

(576)

 ?
Net cash and cash equivalents provided by operating activities
135,989

126,368

 ?
Investment activities


Additions to mining concessions, development activities, property,
plant and equipment


(76,471)

(43,134)

Payments for purchase of investments shares

(4,742)

(9,079)

Decrease in time deposits

7,596

14,833

 ?

Net cash and cash equivalents used in investment activities


(73,617)

(37,380)

 ?
Financing activities

Increase in financial obligations

10,095

11,387


Dividends paid to minority shareholders of subsidiary


(29,222)

(23,118)

 ?

Net cash and cash equivalents used in financing activities


(19,127)

(11,731)

 ?

(Decrease) increase in cash and cash equivalents during the period,
net

43,245

77,257

Cash and cash equivalents at beginning of period

470,847

582,861

 ?

 ?
Cash and cash equivalents at period-end
514,092

660,118

 ?

 ?
For the three month period ended March, 31
20122011
US$(000)US$(000)

 ?
Reconciliation of net income to cash and cash equivalents
provided by operating activities

 ?

Net income attributable to Buenaventura

207,472

224,770
Add (less)

Depreciation and amortization

23,404

21,503

Deferred income tax

14,313

17,531

Net income attributable to minority interest

13,514

21,374

Adjustment to present value of mining-units closure provision

1,054

1,568

Increase (decrease) of allowance for impairment of inventories

902

(1,783)

Loss (gain) on currency exchange differences

285

798

Share in associates companies by the equity method, net of dividends
received in cash

(133,580)

(112,919)

Provisions

(40,381)

(55,932)


Provision for estimated fair value of embedded derivatives related
of concentrates sales and adjustments on open liquidations


(19,349)

(6,957)

 ?
Net changes in operating assets and liabilities accounts

 ?
Decrease (increase) of operating assets

Trade accounts receivable

43,019

39,995

Other accounts receivable

(16,985)

(21,774)

Accounts receivable from related parties

(2,726)

8,156

Inventory

(16,713)

(26,828)

Prepaid expenses

15,323

(875)

 ?
Increase (decrease) of operating liabilities

Trade accounts payable

(8,984)

(17,090)

Income tax payable

(2,703)

(1,227)

Other liabilities

58,124

36,058

 ?

 ?

 ?
Net cash and cash equivalents provided by operating activities
135,989

126,368

 ?

Contacts in Lima:

Roque Benavides / Carlos Galvez

Compañia
de Minas Buenaventura S.A.A.

Tel: (511) 419-2538 / 419-2540

Investor
Relations: Daniel Dominguez

Tel: (511) 419-2536

Email: ddominguez@buenaventura.com.pe

or

Contacts
in New York:


Peter Majeski

i-advize Corporate
Communications, Inc.

Tel: (212) 406-3694

Email: buenaventura@i-advize.com

or

Visit
our website:


http://www.buenaventura.com





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