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Buenaventura Announces First Quarter 2012 Results

Stocks in this article: BVN

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.

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