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TheStreet Open House

Buenaventura Announces First Quarter 2012 Results

Stocks in this article: BVN

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
2012 2011
Assets US$(000) US$(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 assets 958,240 968,286
 
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 assets 4,131,134 3,953,549
 
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 liabilities 413,566 320,466
 
Other long-term liabilities 84,911 86,528
Accounts payable from related parties 936 1,004
Financial obligations 115,667 105,072
Total liabilities 615,080 513,070
 
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, net 4,131,134 3,953,549

 

 

 
 
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
2012 2011
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
2012 2011
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
2012 2011
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
 




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