Buenaventura Announces First Quarter 2012 Results

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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