Buenaventura Announces First Quarter 2020 Results
May 18 2020 - 7:00PM
Business Wire
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, today
announced results for the first quarter 2020. All figures have been
prepared in accordance with IFRS (International Financial Reporting
Standards) on a non-GAAP basis and are stated in U.S. dollars
(US$).
First Quarter 2020 Highlights:
- 1Q20 results were adversely impacted by the
State of Emergency and related mandated lockdown instituted by the
Peruvian Government in order to contain the spread of the
Coronavirus (COVID-19) Due to the outbreak of COVID-19 in Peru and
the related restrictions imposed, Buenaventura was unable to
produce for 17% of the first quarter 2020 (please refer to page 2
for related details).
- 1Q20 EBITDA from direct operations was negative US$ 6.8
million, compared to US$ 28.4 million reported in 1Q19.
- 1Q20 Adjusted EBITDA including associated companies reached US$
30.6 million, compared to US$ 167.6 million in 1Q19.
- 1Q20 capital expenditures were US$ 10.0 million, compared to
US$ 8.5 million for the same period in 2019.
- 1Q20 net loss was US$ 75.0 million, compared to a net income of
US$ 27.3 million for the same period in 2019. The loss in 1Q20
considers COVID-19 related provisions of US$10.7 million.
- The Company´s De-Bottlenecking Program continued progressing
during the 1Q20. During 2020, the program focus is on the Company’s
Tambomayo, Uchucchacua and El Brocal mines (please refer to page 7
for related details).
- Buenaventura’s 1Q20 cash position reached US$ 222 million; a
sequential increase compared to its 4Q19 cash position of US$ 210
million despite Buenaventura’s inability to produce during the last
weeks of March due to the government-mandated lockdown.
- On April 3, 2020, the Company announced the successful
refinancing of its US$ 275 million syndicated loan facility.
Maturity for the new loan facility has been set for a new five-year
term loan with a 30-month grace period, with semi-annual
installments starting in October 2022.
- An updated guidance will be reported once we achieve full
capacity of production in all of our operations. The updated
guidance is expected to be reported by the end of June.
Financial Highlights (in millions of US$, except EPS
figures):
1Q20
1Q19
Var
Total Revenues
114.5
186.1
-38%
Operating Profit
-59.7
-27.0
-121%
EBITDA Direct Operations
-6.8
28.4
N.A.
Adjusted EBITDA (Inc
Associates)
30.6
167.6
-82%
Net Income
-75.0
27.3
N.A.
EPS*
-0.30
0.11
N.A.
(*) As of March 31, 2020 Buenaventura had a weighted average
number of shares outstanding of 253,986,867.
For a full version of Compañía de Minas Buenaventura First
Quarter 2020 Earnings Release, please visit:
http://www.buenaventura.com/en/inversionistas
CONFERENCE CALL
INFORMATION:
Compañia de Minas Buenaventura will host a conference call on
Tuesday, May 19, 2020 to discuss these results at 11:00 a.m.
Eastern Time / 10:00 a.m. Peru Time
Please use the following link to pre-register for this
conference call. Callers who pre-register will be given a unique
PIN to gain immediate access to the call and bypass the live
operator. You may pre-register at any time, including up to and
after the call start time.
To pre-register please go to:
http://dpregister.com/10143128
To participate in the conference call, please dial:
Toll Free US +1-866-777-2509
Toll International +1-412-317-5413
Webcast
https://services.choruscall.com/links/bvn200519.html
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*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja
and Coimolache, and is developing the Tambomayo project.
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership
with Newmont Mining Corporation), an important precious metal
producer; 19.58% of Sociedad Minera Cerro Verde, an important
Peruvian copper producer.
For a printed version of the Company’s 2019 Form 20-F, please
contact the investor relations contacts on page 1 of this report,
or download the PDF format file from the Company’s web site at
www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
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, economic, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200518005768/en/
In Lima: Leandro García, Chief Financial Officer (511)
419 2540
Rodrigo Echecopar, Investor Relations Coordinator (511) 419
2591/ rodrigo.echecopar@buenaventura.pe
In NY: Barbara Cano (646) 452-2334 /
barbara@inspirgroup.com
Company Website:
http://www.buenaventura.com/en/inversionistas
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