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 second quarter (2Q20) and six-month
(6M20) period ended June 30, 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$).
Second Quarter 2020 Highlights:
- 2Q20 results were adversely impacted by the State of Emergency
and related mandated lockdown instituted by the Peruvian Government
in order to contain the spread of the Coronavirus (COVID-19). As
part of the Buenaventura's two-phased plan, on May 16, 2020
Tambomayo, Uchucchacua, El Brocal and Coimolache began the process
to restart operations. The second phase began on June 16, 2020. As
of the date of this press release, the Company expects to reach
full capacity at all operations by the end of August.
- 2Q20 EBITDA from direct operations was US$ 26.5 million,
compared to US$ 47.1 million reported in 2Q19.
- June 2020 EBITDA from direct operations was US$ 33.3 million,
an initial indication of post-State of Emergency restriction
recovery.
- 2Q20 Adjusted EBITDA including associated companies reached US$
86.1 million, compared to US$ 137.3 million in 2Q19.
- 2Q20 capital expenditures were US$ 11.6 million, compared to
US$ 28.8 million for the same period in 2019.
- 2Q20 net loss was US$ 25.1 million, compared to a net income of
US$ 9.7 million for the same period in 2019. US$2.9 million of the
above net loss was due to additional expenses related to the effect
of COVID-19 on a consolidated basis.
- The Company's De-Bottlenecking Program continued to progress
during the 2Q20 at a reduced level. The program’s 2020 focus is on
the Company’s Tambomayo, Uchucchacua and El Brocal mines (please
refer to page 6 for related details).
- Buenaventura’s 2Q20 cash position reached US$ 196 million.
- Updated guidance will be provided once Buenaventura has
achieved full production capacity at all operations.
Financial Highlights (in millions of US$, except EPS
figures):
2Q20
2Q19
Var
6M20
6M19
Var
Total Revenues
97.8
216.1
-55%
212.3
402.2
-47%
Operating Profit
-17.9
-15.3
17%
-77.5
-42.4
83%
EBITDA Direct Operations
26.5
47.1
-44%
19.7
74.8
-74%
Adjusted EBITDA (Inc
Associates)
86.1
137.3
-37%
116.7
304.3
-62%
Net Income
-25.1
9.7
N.A.
-100.1
37.0
N.A.
EPS*
-0.10
0.04
N.A.
-0.39
0.15
N.A.
(*) As of June 30, 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
Friday, July 31, 2020 to discuss these results at 10:00 a.m.
Eastern Time / 9:00 a.m. Peru Time
To participate in the conference call, please dial:
Toll Free US: +1-877-883-0383
Toll International: +1-412-902-6506
Passcode: 2938034
Webcast:
https://services.choruscall.com/links/bvn200731.html
If you would prefer to receive a call rather than dialing in,
please register via the following link. Please use this option
10-15 minutes prior to conference call start time:
Call Me
Link: https://hd.choruscall.com/?callme=true&passcode=&info=company-email&r=true&b=16
Passcode – 2938034
Participants who do not wish to be interrupted to have their
information gathered may have Chorus Call dial out to them by
clicking on the above link, filling in the information, and
pressing the green phone button at the bottom. The phone number
provided will be automatically called and connected to the
conference without any interruption to the participant. (Please
note: Participants will be joined directly to the conference and
will hear hold music until the call begins. No confirmation message
will be played when joined.)
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 and
related conference call contain, in addition to historical
information, forward-looking statements including statements
related to the Company’s ability to manage its business and
liquidity during and after the COVID-19 pandemic, the impact of the
COVID-19 pandemic on the Company’s results of operations, including
net revenues, earnings and cash flows, the Company’s ability to
reduce costs and capital spending in response to the COVID-19
pandemic if needed, the Company’s balance sheet, liquidity and
inventory position throughout and following the COVID-19 pandemic,
the Company’s prospects for financial performance, growth and
achievement of its long-term growth algorithm following the
COVID-19 pandemic, future dividends and share repurchases.
This press release may also 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/20200730006096/en/
Lima: Leandro García, Chief Financial Officer (511) 419
2540
Rodrigo Echecopar, Investor Relations Coordinator (511) 419
2591/ rodrigo.echecopar@buenaventura.pe
NY: Barbara Cano (646) 452-2334 /
barbara@inspirgroup.com
Company Website:
http://www.buenaventura.com/en/inversionistas
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