Buenaventura Announces Fourth Quarter and Full Year 2017 Results
February 27 2018 - 6:56PM
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 fourth quarter (4Q17) and full year
(FY17) period ended December 31, 2017. 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$).
Fourth Quarter and Full Year 2017 Highlights:
- 4Q17 EBITDA from direct operations was
US$ 116.6 million; a 44% increase compared to US$ 80.8 million
reported in 4Q16. 4Q17 Adjusted EBITDA (including associated
companies) reached US$ 245.4 million; a 38% increase compared to
US$ 177.2 million in 4Q16.
- FY2017 Net Income was US$ 60.8 million,
compared to negative US$ 323.5 in 2016.
- Buenaventura´s Net debt/EBITDA ratio
was reduced to 1.4x.
- The Company’s de-bottlenecking program
is in progress, with results expected to be gradually reflected
from 2018 – 2020.
- Yanacocha purchased the International
Finance Corporation´s five percent equity stake in Yanacocha for
$48 million in December 2017. In 2018, Yanacocha agreed to make a
capital reduction, Buenaventura´s stake in Yanacocha therefore
increased to 45.95%, from 43.65%.
- In June 2017, Cerro Verde extended the
maturity of its Syndicated Loan to 2022 and in December 2017, Cerro
Verde repaid US$ 220 million. The outstanding balance is therefore
US $1.3 billion as of December 31, 2017.
- In line with Buenaventura´s dividend
policy, a dividend payment of US$0.03 per share/ADS will be
declared.
Financial Highlights (in millions
of US$, except EPS figures):
4Q17 4Q16
Var% FY17 FY16
Var% Total Revenues 370.6
287.1
29% 1,274.4 1,068.8
19% Operating Profit* 5.3
24.8
-79% 105.5 132.2
-20% EBITDA Direct Operations
116.6 80.8
44% 372.2 333.9
11% Adjusted EBITDA (Inc Associates)
245.4 177.2
38% 714.4
645.8
11% Net Income
8.3 -405.9
N.A. 60.8
-323.5
N.A. EPS** 0.03
-1.60
N.A. 0.24 -1.27
N.A. (*) Considers an impairment of Long-Lived Assets of
US$21.6 million (La Zanja) and adjustment of component of stripping
cost of 13.6 million (EL Brocal). (**) as of December 31, 2017
Buenaventura had a weighted average number of shares outstanding of
253,715,190.
For a full version of Compañía de Minas Buenaventura Fourth
Quarter and Full Year 2017 Earnings Release, please visit:
http://www.buenaventura.com/en/inversionistas
CONFERENCE CALL
INFORMATION:
Compañia de Minas Buenaventura will host a conference call on
Wednesday, February 28, 2018, to discuss these results at 11:00
a.m. Eastern Time / Lima Time.
To access the call, please dial:+1 (877) 407-8033 (From within
the U.S.)+1 (201) 689-8033 (From outside the U.S.)
There will also be a live Audio Webcast of the event
at:http://www.investorcalendar.com/event/24617
About Compañía de Minas Buenaventura S.A.A.
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 45.95% 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 2016 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: http://www.businesswire.com/news/home/20180227006800/en/
In Lima:Leandro Garcia, (511) 419 2540Chief
Financial OfficerorRodrigo Echecopar, (511) 419
2591Investor Relations
Coordinatorrodrigo.echecopar@buenaventura.peorIn
NY:Barbara Cano, (646) 452
2334barbara@inspirgroup.comorCompany
Website: www.buenaventura.com/en/inversionistas
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