Buenaventura Announces Third Quarter and Nine Month 2018 Results
October 25 2018 - 6:10PM
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 third quarter (3Q18) and nine-month
(9M18) period ended September 30, 2018. 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$).
Third Quarter 2018 Highlights:
- 3Q18 EBITDA from direct operations was
US$ 53.1 million compared to US$ 118.4 million reported in 3Q17,
primarily due to by lower metal prices and lower volume sold
(Orcopampa and La Zanja). 3Q18 Adjusted EBITDA (including
associated companies) reached US$ 143.1 million, compared to US$
186.7 million in 3Q17.
- 3Q18 Net Loss was US$ 10.3 million,
compared to a net loss of US$ 12.0 for the same period in
2017.
- The Company’s De-Bottlenecking Program
is proceeding well, with better than expected results. Estimated
EBITDA for 2018 has increased from US$ $15-25 million to US$ $28-35
million (Please see page 8 for more details).
- Buenaventura has successfully
maintained its disciplined approach to capital allocation thereby
generating FCF despite a lower EBITDA than previously budgeted
(Please see pages 9 and 10 for more details).
- A dividend payment of US$ 0.06 per
share/ADS was approved by Buenaventura’s Board.
- During the quarter, the Company
benefited from its Business Interruption Insurance related to
problems detected with the 20x30 mill at El Brocal in May 2017.
During 3Q18, the Company received US$ 10 million from a US$ 55
million total possible claim.
Financial Highlights (in millions
of US$, except EPS figures):
3Q18 3Q17 Var%
9M18 9M17 Var% Total
Revenues 271.9 368.8
-26%
911.4 903.7
1% Operating Profit
-27.1 57.4
N.A. 33.8 100.3
-66% EBITDA Direct Operations 53.1
118.4
-55% 239.3 255.6
-6% Adjusted EBITDA (Inc Associates) 143.1
186.7
-23% 507.9 463.6
10% Net Income / Net Loss -10.3 -12.0
14% 59.4 52.5
13%
EPS* -0.04 -0.05
14% 0.23
0.21
13%
(*) as of September 30, 2018 Buenaventura had a weighted average
number of shares outstanding of 253,986,867.
For a full version of Compañía de Minas Buenaventura Second
Quarter 2018 Earnings Release, please visit:
http://www.buenaventura.com/en/inversionistas
CONFERENCE CALL
INFORMATION:
Compañia de Minas Buenaventura will host a conference call on
Friday, October 26, 2018, to discuss these results at 10:00 a.m.
Eastern Time / 9:00 a.m. Peru 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/37645
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 2017 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/20181025006083/en/
Compañia de Minas Buenaventura S.A.A.Lima:Leandro
García, Chief Financial Officer(511) 419 2540orRodrigo Echecopar,
Investor Relations Coordinator(511) 419 2591 /
rodrigo.echecopar@buenaventura.peorNY:Barbara Cano(646)
452-2334 / barbara@inspirgroup.comCompany Website:
http://www.buenaventura.com/en/inversionistas
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