Buenaventura Announces Third Quarter and Nine Month 2018 Results
Business Wire 25-Oct-2018 6:10 PM
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$).
Third Quarter 2018 Highlights:
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3Q18 EBITDA from direct operations was US$ 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.
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3Q18 Net Loss was US$ 10.3 million, compared to a net loss of US$ 12.0
for the same period in 2017.
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The Company's De-Bottlenecking Program is proceeding well, with better
than expected results. Estimated EBITDA for 2018 has increased from
US$ $15-25 million to US$ $28-35 million (Please see page 8 for more
details).
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Buenaventura has successfully maintained its disciplined approach to
capital allocation thereby generating FCF despite a lower EBITDA than
previously budgeted (Please see pages 9 and 10 for more details).
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A dividend payment of US$ 0.06 per share/ADS was approved by
Buenaventura's Board.
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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.
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Financial Highlights (in millions of US$, except EPS
figures):
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3Q18
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3Q17
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Var%
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9M18
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9M17
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Var%
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Total Revenues
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271.9
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368.8
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-26%
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911.4
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903.7
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1%
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Operating Profit
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-27.1
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57.4
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N.A.
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33.8
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100.3
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-66%
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EBITDA Direct Operations
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53.1
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118.4
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-55%
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239.3
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255.6
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-6%
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Adjusted EBITDA (Inc Associates)
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143.1
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186.7
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-23%
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507.9
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463.6
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10%
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Net Income / Net Loss
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-10.3
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-12.0
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14%
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59.4
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52.5
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13%
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EPS*
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-0.04
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-0.05
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14%
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0.23
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0.21
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13%
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(*) 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
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Note on Forward-Looking Statements
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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.
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