In the original earnings report issued on February 26, 2016,
section Financial Highlights: Adjusted EBITDA (Inc Associates) -
in millions of US$ appeared as: US$ 295.2 million (4Q15) and
US$ 600.7 million (FY15) and the correct figure should be US$
72.6 million (4Q15) and US$ 378.1 (FY15).
Also, APPENDIX 3: EBITDA Reconciliation (in thousands of
US$), please see bolded sections below for
corrections:
EBITDA YANACOCHA: appeared as: US$ 241,008 (4Q15) and US$
386,882 (FY15), and the correct figure should be US$ 18,392
(4Q15) and US$ 164,265 (FY15).
Adjusted EBITDA (including Associated companies):
appeared as: US$ 295,226 (4Q15) and US$ 600,692 (FY15), and the
correct figure should be US$ 72,609 (4Q15) and US$ 378,075
(FY15).
The corrected release reads:
BUENAVENTURA ANNOUNCES FOURTH QUARTER AND
FULL YEAR 2015 RESULTS
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, announced
today results for the fourth quarter (4Q15) and twelve month
(“2015”) periods ended December 31, 2015. 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 2015 Highlights:
- In 4Q15, EBITDA from direct operations
was US$16.0 million and adjusted EBITDA (including associated
companies) was US$295.2 million.
- Total attributable production in 4Q15
was 182k gold ounces and 6.5 million silver ounces (compared to
245k gold ounces and 5.5 million silver ounces in 4Q14).
- Full year 2015 attributable production
was 759k gold ounces and 22.3 million silver ounces (compared to
846k gold ounces and 19.7 million silver ounces in 2014).
- Gold production from direct operations
will increase in 2017, once Tambomayo starts operating at full
capacity (Tambomayo will add 150-170k gold ounces).
- The Tambomayo project is in line with
budget. Civil works are at 30% of progress, exploration and
development at 80%. Production ramping up is expected by 4Q16.
- Silver production in 2015 was in line
with the guidance provided, despite one month strike at Uchucchacua
mine.
- During 4Q15, El Brocal reached full
production capacity level of 18K TPD.
- Cerro Verde’s plant expansion project
(from 120k TPD to 360K TPD) was completed in 4Q15. Expected
production for 2016 is 550k – 600k TM.
- Yanacocha will distribute dividends of
US$300 million in March 2016 (BVN will receive its equity share of
US$130 million).
Financial Highlights (in millions of US$, except EPS
figures):
4Q15 4Q14 Var%
FY15 FY14 Var% Total
Revenues 234.7 276.5
-15%
951.9 1,175.8
-19% Operating Profit
-55.1 -18.3
201% -149.8
61.6
N.A. EBITDA Direct Operations 16.0
35.3
-55% 105.2 274.1
-62% Adjusted EBITDA (Inc Associates)
72.6
181.5
63%
378.1
672.0
-11% Net Income -292.6*
-161.4
81% -317.2* -76.1
317% EPS** -1.15 -0.63
81% -1.25 -0.30
317% (*)
Includes deferred income tax write-off from Yanacocha of US$-223
million. (**) as of December 31, 2015 Buenaventura had 254,186,867
outstanding shares.
Operating Revenues
During 4Q15, net sales were US$227.5 million, a 14% decrease
compared to the US$264.6 million reported in 4Q14. This was mainly
explained by the decrease in metal prices as well as lower gold and
copper volume sold.
Royalty income decreased 39%, to US$7.2 million in 4Q15 compared
to the US$11.9 reported in 4Q14. This was due to lower revenues at
Yanacocha (32% lower QoQ).
Operating Highlights 4Q15 4Q14
Var% FY15 FY14
Var% Net Sales
(in millions of US$)
227.5 264.6
-14% 919.5
1,138.9
-19% Average Realized Gold Price
(US$/oz) 1 2 1,093 1,192
-8%
1,151 1,263
-9% Average Realized
Gold Price (US$/oz) inc. Affiliates 3 1,096
1,194
-8% 1,154 1,258
-8% Average Realized Silver Price (US$/oz) 1 2
14.46 15.76
-8% 15.06
18.65
-19% Average Realized Lead Price
(US$/MT) 1 2 1,665 1,994
-16% 1,712 2,107
-19% Average
Realized
Zinc Price (US$/MT) 1 2
1,447 2,240
-35% 1,839
2,244
-18% Average Realized Copper Price
(US$/MT) 1 2 4,332 6,591
-34% 4,515 6,738
-33%
Volume Sold
4Q15 4Q14 Var%
FY15 FY14 Var% Gold Oz Direct
Operations 1 93,352 102,043
-9% 380,899 436,257
-13% Gold
Oz inc Associated Companies 3 207,701
260,810
-20% 841,818 914,627
-8% Silver Oz 1 6,575,608
5,075,656
30% 21,023,873 19,045,010
10% Lead MT 1 10,302
5,470
88% 32,389 18,599
74% Zinc MT 1 16,087 9,961
62% 55,529 20,904
166%
Copper MT 1 9,176 10,451
-12% 29,094 40,263
-28% (1)
Buenaventura’s Direct Operations includes 100% of
Buenaventura’s operating units, 100% of La Zanja and 100% of El
Brocal (2) The realized price considers the adjustments of
quotational periods (3) Considers 100% of Buenaventura’s operating
units, 100% of La Zanja, 100% of El Brocal, 40.95% of Coimolache
and 43.65% of Yanacocha
For 2015, net sales decreased 19%, from US$1,138.9 million in
2014 to US$919.5 million in 2015. Royalty income for 2015 was
US$32.4 million (US$36.9 million in 2014).
Production and Operating Costs
In 4Q15, Buenaventura’s gold equity production from direct
operations decreased 14%, from 104,166 ounces in 4Q14 to 90,034
ounces in 4Q15 due to the decline in production at Breapampa mine
(no production in 4Q15 vs 13,178 gold ounces in 4Q14). Gold
production including associated companies in 4Q15 was 182,247
ounces, 26% lower than the reported in the same period 2014,
explained by a decrease in production from Yanacocha. Silver equity
production from direct operations increased 14%, mainly due to
higher production at Uchucchacua mine (13.9 million silver ounces
in 2015 vs 12.1 million silver ounces in 2014).
Equity Production 4Q15 4Q14
Var% FY15 FY14
Var%
Gold Oz Direct
Operations1
90,034 104,166
-14% 358,003
422,135
-15% Gold Oz including Associated
Companies 182,247 244,854
-26%
758,575 845,515
-10% Silver Oz
Direct Operations1 6,314,489 5,350,072
18% 21,740,350 19,074,255
14% Silver Oz including Associated Companies
6,506,921 5,491,990
18% 22,325,087
19,659,822
14% Lead MT 8,779
6,012
46% 28,476 20,227
41% Zinc MT 12,642 8,509
49% 43,750 22,038
99% Copper
MT Direct Operations1 5,034 5,886
-14% 17,674 23,678
-25%
Copper MT including Associated Companies 23,757
16,851
41% 66,032 68,106
-3%
1 Direct Operation production includes 100% of Buenaventura’s
operating units, 53.06% of La Zanja, 54.07% of El Brocal and 40.10%
of Coimolache.
Orcopampa’s (100% owned by Buenaventura)
Production 4Q15
4Q14 Var % FY 2015 FY
2014 Var % Gold Oz
48,606 54,878
-11% 204,629
203,226
1% Silver Oz
170,254 143,925
18% 562,795
423,148
33%
Cost Applicable to Sales
4Q15 4Q14 Var % FY
2015 FY 2014 Var % Gold
US$/Oz 693 697
-1%
680 777
-12%
Gold production at Orcopampa decreased 11% in 4Q15 (compared to
4Q14) due to lower ore grade (Appendix 2). Cost Applicable to Sales
(CAS) in 4Q15 was US$ 693/oz of gold, in line with the Cost
Applicable to Sales (CAS) reported in 4Q14.
Gold production guidance for 2016 is 200k – 210k ounces.
Uchucchacua (100% owned by Buenaventura)
Production 4Q15
4Q14 Var % FY 2015 FY
2014 Var % Silver Oz
4,118,509 3,395,628
21% 13,919,922
12,055,570
15% Zinc MT
1,602 1,504
6% 5,692
6,349
-10% Lead MT 2,565
2,086
23% 8,433 7,605
11%
Cost Applicable to Sales
4Q15 4Q14 Var
% FY 2015 FY 2014 Var
% Silver US$/Oz 12.97 14.99
-13% 13.97 16.34
-15%
Silver production in 4Q15 increased 21% compared to 4Q14, due to
higher ore treated and higher ore grade (Appendix 2). Cost
Applicable to Sales (CAS) in 4Q15 decreased 13% compared to 4Q14,
mainly explained by lower labor cost due to higher exchange rate,
lower consumable costs (explosive materials), reagents costs and
more silver ounces sold (4.1 million silver ounces in 4Q15 compared
to 3.2 million silver ounces in 4Q14).
Silver production guidance for 2016 is 15.5 million – 16.5
million ounces.
Mallay (100% owned by Buenaventura)
Production 4Q15
4Q14 Var % FY 2015 FY
2014 Var % Silver Oz
357,236 309,213
16% 1,285,361
1,216,034
6% Zinc MT
2,407 2,333
3% 9,173 9,893
-7% Lead MT 1,841
1,876
-2% 7,193 7,513
-4%
Cost Applicable
to Sales 4Q15
4Q14 Var % FY 2015 FY
2014 Var % Silver US$/Oz
13.77 12.80
8% 13.90
13.76
1%
Silver production in 4Q15 increased 16% compared to 4Q14, due to
higher ore treated (Appendix 2). Cost Applicable to Sales (CAS) in
4Q15 was 8% higher compared to 4Q14 due to lower by-product
contribution.
Silver production guidance for 2016 is 1.5 million – 1.9 million
ounces.
Julcani (100% owned by Buenaventura)
Production 4Q15
4Q14 Var % FY 2015 FY
2014 Var % Silver Oz
868,662 782,652
11% 3,266,453
3,084,347
6%
Cost Applicable to Sales
4Q15 4Q14 Var %
FY 2015 FY 2014 Var %
Silver US$/Oz 11.32 13.97
-19% 12.30 14.14
-13%
Silver production in 4Q15 increased 11% compared to 4Q14
production, due to higher ore treated and higher ore grade
(Appendix 2). Cost Applicable to Sales (CAS) in 4Q15 was 19% lower
than 4Q14, mainly explained by lower labor cost expenses due to
higher exchange rate and lower contractors costs due to fewer
meters drifted (11% lower).
Silver production guidance for 2016 is 3.0 million – 3.4 million
ounces.
La Zanja (53.06% owned by Buenaventura)
Production 4Q15
4Q14 Var % FY 2015 FY
2014 Var % Gold Oz
37,709 34,808
8% 141,071 143,573
-2% Silver Oz 89,111
82,594
8% 331,080 422,395
-22%
Cost Applicable to Sales
4Q15 4Q14 Var % FY
2015 FY 2014 Var % Gold
US$/Oz 832 703
18%
789 569
39%
Gold production in 4Q15 increased 8% compared to 4Q14. CAS in
4Q15 increased 18% compared to 4Q14, mainly explained by higher ore
treated and lower ore grade (0.88 Au g/MT in 4Q14 compared to 0.63
Au g/MT in 4Q15).
Gold production guidance for 2016 is 130k – 140k ounces.
Tantahuatay (40.10% owned by Buenaventura)
Production 4Q15
4Q14 Var % FY 2015 FY
2014 Var % Gold Oz
47,697 38,558
24% 144,782
143,643
1% Silver Oz
281,440 227,131
24% 879,832
754,357
17%
Cost Applicable to Sales
4Q15 4Q15 Var % FY
2015 FY 2014 Var % Gold
US$/Oz 388 475
-18%
489 455
7%
Gold production in 4Q15 increased 24% compared to the figure
reported in 4Q14. CAS in 4Q15 decreased 18% compared to 4Q14 mainly
due to higher ore grade (0.54 Au g/MT in 4Q14 compared to 0.66 Au
g/MT in 4Q15) from Cienaga Norte mine.
Gold production guidance for 2016 is 140k – 150k ounces
El Brocal (54.07%* owned by Buenaventura)
Production 4Q15
4Q15 Var % FY 2015 FY
2014 Var % Copper MT
9,165 10,749
-15% 32,061 43,282
-26% Zinc MT 15,966
8,640
85% 53,319 10,162
425% Silver Oz 1,183,101
921,625
28% 3,669,500 2,501,839
47% Cost
Applicable to Sales 4Q15
4Q15 Var % FY 2015
FY 2014 Var % Copper
US$/MT 5,456 5,499
-1%
5,322 5,096
4% Zinc
US$/MT 1,444 1,321
9%
1,601 1,369
17%
During 4Q15, Copper production decreased 15% compared to 4Q14,
due to a lower recovery rate. Moreover, in 4Q15 zinc production
increased 85% due to higher ore treated, despite the lower
grade.
(*) Since January 2016, the new ownership of El Brocal is
56.29%.
In 4Q15, Zinc CAS increased 9% compared to 4Q14 mainly due to
higher selling expenses. Copper CAS in 4Q15 was in line with the
CAS reported in 4Q14.
Zinc production guidance for 2016 is 60k – 70k MT, while copper
production guidance for 2016 is 35k – 45k MT.
General and Administrative Expenses
General and administrative expenses in 4Q15 were US$25.8million,
9% lower compared to the US$28.4 million in 4Q14 figure. This is
mainly due to lower third-party services. For 2015, the expense was
US$86.5 million (US$101.1 million in 2014).
Exploration in Non-Operating Areas
Exploration in non-operating areas during 4Q15 was US$5.0
million compared with the US$17.6 million in 3Q14. During the
period, Buenaventura’s main exploration efforts were focused on the
Tambomayo project (US$3.5 million) and Marcapunta (US$0.6 million).
For 2015, the expense was US$30.6 million (US$50.0 million in
2014).
Share in Associated Companies
During 4Q15, Buenaventura’s share in associated companies was
negative US$235.0 million, compared to negative US$113.8 million
reported in 4Q14, composed by:
Share in the Result of Associates
(in millions of US$)
4Q15 4Q14 Var %
FY 2015 FY 2014 Var % Cerro
Verde -2.6 20.8
N.A. 6.5
77.9
-92% Coimolache 6.5 5.0
30% 16.6 22.3
-25% Yanacocha
-238.9 -139.7
71% -196.5
-174.7
12% Total -235.0
-113.8 106% -173.4
-74.6 132%
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura), during 4Q15, gold
production was 211,256 ounces, 34% lower than 4Q14 production
(322,309 ounces). For 2015, gold production was 917,690 ounces, 5%
lower than 969,944 ounces in 2014.
Gold production guidance at Yanacocha for 2016 is 600k – 650k
ounces.
In 4Q15, Yanacocha reported net loss of US$547.4 million
compared to a net loss of US$380.3 million reported in 4Q14
(Includes deferred income tax of US$510 million). CAS in 4Q15 was
US$747/oz, 75% higher than the US$426/oz reported in 4Q14 mainly
due to: i) a higher inventory write-down (US$34.7 million in 4Q15
compared to US$11.1 million in 4Q14), and ii) lower volume sold
(216,733 gold ounces in 4Q15 vs 327,278 gold ounces in 4Q14).
Capital expenditures at Yanacocha were US$37.3 million in 4Q15,
while for 2015 was US$96.2 million.
Yanacocha still has a strong pipeline of growth projects:
Quecher Main (prefeasibility), Chaquicocha Sulphides and Yanacocha
Verde (scoping) and Maqui Maqui (exploration).
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura), during 4Q15
copper production was 95,619 MT (18,722 MT attributable to
Buenaventura), a 71% increase compared to 4Q14 (56,001 MT and
10,965 MT attributable to Buenaventura). For 2015, copper
production was 246,973 MT (48,357 MT attributable to
Buenaventura).
During 4Q15, Cerro Verde reported a net loss of US$13.2 million
compared to net profit of US$55.9 million in 4Q14. This was mainly
due to a higher depreciation (related to the new concentrate plant)
and a higher net loss from currency exchange difference, despite of
the 71% increase in volume sold. For 2015, net income was US$33.3
million (compared to US$377.6 million in 2014).
Capital expenditures at Cerro Verde were US$274.1 million in
4Q15, and US$1,595.6 million in 2015.
Cerro Verde’s plant expansion was completed, in-line with
schedule and budget (US$4.6 billion). It became the largest
concentration facility (360K TPD) in the world and full plant
capacity is expected to be reached in 1Q16.
Copper production guidance at Cerro Verde for 2016 is 550k MT –
600k MT.
COIMOLACHE (Tantahuatay operation)
At Coimolache (40.10% owned by Buenaventura), attributable
contribution to the net income in 4Q15 was US$6.5 million (US$5.0
million in 4Q14). For 2015, the contribution was US$16.6 million,
compared to US$22.3 million reported in 2015.
Project Development and Exploration
The Tambomayo Project (100% ownership)
- Detail engineering currently at 100% of
development
- Civil works are at 30% of progress
(expected to be completed in 3Q16)
- 100% of mayor equipment has been
purchased (80% arrived to site)
- CAPEX: US$ 340 M (Total disbursement as
of 4Q15 US$158.3 M)
- Exploration and mine development US$218
M (Disbursement as of 4Q15 S$64.4 M)
- Civil works and Equipment US$122 M
(Disbursement as of 4Q15 S$93.9 M)
The San Gabriel Project (100% ownership)
- The project has been rescheduled in
order to preserve cash flow
- Feasibility studies were completed in
4Q15
- Environmental Impact Assessment (EIA)
of the project´s construction is expected to be approved in
4Q16
- Objective for 1S16:
- Continue the construction of a 450
meters exploration ramp
- Drilling program: 7,000 meters in order
to confirm resources and certainty
Buenaventura´s Cash and Debt Situation
- Currently BVN is in the process of
raising US$ 270 million long-term syndicate loan.
Proceeds from this new debt will be used for
the following:
a. Reprofiling of BVN´s current short term
debt (US$ 232 million).
b. Partially finance the construction of the
Tambomayo Project.
- Yanacocha will distribute a cash
dividend of US$ 300 million
BVN received US$ 131 million on February 19,
2016.
- Cerro Verde - loan of US$ 125
million in 4Q15
In 4Q15, Cerro Verde received a loan of US$
600 million from its shareholder in order to comply with the
covenants of its syndicate loan ($1.8 billion).
- El Brocal - capital increase of US$
19 million in 1Q16
This capital increase was needed in order to
comply with the covenants of its loan.
Recent events
At the Board of Directors’ meeting held February 25, 2016, the
following resolutions were passed:
To call for the Annual Shareholders’ Meeting to be held on March
29, 2016, the following items will be proposed for approval:
a. Approve the Annual Report as of December, 31, 2015.
b. Approve the Financial Statements as of December, 31,
2015.
c. Appoint Ernst and Young (Paredes, Zalvidar, Burga y
Asociados) as External Auditors for fiscal year 2016.
* * *
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 and San Gabriel
projects.
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 2014 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.
**Tables to follow**
APPENDIX 1
Equity Participation in
Subsidiaries and Associates (as of
September 30, 2015)
BVN Operating Equity
% Mines / Business El Molle Verde S.A.C*
100.00 Trapiche project Minera La Zanja S.A* 53.06
La Zanja Sociedad Minera El Brocal S.A.A* 56.29
Colquijirca and Marcapunta Compañía Minera Coimolache S.A **
40.10 Tantahuatay Minera Yanacocha S.R.L **
43.65 Yanacocha Sociedad Minera Cerro Verde S.A.A **
19.58 Cerro Verde Processadora Industrial Rio Seco S.A*
100.00 Rio Seco chemical plant Consorcio Energético
de Huancavelica S.A* 100.00 Energy – Huanza
Hydroelectrical plant Buenaventura Ingenieros S.A* 100.00
Engineering Consultant (*)Consolidates (**) Equity
Accounting
APPENDIX 2
GOLD PRODUCTION
4Q15 4Q14 %
FY15 FY14 % Mining Unit
Operating Results Underground Orcopampa
Ore Milled DMT 120,878 115,862
4%
458,222 454,694
1% Ore Grade OZ/MT 0.42 0.48
-13% 0.46 0.46
1% Recovery Rate % 93.9% 96.9%
-3% 95.3% 97.1%
-2% Ounces Produced*
48,606 54,878
-11% 204,629
202,227
1% Mining Unit
Operating Results Open Pit
La Zanja
Ounces Produced 37,709 34,959 8% 141,071 143,724 -2% Tantahuatay
Ounces Produced 47,697 38,558 24%
144,782 143,643 1% * Includes ounces from
retreatment of taling dams
SILVER
PRODUCTION 4Q15
4Q14 % FY15 FY14
% Mining Unit Operating Results
Underground Uchucchacua Ore Milled DMT 318,219
287,970
11% 1,121,474 1,013,633
11% Ore Grade OZ/MT
15.38 13.83
11% 14.80 14.56
2% Recovery Rate % 84.2%
85.2%
-1% 83.9% 81.7%
3% Ounces
Produced 4,118,509 3,395,628
21%
13,919,922 12,055,570
15% Julcani Ore Milled
DMT 45,024 43,292
4% 177,948 167,760
6% Ore Grade
OZ/MT 20.06 19.02
5% 19.22 19.32
-1% Recovery Rate %
96.2% 95.0%
1% 95.5% 95.2%
0% Ounces
Produced 868,662 782,652
11%
3,266,453 3,084,347
6% Mallay Ore Milled DMT
42,812 38,290
12% 158,124 148,058
7% Ore Grade OZ/MT
8.93 8.64
3% 8.66 8.77
-1% Recovery Rate % 93.4%
93.5%
0% 93.8% 93.7%
0% Ounces Produced
357,236 309,213
16% 1,285,361
1,216,034
6% Mining Unit
Operating Results Open Pit
Colquijirca
Ounces Produced 1,030,199 490,896
110% 2,811,391 603,342
366%
ZINC PRODUCTION
4Q15 4Q14 %
FY15 FY14 % Mining Unit
Operating Results Underground
Uchucchacua Ore Milled DMT 318,219 287,970
11% 1,121,474
1,013,633
11% Ore Grade % 1.04% 0.90%
16% 1.05% 1.04%
1% Recovery Rate % 48.02% 57.9%
-17% 48.2% 60.2%
-20% MT Produced 1,602 1,504
6% 5,693 6,349
-10%
Mallay Ore Milled DMT 42,812 38,290
12% 158,124 148,058
7% Ore Grade % 6.5% 7.1%
-8% 6.60% 7.79%
-15%
Recovery Rate % 86.3% 86.3%
0% 87.9% 85.8%
2%
MT Produced 2,407 2,333
3%
9,172 9,893
-7% Mining Unit
Operating Results Open Pit
Colquijirca MT Produced 15,966 8,640
85% 53,319 10,162
425%
APPENDIX 3: EBITDA Reconciliation (in thousand US$)
4Q15 4Q14 FY 2015
FY 2014 Net Income -315,297 -164,441
-375,545 -61,640
Add / Substract:
331,262 199,706 480,734
335,692 Provision for income tax, net 16,544
23,928 12,613 66,012 Share in associated companies by
the equity method, net 234,996 113,842 173,375
74,600 Interest income -8,585 -4,209
-11,026 -8,408 Interest expense 6,519 4,313
27,622 11,318 Loss on currency exchange difference
6,158 3,381 13,683 8,452 Long Term
Compensation provision 330 -1,842 330
89 Depreciation and Amortization 63,279 57,684
242,464 208,698 Workers´ participation provision 266
-20 895 3,669 Adquiscion gain generated by
subsidiary 0 27 0 -59,852 Loss from
discontinued operations 4,583 4,830 9,523
31,114 Impairment of Long-Lived Assets 7,172
-2,228 11,255 0
EBITDA Buenaventura Direct
Operations 15,965 35,265
105,189 274,052 EBITDA Yanacocha
(43.65%)
18,392
105,971
164,265
205,695
EBITDA Cerro Verde (19.58%) 23,497
27,931 68,261 143,299
EBITDA Coimolache
(40.01%) 14,755 12,335 40,360
48,941
Adjusted EBITDA (including Associated companies)
72,609
181,503
378,075
671,987
Note:
EBITDA (Buenaventura Direct Operations) consists of earnings
before net interest, taxes, depreciation and amortization, share in
associated companies, net, loss on currency exchange difference,
other, net, provision for workers’ profit sharing and provision for
long-term officers’ compensation.
EBITDA (including associated companies) consists of EBITDA
(Buenaventura Direct Operations), plus (1) Buenaventura’s equity
share of EBITDA (Yanacocha) (2) Buenaventura’s equity share of
EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of
EBITDA (Coimolache). All EBITDA mentioned were similarly calculated
using financial information provided to Buenaventura by the
associated companies.
Buenaventura presents EBITDA (Buenaventura Direct Operations)
and EBITDA (including affiliates) to provide further information
with respect to its operating performance and the operating
performance of its equity investees, the affiliates. EBITDA
(Buenaventura Direct Operations) and EBITDA (including affiliates)
are not a measure of financial performance under IFRS, and may not
be comparable to similarly titled measures of other companies. You
should not consider EBITDA (Buenaventura Direct Operations) and
EBITDA (including affiliates) as alternatives to operating income
or net income determined in accordance with IFRS, as an indicator
of Buenaventura’s, affiliates operating performance, or as an
alternative to cash flows from operating activities, determined in
accordance with IFRS, as an indicator of cash flows or as a measure
of liquidity.
APPENDIX 4: PROVEN AND PROBABLE RESERVES
GOLD % Ownership
MT (000) Grade Oz/TMS Oz (000) Attributable
(000) Orcopampa 100.00 648 0.475 308 308 Julcani 100.00 289
0.016 5 5 Mallay 100.00 86 0.016 1 1 Tambomayo 100.00 1,081 0.303
328 328 Antapite 100.00 38 0.335 13 13 Breapampa 100.00 520 0.014 8
8 La Zanja 53.06 11,905 0.020 236 125 La Zanja (on Pads and Plant)
53.06 8 4 Tantahuatay (Oxides) 40.10 66,197 0.014 920 369
Tantahuatay PAD 40.10 11 4 El Brocal Marcapunta (Sulphides) 56.29
21,750 0.013 273 154 Yanacocha 43.65 5,057 2,207
Total
102,514 0.070 7,167 3,526
SILVER % Ownership
MT (000) Grade Oz/TMS Oz (000) Attributable
(000) Uchucchacua (Silver - Sulphides) 100.00 3,947 15.000
59,208 59,208 Uchucchacua (Zinc - Sulphides) 100.00 324 5.850 1,896
1,896 Julcani 100.00 289 20.840 6,018 6,018 Breapampa 100.00 520
0.550 287 287 Mallay 100.00 86 10.970 948 948 Orcopampa 100.00 648
1.650 1,072 1,072 Tambomayo 100.00 1,081 9.260 10,007 10,007 La
Zanja 53.06 11,905 0.130 1,574 835 La Zanja (on Pads and Plant)
53.06 825 438 Tantahuatay Oxidos 40.10 66,197 0.230 15,087 6,049
Tantahuatay PAD 40.10 67 27 El Brocal (Tajo Norte - La Llave) 54.07
39,698 0.880 34,934 18,889 El Brocal Marcapunta (Sulphides) 54.07
21,750 0.610 13,267 7,174 Yanacocha 43.65 60,000 26,190
Cerro Verde (Sulphides) 19.58 3,953,233 0.048 187,822 36,776 Cerro
Verde (Oxides) 19.58 610,019 0.010 6,047 1,184
Total 4,709,697
0.085 399,060 176,997
ZINC % Ownership MT
(000) % Zn MT (000) Attributable (000)
Uchucchacua (Plata - Sulphides) 100.00 3,947 1.43 57 57 Uchucchacua
(Zinc - Sulphides) 100.00 324 6.24 20 20 Mallay 100.00 86 8.93 8 8
Tambomayo 100.00 1,081 3.01 33 33 El Brocal (Tajo Norte - La Llave)
54.07 39,698 2.52 1,000 541
Total 45,136 2.48 1,117 658
LEAD % Ownership MT (000) % Pb
MT (000) Attributable (000) Uchucchacua
(Silver - Sulphides) 100.00 3,647 1.08 43 43 Uchucchacua (Zinc -
Sulphides) 100.00 324 3.78 12 12 Julcani 100.00 289 2.52 7 7 Mallay
100.00 86 6.35 5 5 Tambomayo 100.00 1,081 2.00 22 22 El Brocal
(Tajo Norte - La Llave) 54.07 39,698 0.86 341 185
Total
45,125 0.95 431 274
COPPER % Ownership
MT (000) % Cu MT (000) Attributable (000)
Julcani 100.00 310 0.55 2 2 El Brocal Marcapunta (Sulphides)
54.07 21,750 2.25 489 265 Cerro Verde (Sulphides) 19.58
3,953,233 0.37 14,813 2,900 Cerro Verde (Oxides) 19.58 610,019 0.48
2,928 573
Total 4,585,312 0.40 18,232 3,740
MOLYBDENUM % Ownership MT (000) % Mo Oz
(000) Attributable (000) Cerro Verde (Sulphides)
19.58 3,953,233 0.014 553 108 Cerro Verde (Oxides) 19.58 610,019
0.003 18 4
Total 4,563,252 0.013 572 112 Prices used for
Reserves calculation:
Gold 1,250 US$/Oz -
Silver 19
US$/Oz -
Zinc 2,000 US$/MT -
Lead 2,000 US$/MT -
Copper 5,500 US$/MT
APPENDIX 5: COST APPLICABLE TO SALES RECONCILIATION
Reconciliation of Costs Applicable to Sales and Cost
Applicable to Sales per Unit Sold
Cost applicable to sales consists of cost of sales, excluding
depreciation and amortization, plus Selling expenses. Cost
applicable to sales per unit sold for each mine consists of cost
applicable to sales for a particular metal produced at a given mine
divided by the volume of such metal produced at such mine in the
specified period. We note that cost applicable to sales is not
directly comparable to the cash operating cost figures disclosed in
previously furnished earnings releases.
Cost applicable to sales and Cost applicable to sales per unit
of mineral sold are not measures of financial performance under
IFRS, and may not be comparable to similarly titled measures of
other companies. We consider Cost applicable to sales and Cost
applicable to sales per unit of mineral sold to be key measures in
managing and evaluating our operating performance. These measures
are widely reported in the precious metals industry as a benchmark
for performance, but do not have standardized meanings. You should
not consider Cost applicable to sales or Cost applicable to sales
per unit of mineral sold as alternatives to cost of sales
determined in accordance with IFRS, as indicators of our operating
performance. Cost applicable to sales and Cost applicable to sales
per unit of mineral sold are calculated without adjusting for
by-product revenue amounts.
The tables below set forth (i) a reconciliation of consolidated
Cost of sales, excluding depreciation and amortization to
consolidated Cost applicable to sales, (ii) reconciliations of the
components of Cost applicable to sales (by mine and mineral) to the
corresponding consolidated line items set forth on our consolidated
statements of profit or loss for the three and six months ended
June 30, 2014 and 2015, and (iii) reconciliations of Cost of sales,
excluding depreciation and amortization to Cost applicable to sales
for each of our mining units. The amounts set forth in Cost
applicable to sales and Cost applicable to sales per unit sold for
each mine and mineral indicated in the tables below can be
reconciled to the amounts set forth on our consolidated statements
of profit or loss for the three and six months ended June 30, 2014
and 2015 by reference to the reconciliations of Cost of sales,
excluding depreciation and amortization (by mine and mineral),
Selling Expenses (by mine and metal) expenses and Exploration in
units in operations (by mine and mineral) to consolidated Cost of
sales, excluding depreciation and amortization, consolidated
Selling Expenses and consolidated Exploration in units in
operations expenses, respectively, set forth below.
Set forth below is a reconciliation of consolidated Cost of sales,
excluding depreciation and amortization, to consolidated Cost
applicable to sales:
For the 3 months ended Dec 31
For the 12 months ended Dec 31 2015
2014 2015 2014 (in thousands of
US$) Consolidated Cost of sales excluding depreciation and
amortization 156,848 166,971 590,405 614,539
Add:
Consolidated Exploration in units in operation 25,429 21,273 91,520
97,853 Consolidated Commercial deductions 60,998 54,862 196,211
184,483 Consolidated Selling expenses 6,666 3,684
19,481 16,605
Consolidated Cost applicable to sales
249,941 246,790 897,618
913,480 Set forth below is a reconciliation of Cost
of sales, excluding depreciation and amortization (by mine and
mineral) to consolidated Cost of sales:
For the 3 months ended Dec
31 For the 12 months ended Dec 31 2015
2014 2015 2014
Cost of sales by
mine and mineral
(in thousands of US$) Julcani, Gold 9 8 49 3 Julcani, Silver
6,741 4,602 23,135 23,117 Julcani, Lead 485 377 1,906 1,891
Julcani, Copper 53 46 242 190 Mallay, Gold 148 0 201 0 Mallay,
Silver 2,233 1,894 8,014 8,135 Mallay, Lead 1,342 1,539 5,190 5,959
Mallay, Zinc 1,316 1,988 6,256 7,497 Breapampa, Gold 4 8,158 9,780
35,389 Breapampa, Silver 48 734 1,681 2,459 Orcopampa, Gold 26,471
26,153 104,603 107,550 Orcopampa, Silver 897 714 3,525 3,070
Uchucchacua, Gold 7 0 25 0 Uchucchacua, Silver 31,879 32,068
110,724 132,110 Uchucchacua, Lead 1,745 2,141 6,377 8,115
Uchucchacua, Zinc 1,056 1,513 4,841 5,618 La Zanja, Gold 31,095
22,804 110,848 79,713 La Zanja, Silver 737 939 3,367 3,426 El
Brocal, Gold 1,759 986 4,258 3,491 El Brocal, Silver 7,066 3,904
21,024 12,331 El Brocal, Lead 5,641 1,178 15,244 2,051 El Brocal,
Zinc 10,475 5,701 42,157 6,478 El Brocal, Copper 22,449 25,538
68,711 96,934 Non Mining Units 3,193 23,984 38,246
69,011
Consolidated Cost of sales, excluding depreciation
and amortization 156,848 166,971
590,405 614,539 Set forth below is a
reconciliation of Exploration expenses in units in operation (by
mine and mineral) to consolidated Exploration expenses in mining
units:
For the 3 months ended Dec 31 For the 12 months
ended Dec 31 2015 2014 2015 2014
Exploration
expenses in units in operation by mine and mineral
(in thousands of US$) Julcani, Gold 4 4 25 2 Julcani, Silver
2,641 2,253 11,598 10,072 Julcani, Lead 190 184 956 824 Julcani,
Copper 21 23 121 83 Mallay, Gold 60 0 77 0 Mallay, Silver 902 791
3,073 2,942 Mallay, Lead 542 643 1,990 2,155 Mallay, Zinc 532 831
2,399 2,711 Breapampa, Gold 125 65 1,554 463 Breapampa, Silver
1,613 6 267 32 Orcopampa, Gold 9,643 9,937 40,307 50,378 Orcopampa,
Silver 327 271 1,358 1,438 Uchucchacua, Gold 2 0 6 1 Uchucchacua,
Silver 8,138 5,613 25,222 24,125 Uchucchacua, Lead 445 375 1,453
1,482 Uchucchacua, Zinc 270 265 1,103 1,026 La Zanja, Gold -24 13
11 115 La Zanja, Silver -1 1 0 5 El Brocal, Gold 0 0 0 0 El Brocal,
Silver 0 0 0 0 El Brocal, Lead 0 0 0 0 El Brocal, Zinc 0 0 0 0 El
Brocal, Copper 0 0 0 0 Non Mining Units 0 0 0
0
Consolidated Exploration expenses in units in operation
25,429 21,273 91,520
97,853 Set forth below is a reconciliation of
Commercial Deductions in units in operation (by mine and mineral)
to consolidated Commercial deductions:
For the 3 months ended Dec
31 For the 12 months ended Dec 31 2015
2014 2015 2014
Commercial
Deductions in units in operation by mine and mineral
(in thousands of US$) Julcani, Gold 3 2 14 2 Julcani, Silver
2,007 1,295 7,258 6,148 Julcani, Lead 144 106 591 502 Julcani,
Copper 17 12 81 53 Mallay, Silver 60 0 89 0 Mallay, Silver 1,216
832 4,098 3,687 Mallay, Lead 735 654 2,655 2,620 Mallay, Zinc 1,158
1,295 4,313 5,153 Breapampa, Gold 0 23 62 99 Breapampa, Silver 0 0
5 0 Orcopampa, Gold 55 87 255 288 Orcopampa, Silver 0 1 0 1
Uchucchacua, Gold 2 0 7 0 Uchucchacua, Silver 12,517 9,530 37,753
35,786 Uchucchacua, Lead 675 632 2,161 2,248 Uchucchacua, Zinc
1,499 1,012 5,457 3,850 La Zanja, Gold 53 38 194 240 La Zanja,
Silver 6 0 18 4 El Brocal, Gold 1,925 1,203 4,847 3,777 El Brocal,
Silver 3,992 3,587 13,583 12,345 El Brocal, Lead 2,269 642 6,669
1,317 El Brocal, Zinc 6,903 3,320 24,622 4,105 El Brocal, Copper
25,762 30,590 81,479 102,258 Non Mining Units 0 0 0
0
Consolidated Commercial deductions in units in
operation 60,998 54,862
196,211 184,483 Set forth below is a
reconciliation of Selling expenses (by mine and mineral) to
consolidated Selling expenses:
For the 3 months ended Dec 31
For the 12 months ended Dec 31 2015 2014
2015 2014
Selling expenses
by mine and mineral
(in thousands of US$) Julcani, Gold 0 0 2 0 Julcani, Silver
181 265 963 979 Julcani, Lead 13 22 79 80 Julcani, Copper 1 3 10 8
Mallay, Gold 11 0 15 0 Mallay, Silver 162 141 580 661 Mallay, Lead
98 115 376 484 Mallay, Zinc 96 148 453 609 Breapampa, Gold 0 62 99
367 Breapampa, Silver 2 6 17 26 Orcopampa, Gold 190 223 823 929
Orcopampa, Silver 6 6 28 27 Uchucchacua, Gold 0 0 1 0 Uchucchacua,
Silver 1,063 868 3,228 3,099 Uchucchacua, Lead 58 58 186 190
Uchucchacua, Zinc 35 41 141 132 La Zanja, Gold 248 401 1,172 1,382
La Zanja, Silver 6 17 36 59 El Brocal, Gold 134 28 255 204 El
Brocal, Silver 539 113 1,258 722 El Brocal, Lead 431 34 912 120 El
Brocal, Zinc 799 165 2,522 379 El Brocal, Copper 1,713 737 4,110
5,677 Non Mining Units 879 232 2,217 470
Consolidated Selling expenses 6,666
3,684 19,481 16,605
JULCANI JULCANI 4Q 2015
4Q 2014 FY 2015 FY 2014 GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL Cost of
Sales (without D&A) (US$000) 9 6,741 485 - 53
7,288 8 4,602 377 - 46 5,032 Cost of Sales (without D&A)
(US$000) 49 23,135 1,906 - 242 25,333 3 23,117 1,891
- 190 25,202
Add: Add: Exploration Expenses (US$000)
4 2,641 190 - 21 2,855 4 2,253 184 - 23 2,463 Exploration Expenses
(US$000) 25 11,598 956 - 121 12,699 2 10,072 824 - 83 10,981
Commercial Deductions (US$000) 3 2,007 144 - 17 2,171 2 1,295 106 -
12 1,416 Commercial Deductions (US$000) 14 7,258 591 - 81 7,944 2
6,148 502 - 53 6,706 Selling Expenses (US$000) 0 181 13 - 1 195 0
265 22 - 3 290 Selling Expenses (US$000) 2 963 79 - 10 1,055 0 979
80 - 8 1,067
Cost Applicable to Sales (US$000) 16
11,570 832 - 92 12,510 14
8,414 689 - 84 9,202 Cost
Applicable to Sales (US$000) 90 42,954
3,533 - 454 47,031 7
40,316 3,297 - 335 43,956
Divide: Divide: Volume Sold 18
1,022,162 674 - 26 Not Applicable
15 602,165 398 - 15 Not
Applicable Volume Sold 94 3,493,166 2,478
- 103 Not Applicable 12
2,851,318 2,057 - 64 No Aplicable
CAS 870 11.32
1,233 - 3,544 Not
Applicable 962 13.97
1,731 - 5,603 Not
Applicable CAS 955 12.30
1,425 - 4,416
No Applicable 603 14.14
1,603 - 5,195 No
Applicable MALLAY MALLAY 4Q 2015
4Q 2014 FY 2015 FY 2014 GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL Cost of
Sales (without D&A) (US$000) 148 2,233 1,342 1,316 - 5,039 -
1,894 1,539 1,988 - 5,421 Cost of Sales (without D&A) (US$000)
201 8,014 5,190 6,256 - 19,661 - 8,135 5,959 7,497 - 21,591
Add: Add: Exploration Expenses (US$000) 60 902 542
532 - 2,035 - 791 643 831 - 2,265 Exploration Expenses (US$000) 77
3,073 1,990 2,399 - 7,539 - 2,942 2,155 2,711 - 7,807 Commercial
Deductions (US$000) 60 1,216 735 1,158 - 3,168 - 832 654 1,295 -
2,781 Commercial Deductions (US$000) 89 4,098 2,655 4,313 - 11,155
- 3,687 2,620 5,153 - 11,460 Selling Expenses (US$000) 11 162 98 96
- 367 - 141 115 148 - 404 Selling Expenses (US$000) 15 580 376 453
- 1,424 - 661 484 609 - 1,754
Cost Applicable to Sales
(US$000) 278 4,512 2,716 3,101
- 10,608 - 3,659 2,950
4,263 - 10,872 Cost Applicable to Sales
(US$000) 381 15,766 10,211 13,421
- 39,778 - 15,425 11,217
15,970 - 42,613 Divide: Divide:
Volume Sold 292 327,697 1,765 1,981
- Not Applicable - 285,846 1,797
1,992 - Not Applicable Volume Sold 396
1,134,528 6,612 7,482 - Not
Applicable - 1,121,202 7,253 8,609
- Not Applicable
CAS 954
13.77 1,539 1,566
- Not Applicable -
12.80 1,642 2,139
- Not Applicable CAS 960
13.90 1,544 1,794
- No Applicable -
13.76 1,547 1,855
- No Applicable BREAPAMPA
BREAPAMPA 4Q 2015 4Q 2014 FY 2015 FY
2014 GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL Cost of Sales (without D&A) (US$000) 4 48 - - - 52
8,158 734 - - - 8,892 Cost of Sales (without D&A) (US$000)
9,780 1,681 - - - 11,462 35,389 2,459 - - - 37,848
Add:
Add: Exploration Expenses (US$000) 125 1,613 - - - 1,738 65
6 - - - 71 Exploration Expenses (US$000) 1,554 267 - - - 1,821 463
32 - - - 495 Commercial Deductions (US$000) 0 - - - - 0 23 - - - -
23 Commercial Deductions (US$000) 62 5 - - - 66 99 - - - - 99
Selling Expenses (US$000) 0 2 - - - 2 62 6 - - - 67 Selling
Expenses (US$000) 99 17 - - - 116 367 26 - - - 393
Cost
Applicable to Sales (US$000) 129 1,663 -
- - 1,792 8,307 746 -
- - 9,052 Cost Applicable to Sales
(US$000) 11,495 1,970 - - -
13,466 36,318 2,517 - - -
38,835 Divide: Divide: Volume Sold -0
4,381 - - - Not Applicable
14,456 98,441 - - - Not
Applicable Volume Sold 16,069 212,826 -
- - Not Applicable 80,358 383,733
- - - Not Applicable
CAS
- 379.64 - -
- Not Applicable 575
7.57 - - -
Not Applicable CAS 715
9.26 - - -
No Applicable 452 6.56
- - - No
Applicable ORCOPAMPA ORCOPAMPA 4Q
2015 4Q 2014 FY 2015 FY 2014
GOLD (OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL Cost
of Sales (without D&A) (US$000) 26,471 897 - - - 27,368 26,153
714 - - - 26,868 Cost of Sales (without D&A) (US$000) 104,603
3,525 - - - 108,128 107,550 3,070 - - - 110,620
Add:
Add: Exploration Expenses (US$000) 9,643 327 - - - 9,970
9,937 271 - - - 10,208 Exploration Expenses (US$000) 40,307 1,358 -
- - 41,666 50,378 1,438 - - - 51,816 Commercial Deductions (US$000)
55 - - - - 55 87 1 - - - 88 Commercial Deductions (US$000) 255 0 -
- - 255 288 1 - - - 289 Selling Expenses (US$000) 190 6 - - - 196
223 6 - - - 229 Selling Expenses (US$000) 823 28 - - - 851 929 27 -
- - 955
Cost Applicable to Sales (US$000) 36,358
1,230 - - - 37,588 36,400
993 - - - 37,392 Cost
Applicable to Sales (US$000) 145,988 4,912
- - - 150,900 159,144
4,536 - - - 163,680
Divide: Divide: Volume Sold 52,488
139,557 - - - Not Applicable
52,195 108,290 - - - Not
Applicable Volume Sold 214,821 555,314 -
- - Not Applicable 204,862
401,782 - - - Not Applicable
CAS
693 8.82 -
- - Not Applicable
697 9.17 - -
- Not Applicable CAS
680 8.85 - -
- No Applicable 777
11.29 - - -
No Applicable UCHUCCHACUA
UCHUCCHACUA 4Q 2015 4Q 2014 FY 2015
FY 2014 GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL Cost of Sales (without D&A)
(US$000) 7 31,879 1,745 1,056 - 34,687 - 32,068 2,141 1,513 -
35,723 Cost of Sales (without D&A) (US$000) 25 110,724 6,377
4,841 - 121,967 - 132,110 8,115 5,618 - 145,843
Add:
Add: Exploration Expenses (US$000) 2 8,138.49 445.38 269.57
- 8,855.2 - 5,613 375 265 - 6,253 Exploration Expenses (US$000) 6
25,222 1,453 1,103 - 27,784 - 24,125 1,482 1,026 - 26,633
Commercial Deductions (US$000) 2 12,517 675 1,499 - 14,694 - 9,530
632 1,012 - 11,174 Commercial Deductions (US$000) 7 37,753 2,161
5,457 - 45,379 - 35,786 2,248 3,850 - 41,884 Selling Expenses
(US$000) 0 1,063 58 35 - 1,156 - 868 58 41 - 967 Selling Expenses
(US$000) 1 3,228 186 141 - 3,555 - 3,099 190 132 - 3,421
Cost
Applicable to Sales (US$000) 11 53,597
2,924 2,860 - 59,392 -
48,079 3,206 2,831 - 54,117
Cost Applicable to Sales (US$000) 39 176,927
10,177 11,543 - 198,685 -
195,120 12,035 10,626 - 217,781
Divide: Divide: Volume Sold 12
4,132,034 1,993 1,520 - Not Applicable
- 3,206,509 1,665 1,013 -
Not Applicable Volume Sold 38 12,666,673 6,560
4,750 - Not Applicable -
11,940,167 6,530 4,288 - Not Applicable
CAS 931 12.97
1,467 1,882 - No
Applicable - 14.99
1,925 2,795 - No
Applicable CAS 1,016 13.97
1,551 2,430 -
No Applicable - 16.34
1,843 2,478 - No
Applicable LA ZANJA LA ZANJA 4Q
2015 4Q 2014 FY 2015 FY 2014
GOLD (OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL Cost
of Sales (without D&A) (US$000) 31,095 737 - - - 31,832 22,804
939 - - - 23,743 Cost of Sales (without D&A) (US$000) 110,848
3,367 - - - 114,214 79,713 3,426 - - - 83,139
Add:
Add: Exploration Expenses (US$000) -24 -1 - - - -24 13 1 - -
- 14 Exploration Expenses (US$000) 11 0 - - - 11 115 5 - - - 120
Commercial Deductions (US$000) 53 6 - - - 59 38 -0 - - - 38
Commercial Deductions (US$000) 194 18 - - - 212 240 4 - - - 244
Selling Expenses (US$000) 248 6 - - - 254 401 17 - - - 418 Selling
Expenses (US$000) 1,172 36 - - - 1,207 1,382 59 - - - 1,441
Cost
Applicable to Sales (US$000) 31,372 748 -
- - 32,120 23,257 956 -
- - 24,213 Cost Applicable to Sales
(US$000) 112,224 3,421 - - -
115,645 81,450 3,495 - -
- 84,944 Divide: Divide: Volume Sold
37,706 68,585 - - - Not
Applicable 33,098 101,988 - - -
Not Applicable Volume Sold 142,299 324,151
- - - Not Applicable 143,151
418,565 - - - Not Applicable
CAS 832 10.90 -
- - Not Applicable
703 9.37 - -
- Not Applicable CAS
789 10.55 - -
- No Applicable 569
8.35 - - -
Not Applicable BROCAL BROCAL
4Q 2015 4Q 2014 FY 2015 FY 2014
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL Cost
of Sales (without D&A) (US$000) 1,759 7,066 5,641 10,475 22,449
47,390 986 3,904 1,178 5,701 25,538 37,307 Cost of Sales (without
D&A) (US$000) 4,258 21,024 15,244 42,157 68,711 151,394 3,491
12,331 2,051 6,478 96,934 121,285
Add: Add:
Exploration Expenses (US$000) - - - - - - - - - - - - Exploration
Expenses (US$000) - - - - - - - - - - - - Commercial Deductions
(US$000) 1,925 3,992 2,269 6,903 25,762 40,851 1,203 3,587 642
3,320 30,590 39,343 Commercial Deductions (US$000) 4,847 13,583
6,669 24,622 81,479 131,200 3,777 12,345 1,317 4,105 102,258
123,801 Selling Expenses (US$000) 134 539 431 799 1,713 3,617 28
113 34 165 737 1,077 Selling Expenses (US$000) 255 1,258 912 2,522
4,110 9,056 204 722 120 379 5,677 7,103
Cost Applicable to Sales
(US$000) 3,818 11,597 8,340 18,177
49,924 91,858 2,218 7,604 1,855
9,185 56,865 77,727 Cost Applicable to
Sales (US$000) 9,359 35,865 22,826
69,301 154,300 291,650 7,472
25,398 3,488 10,962 204,869
252,189 Divide: Divide: Volume Sold
2,835 881,192 5,870 12,586 9,150
Not Applicable 2,278 672,417 1,609
6,955 10,436 Not Applicable Volume Sold 7,181
2,637,215 16,739 43,297 28,991
Not Applicable 7,874 1,928,243 2,759
8,007 40,198 Not Applicable
CAS
1,347 13.16 1,421
1,444 5,456 Not Applicable
973 11.31 1,152
1,321 5,449 Not Applicable
CAS 1,303 13.60
1,364 1,601 5,322 No
Applicable 949 13.17
1,264 1,369 5,096 Not
Applicable NON MINING COMPANIES NON MINING
COMPANIES 4Q 2015 4Q 2014 FY 2015 FY
2014 GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL Cost of Sales (without D&A) (US$000) - - - - -
3,193 - - - - - 23,984 Cost of Sales (without D&A) (US$000) - -
- - - 38,246 - - - - - 69,011
Add: Add: - - Selling
Expenses (US$000) - - - - -
879 - - - - - 232
Selling Expenses (US$000) - - - -
- 2,217 - - - - -
470 Total (US$000) - - - -
- 4,073 - - - - -
24,216 Total (US$000) - - - -
- 40,463 - - - - -
69,481
BUENAVENTURA CONSOLIDATED
BUENAVENTURA CONSOLIDATED 4Q 2015 4Q 2014
FY 2015 FY 2014 GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL Cost of Sales (without
D&A) (US$000) 59,493 49,601 9,212 12,847 22,502 156,848 58,109
44,856 5,235 9,203 25,584 166,971 Cost of Sales (without D&A)
(US$000) 229,763 171,470 28,718 53,254 68,953 590,405 226,146
184,648 18,016 19,593 97,124 614,539
Add: Add:
Exploration Expenses (US$000) 9,809 13,621 1,177 801 21 25,429
10,019 8,935 1,202 1,096 23 21,273 Exploration Expenses (US$000)
41,980 41,519 4,399 3,502 121 91,520 50,957 38,614 4,461 3,737 83
97,852 Commercial Deductions (US$000) 2,098 19,738 3,824 9,560
25,778 60,998 1,353 15,245 2,035 5,627 30,602 54,862 Commercial
Deductions (US$000) 5,467 62,716 12,077 34,392 81,560 196,211 4,405
57,972 6,686 13,109 102,312 184,483 Selling Expenses (US$000) 583
1,959 599 930 1,715 6,666 714 1,415 228 354 740 3,684 Selling
Expenses (US$000) 2,366 6,109 1,553 3,116 4,120 19,481 2,883 5,573
875 1,120 5,685 16,605
Cost Applicable to Sales (US$000)
71,983 84,919 14,812 24,139
50,016 249,941 70,196 70,450
8,700 16,279 56,949 246,790 Cost
Applicable to Sales (US$000) 279,576 281,814
46,747 94,264 154,754 897,618
284,391 286,807 30,038 37,559
205,203 913,479 Divide: Divide: Volume
Sold 93,352 6,575,608 10,302 16,087
9,176 Not Applicable 102,043 5,075,656
5,470 9,961 10,451 Not Applicable
Volume Sold 380,899 21,023,873 32,389
55,529 29,094 Not Applicable 436,257
19,045,010 18,599 20,904 40,263 Not
Applicable
CAS 771 12.91
1,438 1,501 5,451 Not
Applicable 688 13.88
1,591 1,634 5,449 Not
Applicable CAS 734 13.40
1,443 1,698 5,319
Not Applicable 652 15.06
1,615 1,797 5,097 Not
Applicable COIMOLACHE COIMOLACHE 4Q
2015 4Q 2014 FY 2015 FY 2014
GOLD (OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL Cost
of Sales (without D&A) (US$000) 16,925 1,368 - - - 18,292
14,903 1,167 - - - 16,070 Cost of Sales (without D&A) (US$000)
55,952 4,576 - - - 60,527 55,041 4,237 - - - 59,278
Add:
Add: Exploration Expenses (US$000) 1,578 128 - - - 1,706
3,510 275 - - - 3,785 Exploration Expenses (US$000) 12,598 1,030 -
- - 13,628 8,178 629 - - - 8,808 Commercial Deductions (US$000) 267
30 - - - 298 202 19 - - - 220 Commercial Deductions (US$000) 776 71
- - - 847 453 34 - - - 487 Selling Expenses (US$000) 380 31 - - -
411 278 22 - - - 300 Selling Expenses (US$000) 1,028 84 - - - 1,112
1,001 77 - - - 1,078
Cost Applicable to Sales (US$000)
19,151 1,556 - - - 20,707
18,893 1,482 - - - 20,375
Cost Applicable to Sales (US$000) 70,353 5,761
- - - 76,114 64,673 4,977
- - - 69,650 Divide:
Divide: Volume Sold 49,363 294,995 -
- - Not Applicable 39,776
233,169 - - - Not Applicable Volume
Sold 143,791 874,271 - - -
Not Applicable 142,084 741,525 -
- - Not Applicable
CAS 388
5.28 - - -
Not Applicable 475 6.36
- - - Not
Applicable CAS 489 6.59
- - - No
Applicable 455 6.71 -
- - Not Applicable
APPENDIX 6: ALL-IN SUSTAINING COST
All-in Sustaining Cost for 4Q15
Buenaventura1
La Zanja Tantahuatay Attributable
Production2
4Q15
4Q15
4Q15
4Q15
Au Ounces Sold BVN 90,462 Au Ounces bought from La Zanja -37,652 Au
Ounces Sold Net 52,810 37,847 49,363 92,684
4Q15
4Q15
4Q15
4Q15
Income Statement & Cash Flow US$ 000' US$/Oz
Au US$ 000' US$/Oz Au US$ 000' US$/Oz
Au US$ 000' US$/Oz Au Cost of Sales3
78,768 1,492 19,617 518 18,292 371 96,511 1,041 Exploration in
Operating Units 25,492 483 549 15 1,706 35 26,467 286 Royalties
5,041 95 0 0 0 0 5,041 54 Comercial Deductions4 20,088 380 873 23
298 6 20,671 223 Selling Expenses 1,913 36 254 7 411 8 2,212 24
Administrative Expenses5 11,481 217 1,051 28 821 17 12,368 133
Other Expenses 0 0 4,018 106 1,502 30 2,734 30 Other Incomes -2,898
-55 -5,638 -149 -2,249 -46 -6,791 -73 Other administrative charges
0 0 2,718 72 564 11 1,668 18 Sustaining Capex6 16,209 307 1,592 42
15,865 321 23,414 253 By-product Credit -93,749 -1,775 -977
-26 -4,346 -88 -96,010 -1,036
All-in Sustaining Cost
62,345 1,181 24,057 636 32,864
666 88,286 953
*All-in Sustaining Cost does not include: Depreciation and
Amortization, Stoppage of mining units, Exploration in
non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia De Minas
Buenaventura S.A.A. (Does not consider El Brocal) 2. Considers 100%
from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja
and 40.095% from Tantahuatay. 3. For Buenaventura does not consider
purchase of concentrate from La Zanja. 4. For all metals produced.
5. For Buenaventura, does not consider management services charged
to subsidiaries. For La Zanja does not consider US$ 3.8 MM
Impairment. 6. Sustaining Capex + Growth Capex equals Acquisitions
of mining concessions, development costs, property, plant and
equipment.
All-in Sustaining Cost for FY15
Buenaventura1 La Zanja Coimolache
Attributable Production2
FY15
FY15
FY15
FY15
Au Ounces Sold BVN 373,548 Au Ounces bought from La Zanja -142,129
Au Ounces Sold Net 231,419 138,465 143,791 362,541
FY15
FY15
FY15
FY15
Income Statement & Cash Flow US$ 000'
US$/Oz Au US$ 000' US$/Oz Au US$
000' US$/Oz Au US$ 000' US$/Oz
Au Cost of Sales3 307,709 1,330 106,749 771 60,527 421
388,619 1,072 Exploration in Operating Units 91,548 396 8,995 65
13,628 95 101,785 281 Royalties 21,942 95 0 0 0 0 21,942 61
Comercial Deductions4 64,799 280 3,367 24 847 6 66,925 185 Selling
Expenses 7,001 30 1,207 9 1,112 8 8,087 22 Administrative Expenses5
47,125 204 2,251 16 2,185 15 49,195 136 Other Expenses 0 0 14,174
102 7,136 50 10,382 29 Other Incomes -6,881 -30 -21,676 -157 -9,270
-64 -22,099 -61 Other administrative charges 0 0 8,190 59 1,369 10
4,894 14 Sustaining Capex6 38,861 168 27,615 199 48,509 337 72,964
201 By-product Credit -320,485 -1,385 -4,947 -36 -13,468 -94
-328,510 -906
All-in Sustaining Cost 251,619
1,087 145,926 1,054 112,575 783
374,184 1,032
*All-in Sustaining Cost does not include: Depreciation and
Amortization, Stoppage of mining units, Exploration in
non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia De Minas
Buenaventura S.A.A. (Does not consider El Brocal) 2. Considers 100%
from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja
and 40.095% from Tantahuatay. 3. For Buenaventura does not consider
purchase of concentrate from La Zanja. 4. For all metals produced.
5. For Buenaventura, does not consider management services charged
to subsidiaries. For La Zanja does not consider US$ 3.8 MM
Impairment. 6. Sustaining Capex + Growth Capex equals Acquisitions
of mining concessions, development costs, property, plant and
equipment.
APPENDIX 7 (See following pages)
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of December 31, 2015 and December 31, 2014
2015
2014
Assets US$(000) US$(000) Current assets
Cash and cash equivalents 78,519 78,512 Trade and other accounts
receivable, net 219,862 281,604 Income tax credit 45,919 53,746
Prepaid expenses 8,231 16,954 Hedge derivative financial
instruments - 3,688 Embedded derivatives for concentrate sales, net
- - Inventory, net 101,473 150,284
Total current assets
454,004 584,788 Assets classified as held for sale
15,592 18,683
469,596 603,471 Non-current
assets Trade and other accounts receivable, net 162,567 26,651
Long-term inventory 26,029 34,088 Investment in associates
2,043,983 2,224,381 Mining concessions, development costs,
property, plant and equipment, net 1,747,624 1,715,452 Investment
properties 10,719 11,200 Deferred income tax asset 41,575 47,675
Prepaid expenses 29,235 - Other assets, net 15,853 9,356
Total
non-current assets 4,077,585 4,068,803
Total assets 4,547,181 4,672,274
Liabilities and shareholders’ equity Current
liabilities Overdraft and bank loans 285,302 40,000 Trade and
other accounts payable 247,114 254,000 Provisions 49,829 67,895
Income tax payable 2,444 3,556 Hedge derivative financial
instruments 10,643 - Embedded derivatives for concentrate sales,
net 1,694 9,072 Financial obligations 33,394 69,950
Total
current liabilities 630,420 444,473
Liabilities directly associated with assets classified as held for
sale 20,611 28,890
651,031 473,363
Non-current liabilities Financial liability at fair value
through profit or loss 16,994 23,026 Trade and other accounts
payable 15,057 15,240 Provisions 141,885 63,571 Financial
obligations 320,316 313,355 Deferred income tax liability 12,662
21,594
Total non-current liabilities 506,914
436,786 Total liabilities
1,157,945 910,149 Shareholders’ equity
Issued capital, net of treasury shares for US$(000)62,665 750,497
750,497 Investment shares, net of treasury shares for US$(000)765
1,396 1,396 Additional paid-in capital 219,055 219,055 Legal
reserve 162,714 162,710 Other reserves 269 269 Retained earnings
2,024,895 2,328,423 Other equity reserves 2,240 1,755
3,161,066 3,464,105 Non-controlling interest 228,170
298,020
Total shareholders’ equity 3,389,236
3,762,125 Total liabilities and
shareholders’ equity 4,547,181 4,672,274
Compañía de Minas Buenaventura S.A.A. and
Subsidiaries Consolidated Statement of Income For the
three and twelve month periods ended December 31, 2015 and 2014
For the three month period ended
December, 31
For the twelve month period
ended December, 31
2015
2014
2015
2014
US$(000) US$(000) US$(000) US$(000)
Operating income Net sales 227,494 264,550 919,450 1,138,913
Royalty income 7,214 11,911 32,414 36,867
Total operating
income 234,708 276,461 951,864 1,175,780
Operating
costs Cost of sales, without considering depreciation and
amortization (156,848) (166,971) (590,405) (614,539) Exploration in
operating units (25,429) (21,273) (91,520) (97,852) Depreciation
and amortization (63,280) (57,684) (242,465) (208,698) Mining
royalties (5,444) (6,630) (27,407) (28,440)
Total operating
costs (251,001) (252,558) (951,797) (949,529)
Gross profit (16,293) 23,903 67 226,251
Operating expenses Administrative expenses (25,753) (28,443)
(86,532) (101,102) Exploration in non-operating areas (4,950)
(17,632) (30,610) (50,007) Selling expenses (6,666) (3,684)
(19,481) (16,605) Impairment of long-lived assets (7,172) 2,228
(11,255) - Other, net 7,905 5,299 209 3,059
Total operating
expenses (36,636) (42,232) (147,669) (164,655)
Operating profit (52,929) (18,329) (147,602) 61,596
Other income, net Share in the results of associates under
equity method (234,996) (113,842) (173,375) (74,600) Financial
income 8,585 4,209 11,026 8,408 Financial expenses (6,519) (4,313)
(27,622) (11,318) Net loss from currency exchange difference
(6,158) (3,381) (13,683) (8,452) Adquiscion gain generated by
subsidiary - (27) - 59,852
Total other income, net (239,088)
(117,354) (203,654) (26,110)
Profit before income taxes
and non-controlling interest (292,017) (135,683) (351,256)
35,486 Income taxes (18,697) (23,928) (14,766) (66,012)
Net profit (310,714) (159,611)
(366,022) (30,526)
Discontinued operations Loss from
discontinued operations (4,583) (4,830) (9,523) (31,114)
Net
Income (315,297) (164,441) (375,545) (61,640)
Attributable to: Owners of the parent (292,554) (161,377) (317,210)
(76,065) Non-controlling interest (22,743) (3,064) (58,335) 14,425
(315,297) (164,441) (375,545) (61,640)
Basic and diluted
earnings per share attributable to owners of the parent,
stated in U.S. dollars (1.15) (0.63) (1.25) (0.30)
Weighted average number of shares outstanding (common and
investment), in units 254,186,867 254,186,867 254,186,867
254,186,867
Compañía de Minas Buenaventura
S.A.A. and Subsidiaries Consolidated Statement of Cash
Flows For the three and twelve month periods ended December
31, 2015 and 2014
For the three month period ended
December, 31
For the twelve month period
ended December, 31
2015
2014
2015
2014
US$(000) US$(000) US$(000) US$(000)
Operating activities Proceeds from sales (243,306) (288,003)
965,273 1,144,394 Value Added Tax (VAT) recovered (6,908) - 81,692
39,685 Royalties received (10,017) (9,104) 38,983 31,252 Dividends
received (1,916) (6,012) 6,691 12,938 Interest received (1,153)
(4,027) 3,650 8,333 Payments to suppliers and third-parties 173,546
285,678 (727,017) (805,413) Payments to employees 47,409 46,424
(175,329) (203,496) Payment of income tax 4,943 1,768 (22,330)
(33,161) Payment of royalties 5,429 5,783 (22,836) (22,631) Payment
of interest 4,235 4,032 (21,518) (9,405)
Net cash and
cash equivalents provided by operating activities (27,738)
36,539 127,259 162,496
Investing activities Proceeds
from settlement of financial assets at fair value through profit or
loss - 80 - - Proceeds from collections of loans to associates 141
- - 15,553 Proceeds from sales of mining concessions, property,
plant and equipment (2,892) (1,512) 5,481 1,681 Proceeds from
settlement of investment in shares - - - - Acquisitions of mining
concessions, development costs, property, plant and equipment
44,759 (14,419) (211,286) (227,564) Acquisitions of investment
properties - (11,705) - - Loans 104,829 - (125,629) - Payments for
acquisitions of other assets 10,238 - (10,238) - Payment for
purchase of investments - (57) - (80,316) Opening of term deposits
(7,350) - - - Contributions and investments in associates
1,112 - (2,012)
Net cash and cash equivalents used in
investing activities 149,725 (26,501) (341,672) (292,658)
Financing activities Increase of bank loans (104,503)
504 344,503 40,000 Payment of bank loans (90,000) - Increase in
financial obligations 9,704 9,433 296 177,125 Payment of financial
obligations 21 2,433 (29,891) (42,205) Dividends paid (70) 5,845 -
(8,642) Dividends paid to non-controlling interest 2,440 2,640
(10,488) (8,880) Purchase of associates' shares - -
Net cash and cash equivalents provided by (used in)
financing activities (92,408) 20,855 214,420 157,398 Net
increase (decrease) in cash and cash equivalents during the period
29,579 30,893 7 27,236 Cash and cash equivalents at the beginning
of the period 48,940 47,619 78,512 51,276
Cash and cash equivalents at period-end 78,519 78,512
78,519 78,512
APPENDIX 8
For the three month period ended
December, 31
For the twelve month period
ended December, 31
2015
2015
US$(000) US$(000)
Reconciliation of net profit (loss) to
cash and cash equivalents provided by operating
activities
Net profit (loss) attributable to owners of the parent
292,554 (317,210) -
Plus (less): - Depreciation and
amortization (63,280) 242,465 Provision for impairment of
inventories 973 12,737 Net loss (gain) on sales of mining
concessions, property, plant and equipment 14,060 (440) Net loss
from currency exchange difference (6,039) 13,564 Provision for
impairment of long-lived assets (7,452) 11,255 Accretion expense of
provision for closure of mining units and exploration projects
(412) 3,343 Provision for interest payable 1,659 Allowance for
doubtful accounts 1,101 Provision for employee bonus 254 (119) Net
share in the results of associates under equity method (234,996)
173,375 Net profit (loss) attributable to non-controlling interest
22,743 (58,335) Deferred income tax expense (income) (15,031) 541
Provision for estimated fair value of embedded derivatives related
to concentrate 812 (7,159) sales and adjustments on open
liquidations 0 Other provisions (18,239) 18,670 -
Net changes in
operating assets and liabilities - - Decrease (increase) in
operating assets - Trade and other accounts receivable, net 125,467
(73,497) Inventory, net (58,592) 70,248 Income tax credit (2,437)
7,827 Prepaid expenses 27,727 (20,485) - Increase (decrease) in
operating liabilities - Trade and other accounts payable (25,779)
(9,431) Income tax payable (55,278) 54,331 Provisions (25,637)
(1,112) 0 Dividends received (1,916) 6,691
Net
cash and cash equivalents provided by operating activities
(27,738) 127,259
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160225006854/en/
Compañía de Minas Buenaventura S.A.A.In
Lima:Carlos Galvez, 511-419-2540Chief Financial OfficerorDaniel
Dominguez, 511-419-2591Director of Treasury and Investor
Relationsdaniel.dominguez@buenaventura.peorIn New
York:i-advize Corporate CommunicationsMaria Barona / Rafael
Borja212-406-3691/3693buenaventura@i-advize.comorVisit our
website:http://www.buenaventura.com
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From Apr 2023 to Apr 2024