Buenaventura Announces Fourth Quarter and Full Year 2022 Results
Fourth Quarter and Full year 2022 Highlights:
-
4Q22 EBITDA from direct operations was
US$ 76.9 million , compared toUS$ 59.7 million reported in 4Q21. FY22 EBITDA from direct operations reachedUS$ 473.1 million ; a significant increase as compared toUS$ 204.4 million for the FY21, and includesUS$ 300 million resulting from the sale of Buenaventura’s stake in Yanacocha. -
4Q22 net income reached
US$ 68.7 million , compared to aUS$ 222.3 million net loss for the same period in 2021. The 4Q21 result includes a net loss ofUS$ 301 million from discontinued operations, mainly due to the reclassification of Buenaventura's interest in Yanacocha. FY22 net income wasUS$ 602.9 million , compared to aUS$ 262.8 million net loss for the FY21. -
4Q22 exploration at operating units increased to
US$ 27.2 million , compared toUS$ 15.5 million in 4Q21. This increase was aligned with the Company’s revised strategy to increase its focus on exploration in order to extend LOM. FY22 exploration at operating units increased toUS$ 80.8 million , fromUS$ 56.4 million in FY21. -
Buenaventura’s cash position reached
US$ 253.9 million as ofDecember 31, 2022 . Net Debt decreased toUS$ 484.6 million with an average maturity of 3.4 years. -
4Q22 capital expenditures were
US$ 58.8 million , compared toUS$ 32.1 million for the same period in 2021. FY22 capital expenditures reachedUS$ 152.0 million , compared toUS$ 90.3 million in FY21. FY22 CAPEX includesUS$ 34.7 million related to theSan Gabriel Project andUS$ 30.4 million related to theYumpag Project . -
On
December 20, 2022 ,Cerro Verde paid a total dividend ofUS$ 250 million . Buenaventura receivedUS$ 49.8 million relative to its stake inCerro Verde . The total dividend received by Buenaventura in FY22 wasUS$ 79.1 million . -
Mining operations at La Zanja were halted in
October 2022 when Phase 4 mining was completed. However, leaching will continue to the extent that this remains profitable while Buenaventura continues exploration related to the underground Cu/Au sulfide project. -
Buenaventura’s Board of Directors has proposed a dividend payment in the amount of
US$ 0.073 per share/ADS, aligned with the Company’s commitment to shareholder value.
Financial Highlights (in millions of US$, except EPS figures):
4Q22 |
4Q21 |
Var |
FY22 |
FY21 |
Var |
|
Total Revenues |
246.4 |
253.3 |
-3% |
824.8 |
900.5 |
-8% |
Operating Income |
13.0 |
-49.3 |
N.A. |
-39.0 |
-66.0 |
-41% |
EBITDA Direct Operations |
76.9 |
59.7 |
29% |
473.1 |
204.4 |
132% |
EBITDA Including Affiliates |
196.2 |
207.2 |
-5% |
866.0 |
719.0 |
20% |
Net Income |
68.7 |
-222.3 |
N.A. |
602.9 |
-262.8 |
N.A. |
EPS |
0.27 |
-0.88 |
N.A. |
2.37 |
-1.04 |
N.A. |
(*) As of
For a full version of Compañía de Minas Buenaventura Fourth Quarter and Full Year 2022 Earnings Release, please visit: https://www.buenaventura.com/en/inversionistas/reportes-trimestrales/2022
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Company Description
Compañía de
Buenaventura currently operates several mines in
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.
For a printed version of the Company’s 2021 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006500/en/
Contacts in
(511) 419 2540
(511) 419 2591 / gabriel.salas@buenaventura.pe
Contact in NY:
(646) 452-2334 / barbara@inspirgroup.com
Company Website: www.buenaventura.com
Source: Compañia de