Buenaventura Announces Fourth Quarter and Full Year 2023 Results
Fourth Quarter and Full Year 2023 Highlights:
-
4Q23 EBITDA from direct operations was
US , compared to$ 116.4 million US reported in 4Q22. FY23 EBITDA from direct operations reached$ 76.9 million US , compared to$ 238.3 million US reported in FY22.$ 173.1 million -
4Q23 net loss from continuing operations reached
US , compared to a$ 3.0 million US net income for the same period in 2022. FY23 net income from continuing operations was$ 56.7 million US , compared to$ 39.5 million US net income for the FY22.$ 124.4 million -
Buenaventura's cash position reached
US and net debt decreased to$ 219.8 million US with an average maturity of 2.5 years by quarter’s end, December 31, 2023.$ 486.8 million -
As planned within its non-core asset divestment strategy, BVN executed the sale of Contacto to Howden for
US .$33.7 million - Production from Yumpag's pilot stope began in November 2023 producing 2.3 million ounces of silver by quarter’s end. Yumpag continued processing pilot stope ore through January 2024, after which mineral processing was suspended until definitive operating permits have been obtained, expected by the end of 1Q24. Yumpag is therefore expected to initiate mineral processing in 2Q24.
-
A
US provision was made in 4Q23 due to an adverse ruling by the Peruvian Supreme Court regarding tax loss carryforwards from 2009 and 2010. This provision negatively affected Buenaventura’s 4Q23 net income. However, it does not imply a cash outflow as it has already been paid.$ 113.2 million -
On December 14, 2023, Buenaventura received
US in dividends related to its stake in Cerro Verde. The Company received a total of$49.0 million US in dividends for FY23.$146.9 million -
Buenaventura’s Board of Directors has proposed a dividend payment of
US per share/ADS, aligned with the Company’s commitment to shareholder value.$ 0.07 26
Financial Highlights (in millions of US$, except EPS figures):
|
4Q23 |
4Q22 |
Var % |
FY23 |
FY22 |
Var % |
Total Revenues |
253.8 |
246.4 |
|
823.8 |
824.8 |
|
Operating Income |
59.9 |
13.0 |
N.A. |
20.9 |
-39.0 |
N.A. |
EBITDA Direct Operations (1) |
116.4 |
76.9 |
|
238.3 |
173.1 |
|
EBITDA Including Affiliates (1) |
202.2 |
196.4 |
|
620.7 |
866.2 |
- |
Net Income (2) |
-9.8 |
54.1 |
- |
19.9 |
602.6 |
- |
EPS (3) |
-0.04 |
0.21 |
- |
0.08 |
2.37 |
- |
(1) |
Does not include |
|
(2) |
Net Income attributable to owners of the parent |
|
(3) |
As of December 31, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867. |
For a full version of Compañía de Minas Buenaventura Fourth Quarter 2023 Earnings Release, please visit: https://www.buenaventura.com/en/inversionistas/reportes-trimestrales/2023
CONFERENCE CALL INFORMATION:
Compañia de Minas Buenaventura will host a conference call on Friday, March 1, 2024, to discuss these results at 10:00 a.m. Eastern Time / 10:00 a.m. Peru Time.
To participate in the conference call, please dial:
Toll-Free US:
+1-844-481-2914
Toll International:
+1-412-317-0697
Passcode:
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Webcast:
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Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in
The Company owns
For a printed version of the Company’s 2022 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/20240229467164/en/
Contacts in
Daniel Dominguez, Chief Financial Officer
+51 1 419 2540
Gabriel Salas, Head of Investor Relations
+51 1 419 2591
gabriel.salas@buenaventura.pe
Contact in
Barbara Cano, InspIR Group
+1 646 452 2334
barbara@inspirgroup.com
Website: www.buenaventura.com
Source: Compañia de Minas Buenaventura S.A.A.