Buenaventura Announces Fourth Quarter and Full Year 2024 Results
Buenaventura (NYSE: BVN) reported strong financial results for Q4 and full-year 2024. Q4 EBITDA from direct operations reached US$ 93.4 million, up from US$ 74.0 million in Q4 2023. Full-year EBITDA excluding the Chaupiloma Royalty Company sale was US$ 431.2 million, significantly higher than US$ 199.2 million in 2023.
The company reported Q4 net income of US$ 33.6 million, compared to a US$ 9.8 million loss in Q4 2023. Full-year net income reached US$ 402.7 million, including the Chaupiloma sale. The company ended 2024 with a cash position of US$ 478.4 million and total net debt of US$ 148.3 million.
Production results showed mixed performance with decreases in silver, zinc, lead, and gold output, while copper production increased by 5% YoY. The company received US$ 166.5 million in dividends from Cerro Verde in 2024 and proposed a dividend of US$ 0.2922 per share/ADS.
Buenaventura (NYSE: BVN) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. EBITDA del Q4 dalle operazioni dirette ha raggiunto 93,4 milioni di dollari, rispetto ai 74,0 milioni di dollari del Q4 2023. EBITDA dell'anno intero escludendo la vendita della Chaupiloma Royalty Company è stato di 431,2 milioni di dollari, significativamente superiore ai 199,2 milioni di dollari del 2023.
L'azienda ha riportato un reddito netto del Q4 di 33,6 milioni di dollari, rispetto a una perdita di 9,8 milioni di dollari nel Q4 2023. Il reddito netto dell'anno intero ha raggiunto 402,7 milioni di dollari, inclusa la vendita della Chaupiloma. L'azienda ha chiuso il 2024 con una posizione di cassa di 478,4 milioni di dollari e un debito netto totale di 148,3 milioni di dollari.
I risultati di produzione hanno mostrato prestazioni miste con diminuzioni nella produzione di argento, zinco, piombo e oro, mentre la produzione di rame è aumentata del 5% su base annua. L'azienda ha ricevuto 166,5 milioni di dollari in dividendi da Cerro Verde nel 2024 e ha proposto un dividendo di 0,2922 dollari per azione/ADS.
Buenaventura (NYSE: BVN) reportó resultados financieros sólidos para el cuarto trimestre y para todo el año 2024. EBITDA del Q4 de operaciones directas alcanzó 93,4 millones de dólares, comparado con 74,0 millones de dólares en el Q4 de 2023. EBITDA del año completo excluyendo la venta de Chaupiloma Royalty Company fue de 431,2 millones de dólares, significativamente superior a los 199,2 millones de dólares de 2023.
La empresa reportó un ingreso neto del Q4 de 33,6 millones de dólares, en comparación con una pérdida de 9,8 millones de dólares en el Q4 de 2023. El ingreso neto del año completo alcanzó 402,7 millones de dólares, incluyendo la venta de Chaupiloma. La empresa terminó 2024 con una posición de efectivo de 478,4 millones de dólares y una deuda neta total de 148,3 millones de dólares.
Los resultados de producción mostraron un desempeño mixto con disminuciones en la producción de plata, zinc, plomo y oro, mientras que la producción de cobre aumentó un 5% interanual. La empresa recibió 166,5 millones de dólares en dividendos de Cerro Verde en 2024 y propuso un dividendo de 0,2922 dólares por acción/ADS.
Buenaventura (NYSE: BVN)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 4분기 EBITDA는 직접 운영에서 9340만 달러에 도달했으며, 이는 2023년 4분기의 7400만 달러에서 증가한 수치입니다. 전체 연도 EBITDA는 Chaupiloma Royalty Company 판매를 제외하고 4억 3120만 달러로, 2023년의 1억 9920만 달러보다 상당히 높은 수치입니다.
회사는 4분기 순이익이 3360만 달러였으며, 이는 2023년 4분기의 980만 달러 손실에 비해 개선된 결과입니다. 전체 연도 순이익은 Chaupiloma 판매를 포함하여 4억 270만 달러에 이릅니다. 회사는 2024년을 4억 7840만 달러의 현금 보유액과 1억 4830만 달러의 총 순부채로 마감했습니다.
생산 결과는 혼합된 성과를 보여주었으며, 은, 아연, 납 및 금 생산량은 감소한 반면, 구리 생산량은 전년 대비 5% 증가했습니다. 회사는 2024년에 Cerro Verde로부터 1억 6650만 달러의 배당금을 받았으며, 주당/ADS당 0.2922달러의 배당금을 제안했습니다.
Buenaventura (NYSE: BVN) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024. EBITDA du Q4 des opérations directes a atteint 93,4 millions de dollars, contre 74,0 millions de dollars au Q4 2023. EBITDA de l'année entière excluant la vente de la Chaupiloma Royalty Company était de 431,2 millions de dollars, bien supérieur aux 199,2 millions de dollars de 2023.
L'entreprise a rapporté un revenu net du Q4 de 33,6 millions de dollars, comparé à une perte de 9,8 millions de dollars au Q4 2023. Le revenu net de l'année entière a atteint 402,7 millions de dollars, y compris la vente de Chaupiloma. L'entreprise a terminé 2024 avec une position de trésorerie de 478,4 millions de dollars et une dette nette totale de 148,3 millions de dollars.
Les résultats de production ont montré des performances mixtes avec des baisses dans la production d'argent, de zinc, de plomb et d'or, tandis que la production de cuivre a augmenté de 5% d'une année sur l'autre. L'entreprise a reçu 166,5 millions de dollars en dividendes de Cerro Verde en 2024 et a proposé un dividende de 0,2922 dollars par action/ADS.
Buenaventura (NYSE: BVN) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. EBITDA des Q4 aus direkten Operationen erreichte 93,4 Millionen US-Dollar, ein Anstieg von 74,0 Millionen US-Dollar im Q4 2023. EBITDA des Gesamtjahres ohne den Verkauf der Chaupiloma Royalty Company betrug 431,2 Millionen US-Dollar, was deutlich höher ist als die 199,2 Millionen US-Dollar im Jahr 2023.
Das Unternehmen berichtete von einem Nettoeinkommen im Q4 von 33,6 Millionen US-Dollar, verglichen mit einem Verlust von 9,8 Millionen US-Dollar im Q4 2023. Das Nettoeinkommen des Gesamtjahres erreichte 402,7 Millionen US-Dollar, einschließlich des Verkaufs von Chaupiloma. Das Unternehmen schloss das Jahr 2024 mit einer liquiden Mittelposition von 478,4 Millionen US-Dollar und einer Gesamtverschuldung von 148,3 Millionen US-Dollar ab.
Die Produktionszahlen zeigten eine gemischte Leistung mit Rückgängen bei Silber, Zink, Blei und Gold, während die Kupferproduktion im Jahresvergleich um 5% zunahm. Das Unternehmen erhielt 166,5 Millionen US-Dollar an Dividenden von Cerro Verde im Jahr 2024 und schlug eine Dividende von 0,2922 US-Dollar pro Aktie/ADS vor.
- Q4 EBITDA increased 26% YoY to US$ 93.4 million
- FY24 EBITDA grew 116% YoY to US$ 431.2 million
- Strong net income of US$ 402.7 million for FY24
- Healthy cash position of US$ 478.4 million
- Low leverage ratio of 0.34x
- Received US$ 166.5 million in dividends from Cerro Verde
- Q4 silver production decreased YoY
- Zinc production declined 60% YoY
- Lead production fell 33% YoY
- Gold production decreased 10% YoY
- Increased debt with new US$ 650 million senior notes issuance
Insights
Buenaventura's FY2024 financial performance demonstrates robust improvement despite operational headwinds. The company's EBITDA from direct operations more than doubled to
The strategic debt refinancing through a
The operational picture presents mixed signals. Production declines across most metals, particularly the
The proposed dividend of
Fourth Quarter and Full Year 2024 Highlights:
-
4Q24 EBITDA from direct operations was
US , compared to$ 93.4 million US reported in 4Q23 excluding the November 2023 sale of Contacto Corredores De Seguros S.A. (“Contacto”), the Company’s risk and insurance brokerage. FY24 EBITDA from direct operations excluding the sale of Chaupiloma Royalty Company reached$ 74.0 million US , compared to$ 431.2 million US reported in FY23 excluding the sale of Contacto.$ 199.2 million -
4Q24 net income reached
US , compared to a$ 33.6 million US net loss for the same period in 2023. FY24 net income, including the August 2024 sale of Chaupiloma Royalty Company, was$ 9.8 million US , compared to$ 402.7 million US in net income for FY23 including the sale of Contacto.$ 19.9 million -
Buenaventura ended the year with a cash position of
US , with total net debt of$ 478.4 million US , resulting in a leverage ratio of 0.34x.$ 148.3 million -
Buenaventura's 4Q24 consolidated silver production decreased by 0.4M Oz YoY, zinc production decreased by
60% YoY, and lead production decreased by33% YoY. This decline was primarily due to the large volume of lead/zinc concentrate processed from El Brocal's Tajo Norte in 4Q23 which was depleted in 1Q24. However, this decrease was partially offset by increased production at Uchucchacua and Yumpag during 2024. Gold production decreased by10% YoY due to decreased output at Orcopampa and Tambomayo. However, copper production increased by5% YoY. -
4Q24 CAPEX related to San Gabriel was
US , primarily allocated to the processing plant (mechanical and electrical works), the filtered tailings storage facility, and mine development.$ 104.8 million -
On December 12, 2024, Buenaventura received
US in dividends related to its stake in Cerro Verde and received a total of$78.3 million US in dividends for the FY24.$166.5 million -
On February 4, 2025, subsequent to the quarter’s end, Buenaventura issued senior unsecured notes (the “Notes”) in an aggregate amount of
US . The Notes mature on February 4, 2032 and bear a$650 million 6.800% per year interest rate. Buenaventura intends to use the related net proceeds to refinance its outstanding5.500% Senior Notes due 2026, and for general corporate purposes. -
Simultaneous to its issuance of the above senior unsecured notes, Buenaventura completed a Tender Offer for the purchase of any and all of its bonds maturing in 2026, successfully repurchasing
US , or$401 million 72.98% , of the total outstanding bonds. -
Buenaventura’s Board of Directors has proposed a dividend payment of
US per share/ADS, aligned with the Company’s dividend policy.$ 0.29 22
Financial Highlights (in millions of US$, excluding EPS):
4Q24 |
4Q23 |
Var % |
FY24 |
FY23 |
Var % |
|
Total Revenues |
299.6 |
253.8 |
|
1,154.6 |
823.8 |
|
Operating Income |
45.8 |
60.1 |
- |
445.7 |
21.1 |
2, |
EBITDA Direct Operations (1) |
93.4 |
74.0 |
|
431.2 |
199.2 |
|
EBITDA Including Affiliates (1) |
185.9 |
198.4 |
- |
850.2 |
581.5 |
|
Net Income (2) |
33.6 |
-9.8 |
N.A. |
402.7 |
19.9 |
1, |
EPS (3) |
0.13 |
-0.04 |
N.A. |
1.59 |
0.08 |
1, |
(1) |
Does not include |
(2) |
Net Income attributable to owners of the parent company. |
(3) |
As of December 31, 2024, Buenaventura had a weighted average number of shares outstanding of 253,986,867. |
For a full version of Compañía de Minas Buenaventura Fourth Quarter 2024 Earnings Release, please visit: https://buenaventura.com/en/inversionista/reporte-trimestral-2025/
CONFERENCE CALL INFORMATION:
Compañia de Minas Buenaventura will host a conference call on Friday, February 21, 2025, to discuss these results at 10:00 a.m. Eastern Time / Lima 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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If you would prefer to receive a call rather than dial in, please use the following link 10-15 minutes prior to the conference call start time:
Call Me Link:
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Passcode: 7096578
Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.)
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 2023 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/20250220272882/en/
Contacts in
Daniel Dominguez, Chief Financial Officer
(511) 419 2540
Sebastián
(511) 419 2591
sebastian.valencia@buenaventura.pe
Contact in
Barbara Cano, InspIR Group
1 (646) 452 2334
barbara@inspirgroup.com
Website: buenaventura.com/en/inversionista/
Source: Compañia de Minas Buenaventura S.A.A.
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