Compañía de Minas Buenaventura A : 1Q Buenaventura Consolidated 2022

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Unaudited interim condensed consolidated financial statements as of March 31, 2022 and 2021 and for the three-month periods then ended

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Interim condensed consolidated statements of financial position

As of March 31, 2022 (unaudited) and December 31, 2021 (audited)

Notes	2022	2021
US$(000)	US$(000)
Assets
Current assets
Cash and cash equivalents	3	337,410	376,999
Trade and other receivables	4(a)	247,704	240,432
Inventories	5(a)	98,172	86,264
Current income tax asset	10,759	15,456
Prepaid expenses	18,297	20,394
712,162	739,545
Non-current assets
Trade and other receivables	4(a)	678,173	635,832
Inventories	5(a)	12,509	12,802
Investments in associates and joint venture	6(a)	1,468,170	1,422,295
Property, plant, equipment, development costs, net	7(a)	1,509,453	1,537,870
Deferred income tax asset	105,434	164,351
Prepaid expenses	23,698	23,920
Other assets	24,855	25,196
3,822,292	3,822,266
Total assets	4,534,454	4,561,811
Liabilities and equity
Current liabilities
Bank loans	8	-	50,000
Trade and other payables	207,233	259,641
Provisions	86,088	81,039
Current income tax payable	54,042	3,026
Financial obligations	9(a)	138,013	179,417
Hedge derivative financial instruments	16(b)	17,505	6,976
459,221	580,099
Liabilities included in disposal groups classified as held for sale	1(e)	-	264,838
459,221	844,937
Non-current liabilities
Trade and other payables	4,144	3,037
Provisions	232,465	232,288
Financial obligations	9(a)	633,160	878,558
Contingent consideration liability	18,020	17,718
Deferred income tax liabilities	30,943	46,742
918,732	1,178,343
Total liabilities	1,377,953	2,023,280
Equity	11
Capital stock	750,497	750,497
Investment shares	791	791
Additional paid-in capital	218,450	218,450
Legal reserve	163,270	163,270
Other reserves	269	269
Other reserves of equity	(8,666)	(4,477)
Retained earnings	1,875,208	1,239,526
Shareholders' equity, net attributable to owners of the parent	2,999,819	2,368,326
Non-controlling interest	12(a)	156,682	170,205
Total equity	3,156,501	2,538,531
Total liabilities and equity	4,534,454	4,561,811

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Interim consolidated statements of profit or loss (unaudited)

For the three-month period ended March 31, 2022 and 2021

Notes	2022	2021
US$(000)	US$(000)
Continuing operations
Operating income
Sales of goods	13	227,855	178,517
Sales of services	3,683	3,412
Royalty income	15(a)	1,381	3,959
Total operating income	232,919	185,888
Cost of sales
Cost of sales of goods, excluding depreciation and amortization	14	(107,418)	(114,108)
Unabsorbed cost due to production stoppage	1(b)	(6,079)	-
Cost of sales of services, excluding depreciation and amortization	(550)	(163)
Depreciation and amortization	(45,721)	(46,488)
Exploration in operating units	(14,017)	(9,328)
Mining royalties	(4,409)	(1,712)
Total costs of sales	(178,194)	(171,799)
Gross profit	54,725	14,089
Operating income (expenses)
Administrative expenses	(18,494)	(16,972)
Selling expenses	(4,592)	(4,058)
Exploration in non-operating areas	(2,044)	(1,738)
Reversal (provision) of contingents	746	(306)
Other, net	1(e)	46,891	(510)
Total operating income (expenses)	22,507	(23,584)
Operating profit (loss)	77,232	(9,495)
Share in the results of associates and joint venture	6(b)	75,420	58,224
Exchange difference	47,810	(1,441)
Financial income	9,573	148
Financial costs	(16,571)	(10,909)
Profit before income tax	193,464	36,527
Current income tax	17	(22,330)	(6,727)
Deferred income tax	17	(4,836)	(9,346)
(27,166)	(16,073)
Profit from continuing operations	166,298	20,454
Loss from discontinued operations, net of taxes	479,997	(2,337)
Net profit	646,295	18,117
Attributable to:
Owners of the parent	636,152	16,370
Non-controlling interest	12(a)	10,143	1,747
646,295	18,117
Basic and diluted profit (loss) per share stated in U.S. dollars
Attributable to owners of parent	2.50	0.06
Attributable to owners of the parent for continuing operations	0.61	0.07
Attributable to owners of the parent for discontinued operations	1.89	(0.01)

Interim consolidated statements of other comprehensive income (unaudited)

For the three-month periods ended March 31, 2022 and 2021 2022

2021

US$(000)

US$(000)

Net profitComponents of other comprehensive income that will be reclassified to profit or loss, net of tax

Gains (losses) on cash flow hedges, net of tax, note 16(a)

Share of other comprehensive income of associates and joint venture accounted for using equity method, net of tax, note 7(c)

646,295

18,117

(7,435)

(7,064)

-

(152)

Total other comprehensive income that will be reclassified to profit or loss, net of tax

(7,435) (7,216)

Total other comprehensive profit

638,860 10,901

Other comprehensive profit attributable to: Owners of parent

Non-controlling interests

631,963 12,244

6,897 638,860

(1,343) 10,901

Interim condensed consolidated statements of changes in shareholders' equity (unaudited)

For the three-month periods ended March 31, 2022 and 2021

As of January 1, 2021

Gain of the period

Other comprehensive income

Total other comprehensive income (loss)

Dividends declared and paid, note 11(c)

Transfer and other equity changes

Capital stock and investment shares ____________________________________________

Number ofshares outstanding

253,715,190 -

- ____________

- - - ____________

_____________________________________________________________________________________________________________________________ _____________

Common Shares US$(000)

750,497 -

- ____________

- - - ____________

Investment shares US$(000)

791 -

- ____________

- - - ____________

Additional paid-in capital US$(000)

218,450 -

- ____________

- - - ____________

Attributable to equity holders of the parent

Legal reserve US$(000)

163,194 -

- ____________

- - - ____________

Other reserves US$(000)

269 -

- ____________

- - - ____________

Other reserves of equity _____________________________

Share of other comprehensive income of associates and joint venture accounted forusing equity method US$(000)

(7,668)

-

(4,623) ____________

(4,623)

-

- ____________

Cash flow hedges US$(000)

(1,858)

−

497 ____________

497 -

- ____________

Retained earnings US$(000)

1,503,785

16,370

− ____________

16,370

-

368 ____________

Sub total US$(000)

2,627,460

16,370

(4,126) ____________

12,244

-

368 ____________

Non-controlling interest US$(000)

172,397 1,747

(3,090) ____________

(1,343)

(1,400)

- ____________

Total US$(000)

2,799,857

18,117

(7,216) ____________

10,901

(1,400)

368 ____________

As of March 31, 2021

253,715,190 ____________

750,497 ____________

791 ____________

218,450 ____________

163,194 ____________

269 ____________

(12,291) ____________

(1,361) ____________

1,520,523 ____________

2,640,072 ____________

169,654 ____________

2,809,726 ____________

As of January 1, 2022

Gain of the period

Other comprehensive income

Total other comprehensive income (loss)

Dividends declared and not paid, note 11(c)

Dividends declared and paid, note 11(c)

Effect of changes in share in subsidiary, note 1(e)

Transfer and other equity changes

253,715,190 -

- ____________

- - - - - ____________

750,497 -

- ____________

- - - - - ____________

791 -

- ____________

- - - - - ____________

218,450 -

- ____________

- - - - - ____________

163,270 -

- ____________

- - - - - ____________

269 -

- ____________

- - - - - ____________

(4,023)

-

(4,643) ____________

(4,643)

- - - - ____________

(454)

-

454 ____________

454

-

-

-

- ____________

1,239,526

636,152

- ____________

636,152

(18,542)

-

18,240

____________

2,368,326

636,152

(4,189) ____________

631,963

(18,542)

-

18,240

(168)

____________

170,205 10,143

(3,246) ____________

2,538,531 646,295

(7,435) ____________

6,897

638,860

(1,105) (19,647)

(1,075) (1,075)

(18,240)

(168)

- ____________

-

(168)

____________

As of March 31, 2022

253,715,190 ____________

750,497 ____________

791 ____________

218,450 ____________

163,270 ____________

269 ____________

(8,666) ____________

- ____________

1,875,208 ____________

2,999,819 ____________

156,682 ____________

3,156,501 ____________