Compañía de Minas Buenaventura A : 1Q Buenaventura Consolidated 2023

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

Unaudited interim condensed consolidated financial statements as of March 31, 2023 and 2022 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, 2023 (unaudited) and December 31, 2022 (audited)

	Notes	2023	2022
		US$(000)		US$(000)
Assets
Current assets
Cash and cash equivalents	3	173,493	253,918
Trade and other receivables	4(a)	256,428	221,899
Inventories	5(a)	88,264	88,345
Income tax credit		26,516	28,046
Prepaid expenses		22,641	19,333
Hedge derivative financial instruments	16	-		8,839
		567,342	620,380
Non-current assets
Trade and other receivables	4(a)	685,964	673,627
Investments in associates and joint venture	6(a)	1,530,978	1,520,977
Property, plant, equipment and development cost	7(a)	1,546,863	1,535,195
Deferred income tax asset		118,521	106,170
Prepaid expenses		22,812	23,033
Other non-financial assets		23,670		23,845
		3,928,808		3,882,847
Total assets		4,496,150	4,503,227
Liabilities and equity
Current liabilities
Trade and other payables	8	199,771	247,989
Provisions		93,350	94,171
Income tax payable		2,853	2,366
Financial obligations	9(a)	34,698		35,071
		330,672	379,597
Non-current liabilities
Trade and other payables	8	4,401	3,553
Provisions		204,570	204,347
Financial obligations	9(a)	695,564	703,463
Contingent consideration liability	19	17,710	16,905
Deferred income tax liabilities		32,152		32,421
		954,397		960,689
Total liabilities		1,285,069	1,340,286
Equity	11
Capital stock		750,497	750,497
Investment shares		791	791
Additional paid-in capital		218,450	218,450
Legal reserve		163,372	163,270
Other reserves		31,897	31,897
Other reserves of equity		(1,491)	2,184
Retained earnings		1,887,623		1,841,761
Shareholders' equity attributable to owners of the parent		3,051,139	3,008,850
Non-controlling interest	12(a)	159,942		154,091
Total equity		3,211,081		3,162,941
Total liabilities and equity		4,496,150		4,503,227

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

Interim consolidated statements of profit or loss (unaudited)

For the three-month periods ended March 31, 2023 and 2022

	Notes	2023	2022
		US$(000)		US$(000)
				(restructured, see
				note 2.3)
Continuing operations
Operating income
Sales of goods	13	182,123	227,855
Sales of services		3,375	3,683
Royalty income	15(a)	-		1,381
Total operating income		185,498	232,919
Cost of sales
Cost of sales of goods, excluding depreciation and amortization	14	(99,171)	(107,418)
Unabsorbed cost due to production stoppage	1(b)	(5,001)	(6,079)
Cost of sales of services, excluding depreciation and amortization		(977)	(550)
Depreciation and amortization		(31,438)	(45,721)
Exploration in operating units		(12,533)	(14,017)
Mining royalties		(4,220)		(4,409)
Total cost of sales		(153,340)	(178,194)
Gross profit		32,158	54,725
Operating income (expenses)
Administrative expenses		(18,090)	(18,494)
Selling expenses		(3,428)	(4,592)
Exploration in non-operating areas		(1,815)	(2,044)
Reversal of contingencies		7,038	746
Other, net		(3,298)		1,891
Total operating income (expenses)		(19,593)		(22,493)
Operating profit		12,565		32,232
Share in the results of associates and joint venture	6(b)	59,363	75,420
Foreign currency exchange difference		9,407	47,810
Finance income		1,824	9,573
Finance costs		(13,884)		(16,571)
Profit before income tax		69,275	148,464
Current income tax	17(a)	(7,066)	(22,330)
Deferred income tax	17(a)	10,021		8,536
		2,955	(13,794)
Profit from continuing operations		72,230		134,670
Profit from discontinued operations	1(e)	582		479,997
Net profit		72,812	614,667
Profit attributable to:		64,404
Owners of the parent		604,524
Non-controlling interest	12(a)	8,408		10,143
		72,812	614,667
Basic and diluted profit per share, stated in U.S. dollars
Attributable to owners of parent		0.25	2.38
Attributable to owners of the parent for continuing operations		0.25	0.49
Attributable to owners of the parent for discontinued operations		-	1.89

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

Interim consolidated statements of other comprehensive income (unaudited)

For the three-month periods ended March 31, 2023 and 2022

		2023	2022
		US$(000)		US$(000)
				(restructured,
				see note 2.3)
Net profit	72,812	614,667
Other comprehensive income (loss) for the period:
Other comprehensive income (loss) to be reclassified to profit or loss,
net of income tax
Net change in unrealized gain (loss) on copper and zinc prices hedge, net of
income tax, note 16(a)	(6,232)	(7,889)
Net change in unrealized gain (loss) on interest rate hedge, net of income tax	-	454
		(6,232)		(7,435)
Total comprehensive income	66,580	607,232
Profit (loss) attributable to:
Owners of the parent	60,729	600,335
Non-controlling interest	5,851		6,897
		66,580		607,232

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

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

For the three-month periods ended March 31, 2023 and 2022

	Attributable to equity holders of the parent
Capital stock and investment shares	Other reserves of equity
____________________________________________

	Number of							Additional
		shares		Common	Investment		paid-in
	Outstanding		Shares		shares		capital
			US$(000)		US$(000)	US$(000)
As of January 1, 2022	253,715,190	750,497		791		218,450
Net profit	-	-		-		-
Other comprehensive income (loss)	-	-		-		-
	__________	__________		__________		__________
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 subsidiaries, note 1(e)	-	-		-		-
Other changes in equity	-	-		-		-
	__________	__________		__________		__________
As of March 31, 2022, restructured note 2.3	253,715,190	750,497		791		218,450
		__________		__________			__________			__________
As of January 1, 2023	253,715,190	750,497		791		218,450
Net profit	-	-		-		-
Other comprehensive loss	-	-		-		-
	__________	__________		__________		__________
Total other comprehensive income (loss)	-	-		-		-
Dividends declared and not paid, note 11(c)	-	-		-		-
Expired dividends	-	-		-		-
	__________	__________		__________		__________
As of March 31, 2023	253,715,190	750,497		791		218,450
		__________		__________	__________	__________

	Legal			Other
	reserve			reserves
US$(000)			US$(000)
163,270	269
-	-
-	-
__________	__________
-	-
-	-
-	-
-	31,628
-	-
__________	__________
163,270	31,897
	__________		__________
163,270	31,897
-	-
-	-
________	__________
-	-
-	-
102	-
__________	__________
163,372	31,897
__________		__________

Share of other
comprehensive
income of
associates and
joint venture
accounted for
using equity		Cash flow	Retained		Sub total
	method		hedges	earnings
	US$(000)	US$(000)	US$(000)	US$(000)
(4,023)	(454)	1,239,526		2,368,326
-		-		604,524		604,524
(4,643)	454		-		(4,189)
__________		__________		__________		__________
(4,643)	454		604,524		600,335
-		-		(18,542)		(18,542)
-		-		-		-
-		-		18,240		49,868
-		-		(168)		(168)
__________		__________		__________		__________
(8,666)	-		1,843,580		2,999,819
	__________			__________		__________			__________
2,184		-		1,841,761		3,008,850
-		-		64,404		64,404
(3,675)	-		-		(3,675)
__________		__________		__________		__________
(3,675)	-		64,404		60,729
-		-		(18,542)		(18,542)
-		-		-		102
__________		__________		__________		__________
(1,491)	-		1,887,623		3,051,139
	__________			__________	__________	__________

Non-controlling	Total equity
	interest
US$(000)	US$(000)
170,205		2,538,531
10,143		614,667
(3,246)	(7,435)
__________		__________
6,897		607,232
(1,105)	(19,647)
(1,075)	(1,075)
(18,240)	31,628
-		(168)
__________		__________
156,682		3,156,501
	__________			__________
154,091		3,162,941
8,408	72,812
(2,557)	(6,232)
__________		__________
5,851		66,580
-		(18,542)
-		102
__________		__________
159,942	3,211,081
	__________			__________