BUENAVENTURA MINING CO INC | CIK:0001013131 |

 

The Group’s share capital is stated in Soles and consists of common shares with voting rights, with a nominal amount of S/10.00 per share. The table below presents the composition of the capital stock as of December 31, 2017 and 2016:

 

		Number of shares			Capital stock			Capital stock
					S/(000)			US$(000)
Common shares			274,889,924			2,748,899			813,162
Treasury shares			(21,174,734)			(211,747)			(62,665)
			253,715,190			2,537,152			750,497

 

The market value of the common shares amounted to S/45.00 per share as of December 31, 2017 (S/34.37 per share as of December 31,2016). These shares present trading frequencies of 25 and 10 percent in the years 2017 and 2016, respectively.

 

Investment shares have a nominal value of S/10.00 per share. Holders of investment shares are neither entitled neither to exercise voting rights nor to participate in shareholders’ meetings; however, they confer upon the holders thereof the right to participate in the dividends distribution in the same manner as common shares. The table below presents the composition of the investment shares as of December 31, 2017 and 2016:

 

		Number of shares			Number of shares			Number of shares
					S/(000)			US$(000)
Investment shares			744,640			7,447			2,161
Treasury investment shares			(472,963)			(4,730)			(1,370)
			271,677			2,717			791

 

The market value of the investment shares amounted to S/22.10 per share as of December 31, 2017 (S/25.00 per share as of December 31, 2016). These shares did not present a trading frequency in 2017 and 2016.

 

During 2016, the Group purchased 200,000 treasury shares at a market value of US$1,210,000, recording a purchase loss of US$605,000, presented as part of the additional paid-in capital.

 

The Peruvian Corporations Law requires that a minimum of 10 percent of the distributable earnings for each period, after deducting the income tax, be transferred to a legal reserve until the latter is equal to 20 percent of the capital stock. This legal reserve can be used to offset losses or may be capitalized, with the obligation, in both cases, to replenish it.

 

Although, the balance of the legal reserve exceeded the limit mentioned above, the Group increased its legal reserve by US$327,000 in the year 2017 (US$30,000 in the year 2016) related to expired dividends.

 

During 2015, no dividends have been declared or paid. The table below presents the dividends declared and paid in 2017 and 2016:

 

Meetings		Date		Dividends paid			Dividend per share
				US$(000)			US$
2017 Dividends
Mandatory Annual Shareholders’ Meeting		March 28			15,711			0.056
Less - Dividends of treasury shares					(1,232)
					14,479
Board of Directors’ Meeting		October 27			8,269			0.030
Less - Dividends of treasury shares					(649)
					7,620
					22,099
2016 Dividends
Board of Directors’ Meeting		October 27			8,269			0.030
Less - Dividends of treasury shares					(648)
					7,621

 

According to the current Law, there are no restrictions for the remittance of dividends or repatriation of capital by foreign investors.

 

Dividends declared by S.M.R.L. Chaupiloma Dos de Cajamarca corresponding to non-controlling interest were US$6,036,000, US$7,400,000 and US$10,488,000 for the years 2017, 2016 and 2015, respectively.

 

Profit (loss) per share is calculated by dividing net profit (loss) for the period by the weighted average number of shares outstanding during the year.

 

The calculation of profit (loss) per share attributable to the equity holders of the parent is presented below:

 

		2017			2016			2015
Profit (loss) net (numerator) - US$			60,823,000			(323,492,000)			(317,210,000)
Total common and investment shares (denominator)			253,986,867			253,986,867			254,186,867
Profit (loss) net per basic share and diluted - US$			0.24			(1.27)			(1.25)

 

The calculation of profit (loss) per share from continuing operations attributable to the equity holders of the Parent is presented below:

 

		2017			2016			2015
Profit (loss) net (numerator) - US$			70,921,000			(304,419,000)			(296,977,000)
Total common and investment shares (denominator)			253,986,867			253,986,867			254,186,867
Profit (loss) net per basic share and diluted - US$			0.28			(1.20)			(1.17)

 

The common and investment shares outstanding at the close of 2017, 2016 and 2015 were 253,986,867, 253,986,867 and 254,186,867, respectively.