Volcn Compaa Minera SAA (VOLCABC1 PE) - Destacados aj

En Millones de USD FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015

12 meses fin 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Capitalizacin de merca 3,950.1 3,653.4 3,449.9 1,524.5 984.8 227.0
- Efectivo y equivalentes 135.4 174.4 604.9 352.4 206.9 206.8
+ Preferente y otros 0.0 0.0 0.0 0.0 0.0 0.0
+ Deuda total 42.9 104.0 765.6 706.5 822.0 822.2
Valor de empresa 3,857.6 3,582.9 3,610.6 1,878.6 1,599.9 842.4

Ingresos, aj 980.6 1,211.6 1,178.4 1,162.8 1,042.4 794.5

% Crec, YoY 48.0 23.6 -2.7 -1.3 -10.4 -23.8
Beneficio bruto, aj 476.8 597.9 441.8 371.4 176.6 131.3
% Margen 48.6 49.3 37.5 31.9 16.9 16.5
EBITDA, aj 499.9 609.4 477.1 385.8 256.9 135.9
% Margen 51.0 50.3 40.5 33.2 24.6 17.1
Beneficio neto, aj 253.4 328.9 211.0 173.4 56.8 -453.9
% Margen 25.8 27.1 17.9 14.9 5.5 -57.1
BPA, aj 0.07 0.09 0.06 0.05 0.02 -0.01
% Crec, YoY 47.0 27.8 -37.0 -3.1 -72.3

Efectivo de operaciones 342.5 469.9 274.8 240.8 197.8 172.0

Gastos de capital -82.8 -131.3 -232.3 -434.4 -307.8 -117.3
Flujo de caja libre 259.7 338.6 42.5 -193.6 -110.0 54.7
Source: Bloomberg
cados aj
FY 2016Actual/12M FY 2017 Est FY 2018 Est
12/31/2016 09/30/2017 12/31/2017 12/31/2018
875.7 2,857.2
203.4 212.7
0.0 0.0
843.7 804.6
1,516.0 3,449.1

821.5 866.5 813.0 847.3

3.4 11.5 -1.0 4.2
240.3 282.5 272.4 368.6
29.3 32.6 33.5 43.5
250.5 335.4 302.7 358.0
30.5 38.7 37.2 42.3
84.4 92.5 91.0 126.3
10.3 10.7 11.2 14.9
0.01 0.02 0.02 0.03
1,677.6 90.1 43.5

213.0 278.6
-43.7 -183.0 -213.0
169.3 4.7 13.8
Volcn Compaa Minera SAA (VOLCABC1 PE) - Estandarizado
En Millones de USD excepto por accin FY 2007 FY 2008 FY 2009 FY 2010
12 meses fin 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Activo total
+ Efectivo, equivalentes y STI 143.4 184.2 124.5 135.4
+ Efectivo y equivalentes 143.4 184.2 124.5 135.4
+ Inversiones a corto plazo 0.0 0.0
+ Cuentas y notas por cobrar 164.3 42.4 100.0 165.5
+ Cuentas por cobrar, neto
+ Inventarios 50.3 81.1 74.1 70.9
+ Mat primas 15.1 21.4 23.1
+ Trabajo en proceso 2.4 28.5 3.0 3.5
+ Bienes de consumo 32.8 15.8 18.6 32.8
+ Otro inventario 0.0 36.7 31.1 11.5
+ Otros activos a CP 6.0 299.7 54.6 107.5
Activos totales actuales 363.9 607.4 353.2 479.4
+ Propiedad, planta y equipo; neto 260.7 331.6 343.6 981.7
+ Propiedad, planta y equipo 464.6 574.3 627.9 1,676.6
- Depreciacin acumulada 203.9 242.7 284.3 694.8
+ Inversiones y cuentas por cobrar a LP 36.3 1.8 24.2
+ Otros activos a LP 375.3 510.3 567.1 40.5
+ Activos intangibles totales 3.3 507.3 2.8 2.9
+ Fondo de comercio 0.0
+ Otros activos intangibles 2.9
+ Activos de impuestos diferidos 30.6
+ Inversiones en filiales 0.0 0.0 0.9
+ Activos varios a LP 372.0 3.0 564.3 6.0
Total Activos no corrientes 672.3 843.7 934.9 1,022.2
Activos totales 1,036.2 1,451.1 1,288.1 1,501.6

Pasivo y capital social

+ Cuentas por pagar y devengos 60.8 77.1 62.7 104.3
+ Cuentas por pagar 60.8 77.1 62.7 104.3
+ Deuda CP 1.6 33.4 48.7 37.5
+ Prstamos CP 37.5
+ Arrendamientos de capital a CP 0.0
+ Otros pasivos a corto plazo 115.3 81.6 96.2 186.2
+ Pasivos varios a CP 115.3 81.6 96.2 186.2
Pasivos totales corrientes 177.7 192.1 207.6 328.0
+ Deuda LP 2.2 168.8 36.0 5.5
+ Prstamos a largo plazo 5.5
+ Arrendamientos de capital a LP 0.0
+ Otros pasivos a LP 82.2 180.3 147.9 147.4
 + Pasivo de impuesto diferido 93.4
+ Pasivos varios a LP 82.2 180.3 147.9 54.0
Total Noncurrent Liabilities 84.4 349.0 183.9 152.8
Pasivos totales 262.0 541.1 391.5 480.8
+ Acciones preferentes y capital hbrido 0.0 0.0 0.0 0.0
+ Capital en acciones y APIC 325.4 477.9 619.9 747.9
- Acciones de Tesorera 0.0
+ Beneficios retenidos 346.6 281.7 252.5 309.3
+ Otro capital 102.2 150.4 24.2 -36.4
Capital antes de inters minoritario 774.2 910.0 896.5 1,020.8
+ Inters minoritario/no controlador 0.0 0.0 0.0 0.0
Patrimonio total 774.2 910.0 896.5 1,020.8
Pasivo y capital totales 1,036.2 1,451.1 1,288.1 1,501.6

Referencia
Estndar contable PE GAAP PE GAAP IAS/IFRS IAS/IFRS
Acciones en circulacin: 4,076.6 4,076.6 4,076.6 4,076.6
Nm de acciones de Tesorera 0.0
Obligaciones de pensin 26.7 31.7 54.0
Arriendos futuros mnimos de operaciones 0.0
Arrend capital - Total 0.0
Nmero de accionistas 399.00 398.00 879.00
Opciones dadas en el periodo
Opciones en circulacin al fin del periodo
Deuda neta -139.6 18.0 -39.8 -92.5
Deuda neta a capital -18.04 1.98 -4.44 -9.06
Ratio de capital comn tangible 74.63 42.67 69.54 67.92
Ratio corriente 2.05 3.16 1.70 1.46
Ciclo de conversin de efectivo 42.64 62.00 45.60 41.07
Ajuste inflacin acumulada 0.0
Nm. de empleados 3,126.00 3,005.00 3,248.00
Source: Bloomberg
 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016

174.4 604.9 352.4 206.9 206.8 203.4

154.1 574.9 269.6 174.4 192.3 203.4
20.3 30.0 82.8 32.5 14.5 0.0
126.9 114.7 139.9 83.5 55.2 69.1
139.9 83.5 55.2 69.1
97.5 118.7 108.2 197.2 107.0 90.6
30.1 31.9 32.0 31.5 28.7 27.1
0.0 0.0 0.0 0.0
32.0 40.5 30.3 24.8 19.3 8.0
35.4 46.4 45.9 141.0 58.9 55.4
145.4 264.3 363.7 361.1 352.4 393.7
544.4 1,102.7 964.2 848.7 721.4 756.8
500.9 660.9 1,030.1 1,245.8 1,087.1 1,021.4
903.4 1,131.0 1,546.9 1,820.6 1,736.8 1,746.1
402.5 470.1 516.8 574.8 649.7 724.7
8.5 40.4 18.2 4.4 50.8 21.2
727.0 839.3 901.3 898.1 693.3 885.2
642.4 744.3 865.1 767.6 392.5 579.7
0.0 0.0 0.0 0.0 0.0 0.0
642.4 744.3 865.1 767.6 392.5 579.7
17.0 15.5 18.9 89.8 269.8 274.8
61.1 66.2 5.1 0.0 0.4
6.5 13.2 12.2 40.8 31.1 30.2
1,236.4 1,540.5 1,949.5 2,148.4 1,831.2 1,927.8
1,780.8 2,643.2 2,913.7 2,997.1 2,552.6 2,684.5
3.14%

148.1 186.7 251.4 228.8 165.3 211.2

148.1 186.7 251.4 228.8 165.3 211.2
89.0 152.4 94.1 201.8 198.7 281.2
89.0 152.4 94.1 201.8 198.7 281.2
0.0 0.0 0.0 0.0 0.0 0.0
107.3 88.1 216.1 177.3 172.0 216.4
107.3 88.1 216.1 177.3 172.0 216.4
344.4 427.2 561.7 607.9 535.9 708.8
15.0 613.2 612.4 620.3 623.6 562.5
15.0 613.2 612.4 620.3 623.6 562.5
0.0 0.0 0.0 0.0 0.0 0.0
182.6 225.8 264.5 277.8 365.6 291.6
 124.2 155.6 162.1
58.4 70.2 264.5 277.8 365.6 129.5
197.5 839.1 877.0 898.1 989.2 854.1
541.9 1,266.3 1,438.6 1,506.0 1,525.1 1,562.9
0.0 0.0 0.0 0.0 0.0 0.0
1,142.9 1,282.8 1,427.8 1,531.7 1,531.7 1,253.2
217.9 224.5 233.9 240.3 240.5 196.8
319.8 194.4 159.3 82.5 -378.4 41.4
-5.9 124.4 121.9 117.1 114.6 23.9
1,238.9 1,376.9 1,475.1 1,491.0 1,027.5 1,121.6
0.0 0.0 0.0 0.0 0.0 0.0
1,238.9 1,376.9 1,475.1 1,491.0 1,027.5 1,121.6
1,780.8 2,643.2 2,913.7 2,997.1 2,552.6 2,684.5

IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

4,296.8 4,076.6 4,076.6 4,076.6 4,076.6 4,076.6

58.4 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
675.00 588.00 592.00 588.00 588.00 592.00
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
-70.5 160.7 354.1 615.1 615.4 640.3
-5.69 11.67 24.01 41.26 59.89 57.09
52.40 33.32 29.78 32.45 29.40 25.75
1.58 2.58 1.72 1.40 1.35 1.07
22.21 10.41 -10.08 11.70 -9.98 -32.11

3,190.00 3,190.00 3,190.00 7,039.00 7,413.00
Volcn Compaa Minera SAA (VOLCABC1 PE) - Ajustado
En Millones de USD excepto por accin FY 2012 FY 2013 FY 2014
12 meses fin 12/31/2012 12/31/2013 12/31/2014
Ingreso 1,178.4 1,162.8 1,042.4
Crecimiento (YoY) -2.7 -1.3 -10.4
- Coste de ingreso 736.6 791.4 865.7
Crecimiento (YoY) 20.0 7.4 9.4
Beneficio bruto 441.8 371.4 176.6
Crecimiento (YoY) -26.1 -15.9 -52.4
+ Otros ingresos operacionales 65.1 55.6 186.0
Crecimiento (YoY) 65.8 -14.6 234.4
- Gastos operacionales 149.8 159.1 267.2
Crecimiento (YoY) 18.1 6.2 68.0
+ Ventas, generales y admin 94.8 107.1 103.6
Crecimiento (YoY) 9.1 13.0 -3.2
+ Ventas y mercadotecnia 46.3 49.1
Crecimiento (YoY) 6.0
+ General y administrativo 60.8 54.6
Crecimiento (YoY) -10.3
Ingreso operacional (prdida) 357.2 267.9 95.4
Crecimiento (YoY) -30.0 -25.0 -64.4
+ Gasto de intereses, neto 10.9 23.8
Crecimiento (YoY) 119.2
+ Gastos de intereses 34.2 20.5 29.7
Crecimiento (YoY) 1,321.3 -40.2 44.9
- Ingreso de intereses 10.3 9.6 5.9
Crecimiento (YoY) 182.5 -6.1 -39.0
+ (Benefico) prdida de cambio de divisas 1.2 0.8 -2.1
Crecimiento (YoY) -54.4 -32.6
+ Beneficio (prdida) de filiales 0.0
Beneficios (prdidas) antes de impuestos, ajustados 331.7 255.8 74.5
Crecimiento (YoY) -33.1 -22.9 -70.9
- Prdida anormal 0.0 0.0 0.0
+ Cancelacin de activos
Beneficios (prdidas) antes de impuestos, GAAP 331.7 255.8 74.5
Crecimiento (YoY) -33.1 -22.9 -70.9
- Gasto de impuesto a la renta (Beneficio) 120.7 82.5 17.7
Crecimiento (YoY) -27.6 -31.7 -78.5
Beneficios (prdidas) de operaciones continuas 211.0 173.4 56.8
Crecimiento (YoY) -35.9 -17.8 -67.2
- Prdidas (ganancias) extraordinarias netas 0.0 0.0 0.0
Ingreso (prdida) incl MI 211.0 173.4 56.8
Crecimiento (YoY) -35.9 -17.8 -67.2
 - Minoritarios 0.0 0.0 0.0
Beneficio neto, GAAP 211.0 173.4 56.8
Crecimiento (YoY) -35.9 -17.8 -67.2
- Dividendos preferentes 0.0 0.0 0.0
- Otros ajustes 0.0 0.0

Beneficio neto disponible a cap comn, aj 211.0 173.4 56.8

Crecimiento (YoY) -35.9 -17.8 -67.2
Prdidas atpicas netas (ganancias) 0.0 0.0
Prdidas (ganancias) extraordinarias netas 0.0 0.0 0.0

Acciones promedio bsicas pond 3,803.4 3,179.4 3,865.9

Crecimiento (YoY) 2.5 -16.4 21.6
BPA bsicos, GAAP 0.06 0.05 0.02
Crecimiento (YoY) -37.0 -3.1 -72.3
BPA bsicos de ops cont 0.06 0.05 0.02
Crecimiento (YoY) -37.0 -3.1 -72.3
BPA bsicos de ops cont, ajustados 0.06 0.05 0.02
Crecimiento (YoY) -37.0 -3.1 -72.3

Acciones diluidas promedio pond 3,803.4 3,179.4 3,865.9

Crecimiento (YoY) 2.5 -16.4 21.6
BPA diluidos, GAAP 0.06 0.05 0.02
Crecimiento (YoY) -37.0 -3.1 -72.3
BPA diluidos de ops cont 0.06 0.05 0.02
Crecimiento (YoY) -37.0 -3.1 -72.3
BPA diluidos de ops cont, ajustados 0.06 0.05 0.02
Crecimiento (YoY) -37.0 -3.1 -72.3

Referencia
Estndar contable IAS/IFRS IAS/IFRS IAS/IFRS
EBITDA 477.1 385.8 256.9
Crecimiento (YoY) -21.7 -19.2 -33.4
Margen EBITDA (U12M) 40.49 33.17 24.64
Crecimiento (YoY) -19.5 -18.1 -25.7
EBITA 407.3 323.8 175.0
Crecimiento (YoY) -20.5 -46.0
EBIT 357.2 267.9 95.4
Crecimiento (YoY) -30.0 -25.0 -64.4
Margen bruto 37.49 31.94 16.94
Crecimiento (YoY) -24.0 -14.8 -47.0
Margen operacional 30.31 23.04 9.15
Crecimiento (YoY) -28.0 -24.0 -60.3
Margen de beneficio 17.90 14.91 5.45
Crecimiento (YoY) -34.1 -16.7 -63.4
Ventas por empleado 369,405.33 364,521.32
Crecimiento (YoY) -2.7 -1.3
Dividendo por accin 0.03 0.01 0.00
Crecimiento (YoY) -92.3 -71.5 -60.1
Efectivo dividendos ordinarios 62.6 29.8 11.9
Crecimiento (YoY) -29.5 -52.4 -60.1
Gastos de personal 30.0 30.2 24.7
Crecimiento (YoY) 0.1 0.6 -18.3
Gasto de depreciacin 69.8 61.9 81.9
Crecimiento (YoY) -11.3 32.3
Gasto de renta
Source: Bloomberg
 FY 2015 FY 2016 lt 12M FY 2017 Est FY 2018 Est
12/31/2015 12/31/2016 09/30/2017 12/31/2017 12/31/2018
794.5 821.5 866.5 813.0 847.3
-23.8 3.4 11.5 -1.0 4.2
663.2 581.2 584.0
-23.4 -12.4 3.2
131.3 240.3 282.5 272.4 368.6
-25.6 83.0 33.8 13.3 35.3
55.1 46.9 152.5
-70.4 -14.8 141.7
205.5 170.7 238.7
-23.1 -16.9 14.9
90.1 78.2 81.1
-13.0 -13.2 -1.1
43.0 34.1 32.7
-12.3 -20.8 -51.0
47.1 44.2 48.3
-13.7 -6.2 9.1
-19.1 116.5 196.4 167.0 221.7
195.1 43.3 32.7
33.9 30.9
42.4
38.1 37.2 16.9
28.4
4.2 6.3
-28.3
9.2 -0.1 -4.6


-631.4 133.5 164.1 134.3 189.7
0.7 41.2
567.5 -52.4 0.0
568.6 -51.4
-631.4 133.5 164.1 134.3 189.7
0.7 41.2
-177.5 49.0 71.5
121.3
-453.9 84.4 92.5 71.3 87.0
14.3 -15.5 22.0
0.0 0.0 0.0
-453.9 84.4 92.5

 0.0 0.0
-453.9 84.4 92.5 71.3 87.0
14.3 -15.5 22.0
0.0 0.0 0.0
0.0 0.0 0.0

-453.9 84.4 92.5 91.0 126.3

14.3 7.8 38.8
397.2 -37.7 0.0
0.0 0.0 0.0

3,858.7 3,858.5 3,858.3

-0.2 0.0
-0.12 0.02 0.02 0.02 0.02
14.3 -9.1 0.0
-0.12 0.02 0.02 0.02 0.02
-9.1 0.0
-0.01 0.01 0.02 0.02 0.03
1,677.6 90.1 43.5

3,858.7 3,858.5 3,858.3

-0.2 0.0
-0.12 0.02 0.02 0.02 0.02
14.3 -9.1 0.0
-0.12 0.02 0.02 0.02 0.02
14.3 -9.1 0.0
-0.01 0.01 0.02 0.02 0.03
1,677.6 90.1 43.5

IAS/IFRS IAS/IFRS
135.9 250.5 335.4 302.7 358.0
-47.1 84.3 79.7 20.8 18.3
17.11 30.49 38.71 37.23 42.25
-30.6 78.2 22.1 13.5
46.9 165.4 252.8
-73.2 252.9 135.4
-19.1 116.5 196.4 167.0 221.7
195.1 43.3 32.7
16.53 29.25 32.61 33.50 43.50
-2.5 77.0 20.0 14.5 29.9
-2.40 14.18 22.67 20.54 26.16
164.6 44.8 27.4
 -57.13 10.27 10.68 11.19 14.91
8.9 33.2
112,873.14 110,825.31
-1.8
0.01 0.01
83.3


24.2 22.2
-2.0 -8.0
89.1 85.1 82.7
8.7 -4.5 4.3
1.5
Volcn Compaa Minera SAA (VOLCABC1 PE) - Estandarizado
En Millones de USD excepto por FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
12 meses fin 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Efectivo de actividades operacionales
+ Ingreso neto 176.3 170.2 253.4 328.9 211.0 173.4
+ Depreciacin + amortizacin 57.3 66.9 118.7 99.1 120.0 117.8
+ Partidas no monetarias 91.0 33.3 -168.8 -623.3 -330.9 -315.0
+ Impuestos al ingreso diferido 91.0
+ Otros ajustes no en efectivo 0.0 33.3 -168.8 -623.3 -330.9 -315.0
+ Var en fondo de maniobra no e -164.0 -14.1 139.2 665.3 274.8 264.6
+ (Inc) dec en cuentas por cobr 40.7 -19.6 921.9 1,237.5 1,173.0 1,135.8
+ (Aum) baja en inventarios -30.8 5.7 0.0 0.0
+ (Aum) baja en cuentas por pa -570.9 -685.2 -816.1 -789.6
+ Aum (baja) de otros -173.9 -0.2 -211.8 113.0 -82.2 -81.6
Efectivo de actividades operaci 160.6 256.3 342.5 469.9 274.8 240.8

Efectivo de actividades de inversin

+ Cambio en fijos e intangibles -106.6 -53.9 -82.8 -131.3 -232.3 -434.4
+ Desp en fijos e intangibles 0.0 0.0 0.0 0.0 0.0 0.0
+ Adq de fijos e intangibles -106.6 -53.9 -82.8 -131.3 -232.3 -434.4
+ Cambio neto en inversiones L -5.5 -14.0 0.0 0.0 -5.2 -1.3
+ Dec en inversiones LP 0.0 0.0 0.0 0.0 0.0 0.0
+ Inc en inversiones LP -5.5 -14.0 0.0 0.0 -5.2 -1.3
+ Otras actividades de inversin -126.8 -74.8 -132.7 -196.1 -148.5 -128.9
Efectivo de actividades de inve -238.9 -142.7 -215.6 -327.4 -386.0 -564.6

Efectivo de actividades de financiacin

+ Dividendos pagados -82.3 -55.9 -76.0 -121.7 -97.5 -40.2
+ Efectivo de (pagos) deuda 214.9 -117.6 -41.8 17.6 645.6 0.4
+ Efectivo (recompra) de accion -13.6 -0.3 1.7 -19.7 -0.1 -4.0
+ Aumento en capital 0.2 1.9 204.7 0.0 0.0 0.0
+ Baja en capital -13.7 -2.1 -203.0 -19.7 -0.1 -4.0
+ Otras actividades de financiaci
Efectivo de actividades de finan 119.1 -173.8 -116.1 -123.8 531.9 -43.8

Cambios netos en el efectivo 40.8 -60.1 10.9 18.7 420.7 -367.6

Efectivo pagado por impuestos 195.4 0.0

Efectivo pagado en intereses 119.4 32.3

Referencia
EBITDA 226.9 253.8 499.9 609.4 477.1 385.8
Margen EBITDA ltimos 12M 36.18 38.32 50.98 50.30 40.49 33.17
Intereses recibidos
Efectivo neto desembolsado por 0.0 0.0
Flujo de caja libre 54.0 202.4 259.7 338.6 42.5 -193.6
Flujo de caja libre a empresa 103.6 203.3 273.2 340.2 64.2 -179.7
Flujo libre de caja a capital 269.0 84.8 217.9 356.2 688.1 -193.2
Flujo libre de caja por accin 0.02 0.06 0.07 0.09 0.01 -0.06
Precio a flujo de caja libre 7.35 11.53 12.27 9.32 75.80
Flujo de caja a beneficio neto 0.91 1.51 1.35 1.43 1.30 1.39
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 lt 12M
12/31/2014 12/31/2015 12/31/2016 09/30/2017

56.8 -453.9 84.4 92.5

161.5 155.0 134.0 139.0
-297.8 222.8 -5.4

-297.8 222.8 -5.4
277.3 248.1
1,203.1 982.2

-885.3 -714.7
-40.6 -19.4
197.8 172.0 213.0 278.6

-307.8 -117.3 -43.7 -120.6

0.0 0.0 0.0 0.0
-307.8 -117.3 -43.7
-0.9 0.0 -26.1 -26.1
0.0 0.0 0.0 0.0
-0.9 0.0 -26.1 -26.1
-106.4 -56.3 -85.3 -37.4
-415.1 -173.6 -155.2 -184.1

-32.6 -16.7 -15.1

155.1 36.4 -31.6 -21.4
-0.4 -0.1 0.0 0.0
0.0 0.0 0.0 0.0
-0.4 -0.1 0.0 0.0
-30.0
122.1 19.6 -46.8 -65.5

-95.3 17.9 11.0 29.0

0.0 9.5 26.6

32.3 36.2 37.1 36.8

256.9 135.9 250.5 335.4

 24.64 17.11 30.49 38.71
0.0

-110.0 54.7 169.3
-87.4 192.8
45.0 91.1 137.6
-0.03 0.01 0.04
3.93 4.90
3.48 2.52 2.73
Volcn Compaa Minera SAA (VOLCABC1 PE) - Mltiplos
En Millones de USD exce FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
12 meses fin 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015
PER 12.57 9.58 15.14 6.91 16.10
Media 14.10 11.85 10.47 9.60 6.70 10.55
Mx 18.62 13.85 15.14 16.27 16.10 15.88
Mn. 11.41 9.33 7.83 6.27 4.37 3.69

P/Libro 3.48 2.95 2.51 1.03 0.66 0.22

Media 3.03 3.29 3.21 1.59 1.00 0.43
Mx 4.00 3.84 3.72 2.69 1.20 0.65
Mn. 2.45 2.59 2.41 1.03 0.65 0.15

P/libro tangible 3.49 6.13 5.45 2.50 1.36 0.36

Media 3.04 3.31 6.68 3.46 2.40 0.89
Mx 4.01 6.13 7.73 5.86 2.91 1.34
Mn. 2.46 2.59 5.01 2.26 1.36 0.31

P/Ventas 3.25 2.60 2.73 1.02 0.90 0.27

Media 3.62 3.06 2.84 1.73 0.99 0.59
Mx 4.83 3.61 3.30 2.97 1.22 0.91
Mn. 2.92 2.34 2.06 1.02 0.65 0.21

P/Flujo de caja 9.30 6.72 11.71 4.94 4.72 1.25

Media 9.37 8.77 7.34 7.42 4.76 3.08
Mx 12.37 10.25 11.71 12.58 5.75 4.66
Mn. 7.58 6.72 5.49 4.85 3.12 1.08

P/Flujo libre caja 12.27 9.32 75.80 3.93

Media 11.86 11.56 10.43 48.10 3.93
Mx 15.66 13.52 75.80 81.42 3.93
Mn. 9.59 9.10 7.62 31.39 3.93

EV/Ventas 3.93 2.96 3.06 1.62 1.53 1.06

Media 7.85 3.80 3.72 2.68 1.88 1.60
Mx 9.29 4.32 4.12 3.95 2.11 2.02
Mn. 3.93 3.23 2.80 1.71 1.48 1.15

EV/EBITDA 7.72 5.88 7.57 4.87 6.23 6.20

Media 20.48 7.46 7.41 6.61 5.66 6.52
Mx 24.25 8.47 9.41 9.75 7.89 9.37
Mn. 7.72 6.34 5.57 4.23 4.47 4.65
EV/EBIT 10.12 7.02 10.11 7.01 16.77
Media 27.80 9.78 8.85 8.84 8.19 17.53
Mx 32.92 11.11 12.57 13.03 21.25 22.05
Mn. 10.12 8.03 6.66 5.65 6.44 12.53

Precio/Acc 0.87 0.85 0.85 0.37 0.24 0.06

Mx 0.89 0.97 1.08 0.92 0.45 0.25
Mn. 0.54 0.63 0.67 0.35 0.24 0.06

Valor de empresa 3,857.6 3,582.9 3,610.6 1,878.6 1,599.9 842.4

Media 5,205.5 3,733.2 4,508.0 3,152.6 2,179.4 1,670.6
Mx 6,154.5 4,234.0 4,986.7 4,653.5 2,457.7 2,103.6
Mn. 3,411.4 3,169.8 3,397.3 2,019.6 1,724.8 1,195.0
Source: Bloo Right click to show data transparency (not supported for all values)
 FY 2016 Actual FY 2017 Est FY 2018 Est
12/31/2016 11/17/2017 12/31/2017 12/31/2018
9.76 16.97 17.69 12.33
9.76
9.76
9.76

0.78 1.38 1.51 1.40

0.66
0.88
0.19

1.62 2.81
1.07
1.62
0.31

1.01 1.81 3.51 3.37

0.81
1.10
0.23

3.89 5.64 6.78 5.81

3.72
4.96
1.10

4.90
11.65
15.60
3.45

1.85 3.98 4.24 4.07

1.88
2.33
1.02

6.05 10.28 11.40 9.63

10.98
13.60
5.96
 13.01 17.56 20.65 15.56
15.90
15.90
15.90

0.21 0.41
0.23 0.42
0.05 0.40

1,516.0 3,449.1
1,495.8
1,852.3
810.4
Volcn Compaa Minera SAA (VOLCABC1 PE) - Por medida
En Millones de USD exce FY 2007 FY 2008 FY 2009
12 meses fin 12/31/2007 12/31/2008 12/31/2009
Ingreso 1,053.9 100.0% 627.1 100.0% 662.5 100.0%
Zinc Concentrate 706.7 67.1% 292.9 46.7% 338.8 51.1%
Lead Concentrate 328.8 31.2% 306.2 48.8% 274.0 41.4%
Silver
Silver Concentrate
Copper Concentrate 17.6 1.7% 23.3 3.7% 43.4 6.5%
Sales Adjustment of the
Liquidation Adjustments
Implicit Derivative
Gold
Financial Loss
Other - Fluxes 0.7 0.1% 4.8 0.8% 6.3 1.0%
Nickel, Lead & Zinc Mini
Source: Bloomberg
 FY 2010 FY 2012 FY 2013 FY 2014
12/31/2010 12/31/2012 12/31/2013 12/31/2014
973.3 100.0% 1,160.8 100.0% 1,162.8 100.0% 1,042.4 100.0%
509.9 52.4% 486.4 42.4% 468.9 40.3% 574.0 54.9%
339.9 34.9% 488.7 42.6% 414.8 35.7% 275.3 26.3%
0.0 17.5 1.7%
76.8 6.6% 110.9 10.6%
123.5 12.7% 145.7 12.7% 74.7 6.4% 52.3 5.0%
3.8 -4.9 -3.2

9.0 5.2 0.5

127.3 10.9% 15.1 1.4%
0.0 0.0%
27.2 2.4%
 FY 2015 FY 2016
12/31/2015 12/31/2016
794.5 100.0% 821.5 100.0%
427.3 53.5% 420.3 52.4%
197.1 24.7% 207.1 25.8%
63.8 8.0% 92.9 11.6%
85.5 10.7% 74.1 9.2%
25.1 3.1% 20.8 2.6%
4.1 14.8
12.3 1.5%
-8.7 4.5
0.7 0.1%
0.3 0.0% -26.0 -3.2%


Volcn Compaa Minera SAA (VOLCABC1 PE) - Rentabilidad
En Millones de USD excepto por accin FY 2016
12 meses fin 12/31/2016
Renta
Retorno sobre el capital comn 7.85%
ROA 3.22%
ROE 5.66%

Mrgenes
Margen bruto 29.25% Cobertura de interes
Margen EBITDA 30.49%
Margen operacional 14.18%
Margen antes de impuestos 16.24%
Margen beneficio neto 10.27%
Source: Bloomberg
 Volcn Compaa Minera SAA (VOLCABC1 PE)-Ratios

Rentabilidad Cobertura

ROA 0.03 Cobertura de intereses 3.13

ROE 0.06
Margen beneficio neto 10.27% Actividad

Liquidez Rotacion de activos 0.31

P. P. Rotacion de inventari 56.09
Corriente 1.07

Apalancamiento

Deuda/Activos 58.22%
Deuda/Patrimonio 1.39
Multiplicador de capital 2.39
 120
127 soles diario 3810 45720
1.06 120 cantidad 3600 43200 1.05833333

127 31
3000 29.45
6%
p -5% -1.17

5000
161 q 6%
3,600 111,600.00 p -5%
3,810 112,204.50
q 6%

120 120 3600

112 93% 112 3360 7.1%
-5%

-1.43
0.06
-0.05

Promedio Mensual Diciembre

Precio Cantidad Precio
Hamburguesa Route 66 S/. 31.00 3600 S/. 29.45

-1.17 6%
-5%

Shake de oreo (A) Route 66 (B)

Cantidad Prom. Cantidad Precio Mensual
Mensual Diciembre
3360 3600 S/. 31.00

7.14%
-5.00%
Diciembre
Cantidad
3,810

-1.17

Route 66 (B)
Precio
Diciembre
S/. 29.45

-1.43
Volcn Compaa Minera SAA (VOLCABC1 PE) - Valor accin
En Millones de USD excepto por accin FY 2008 FY 2009 FY 2010 FY 2011 FY 2012
12 meses fin 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012
ltimo precio 0.13 0.65 0.87 0.85 0.85
% Variacin PoP -83.15 407.06 34.73 -2.55 -0.47
Apertura 0.76 0.13 0.65 0.87 0.85
Precio mximo 0.95 0.75 0.89 0.97 1.08
Precio mnimo 0.12 0.11 0.54 0.63 0.67

Capitalizacin de mercado 520.6 2,639.8 3,950.1 3,653.4 3,449.9

Acciones en circulacin 2,443.16 2,443.16 2,443.16 2,443.16 2,443.16
Acciones en circ flotantes 2,214.57 2,301.70 2,443.16 2,443.16
Source: Bloo Right click to show data transparency (not supported for all values)
 FY 2013 FY 2014 FY 2015 FY 2016 Actual
12/31/2013 12/31/2014 12/31/2015 12/31/2016 11/17/2017
0.37 0.24 0.06 0.21 0.41
-55.81 -35.40 -76.95 285.81
0.86 0.38 0.24 0.06 0.42
0.92 0.45 0.25 0.23 0.42
0.35 0.24 0.06 0.05 0.40

1,524.5 984.8 227.0 875.7 2,857.2

2,443.16 2,443.16 2,443.16 2,443.16 2,443.16
2,443.16 2,443.16 2,443.16 2,443.16 2,443.16