Consolidated Statement of Income

For the years ended December 31, 2009, 2008 and 2007

    Note    2009    2008    2007 
        US$(000)   US$(000)   US$(000)
Operating income                 
                 
Net sales    17    819,357    766,603    747,021 
Royalty income    32    62,150    48,760    34,014 
Revenue associated with performance on executory gold delivery contracts        -    -    5,393 
Total income        881,507    815,363    786,428 
                 
Operating costs                 
Cost of sales, without considering depreciation and amortization    18    280,342    251,804    182,007 
Depreciation and amortization        73,536    62,993    49,550 
Exploration in units in operation    19    68,649    57,003    37,828 
Total operating costs        422,527    371,800    269,385 
                 
Gross income        458,980    443,563    517,043 
Operating expenses                 
General and administrative expenses    20    88,760    34,907    59,205 
Royalties    22    39,646    35,694    33,978 
Exploration in non-operating areas    21    30,005    55,231    46,407 
Sales        10,047    15,386    10,818 
Provision for impairment of long-term assets    11    3,325    18,610    - 
Total operating expenses        171,783    159,828    150,408 
                 
Operating income before unusual item        287,197    283,735    366,635 
Net loss from release of commitments in commercial contracts    17(a)   -    (415,135)   (185,922)
Operating income (loss) after unusual item        287,197    (131,400)   180,713 
Other income (expenses), net                 
Share in associated companies, net    8(b)   451,306    340,929    249,555 
Interest incomes    23    6,117    17,851    11,772 
Gain (loss) on currency exchange difference        1,457    (12,198)   5,190 
Gain on change in the fair value of gold certificates        -    -    5,126 
Interest expenses    23    (15,090)   (33,934)   (8,614)
Other, net    24    2,553    (9,290)   (8,686)
Total other income, net        446,343    303,358    254,343 
                 
Income before workers´ profit sharing, income tax and minority interest        733,540    171,958    435,056 
Provision for workers´ profit sharing, net    25(b)   (12,592)   4,725    (19,931)
Provision for income tax, net    25(b)   (64,340)   26,645    (43,975)
Net income        656,608    203,328    371,150 
Net income attributable to minority interest        63,047    50,045    96,389 
Net income attributable to Buenaventura        593,561    153,283    274,761 
Basic and diluted earnings per share attributable to Buenaventura, stated in U.S. dollars    26    2.33    0.60    1.08 
Weighted average number of shares outstanding considering stock split effect    26    254,442,328    254,442,328    254,442,328 

The accompanying notes are an integral part of this consolidated statement.

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