0001104659-12-008133.txt : 20120209 0001104659-12-008133.hdr.sgml : 20120209 20120209153739 ACCESSION NUMBER: 0001104659-12-008133 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20120209 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120209 DATE AS OF CHANGE: 20120209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN COPPER CORP/ CENTRAL INDEX KEY: 0001001838 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 133849074 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14066 FILM NUMBER: 12586870 BUSINESS ADDRESS: STREET 1: 11811 NORTH TATUM BLVD STREET 2: SUITE 2500 CITY: PHOENIX STATE: AZ ZIP: 85028 BUSINESS PHONE: 602-494-5328 MAIL ADDRESS: STREET 1: 11811 NORTH TATUM BLVD STREET 2: SUITE 2500 CITY: PHOENIX STATE: AZ ZIP: 85028 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHERN PERU COPPER CORP/ DATE OF NAME CHANGE: 19960726 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHERN PERU COPPER HOLDING CO DATE OF NAME CHANGE: 19951006 8-K 1 a12-4612_18k.htm 8-K

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): February 9, 2012 (February 9, 2012)

 

SOUTHERN COPPER CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

1-14066

 

13-3849074

(State or Other Jurisdiction
of Incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification Number)

 

1440 E. Missouri Ave., Suite C-175, Phoenix, AZ 85014

(Address of principal executive offices, including zip code)

 

(602) 264-1375

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

ITEM 2.02      Results of Operations and Financial Condition

 

On February 9, 2012, Southern Copper Corporation (“SCC”) issued a press release announcing financial results for the quarter and full year ended on December 31, 2011.  In this press release, SCC reported that, on January 26, 2012, its Board of Directors authorized a cash dividend of $0.19 per share of common stock and a stock dividend of 0.0107 shares of common stock per share of common stock.  These dividends are payable on February 28, 2012 to shareholders of record at the close of business on February 15, 2012.  A copy of this press release is attached hereto as Exhibit 99.1.

 

The information in this report and the exhibit attached hereto are being furnished and shall not be deemed as “filed” for purposes of Section 18 of the Securities Act of 1934. Accordingly, this information will not be incorporated by reference into any registration statement or other document filed by Southern Copper Corporation pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly stated in such filing.

 

ITEM 9.01      Financial Statements and Exhibits

 

(d)           Exhibits:

 

99.1         Press release of Southern Copper Corporation dated February 9, 2012, furnished pursuant to Item 2.02 of this Form 8-K.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

SOUTHERN COPPER CORPORATION

 

 

 

 

 

 

 

 

By:

/s/ Raul Jacob

 

 

Name:

Raul Jacob

 

 

Title:

Comptroller

 

Date:  February 9, 2012

 

3



 

INDEX TO EXHIBITS

 

Exhibits

 

 

 

 

 

99.1

 

Press release of Southern Copper Corporation dated February 9, 2012, furnished pursuant to Item 2.02 of this Form 8-K.

 

4


EX-99.1 2 a12-4612_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

1440 E Missouri Avenue, Suite C-175 - Phoenix, AZ 85014

Phone: Arizona: (602) 264-1375 - Fax: (602) 264-1397

 

Southern Copper Corporation Reports

Fourth Quarter and 2011 Results

 

February 9, 2012 - Southern Copper Corporation (NYSE and BVL: SCCO)

 

·                  Year 2011 (“Y2011”) sales set a record of $6,818.7 million, which is 32.4% higher than the previous year. This was the result of higher copper sales volume from Buenavista production and higher copper, silver and zinc prices.

 

·                  EBITDA in Y2011 was also a record of $3,909.5 million, with a margin of 57.3% compared to 55.6% in Y2010.

 

·                  Net income for the Y2011 was an all-time high of $2,336.4 million, an increase of 50.3% compared with Y2010. Net income represented 34.3% of total revenues.

 

·                  Copper mine production in Y2011 increased by 22.8% compared with a year ago.  This increase was mainly the result of higher production at our Buenavista mine, which is currently working at 100% of its installed capacity.  Refined copper and rod production in 2011 increased significantly, compared to 2010, allowing the Company to earn copper premiums over spot prices.  Total copper production for 2011 was 638,810 tons.

 

·                  Operating cash cost per pound of copper before by-product credits was $1.66 per pound in 2011, compared with $1.52 per pound in 2010.  In 2011, operating cash cost per pound, net of by-products, was $0.41, making SCC one of the lowest cost producers in the industry.

 

·                  Total Y2011 capital expenditures set a record of $612.9 million, which represents 26.2% of our net income.

 

·                  On January 26, 2012, the Board of Directors authorized a cash dividend of $0.19 per share of common stock and a stock dividend of 0.0107 shares of common stock per share of common stock. The dividends are payable on February 28, 2012, to shareholders of record at the close of business on February 15, 2012.

 

·                  On January 26, 2012 Standard & Poors (S&P) raised its long-term corporate credit rating on our Company to BBB from BBB-.  Also, S&P raised its ratings on our senior notes to ‘BBB’ from ‘BBB-’. S&P noted that these rating increases reflect its assessment of a satisfactory business risk profile, supported by the low cash cost structure, geographic diversity, position as one of the world’s largest copper producer, vertical integration and long-life reserves.

 

SOUTHERN COPPER CORPORATION

www.southerncoppercorp.com

 

Committed to today’s needs without compromising the generations to come

 

1



 

GRAPHIC

 

Commenting on the Company´s results and recent events, Mr. German Larrea, Chairman of the Board, said, “I am pleased to report our quarterly and annual financial results.  In 2011 net sales, EBITDA and net income are the highest in our Company´s history.  We look forward to achieving even better results in 2012.  Our strong reserve base, competitive operating position and attractive projects will enable us to increase production, enhance asset value and provide strong returns to our shareholders.”

 

“In 2011 we restored full capacity at the Buenavista mine.  We are now moving forward with our aggressive investment program for this property which will have a capacity of 488,000 tons of annual copper production by 2015, a capacity increase of over 170%.”

 

“Although the 2011 macroeconomic concerns affected copper market conditions, the fundamentals of this market are sound and, considering our cost structure, we anticipate a year with improved results.  We expect a more stable situation in 2012 that will provide support to copper prices.”

 

SUMMARY FINANCIAL TABLE

 

 

 

Fourth Quarter

 

Year

 

 

 

 

 

 

 

Variance

 

 

 

 

 

Variance

 

 

 

2011

 

2010

 

$

 

%

 

2011

 

2010

 

$

 

%

 

 

 

(in millions except per share amount and %s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

1,669.3

 

$

1,499.0

 

$

170.3

 

11.4

%

$

6,818.7

 

$

5,149.5

 

$

1,669.2

 

32.4

%

Cost of sales

 

653.0

 

541.9

 

111.1

 

20.5

 

2,763.2

 

2,129.0

 

634.2

 

29.8

 

Operating income

 

901.9

 

852.0

 

49.9

 

5.9

 

3,625.4

 

2,604.2

 

1,021.2

 

39.2

 

EBITDA (1)

 

965.2

 

916.3

 

48.9

 

5.3

%

3,909.5

 

2,865.2

 

1,044.3

 

36.4

%

EBITDA margin

 

57.8

%

61.1

%

(3.3

)pp

(5.4

)%

57.3

%

55.6

%

1.7

pp

3.0

%

Net Income

 

$

537.0

 

$

492.2

 

$

44.8

 

9.1

%

$

2,336.4

 

$

1,554.0

 

$

782.4

 

50.3

%

Net income margin

 

32.2

%

32.8

%

(0.6

)pp

(2.0

)%

34.3

%

30.2

%

4.1

pp

13.5

%

Income per share

 

$

0.64

 

$

0.58

 

$

0.06

 

10.3

%

$

2.76

 

$

1.83

 

$

0.93

 

51.1

%

Capital expenditures

 

$

275.9

 

$

127.6

 

$

148.3

 

116.2

%

$

612.9

 

$

408.7

 

$

204.2

 

50.0

%

Exploration

 

$

12.5

 

$

6.9

 

$

5.6

 

81.2

%

$

37.5

 

$

34.3

 

$

3.2

 

9.3

%

 

pp: percentage points

 


(1)  http://www.southerncoppercorp.com/ENG/invrel/Pages/PGEbitda.aspx

 

SOUTHERN COPPER CORPORATION

www.southerncoppercorp.com

 

Committed to today’s needs without compromising the generations to come

 

2



 

GRAPHIC

 

Production

 

Copper.- In 2011 copper mine production increased by 22.8% to 587,491 tons, this increase was the result of the restoration of the Buenavista mine production. In 2011 we completed all repairs to the Buenavista property at a total cost of $212.8 million.

 

Molybdenum.- Molybdenum production decreased by 9.5% in 2011 due to lower production at the Cuajone mine as a results of changes in grade and recoveries, which was partially offset by higher production at the La Caridad and Toquepala mines.

 

Silver.- Silver mine production slightly increased in 2011 as result of 1.5 million ounces of higher production at the Buenavista mine, mostly offset by lower production in the other mines.

 

Zinc. Production decreased mainly due to the halt in production from the Santa Eulalia mine because of flooding. The situation is being resolved and we expect to restart production in the 2Q12.

 

Capital Expenditures

 

The Board of Directors approved a $1.5 billion capital expenditure program for 2012 that will be mainly used in Buenavista, Cuajone and Toquepala.

 

Buenavista Expansion.- We are building a Quebalix facility at Buenavista.  This investment consists of a crushing, conveying and spreading system that improves the SXEW copper production by increasing recovery and reducing the required time to extract copper from mineral.  Overall progress is 88% and this facility is expected to begin operating in the 2Q12.  Through year-end 2011, we have invested $49 million of the $70 million budgeted. Also, SXEW III plant construction has started at the Buenavista mine, and we will be using all of the equipment originally purchased for the Tia Maria project.  This will allow us to increase the annual SXEW plant capacity from 88,000 tons to 120,000 tons and cut the equipment delivery time by up to 18 months, given that delivery of such new equipment would have taken at least that long. The new plant should begin operating in 2H13 and has a total budget cost of $444 million.

 

The new Buenavista concentrator, with a milling capacity of 100,000 tons per day, is in process, with an estimated annual production of 188,000 tons of copper and 2,600 tons of molybdenum.  The project has a total budget cost of $1,383 million and it is expected to begin operation by 2015.

 

Angangueo.- Basic and detailed engineering are moving forward as scheduled to develop this underground polymetallic deposit in Michoacan, Mexico. With an investment of $131 million, Angangueo will have an annual production potential of 36,000 tons of copper, 4.5 million ounces of silver, 41,000 tons of zinc and 6,600 tons of lead.  The project is scheduled to begin production in the second half of 2014.

 

SOUTHERN COPPER CORPORATION

www.southerncoppercorp.com

 

Committed to today’s needs without compromising the generations to come

 

3



 

GRAPHIC

 

Toquepala Expansion.- We have begun the expansion to increase current milling capacity to 120,000 tons which should increase annual production by 100,000 tons of copper and 3,100 tons of molybdenum. Through December 31, 2011, we have spent 33% of the $600 million approved and project completion is scheduled for 1Q14.

 

Cuajone Expansion.- As a first stage of this expansion, the project includes an increase in milling capacity and a change to a variable cut-off grade methodology. Project completion of this stage is scheduled for 3Q12, and it is expected to add 22,000 tons of copper production per year.  Through December 31, 2011, the Company has spent 27% of the $300 million budget.

 

Tia Maria.- We are preparing a new EIA study that will address recent government guidance on these studies.  We are confident that this initiative will allow us to obtain approval for the development of the 120,000 ton annual production copper project.  Once we obtain the approval, we will place equipment orders again, rescheduling the project start-up date to 2015.

 

Conference call

 

The Company’s fourth quarter earnings conference call will be held on   Friday, February 10, 2012, beginning at 11:00 A.M. – EST (11:00 A.M. Lima, 10:00 A.M. Mexico City).

 

To participate:

 

Dial-in number:

 

866-371-3858 in the U.S.

631-813-4732 outside the U.S.

 

 

Raul Jacob, Chief Financial Officer - Peruvian Operations and Investor Relations

Conference ID:

 

51909460 and “Southern Copper Fourth Quarter 2011 Results”

 

SOUTHERN COPPER CORPORATION

www.southerncoppercorp.com

 

Committed to today’s needs without compromising the generations to come

 

4



 

GRAPHIC

 

AVERAGE METAL PRICES:

 

 

 

LME

 

COMEX

 

 

 

 

 

 

 

 

 

 

 

Copper

 

Copper

 

Molybdenum

 

Zinc

 

Silver

 

Gold

 

 

 

($/lb)

 

($/lb)

 

($/lb)

 

($/lb)

 

($/oz)

 

($/oz)

 

1Q 2011

 

4.38

 

4.39

 

17.17

 

1.09

 

31.74

 

1,384.38

 

2Q 2011

 

4.15

 

4.16

 

16.50

 

1.02

 

38.42

 

1,504.30

 

3Q 2011

 

4.08

 

4.07

 

14.44

 

1.01

 

38.76

 

1,700.16

 

4Q 2011

 

3.40

 

3.41

 

13.20

 

0.86

 

31.81

 

1,685.50

 

Average 2011

 

4.00

 

4.01

 

15.33

 

0.99

 

35.18

 

1,568.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Q 2010

 

3.28

 

3.28

 

15.78

 

1.04

 

16.91

 

1,108.90

 

2Q 2010

 

3.19

 

3.19

 

16.10

 

0.92

 

18.35

 

1,195.68

 

3Q 2010

 

3.29

 

3.30

 

14.86

 

0.91

 

18.98

 

1,226.58

 

4Q 2010

 

3.92

 

3.93

 

15.69

 

1.05

 

26.47

 

1,367.49

 

Average 2010

 

3.42

 

3.43

 

15.60

 

0.98

 

20.18

 

1,224.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance: 4Q11 vs. 3Q11

 

(16.7

)%

(16.2

)%

(8.6

)%

(14.9

)%

(17.9

)%

(0.9

)%

Variance 4Q11 vs. 4Q10

 

(13.3

)%

(13.2

)%

(15.9

)%

(18.1

)%

20.2

%

23.3

%

Variance 2011 vs. 2010

 

17.0

%

16.9

%

(1.7

)%

1.0

%

74.3

%

28.1

%

 

Source: Silver — COMEX; Gold and Zinc — LME; Molybdenum — Metals Week Dealer Oxide.

 

PRODUCTION AND SALES:

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2011

 

2010

 

%

 

2011

 

2010

 

%

 

Copper (tons)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mined

 

161,367

 

130,554

 

23.6

%

587,491

 

478,527

 

22.8

%

3rd parties concent.

 

8,383

 

6,244

 

34.3

%

51,319

 

24,589

 

108.7

%

Smelted

 

162,541

 

110,699

 

46.8

%

569,492

 

429,899

 

32.5

%

Refined

 

155,098

 

109,311

 

41.9

%

569,364

 

421,623

 

35.0

%

Rod

 

28,387

 

7,151

 

297.0

%

107,925

 

57,264

 

88.5

%

Sales

 

161,996

 

138,080

 

17.3

%

598,953

 

501,701

 

19.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Molybdenum (tons)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mined

 

5,008

 

5,246

 

(4.5

)%

18,570

 

20,519

 

(9.5

)%

Sales

 

5,008

 

5,183

 

(3.4

)%

18,635

 

20,509

 

(9.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zinc (tons)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mined

 

20,909

 

22,444

 

(6.8

)%

83,807

 

99,194

 

(15.5

)%

Refined

 

22,846

 

24,393

 

(6.3

)%

90,869

 

95,072

 

(4.4

)%

Sales

 

22,381

 

23,660

 

(5.4

)%

90,664

 

93,961

 

(3.5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silver (000s ounces)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mined

 

3,369

 

3,215

 

4.8

%

12,731

 

12,646

 

0.7

%

Refined

 

3,435

 

2,787

 

23.2

%

12,590

 

13,243

 

(4.9

)%

Sales

 

3,974

 

3,641

 

9.1

%

14,161

 

15,450

 

(8.3

)%

 

 

SOUTHERN COPPER CORPORATION

www.southerncoppercorp.com

 

Committed to today’s needs without compromising the generations to come

 

5



 

GRAPHIC

 

Southern Copper Corporation

 

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS

(Unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2011

 

2010

 

VAR %

 

2011

 

2010

 

VAR %

 

 

 

(in millions, except per share amount)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales:

 

$

1,669.3

 

$

1,499.0

 

11.4

%

$

6,818.7

 

$

5,149.5

 

32.4

%

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (exclusive of depreciation, amortization, and depletion shown separately below)

 

653.0

 

541.9

 

20.5

%

2,763.2

 

2,129.0

 

29.8

%

Selling, general and administrative

 

29.8

 

27.4

 

8.8

%

104.5

 

100.3

 

4.2

%

Depreciation, amortization and depletion

 

72.1

 

70.8

 

1.8

%

288.1

 

281.7

 

2.3

%

Exploration

 

12.5

 

6.9

 

81.2

%

37.5

 

34.3

 

9.3

%

Total operating costs and expenses

 

767.4

 

647.0

 

18.6

%

3,193.3

 

2,545.3

 

25.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

901.9

 

852.0

 

5.9

%

3,625.4

 

2,604.2

 

39.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

(46.1

)

(41.8

)

10.3

%

(186.6

)

(160.5

)

16.3

%

Other income (expense)

 

(8.8

)

(6.5

)

35.4

%

(4.0

)

(20.7

)

80.7

%

Interest income

 

3.9

 

2.4

 

62.5

%

13.8

 

7.8

 

76.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax

 

850.9

 

806.1

 

5.6

%

3,448.6

 

2,430.8

 

41.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

311.8

 

311.2

 

0.2

%

1,104.3

 

868.1

 

27.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income net of income tax

 

539.1

 

494.9

 

8.9

%

2,344.3

 

1,562.7

 

50.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to non-controlling interest

 

2.1

 

2.7

 

(22.2

)%

7.9

 

8.7

 

(9.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income attributable to SCC

 

$

537.0

 

$

492.2

 

9.1

%

$

2,336.4

 

$

1,554.0

 

50.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to SCC common shareholders – basic and diluted

 

$

0.64

 

$

0.58

 

10.3

%

$

2.76

 

$

1.83

 

51.1

%

Dividends paid

 

$

0.70

 

$

0.43

 

62.8

%

$

2.46

 

$

1.68

 

46.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (Basic and diluted)

 

841.0

 

850.0

 

 

 

845.9

 

850.0

 

 

 

 

 

SOUTHERN COPPER CORPORATION

www.southerncoppercorp.com

 

Committed to today’s needs without compromising the generations to come

 

6



 

GRAPHIC

Southern Copper Corporation

 

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

 

 

 

December 31,

 

December 31,

 

 

 

2011

 

2010

 

 

 

(in millions)

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

848.1

 

$

2,192.7

 

Short-term investments

 

522.0

 

76.2

 

Accounts receivable

 

883.6

 

748.0

 

Inventories

 

651.9

 

541.0

 

Prepaid, deferred taxes and other assets

 

177.1

 

181.1

 

Total current assets

 

3,082.7

 

3,739.0

 

 

 

 

 

 

 

Property, net

 

4,419.9

 

4,095.0

 

Leachable material, net

 

123.0

 

29.7

 

Intangible assets, net

 

110.4

 

112.3

 

Deferred income tax

 

175.2

 

43.9

 

Other assets

 

162.6

 

108.1

 

Total assets

 

$

8,073.8

 

$

8,128.0

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Current portion of long-term debt

 

$

10.0

 

$

10.0

 

Accounts payable

 

438.8

 

558.7

 

Income taxes

 

182.5

 

266.2

 

Due to affiliates

 

4.4

 

4.7

 

Deferred income taxes

 

1.6

 

 

Accrued workers’ participation

 

245.1

 

222.4

 

Interest

 

59.9

 

60.1

 

Other accrued liabilities

 

12.4

 

16.9

 

Total current liabilities

 

954.7

 

1,139.0

 

 

 

 

 

 

 

Long-term debt

 

2,735.7

 

2,750.4

 

Deferred income taxes

 

174.5

 

113.2

 

Other liabilities

 

110.6

 

155.9

 

Asset retirement obligation

 

62.0

 

59.1

 

Total non-current liabilities

 

3,082.8

 

3,078.6

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

Common stock

 

1,048.2

 

1,043.6

 

Treasury stock

 

(897.9

)

(622.7

)

Accumulated comprehensive income

 

3,865.0

 

3,469.5

 

Total stockholders’ equity

 

4,015.3

 

3,890.4

 

Non controlling interest

 

21.0

 

20.0

 

Total Equity

 

4,036.3

 

3,910.4

 

 

 

 

 

 

 

Total liabilities and equity

 

$

8,073.8

 

$

8,128.0

 

 

As of December 31, 2011 and 2010 there were 841.0 million and 850.0 million shares outstanding, respectively.

 

SOUTHERN COPPER CORPORATION

www.southerncoppercorp.com

 

Committed to today’s needs without compromising the generations to come

 

7



 

GRAPHIC

Southern Copper Corporation

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

 

 

 

Three months ended
December 31,

 

Twelve months ended
 December 31,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

(in millions)

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

Net earnings

 

$

539.1

 

$

494.9

 

$

2,344.3

 

$

1,562.7

 

Depreciation, amortization and depletion

 

72.1

 

70.8

 

288.1

 

281.7

 

Cash provided from (used for) operating assets and liabilities

 

(94.4

)

(20.0

)

(421.6

)

103.1

 

Other, net

 

(32.7

)

6.2

 

(140.6

)

(26.8

)

Net cash provided from operating activities

 

484.1

 

551.9

 

2,070.2

 

1,920.7

 

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(275.9

)

(127.6

)

(612.9

)

(408.7

)

Purchase of short-term investment, net

 

10.1

 

(16.6

)

(449.5

)

(52.2

)

Payment to development stage properties

 

(8.9

)

(21.5

)

(33.3

)

(21.5

)

Other, net

 

2.4

 

2.2

 

12.6

 

8.6

 

Net cash used for investing activities

 

(272.3

)

(163.5

)

(1,083.1

)

(473.8

)

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

Debt incurred (repaid) net

 

(5.0

)

(5.0

)

(15.3

)

1,479.7

 

Dividends paid

 

(588.7

)

(365.5

)

(2,080.4

)

(1,428.0

)

SCC Common shares buyback

 

(15.3

)

 

(273.7

)

(0.5

)

Capitalized debt issuance cost

 

 

 

 

(8.8

)

Distributions to non-controlling interest

 

(1.9

)

(1.8

)

(6.9

)

(6.5

)

Other

 

0.1

 

0.1

 

1.3

 

0.7

 

Net cash provided from (used for) financing activities

 

(610.8

)

(372.2

)

(2,375.0

)

36.6

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

4.0

 

(60.2

)

43.4

 

(63.1

)

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

$

(395.0

)

$

(44.0

)

$

(1,344.5

)

$

1,420.4

 

 

SOUTHERN COPPER CORPORATION

www.southerncoppercorp.com

 

Committed to today’s needs without compromising the generations to come

 

8



 

GRAPHIC

Company Profile

 

Southern Copper Corporation is one of the largest integrated copper producers in the world and we believe we currently have the largest copper reserves in the industry.  The Company is a NYSE and Lima Stock Exchange listed company that is 80.9% owned by Grupo Mexico, a Mexican company listed on the Mexican stock exchange.  The remaining 19.1% ownership interest is held by the international investment community.  The Company operates mining units and metallurgical facilities in Mexico and Peru and conducts exploration activities in Argentina, Chile, Ecuador, Mexico and Peru.

 

 

###

 

This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  In addition to the risks and uncertainties noted in this news release, there are certain factors that could cause results to differ materially from those anticipated by some of the statements made.  These factors include those listed in the Company’s most recently filed quarterly reports on Form 10-Q and annual report on Form 10-K.  The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

 

SOUTHERN COPPER CORPORATION

www.southerncoppercorp.com

 

Committed to today’s needs without compromising the generations to come

 

9


GRAPHIC 3 g46121mm01i001.jpg GRAPHIC begin 644 g46121mm01i001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BBB@`HH MHH`**0D*"20`.YJI_:^F>9Y?]HVF_P#N^>N?RS0-)O8N44@(8`J00>A%+0(* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`*AN[J*RM);J;=Y<2[FV*6/X`"".Y;)+N^FE$>J/':N?E@DT*63`]R>M9B/&\T?6^E?%*.(1?VO;`#C M=(RL?SVDUU'A2S\2645ROB*^BNV=@T31G[OJ.@]J#CQ$(\E[QNNW7Y6L=!17 M%RZU?W/BN[TZ76X](6!U%M"\"G[0.YW-_3UJV]]J^N>(;[3M-OET^UT_:LDH MB$CR.1G'/`%58\^YU-%<)>>)]9LM)U6UFFC_`+1TV>)?/2,8D1SP=IX!Q6YX MAU*]L[_1K>UF$2WER8Y24#9&/>BP7-^BN,C;Q&WBB313X@&V.V%QYOV-,GYL M8Q2V7C&&!]8@U74X8YX+B1+964`[0..@YYHL%SLJ*\]D\4:H=+\/RS:M'9?; MEE-S<-"K`;3QQ^E6=1UV\MH=($/B2$P7DDHDOS;H%P.G'3@\46%S'F:+!VTCR1)$H>V(4D$X[9]:+"YCT*BO/=(\4ZLTVD M&35+>_.H;A-;+$H>#'\65_K5CPMK]WJLL!NO$D1N&9]U@+906`S_`!?09HL' M,=U17F^G^*]:E%G)'JT-Y-I;&Q2PU+4M+@OK&&8I.7A#O$&'#+G_`&@,^M=34%[96^HV4UG= M1B2"92CJ>X-!I2FH33>QYOK6G>!O%UZ+Z/Q(MG,R*NPL%4`#`&U@,?A26WPN MD:+=I?BUS%V,0RO_`(ZU5`.&]B.XJ3Z&%*4J?[BKIYV9WUQ\,/$RJ6M_$GFD=`\DB?U- M=)\/M%U_1XKY==N)9"SJL*O/YBX`.2.>,Y_2NKLYFN;*"=T\MY8U=D/\)(SB MIJ=CQJF,JS@X3M]QRGB31-:U\R6+1::MHS@QW+;C-&O'08QG\:DDT/5]*U>; M4-$EMI5ND19X+HL,LHP&!%=/157.*QR+>#;F[TC4UOKR,ZCJ3K(TB*=D97[J M@=<5)'HVOZEJNG7&LR6<<.G,746Y8M*^,9.1Q75447"R,:/2+A?&,NL%X_(> MS$`7)W;MV?RJOIGAZ6T76/M`@D:^N))(CC.T,,#.170US]QK-W%<7B`J#&LW MEQ[,XV*"I)SGG/IB@-#)7PGK%M9:$+LQ;8VX\=!6A-H>I:C>:1< MW\5@OV.20S119*%6&!@$=?6G'7+Y+<%P@DVR@!DP2ZR*H'7&<$GBI3J6IAYV M;RTM_M7D+*5^X-Y!/7IC')[FGJ+0RW\(:BEC/IT$T'V0:@EU;!F.43.67I^5 M6;KPG<'QG;:Q:S1K:B3S9H6)SYFW:2..XQ5N36[J"SL+J1%:-R_G[5.2H.`R M^F20?I26>K7TLUM'=/'$7AD:0@``,'*]STP.U&H:$=[HFJ6FORZSHDUN6N4" M7%MC:Y<75GK<;V4.JVZM&\66,,D9/`SU!J6VUR_DM%E:)#- MF4-$$(^['N7_`+ZX/T.*=<:M=PVJ2)>02AHY)5D$?!*JI$?7J23[T:AH5O\` MA'=4U&YO-2U66V%U)9O;6T,.=D08'))/)/-7M*\/IIWAU;(06R7AMC%)+&@& MYB,9)QDUM1L6C5F7:2`2/2G4KCL8GAW0(]'T2"WD@MA>+$4DFC098\]\9-9W MAS1=>T:*&REBTQ[9&8M*I?S<$D\<8[UUE%%PL<5#X,O;;1['R'MDU.RNS,LH MR`Z%B2I.,]*[09P,]:6BANX)6"BBBD,****`"BBB@`HHHH`*9Y<>[=L7=ZXY MI]%`!1110`4444`%%%%`!2;5SG:,D8SBEHH`0JIQE0<'(XH*@@@@$'J*6B@! M,#T%(44X)4''M3J*`$P,YP,TFQ`,;%QG/3O3J*`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" 6BBB@`HHHH`****`"BBB@`HHHH`__V3\_ ` end GRAPHIC 4 g46121mm01i002.jpg GRAPHIC begin 644 g46121mm01i002.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BBB@`HH MHH`**0D*"20`.YJI_:^F>9Y?]HVF_P#N^>N?RS0-)O8N44@(8`J00>A%+0(* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`*AN[J*RM);J;=Y<2[FV*6/X`"".Y;/LX-1;LGUTM^1+J=]XL\)RV<<$`U6W8DRI: MV(C15_NC:20W?TKN;*Z6]LX;I8Y(Q*@;9*I5E]B#T->?6^E?%*.(1?VM;`#C M=(RL?SVDUU'A2S\26<5ROB*^BNV=@T31G[OJ.@]J#CQ$(\E[QNNW7Y6L=!17 M%RZU?W/BN[TZ76H](6!U%O"\"G[0.YW-_3UJW)?:OKGB&^T[3;Y=/M=/VK)* M(A(\CD9Q@\`55CS[G4T5PEYXGUFRTG5;6::/^T=-GB7STC&)$<\':>`<5N>( M=2O;._T:WM9A$MY22B2_-NH7`Z<=.#Q187,CN:*\^D\3 M:\?#4]Q#<1R2K?K;VUVL(59U.1G!XZ]ZTXO$UW=S^'Q&PB-S-)#>Q%1D.@Y' MMSS18=T==17,76H:MJWB2XT?2[I+&"R16N+@QB1V9NBJ#Q45Y>:W'J=EXD4-6&G<****0PHHHH`** M**`"N6\;2V-BEAJ6IZ7!?6,,Q2(,.&7/;*/AUJVAW#RV<,E]8YRLD:Y9!Z,!_/I6!I6I:KHE^D^ MGR303*>5`.&]B.XJ3Z&%*4J?[BK=>=F=_*^77;B60LZK"KS^8N`#DCGC.1^5=79S-.@QU_&I)-#U?2M7GU#1); M:5;I$6>"Z+#+*,!@173T55SBLD7"^,9=8+Q^0]F(`N3 MNW;L_E5?3/#TMHNL?:!!(U]<221'&=H88&=F\M+?[5 MY"RE?N#>03UZ8QR>YIZBT,I_"&HI8SZ=!-!]D&H)=6P9CE$SEEZ?E5JZ\)W! M\9VVL6LT:VHD\V:%B<^9MVDCCN,5;DUNZ@L["ZD16C.(O#(TA```8.5[GI@=J-0T([W1-4M-?EUG1)K!GJ#4MMKM_):+*T2&;,H:((1 M]V/: MEJLML+J2S>VMH82>:O:5X?33O#JV0@MDO#;&*26-`-S$8R3C)K: MC8M&K,NTD`D>E.I7'8Q/#OA^/1]$@MW@MA>+$4DFC098\]\9-9WAS1=>T:*& MREBTQ[9&8M*I?S<$D\<8[UUE%%PL<5#X,O;;1['R'MDU.RNS,LHR`Z%B2I., M]*[09P,]:6BANX)6"BBBD,****`"BBB@`HHHH`*9Y4>[?L7=ZXYI]%`!1110 M`4444`%%%%`!2;5SG:,D8SBEHH`:54XRH.#D<4I4$$$`@]12T4`)@>@I"BD@ ME0<=.*=10`F!G.!FD\M`,;%QG.,=Z=10`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% 1%%`!1110`4444`%%%%`'_]D_ ` end GRAPHIC 5 g46121mm03i001.jpg GRAPHIC begin 644 g46121mm03i001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BBB@`HH MHH`**0D*"20`.YJI_:^F>9Y?]HVF_P#N^>N?RS0-)O8N44@(8`J00>A%+0(* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`*AN[J*RM);J;=Y<2[FV*6/X`"".Y;/LX-1;LGUTM^1+J=]XL\)RV<<$`U6W8DRI: MV(C15_NC:20W?TKN;*Z6]LX;I8Y(Q*@;9*I5E]B#T->?6^E?%*.(1?VM;`#C M=(RL?SVDUU'A2S\26<5ROB*^BNV=@T31G[OJ.@]J#CQ$(\E[QNNW7Y6L=!17 M%RZU?W/BN[TZ76H](6!U%O"\"G[0.YW-_3UJW)?:OKGB&^T[3;Y=/M=/VK)* M(A(\CD9Q@\`55CS[G4T5PEYXGUFRTG5;6::/^T=-GB7STC&)$<\':>`<5N>( M=2O;._T:WM9A$MY22B2_-NH7`Z<=.#Q187,CN:*\^D\3 M:\?#4]Q#<1R2K?K;VUVL(59U.1G!XZ]ZTXO$UW=S^'Q&PB-S-)#>Q%1D.@Y' MMSS18=T==17,76H:MJWB2XT?2[I+&"R16N+@QB1V9NBJ#Q45Y>:W'J=EXD4-6&G<****0PHHHH`** M**`"N6\;2V-BEAJ6IZ7!?6,,Q2(,.&7/;*/AUJVAW#RV<,E]8YRLD:Y9!Z,!_/I6!I6I:KHE^D^ MGR303*>5`.&]B.XJ3Z&%*4J?[BK=>=F=_*^77;B60LZK"KS^8N`#DCGC.1^5=79S-.@QU_&I)-#U?2M7GU#1); M:5;I$6>"Z+#+*,!@173T55SBLD7"^,9=8+Q^0]F(`N3 MNW;L_E5?3/#TMHNL?:!!(U]<221'&=H88&=F\M+?[5 MY"RE?N#>03UZ8QR>YIZBT,I_"&HI8SZ=!-!]D&H)=6P9CE$SEEZ?E5JZ\)W! M\9VVL6LT:VHD\V:%B<^9MVDCCN,5;DUNZ@L["ZD16C.(O#(TA```8.5[GI@=J-0T([W1-4M-?EUG1)K!GJ#4MMKM_):+*T2&;,H:((1 M]V/: MEJLML+J2S>VMH82>:O:5X?33O#JV0@MDO#;&*26-`-S$8R3C)K: MC8M&K,NTD`D>E.I7'8Q/#OA^/1]$@MW@MA>+$4DFC098\]\9-9WAS1=>T:*& MREBTQ[9&8M*I?S<$D\<8[UUE%%PL<5#X,O;;1['R'MDU.RNS,LHR`Z%B2I., M]*[09P,]:6BANX)6"BBBD,****`"BBB@`HHHH`*9Y4>[?L7=ZXYI]%`!1110 M`4444`%%%%`!2;5SG:,D8SBEHH`:54XRH.#D<4I4$$$`@]12T4`)@>@I"BD@ ME0<=.*=10`F!G.!FD\M`,;%QG.,=Z=10`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% 1%%`!1110`4444`%%%%`'_]D_ ` end GRAPHIC 6 g46121mm05i001.jpg GRAPHIC begin 644 g46121mm05i001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BBB@`HH MHH`**0D*"20`.YJI_:^F>9Y?]HVF_P#N^>N?RS0-)O8N44@(8`J00>A%+0(* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`*AN[J*RM);J;=Y<2[FV*6/X`"".Y;/LX-1;LGUTM^1+J=]XL\)RV<<$`U6W8DRI: MV(C15_NC:20W?TKN;*Z6]LX;I8Y(Q*@;9*I5E]B#T->?6^E?%*.(1?VM;`#C M=(RL?SVDUU'A2S\26<5ROB*^BNV=@T31G[OJ.@]J#CQ$(\E[QNNW7Y6L=!17 M%RZU?W/BN[TZ76H](6!U%O"\"G[0.YW-_3UJW)?:OKGB&^T[3;Y=/M=/VK)* M(A(\CD9Q@\`55CS[G4T5PEYXGUFRTG5;6::/^T=-GB7STC&)$<\':>`<5N>( M=2O;._T:WM9A$MY22B2_-NH7`Z<=.#Q187,CN:*\^D\3 M:\?#4]Q#<1R2K?K;VUVL(59U.1G!XZ]ZTXO$UW=S^'Q&PB-S-)#>Q%1D.@Y' MMSS18=T==17,76H:MJWB2XT?2[I+&"R16N+@QB1V9NBJ#Q45Y>:W'J=EXD4-6&G<****0PHHHH`** M**`"N6\;2V-BEAJ6IZ7!?6,,Q2(,.&7/;*/AUJVAW#RV<,E]8YRLD:Y9!Z,!_/I6!I6I:KHE^D^ MGR303*>5`.&]B.XJ3Z&%*4J?[BK=>=F=_*^77;B60LZK"KS^8N`#DCGC.1^5=79S-.@QU_&I)-#U?2M7GU#1); M:5;I$6>"Z+#+*,!@173T55SBLD7"^,9=8+Q^0]F(`N3 MNW;L_E5?3/#TMHNL?:!!(U]<221'&=H88&=F\M+?[5 MY"RE?N#>03UZ8QR>YIZBT,I_"&HI8SZ=!-!]D&H)=6P9CE$SEEZ?E5JZ\)W! M\9VVL6LT:VHD\V:%B<^9MVDCCN,5;DUNZ@L["ZD16C.(O#(TA```8.5[GI@=J-0T([W1-4M-?EUG1)K!GJ#4MMKM_):+*T2&;,H:((1 M]V/: MEJLML+J2S>VMH82>:O:5X?33O#JV0@MDO#;&*26-`-S$8R3C)K: MC8M&K,NTD`D>E.I7'8Q/#OA^/1]$@MW@MA>+$4DFC098\]\9-9WAS1=>T:*& MREBTQ[9&8M*I?S<$D\<8[UUE%%PL<5#X,O;;1['R'MDU.RNS,LHR`Z%B2I., M]*[09P,]:6BANX)6"BBBD,****`"BBB@`HHHH`*9Y4>[?L7=ZXYI]%`!1110 M`4444`%%%%`!2;5SG:,D8SBEHH`:54XRH.#D<4I4$$$`@]12T4`)@>@I"BD@ ME0<=.*=10`F!G.!FD\M`,;%QG.,=Z=10`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% 1%%`!1110`4444`%%%%`'_]D_ ` end