Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached $6.554 billion, a 6% increase year over year [3] - EBITDA was $786 million, reflecting a 16.6% increase compared to the previous year [3] - Operating profit stood at $598 million, up 19.4% year over year [3] - Profit attributable to owners was $364 million, a 20.9% increase from last year [3] - Basic earnings per share were $2.84, also a 20.9% increase year over year [3] Business Line Data and Key Metrics Changes - Packaged meats accounted for 49.5% of total revenue and 83.8% of operating profit in Q1 2025 [4] - The pork business contributed 42.9% of revenue and 21.9% of operating profit [4] - Other businesses contributed 7.6% of revenue but incurred a loss of $34 million [4] - In North America, operating profits increased by 72.8% to $330 million [9] - In China, operating profit was $250 million, down 14.3% year over year [8] Market Data and Key Metrics Changes - In China, the average hog price was RMB 15.99 per kilogram, up 7.3% year over year [6] - In the U.S., the average hog price was $1.44 per kilogram, up 14.1% year over year [6] - In Europe, the average hog price was $1.40 per kilogram, down 11.8% year over year [7] - The number of slaughter hogs in China increased by 0.1% year over year to 195 million heads [6] Company Strategy and Development Direction - The company aims to consolidate global resources, improve product mix, adjust pricing, and control costs [10] - Key business priorities include improving the pork business, expanding market networks, and optimizing the business portfolio [11] - The focus remains on industrialization, diversification, internalization, and digitalization to enhance market position [10] Management Comments on Operating Environment and Future Outlook - Management noted that consumer demand remains soft, impacting the packaged meat business [12] - The company is implementing eight measures to return the packaged meat business to growth, including specialized sales forces and enhanced marketing efforts [14][16] - Management expects the second quarter to show recovery in packaged meat volume and profit [16] Other Important Information - The hog production business is seen as a supporting business rather than a core focus, with strategies tailored to local market conditions [42][43] - The company plans to maintain a vertical integration level of 20% to 30% in hog production, focusing on fresh pork and packaged meat as core businesses [65] Q&A Session Summary Question: Reasons for decline in China packaged meat business - Management cited soft consumer demand, destocking by distributors, and slow adaptation to market channel changes as key reasons [12][13] Question: Outlook for packaged meat business in Q2 2025 - Management expects the packaged meat business to stop declining and gradually recover in Q2, with full-year growth anticipated [16] Question: Impact of tariffs on hog prices - Management believes tariffs will have limited short-term impact on hog prices, with supply and demand balance being the primary driver [34][35] Question: Hog production improvement drivers - The improvement in hog production is driven by reduced raising costs and improved KPIs rather than hog prices [21] Question: U.S. pork business outlook - Management expects profitability in the U.S. pork business to improve in Q2 and Q3, aligning with seasonal trends [67]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue was $6.554 billion, a 6% increase year-over-year [3] - EBITDA reached $786 million, up 16.6% from the previous year [3] - Operating profit was $598 million, reflecting a 19.4% increase year-over-year [3] - Profit attributable to owners was $364 million, a 20.9% increase compared to last year [3] - Basic earnings per share rose to $2.84, marking a 20.9% increase year-over-year [3] Business Line Data and Key Metrics Changes - Packaged meats accounted for 49.5% of total revenue and 83.8% of operating profit [4] - Pork business contributed 42.9% of revenue and 21.9% of operating profit [4] - Other businesses contributed 7.6% of revenue but incurred a loss of $34 million [4] - In North America, operating profits increased by 72.8% to $330 million [8] - In China, operating profit was $250 million, down 14.3% year-over-year [8] Market Data and Key Metrics Changes - In China, the average hog price was RMB 15.99 per kilogram, up 7.3% year-over-year [6] - In the U.S., the average hog price was $1.44 per kilogram, up 14.1% year-over-year [6] - In Europe, the average hog price was $1.40 per kilogram, down 11.8% year-over-year [7] - The number of slaughter hogs in China increased by 0.1% year-over-year to 195 million heads [6] Company Strategy and Development Direction - The company aims to consolidate global resources, enhance market competitiveness, and focus on industrialization, diversification, internalization, and digitalization [10] - Priorities include improving the pork business, expanding the market network, and optimizing the business portfolio [10][11] - The company plans to adapt to market changes and strengthen competitive edges to drive steady improvements in sales volume and results [10] Management Comments on Operating Environment and Future Outlook - Management noted that consumer demand remains soft, impacting the packaged meat business [12] - The company is implementing eight measures to return the packaged meat business to growth, including specialized sales forces and increased marketing investments [14][16] - Management expects the packaged meat business to stabilize in the second quarter and grow in the second half of 2025 [16] - The hog production business is expected to improve significantly in 2025, driven by reduced raising costs and improved KPIs [21] Other Important Information - The company anticipates that the profit per ton for packaged meats will be lower than last year but will remain at a relatively high level [17] - The hog production business in China is expected to see significant improvements, with a projected profit increase of around RMB 500 million year-over-year [21] - The company is focusing on maintaining a strong position in the global pork industry while tailoring strategies based on local market conditions [43][44] Q&A Session Summary Question: What are the reasons for the decline in the packaged meat business in Q1? - Management cited soft consumer demand, destocking by distributors, and slow adaptation to market channel changes as key reasons [12][13] Question: What measures are being taken to return the packaged meat business to growth? - Eight measures were outlined, including specialized sales forces, expanding the point of sales, and increased marketing investments [14][16] Question: What is the outlook for hog prices and production in China? - Management expects hog prices to be lower than last year, but improvements in hog production are anticipated due to reduced raising costs [20][21] Question: How will tariffs impact the hog production business? - Tariffs are expected to have limited short-term impact on hog prices, but may affect raising costs in the long term [35][56] Question: What is the expected contribution of different product categories in the packaged meat business? - Frozen and snack products are expected to grow faster, with contributions increasing from around 5% to 8% by the end of the year [62]

Financial Data and Key Metrics Changes - In Q1 2025, revenue from continuing operations grew 23.1% year over year to RMB 9.39 billion, while total revenue reached RMB 9.65 billion, representing a 21% year over year growth [9] - Adjusted non-IFRS net profit increased 40% year over year to RMB 2.68 billion, with a record backlog for continuing operations of RMB 52.33 billion, growing 47.1% year over year [9][10] - Adjusted IFRS gross profit margin reached 41.9%, with net profit attributable to owners increasing by 89.1% year over year [25][26] Business Line Data and Key Metrics Changes - Wuxi Chemistry's CRDMO business revenue grew 32.9% year over year to RMB 7.39 billion, with adjusted non-IFRS gross profit margin improving by 4.2 percentage points to 47.5% [11][12] - Small molecule DNM business revenue grew 13.8% year over year to RMB 3.85 billion, with both Changzhou and Taishin API manufacturing sites passing FDA inspections [13] - Tides business achieved revenue of RMB 2.24 billion in Q1, representing a strong growth of 187.6% year over year [14] Market Data and Key Metrics Changes - Revenue from the U.S. market grew 28.4% year over year, while revenue from Europe grew 26.2% year over year; however, China showed a slight decline [10] - Revenue from Wuxi Testing decreased by 4% year over year to RMB 1.29 billion, with lab testing revenue down 4.9% due to market pricing impacts [18][19] Company Strategy and Development Direction - The company will continue to focus on the CRDMO business model with an emphasis on operational efficiency and exceptional services [29] - Full year guidance remains at 10% to 15% revenue growth, targeting total revenue of RMB 41.5 billion to RMB 43 billion [30] - The company plans to accelerate global D and M capacity expansion, with CapEx expected to reach RMB 7 billion to RMB 8 billion [30] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining full year guidance despite external uncertainties, emphasizing the resilience of the management team [29][30] - The company is closely monitoring changes in the global macro environment and will communicate any changes in guidance promptly [30][31] Other Important Information - The Board of Directors proposed maintaining a 30% annual cash dividend payout ratio, totaling approximately RMB 2.8 billion, along with a one-time special cash dividend of RMB 1 billion [31] - The company announced plans to repurchase and cancel RMB 1 billion worth of A shares in 2025 [32] Q&A Session Summary Question: What are the key drivers behind the robust growth in Tides? - Management indicated that the strong growth in Tides was due to both capacity ramp-up and a relatively low base from the previous year [37] Question: How does the company view the impact of tariffs on business segments? - Management acknowledged that tariffs are a systemic challenge affecting global operations, but emphasized efforts to optimize and diversify the supply chain to mitigate impacts [44][46] Question: What is the projected CapEx for 2025 and its allocation? - The projected CapEx is RMB 7 billion to RMB 8 billion, primarily focused on expanding D and M manufacturing capacity in various geographies [50][54] Question: How does the company plan to improve profit margins? - Management stated that continuous focus on operational efficiency and process development excellence will help improve margins, despite potential pressures from new capacity ramp-up [78][81]

Financial Data and Key Metrics Changes - Revenue from continuing operations grew 23.1% year over year to RMB9.39 billion, while total revenue achieved RMB9.65 billion, representing a 21% year over year growth [9] - Adjusted non-IFRS net profit grew 40% year over year to RMB2.68 billion, with a record backlog for continuing operations of RMB52.33 billion, growing 47.1% year over year [9][10] - Adjusted IFRS gross profit margin reached 41.9%, with net profit attributable to the owners of the company increasing by 89.1% year over year [26][27] Business Line Data and Key Metrics Changes - Wuxi Chemistry's CRDMO business revenue grew 32.9% year over year to RMB7.39 billion, with adjusted non-IFRS gross profit margin improving 4.2 percentage points year over year to 47.5% [11][12] - Small molecule DNM business revenue grew 13.8% year over year to RMB3.85 billion, with both Changzhou and Taishin API manufacturing sites passing FDA inspections [13] - Tides business achieved RMB2.24 billion revenue in the first quarter, representing a strong growth of 187.6% year over year [14] Market Data and Key Metrics Changes - Revenue from the U.S. market grew 28.4% year over year, while revenue from Europe grew 26.2% year over year; however, China showed a slight decline [10] - Revenue generated from clinical CRO and SMO business was down 2.2% year over year to RMB0.61 billion, attributed to market price impact [21][22] Company Strategy and Development Direction - The company will continue to focus on the CRDMO business model with an emphasis on operational efficiency and exceptional services [29] - Full year guidance is maintained, expecting revenue from continuing operations to resume double-digit growth of 10% to 15% year over year, targeting total revenue of RMB41.5 billion to RMB43 billion [30] - The company plans to accelerate global D and M capacity expansion, with CapEx expected to reach RMB7 billion to RMB8 billion [30] Management Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic and complex global environment, emphasizing the need for operational resilience [29] - Despite external uncertainties, the company maintains confidence in its business model and operational capabilities [30] - The management team is committed to enhancing shareholder value through dividends and share repurchase plans [31][32] Other Important Information - The company plans to maintain a 30% annual cash dividend payout ratio of net profit, totaling approximately RMB2.8 billion, along with a one-time special cash dividend of RMB1 billion [31] - The company will repurchase and cancel RMB1 billion worth of A shares when appropriate in 2025 [32] Q&A Session Summary Question: What are the key drivers behind the robust growth in Tides? - The growth is attributed to both strong demand and capacity ramping up from a low base last year [37] Question: How does the company view the impact of tariffs on business segments? - Tariffs are seen as a systemic challenge, with less than 10% of total revenue coming from exports to the U.S. [45][46] Question: What is the expected CapEx distribution for 2025? - CapEx will focus on expanding new modality and small molecule capacities in China, Singapore, and the U.S., with over 70% allocated to D and M manufacturing capacity expansion [54] Question: How does the company plan to address pricing pressures in testing and biology segments? - The company aims to focus on contracts with higher margins and differentiation strategies to improve margins gradually [68] Question: What is the expected revenue contribution from late-stage D and M projects? - Specific numbers are difficult to provide, but the company expects sustained growth from its CRDMO business model [71]

Financial Data and Key Indicators Changes - In Q1 2025, the company recorded operating revenue of RMB 6.2 billion, down 15.4% year on year [7] - Total profit decreased by 28.4% year on year [7] - Net attributable profit was RMB 4 billion, down 20% year on year [7] - Basic earnings per share fell to RMB 3, down 18.9% [7] - Weighted average return on equity (ROE) was 2.58% and debt to asset ratio stood at 44.8% [7] Business Line Data and Key Indicators Changes - Commercial coal production reached 33.35 million tonnes, up 1.9% year on year [3] - Commercial coal sales volume was 64.14 million tonnes, up 0.4% year on year [4] - Self-produced commercial coal sales increased to 32.68 million tonnes, up 1.1% year on year [4] - Polyolefins production decreased by 3.6% to 378,000 tonnes, while sales fell by 4.8% to 55,000 tonnes [5] - Urea production increased by 11.2% to 28,000 tonnes, with sales up 8.9% to 600,000 tonnes [5] - Methanol production rose by 24.8% to 514,000 tonnes, with sales up 33.6% to 529,000 tonnes [5] Market Data and Key Indicators Changes - The average selling price (ASP) of self-produced commercial coal was RMB 4.92 per tonne, down RMB 160 [4] - ASP for proprietary coal trading was RMB 4.86 per tonne, down RMB 125 [4] - Coking coal prices decreased by 6% while thermal coal prices fell by 2% from the end of the previous year [22] Company Strategy and Development Direction - The company aims to strengthen marketing efforts, ensure safe production, and enhance production-sales coordination [9] - Focus on cost reduction and efficiency improvement while managing business risks [9] - Plans to explore asset injection or mergers and acquisitions in the future, although no clear plans are currently in place [24] Management Comments on Operating Environment and Future Outlook - The macroeconomic landscape shows signs of improvement, with favorable factors gradually emerging [9] - The company is committed to maintaining a clear-headed approach to address challenges in the coal market [9] - Management expressed confidence in coal remaining a primary energy source in China for the foreseeable future [54] Other Important Information - The company reported a net profit decrease due to declining prices of self-produced commercial coal and reduced profits from coal chemical enterprises [8] - The fulfillment rate of long-term contracts was reported to be no less than 90% for Q1 [28] Q&A Session Summary Question: What factors contributed to the reduction in the cost of self-produced commercial coal? - Management indicated that coordinated use of funds and improved production efficiency contributed to cost reduction [11][12] Question: What are the reasons behind the reduction of net operational cash in Q1? - The decrease was attributed to lower net profit, settlement of accounts payables, and depreciation and amortization impacts [13][14] Question: What is the outlook for the GP margin of the coal chemical business? - Management expects the GP margin to remain stable due to the integration of coal and coal chemical operations [35] Question: What is the current status of projects under construction? - The Yulin Coal Chemical Phase II project is on track, with no updates on the timetable [38] Question: What is the company's view on the outlook of the industry? - Management believes coal will continue to be a mainstay energy source in China, with stable demand expected [54][55]

Goldwind Science & Technology (02208) Q1 2025 Earnings Call April 28, 2025 04:00 AM ET Moderator Distinguished investors, good afternoon. I would like to welcome you to join us for Goldwyn Defiance and Technology twenty twenty five Q1 results. The management team joining us here today President of the company, Mr. Cao Chu Gong Madam Majin Ru, VP Board Secretary and the Company Secretary Mr. Wang Fong Yan, CFO and Mr. Chen Chunghua, Group VP and the GM of the Wind Power Industry Group. The meeting will be di ...

Financial Data and Key Metrics Changes - In Q1 2025, the company's revenue was CNY 9.47 billion, an increase of CNY 2.49 billion year-over-year [14] - The comprehensive profit margin for Q1 2025 was 21.78%, down by 3.11% compared to the previous year [15] - Net profit attributable to the owners of the company was CNY 1.568 billion, growing by 17% [16] - The weighted average return on equity was 1.48%, an increase of 0.2% [17] Business Line Data and Key Metrics Changes - In Q1 2025, total external sales from the WTG segment were 2,587.65 megawatts, growing by 80.16% [9] - The wind turbine order backlog reached a historical high of 51.09 gigawatts, with 39.9 gigawatts from signed contracts [10] - The attributable under construction wind capacity was 4,117 megawatts [12] Market Data and Key Metrics Changes - In Q1 2025, China recorded 40.6 gigawatts of new grid connections, down by 5.7% [5] - Public tendering in Q1 totaled 28.6 gigawatts, growing by 22.7% [6] - The offshore public tendering was 0.8 gigawatts, while onshore was 27.8 gigawatts [7] Company Strategy and Development Direction - The company aims to optimize its asset liability ratio and improve the delivery cycle while controlling expenses [23] - The focus remains on enhancing the growth of the WTG segment and expanding international market orders [11] Management's Comments on Operating Environment and Future Outlook - Management noted that the public tendering market is booming, indicating strong growth momentum [6] - The company expects continued improvement in profitability and operational cash flow due to favorable government policies supporting renewable energy [8][25] Other Important Information - The cash to total asset ratio improved to 8.75% year-over-year, attributed to prepayments for wind turbines and operational funds [24] - The interest-bearing debt accounted for 43% of total liabilities, remaining flat compared to the previous year [20] Q&A Session Summary Question: What are the expectations for the growth of the WTG segment? - Management expressed confidence in the WTG segment's growth, supported by a strong order backlog and market demand [10] Question: How does the company plan to manage its debt levels? - The company plans to optimize its debt structure and control the asset liability ratio while improving receivable collections [23] Question: What impact do government policies have on the company's operations? - Management highlighted that recent government policies have positively influenced the renewable energy sector, leading to increased public tendering and project opportunities [8]

Financial Data and Key Metrics Changes - In Q1 2025, the company's revenue was CNY 9.47 billion, an increase of CNY 2.49 billion year-over-year [14] - The comprehensive profit margin for Q1 2025 was 21.78%, down by 3.11% compared to the previous year [15] - Net profit attributable to the owners of the company was CNY 1.568 billion, growing by 17% [16] - The weighted average return on equity was 1.48%, an increase of 0.2% [17] - The cash to total asset ratio improved to 8.75% year-over-year [24] Business Line Data and Key Metrics Changes - The total external sales in the WTG segment for Q1 2025 were 2,587.65 megawatts, growing by 80.16% [9] - The wind turbine order backlog reached a historical high of 51.09 gigawatts, with 39.9 gigawatts from signed contracts [10] - The attributable under construction wind capacity was 4,117 megawatts [12] Market Data and Key Metrics Changes - In Q1 2025, China recorded 40.6 gigawatts of new grid connections, down by 5.7% [5] - Public tendering in Q1 totaled 28.6 gigawatts, growing by 22.7% [6] - The offshore public tendering was 0.8 gigawatts, while onshore was 27.8 gigawatts [7] Company Strategy and Development Direction - The company aims to optimize its asset liability ratio and improve the structure of its debt in 2025 [23] - The focus remains on enhancing the delivery cycle and controlling expenses [23] - The company is committed to supporting renewable energy development in line with government policies [8] Management Comments on Operating Environment and Future Outlook - Management noted that the public tendering market is booming, indicating strong growth momentum [6] - The company expects continued strong growth in net profit and return on equity [17] - The management emphasized the importance of improving receivable collections and operational cash flow [18][25] Other Important Information - The cumulative grid-connected power capacity in China reached 635.4 gigawatts, with thermal power declining to 42.3% [5] - The company has seen significant improvements in cash flow due to increased operational funds and prepayments for wind turbines [24][25] Q&A Session Summary Question: What are the expectations for the public tendering market? - Management indicated that the public tendering market is experiencing significant growth, with a 22.7% increase in Q1 [6] Question: How does the company plan to manage its debt? - The company plans to optimize its debt structure and control the asset liability ratio while improving delivery cycles and expenses [23] Question: What is the outlook for the WTG segment? - The WTG segment has shown strong growth, with external sales increasing by 80.16% in Q1 2025, and the order backlog reaching a historical high [9][10]

Financial Data and Key Metrics Changes - Revenue, EBITDA, net profits, and AFF all showed growth, with EBITDA growing by 5% year-on-year, which is among the best in the market [3][4][35] - Net income for the first half reached $108 million, with a stable AFF growth of 2% [36] - Cash increased by 34% to over $1 billion, and the net leverage ratio improved to 4.79, a reduction of more than 0.5 compared to the previous year [37][38] Business Line Data and Key Metrics Changes - Enterprise Solutions revenue grew by 4%, with Core Telecom revenue increasing by 2% and System Integration ICT business growing by 10% [6][34] - Residential Solutions saw core telecom revenue grow by 1%, with ARPU increasing by 3% and average revenue per household (ARPH) growing by 5% to $212 [9][10][34] - The total backlog for Residential Solutions grew by 8%, indicating a healthy business outlook [10] Market Data and Key Metrics Changes - The enterprise business is experiencing strong demand for tailored solutions, with significant growth in international data average monthly fees by 40% [15] - The Gigafast campaign has led to an 80% increase in uptake of two gig plus customers in the residential segment [22] - The market for fixed broadband remains robust, with a low churn rate of below 1% for residential customers [50] Company Strategy and Development Direction - The company emphasizes three key drivers for sustainable growth: recession resistance, recurrent revenue, and robust operations [4][52] - The strategy includes bundling telecom services with ICT solutions to enhance customer value and increase margins [8][12] - The company is focusing on expanding its international presence and supporting Chinese companies in their global expansion efforts [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience against geopolitical issues and macroeconomic downturns, citing the utility-like nature of the broadband business [45][46] - The company is positioned to grow in the enterprise sector, with less than 20% market share, indicating significant room for expansion [51] - Management remains focused on generating strong cash flow and continuing EBITDA growth of over 5% in the long term [40] Other Important Information - The company has successfully refinanced a $6.75 billion syndicated loan, with strong support from relationship lenders [41][42] - The introduction of new solutions, such as CyberSafe for cybersecurity, is part of the strategy to enhance service offerings and customer stickiness [20][30] Q&A Session Summary Question: To what extent do you think the current trade war affects HKBN's business? - Management stated that there is no significant impact on the business, emphasizing its robust and recession-resilient nature [62] Question: Has the acquisition of TPG's stake by China Mobile impacted your strategy? - Management indicated that the transaction is not yet complete and that the company continues to operate as usual, focusing on growth and improving cash position [70][71]

Financial Data and Key Metrics Changes - In Q1 2025, MMG's copper production reached just over 118,000 tonnes, a 76% increase compared to the same quarter last year [20] - The total recordable injury frequency was 2.4 per million hours worked, with a significant events frequency of 1.08 per million hours worked, both metrics increased from the last quarter [18][19] - The company reported a record high ore mined volume of over 20 million tonnes for the quarter [20] Business Line Data and Key Metrics Changes - Las Bambas produced over 95,000 tonnes of copper in concentrate, a 71% increase compared to the same period last year [20] - Kinsevere produced almost 12,000 tonnes of copper cathode, a 19% increase compared to the same period last year [22] - Khoemakau produced close to 11,000 tonnes of copper in concentrate, a 4% increase from the previous quarter despite severe rainfall [23] Market Data and Key Metrics Changes - The company is experiencing favorable market conditions, including declining TCRC rates for copper and zinc concentrates and rising precious metal prices [25] - The operations at Las Bambas are stable and in good order, with expectations to meet the upper limit of production guidance for the year [30] Company Strategy and Development Direction - MMG aims to become one of the top 10 global copper producers, focusing on safety performance, project delivery, and the integration of the Nickel Brazil acquisition [25][26] - The company is conducting a comprehensive review of its 2025 production and cost guidance [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about production meeting guidance levels, contingent on no nationwide incidents affecting operations [32] - The company is focused on improving community relations and has successfully established contracts with local community companies for transportation [30] Other Important Information - The company is progressing with the feasibility study for expanding capacity at Las Bambas, with production expected to reach 60,000 tonnes by 2026 and 130,000 tonnes by 2028 [42] - The company is actively working with the tax authority in Peru to resolve ongoing tax disputes, with no significant impact expected on cash flow or corporate income tax rates [70] Q&A Session Summary Question: Expectations for production at Las Bambas - Management indicated that production is expected to meet the upper limit of guidance if no nationwide incidents occur [30] Question: Inventory adjustments at Las Bambas - Sales in Q1 increased due to inventory sold from Q4 last year, and production is sticking to guidance [33] Question: Power outages at Kinsevere - Management confirmed that production is on track with guidance, and diesel power generation is used as a backup [35] Question: C1 cost expectations - C1 costs are expected to decrease as production increases, with improvements linked to precious metal prices [55] Question: Capital allocation and dividend policy - The company is focused on debt repayment, CapEx, and cautious M&A, with a strong capacity to generate cash [57] Question: Tax issues in Las Bambas - Management is optimistic about resolving tax disputes with minimal impact on cash flow or tax rates [70]