Skip to content
AnalystLens

SOUTHERN COPPER CORP/ Annual Report (Amendment), Year Ended Dec 31, 2000

Filing Date
Filed June 29, 2001
Period End
December 31, 2000
Security
SCCO
In the record · 2016–202610-K1510-Q328-K86

SCCO filed 15 annual reports (10-K), 32 quarterly reports (10-Q) and 86 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Mar ’19Mar ’19
  2. Leadership change8-K · Jul ’21Jul ’21
  3. Leadership change8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 10-K/A filed June 29, 2001. Cited figures are marked; the original filing is the authoritative source.

This is a Form 10-K/A amendment, not a full annual report, for Southern Peru Copper Corporation (SCCO) for fiscal year 2000, filed June 29, 2001.

Its sole purpose is to add the Form 11-K annual report for the company's Savings Plan for Salaried Employees and Participating Subsidiaries (Exhibit 99). The filing contains no operating results, revenue, earnings, production, reserve, or balance sheet data for the company itself, so it provides little direct information for evaluating SCCO's business or valuation. Investors seeking those metrics should refer to the original FY2000 Form 10-K.

The amendment does disclose that the Board approved termination of the employee Savings Plan on May 9, 2000, and that the plan moved to a liquidation basis of accounting. Plan net assets fell from $3,999,045 at December 31, 1999 to $2,123,560a at December 31, 2000, a net decrease of $1,875,485. That decline reflected $1,788,408 in benefit payments, $357,610 in net investment depreciation, and $272,392 in additions from investment income and contributions.

The company's own stock fund (SPCC Common Stock Fund) was valued at $202,811b at year-end 2000, down from $461,988 a year earlier. This plan-level activity is small relative to the company and has no material bearing on its financial position. For share count context, the filing reports 14,100,192 Common Stock shares and 65,900,833 Class A Common Stock shares outstanding as of February 28, 2001.

Class A shares are convertible one-for-one into Common Stock. Aggregate market value of Common Stock held by non-affiliates was approximately $204 millionc. Arthur Andersen LLP issued the audit report on the plan's financial statements dated June 22, 2001, and the amendment was signed June 27, 2001 by President Oscar Gonzalez Rocha.

02—Key points

Key Highlights

  1. Form 10-K/A amends the FY2000 annual report solely to add the Form 11-K for the employee Savings Plan; no company-level financial statements are included.
  2. Savings Plan net assets declined from $3,999,045 (Dec 31, 1999) to $2,123,560 (Dec 31, 2000), a net decrease of $1,875,485.
  3. The Board approved termination of the Savings Plan on May 9, 2000; the plan switched from going-concern to liquidation-basis accounting, pending an IRS determination letter before asset distribution.
  4. Benefit payments of $1,788,408 and investment depreciation of $357,610 drove the plan's decline in 2000, while contributions totaled $87,098.
  5. The SPCC Common Stock Fund held $202,811 at year-end 2000, versus $461,988 at year-end 1999, reflecting a lower SCCO share price and participant withdrawals.
  6. Shares outstanding as of February 28, 2001: 14,100,192 Common Stock and 65,900,833 Class A Common Stock (convertible one-for-one); non-affiliate market value of Common Stock was about $204 million.
  7. Arthur Andersen LLP issued an unqualified opinion on the plan's statements, dated June 22, 2001; the amendment was signed June 27, 2001.

03—Questions

Frequently Asked Questions

  1. Does this filing contain Southern Peru Copper's annual financial results?

    No. This 10-K/A only refiles Item 14 and the exhibit index to add the Form 11-K for the employee Savings Plan. Company revenue, earnings, production, and balance sheet data are not included and must be found in the original FY2000 Form 10-K.

  2. Why did the Savings Plan's assets decline so sharply in 2000?

    The plan's board terminated it on May 9, 2000, and distributed assets to participants, totaling $1,788,408 in benefit payments. Investment losses of $357,610 also reduced net assets. Net assets fell from $3,999,045 to $2,123,560.

  3. Does the plan termination affect SCCO's financial condition?

    The plan is small relative to the company, and the filing does not indicate any material impact on SCCO's operations or financial position. Its effect is limited to employee benefit administration and the reduction of the plan's stock holdings.

  4. What is the company's share structure as of early 2001?

    As of February 28, 2001, there were 14,100,192 shares of Common Stock and 65,900,833 shares of Class A Common Stock outstanding. Class A shares convert one-for-one into Common Stock. Non-affiliate Common Stock market value was about $204 million.

04—Continue

← View all 10-K filings