Annual Report 2007 - Antofagasta plc

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Notes to the Financial Statements continued5 Segment Information continuedb) Secondary reporting format – by geographical segment(i) Geographical analysis of turnover by location of customer2007 2006US$m US$mEurope– United Kingdom 0.1 8.1– Switzerland 321.9 396.5– Rest of Europe 742.1 877.1Latin America– Chile 377.8 407.5– Rest of Latin America 190.3 165.2North America 511.4 472.7Asia– Japan 1,000.6 1,008.2– China 416.8 317.5– Rest of Asia 265.7 213.5Australia – 3.73,826.7 3,870.0(ii)Geographical analysis of segment assets, segment liabilities and capital expenditure by location of assetsand liabilitiesSegment assets Segment liabilities Segment net assets Capital expenditure2007 2006 2007 2006 2007 2006 2007 2006US$m US$m US$m US$m US$m US$m US$m US$mChile 3,436.6 3,105.2 (282.6) (243.8) 3,154.0 2,861.4 457.2 529.9Bolivia 35.5 30.2 (3.3) (4.6) 32.2 25.6 6.7 8.3Other 120.0 120.6 (4.6) (1.8) 115.4 118.8 2.1 0.83,592.1 3,256.0 (290.5) (250.2) 3,301.6 3,005.8 466.0 539.0Segment assets and segment liabilities are reconciled to entity assets and liabilities in Note 5(a)(iv). Certainsegment assets relating to 2006 have been reclasified from other to Chile. The adjustment has no effect ontotal segment assets.FINANCIAL STATEMENTS98Antofagasta plc Annual Report and Financial Statements 2007
6 Profit for the YearProfit for the year is stated after crediting/(charging):2007 2006US$m US$mNet foreign exchange gains– included in net finance costs 2.9 1.6– included in income tax expense 28.5 2.4Amortisation of intangible asset included in cost of sales (3.8) (4.0)Depreciation of property, plant and equipment– owned assets (152.7) (135.7)– assets held under finance leases (0.4) (0.4)– assets held under concession (5.3) (4.9)Property, plant and equipment written-off (8.4) (8.2)Cost of inventories recognised as expense (700.1) (573.1)Change in fair value of financial instruments classified as held for trading(derivatives not in designated hedging relationships) – 51.8Employee benefit expense (145.8) (108.1)Auditors’ remuneration– audit services (0.7) (0.6)– non-audit services (0.1) (0.1)Impairment charges (and the unwinding of these amounts) are included in other operating profits.The amounts disclosed above in relation to auditors’ remuneration include fees payable to Deloitte & Touche LLPand its associates by the Group including UK and overseas subsidiaries. Fees paid for audit services to Deloitte &Touche LLP by the Company and its UK subsidiaries in 2007 were US$0.2 million (2006 – US$0.2 million). Feespaid for non-audit services to Deloitte & Touche LLP by the Company in 2007 were less than US$0.1 million(2006 – US$0.1 million). There were no fees paid for non-audit services by the Group’s other UK subsidiaries toDeloitte & Touche LLP in either 2006 or 2007.A more detailed analysis of auditors’ remuneration on worldwide basis is provided below:2007 2006US$000 US$000Statutory audit– Antofagasta plc Annual Report (377) (351)– Subsidiary entities (315) (263)(692) (614)Non-audit services– Tax services (27) (17)– IAS 32/39 implementation advice (12) (11)– Other consultancy services (56) (24)(787) (666)FINANCIAL STATEMENTSAntofagasta plc Annual Report and Financial Statements 2007 99
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ANTOFAGASTAAnnual Report and Financ
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Highlights• Net earnings up 2.1%
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Highlights continued471.8 498.4 467
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CHAIRMAN’S REVIEWChairman’s Rev
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A R G E N T I N ACHAIRMAN’S REVIE
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Financial ReviewFINANCIAL REVIEWBas
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Financial Review continuedFINANCIAL
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Corporate Social ResponsibilityCSR
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TransportationThe Antofagasta Railw
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Other international and national st
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Organisations of which Group compan
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Compensation, recruitment and reten
Page 49 and 50: CSR REPORTEl Tesoro promotes a cult
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Page 53 and 54: Native vegetation at the Choapa Val
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Page 57 and 58: saponaria), Espino (Acacia caven),
Page 59 and 60: • The “Together We Can Grow Mor
Page 61 and 62: Awards and RecognitionDuring the ye
Page 63 and 64: special dividend. The total cost of
Page 65 and 66: EnvironmentThe Group seeks to ensur
Page 67 and 68: Antofagasta Railway Company plc (ra
Page 69 and 70: Information and professional develo
Page 71 and 72: Company, for safeguarding the asset
Page 73 and 74: Statement of Compliance withthe Det
Page 75 and 76: Non-Executive Directors’ feesThe
Page 77 and 78: Audited InformationDirectors’ rem
Page 79 and 80: Basis of audit opinionWe conducted
Page 81 and 82: Consolidated Balance SheetAt 31 Dec
Page 83 and 84: Consolidated Statement of Changes i
Page 85 and 86: 2 Principal Accounting Policiesa) A
Page 87 and 88: 2 Principal Accounting Policies con
Page 95 and 96: 4 Revenue and Total Profit from Ope
Page 97 and 98: 5 Segment Information continueda) P
Page 99: 5 Segment Information continueda) P
Page 103 and 104: 8 Net Finance IncomeNet finance inc
Page 105 and 106: 11 DividendsAmounts recognised as d
Page 107 and 108: 13 Property, Plant and EquipmentLan
Page 109 and 110: 16 Investment in Associate2007 2006
Page 111 and 112: 19 Inventories2007 2006US$m US$mRaw
Page 113 and 114: 22 Borrowings continued(ii)Other lo
Page 115 and 116: 22 Borrowings continuedd) Maturity
Page 117 and 118: 24 Financial Instruments and Financ
Page 127 and 128: 26 Deferred Tax continuedAt 31 Dece
Page 129 and 130: 29 Minority InterestsThe minority i
Page 131 and 132: 33 Notes to the Consolidated Cash F
Page 133 and 134: 37 Related Party Transactions conti
Page 135 and 136: 38 Contingent Assets and Contingent
Page 137 and 138: 40A Basis of Preparation of the Bal
Page 139 and 140: 40D Subsidiaries continueda) Invest
Page 141 and 142: 40G Independent Auditors’ Report
Page 143 and 144: Dividends to Ordinary ShareholdersD
Page 145 and 146: Mining Production and Sales, Transp
Page 147 and 148: A ‘Measured Mineral Resource’ i
Page 149 and 150: Notes to Ore Reserve and Mineral Re
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GDPGross Domestic Product.Governmen
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TC/RCTreatment and refining charges
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Directors and AdvisorsDirectorsJ-P
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Annual Report 2007 - Antofagasta plc

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