Annual Report 2007 - Antofagasta plc

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