Annual Report 2007 - Antofagasta plc

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Five Year SummaryInformation for the years 2004, 2005 and 2006 and 2007 is stated under IFRS. Information for the year 2003is stated under UK GAAP based on the 2004 financial statements, without adjustment for any subsequentchanges in UK GAAP which would have applied in 2005, 2006 or 2007.IFRSUK GAAP2007 2006 2005 2004 2003US$m US$m US$m US$m US$mConsolidated Balance SheetConsolidated Balance SheetIntangible assets 207.7 205.3 97.7 93.2 Intangible fixed assets 90.6Property, plant and equipment 2,679.8 2,373.7 1,820.0 1,796.1 Tangible fixed assets 1,863.2Investment property 3.5 3.2 3.4 3.2 Investment in associate –Investment in associate 2.5 3.5 2.8 2.9 Other investments 0.4Trade and other receivables 32.0 39.3 – –Derivative financial instruments 1.4 – – –Available for sale investments 3.3 6.2 0.1 0.1Deferred tax assets 14.7 3.1 6.6 1.6Non-current assets 2,944.9 2,634.3 1,930.6 1,897.1 Fixed assets 1,954.2Current assets 2,910.6 2,450.7 1,849.0 1,302.3 Current assets 451.9Current liabilities (366.6) (513.9) (389.1) (404.5) Current liabilities (308.9)Non-current liabilities (582.4) (623.0) (627.5) (724.9) Long-term liabilities and provisions (848.2)4,906.5 3,948.1 2,763.0 2,070.0 1,249.0Share capital 89.8 89.8 16.6 16.6 Share capitalShare premium 199.2 199.2 272.4 272.4 (including preference shares) 21.0Reserves (retained earnings Share premium 300.4and hedging, translationReserves (profit and loss andand fair value reserves) 3,776.0 2,866.1 1,752.7 1,176.5 revaluation) 584.5Equity attribtutable toShareholders’ fundsequity holders of the Company 4,065.0 3,155.1 2,041.7 1,465.5 (including non-equity interests) 905.9Minority interests 841.5 793.0 721.3 604.5 Minority interests 343.14,906.5 3,948.1 2,763.0 2,070.0 1,249.0IFRSUK GAAP2007 2006 2005 2004 2003US$m US$m US$m US$m US$mConsolidated Income StatementConsolidated Profit and Loss AccountGroup turnover 3,826.7 3,870.0 2,445.3 1,942.1 Turnover (1) 978.0Total profit from operationsand associates 2,654.8 2,805.2 1,507.3 1,203.4 Operating profit 387.3Profit before tax 2,750.2 2,859.0 1,536.3 1,198.5 Profit before tax 357.2Income tax expense (638.4) (664.9) (308.1) (241.9) Tax (64.4)Minority interests (729.7) (839.8) (502.4) (377.1) Minority interests (112.1)Net earnings (profit attributable toequity holders of the Company) 1,382.1 1,354.3 725.8 579.5 Profit after tax and minorty interests 180.7EBITDA (2) 2,824.0 2,957.3 1,674.1 1,356.7 EBITDA (2) 524.3IFRSUK GAAP2007 2006 2005 2004 2003US cents US cents US cents US cents US centsFURTHER INFORMATIONEarnings per share (3) Earnings per share (3)Basic earnings per share 140.2 137.4 73.6 58.8 Earnings per share 18.3See footnotes on page 142.140Antofagasta plc Annual Report and Financial Statements 2007
Dividends to Ordinary ShareholdersDividends to Ordinary Shareholdersof the Company (3) of the Company (3)Dividends per Share Proposedin relation to the YearIFRSUK GAAP2007 2006 2005 2004 2003US cents US cents US cents US cents US centsOrdinary Dividendsper Share – EquityOrdinary dividends (interim and final) 8.6 8.2 8.0 7.8 Ordinary dividends (interim and final) 7.0Special dividends 41.0 40.0 14.0 8.0 Special dividend (4) 22.2Dividends per share paid in the yearand deducted from equity 49.2 24.0 16.0 7.849.6 48.2 22.0 15.8 29.2IFRSUK GAAP2007 2006 2005 2004 2003US$m US$m US$m US$m US$mConsolidatedConsolidatedCash Flow Statement Cash Flow Statement (5)Cash flow from operations 2,817.7 2,810.1 1,647.5 1,253.5 Net cash inflowInterest paid (20.2) (24.6) (23.3) (32.5) from operating activities 510.2Dividends from associates 2.4 0.4 1.0 –Income tax paid (806.0) (498.2) (343.8) (14.3) Tax (12.9)Net cash from operating activities 1,993.9 2,287.7 1,281.4 1,206.7Investing activitiesAcquisitions and disposals ofsubsidiaries, joint ventures,associates and available for saleinvestments and recovery of VAT 36.3 (394.5) 7.7 2.9 Acquisitions and disposals (195.2)Purchases and disposals of property,plant and equipment (481.7) (506.6) (218.9) (80.2) Capital expenditure andInterest received 111.3 77.6 37.9 11.1 financial investment (78.2)Net cash used in investing activities (334.1) (823.5) (173.3) (66.2)Financing activitiesDividends paid to equity holders Equity dividends paid (58.2)of the Company (485.0) (236.6) (155.4) (76.5)Dividends paid to preference holdersReturns on investment andand minorities (681.4) (630.8) (385.8) (113.5) servicing of finance (108.7)New borrowings less repayment Net cash outflow from financing (111.4)of borrowings and finance leases (93.2) (107.6) (139.4) (263.3)Movement on medium term deposits (5) – – – 27.0 Management of liquid resources –movement in medium-termdeposits (5) 52.9Net cash used in financing activities (1,259.6) (975.0) (680.6) (426.3) Net cash outflow in the year (1.5)Net increase in cashNet cashflow in the year beforeand cash equivalents (6) 400.2 489.2 427.5 714.2 movement in term deposits (6) 109.9See footnotes on page 142.Antofagasta plc Annual Report and Financial Statements 2007 141FURTHER INFORMATION
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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
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CSR REPORTEl Tesoro promotes a cult
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• health and safety issues are mo
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Native vegetation at the Choapa Val
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existing naturally in the Andean re
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saponaria), Espino (Acacia caven),
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• The “Together We Can Grow Mor
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Awards and RecognitionDuring the ye
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special dividend. The total cost of
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EnvironmentThe Group seeks to ensur
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Antofagasta Railway Company plc (ra
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Information and professional develo
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Company, for safeguarding the asset
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Statement of Compliance withthe Det
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Non-Executive Directors’ feesThe
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Audited InformationDirectors’ rem
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Basis of audit opinionWe conducted
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Consolidated Balance SheetAt 31 Dec
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Consolidated Statement of Changes i
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2 Principal Accounting Policiesa) A
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2 Principal Accounting Policies con
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2 Principal Accounting Policies con
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Page 101 and 102: 6 Profit for the YearProfit for the
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Page 105 and 106: 11 DividendsAmounts recognised as d
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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
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Page 129 and 130: 29 Minority InterestsThe minority i
Page 131 and 132: 33 Notes to the Consolidated Cash F
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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: 40G Independent Auditors’ Report
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
Page 151 and 152: GDPGross Domestic Product.Governmen
Page 153 and 154: TC/RCTreatment and refining charges
Page 155 and 156: Directors and AdvisorsDirectorsJ-P
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Annual Report 2007 - Antofagasta plc

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