12.07.2015 Views

Annual Report 2003 - Antofagasta plc

Annual Report 2003 - Antofagasta plc

Annual Report 2003 - Antofagasta plc

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

<strong>Report</strong> of the DirectorsThe Directors present their <strong>Annual</strong> <strong>Report</strong>, together with the audited financial statements for the yearended 31 December <strong>2003</strong>.Group ActivitiesThe principal activities of the Group are copper mining, the transport of freight by rail and road and thedistribution of water. These activities are mainly based in Chile.Results and DividendsThe consolidated profit before tax has increased from US$176.8 million in 2002 to US$357.2 millionin <strong>2003</strong>.Having paid an interim dividend of 11 cents (2002 – 10 cents), the Directors recommend a final dividendof 24 cents (2002 – 18 cents) per ordinary share payable on 10 June 2004 to shareholders on the Registerat the close of business on 14 May 2004. This makes a total dividend for the year (before the demergerdividend described below) of 35 cents per ordinary share (2002 – 28 cents).In addition to the interim and final dividend, a dividend in specie of shares in Andsberg Limited (the“demerger dividend”) was made at the rate of one Andsberg share for each ordinary share held in<strong>Antofagasta</strong>. The Andsberg shares carried a redemption right of US$1.11 per share until 30 October <strong>2003</strong>.Further information relating to the demerger is given in Notes 7 and 24 to the Financial Statements.The total ordinary and preference dividends in the year amounted to US$250.7 million, includingUS$181.5 million relating to the demerger dividend (2002 – total ordinary and preference dividendswere US$55.4 million). After providing for these dividends, the amount transferred from reserves isUS$70.0 million (2002 – transferred to reserves was US$41.4 million).ANTOFAGASTA PLC <strong>Annual</strong> <strong>Report</strong> and Financial Statements <strong>2003</strong>Dividends are declared in US dollars but may be paid in either US dollars or sterling. Shareholders onthe Register of Members with an address in the United Kingdom receive dividend payments in sterling,unless they elect to be paid in US dollars. All other shareholders are paid by cheque in US dollars, unlessthey have previously instructed the Company’s registrar to pay dividends by bank transfer to a sterlingbank account, or they elect for payment by cheque in sterling. The Company’s Registrar must receiveany such election for the proposed final dividend by the record date of 14 May 2004.The exchange rate to be applied for the conversion of the final dividend will be £1 = US$1.8691,giving those shareholders who will be paid in sterling a dividend of 12.8404 pence per ordinary share.The exchange rate applied for the conversion of the interim dividend was £1 = US$1.595, giving thoseshareholders who were paid in sterling a dividend of 6.8966 pence per ordinary share.Review of Business and Future DevelopmentsThe Chairman’s Review and the Financial Review outline the performance of the Group’s activities duringthe year and developments after the year-end.32

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!