Annual Report 2003 - Antofagasta plc

More documents

Recommendations

Info

Notes to the Financial Statements2 Segmental Information (continued)e) Operating profit/(loss) by operation and profit before tax2003 2002US$m US$mLos Pelambres 313.3 165.9El Tesoro 58.5 36.4Michilla (3.6) (3.4)Exploration (3.5) (2.8)Corporate and other items (11.6) (8.0)Mining 353.1 188.1Railway and other transport services 34.0 25.8Water concession (acquisition) 0.2 –Operating profit 387.3 213.9Income from fixed asset investments 0.1 3.2Profit on disposal of fixed asset investments 1.1 –Net interest payable (31.3) (40.3)Profit before tax 357.2 176.8Operations are wholly based in Latin America.f) Capital expenditure by operation2003 2002US$m US$mLos Pelambres 62.4 43.8El Tesoro 9.6 7.5Michilla 10.8 6.9Corporate and other items 0.2 0.1Mining 83.0 58.3Railway and other transport services 9.9 6.1ANTOFAGASTA PLC Annual Report and Financial Statements 200392.9 64.4Capital expenditure represents purchase of tangible fixed assets stated on an accruals basis (see Note 11) and thereforemay differ from the amount included in the cash flow statement (see Note 22(b)) which represents actual cash paidin the year.60
2 Segmental Information (continued)g) Net assets by operation 2003 2002US$m US$mLos Pelambres 1,240.1 1,297.3El Tesoro 337.1 354.6Michilla 75.1 84.1Corporate and other items 2.1 7.2Mining 1,654.4 1,743.2Railway and other transport services 107.8 92.5Water concession (acquisition) 195.5 –Operating net assets 1,957.7 1,835.7Fixed asset investments 0.4 187.4Net debt (661.8) (712.9)Unallocated liabilities – Group dividend (47.3) (35.5)Net assets 1,249.0 1,274.7Net assets are stated before deducting minority interests, and are based principally in Latin America.3 Operating Profit 2003 2002US$m US$mTurnover 1,076.2 863.1Cost of sales (588.4) (558.2)Gross profit 487.8 304.9Administrative expenses (88.6) (82.2)Provisions for decommissioning and site rehabilitation costs (Note 19) (1.1) (1.2)Severance charges (Note 19) (2.7) (1.9)Exploration costs (3.5) (2.8)Other net operating expenses (4.6) (2.9)Operating profit 387.3 213.9Depreciation charges in 2003 amounted to US$136.8 million (2002 – US$128.7million). Of this amount, US$133.4 million(2002 – US$125.7 million) is included in cost of sales and US$3.4 million (2002 – US$ 3.0 million) is included inadministrative expenses.The figures for 2003 include the following amounts relating to the acquisition of the water concession for the periodfrom 29 December to 31 December 2003:2003US$mTurnover 0.4Cost of sales (0.2)Gross profit and operating profit 0.2Administrative expenses, provisions, severance charges, depreciation and amortisation and other operating expensesrelating to the acquisition were less than US$0.1 million.ANTOFAGASTA PLC Annual Report and Financial Statements 200361
Page 1 and 2:
Copper 1 a malleable ductile reddis
Page 3 and 4:
Highlights 2003Total copper product
Page 5 and 6:
Selected Financial and Operating Da
Page 7 and 8:
consumption and low interest rates
Page 9 and 10:
y an amount equivalent to 16.3 cent
Page 11 and 12: Selected Data for Mining Operations
Page 13 and 14: Exploration Projects - 2004KEYMININ
Page 15 and 16: FCAB Rail NetworkKEY85-90 POUND RAI
Page 17 and 18: Demerger of Quiñenco S.A.Following
Page 19 and 20: Cash Costs and Realised Copper Pric
Page 21 and 22: In 2003, sales of copper concentrat
Page 23 and 24: The Group’s borrowings relate mai
Page 25 and 26: Acquisition of Water ConcessionIn N
Page 27 and 28: Balance SheetThe Group’s balance
Page 29 and 30: As explained in the Chairman’s Re
Page 31 and 32: The Group also commenced a process
Page 33 and 34: Mining Reserves and ResourcesAt 31
Page 35 and 36: DirectorsThe Directors who served d
Page 37 and 38: Special Business at the Annual Gene
Page 39 and 40: Corporate GovernanceThe Board of Di
Page 41 and 42: c) Relations with ShareholdersThe E
Page 43 and 44: Report on Remuneration and Related
Page 45 and 46: Between 8 March 2004 and 30 April 2
Page 47 and 48: In addition, the Group paid Jara de
Page 49 and 50: Basis of Audit OpinionWe conducted
Page 51 and 52: Consolidated Statement of Total Rec
Page 53 and 54: Parent Company Balance SheetAt 31 D
Page 55 and 56: Notes to the Financial Statements1
Page 57 and 58: 1 Accounting Policies (continued)De
Page 59 and 60: 1 Accounting Policies (continued)s)
Page 61: 2 Segmental Information (continued)
Page 65 and 66: 5 Directors’ Remuneration2003 200
Page 67 and 68: 7 Dividends 2003 2003 2002 2002cent
Page 69 and 70: 11 Tangible Fixed AssetsLand Buildi
Page 71 and 72: 12 Investment in Subsidiaries (cont
Page 73 and 74: 14 StocksGroup Group2003 2002US$m U
Page 75 and 76: 17 Loans (continued)b) (continued)U
Page 77 and 78: 18 Financial Instruments and Risk M
Page 79 and 80: 18 Financial Instruments and Risk M
Page 81 and 82: 20 Called Up Share Capital (continu
Page 83 and 84: 22 Notes to the Consolidated Cash F
Page 85 and 86: 23 Acquisition (continued)The asset
Page 87 and 88: 24 Demerger of Andsberg Limited (co
Page 89 and 90: 28 Ultimate Parent CompanyAt 31 Dec
Page 91 and 92: 2003 2002 2001 2000 1999Consolidate
Page 93 and 94: a) will expire 15 months after the
Page 95 and 96: f) Article 83 be amended by inserti
Page 97 and 98: A notice given under this Article 1
Page 99 and 100: Produced by Royle Financial Print L
show all

Annual Report 2003 - Antofagasta plc

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?