Annual Report 2003 - Antofagasta plc

More documents

Recommendations

Info

Notes to the Financial Statements4 Profit on Ordinary Activities Before Tax2003 2002US$m US$mProfit on ordinary activities before tax is stated after crediting/(charging):Interest receivable 4.6 6.4Interest payable– loans wholly repayable within five years (1.6) (0.1)– loans wholly or partly repayable after five years (29.8) (44.5)– finance leases (1.3) (2.1)– release of discount relating to provisions (Note 19) (1.1) 0.1Foreign exchange (2.1) (0.1)Net interest payable (31.3) (40.3)Depreciation – owned assets (135.3) (127.4)– finance leases (1.5) (1.3)Loss on disposal of tangible fixed assets 0.2 7.1Profit on disposal of fixed asset investments 1.1 –Operating lease rentals – plant and machinery 29.0 24.2– other 0.5 0.4Auditors’ remuneration – Group audit fees (0.3) (0.2)– Company audit fees (0.1) (0.1)– Group non-audit fees (0.1) –Wages and salaries (55.3) (49.7)Social security costs (1.3) (1.3)Pension contributions by the Group to defined contribution schemes amounted to less than US$0.1 million in both2002 and 2003.The average number of employees by location and class of business during the year was:2003 2002Number NumberLatin America– Mining 1,268 1,230– Railway and other transport services 1,186 1,114ANTOFAGASTA PLC Annual Report and Financial Statements 20032,454 2,344United Kingdom– Administration 4 4Total 2,458 2,348The average employee numbers do not include Aguas de Antofagasta as it acquired the water concession from ESSANon 29 December 2003. ESSAN had an average number of 241 employees during the year prior to the transfer of thewater concession.62
5 Directors’ Remuneration2003 2002US$m US$mFees 1.1 1.0Salaries and other remuneration 1.2 0.92.3 1.9Further details of the remuneration of the Directors are given in the Report on Remuneration and Related Matters onpages 44 and 45.6 Tax on Profit on Ordinary Activitiesa) Analysis of tax charge for the yearThe Company and all its subsidiaries are resident outside the United Kingdom and accordingly the Group is not subjectto United Kingdom corporation tax. Subsidiaries incorporated in Chile are liable to Chilean corporation tax at the rateof 16.5% (2002 – 16%), with further tax of 18.5% (2002 – 19%) payable on profits distributed outside Chile. Legislativechanges at the end of 2001 increased the statutory tax rate progressively to 17% in 2004. Deferred tax is measured atthe rates expected to apply in the period in which timing differences are expected to reverse. The Group tax charge forthe year comprises current and deferred tax as set out below.2003 2002US$m US$mChilean corporation tax on profits for the year 9.6 3.2Other overseas corporation tax on profits for the year – –Current tax charge for the year 9.6 3.2Deferred tax charge for the year – origination and reversal of timing differences 54.8 26.7Tax charge for the year 64.4 29.9b) Analysis of deferred tax provision at the end of the yearThe deferred tax provision at the end of the year is analysed below between its main components. The movement in thedeferred tax provision during the year is analysed in Note 19 together with provisions for other liabilities and charges.No deferred tax has been provided on gains recognised on the revaluation of freehold land and railway track as it isnot envisaged that any tax will be payable in the foreseeable future. If these assets were sold at their revalued amounts,additional tax of US$2.6 million (2002 – US$2.1 million) could become payable. Further details of the revaluation aregiven in Note 11.No deferred tax is recognised on the unremitted earnings of Chilean and other overseas subsidiaries, except to the extentthat it is expected that any tax will become payable in the foreseeable future, as such earnings are retained for currentor future reinvestment.ANTOFAGASTA PLC Annual Report and Financial Statements 200363
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 and 62: 2 Segmental Information (continued)
Page 63: 2 Segmental Information (continued)
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

Create successful ePaper yourself

Delete template?

Save as template?