Annual Report 2003 - Antofagasta plc

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Notes to the Financial Statements13 Investments (continued)Other investmentsThe carrying value of investments may be analysed as follows:GroupUS$mCompanyUS$m1 January 2003 187.4 5.0Additions 1.3 –Disposals (8.3) (5.0)Foreign currency exchange difference 0.1 –Demerger (see Notes 7 and 24) (180.1) –31 December 2003 0.4 –During the year, the Group demerged its 33.6% interest in Quiñenco S.A. through the dividend in specie of shares inAndsberg Limited. Further details are given in Notes 7 and 24.During the year, the Group also sold substantially all of its shares in Banco de Chile S.A., a subsidiary of Quiñenco.At 1 January 2003, the Group had 68.3 million shares in Banco de Chile (representing less than 0.1% of its issued sharecapital), with a book value of US$1.7 million and a market value of US$1.8 million. During the year, the Group acquired afurther 16.7 million shares and sold 82.1 million shares. The profit on disposal amounted to US$0.9 million. The remainingshares have a book value of less than US$0.1 million and a market value of US$0.2 million and represent less than 0.01%of Banco de Chile’s issued share capital.Proceeds on all investments sold during the year amounted to US$9.4 million resulting in a profit on disposal ofUS$1.1 million (including the profit of US$0.9 million on the sale of Banco de Chile shares).Market values of listed investmentsThe above investments include quoted investments with a total book value of US$0.4 million (2002 – US$187.2 million)which are listed on recognised stock exchanges as follows:Group 2003 2002Cost US$m US$mANTOFAGASTA PLC Annual Report and Financial Statements 2003Listed – in UK – 0.4– overseas 0.4 186.80.4 187.2Group 2003 2002Market value US$m US$mListed – in UK – 0.2– overseas 0.5 178.70.5 178.9At 31 December 2003 the Company did not have any other investments. At 31 December 2002, other investments held by the70Company of US$5.0 million were all listed on recognised overseas stock exchanges with a market value of US$2.7 million.
14 StocksGroup Group2003 2002US$m US$mRaw materials and consumables 30.3 29.6Work in progress 22.6 18.0Finished goods 7.6 9.960.5 57.515 DebtorsGroup Group Company Company2003 2002 2003 2002US$m US$m US$m US$mAmounts falling due after more than one yearTrade debtors 0.8 0.1 – –Other debtors 28.2 4.7 – –29.0 4.8 – –Amounts falling due within one yearTrade debtors 124.7 96.4 – –Other debtors 33.9 27.1 0.2 0.2Overseas corporation tax recoverable 8.1 2.4 – –166.7 125.9 0.2 0.2Total debtors (long-term and short-term) 195.7 130.7 0.2 0.2Other debtors at 31 December 2003 include IVA (Chilean value added tax) of US$31.4 million relating to the acquisitionof the water concession (see Note 23). Of this amount, US$7.1 million is expected to be recovered within one year andUS$24.3 million is expected to be recovered after more than one year (2002 – nil).16 Trade and Other CreditorsAmounts falling due within one yearGroup Group2003 2002US$m US$mTrade creditors 30.6 25.6Other creditors and accruals 63.8 61.6Overseas corporation tax payable 0.5 0.3Other creditors of the Company were US$0.5 million (2002 – US$0.4 million) and related to sundry accruals.94.9 87.5ANTOFAGASTA PLC Annual Report and Financial Statements 200371
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Copper 1 a malleable ductile reddis
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Highlights 2003Total copper product
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Selected Financial and Operating Da
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consumption and low interest rates
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y an amount equivalent to 16.3 cent
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Selected Data for Mining Operations
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Exploration Projects - 2004KEYMININ
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FCAB Rail NetworkKEY85-90 POUND RAI
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Demerger of Quiñenco S.A.Following
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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 and 64: 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: 12 Investment in Subsidiaries (cont
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
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Annual Report 2003 - Antofagasta plc

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