Annual Report 2003 - Antofagasta plc

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Notes to the Financial Statements22 Notes to the Consolidated Cash Flow Statementa) Reconciliation of operating profit to operating cash flows2003 2002US$m US$mOperating profit 387.3 213.9Depreciation charges 136.8 128.7Loss on disposal of tangible fixed assets 0.2 7.1Increase in stocks (1.6) (8.0)Increase in debtors (23.7) (10.2)Increase in creditors and provisions 11.2 18.8Net cash inflow from operating activities 510.2 350.3b) Analysis of cashflows for headings netted in the cash flow statement2003 2002US$m US$mReturns on investments and servicing of financeDividends received from other fixed asset investments 0.1 3.2Interest received 4.7 7.0Interest paid (31.6) (46.0)Preference dividends paid (0.2) (0.2)Dividends and other distributions paid to minority interests (81.7) (40.7)Net cash outflow from returns on investments and servicing of finance (108.7) (76.7)2003 2002US$m US$mANTOFAGASTA PLC Annual Report and Financial Statements 2003Capital expenditure and financial investmentPurchase of tangible fixed assets (91.7) (66.8)Purchase of fixed asset investments (1.3) (1.8)Sale of tangible fixed assets 5.4 1.3Sale of fixed asset investments 9.4 –Net cash outflow from capital expenditure and financial investment (78.2) (67.3)80
22 Notes to the Consolidated Cash Flow Statement (continued)b) Analysis of cashflows for headings netted in the cash flow statement (continued)Amounts for purchase and sale of fixed assets represent actual cash paid and received and therefore differ from theamounts included in the fixed assets note (see Note 11) which are stated on an accruals basis.2003 2002US$m US$mAcquisitions and disposalsPurchase of water concession (193.8) –Cash balances included in demerged assets (1.4) –Net cash outflow from acquisitions and disposals (195.2) –2003 2002Financing US$m US$mNew loans drawn down 41.4 210.0Repayment of amounts borrowed (149.5) (304.8)Repayment of principal element of finance leases (3.3) (2.0)Repayment of other creditors – (29.9)Net cash outflow from financing (111.4) (126.7)c) Analysis of changes in net debtAt 1 Jan Cash Other Exchange At 31 Dec2003 flows changes movement 2003US$m US$m US$m US$m US$mCash in hand and demand deposits 3.4 (1.5) – 5.7 7.6Current asset investments 249.0 (52.9) – (8.0) 188.1252.4 (54.4) – (2.3) 195.7Debt due within one year (120.8) 101.5 (144.4) (0.1) (163.8)Debt due after one year (826.1) 6.6 142.9 (0.7) (677.3)Finance leases (18.4) 3.3 (1.3) – (16.4)(965.3) 111.4 (2.8) (0.8) (857.5)Total (712.9) 57.0 (2.8) (3.1) (661.8)ANTOFAGASTA PLC Annual Report and Financial Statements 200381
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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
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In 2003, sales of copper concentrat
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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 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: 20 Called Up Share Capital (continu
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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