Annual Report 2003 - Antofagasta plc

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Five Year Summary2003 2002 2001 2000 1999Consolidated Balance Sheet US$m US$m US$m US$m US$mIntangible fixed assets 90.6 – – – –Tangible fixed assets 1,863.2 1,830.3 1,916.8 1,926.7 1,635.8Investments 0.4 187.4 185.5 185.5 206.4Current assets 451.9 440.6 411.7 451.8 445.5Current liabilities (308.9) (247.0) (232.0) (243.3) (160.5)Total assets less current liabilities 2,097.2 2,211.3 2,282.0 2,320.7 2,127.2Long term liabilities (848.2) (936.6) (1,047.4) (1,079.4) (1,023.6)1,249.0 1,274.7 1,234.6 1,241.3 1,103.6Share capital 21.0 19.0 17.2 17.7 19.1Share premium 300.4 271.7 245.3 253.1 272.8Reserves 584.5 669.7 666.8 677.7 595.4Minority interests 343.1 314.3 305.3 292.8 216.31,249.0 1,274.7 1,234.6 1,241.3 1,103.62003 2002 2001 2000 1999Consolidated Profit and Loss Account US$m US$m US$m US$m US$mTurnover 1,076.2 863.1 769.5 766.1 145.5Profit before tax and exceptional items 357.2 176.8 110.0 219.2 31.8Exceptional items - – 3.5 4.1 (18.6)Profit before tax* 357.2 176.8 113.5 223.3 13.2Tax (64.4) (29.9) (21.1) (29.0) (1.9)Minority interests (112.1) (50.1) (30.3) (56.1) 4.6Profit after tax and minority interests 180.7 96.8 62.1 138.2 15.9* Includes dividend income from Quiñenco S.A. andother fixed asset investments as follows:ANTOFAGASTA PLC Annual Report and Financial Statements 200388Dividend income – 3.2 – 31.5 5.42003 2002 2001 2000 1999Earnings per Share and Dividends cents cents cents cents centsEarnings per ordinary share excluding exceptional items 91.5 49.0 30.0 68.2 13.5Earnings per ordinary share 91.5 49.0 31.4 70.0 8.1Dividend per ordinary share ** 35.0 28.0 22.0 19.3 12.8Special dividend per ordinary share ** In specie – 10.0 18.0 –**During 2003, Antofagasta plc obtained shareholder approval to demerge its 33.6% investment in Quiñenco S.A. As a result of thedemerger, ordinary shareholders in Antofagasta received a special dividend of one share in Andsberg Limited (“Andsberg”) for eachshare held in Antofagasta. Andsberg is an unlisted Jersey-registered company which has as its principal asset the investment inQuiñenco. The Andsberg shares were redeemable for a limited period at US$1.11 per share.
2003 2002 2001 2000 1999Consolidated Cash Flow Statement US$m US$m US$m US$m US$mNet cash inflow from operating activities 510.2 350.3 265.9 326.6 4.3Dividends received from associates – – – – 1.3Returns from investments and servicing of finance (108.7) (76.7) (79.7) (42.6) (14.8)Tax (12.9) (5.5) (0.9) 1.1 (4.5)Capital expenditure and financial investment (78.2) (67.3) (113.9) (314.5) (600.6)Acquisitions and disposals (195.2) – – 0.9 –Equity dividends paid (58.2) (69.8) (77.5) (26.6) (24.3)Cash inflow/(outflow) before management ofliquid resources and financing 57.0 131.0 (6.1) (55.1) (638.6)Management of liquid resources – movement in time deposits 52.9 (3.1) 49.1 40.2 55.4Net cash (outflow)/inflow from financing (111.4) (126.7) (44.0) 17.8 582.7Net cash (outflow)/inflow in the year (1.5) 1.2 (1.0) 2.9 (0.5)2003 2002 2001 2000 1999Consolidated Net Debt US$m US$m US$m US$m US$mCash in hand and demand deposits 7.6 3.4 2.2 3.0 3.2Current asset investments 188.1 249.0 246.5 297.1 328.4195.7 252.4 248.7 300.1 331.6Loans due within one year † (166.7) (124.0) (104.2) (92.2) (64.8)Loans due after more than one year † (690.8) (841.3) (953.2) (1,003.5) (1,006.3)Net debt at the year-end (661.8) (712.9) (808.7) (795.6) (739.5)† Includes amounts due under finance leases.ANTOFAGASTA PLC Annual Report and Financial Statements 200389
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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
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Acquisition of Water ConcessionIn N
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Balance SheetThe Group’s balance
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As explained in the Chairman’s Re
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The Group also commenced a process
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Mining Reserves and ResourcesAt 31
Page 35 and 36:
DirectorsThe Directors who served d
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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 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: 28 Ultimate Parent CompanyAt 31 Dec
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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