Annual Report 2000 in PDF - Antofagasta plc

Report of the DirectorsThe Directors present their Annual Report, together with the audited financial statements for the year ended31 December 2000.Group ActivitiesThe principal activities of the Group are mining and the transport of freight by rail and road. These activitiesare principally based in Chile.Results and DividendsThe consolidated profit before tax has increased from US$13.2 million in 1999 to US$223.3 million in 2000.Having paid an interim dividend of 3.25p (1999 – 2.25p), the Directors recommend a final dividend of 22.5p(1999 – 5.75p) per ordinary share payable on 8 June 2001 to shareholders on the Register at the close ofbusiness on 4 May 2001. This dividend comprises an ordinary dividend of 10 pence and a special dividendof 12.5 pence per share. This makes a total dividend for the year of 25.75p (1999 – 8.0p). After providingfor ordinary and preference dividends of US$73.9 million (1999 – US$25.6 million) the retained profit ofthe Group for the year of US$64.3 million (1999 loss – US$9.7 million) has been transferred to reserves.Antofagasta plc recently changed its policy in respect of the currency in which dividend payments arepaid to holders of ordinary shares. Shareholders on the register of members with an address in theUnited Kingdom will continue to receive dividend payments in pounds sterling, unless they elect to bepaid in US dollars. All other shareholders will be paid by cheque in US dollars, unless they have previouslyinstructed the Company’s registrar to pay dividends by bank transfer to a sterling bank account, or theyelect for payment by cheque in pounds sterling. The Company’s registrar must be notified of any suchelection before the record date for a particular dividend.The exchange rate applied for the conversion of the final dividend is £1 = US$1.4421, giving thoseshareholders who will be paid in US dollars a dividend of 32.45 cents per ordinary share, comprisingan ordinary dividend of 14.42 cents and a special dividend of 18.03 cents.ANTOFAGASTA PLC Annual Report 200026Review of Business, Acquisitions in the Year and Future DevelopmentsThe Chairman’s Review and the Financial Review outline the performance of the Group’s activities duringthe year and subsequent developments after the year-end.DirectorsThe Directors who served throughout the year are shown on page 1. No Director has a service contractwith the Company which cannot be terminated within 12 months.C H Bailey and G S Menendez retire in accordance with the Articles of Association and, being eligible,offer themselves for re-election. C H Bailey was appointed a Director in 1987 and G S Menendez wasappointed a Director in 1985.