Annual Report 2000 in PDF - Antofagasta plc

9 Reserves (continued)US DollarsSterlingShare Profit Share Profitpremium and loss premium and lossaccount account Total account account TotalCompany US$m US$m US$m £m £m £m1 January 2000 272.8 116.3 389.1 169.4 70.1 239.5Retained loss – (70.5) (70.5) – (49.3) (49.3)Exchange (19.7) – (19.7) – – –31 December 2000 253.1 45.8 298.9 169.4 20.8 190.2A profit of US$3.4 million (£1.6 million; 1999 – profit of US$9.2 million; £5.7 million) before dividends of US$73.9 million(£50.9 million; 1999 – US$25.6 million; £15.9 million) has been dealt with in the profit and loss account of the parentCompany. The Company has not presented its own profit and loss account as permitted by section 230(1) of theCompanies Act 1985.10 Earnings per ShareEarnings per share is calculated on profit after tax, minority interests and preference dividends, giving adjusted earnings ofUS$138.0 million (£90.6 million; 1999 – US$15.7 million; £9.6 million) and based on 197,171,339 ordinary shares in issuethroughout the year (1999 – weighted average number of shares of 193,278,188). Earnings per share excluding exceptionalitems is calculated on the same basis but excluding an exceptional gain after tax and minority interests of US$3.5 million;(£2.3million; 1999 – excluding an exceptional loss after tax and minority interests of US$10.3 million; £6.3 million).Earnings per share excluding exceptional items may be reconciled to earnings per share as follows:US DollarsSterling2000 1999 2000 1999cents cents pence penceEarnings per share excluding exceptional items 68.2 13.5 44.8 8.2Write down of mining assets and stock – (3.4) – (1.9)Non-incremental overhead costs incurred in the course of mining development – (2.0) – (1.3)Profit on disposal of fixed assets at El Chacay 1.8 – 1.1 –Earnings per share 70.0 8.1 45.9 5.0ANTOFAGASTA PLC Annual Report 200053