Annual Report 2000 in PDF - Antofagasta plc

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Notes to the Financial Statements23 Notes to the Consolidated Cash Flow Statement (continued)b) Analysis of cashflows for headings netted in the cash flow statement (continued)US DollarsSterling2000 1999 2000 1999US$m US$m £m £mCapital expenditure and financial investmentPayment on account of mining development – 1.3 – 0.9Purchase of tangible fixed assets (319.5) (602.5) (210.8) (371.9)Purchase of other fixed asset investments – (0.1) – (0.1)Sale of tangible fixed assets 5.0 0.6 3.3 0.4Sale of other fixed asset investments – 0.1 – 0.1Net cash outflow from capital expenditure and financial investment (314.5) (600.6) (207.5) (370.6)US DollarsSterling2000 1999 2000 1999US$m US$m £m £mFinancingContributions from minority interests 8.0 65.5 5.3 40.4New loans drawn down 168.5 521.8 111.1 322.1Repayment of amounts borrowed (158.5) (4.3) (104.5) (2.6)Repayment of principal element of finance leases (0.2) (0.3) (0.2) (0.2)Net cash inflow from financing 17.8 582.7 11.7 359.7c) Analysis of changes in net debtUS DollarsAt Acquisition Other At1 January Cash (excluding non-cash Exchange 31 December2000 flows cash) changes movement 2000US$m US$m US$m US$m US$m US$mANTOFAGASTA PLC Annual Report 2000Cash in hand and demand deposits 3.2 2.9 – – (3.1) 3.0Current asset investments 328.4 (40.2) 9.3 – (0.4) 297.1331.6 (37.3) 9.3 – (3.5) 300.1Debt due within one year (64.6) 66.1 (0.5) (91.7) – (90.7)Debt due after one year (1,005.3) (76.1) (3.7) 97.4 – (987.7)Finance leases (1.2) 0.2 – (16.3) – (17.3)(1,071.1) (9.8) (4.2) (10.6) – (1,095.7)72Total (739.5) (47.1) 5.1 (10.6) (3.5) (795.6)
23 Notes to the Consolidated Cash Flow Statement (continued)c) Analysis of changes in net debt (continued)SterlingAt Acquisition Other At1 January Cash (excluding non-cash Exchange 31 December2000 flows cash) changes movement 2000£m £m £m £m £m £mCash in hand and demand deposits 2.0 0.9 – – (0.9) 2.0Current asset investments 204.0 (26.5) 5.8 – 15.6 198.9206.0 (25.6) 5.8 – 14.7 200.9Debt due within one year (40.0) 43.6 (0.3) (60.4) (3.6) (60.7)Debt due after one year (624.3) (50.2) (2.3) 64.1 (48.5) (661.2)Finance leases (0.8) 0.2 – (10.8) (0.2) (11.6)(665.1) (6.4) (2.6) (7.1) (52.3) (733.5)Total (459.1) (32.0) 3.2 (7.1) (37.6) (532.6)The balance of cash and deposits at the beginning of the year of US$331.6 million (£206.0 million) included amountsheld in escrow under the terms of the Los Pelambres and El Tesoro financing agreements to fund the Group’s equitycontribution and to provide for any unexpected cost overruns for each project. US$139.4 million (£86.6 million) washeld under the Los Pelambres financing agreements and US$72.3 million (£44.9 million) was held under the El Tesorofinancing agreements. The Los Pelambres project achieved completion during the year, and the amount held on escrowhas been released.The balance of cash and deposits at the end of the year of US$300.1 million (£200.9 million) includes US$37.8 million(£25.3 million) held under the terms of the El Tesoro financing agreements to fund equity contributions and to providefor any unexpected cost overruns.d) AcquisitionDetails of the acquisition in the year and its effect on Group cash flows are given in Note 24.24 AcquisitionAs explained in Note 13, in January 2000 the Group restructured its Bolivian investments by exchanging its 12%interest in the Oriental for an additional 13.5% interest in the Andino. As a result of the exchange of equity interestswith Cruz Blanca the Group holds a controlling 50% interest in the Andino and results have been consolidated fromthe beginning of the year.The fixed assets of the Andino, which had an initial book value of US$23.2 million, have been valued at US$26.3 millionwhich represents their fair value. The book values of the assets acquired and fair value adjustments thereto are set outon page 74.ANTOFAGASTA PLC Annual Report 200073
Page 1 and 2:
ANNUAL REPORT 2000
Page 3:
Directors and AdvisorsDirectorsA A
Page 8:
Chairman’s ReviewMININGMinera Los
Page 11 and 12:
View of crushing facilitiesDome ove
Page 13:
Harvesting cathodes from electrowin
Page 16 and 17:
Chairman’s ReviewTRANSPORT ANDREA
Page 18 and 19:
Chairman’s ReviewANTOFAGASTA PLC
Page 20 and 21:
Financial ReviewBasis of Financial
Page 22 and 23:
Financial ReviewIncome from Other F
Page 24 and 25: Financial ReviewCash Flows and Fina
Page 26 and 27: Production StatisticsFor the year e
Page 28 and 29: Report of the DirectorsThe Director
Page 30 and 31: Report of the DirectorsSpecial Busi
Page 32 and 33: Corporate GovernanceGiven its small
Page 34 and 35: Report on Remuneration and Related
Page 36 and 37: Auditors’ Report to the Members o
Page 38 and 39: Consolidated Profit and Loss Accoun
Page 40 and 41: Consolidated Statement of Total Rec
Page 42 and 43: Parent Company Balance SheetAt 31 D
Page 44 and 45: Notes to the Financial Statements1
Page 78 and 79: Five Year Summary - US DollarsConso
Page 80 and 81: Notice of MeetingAntofagasta plcNot
Page 82: Designed by RDA. Printed by Royle F
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Annual Report 2000 in PDF - Antofagasta plc

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