Annual Report 2000 in PDF - Antofagasta plc

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