Annual Report 2000 in PDF - Antofagasta plc

Notes to the Financial Statements24 Acquisition (continued)US DollarsSterlingBook Fair value Fair value Book Fair value Fair valuevalue adjustments to Group value adjustments to GroupUS$m US$m US$m £m £m £mTangible fixed assets 23.2 3.1 26.3 14.4 1.9 16.3Stock 4.9 – 4.9 3.0 – 3.0Debtors 3.3 – 3.3 2.1 – 2.1Current asset investments 9.3 – 9.3 5.8 – 5.8Cash 0.9 – 0.9 0.5 – 0.5Creditors (2.2) – (2.2) (1.4) – (1.4)Loans (4.2) – (4.2) (2.6) – (2.6)Provisions (1.7) – (1.7) (1.1) – (1.1)Net assets acquired 33.5 3.1 36.6 20.7 1.9 22.6Minority interests (16.0) – (16.0) (9.9) – (9.9)Book value of existing 36.5%equity interest (12.5) – (12.5) (7.8) – (7.8)13.5% additional equityinterest acquired 5.0 3.1 8.1 3.0 1.9 4.9Consideration paid – fair value of 12%equity interest in the Oriental 8.1 4.9The effect of acquisition of the Andino on Group turnover and operating profit is given in the Consolidated Profit andLoss Account on pages 36 and 37. The Andino contributed US$4.7 million (£3.1 million) to the Group’s net operating cashflows, received net interest of US$0.6 million (£0.4 million), paid US$0.7 million (£0.5 million) in respect of taxation,utilised US$1.9 million (£1.3 million) for capital expenditure and repaid loans of US$0.2 million (£0.1 million).25 Related Party TransactionsRelated party transactions which are considered material for the Group during the year were as follows:ANTOFAGASTA PLC Annual Report 200074AssociatesDuring 1999, the Group held associate interests in two Bolivian rail networks, the Andino and the Oriental. During 1999,the Group received dividends of US$1.3 million (£0.8 million) from the Oriental. Additionally, the Antofagasta RailwayCompany plc, a subsidiary of the Group, provided administrative services and supplies of US$0.2 million (£0.1 million)to the Ferrocarril Andino.As explained in Note 24, in January 2000 the Group restructured these investments by disposing of its interest inFerrocarril Oriental and acquiring a controlling interest in the Andino, which is now consolidated as part of the Group.There were accordingly no comparable related party transactions to be disclosed this year.