Annual Report 2000 in PDF - Antofagasta plc

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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.
25 Related Party Transactions (continued)Quiñenco S.A.Information relating to the Group’s investment in Quiñenco S.A. is given in Note 14. The Group and Quiñenco S.A. areunder the common control of the majority shareholder. During the year, the Group received dividends of US$31.3 million(£20.0 million; 1999 – US$5.3 million; £3.2 million) from Quiñenco. Other transactions between the Group and Quiñencoor its subsidiaries and associates were as follows:i) Minera Michilla S.A., a subsidiary of the Group sold copper cathodes for US$0.8 million (£0.5 million;1999 – US$0.4 million; £0.3 million) to Madeco S.A., a subsidiary of Quiñenco.ii)In 1999, Minera Los Pelambres, a subsidiary of the Group, purchased copper wiring and other materials forUS$2.7 million (£1.7 million) from Madeco, which was capitalised by Los Pelambres as part of its developmentcosts. No comparable transactions took place in 2000.DirectorsInformation relating to Directors’ remuneration and interests are given in the Report on Remuneration and RelatedMatters on pages 32 and 33.El TesoroDuring 1999, the Group acquired a majority interest in El Tesoro from Lanzville Investment Establishment, a companycontrolled by the Chairman, A A Luksic, and his family interests, in exchange for the issue of 7 million new ordinaryshares. No comparable transactions took place in 2000.26 Post-Balance Sheet EventThe Group announced on 30 April 2001 an agreement to acquire, through its wholly owned subsidiary Minprop Limited,a 51% controlling interest in a number of copper exploration properties situated in Chile’s Second and Fourth Regions.The properties which comprise an area of some 24,000 hectares will be acquired for a nominal consideration fromMineralinvest Establishment, which is owned by the Chairman, A A Luksic. A summary of this transaction is given inthe Chairman’s Review on page 12 “Acquisition of Exploration Properties by Minprop Limited”.27 Ultimate Holding CompanyThe ultimate holding company is Dolberg Finance Corporation which holds investments and assets in trust for thebenefit of A A Luksic (the Chairman) and his family. The company which is incorporated in Liechtenstein does notproduce group accounts.ANTOFAGASTA PLC Annual Report 200075
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ANNUAL REPORT 2000
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Directors and AdvisorsDirectorsA A
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Chairman’s ReviewMININGMinera Los
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View of crushing facilitiesDome ove
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Harvesting cathodes from electrowin
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Chairman’s ReviewTRANSPORT ANDREA
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Chairman’s ReviewANTOFAGASTA PLC
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Financial ReviewBasis of Financial
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Financial ReviewIncome from Other F
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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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