Final Results

Antofagasta PLC
6 March 2001



PART 1

                                  ANTOFAGASTA PLC

                      PRELIMINARY RESULTS ANNOUNCEMENT

                    FOR THE YEAR ENDED 31 DECEMBER 2000



6 March 2001

*          Profit before tax of US$ 223.3 million (1999 - US$13.2 million).

*          Operating cash flow of US$326.6 million (1999 - US$4.3 million).

*          Earnings per share of 70.0 cents (1999 - 8.1 cents).

*          Special dividend of 12.5 pence (18.03 cents) and ordinary dividend
           of 10 pence (14.42 cents) resulting in a final dividend of 22.5 pence
           (32.45 cents).

*          Group copper production of 351,100 tonnes (1999 - 60,500 tonnes)
           including 298,900 from first year of Los Pelambres.

*          Average cash costs per pound for mining operations of 39.2 cents
           (1999 - 55.4 cents).

*          El Tesoro project now 93% complete  and on budget with first
           production scheduled for May 2001.

*          Total dividend for year (including special dividend) of 25.75 pence
           per share (37.37 cents) (1999 - 8.0 pence (12.82 cents)).



Production from the new Los Pelambres mine together with improved copper
prices enabled the Group to increase profit before tax substantially to
US$223.3 million (1999 - US$13.2 million) and earnings per share to 70.0 cents
(1999 - 8.1 cents).  Group copper production was 351,100 tonnes (1999 - 60,500
tonnes) including 298,900 tonnes from Los Pelambres and group average cash
costs were down to 39.2 cents per pound from 55.4 cents in 1999.  The El
Tesoro project is on schedule with first production expected in May 2001.  El
Tesoro will produce 75,000 tonnes of copper cathodes annually.  Increased
tonnage from the Railway and a high dividend from Quinenco S.A. of US$31.3
million (1999 - US$5.3 million) also contributed to Group profits.



Mr Jean-Paul Luksic, CEO of the mining division commented, '2000 has been
excellent for the Group with a very successful first year at Los Pelambres,
which was operating at nearly 25% above design capacity by the last quarter.
With El Tesoro also coming on stream shortly, we expect group copper
production to exceed 400,000 tonnes in 2001.  We are now evaluating the
expansion potential for Los Pelambres and the outlook for the Group remains
excellent.'



Antofagasta is a UK-listed mining group based in Chile.  In addition to copper
mining, its interests include rail and road transport operations and a 33.6%
interest in Quinenco S.A. (LQ - NYSE).



Enquiries - London                                         Enquiries - Santiago

Antofagasta plc                                       Antofagasta Minerals S.A.
Tel: [phone]                                         Tel [phone]
                                                               Alejandro Rivera
Philip Adeane                                           Chief Financial Officer
Managing Director                                    Email: [e-mail]
Email: [e-mail]

                                            Issued by Bankside Consultants Ltd
Hussein Barma                                                       Keith Irons
Chief Financial Officer                               Email: [e-mail]
Email: [e-mail]                          Tel:  [phone]




DIRECTORS' COMMENTS for the year to 31 December 2000



Following a successful first year of operations at the new Los Pelambres mine,
the Group increased its copper production in 2000 to 351,100 tonnes compared
with 60,500 tonnes in 1999.  The average copper price also improved to 82.3
cents per pound compared to 71.3 cents per pound the previous year.  Mainly as
a result of these factors, Group turnover increased from US$145.5 million to
US$766.1 million and Group profit before tax increased from US$13.2 million to
US$223.3 million.

Review of Operations

Los Pelambres



The development of the Group's 60% owned Los Pelambres mine, which began in
November 1997, was completed on schedule in the first quarter of 2000 and
within the original US$1.36 billion budget.  During 2000, Los Pelambres
produced 298,900 tonnes of copper in concentrates compared with a forecast at
the start of the year of 275,000 tonnes.  Cash costs, which included low
treatment and refining charges (TC/RCs), averaged 35.6 cents per pound, while
total costs after depreciation and financial expenses were 59.7 cents.  These
factors enabled Los Pelambres to contribute US$169.7 million to Group profit
before tax and US$88.5 million to Group profit after tax and minority
interests.  Los Pelambres paid back US$108.4 million to its shareholders in
December, of which US$65.0 million was received by the Group.



Los Pelambres exceeded its planned ore producing capacity of 85,000 tonnes per
day (tpd) in February 2000 and further improvements were carried out on the
grinding lines between August and September.  As a result, processing levels
averaged 93,100 tpd during 2000 and reached 106,200 tpd in the fourth quarter
of the year.  These higher levels are expected to be maintained, and
consequently production of copper in concentrates is expected to increase to
350,000 tonnes in 2001.  Cash costs in 2001 are expected to increase
marginally to approximately 37 cents due to higher TC/RCs compared with 2000.
Los Pelambres is now evaluating the advantages of further expanding production
capacity.



In July, the Group was released from all its obligations under the Project
Completion Guarantee.  This guarantee, to ensure timely construction and
start-up of operations, was issued by the Group and its Japanese partners in
favour of the banks and institutions which provided US$946 million of finance
towards the development.  The Group's US$133 million escrow account and the
charge over its 33.6% interest in Quinenco, which were established to secure
the Completion Guarantee, were released and Los Pelambres' borrowings are now
non-recourse. In December, Los Pelambres made its first principal repayment on
senior debt of US$67.3 million in addition to its on-going interest payments.






DIRECTORS' COMMENTS for the year to 31 December 2000 - continued...

El Tesoro



Construction began in November 1999 at the El Tesoro project, immediately
following completion of the US$205 million project financing agreements.  At
the end of December 2000, US$221.9 million of the total US$296 million budget
had been spent and US$149.5 million drawn down from the financing facilities.
The project remains within budget and is now 93% complete with all principal
infrastructure and facilities in place.  Pre-stripping of the open pit began
in early December, when the crushing facilities were also satisfactorily
tested, and agglomeration of crushed ore began in January.  Heap-leaching will
begin later this month and first production of cathodes is expected in May.
El Tesoro will be a heap-leach SX-EW operation with an annual cathode
production of 75,000 tonnes and average cash costs of 40 cents per pound in
the first five years.  This will place the El Tesoro mine among the world's
low cost producers alongside Los Pelambres.  El Tesoro is owned 61% by the
Group and 39% by Equatorial Mining Ltd, a subsidiary of AMP.



Michilla





Michilla adopted a new mine plan during the year which has extended its
operations to at least 2007.  Reserves under this mine plan are 28.3 million
tonnes with an average copper grade of 1.28%.  Under this plan, the existing
open pit is being expanded in successive phases and the underground mine will
also continue in operation to maintain existing levels of production.
Michilla has initiated an aggressive exploration programme to identify
additional reserves and further extend its mine life.



Michilla produced 51,100 tonnes of cathodes in 2000 compared with 51,300
tonnes in 1999, and exceeded its 50,000 tonnes design capacity for the third
successive year.  The concentrator also produced 1,100 tonnes before it was
mothballed in February 2000 (1999 - 9,200 tonnes).  Today, both sulphide and
oxide ores are being treated by leaching rather than using the traditional
flotation method for sulphides.  Cash costs at Michilla increased to 59.8
cents per pound in 2000 compared with 55.4 cents per pound last year, due to a
higher waste to ore ratio during the current expansion of the open pit and
total costs were 79.9 cents per pound in 2000.  Michilla made an operating
profit of US$1.3 million in 2000, before incurring costs of US$2.9 million as
part of its exploration programme.  Michilla remains strongly cash positive,
having low debt levels and low on-going capital expenditure requirements.  It
contributed US$26.6 million to Group operating cash flow and made a
distribution of US$18.4 million to its shareholders in May 2000.  Michilla
expects to maintain production at 50,000 tonnes in 2001, while cash costs are
expected to average 66 cents per pound due to changes in waste to ore ratio
and ore grades.




DIRECTORS' COMMENTS for the year to 31 December 2000 - continued...



Exploration



The Group continued with its exploration programmes in Peru and Chile,
spending US$5.4 million in 2000 in addition to amounts spent at Michilla.  The
two main targets remain the Esperanza copper/gold porphyry deposit located in
the Santa Carmen district near El Tesoro in Chile and the Magistral project in
Peru.  To date, 20,000 metres of drilling at Esperanza have indicated a
geological resource of 10 million tonnes of copper oxides with an average
copper grade of 0.62% and 150 million tonnes of sulphides with an average
copper grade of 0.81% and 0.46g/t of gold.  Further drilling will be carried
out in the Esperanza and neighbouring Telegrafo properties to expand the
resource base.



At Magistral, the Phase 2 drilling programme which was completed during the
year indicates the existence of a copper/molybdenum porphyry-skarn deposit.
Mineralisation extends 1,200 metres long, 125 metres wide and 350 metres in
depth.  Drill results suggest an inferred resource of 190 million tonnes with
an average copper grade of 0.83% and a molybdenum grade of 0.062%.   Under the
terms of its option agreement with Inca Pacific, the Group has now acquired a
30% interest in the project.  During 2001, the Group will spend US$2.95
million on the Phase 3 drilling programme which includes an infill drilling
campaign of 14,000 metres and several metallurgical, geotechnical and
engineering studies to improve knowledge of the deposit.  On completion of
Phase 3, the Group's interest will increase to 51%.  This will further
increase to 65% on the subsequent completion of a feasibility study.



Railway and other transport services



Turnover from railway and other transport services increased from US$51.9
million to US$70.0 million, principally due to the inclusion for the first
time of revenues from Bolivian operations which amounted to US$12.1 million.
These revenues are now consolidated following a restructuring of investments
at the beginning of the year.  Turnover from existing operations also
increased by US$6.0 million, mainly because of growth in road transport and
ancillary services.  Rail tonnages from existing operations were increased and
reached 3.3 million tons compared with 3.1 million tons in 1999.  Production
levels at existing mines together with the start-up of operations at El Tesoro
indicate that current tonnage levels can be maintained for the foreseeable
future.



Investments



The Group holds a 33.6% interest in Quinenco, a diversified industrial and
financial group listed in Santiago and New York with interests in the Southern
Cone of Latin America and Brazil.  Income from Quinenco is accounted for on a
dividends-received basis and in May 2000 the Group received US$31.3 million
(1999 - US$5.3 million).  This represents a distribution of 30% of Quinenco's
previous year's profits after tax and minorities, which included a substantial
profit on the sale of its banking and cable television interests.  No
comparable disposals took place during 2000.  Although the Chilean economy
returned to growth during the year, difficult economic conditions persisted
throughout the region.  The market value of the Group's holding in Quinenco
was US$251.5 million at 31 December 2000 and US$277.6 million at  28 February
2001.





DIRECTORS' COMMENTS for the year to 31 December 2000 - continued...



Financial Review



Results



Profit before tax rose to US$223.3 million in 2000 from US$13.2 million in
1999 , and earnings per share increased to 70.0 cents from 8.1 cents.  Profit
before tax excluding exceptional items rose to US$219.2 million from US$31.8
million in 1999, and earnings per share excluding exceptional items increased
to 68.2 cents from 13.5 cents. The significant improvement came mainly from
the production at Los Pelambres in its first year of operations helped by
higher copper prices and the substantial dividend from Quinenco.



Turnover increased from US$145.5 million in 1999 to US$766.1 million in 2000;
US$603.9 million of this was from Los Pelambres.  Operating profits increased
from a loss of US$8.6 million in 1999 (operating profit excluding exceptional
items of US$10.0 million) to a profit of US$246.0 million in 2000.  This
included US$241.9 million in respect of Los Pelambres.



Income from fixed asset investments increased to US$31.5 million from US$5.4
million in 1999, due to the higher dividend received from Quinenco.



During the year, the Group sold surplus mining assets, resulting in a profit
of US$4.1 million (US$3.5 million after tax).  This amount has been separately
disclosed as an exceptional item.  Exceptional items in 1999, which were
charged against operating profit, related to provisions for write-down of
mining assets and temporary closure costs of US$12.0 million and
non-incremental overhead costs of US$6.6 million incurred during the Los
Pelambres development which were expensed as required by United Kingdom
accounting standards rather than capitalised.



Net interest expense in 2000 was US$58.3 million, compared with net interest
income in 1999 of US$14.7 million. This comprised interest income of US$21.0
million, discounting adjustments to provisions of US$1.2 million and interest
expense of US$80.5 million, of which US$80.1 million related to Los Pelambres.
  During 1999, Los Pelambres costs were capitalised while the project remained
under development.  Interest costs in El Tesoro will continue to be
capitalised until a commercial level of operations has been achieved during
2001.  Tax amounted to US$29.0 million, including deferred tax (principally in
respect of Los Pelambres) of US$27.0 million. This represents an effective tax
rate (including deferred tax) of 13.0%, compared with the statutory Chilean
tax rate of 15%.  The lower tax rate arises mainly because the dividend from
Quinenco is paid out of its post-tax profits and is not subject to further tax
on receipt.  Excluding the Quinenco dividend, the effective tax rate would
have been 15.1%.





DIRECTORS' COMMENTS for the year to 31 December 2001 - continued...





Cash flows



Net cash inflow from operating activities increased to US$326.6 million in
2000 from US$4.3 million in 1999.  Net cash inflow in both 1999 and 2000 was
affected by the build-up of stocks and debtors as part of the Los Pelambres
start-up. Excluding working capital movements, cash inflow would have been
US$354.9 million (1999 - US$26.1 million).



Net capital expenditures in the period were US$314.5 million, compared with
US$600.6 million in 1999 during the Los Pelambres development period.  Amounts
spent in 2000 relate mainly to the El Tesoro project and final construction
costs in the first quarter of the year at Los Pelambres.





Cash and debt



At 31 December 2000, the Group had cash and deposits of US$300.1 million (1999
- US$331.6 million).  These included US$37.8 million held by El Tesoro to fund
its development costs.  After taking into account the minority share of the
non-wholly owned operations, the Group's share of the total balance of
US$300.1 million is US$267.4 million.



Group debt at the end of 2000 was US$1,095.7 million (1999 - US$1,071.1
million); of this, US$641.6 million is proportionately attributable to the
Group after taking the minority share of non-wholly owned operations into
account.  The total group borrowings included US$878.7 million due under the
Los Pelambres non-recourse project financing arrangements, of which 40% is
attributable to minority shareholders.  El Tesoro had drawn down US$149.5
million of its US$205 million project financing arrangements of which 39% is
attributable to minority shareholders. These borrowings will become
non-recourse when the project satisfies its completion test, expected in 2002.






Balance Sheet



Shareholders' funds increased from US$887.3 million at the beginning of the
year to US$948.5 million, reflecting mainly profit after tax and minorities
for the period of US$138.2 million, less dividends paid and proposed of
US$73.9 million.



Minority interests increased from US$216.3 million at the beginning of the
year to US$292.8 million. This resulted from the acquisition of the Bolivian
network, further contributions from minority shareholders to complete the Los
Pelambres project and share of profit after tax partly offset by dividends
received from subsidiaries.


DIRECTORS' COMMENTS for the year to 31 December 2001 - continued...



Dividends



The Board is recommending a final dividend of 22.5 pence per ordinary share
(1999 - 5.75 pence) payable on 8 June 2001 to shareholders on the Register at
the close of business on 4 May 2000.  The final dividend comprises an ordinary
dividend of 10 pence and a special dividend of 12.5 pence.  This gives a total
dividend for 2000 of 25.75 pence (1999 - 8.0 pence).  Dividends are now paid
in US dollars and sterling, and shareholders who receive dividends in US
dollars will be paid the final dividend of 32.45 cents per ordinary share,
based on an exchange rate of £1=US$1.4421.  Further details are given in Note
9 to the Preliminary Results.



Current trading prospects



Copper prices recovered strongly during 2000 to a peak of 91.1 cents per pound
in September, before easing back to end the year at 82.0 cents against a
background of slowing economic growth in the United States.  Copper prices
have since averaged 80.6 cents in the first two months of 2001 and the
direction that prices take will depend significantly on the degree of this
slowdown and the impact this may have on world growth and the demand for
copper.  Copper market fundamentals remain sound, with LME inventory levels
having declined from a high of 843,000 tonnes in March 2000 to 329,200 tonnes
on 28 February 2001.  Limited new production capacity is due to come on stream
over the next few years.  Despite slower growth in the United States, demand
for most base metals remains good in other parts of the world, particularly
Europe and China.  Unless an unexpectedly sharp global downturn occurs, a
decline in prices to the low 1998 and 1999 levels is unlikely in the short
term.  Most commodity analysts expect the copper market to remain either
balanced or in deficit, with prices improving in the second half of 2001 and
through 2002.



With the successful optimisation of Los Pelambres in the second half of 2000
and the imminent start-up of El Tesoro, Group copper production is expected to
exceed 400,000 tonnes this year compared with 351,100 tonnes in 2000.  These
further increases in low-cost copper production and the ability to benefit
from any increase in prices mean that the prospects for the Group remain
excellent.


Group Profit and Loss Account - US Dollars


                   Unaudited year to 31.12.00     Audited year to 31.12.99
             Notes      Before    Excepl          Before  Excepl  
                        excepl     items          excepl   items               
                         items    Note 5   Total  items   Note 5    Total
                         US$'m     US$'m   US$'m  US$'m   US$'m     US$'m
                                                                    
Turnover

Continuing              754.0         -    754.0  145.5       -    145.5
operations                                  
             
Acquisitions   11        12.1         -     12.1      -       -       -
                                         
                3       766.1         -    766.1  145.5       -   145.5

Operating
profit/
(loss)                  244.2         -    244.2   10.0   (18.6)   (8.6)
                                        
Continuing   11           1.8         -      1.8      -        -       -
operations                                                             
                                          
Acquisitions   3,4      246.0         -    246.0   10.0    (18.6)   (8.6)
               
                                        

Share of                    -         -       -     1.7        -     1.7
operating
profit in                                   
associates
Profit on                   -       4.1      4.1       -        -     -
disposal of                               
fixed assets
Income from              31.5         -     31.5     5.4        -    5.4
other fixed                              
asset
investments
Net interest
(payable)/
receivable

Group            6     (58.3)         -   (58.3)    14.4        -    14.4
                                        
Associates                  -         -       -      0.3        -     0.3


Profit                  219.2       4.1   223.3     31.8   (18.6)    13.2
before tax

Tax

Group            7     (28.4)     (0.6) (29.0)    (4.2)     2.8     (1.4)

Associates       7          -        -      -     (0.5)       -     (0.5)


Profit after           190.8       3.5  194.3     27.1    (15.8)    11.3
tax

Minority               (56.1)        -  (56.1)    (0.9)     5.5      4.6
interests -                             
equity

Profit for              134.7       3.5 138.2     26.2    (10.3)    15.9
the                                     
financial
period

Dividends
Preference -            (0.2)         -  (0.2)    (0.2)       -     (0.2)
non equity

Ordinary  -      9     (73.7)         - (73.7)   (25.4)       -    (25.4)
equity                                  
Retained                60.8       3.5   64.3     0.6     (10.3)    (9.7)
profit/
(loss)
Earnings per     8      68.2c            70.0c   13.5c               8.1c
share                                                                 

Dividend per     9                      37.37c                     12.82c
share


 The dividend in 2000 includes a special dividend of 18.03 cents per share.
Further details are given in Note 9.



Other recognised gains and losses

Other recognised gains and losses in the period were exchange differences
which amounted to a gain of US$18.0 million (1999 - a gain of US$3.9 million),
and are shown in Note 15 together with other movements in shareholders' funds.



Group Profit and Loss Account - Sterling



                   Unaudited year to 31.12.00     Audited year to 31.12.99
             Notes      Before    Excepl          Before  Excepl  
                        excepl     items          excepl   items               
                         items    Note 5   Total  items   Note 5    Total
                           £'m       £'m    £'m    £'m     £'m       £'m
Turnover

Continuing             497.4           -    497.4    89.8      -     89.8
operations                          
                        
Acquisitions  11         8.0          -       8.0       -      -        -
               3       505.4          -     505.4    89.8      -     89.8
                                    
               
Operating
profit/
(loss)                161.2          -      161.2     6.2   (11.5)   (5.3)
                                    
Continuing   11         1.2          -        1.2       -      -       -
operations   
                                      
Acquisitions 3, 4     162.4          -      162.4     6.2   (11.5)   (5.3)
                      
                                
Share of                  -          -          -     1.0       -     1.0
operating                               
profit in
associates
Profit on                 -        2.7       2.7       -        -      -
disposal of                            
fixed assets


Income from            20.1         -       20.1      3.3       -     3.3
other fixed                                          
asset
investments
Net interest
(payable)/
receivable

Group          6     (38.4)         -     (38.4)     8.9        -     8.9
                                  
Associates                -         -         -      0.2        -     0.2


Profit                144.1        2.7    146.8     19.6    (11.5)    8.1
before tax                          

Tax

Group          7      (18.7)      (0.4)   (19.1)   (2.7)      1.8    (0.9)
                                  
Associates     7         -           -        -    (0.3)      -      (0.3)
             

Profit after          125.4        2.3    127.7    16.6      (9.7)    6.9
tax                                                      


Minority              (37.0)          -   (37.0)   (0.6)      3.4     2.8
interests -                                                      
equity
Profit for             88.4       2.3      90.7    16.0      (6.3)    9.7
the                                                            
financial
period
Dividends

Preference -           (0.1)       -      (0.1)    (0.1)       -     (0.1)
non equity

Ordinary -       9    (50.8)       -     (50.8)   (15.8)       -     (15.8)
equity                             

Retained               37.5       2.3     39.8      0.1      (6.3)    (6.2)
profit/                              
(loss)
Earnings per     8    44.8p               45.9p     8.2p               5.0p
share                               

Dividend per     9                        25.75p                       8.0p
share

The dividend in 2000 includes a special dividend of 12.5 pence per share.
Further details are given in Note 9.

Other recognised gains and losses

Other recognised gains and losses in the period (exchange differences)
amounted to a gain of  £29.6 million (1999 - a gain of £8.5 million), and are
shown in Note 15 together with other movements in shareholders' funds.

 Group Balance Sheet

                                             US Dollars           Sterling

                                        Unaudited   Restated Unaudited Restated
                                         31.12.00   31.12.99 31.12.00  31.12.99
                                           US$'m       US$'m      £'m      £'m
                                                                 

                                  Notes

      Fixed assets
      Tangible fixed assets          10     1,926.7  1,635.8   1,286.8  1,016.6
      Investments in associates      11           -     20.6         -     13.2
      Other investments              12       185.5    185.8     108.2    108.3
                                            2,112.2  1,842.2   1,395.0  1,138.1
      Current assets
      Stocks                                   41.6     32.4      27.8     20.1
      Debtors                                 110.1     81.5      73.7     50.6
      Current asset investments               297.1    328.4     198.9    204.0
      (including time deposits)
      Cash at bank and in hand                  3.0      3.2       2.0      2.0
                                              451.8    445.5     302.4    276.7
      Creditors - amounts falling due
      within one year
      Trade and other creditors              (87.1)   (77.4)    (58.3)   (48.2)
      Loans                          13      (92.2)   (64.8)    (61.7)   (40.1)
      Dividends                              (64.0)   (18.3)    (44.4)   (11.3)
                                            (243.3)  (160.5)   (164.4)   (99.6)
      Net current assets                     208.5    285.0     138.0    177.1
      Total assets less current            2,320.7  2,127.2   1,533.0  1,315.2
      liabilities
      Creditors - amounts falling due
      after more than one year
      Other creditors                        (28.5)        -    (19.1)        -
      Loans                          13   (1,003.5) (1,006.3)   (671.8)  (625.0)
      Provisions for liabilities     14      (47.4)   (17.3)    (31.6)   (10.7)
      and charges
                                           1,241.3  1,103.6     810.5    679.5
      Capital and reserves

      Called up share capital                 17.7     19.1      11.9     11.9
      Share premium                          253.1    272.8     169.4    169.4
      Reserves                               677.7    595.4     433.2    363.8
      Shareholders' funds            15      948.5    887.3     614.5    545.1
      Minority interests                     292.8    216.3     196.0    134.4
                                           1,241.3  1,103.6     810.5    679.5

Approved by the Board of Directors on 5 March, 2001. P J Adeane, Director.
Group Cash Flow Statement



                                              US Dollars          Sterling

                                     Notes Unaudited Audited Unaudited  Audited
                                             year to year to   year to  year to
                                            31.12.00 31.12.99 31.12.00 31.12.99
                                               US$'m   US$'m       £'m      £'m
                                               
Net cash inflow from operating          16     326.6     4.3    215.4     2.8
activities
Returns on investment and servicing of
finance
Dividends received from associates                 -     1.3        -     0.8
Dividends received from other fixed asset       31.5     5.4     20.1     3.3
investments
Interest received (including capitalised        22.3    19.6     14.7    12.2
interest)
Interest paid (including capitalised          (86.0)  (39.6)    (56.7)  (24.5)
interest)
Dividends paid to minority interests          (10.2)       -     (6.7)       -
Preference dividends paid                      (0.2)   (0.2)     (0.1)   (0.1)

Net cash outflow from returns on              (42.6)  (13.5)    (28.7)   (8.3)
investment and servicing of finance
Tax recovered/(paid)                             1.1   (4.5)      0.7    (2.8)
Net cash outflow from capital expenditure     (314.5)(600.6)   (207.5) (370.6)
and financial investment
Acquisitions and disposals
Net cash balances acquired with                  0.9       -      0.5        -
subsidiary
Equity dividends paid                         (26.6)  (24.3)    (17.7)   (14.8)
Cash outflow before management of liquid      (55.1) (638.6)    (37.3)  (393.7)
resources
Management of liquid resources
Net decrease in time deposits                   40.2    55.4      26.5     34.2
Financing
Contribution from minority interests             8.0    65.5       5.3     40.4
Net borrowings in period                         9.8   517.2       6.4    319.3
Net cash inflow from financing                  17.8   582.7      11.7    359.7
Net cash inflow/(outflow) in the        17       2.9   (0.5)       0.9      0.2
period

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