REG - Antofagasta PLC - HALF YEARLY FINANCIAL REPORT <Origin Href="QuoteRef">ANTO.L</Origin> - Part 3
19/08/2016 12:35
- Part 3: For the preceding part double click ID:nRSP2314Hb
associates and joint ventures 1.2 - - - 12.2 - (5.7) 7.7 2.0 9.7
Investment income 7.6 3.1 0.4 0.2 - - 1.8 13.1 0.4 13.5
Interest expense (3.0) (15.0) - (9.7) - - (3.0) (30.7) (1.3) (32.0)
Other finance items 1.1 (4.0) 2.9 0.8 - - 0.9 1.7 (0.9) 0.8
Profit/(loss) before tax 345.4 (53.9) (1.9) (9.2) 12.2 (18.9) (29.5) 244.2 31.9 276.1
Tax (91.7) (0.8) 1.8 (11.1) - - (5.7) (107.5) (10.5) (118.0)
Profit/(loss) for the period from continuing operations 253.7 (54.7) (0.1) (20.3) 12.2 (18.9) (35.2) 136.7 21.4 158.1
Profit for the period from discontinued operations - - - - - - - - - -
Profit/(loss) for the period 253.7 (54.7) (0.1) (20.3) 12.2 (18.9) (35.2) 136.7 21.4 158.1
Non-controlling interests (101.6) 21.7 - 9.9 - - - (70.0) - (70.0)
Profit/(loss) for the period attributable to owners of the parent (Net earnings) 152.1 (33.0) (0.1) (10.4) 12.2 (18.9) (35.2) 66.7 21.4 88.1
Total EBIDTA1 435.0 85.4 (5.2) 16.2 37.1 (18.9) (24.5) 525.1 46.5 571.6
Additions to non-current assets
Capital expenditure 182.0 289.7 - 7.3 - - 24.1 503.1 5.8 508.9
Segment assets and liabilities
Segment assets 4,099.6 4,911.3 92.0 2,015.4 - 9.5 1,422.0 12,549.8 351.3 12,901.1
Investment in associates and joint ventures 18.3 - - - - - 991.4 1,009.7 71.6 1,081.3
Segment liabilities (1,404.1) (2,040.3) (50.3) (1,244.8) - (4.5) (442.7) (5,186.7) (175.4) (5,362.1)
1EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. This comprises 100% of the EBITDA from the
Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures.
2During the period, operating cash outflow from exploration and evaluation was $17.6 million
For the six months ended 30 June 2015
Los Pelambres Centinela Michilla Antucoya Exploration and evaluation1 Corporate and other items Total Mining Railway and other transport services Water concession Total
$m $m $m $m $m $m $m $m $m $m
Revenue 918.3 688.4 95.1 - - - 1,701.8 74.1 - 1,775.9
Cost of sales (521.5) (470.8) (84.5) - (56.1) (41.2) (1,174.1) (43.1) - (1,217.2)
Depreciation and amortization (86.3) (151.3) - - - (1.1) (238.7) (6.7) - (245.4)
(Loss)/gain on disposals (0.7) - - - - - (0.7) 0.2 - (0.5)
Operating profit/(loss) 309.8 66.3 10.6 - (56.1) (42.3) 288.3 24.5 - 312.8
Share of results from associates and joint ventures (0.9) - - - - (3.5) (4.4) 4.2 - (0.2)
Investment income 4.6 1.9 0.3 - - 1.6 8.4 0.4 - 8.8
Interest expense (0.6) (12.7) - - - (0.6) (13.9) (1.7) - (15.6)
Other finance items (1.3) 2.5 0.5 (1.1) - (2.9) (2.3) (2.1) - (4.4)
Profit/(loss) before tax 311.6 58.0 11.4 (1.1) (56.1) (47.7) 276.1 25.3 - 301.4
Tax (94.3) (5.9) (2.2) 2.6 - 1.9 (97.9) (19.5) (117.4)
Profit/(loss) for the period from continuing operations 217.3 52.1 9.2 1.5 (56.1) (45.8) 178.2 5.8 - 184.0
(Loss)/profit for the period from discontinued operations - - - - - - - (4.5) 619.5 615.0
Profit/(loss) for the period 217.3 52.1 9.2 1.5 (56.1) (45.8) 178.2 1.3 619.5 799.0
Non-controlling interests (84.3) (9.7) (0.1) 0.4 - - (93.7) 0.5 - (93.2)
Profit/(loss) for the period attributable to owners of the parent (Net earnings) 133.0 42.4 9.1 1.9 (56.1) (45.8) 84.5 1.8 619.5 705.8
EBITDA 391.1 210.4 10.6 - (56.1) (41.2) 527.7 26.5 - 558.7
Additions to non-current assets
Capital expenditure 92.8 222.9 - 132.5 - 124.1 572.3 7.2 16.4 595.9
Segment assets and liabilities
Segment assets 3,861.8 5,081.9 174.5 1,787.4 181.7 1,242.2 12,374.5 1,310.0 - 13,607.9
Investment in associates and joint ventures 45.0 - - - - 31.6 76.6 84.7 161.3
Segment liabilities (1,352.2) (2,004.1) (96.5) (1,073.7) (4.5) (106.8) (4,637.8) (479.4) - (5,117.2)
1 During the period, operating cash outflow from exploration and evaluation was $43.5 million
For the year ended 31 December 2015
Los Pelambres Centinela Michilla Antucoya Zaldivar Exploration and evaluation1 Corporate and other items Total Mining Railway and other transport services Water concession Total
$m $m $m $m $m $m $m $m $m $m $m
Revenue 1,807.2 1,266.1 168.9 - - - - 3,242.2 152.4 - 3,394.6
Cost of sales (1,057.9) (1,027.7) (154.8) - - (101.9) (67.6) (2,409.9) (94.0) - (2,503.9)
Depreciation and amortization (191.6) (367.6) - - - - (3.1) (562.3) (13.8) - (576.1)
(Loss)/gains on disposals (2.7) (1.8) 1.3 - - - (4.4) (7.6) (2.6) - (10.2)
Operating profit/(loss) 555.0 (131.0) 15.4 - - (101.9) (75.1) 262.4 42.0 - 304.4
Share of results from associates and joint ventures (3.7) - - - (2.8) - (7.5) (14.0) 8.2 - (5.8)
Investment income 10.2 4.3 0.6 - - - 2.2 17.3 0.8 - 18.1
Interest expense (1.8) (27.1) - - - - (1.8) (30.7) (3.0) - (33.7)
Other finance items (4.6) (9.7) 0.6 (3.4) - - (7.5) (24.6) 1.0 - (23.6)
Profit/(loss) before tax 555.1 (163.5) 16.6 (3.4) (2.8) (101.9) (89.7) 210.4 49.0 - 259.4
Tax (161.8) 49.6 (6.0) (21.8) - - 1.8 (138.2) (22.2) - (160.4)
Profit/(loss) for the period from continuing operations 393.3 (113.9) 10.6 (25.2) (2.8) (101.9) (87.9) 72.2 26.8 - 99.0
(Loss)/profit for the period from discontinued operations - - - - - - - - (13.1) 615.8 602.7
Profit/(loss) for the year 393.3 (113.9) 10.6 (25.2) (2.8) (101.9) (87.9) 72.2 13.7 615.8 701.7
Non-controlling interests (151.8) 46.5 (0.2) 11.9 - - - (93.6) 0.1 - (93.5)
Profit/(loss) for the period attributable to owners of the parent (Net earnings) 241.5 (67.4) 10.4 (13.3) (2.8) (101.9) (87.9) (21.4) 13.8 615.8 608.2
EBITDA 749.3 238.4 14.1 - - (101.9) (67.6) 832.3 58.4 - 890.7
Additions to non-current assets
Capital expenditure 188.3 535.1 - 147.9 - - 111.0 982.3 13.9 16.4 1,012.6
Segment assets and liabilities
Segment assets 3,753.3 5,013.0 122.7 1,974.4 - - 1,026.4 11,889.8 500.7 - 12,390.5
Investment in associates and joint ventures 33.5 - - - 998.9 - 31.0 1,063.4 83.2 - 1,146.6
Segment liabilities (1,205.9) (2,068.9) (46.0) (1,185.5) - - (151.6) (4,657.9) (359.9) - (5,017.8)
1 During the year, operating cash outflow from exploration and evaluation was $38.3 million
b) Entity wide disclosures
Revenue by product
Six months Six months Year ended 31.12.2015
ended ended
30.06.2016 30.06.2015
$m $m $m
Copper
- Los Pelambres 741.7 817.0 1,606.7
- Centinela concentrates 245.9 339.7 626.6
- Centinela cathodes 113.3 238.0 432.3
- Michilla 3.8 95.1 168.9
- Antucoya 67.3 - -
Gold
- Los Pelambres 40.1 26.9 60.7
- Centinela 84.5 102.1 191.3
Molybdenum
- Los Pelambres 43.8 59.7 105.3
Silver
- Los Pelambres 21.9 14.7 34.5
- Centinela 5.6 8.5 15.9
Total Mining 1,367.9 1,701.8 3,242.2
Railway and transport services 80.1 74.1 152.4
1,448.0 1,775.9 3,394.6
Revenue by location of customer
Six months Six months Year ended 31.12.2015
ended ended
30.06.2016 30.06.2015
$m $m $m
Europe
- United Kingdom 0.1 2.7 19.1
- Switzerland 93.5 72.7 175.2
- Spain 48.8 28.7 54.1
- Germany 15.9 63.2 167.0
- Rest of Europe 58.7 46.3 70.6
Latin America
- Chile 101.5 85.6 167.0
- Rest of Latin America 29.4 17.2 74.1
North America
- United States 14.1 61.0 107.3
Asia Pacific
- Japan 613.0 615.7 1,147.0
- China 250.2 444.1 782.4
- Rest of Asia 222.8 338.7 630.8
1,448.0 1,775.9 3,394.6
Information about major customers
In the first half of 2016 the Group´s mining revenue included $279.2 million related to one large customer that
individually accounted for more than 10% of the Group's revenue (six months ended 30 June 2015 - one large customer
representing $351.0 million; year ended 31 December 2015 - one large customer representing $426.0 million).
Non-current assets by location of asset
Six months Six months Year ended 31.12.2015
ended ended
30.06.2016 30.06.2015
$m $m $m
- Chile 10,384.6 9,270.6 10,284.6
- Bolivia - 26.0 -
- USA 170.6 171.2 171.2
- Other (0.1) (1.3) 0.8
10,555.1 9,316.5 10,456.6
The non-current assets balance disclosed by location of assets excludes financial instruments, available-for-sale
investments and deferred tax assets.
4. Revenue
Copper and molybdenum concentrate sale agreements and copper cathode sale agreements generally provide for provisional
pricing of sales at the time of shipment, with final pricing being based on the monthly average London Metal Exchange
copper price or monthly average molybdenum price for specified future periods. This normally ranges from one to five months
after shipment to the customer. The provisional pricing mechanism within the sale agreements is an embedded derivative
under IFRS. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the
income statement and to trade debtors in the balance sheet. The Group determines mark-to-market prices using forward prices
at each period end for copper concentrate and cathode sales, and period-end month average prices for molybdenum concentrate
sales due to the absence of a futures market in the market price references for that commodity in the majority of the
Group's contracts.
In addition to mark-to-market and final pricing adjustments, revenue also includes realised gains and losses relating to
derivative commodity instruments. Details of these realised gains or losses are shown in the tables below. Further details
of derivative commodity instruments in place at the period end are given in Note 6.
Copper and molybdenum concentrate sales are stated net of deductions for tolling charges, as shown in the tables below.
For the period ended 30 June 2016 Los Pelambres Centinela Centinela Michilla Antucoya Los Pelambres Centinela Los Pelambres Copper concentrate Copper concentrate Copper cathodes Copper cathodes Copper cathodes Gold in concentrate Gold in concentrate Molybdenum concentrate $m $m $m $m $m $m $m $m Provisionally invoiced gross sales 816.6 280.6 113.9 4.1 67.4 39.9 78.9 40.4 Effects of pricing adjustments to previous year invoices Reversal of mark-to-market adjustments at the end of the previous year 14.5
6.2 (0.2) (0.1) - - 2.2 (1.0) Settlement of sales invoiced in the previous year (19.0) (7.8) - (0.3) - (0.1) (1.0) 1.5 Total effect of adjustments to previous year invoices in the current period (4.5) (1.6) (0.2) (0.4) - (0.1) 1.2 0.5 Effects of pricing adjustments to current period invoices Settlement of sales invoiced in the current period 9.3 1.2 (0.6) 0.1 (1.1) 0.3 2.4 7.8 Mark-to-market adjustments at the end of the current period 13.3 4.3 0.1 - 0.9 - 2.3 2.1 Total effect of adjustments to current
period invoices 22.6 5.5 (0.5) 0.1 (0.1) 0.3 4.7 9.9 Total pricing adjustments 18.1 4.0 (0.7) (0.4) (0.1) 0.2 5.9 10.4 Realised (losses)/gains on commodity derivatives - - 0.1 - - - - - Revenue before deducting tolling charges 834.7 284.6 113.3 3.8 67.3 40.1 84.9 50.8 Tolling charges (93.0) (38.7) - - - (0.1) (0.3) (7.0) Revenue net of tolling charges 741.7 245.9 113.3 3.8 67.3 40.0 84.5 43.8
Los Pelambres Centinela Centinela Michilla Antucoya Los Pelambres Centinela Los Pelambres
Copper concentrate Copper concentrate Copper cathodes Copper cathodes Copper cathodes Gold in concentrate Gold in concentrate Molybdenum concentrate
$m $m $m $m $m $m $m $m
Provisionally invoiced gross sales 816.6 280.6 113.9 4.1 67.4 39.9 78.9 40.4
Effects of pricing adjustments to previous year invoices
Reversal of mark-to-market adjustments at the end of the previous year 14.5 6.2 (0.2) (0.1) - - 2.2 (1.0)
Settlement of sales invoiced in the previous year (19.0) (7.8) - (0.3) - (0.1) (1.0) 1.5
Total effect of adjustments to previous year invoices in the current period (4.5) (1.6) (0.2) (0.4) - (0.1) 1.2 0.5
Effects of pricing adjustments to current period invoices
Settlement of sales invoiced in the current period 9.3 1.2 (0.6) 0.1 (1.1) 0.3 2.4 7.8
Mark-to-market adjustments at the end of the current period 13.3 4.3 0.1 - 0.9 - 2.3 2.1
Total effect of adjustments to current period invoices 22.6 5.5 (0.5) 0.1 (0.1) 0.3 4.7 9.9
Total pricing adjustments 18.1 4.0 (0.7) (0.4) (0.1) 0.2 5.9 10.4
Realised (losses)/gains on commodity derivatives - - 0.1 - - - - -
Revenue before deducting tolling charges 834.7 284.6 113.3 3.8 67.3 40.1 84.9 50.8
Tolling charges (93.0) (38.7) - - - (0.1) (0.3) (7.0)
Revenue net of tolling charges 741.7 245.9 113.3 3.8 67.3 40.0 84.5 43.8
For the period ended 30 June 2015 Los Pelambres Centinela Centinela Michilla Los Pelambres Centinela Los Pelambres Copper concentrate Copper concentrate Copper cathodes Copper cathodes Gold in concentrate Gold in concentrate Molybdenum concentrate $m $m $m $m $m $m $m Provisionally invoiced gross sales 978.2 418.2 242.5 97.1 27.0 105.3 80.2 Effects of pricing adjustments to previous year invoices Reversal of mark-to-market adjustments at the end of the previous year 45.5 19.6 1.4 0.4 - 1.8 2.0 Settlement
of sales invoiced in the previous year (101.6) 49.6 (5.7) (2.3) - 3.6 (7.1) Total effect of adjustments to previous year invoices in the current period (56.1) 69.2 (4.3) (1.9) - 5.4 (5.1) Effects of pricing adjustments to current period invoices Settlement of sales invoiced in the current period 14.3 (83.4) 1.2 (0.2) - (6.6) (2.8) Mark-to-market adjustments at the end of the current period (31.9) (18.9) (1.3) 0.1 - (1.6) (4.2) Total effect of adjustments to current period invoices (17.6) (102.3) (0.1)
(0.1) - (8.2) (7.0) Total pricing adjustments (73.7) (33.1) (4.4) 2.0 - (2.8) (12.1) Realised (losses)/gains on commodity derivatives - - (0.1) - - - - Revenue before deducting tolling charges 904.5 385.1 238.0 95.1 27.0 102.5 68.1 Tolling charges (87.5) (45.4) - - (0.1) (0.4) (8.4) Revenue net of tolling charges 817.0 339.7 238.0 95.1 26.9 102.1 59.7 For the year ended 31 December 2015 Los Pelambres Centinela Centinela Michilla Los Pelambres Centinela Los Pelambres Copper concentrate Copper
concentrate Copper cathodes Copper cathodes Gold in concentrate Gold in concentrate Molybdenum concentrate $m $m $m $m $m $m $m Provisionally invoiced gross sales 2,001.6 805.8 443.4 173.3 63.0 200.7 147.0 Effects of pricing adjustments to previous year invoices Reversal of mark-to-market adjustments at the end of the previous year 45.5 19.6 1.4 0.4 - 1.8 2.0 Settlement of sales invoiced in the previous year (100.4) (49.8) (5.6) (2.3) - 3.6 (7.1) Total effect of adjustments to previous year invoices in the
current year (54.9) (30.2) (4.2) (1.9) - 5.4 (5.1) Effects of pricing adjustments to current year invoices Settlement of sales invoiced in the current year (126.7) (47.6) (7.1) (2.6) (2.1) (11.8) (19.8) Mark-to-market adjustments at the end of the current year (14.5) (6.2) 0.2 0.1 - (2.2) 1.0 Total effect of adjustments to current year invoices (141.2) (53.8) (6.9) (2.5) (2.1) (14.0) (18.8) Total pricing adjustments (196.1) (84.0) (11.1) (4.4) (2.1) (8.6) (23.9) Realised gains on commodity derivatives - -
- - - - - Revenue before deducting tolling charges 1,805.5 721.8 432.3 168.9 60.9 192.1 123.1 Tolling charges (198.8) (95.2) - - (0.2) (0.8) (17.8) Revenue net of tolling charges 1,606.7 626.6 432.3 168.9 60.7 191.3 105.3 The revenue from the individual products shown in the above tables is reconciled to total Group revenue in Note 3(b).
Los Pelambres Centinela Centinela Michilla Los Pelambres Centinela Los Pelambres
Copper concentrate Copper concentrate Copper cathodes Copper cathodes Gold in concentrate Gold in concentrate Molybdenum concentrate
$m $m $m $m $m $m $m
Provisionally invoiced gross sales 978.2 418.2 242.5 97.1 27.0 105.3 80.2
Effects of pricing adjustments to previous year invoices
Reversal of mark-to-market adjustments at the end of the previous year 45.5 19.6 1.4 0.4 - 1.8 2.0
Settlement of sales invoiced in the previous year (101.6) 49.6 (5.7) (2.3) - 3.6 (7.1)
Total effect of adjustments to previous year invoices in the current period (56.1) 69.2 (4.3) (1.9) - 5.4 (5.1)
Effects of pricing adjustments to current period invoices
Settlement of sales invoiced in the current period 14.3 (83.4) 1.2 (0.2) - (6.6) (2.8)
Mark-to-market adjustments at the end of the current period (31.9) (18.9) (1.3) 0.1 - (1.6) (4.2)
Total effect of adjustments to current period invoices (17.6) (102.3) (0.1) (0.1) - (8.2) (7.0)
Total pricing adjustments (73.7) (33.1) (4.4) 2.0 - (2.8) (12.1)
Realised (losses)/gains on commodity derivatives - - (0.1) - - - -
Revenue before deducting tolling charges 904.5 385.1 238.0 95.1 27.0 102.5 68.1
Tolling charges (87.5) (45.4) - - (0.1) (0.4) (8.4)
Revenue net of tolling charges 817.0 339.7 238.0 95.1 26.9 102.1 59.7
For the year ended 31 December 2015
Los Pelambres Centinela Centinela Michilla Los Pelambres Centinela Los Pelambres
Copper concentrate Copper concentrate Copper cathodes Copper cathodes Gold in concentrate Gold in concentrate Molybdenum concentrate
$m $m $m $m $m $m $m
Provisionally invoiced gross sales 2,001.6 805.8 443.4 173.3 63.0 200.7 147.0
Effects of pricing adjustments to previous year invoices
Reversal of mark-to-market adjustments at the end of the previous year 45.5 19.6 1.4 0.4 - 1.8 2.0
Settlement of sales invoiced in the previous year (100.4) (49.8) (5.6) (2.3) - 3.6 (7.1)
Total effect of adjustments to previous year invoices in the current year (54.9) (30.2) (4.2) (1.9) - 5.4 (5.1)
Effects of pricing adjustments to current year invoices
Settlement of sales invoiced in the current year (126.7) (47.6) (7.1) (2.6) (2.1) (11.8) (19.8)
Mark-to-market adjustments at the end of the current year (14.5) (6.2) 0.2 0.1 - (2.2) 1.0
Total effect of adjustments to current year invoices (141.2) (53.8) (6.9) (2.5) (2.1) (14.0) (18.8)
Total pricing adjustments (196.1) (84.0) (11.1) (4.4) (2.1) (8.6) (23.9)
Realised gains on commodity derivatives - - - - - - -
Revenue before deducting tolling charges 1,805.5 721.8 432.3 168.9 60.9 192.1 123.1
Tolling charges (198.8) (95.2) - - (0.2) (0.8) (17.8)
Revenue net of tolling charges 1,606.7 626.6 432.3 168.9 60.7 191.3 105.3
The revenue from the individual products shown in the above tables is reconciled to total Group revenue in Note 3(b).
(i) Copper concentrate
The typical period for which sales of copper concentrate remain open until settlement occurs is a range of approximately
three to five months from shipment date.
At 30 June 2016 sales totalling 161,400 tonnes remained open as to price, with an average mark-to-market price of $2.20/lb
compared with an average provisional invoice price of $2.15/lb.
At 30 June 2015 sales totalling 159,000 tonnes remained open as to price, with an average mark-to-market price of $2.61/lb
compared with an average provisional invoice price of $2.75/lb.
At 31 December 2015, sales totalling 184,400 tonnes remained open as to price, with an average mark-to-market price of
$2.13/lb compared with an average provisional invoice price of $2.18/lb.
(ii) Copper cathodes
The typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from
shipment date.
At 30 June 2016 sales totalling 5,400 tonnes remained open as to price, with an average mark-to-market price of $2.15/lb
compared with an average provisional invoice price of $2.07/lb.
At 30 June 2015 sales totalling 13,800 tonnes remained open as to price, with an average mark-to-market price of $2.61/lb
compared with an average provisional invoice price of $2.66/lb.
At 31 December 2015, sales totalling 7,700 tonnes remained open as to price, with an average mark-to-market price of
$2.13/lb compared with an average provisional invoice price of $2.12 /lb.
(iii) Gold in concentrate
The typical period for which sales of gold in concentrate remain open is approximately one month from shipment date.
At 30 June 2016 sales totalling 34,900 ounces remained open as to price, with an average mark-to-market price of $1,317/oz
compared with an average provisional invoice price of $1,251/oz.
At 30 June 2015 sales totalling 58,100 ounces remained open as to price, with an average mark-to-market price of $1,170/oz
compared with an average provisional invoice price of $1,197/oz.
At 31 December 2015, sales totalling 50,300 ounces remained open as to price, with an average mark-to-market price of
$1,061/oz compared with an average provisional invoice price of $1,105/oz.
(iv) Molybdenum concentrate
The typical period for which sales of molybdenum remain open is approximately two months from shipment date.
At 30 June 2016 sales totalling 1,000 tonnes remained open as to price, with an average mark-to-market price of $7.9/lb
compared with an average provisional invoice price of $6.9/lb.
At 30 June 2015 sales totalling 2,000 tonnes remained open as to price, with an average mark-to-market price of $7.0/lb
compared with an average provisional invoice price of $7.9/lb.
At 31 December 2015, sales totalling 1,900 tonnes remained open as to price, with an average mark-to-market price of
$5.1/lb compared with an average provisional invoice price of $4.8/lb.
As detailed above, the effects of gains and losses from the marking-to-market of open sales are recognised through
adjustments to revenue in the income statement and to trade debtors in the balance sheet. The effect of mark-to-market
adjustments on the balance sheet at the end of each period are as follows:
Gain/(loss) on debtors of period end
mark-to-market adjustments
Six months Six months Year ended 31.12.2015$m
ended ended
30.06.2016$m 30.06.2015 $m
Los Pelambres - copper concentrate 13.3 (31.9) (14.5)
Los Pelambres - molybdenum concentrate 2.1 (4.2) 1.0
Centinela - copper concentrate 4.4 (18.9) (6.2)
Centinela - gold in concentrate 2.3 (1.6) (2.2)
Centinela - copper cathodes 0.1 (1.3) 0.2
Antucoya - copper cathodes 1.0 - -
Michilla - copper cathodes - 0.1 0.1
23.2 (57.8) (21.6)
5. Financial instruments
a) Categories of financial instruments
The carrying value of financial assets and financial liabilities is shown below:
Six months Six months Year ended 31.12.2015
ended ended
30.06.2016 30.06.2015
$m $m $m
Financial assets
Derivatives in designated hedge accounting relationships 0.4 0.1 0.2
Available-for-sale-investments 4.1 4.5 2.7
Loans and receivables at amortised cost (including cash 1,271.7 2,598.7 1,703.9
and cash equivalents)
Fair value through profit and loss (liquid investments and mark-to-mark debtors) 1,625.6 1,366.8 925.4
Financial liabilities
Derivatives in designated hedge relationships (4.0) (5.7) (3.5)
Financial liabilities measured at amortised cost (3,688.9) (3,227.8) (3,235.5)
Fair value through profit and loss (mark-to-mark creditors) - (57.8) (22.9)
The fair value of financial assets and financial liabilities carried at amortised cost is not materially different from the
carrying value presented above.
Fair value of financial instruments
An analysis of financial assets and financial liabilities measured at fair value is presented below:
Level 1 Level 2 Level 3 Six months
ended
30.06.2016 Six months
ended
30.06.2015 Year ended 31.12.2015 Recurring fair value measurements $m $m $m $m $m $m Financial assets Derivatives in designated hedge accounting relationships - 0.4 - 0.4 0.1 0.2 Available-for-sale investments 4.1 - - 4.1 4.5 2.7 Fair value through profit and loss 1,625.6 - - 1,625.6 1,366.8 925.4 Debtors mark-to-market - 23.2 - 23.2 - 1.3 Financial liabilities Derivatives in designated hedge relationships - (4.0) - (4.0) (5.7) (3.5) Creditors mark-to-market - - - - (57.8) (22.9)
Six months
ended
30.06.2015
Year ended 31.12.2015
Recurring fair value measurements
$m
$m
$m
$m
$m
$m
Financial assets
Derivatives in designated hedge accounting relationships
-
0.4
-
0.4
0.1
0.2
Available-for-sale investments
4.1
-
-
4.1
4.5
2.7
Fair value through profit and loss
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