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125	125
126	126	= Financial Highlights =
127	127
128		-The profit for the financial year attributable to the owners of the parent (including exceptional items and discontinued operations) increased from $501.4 million in 2019 to $506.4 million in the year 2020. Excluding exceptional items and discontinued operations the profit attributable to the owners of the parent increased by $37.9 million to $539.3 million. The $164.8 million increase in revenue from $4,964.5 million in 2019 to $5,129.3 million in the year 2020.
	128	+The profit for the financial year attributable to the owners of the parent (including exceptional items and discontinued operations) increased from $501.4 million in 2019 to $506.4 million in the year 2020. Excluding exceptional items and discontinued operations the profit attributable to the owners of the parent increased by $37.9 million to $539.3 million. The $164.8 million increase in revenue from $4,964.5 million in 2019 to $5,129.3 million in the year 2020.{{footnote}}https://www.antofagasta.co.uk/media/4098/antofagasta_2020_annual_report.pdf{{/footnote}}
129	129
130		-[[https:~~/~~/www.antofagasta.co.uk/media/4098/antofagasta_2020_annual_report.pdf>>url:https://www.antofagasta.co.uk/media/4098/antofagasta_2020_annual_report.pdf]]
131	131
132		-Revenue from the Mining division
	131	+**Revenue from the Mining division**
133	133
134	134	Revenue from the Mining division increased by $175.9 million, or 3.7%, to $4,979.9 million, compared with $4,804.0 million in 2019. The increase reflected a $264.8 million improvement in copper sales partly offset by a $88.9 million decrease in by-product revenue.
135	135
136		-Revenue from copper sales
137	137
	136	+**Revenue from copper sales**
	137	+
138	138	Revenue from copper concentrate and copper cathode sales increased by $264.8 million, or 6.5%, to $4,348.2 million, compared with $4,083.4 million in 2019. The increase reflected the impact of $348.4 million from higher realised prices and $69.7 million from lower treatment and refining charges, partly offset by $153.3 million from lower sales volumes.
139	139
140		-Revenue from the Transport division
141	141
	141	+**Revenue from the Transport division**
	142	+
142	142	Revenue from the Transport division (FCAB) decreased by $11.1 million or 6.9% to $149.4 million (2019 – $160.5 million), mainly due to the effect of the weaker Chilean peso, and lower sales volumes of freight transported and industrial water.
143	143
144		-EBITDA
145	145
	146	+**EBITDA**
	147	+
146	146	EBITDA (earnings before interest, tax, depreciation and amortisation) increased by $300.3 million or 12.3% to $2,739.2 million (2019 – $2,438.9 million). EBITDA includes the Group’s proportional share of EBITDA from associates and joint ventures. EBITDA from the Mining division increased by 13.6% from $2,358.1 million in 2019 to $2,678.2 million this year. This reflected the higher revenue and lower mine-site costs, decreased exploration and evaluation expenditure and lower corporate costs, partly offset by higher other mining expenses and lower EBITDA from associates and joint ventures. EBITDA at the Transport division decreased by $19.8 million to $61.0 million in 2020 ($80.8 million – 2019), reflecting the lower revenue and decreased EBITDA from associates and joint ventures, partly offset by the lower operating costs.
147	147
148	148	nterest income decreased from $47.1 million in 2019 to $18.9 million in 2020, mainly due to the decrease in average interest rates partly offset by the higher average cash balance. Interest expense decreased slightly from $111.1 million in 2019 to $77.1 million in 2020, reflecting both a decrease in the average LIBOR rate and also a reduction in the average relevant debt balances. Other finance items were a net loss of $45.2 million, compared with a net gain of $13.0 million in 2019, a variance of $58.2 million. This was mainly due to the foreign exchange impact, which was a $28.9 million loss in 2020 compared with a $35.8 million gain in 2019, due to the retranslation of Chilean peso denominated assets and liabilities.
149	149
150		-Profit before tax
151	151
	153	+**Profit before tax**
	154	+
152	152	As a result of the factors set out above, profit before tax increased by 4.7% to $1,413.1 million (2019 – $1,349.2 million).
153	153
154	154
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228	228
229	229	For the first nine months of the year, transport volumes increased by 3.0% compared to the same period in 2020 as the new transport contract took effect, partially offset by customers’ road transport disruptions.
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	234	+{{putFootnotes/}}
231	231
232	232	= References =
233	233