EX-1 6 exa.htm Q2 INCOME STATEMENT

exhibita

Compañía Cervecerías Unidas S.A.
Exhibit 1: Income Statement (Second Quarter 2002)
			Ch$ millions				US$ millions (1)
			Q2'02	Q2'01			Q2'02	Q2'01			% Change
Net sales			67,413	73,362			98.0	106.6			-8.1%
Cost of goods sold			(37,500)	(39,494)			(54.5)	(57.4)			-5.0%
	% of sales		55.6%	53.8%			55.6%	53.8%
Gross profit			29,913	33,868			43.5	49.2			-11.7%
	% of sales		44.4%	46.2%			44.4%	46.2%
SG&A			(28,994)	(32,086)			(42.1)	(46.6)			-9.6%
	% of sales		43.0%	43.7%			43.0%	43.7%
Operating income			919	1,782			1.3	2.6			-48.4%
	% of sales		1.4%	2.4%			1.4%	2.4%
Non-operating result
	Financial income		444	1,076			0.6	1.6			-58.8%
	Equity in NI of rel. companies		331	898			0.5	1.3			-63.1%
	Other non-operating income		383	548			0.6	0.8			-30.1%
	Amortization of goodwill		(633)	(580)			(0.9)	(0.8)			-9.1%
	Interest expense		(895)	(1,598)			(1.3)	(2.3)			44.0%
	Other non-operating expenses		(404)	(1,242)			(0.6)	(1.8)			67.5%
	Price level restatement		(587)	82			(0.9)	0.1			NM
	Total		(1,361)	(815)			(2.0)	(1.2)			66.9%
Income before taxes			(442)	966			(0.6)	1.4			NM
	Income taxes		(1,725)	(735)			(2.5)	(1.1)			-134.6%
	Tax rate		NM.	76.1%			NM.	76.1%
Minority interest			(578)	(473)			(0.8)	(0.7)			-22.1%
Amort. of negative goodwill			12	12			0.02	0.02			6.8%
Net income			(2,732)	(231)			(4.0)	(0.3)			1084.4%
	% of sales		-4.1%	-0.3%			-4.1%	-0.3%
Earnings per share			(8.58)	(0.72)			(0.01)	(0.00)			1084.4%
Earnings per ADR			(42.89)	(3.62)			(0.06)	(0.01)
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			10,313	9,761			15.0	14.2			5.7%
Amortization			344	311			0.5	0.5			10.7%
EBITDA			11,577	11,854			16.8	17.2			-2.3%
Capital expenditures			3,922	6,115			5.7	8.9			-35.9%
(1) Exchange rate: US$ 1.00 = Ch$ 688.05