EX-2 7 exb.htm YTD INCOME STATEMENT

exhibitb

Compañía Cervecerías Unidas S.A.
Exhibit 2: Income Statement (Six Months Ended June 30, 2002)
			Ch$ millions				US$ millions (1)
			30-jun-02	30-jun-01			30-jun-02	30-jun-01			% Change
Net sales			160,588	171,524			233.4	249.3			-6.4%
Cost of goods sold			(78,971)	(81,622)			(114.8)	(118.6)			-3.2%
	% of sales		49.2%	47.6%			49.2%	47.6%
Gross profit			81,618	89,901			118.6	130.7			-9.2%
	% of sales		50.8%	52.4%			50.8%	52.4%
SG&A			(64,072)	(70,069)			(93.1)	(101.8)			-8.6%
	% of sales		39.9%	40.9%			39.9%	40.9%
Operating income			17,546	19,832			25.5	28.8			-11.5%
	% of sales		10.9%	11.6%			10.9%	11.6%
Non-operating result
	Financial income		1,391	2,077			2.0	3.0			-33.0%
	Equity in NI of rel. companies		302	409			0.4	0.6			-26.1%
	Other non-operating income		703	17,688			1.0	25.7			-96.0%
	Amortization of goodwill		(1,240)	(1,238)			(1.8)	(1.8)			-0.1%
	Interest expense		(1,879)	(3,335)			(2.7)	(4.8)			43.7%
	Other non-operating expenses		(1,002)	(3,639)			(1.5)	(5.3)			72.4%
	Price level restatement		(2,489)	597			(3.6)	0.9			NM
	Total		(4,214)	12,559			(6.1)	18.3			NM
Income before taxes			13,332	32,391			19.4	47.1			-58.8%
	Income taxes		(5,044)	(3,534)			(7.3)	(5.1)			-42.7%
	Tax rate		37.8%	10.9%			37.8%	10.9%
Minority interest			(289)	(848)			(0.4)	(1.2)			65.9%
Amort. of negative goodwill			24	22			0.0	0.0			7.1%
Net income			8,022	28,032			11.7	40.7			-71.4%
	% of sales		5.0%	16.3%			5.0%	16.3%
Earnings per share			25.19	88.01			0.04	0.13			-71.4%
Earnings per ADR			125.93	440.05			0.18	0.64
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			20,151	19,336			29.3	28.1			4.2%
Amortization			762	583			1.1	0.8			30.7%
EBITDA			38,459	39,751			55.9	57.8			-3.2%
Capital expenditures			7,312	13,669			10.6	19.9			-46.5%
(1) Exchange rate: US$ 1.00 = Ch$ 688.05