EX-99 7 exhitwo.htm EXHIBIT 2: INCOME STATEMENT (YTD)

Exhibit 2

Compañía Cervecerías Unidas S.A.
Exhibit 2: Income Statement (Nine Months Ended September 30, 2002)
			Ch$ millions				US$ millions (1)
			#	#			#	#			% Change
Net sales			239,112	256,864			319.4	343.1			-6.9%
Cost of goods sold			(119,455)	(125,642)			(159.5)	(167.8)			-4.9%
	% of sales		50.0%	48.9%			50.0%	48.9%
Gross profit			119,656	131,222			159.8	175.3			-8.8%
	% of sales		50.0%	51.1%			50.0%	51.1%
SG&A			(96,869)	(106,361)			(129.4)	(142.1)			-8.9%
	% of sales		40.5%	41.4%			40.5%	41.4%
Operating income			22,787	24,861			30.4	33.2			-8.3%
	% of sales		9.5%	9.7%			9.5%	9.7%
Non-operating result
	Financial income		1,813	2,926			2.4	3.9			-38.0%
	Equity in NI of rel. companies		1,135	1,371			1.5	1.8			-17.2%
	Other non-operating income		958	18,218			1.3	24.3			-94.7%
	Amortization of goodwill		(1,949)	(1,908)			(2.6)	(2.5)			-2.2%
	Interest expense		(2,871)	(5,397)			(3.8)	(7.2)			46.8%
	Other non-operating expenses		(1,684)	(5,211)			(2.2)	(7.0)			67.7%
	Price level restatement		(2,891)	1,092			#	#			NM
	Total		(5,488)	11,092			(7.3)	14.8			NM
Income before taxes			17,300	35,953			23.1	48.0			-51.9%
	Income taxes		(6,010)	(7,300)			(8.0)	(9.8)			17.7%
	Tax rate		34.7%	20.3%			34.7%	20.3%
Minority interest			(745)	(1,639)			(1.0)	(2.2)			54.5%
Amort. of negative goodwill			39	37			0.1	0.0			5.4%
Net income			10,583	27,050			14.1	36.1			-60.9%
	% of sales		4.4%	10.5%			4.4%	10.5%
Earnings per share			33.23	84.93			0.04	0.11			-60.9%
Earnings per ADR			166.13	424.65			0.22	0.57
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			30,787	30,034			41.1	40.1			2.5%
Amortization			1,121	936			1.5	1.3			19.7%
EBITDA			54,696	55,832			73.1	74.6			-2.0%
Capital expenditures			11,637	20,623			15.5	27.5			-43.6%
(1) Exchange rate: US$ 1.00 = Ch$ 748,73