EX-1 5 exhibita.htm EXHIBIT 1- INCOME STATEMENT (SECOND QUARTER 2003)

Exhibit 1

Compañía Cervecerías Unidas S.A.
Exhibit 1: Income Statement (Second Quarter 2003)
			Ch$ millions				US$ millions (1)
			Q2'03	Q2'02			Q2'03	Q2'02			% Change
Net sales			77,162	69,772			110.4	99.8			10.6%
Cost of goods sold			(42,917)	(38,812)			(61.4)	(55.5)			10.6%
	% of sales		55.6%	55.6%			55.6%	55.6%
Gross profit			34,244	30,960			49.0	44.3			10.6%
	% of sales		44.4%	44.4%			44.4%	44.4%
SG&A			(33,262)	(30,008)			(47.6)	(42.9)			10.8%
	% of sales		43.1%	43.0%			43.1%	43.0%
Operating income			983	951			1.4	1.4			3.3%
	% of sales		1.3%	1.4%			1.3%	1.4%
Non-operating result
	Financial income		279	459			0.4	0.7			-39.3%
	Equity in NI of rel. companies		(384)	343			(0.5)	0.5			NM
	Other non-operating income		342	396			0.5	0.6			-13.8%
	Amortization of goodwill		(586)	(655)			(0.8)	(0.9)			10.5%
	Interest expenses		(1,304)	(926)			(1.9)	(1.3)			-40.8%
	Other non-operating expenses		(1,168)	(418)			(1.7)	(0.6)			-179.2%
	Price level restatement		1,699	589			2.4	0.8			188.3%
	Currency exchange result		(543)	(1,197)			(0.8)	(1.7)			54.6%
	Total		(1,665)	(1,408)			(2.4)	(2.0)			-18.2%
Income before taxes			(683)	(457)			(1.0)	(0.7)			-49.4%
	Income taxes		(93)	(1,785)			(0.1)	(2.6)			94.8%
	Tax rate		-13.6%	-390.6%			-13.6%	-390.6%
Minority interest			(212)	(598)			(0.3)	(0.9)			64.6%
Amort. of negative goodwill			11	13			0.02	0.02			-10.4%
Net income			(976)	(2,828)			(1.4)	(4.0)			65.5%
	% of sales		-1.3%	-4.1%			-1.3%	-4.1%
Earnings per share			(3.06)	(8.88)			(0.00)	(0.01)			65.5%
Earnings per ADR			(15.32)	(44.39)			(0.02)	(0.06)
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			10,216	11,147			14.6	15.9			-8.3%
Amortization			505	356			0.7	0.5			41.8%
EBITDA			11,704	12,454			16.7	17.8			-6.0%
	% of sales		15.2%	17.9%			15.2%	17.9%
Capital expenditures			4,990	4,059			7.1	5.8			22.9%
(1) Exchange rate: US$ 1.00 = Ch$ 699.12