EX-2 6 exhibitb.htm EXHIBIT 2- INCOME STATEMENT (YEAR TO DATE 2003)

Exhibit 2

Compañía Cervecerías Unidas S.A.
Exhibit 2: Income Statement (Six Months Ended June 30, 2003)
			Ch$ millions				US$ millions (1)
			30-June-03	30-June-02			30-June-03	30-June-02			% Change
Net sales			177,869	166,209			254.4	237.7			7.0%
Cost of goods sold			(90,835)	(81,732)			(129.9)	(116.9)			-11.1%
	% of sales		51.1%	49.2%			51.1%	49.2%
Gross profit			87,034	84,477			124.5	120.8			3.0%
	% of sales		48.9%	50.8%			48.9%	50.8%
SG&A			(70,675)	(66,318)			(101.1)	(94.9)			-6.6%
	% of sales		39.7%	39.9%			39.7%	39.9%
Operating income			16,358	18,160			23.4	26.0			-9.9%
	% of sales		9.2%	10.9%			9.2%	10.9%
Non-operating result
	Financial income		941	1,440			1.3	2.1			-34.6%
	Equity in NI of rel. companies		19,688	313			28.2	0.4			NM
	Other non-operating income		685	727			1.0	1.0			-5.8%
	Amortization of goodwill		(1,207)	(1,283)			(1.7)	(1.8)			6.0%
	Interest expense		(2,244)	(1,944)			(3.2)	(2.8)			-15.4%
	Other non-operating expenses		(1,386)	(1,038)			(2.0)	(1.5)			-33.6%
	Price level restatement		2,885	660			4.1	0.9			337.2%
	Currency exchange result		(571)	(3,236)			(0.8)	(4.6)			82.3%
	Total		18,792	(4,361)			26.9	(6.2)			NM
Income before taxes			35,150	13,798			50.3	19.7			154.7%
	Income taxes		(2,746)	(5,221)			(3.9)	(7.5)			-47.4%
	Tax rate		7.8%	37.8%			7.8%	37.8%
Minority interest			(531)	(299)			(0.8)	(0.4)			-77.4%
Amort. of negative goodwill			24	25			0.0	0.0			-1.8%
Net income			31,897	8,303			45.6	11.9			284.2%
	% of sales		17.9%	5.0%			17.9%	5.0%
Earnings per share			100.15	26.07			0.14	0.04			284.2%
Earnings per ADR			500.74	130.34			0.72	0.19
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			20,611	21,329			29.5	30.5			-3.4%
Amortization			930	789			1.3	1.1			17.9%
EBITDA			37,898	40,278			54.2	57.6			-5.9%
	% of sales		21.3%	24.2%			21.3%	24.2%
Capital expenditures			8,745	7,568			12.5	10.8			15.6%
(1) Exchange rate: US$ 1.00 = Ch$ 699.12