EX-4 8 exhibitd.htm EXHIBIT 4- SEGMENT INFORMATION (YEAR TO DATE 2003)

Exhibit 4

	Compañía Cervecerías Unidas S.A.
	Exhibit 4: Segment Information - Six Month Ended June 30, 2003
			Beer - Chile			Beer - Argentina			Soft Drinks & Min Water			Wine			Others
			2003	2002		2003	2002		2003	2002		2003	2002		2003	2002
	OPERATING RESULTS
	(all figures in Ch$ millions)
	Revenues
	Core products		67,335	65,218		13,884	11,343		52,935	53,663		38,692	33,980		2,082	104
	Other products (*)		1,276	1,021		699	422		747	247		200	211		6,661	6,312
	Total		68,611	66,239		14,583	11,764		53,683	53,910		38,893	34,191		8,743	6,417
	% change		3.6%			24.0%			-0.4%			13.8%			36.3%
	Cost of sales		(29,568)	(27,920)		(9,841)	(9,245)		(26,748)	(25,082)		(24,877)	(21,027)		(6,444)	(4,770)
	% of sales		43.1%	42.2%		67.5%	78.6%		49.8%	46.5%		64.0%	61.5%		73.7%	74.3%
	SG&A (**)		(24,463)	(23,804)		(8,202)	(8,342)		(24,737)	(24,684)		(10,906)	(9,011)		(2,368)	(476)
	% of sales		35.7%	35.9%		56.2%	70.9%		46.1%	45.8%		28.0%	26.4%		27.1%	7.4%
	Operating profit		14,580	14,515		(3,460)	(5,823)		2,197	4,144		3,110	4,154		(69)	1,170
	% change		0.4%			40.6%			-47.0%			-25.1%			NM
	% of sales		21.3%	21.9%		-23.7%	-49.5%		4.1%	7.7%		8.0%	12.1%		-0.8%	18.2%
	Depreciation		9,042	8,879		4,020	5,085		5,600	5,749		1,273	941		675	676
	Amortization		392	331		254	258		73	75		209	123		3	1
	EBITDA		24,014	23,725		814	(480)		7,870	9,968		4,592	5,218		608	1,847
	% change		1.2%			NM			-21.0%			-12.0%			-67.1%
	% of sales		35.0%	35.8%		5.6%	-4.1%		14.7%	18.5%		11.8%	15.3%		7.0%	28.8%
	* The "Other products" line corresponds to intercompany sales in the "Other" segment.
	** An administrative expenses reallocation (from beer Chile to others) was done in the first quarter figures
			Beer - Chile			Beer - Argentina*			Soft Drinks & Min Water			Wine
			2003	2002		2003	2002		2003	2002		2003	2002
	VOLUMES & PRICING
									Total**			Total
	Volume (HLs)		1,758,678	1,693,837		859,290	679,674		1,981,203	1,972,704		572,999	439,782
	% change		3.8%			26.4%			0.4%			30.3%
									Soft Drinks			Chile - Domestic
									1,470,904	1,482,634		226,984	235,653
									-0.8%			-3.7%
									Nectars			Chile - Export
									149,267	121,651		227,322	202,549
									22.7%			12.2%
									Mineral Water
									361,032	368,419		Argentina - Domestic
									-2.0%			13,383	1,580
												747.0%
												Argentina - Export
												105,310
	* Volumes include exports of 21,842 ( 16,635 to Chile) and 11,403 ( 9,225 to Chile) hectoliters in 2003 and 2002 respectively.
	** In unit cases, sales from the soft drink and mineral water segment totaled 34.9 million and 34.7 million in 2003 & 2002, respectively.
									Total			Total
	Price (Ch$ / HL)		38,287	38,503		16,157	16,688		26,719	27,203		67,526	77,265
	% change (real)		-0.6%			-3.2%			-1.8%			-12.6%
									Soft Drinks			Chile - Domestic
									26,751	27,377		45,816	48,191
									-2.3%			-4.9%
									Nectars			Chile - Export
									37,894	38,760		104,306	111,296
									-2.2%			-6.3%
									Mineral Water
									21,967	22,687		Argentina - Domestic
									-3.2%			48,893	50,987
												-4.1%
												Argentina - Export
												37,295