EX-1 4 exhibita.htm INCOME STATEMENT - Q3

exhibita

Compañía Cervecerías Unidas S.A.
Exhibit 1: Income Statement (Third Quarter 2003)
			Ch$ millions				US$ millions (1)
			Q3'03	Q3'02			Q3'03	Q3'02			% Change
Net sales			88,812	79,644			134.4	120.5			11.5%
Cost of goods sold			(46,623)	(40,983)			(70.5)	(62.0)			-13.8%
	% of sales		52.5%	51.5%			52.5%	51.5%
Gross profit			42,189	38,661			63.8	58.5			9.1%
	% of sales		47.5%	48.5%			47.5%	48.5%
SG&A			(34,575)	(33,287)			(52.3)	(50.4)			-3.9%
	% of sales		38.9%	41.8%			38.9%	41.8%
Operating income			7,615	5,374			11.5	8.1			41.7%
	% of sales		8.6%	6.7%			8.6%	6.7%
Non-operating results
	Financial income		1,234	424			1.9	0.6			190.7%
	Equity in NI of rel. companies		(42)	855			(0.1)	1.3			NM
	Other non-operating income		240	151			0.4	0.2			59.6%
	Amortization of goodwill		(550)	(721)			(0.8)	(1.1)			23.7%
	Interest expenses		(1,706)	(1,008)			(2.6)	(1.5)			-69.3%
	Other non-operating expenses		(885)	(694)			(1.3)	(1.0)			-27.6%
	Price level restatement		248	399			0.4	0.6			-37.9%
	Currency exchange result		(492)	(794)			(0.7)	(1.2)			38.1%
	Total		(1,952)	(1,388)			(3.0)	(2.1)			-40.7%
Income before taxes			5,662	3,987			8.6	6.0			42.0%
	Income taxes		(1,253)	(958)			(1.9)	(1.4)			-30.9%
	Tax rate		22.1%	24.0%			22.1%	24.0%
Minority interest			(269)	(467)			(0.4)	(0.7)			42.3%
Amort. of negative goodwill			10	15			0.02	0.02			-34.0%
Net income			4,150	2,577			6.3	3.9			61.0%
	% of sales		4.7%	3.2%			4.7%	3.2%
Earnings per share			13.03	8.09			0.02	0.01			61.0%
Earnings per ADR			65.14	40.46			0.10	0.06
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			9,267	10,878			14.0	16.5			-14.8%
Amortization			472	364			0.7	0.6			29.6%
EBITDA			17,353	16,617			26.3	25.1			4.4%
	% of sales		19.5%	20.9%			19.5%	20.9%
Capital expenditures			6,415	4,399			9.7	6.7			45.8%
(1) Exchange rate: US$ 1.00 = Ch$ 660.97