EX-2 5 exhibitb.htm INCOME STATEMENT - YTD

exhibitb

Compañía Cervecerías Unidas S.A.
Exhibit 2: Income Statement (Nine Months Ended September 30, 2003)
			Ch$ millions				US$ millions (1)
			30-Sept.-03	30-Sept.-02			30-Sept.-03	30-Sept.-02			% Change
Net sales			266,859	246,046			403.7	372.3			8.5%
Cost of goods sold			(137,549)	(122,809)			(208.1)	(185.8)			-12.0%
	% of sales		51.5%	49.9%			51.5%	49.9%
Gross profit			129,310	123,237			195.6	186.4			4.9%
	% of sales		48.5%	50.1%			48.5%	50.1%
SG&A			(105,321)	(99,681)			(159.3)	(150.8)			-5.7%
	% of sales		39.5%	40.5%			39.5%	40.5%
Operating income			23,989	23,555			36.3	35.6			1.8%
	% of sales		9.0%	9.6%			9.0%	9.6%
Non-operating results
	Financial income		2,176	1,866			3.3	2.8			16.6%
	Equity in NI of rel. companies		19,666	1,168			29.8	1.8			NM
	Other non-operating income		926	879			1.4	1.3			5.4%
	Amortization of goodwill		(1,758)	(2,006)			(2.7)	(3.0)			12.4%
	Interest expense		(3,953)	(2,954)			(6.0)	(4.5)			-33.8%
	Other non-operating expenses		(2,272)	(1,732)			(3.4)	(2.6)			-31.2%
	Price level restatement		3,136	1,060			4.7	1.6			195.9%
	Currency exchange result		(1,063)	(4,035)			(1.6)	(6.1)			73.6%
	Total		16,859	(5,754)			25.5	(8.7)			NM
Income before taxes			40,848	17,801			61.8	26.9			129.5%
	Income taxes		(4,002)	(6,185)			(6.1)	(9.4)			35.3%
	Tax rate		9.8%	34.7%			9.8%	34.7%
Minority interest			(801)	(767)			(1.2)	(1.2)			-4.5%
Amort. of negative goodwill			34	40			0.1	0.1			-14.2%
Net income			36,079	10,890			54.6	16.5			231.3%
	% of sales		13.5%	4.4%			13.5%	4.4%
Earnings per share			113.28	34.19			0.17	0.05			231.3%
Earnings per ADR			566.38	170.95			0.86	0.26
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			29,898	32,232			45.2	48.8			-7.2%
Amortization			1,403	1,154			2.1	1.7			21.6%
EBITDA			55,289	56,942			83.6	86.1			-2.9%
	% of sales		20.7%	23.1%			20.7%	23.1%
Capital expenditures			15,169	11,975			22.9	18.1			26.7%
(1) Exchange rate: US$ 1.00 = Ch$ 660.97