EX-4 7 exhibitd.htm SEGMENT INFORMATION - YTD

exhibitd

	Compañía Cervecerías Unidas S.A.
	Exhibit 4: Segment Information - Nine Month Ended September 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		97,357	91,194		20,424	16,750		78,281	78,484		62,864	55,972		3,579	305
	Other products (*)		1,995	1,687		936	852		1,113	451		310	351		10,009	9,777
	Total		99,353	92,881		21,359	17,603		79,394	78,935		63,174	56,323		13,587	10,082
	% change		7.0%			21.3%			0.6%			12.2%			34.8%
	Cost of sales		(42,119)	(39,730)		(14,368)	(14,503)		(39,280)	(37,003)		(41,583)	(34,067)		(10,208)	(7,283)
	% of sales		42.4%	42.8%		67.3%	82.4%		49.5%	46.9%		65.8%	60.5%		75.1%	72.2%
	SG&A		(36,813)	(35,400)		(11,933)	(12,951)		(36,693)	(36,125)		(16,653)	(14,403)		(3,230)	(803)
	% of sales		37.1%	38.1%		55.9%	73.6%		46.2%	45.8%		26.4%	25.6%		23.8%	8.0%
	Operating profit		20,421	17,751		(4,941)	(9,851)		3,421	5,807		4,938	7,853		150	1,996
	% change		15.0%			49.8%			-41.1%			-37.1%			-92.5%
	% of sales		20.6%	19.1%		-23.1%	-56.0%		4.3%	7.4%		7.8%	13.9%		1.1%	19.8%
	Depreciation		13,212	13,345		5,551	8,059		8,458	8,422		1,655	1,423		1,023	982
	Amortization		627	434		360	418		109	112		303	187		3	2
	EBITDA		34,259	31,530		970	(1,374)		11,988	14,341		6,896	9,464		1,176	2,980
	% change		8.7%			NM			-16.4%			-27.1%			-60.5%
	% of sales		34.5%	33.9%		4.5%	-7.8%		15.1%	18.2%		10.9%	16.8%		8.7%	29.6%
	* The "Other products" line corresponds to intercompany sales in the "Other" segment.
			Beer - Chile			Beer - Argentina*			Soft Drinks & Min Water			Wine
			2003	2002		2003	2002		2003	2002		2003	2002
	VOLUMES & PRICING
									Total**			Total
	Volume (HLs)		2,496,953	2,369,655		1,246,609	1,004,099		2,932,900	2,883,974		912,544	717,525
	% change		5.4%			24.2%			1.7%			27.2%
									Soft Drinks			Chile - Domestic
									2,197,308	2,178,938		374,899	382,202
									0.8%			-1.9%
									Nectars			Chile - Export
									238,733	198,658		365,530	331,401
									20.2%			10.3%
									Mineral Water
									496,859	506,378		Argentina - Domestic
									-1.9%			17,799	3,923
												353.8%
												Argentina - Export
												154,315
	* Volumes include exports of 30,999 (21,821 to Chile) and 21,144 (18,177 to Chile) hectoliters in 2003 and 2002 respectively.
	** In unit cases, sales from the soft drink and mineral water segment totaled 51.6 million and 50.8 million in 2003 & 2002, respectively.
									Total			Total
	Price (Ch$ / HL)		38,990	38,484		16,383	16,682		26,691	27,214		68,888	78,007
	% change (real)		1.3%			-1.8%			-1.9%			-11.7%
									Soft Drinks			Chile - Domestic
									26,518	27,271		46,196	47,798
									-2.8%			-3.3%
									Nectars			Chile - Export
									38,037	38,321		105,304	113,071
									-0.7%			-6.9%
									Mineral Water
									22,001	22,611		Argentina - Domestic
									-2.7%			56,445	59,038
												-4.4%
												Argentina - Export
												39,213