EX-1 3 exa.htm INCOME STATEMENT-Q1

CCU S

Compañía Cervecerías Unidas S.A.
Exhibit 1: Income Statement (Three Months Ended March 31, 2004)
		Ch$ millions		US$ millions (1)
		Q1'04	Q1'03	Q1'04	Q1'03		% Change
Net sales		110,293	100,007	178.9	162.2		10.3%
Cost of goods sold		(48,033)	(47,582)	(77.9)	(77.2)		0.9%
	% of sales	43.6%	47.6%	43.6%	47.6%
Gross profit		62,260	52,425	101.0	85.0		18.8%
	% of sales	56.4%	52.4%	56.4%	52.4%
SG&A		(39,046)	(37,081)	(63.3)	(60.2)		5.3%
	% of sales	35.4%	37.1%	35.4%	37.1%
Operating income		23,214	15,344	37.7	24.9		51.3%
	% of sales	21.0%	15.3%	21.0%	15.3%
Non-operating results
	Financial income	578	658	0.9	1.1		-12.2%
	Equity in NI of rel. companies	(12)	19,933	(0.0)	32.3		NM
	Other non-operating income	280	266	0.5	0.4		5.2%
	Amortization of goodwill	(563)	(617)	(0.9)	(1.0)		-8.6%
	Interest expense	(1,707)	(933)	(2.8)	(1.5)		82.9%
	Other non-operating expenses	(173)	(216)	(0.3)	(0.4)		-20.2%
	Price level restatement	(154)	1,178	(0.2)	1.9		NM
	Currency exchange result	(273)	(28)	(0.4)	(0.0)		862.1%
	Total	(2,024)	20,240	(3.3)	32.8		NM
Income before taxes		21,190	35,584	34.4	57.7		-40.5%
	Income taxes	(4,888)	(2,634)	(7.9)	(4.3)		85.6%
	Tax rate	23.1%	7.4%	23.1%	7.4%
Minority interest		(11)	(317)	(0.0)	(0.5)		96.7%
Amort. of negative goodwill		11	13	0.02	0.02		-15.7%
Net income		16,302	32,645	26.4	53.0		-50.1%
	% of sales	14.8%	32.6%	14.8%	32.6%
Earnings per share		51.18	102.50	0.08	0.17		-50.1%
Earnings per ADR		255.92	512.48	0.42	0.83
Weighted avg. shares (millions)		318.5	318.5	318.5	318.5
Depreciation		9,585	10,492	15.6	17.0		-8.6%
Amortization		439	421	0.7	0.7		4.3%
EBITDA		33,239	26,257	53.9	42.6		26.6%
	% of sales	30.1%	26.3%	30.1%	26.3%
Capital expenditures		6,614	3,729	10.7	6.0		77.4%
(1) Exchange rate: US$ 1.00 = Ch$ 616,41