EX-2 4 exb.htm SEGMENT INFORMATION-Q1

CCU S

	Compañía Cervecerías Unidas S.A.
	Exhibit 2: Segment Information - First Quarter 2004
			Beer - Chile			Beer - Argentina			Soft Drinks & Min Water			Wine			Others
			2004	2003		2004	2003		2004	2003		2004	2003		2004	2003
	OPERATING RESULTS
	(all figures in Ch$ millions)
	Revenues
	Core products		47,225	42,181		12,114	8,270		31,839	30,409		15,314	16,957		2,587	771
	Other products (*)		493	694		426	503		142	120		156	107		3,522	3,986
	Total		47,718	42,875		12,540	8,773		31,981	30,529		15,470	17,064		6,110	4,757
	% change		11.3%			42.9%			4.8%			-9.3%			28.4%
	Cost of sales		(16,116)	(17,108)		(6,250)	(5,490)		(13,915)	(14,666)		(10,675)	(10,935)		(4,603)	(3,374)
	% of sales		33.8%	39.9%		49.8%	62.6%		43.5%	48.0%		69.0%	64.1%		75.3%	70.9%
	SG&A		(15,115)	(13,602)		(5,223)	(4,280)		(12,952)	(12,723)		(4,445)	(4,824)		(1,311)	(1,652)
	% of sales		31.7%	31.7%		41.6%	48.8%		40.5%	41.7%		28.7%	28.3%		21.5%	34.7%
	Operating profit		16,487	12,165		1,068	(997)		5,114	3,140		351	1,306		195	(269)
	% change		35.5%			N/M			62.9%			-73.1%			N/M
	% of sales		34.6%	28.4%		8.5%	-11.4%		16.0%	10.3%		2.3%	7.7%		3.2%	-5.7%
	Depreciation		4,465	4,812		1,539	2,201		2,639	2,619		614	570		329	290
	Amortization		207	178		101	133		34	38		95	67		2	6
	EBITDA		21,158	17,155		2,708	1,337		7,787	5,797		1,059	1,942		526	26
	% change		23.3%			102.6%			34.3%			-45.4%			1897.4%
	% of sales		44.3%	40.0%		21.6%	15.2%		24.3%	19.0%		6.8%	11.4%		8.6%	0.6%
	* The "Other products" line corresponds to intercompany sales in the "Other" segment.
			Beer - Chile			Beer - Argentina*			Soft Drinks & Min Water			Wine
			2004	2003		2004	2003		2004	2003		2004	2003
	VOLUMES & PRICING
									Total**			Total
	Volume (HLs)		1,129,748	1,127,992		618,395	532,808		1,202,077	1,141,563		198,888	221,492
	% change		0.2%			16.1%			5.3%			-10.2%
									Soft Drinks			Chile - Domestic
									868,907	831,793		102,340	99,188
									4.5%			3.2%
									Nectars			Chile - Bottled Exports
									83,017	70,859		80,039	70,388
									17.2%			13.7%
									Mineral Water			Chile Bulk Exports
									250,154	238,911		22,457	40,962
									4.7%			-45.2%
												Argentina
												16,509	51,915
												-68.2%
	* Volumes include exports of 13.007 HL (10.062 HL to Chile) and 14.835 HL (11.357 HL to Chile) in Q1'04 and Q1'03 respectively.
	** In unit cases, sales from the soft drinks and mineral water segment totaled 21 million and 20 million in Q1'04 & Q1'03 respectively.
									Total			Total
	Price (Ch$ / HL)		41,801	37,395		19,590	15,522		26,487	26,638		77,000	76,556
	% change (real)		11.8%			26.2%			-0.6%			0.6%
									Soft Drinks			Chile Domestic
									26,371	26,977		48,414	45,376
									-2.2%			6.7%
									Nectars			Chile Bottled Exports
									41,704	38,322		112,081	131,097
									8.8%			-14.5%
									Mineral Water			Chile Bulk Exports
									21,825	21,974		31,693	34,466
									-0.7%			-8.0%
												Argentina
												82,032	34,422
												138.3%