EX-3 5 exc.htm BALANCE SHEET

CCU S

Compañía Cervecerías Unidas S.A.
Exhibit 3: Balance Sheet
		Ch$ millions		US$ millions (1)
		Mar 31-2004	Mar 31-2003	Mar 31-2004	Mar 31-2003	% Change
ASSETS
Cash & equivalents		21,877	37,922	35.5	61.5	-42.3%
Other current assets		175,070	196,387	284.0	318.6	-10.9%
Total current assets		196,947	234,309	319.5	380.1	-15.9%
PP&E, net		310,484	341,500	503.7	554.0	-9.1%
Other assets		65,291	101,255	105.9	164.3	-35.5%
TOTAL ASSETS		572,722	677,065	929.1	1,098.4	-15.4%
LIABILITIES &
STOCKHOLDERS' EQUITY
Short-term debt (2)		38,946	48,480	63.2	78.6	-19.7%
Other current liabilities		61,214	171,605	99.3	278.4	-64.3%
Total current liabilities		100,160	220,085	162.5	357.0	-54.5%
Long-term debt (2)		103,015	21,957	167.1	35.6	369.2%
Other long-term liabilities		34,849	97,320	56.5	157.9	-64.2%
Total long-term liabilities		137,863	119,277	223.7	193.5	15.6%
Minority interest		38,650	42,220	62.7	68.5	-8.5%
Stockholders' equity		296,048	295,482	480.3	479.4	0.2%
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY		572,722	677,065	929.1	1,098.4	-15.4%
OTHER FINANCIAL INFORMATION
Cash & equivalents plus
other liquid assets		79,678	48,021	129.3	77.9	65.9%
Total financial debt		141,961	70,437	230.3	114.3	101.5%
Net debt (3)		62,283	22,416	101.0	36.4	177.9%
Liquidity ratio		1.97	1.06
Debt / Capitalization		0.30	0.17
(1) Exchange rate: US$ 1.00 = Ch$ 616,41
(2) Includes only financial debt
(3) Total financial debt minus cash & equivalents plus other liquid assets