EX-1 3 inc1.htm EXHIBIT 1 INCOME STATEMENT Q2'04

Compañía Cervecerías Unidas S.A.
Exhibit 1: Income Statement (Second Quarter 2004)
			Ch$ millions				US$ millions (1)
			Q2'04	Q2'03			Q2'04	Q2'03			% Change
Net sales			84,074	77,625			132.1	122.0			8.3%
Cost of goods sold			(44,261)	(43,213)			(69.6)	(67.9)			2.4%
	% of sales		52.6%	55.7%			52.6%	55.7%
Gross profit			39,813	34,412			62.6	54.1			15.7%
	% of sales		47.4%	44.3%			47.4%	44.3%
SG&A			(35,867)	(33,359)			(56.4)	(52.4)			7.5%
	% of sales		42.7%	43.0%			42.7%	43.0%
Operating income			3,946	1,053			6.2	1.7			274.7%
	% of sales		4.7%	1.4%			4.7%	1.4%
Non-operating result
	Financial income		(217)	280			(0.3)	0.4			NM
	Equity in NI of rel. companies		(4)	(386)			(0.0)	(0.6)			99.0%
	Other non-operating income		137	279			0.2	0.4			-50.8%
	Amortization of goodwill		(582)	(589)			(0.9)	(0.9)			1.3%
	Interest expenses		(1,450)	(1,312)			(2.3)	(2.1)			-10.5%
	Other non-operating expenses		(567)	(1,175)			(0.9)	(1.8)			51.8%
	Price level restatement		478	1,709			0.8	2.7			-72.1%
	Currency exchange result		(889)	(546)			(1.4)	(0.9)			-62.9%
	Total		(3,094)	(1,740)			(4.9)	(2.7)			-77.8%
Income before taxes			852	(687)			1.3	(1.1)			NM
	Income taxes		(929)	(94)			(1.5)	(0.1)			-891.1%
	Tax rate		109.0%	-13.6%			109.0%	-13.6%
Minority interest			11	(213)			0.0	(0.3)			NM
Amort. of negative goodwill			11	12			0.02	0.02			-2.6%
Net income			(55)	(982)			(0.1)	(1.5)			94.4%
	% of sales		-0.1%	-1.3%			-0.1%	-1.3%
Earnings per share			(0.17)	(3.08)			(0.00)	(0.00)			94.4%
Earnings per ADR			(0.86)	(15.42)			(0.00)	(0.02)
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			9,623	9,965			15.1	15.7			-3.4%
Amortization			481	508			0.8	0.8			-5.4%
EBITDA			14,050	11,526			22.1	18.1			21.9%
	% of sales		16.7%	14.8%			16.7%	14.8%
Capital expenditures			3,359	5,020			5.3	7.9			-33.1%
(1) Exchange rate: US$1.00 = Ch$636.30