EX-2 4 inc2.htm EXHIBIT 2 INCOME STATEMENT YTD

Compañía Cervecerías Unidas S.A.
Exhibit 2: Income Statement (Six Months Ended June 30, 2004)
			Ch$ millions				US$ millions (1)
			30-June-04	30-June-03			30-June-04	30-June-03			% Change
Net sales			195,801	178,936			307.7	281.2			9.4%
Cost of goods sold			(92,919)	(91,416)			(146.0)	(143.7)			1.6%
	% of sales		47.5%	51.1%			47.5%	51.1%
Gross profit			102,883	87,520			161.7	137.5			17.6%
	% of sales		52.5%	48.9%			52.5%	48.9%
SG&A			(75,421)	(70,923)			(118.5)	(111.5)			6.3%
	% of sales		38.5%	39.6%			38.5%	39.6%
Operating income			27,462	16,597			43.2	26.1			65.5%
	% of sales		14.0%	9.3%			14.0%	9.3%
Non-operating result
	Financial income		368	947			0.6	1.5			-61.1%
	Equity in NI of rel. companies		(16)	19,806			(0.0)	31.1			NM
	Other non-operating income		421	548			0.7	0.9			-23.3%
	Amortization of goodwill		(1,152)	(1,214)			(1.8)	(1.9)			5.1%
	Interest expense		(3,179)	(2,258)			(5.0)	(3.5)			-40.8%
	Other non-operating expenses		(742)	(1,394)			(1.2)	(2.2)			46.8%
	Price level restatement		322	2,903			0.5	4.6			-88.9%
	Currency exchange result		(1,166)	(575)			(1.8)	(0.9)			-102.8%
	Total		(5,145)	18,764			(8.1)	29.5			NA
Income before taxes			22,317	35,361			35.1	55.6			-36.9%
	Income taxes		(5,880)	(2,762)			(9.2)	(4.3)			112.9%
	Tax rate		26.3%	7.8%			26.3%	7.8%
Minority interest			0	(534)			0.0	(0.8)			NM
Amort. of negative goodwill			22	24			0.0	0.0			-9.5%
Net income			16,460	32,089			25.9	50.4			-48.7%
	% of sales		8.4%	17.9%			8.4%	17.9%
Earnings per share			51.68	100.75			0.08	0.16			-48.7%
Earnings per ADR			258.39	503.74			0.41	0.79
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			19,333	20,593			30.4	32.4			-6.1%
Amortization			926	935			1.5	1.5			-1.0%
EBITDA			47,721	38,126			75.0	59.9			25.2%
	% of sales		24.4%	21.3%			24.4%	21.3%
Capital expenditures			9,804	8,798			15.4	13.8			11.4%
(1) Exchange rate: US$1.00 = Ch$636.30