EX-4 6 seg2.htm EXHIBIT 4 SEGMENT INFORMATION YTD

	Compañía Cervecerías Unidas S.A.
	Exhibit 4: Segment Information - Six Month Ended June 30, 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		75,189	67,872		20,482	14,594		56,260	53,918		36,564	38,925		5,842	2,103
	Other products (*)		881	1,116		216	76		164	130		205	201		6,587	6,598
	Total		76,070	68,988		20,697	14,670		56,424	54,049		36,769	39,126		12,428	8,701
	% change		10.3%			41.1%			4.4%			-6.0%			42.8%
	Cost of sales		(28,021)	(29,794)		(11,222)	(9,900)		(26,325)	(26,940)		(24,343)	(25,066)		(9,563)	(6,296)
	% of sales		36.8%	43.2%		54.2%	67.5%		46.7%	49.8%		66.2%	64.1%		76.9%	72.4%
	SG&A		(27,814)	(25,239)		(9,800)	(8,251)		(24,790)	(24,108)		(10,359)	(10,723)		(2,657)	(2,602)
	% of sales		36.6%	36.6%		47.3%	56.2%		43.9%	44.6%		28.2%	27.4%		21.4%	29.9%
	Operating profit		20,235	13,955		(325)	(3,481)		5,309	3,001		2,067	3,336		177	(214)
	% change		45.0%			90.7%			76.9%			-38.0%			NM
	% of sales		26.6%	20.2%		-1.6%	-23.7%		9.4%	5.6%		5.6%	8.5%		1.4%	-2.5%
	Depreciation		9,023	9,549		3,020	4,044		5,304	5,304		1,297	1,103		689	593
	Amortization		452	389		205	255		70	76		193	212		5	4
	EBITDA		29,710	23,894		2,900	818		10,682	8,380		3,557	4,651		871	382
	% change		24.3%			254.4%			27.5%			-23.5%			128.0%
	% of sales		39.1%	34.6%		14.0%	5.6%		18.9%	15.5%		9.7%	11.9%		7.0%	4.4%
	* 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)		1,778,822	1,762,605		971,861	859,282		2,070,229	1,982,746		499,628	574,676
	% change		0.9%			13.1%			4.4%			-13.1%
									Soft Drinks			Chile - Domestic
									1,508,194	1,472,276		237,231	227,230
									2.4%			4.4%
									Nectars			Chile Bottled Exports
									175,997	149,290		185,865	176,176
									17.9%			5.5%
									Mineral Water			Chile Bulk Exports
									386,038	361,180		48,155	51,052
									6.9%			-5.7%
												Argentina
												28,378	120,217
												-76.4%
	* Volumes include exports of 21,257 HL (16,764 HL to Chile) and 21,842 HL (16,635 HL to Chile) hectoliters in 2004 and 2003 respectively.
	** In unit cases, sales from the soft drink and mineral water segment totaled 36.5 million and 34.9 million in 2004 and 2003, respectively.
									Total			Total
	Price (Ch$ / HL)		42,269	38,507		21,075	16,984		27,176	27,194		73,183	67,733
	% change (real)		9.8%			24.1%			-0.1%			8.0%
									Soft Drinks			Chile - Domestic
									26,481	26,941		50,127	46,041
									-1.7%			8.9%
									Nectars			Chile - Export
									41,303	38,179		114,636	124,937
									8.2%			-8.2%
									Mineral Water			Chile Bulk Exports
									21,786	22,128		33,987	36,086
									-1.5%			-5.8%
												Argentina
												60,933	38,342
												58.9%