EX-1 2 ex1.htm EXHIBIT 1: INCOME 3Q'04

Exhibit 1: Income Statement (Third Quarter 2004)
			Ch$ millions				US$ millions (1)
			Q3'04	Q3'03			Q3'04	Q3'03			% Change
Net sales			94,625	90,233			155.4	148.2			4.9%
Cost of goods sold			(49,252)	(47,333)			(80.9)	(77.7)			4.1%
	% of sales		52.0%	52.5%			52.0%	52.5%
Gross profit			45,374	42,900			74.5	70.5			5.8%
	% of sales		48.0%	47.5%			48.0%	47.5%
SG&A			(37,340)	(35,306)			(61.3)	(58.0)			5.8%
	% of sales		39.5%	39.1%			39.5%	39.1%
Operating income			8,034	7,594			13.2	12.5			5.8%
	% of sales		8.5%	8.4%			8.5%	8.4%
Non-operating result
	Financial income		(272)	1,254			(0.4)	2.1			NM
	Equity in NI of rel. companies		89	(42)			0.1	(0.1)			NM
	Other non-operating income		196	387			0.3	0.6			-49.2%
	Amortization of goodwill		(536)	(559)			(0.9)	(0.9)			4.1%
	Interest expenses		(1,388)	(1,734)			(2.3)	(2.8)			19.9%
	Other non-operating expenses		(418)	(899)			(0.7)	(1.5)			53.5%
	Price level restatement		614	252			1.0	0.4			143.7%
	Currency exchange result		149	(499)			0.2	(0.8)			NM
	Total		(1,566)	(1,841)			(2.6)	(3.0)			15.0%
Income before taxes			6,468	5,753			10.6	9.4			12.4%
	Income taxes		(637)	(1,274)			(1.0)	(2.1)			50.0%
	Tax rate		9.8%	22.1%			9.8%	22.1%
Minority interest			(626)	(274)			(1.0)	(0.4)			128.8%
Amort. of negative goodwill			9	10			0.0	0.0			-8.8%
Net income			5,215	4,216			8.6	6.9			23.7%
	% of sales		5.5%	4.7%			5.5%	4.7%
Earnings per share			16.37	13.24			0.03	0.02			23.7%
Earnings per ADR			81.86	66.19			0.13	0.11
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			9,390	9,557			15.4	15.7			-1.8%
Amortization			456	480			0.7	0.8			-4.8%
EBITDA			17,880	17,631			29.4	29.0			1.4%
	% of sales		18.9%	19.5%			18.9%	19.5%
Capital expenditures			8,560	6,526			14.1	10.7			31.2%
(1) Exchange rate: US$1.00 = Ch$608.90