EX-2 3 ex2.htm EXHIBIT 2 INCOME SEP YTD 3:

Exhibit 2: Income Statement (NIne Months Ended September 30, 2004)
			Ch$ millions				US$ millions (1)
			30-September-04	30-September-03			30-September-04	30-September-03			% Change
Net sales			292,385	271,129			480.2	445.3			7.8%
Cost of goods sold			(143,100)	(139,750)			(235.0)	(229.5)			2.4%
	% of sales		48.9%	51.5%			48.9%	51.5%
Gross profit			149,285	131,379			245.2	215.8			13.6%
	% of sales		51.1%	48.5%			51.1%	48.5%
SG&A			(113,515)	(107,006)			(186.4)	(175.7)			6.1%
	% of sales		38.8%	39.5%			38.8%	39.5%
Operating income			35,770	24,373			58.7	40.0			46.8%
	% of sales		12.2%	9.0%			12.2%	9.0%
Non-operating result
	Financial income		100	2,211			0.2	3.6			-95.5%
	Equity in NI of rel. companies		73	19,981			0.1	32.8			-99.6%
	Other non-operating income		621	941			1.0	1.5			-34.0%
	Amortization of goodwill		(1,700)	(1,786)			(2.8)	(2.9)			4.8%
	Interest expense		(4,600)	(4,016)			(7.6)	(6.6)			-14.5%
	Other non-operating expenses		(1,167)	(2,309)			(1.9)	(3.8)			49.4%
	Price level restatement		939	3,186			1.5	5.2			-70.5%
	Currency exchange result		(1,028)	(1,080)			(1.7)	(1.8)			4.8%
	Total		(6,761)	17,128			(11.1)	28.1			NM
Income before taxes			29,009	41,501			47.6	68.2			-30.1%
	Income taxes		(6,576)	(4,066)			(10.8)	(6.7)			61.7%
	Tax rate		22.7%	9.8%			22.7%	9.8%
Minority interest			(626)	(814)			(1.0)	(1.3)			-23.1%
Amort. of negative goodwill			32	35			0.1	0.1			-9.4%
Net income			21,839	36,656			35.9	60.2			-40.4%
	% of sales		7.5%	13.5%			7.5%	13.5%
Earnings per share			68.57	115.09			0.11	0.19			-40.4%
Earnings per ADR			342.84	575.45			0.56	0.95
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			28,916	30,376			47.5	49.9			-4.8%
Amortization			1,392	1,425			2.3	2.3			-2.3%
EBITDA			66,078	56,174			108.5	92.3			17.6%
	% of sales		22.6%	20.7%			22.6%	20.7%
Capital expenditures			18,462	15,412			30.3	25.3			19.8%
(1) Exchange rate: US$1.00 = Ch$608.90