EX-3 4 ex3.htm EXHIBIT 3 SEGMENT 3Q'04

Exhibit 3: Segment Information - Third Quarter 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		32,016	30,478		7,690	6,771		26,480	26,027		22,949	22,192		4,017	1,496
Other products (*)		492	664		79	99		85	69		817	2,438		4,032	3,359
Total		32,508	31,142		7,769	6,870		26,566	26,096		23,766	24,630		8,048	4,855
% change		4.4%			13.1%			1.8%			-3.5%			65.8%
Cost of sales		(13,444)	(12,857)		(4,582)	(4,589)		(12,987)	(12,628)		(15,743)	(16,897)		(6,528)	(3,722)
% of sales		41.4%	41.3%		59.0%	66.8%		48.9%	48.4%		66.2%	68.6%		81.1%	76.7%
SG&A		(13,384)	(12,076)		(4,207)	(3,781)		(12,351)	(12,546)		(6,106)	(6,021)		(1,292)	(883)
% of sales		41.2%	38.8%		54.1%	55.0%		46.5%	48.1%		25.7%	24.4%		16.1%	18.2%
Operating profit		5,681	6,209		(1,019)	(1,500)		1,228	922		1,916	1,712		228	251
% change		-8.5%			32.0%			33.2%			11.9%			-9.1%
% of sales		17.5%	19.9%		-13.1%	-21.8%		4.6%	3.5%		8.1%	7.0%		2.8%	0.0%
Depreciation		4,602	4,462		1,254	1,552		2,590	2,727		623	507		321	310
Amortization		227	235		84	108		39	39		99	95		7	2
EBITDA		10,509	10,905		319	160		3,857	3,688		2,639	2,315		555	563
% change		-3.6%			99.6%			4.6%			14.0%			-1.3%
% of sales		32.3%	35.0%		4.1%	2.3%		14.5%	14.1%		11.1%	9.4%		6.9%	0.0%
* 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)		761,865	740,474		434,794	387,179		989,831	951,742		273,105	279,130
% change		2.9%			12.3%			4.0%			-2.2%
								Soft Drinks			Chile - Domestic
								732,287	726,443		134,852	147,924
								0.8%			-8.8%
								Nectars			Chile Bottled Exports
								100,954	89,467		129,703	122,671
								12.8%			5.7%
								Mineral Water
								156,590	135,832		Argentina
								15.3%			8,550	8,535
											0.2%
* Volumes include exports of 11.384 HL (8.412 HL to Chile) and 9.158 HL (5.186 HL to Chile) in Q3'04 and Q3'03 respectively.
** In unit cases, sales from the soft drinks and mineral water segment totaled 17 million and 17 million in Q3'04 and Q3'03 respectively.
*** Volumes do not include bulk volumes of 21.242 HL and 60.329 HL (16.772 HL and 15.442 HL from Chile exports), (4.470 HL and 44.886 HL from Argentina ) in 2004 and 2003 respectively.
									Total			Total
Price (Ch$ / HL)		42,024	41,160		17,686	17,489		26,752	27,347		84,030	79,503
% change (real)		2.1%			1.1%			-2.2%			5.7%
								Soft Drinks			Chile - Domestic
								25,809	26,465		55,284	47,454
								-2.5%			16.5%
								Nectars			Chile Bottled Exports
								39,824	38,878		112,790	116,695
								2.4%			-3.3%
								Mineral Water
								21,019	22,427		Argentina
								-6.3%			101,121	100,414
											0.7%