EX-2 3 e2.htm EXHIBIT 2:INCOME STATEMENT (TWELVE MONTHS ENDED DECEMBER 31, 2004)

Exhibit 2: Income Statement (Twelve Months Ended December 31, 2004)
			Ch$ millions				US$ millions (1)
			31-December-04	31-December-03			31-December-04	31-December-03			% Change
Net sales			420,638	393,666			754.6	706.3			6.9%
Cost of goods sold			(202,622)	(193,934)			(363.5)	(347.9)			4.5%
	% of sales		48.2%	49.3%			48.2%	49.3%
Gross profit			218,016	199,732			391.1	358.3			9.2%
	% of sales		51.8%	50.7%			51.8%	50.7%
SG&A			(159,309)	(152,722)			(285.8)	(274.0)			4.3%
	% of sales		37.9%	38.8%			37.9%	38.8%
Operating income			58,707	47,009			105.3	84.3			24.9%
	% of sales		14.0%	11.9%			14.0%	11.9%
Non-operating result
	Financial income		111	2,592			0.2	4.7			-95.7%
	Equity in NI of rel. companies		240	20,233			0.4	36.3			-98.8%
	Other non-operating income		3,982	2,051			7.1	3.7			94.2%
	Amortization of goodwill		(2,178)	(2,273)			(3.9)	(4.1)			-4.2%
	Interest expense		(5,930)	(5,803)			(10.6)	(10.4)			2.2%
	Other non-operating expenses		(2,457)	(4,153)			(4.4)	(7.5)			-40.8%
	Price level restatement		781	1,251			1.4	2.2			-37.6%
	Currency exchange result		(726)	42			(1.3)	0.1			NM
	Total		(6,178)	13,941			(11.1)	25.0			NM
Income before taxes			52,529	60,950			94.2	109.3			-13.8%
	Income taxes		(5,899)	(5,101)			(10.6)	(9.2)			15.6%
	Tax rate		11.2%	8.4%			11.2%	8.4%
Minority interest			(1,275)	(450)			(2.3)	(0.8)			183.1%
Amort. of negative goodwill			39	42			0.1	0.1			-8.4%
Net income			45,394	55,440			81.4	99.5			-18.1%
	% of sales		10.8%	14.1%			10.8%	14.1%
Earnings per share			142.52	174.07			0.26	0.31			-18.1%
Earnings per ADR			712.61	870.33			1.28	1.56
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			37,967	39,698			68.1	71.2			-4.4%
Amortization			1,881	1,867			3.4	3.3			0.8%
EBITDA			98,555	88,574			176.8	158.9			11.3%
	% of sales		23.4%	22.5%			23.4%	22.5%
Capital expenditures			25,579	19,637			45.9	35.2			30.3%
(1) Exchange rate: US$1.00 = Ch$557.40