EX-1 3 i1.htm EXHIBIT 1:INCOME STATEMENT (FIRST QUARTER 2005)

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Exhibit 1: Income Statement (Three Months Ended March 31, 2005)
			Ch$ millions				US$ millions (1)
			31-March-05	31-March-04			31-March-05	31-March-04			% Change
Net sales			124.632	112.720			212,7	192,4			10,6%
Cost of goods sold			(56.325)	(49.090)			(96,1)	(83,8)			14,7%
	% of sales		45,2%	43,6%			45,2%	43,6%
Gross profit			68.307	63.629			116,6	108,6			7,4%
	% of sales		54,8%	56,4%			54,8%	56,4%
SG&A			(43.609)	(39.905)			(74,4)	(68,1)			9,3%
	% of sales		35,0%	35,4%			35,0%	35,4%
Operating income			24.697	23.725			42,2	40,5			4,1%
	% of sales		19,8%	21,0%			19,8%	21,0%
Non-operating result
	Financial income		958	591			1,6	1,0			62,2%
	Equity in NI of rel. companies		62	(12)			0,1	(0,0)			NM
	Other non-operating income		136	286			0,2	0,5			-52,4%
	Amortization of goodwill		(555)	(576)			(0,9)	(1,0)			-3,5%
	Interest expense		(1.636)	(1.744)			(2,8)	(3,0)			-6,2%
	Other non-operating expenses		(110)	(176)			(0,2)	(0,3)			-37,7%
	Price level restatement		275	(157)			0,5	(0,3)			NM
	Currency exchange result		(451)	(279)			(0,8)	(0,5)			61,5%
	Total		(1.321)	(2.068)			(2,3)	(3,5)			-36,1%
Income before taxes			23.376	21.656			39,9	37,0			7,9%
	Income taxes		(4.153)	(4.995)			(7,1)	(8,5)			-16,9%
	Tax rate		17,8%	23,1%			17,8%	23,1%
Minority interest			(207)	(11)			(0,4)	(0,0)			1810,3%
Amort. of negative goodwill			10	11			0,0	0,0			-7,0%
Net income			19.026	16.661			32,5	28,4			14,2%
	% of sales		15,3%	14,8%			15,3%	14,8%
Earnings per share			59,74	52,31			0,10	0,09			14,2%
Earnings per ADR			298,68	261,55			0,51	0,45
Weighted avg. shares (millions)			318,5	318,5			318,5	318,5
Depreciation			9.070	9.796			15,5	16,7			-7,4%
Amortization			500	449			0,9	0,8			11,3%
EBITDA			34.266	33.970			58,5	58,0			0,9%
	% of sales		27,5%	30,1%			27,5%	30,1%
Capital expenditures			6.887	6.759			11,8	11,5			1,9%
(1) Exchange rate: US$1.00 = Ch$586

Última actualización 28/04/2005
Por Jorge Bustos Concha