EX-1 3 e1.htm EXHIBIT 1: INCOME STATEMENT (SECOND QUARTER 2005)

	Exhibit 1: Income Statement (Second Quarter 2005)
				Ch$ millions				US$ millions (1)				%
				Q2'05	Q2'04			Q2'05	Q2'04			Change
	Net sales			98,715	86,247			170.5	149.0			14.5%
	Cost of goods sold			(53,013)	(45,359)			(91.6)	(78.3)			16.9%
		% of sales		53.7%	52.6%			53.7%	52.6%
	Gross profit			45,702	40,888			78.9	70.6			11.8%
		% of sales		46.3%	47.4%			46.3%	47.4%
	SG&A			(40,862)	(36,836)			(70.6)	(63.6)			10.9%
		% of sales		41.4%	42.7%			41.4%	42.7%
	Operating income			4,840	4,053			8.4	7.0			19.4%
		% of sales		4.9%	4.7%			4.9%	4.7%
	Non-operating result
		Financial income		(252)	(223)			(0.4)	(0.4)			12.8%
		Equity in NI of rel. companies		49	(4)			0.1	(0.0)			NM
		Other non-operating income		414	141			0.7	0.2			193.5%
		Amortization of goodwill		(721)	(597)			(1.2)	(1.0)			20.8%
		Interest expenses		(1,884)	(1,489)			(3.3)	(2.6)			26.5%
		Other non-operating expenses		(783)	(582)			(1.4)	(1.0)			34.5%
		Price level restatement		319	490			0.6	0.8			-35.0%
		Currency exchange result		(91)	(913)			(0.2)	(1.6)			-90.1%
		Total		(2,950)	(3,178)			(5.1)	(5.5)			-7.2%
	Income before taxes			1,890	875			3.3	1.5			116.0%
		Income taxes		(679)	(954)			(1.2)	(1.6)			-28.8%
		Tax rate		35.9%	109.0%			35.9%	109.0%
	Minority interest			(233)	11			(0.4)	0.0			NM
	Amort. of negative goodwill			10	12			0.0	0.0			-15.6%
	Net income			988	(56)			1.7	(0.1)			NM
		% of sales		1.0%	-0.1%			1.0%	-0.1%
	Earnings per share			3.10	(0.18)			0.01	(0.00)			NM
	Earnings per ADR			15.51	(0.88)			0.03	(0.00)
	Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
	Depreciation			9,557	10,274			16.5	17.7			-7.0%
	Amortization			133	102			0.2	0.2			29.8%
	EBITDA			14,529	14,429			25.1	24.9			0.7%
		% of sales		14.7%	16.7%			14.7%	16.7%
	Capital expenditures			7,040	3,450			12.2	6.0			104.1%
	(1) Exchange rate: US$1.00 = Ch$579.00