EX-2 4 e2.htm EXHIBIT 2: INCOME STATEMENT (FIRST HALF 2005)

Exhibit 2: Income Statement (Six Months Ended June 30, 2005)
			Ch$ millions				US$ millions (1)				%
			30-June-05	30-June-04			30-June-05	30-June-04			Change
Net sales			225,448	200,991			389.4	347.1			12.2%
Cost of goods sold			(110,210)	(95,330)			(190.3)	(164.6)			15.6%
	% of sales		48.9%	47.4%			48.9%	47.4%
Gross profit			115,238	105,660			199.0	182.5			9.1%
	% of sales		51.1%	52.6%			51.1%	52.6%
SG&A			(85,257)	(77,457)			(147.2)	(133.8)			10.1%
	% of sales		37.8%	38.5%			37.8%	38.5%
Operating income			29,982	28,203			51.8	48.7			6.3%
	% of sales		13.3%	14.0%			13.3%	14.0%
Non-operating result
	Financial income		724	378			1.2	0.7			91.4%
	Equity in NI of rel. companies		112	(17)			0.2	(0.0)			NM
	Other non-operating income		553	432			1.0	0.7			27.9%
	Amortization of goodwill		(1,287)	(1,184)			(2.2)	(2.0)			8.7%
	Interest expense		(3,550)	(3,265)			(6.1)	(5.6)			8.7%
	Other non-operating expenses		(895)	(762)			(1.5)	(1.3)			17.5%
	Price level restatement		598	331			1.0	0.6			80.9%
	Currency exchange result		(550)	(1,197)			(0.9)	(2.1)			-54.1%
	Total		(4,295)	(5,283)			(7.4)	(9.1)			-18.7%
Income before taxes			25,687	22,920			44.4	39.6			12.1%
	Income taxes		(4,907)	(6,039)			(8.5)	(10.4)			-18.7%
	Tax rate		19.1%	26.3%			19.1%	26.3%
Minority interest			(444)	0			(0.8)	0.0			NM
Amort. of negative goodwill			20	23			0.0	0.0			-11.4%
Net income			20,356	16,904			35.2	29.2			20.4%
	% of sales		9.0%	8.4%			9.0%	8.4%
Earnings per share			63.91	53.07			0.11	0.09			20.4%
Earnings per ADR			319.56	265.37			0.55	0.46
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			19,162	20,603			33.1	35.6			-7.0%
Amortization			269	203			0.5	0.4			32.4%
EBITDA			49,413	49,009			85.3	84.6			0.8%
	% of sales		21.9%	24.4%			21.9%	24.4%
Capital expenditures			17,011	10,069			29.4	17.4			69.0%
(1) Exchange rate: US$1.00 = Ch$579.00