EX-1 2 inc1.htm EXHIBIT 1: INCOME STATEMENT (THIRD QUARTER 2005)

Exhibit 1: Income Statement (Third Quarter 2005)
			Ch$ millions				US$ millions (1)				%
			Q3'05	Q3'04			Q3'05	Q3'04			Change
Net sales			111,059	97,465			209.9	184.2			13.9%
Cost of goods sold			(57,843)	(50,730)			(109.3)	(95.9)			14.0%
	% of sales		52.1%	52.0%			52.1%	52.0%
Gross profit			53,216	46,735			100.6	88.3			13.9%
	% of sales		47.9%	48.0%			47.9%	48.0%
SG&A			(43,421)	(38,460)			(82.1)	(72.7)			12.9%
	% of sales		39.1%	39.5%			39.1%	39.5%
Operating income			9,795	8,275			18.5	15.6			18.4%
	% of sales		8.8%	8.5%			8.8%	8.5%
Non-operating result
	Financial income		57	(280)			0.1	(0.5)			NM
	Equity in NI of rel. companies		(140)	92			(0.3)	0.2			NM
	Other non-operating income		867	202			1.6	0.4			328.4%
	Amortization of goodwill		(620)	(552)			(1.2)	(1.0)			12.2%
	Interest expenses		(1,841)	(1,430)			(3.5)	(2.7)			28.8%
	Other non-operating expenses		(225)	(430)			(0.4)	(0.8)			-47.7%
	Price level restatement		(712)	632			(1.3)	1.2			NM
	Currency exchange result		745	154			1.4	0.3			384.5%
	Total		(1,868)	(1,612)			(3.5)	(3.0)			15.9%
Income before taxes			7,926	6,662			15.0	12.6			19.0%
	Income taxes		78	(656)			0.1	(1.2)			NM
	Tax rate		-1.0%	9.8%			-1.0%	9.8%
Minority interest			(72)	(645)			(0.1)	(1.2)			-88.9%
Amort. of negative goodwill			15	10			0.0	0.0			58.9%
Net income			7,948	5,371			15.0	10.1			48.0%
	% of sales		7.2%	5.5%			7.2%	5.5%
Earnings per share			24.95	16.86			0.05	0.03			48.0%
Earnings per ADR			124.77	84.32			0.24	0.16
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			10,230	10,423			19.3	19.7			-1.8%
Amortization			123	95			0.2	0.2			29.7%
EBITDA			20,148	18,792			38.1	35.5			7.2%
	% of sales		18.1%	19.3%			18.1%	19.3%
Capital expenditures			12,696	8,817			24.0	16.7			44.0%
(1) Exchange rate: US$1.00 = Ch$529.20