EX-2 3 inc2.htm EXHIBIT 2: INCOME STATEMENT (YEAR TO DATE 2005)

Exhibit 2: Income Statement (Nine Months Ended September 30, 2005)
			Ch$ millions				US$ millions (1)				%
			30-Sep-05	30-Sep-04			30-Sep-05	30-Sep-04			Change
Net sales			339,427	301,059			641.4	568.9			12.7%
Cost of goods sold			(169,480)	(147,295)			(320.3)	(278.3)			15.1%
	% of sales		49.9%	48.9%			49.9%	48.9%
Gross profit			169,947	153,764			321.1	290.6			10.5%
	% of sales		50.1%	51.1%			50.1%	51.1%
SG&A			(129,782)	(116,920)			(245.2)	(220.9)			11.0%
	% of sales		38.2%	38.8%			38.2%	38.8%
Operating income			40,165	36,843			75.9	69.6			9.0%
	% of sales		11.8%	12.2%			11.8%	12.2%
Non-operating result
	Financial income		790	103			1.5	0.2			670.9%
	Equity in NI of rel. companies		(26)	75			(0.0)	0.1			NM
	Other non-operating income		1,427	640			2.7	1.2			122.9%
	Amortization of goodwill		(1,923)	(1,751)			(3.6)	(3.3)			9.8%
	Interest expense		(5,437)	(4,738)			(10.3)	(9.0)			14.8%
	Other non-operating expenses		(1,132)	(1,202)			(2.1)	(2.3)			-5.9%
	Price level restatement		(106)	967			(0.2)	1.8			NM
	Currency exchange result		188	(1,059)			0.4	(2.0)			NM
	Total		(6,219)	(6,964)			(11.8)	(13.2)			-10.7%
Income before taxes			33,946	29,879			64.1	56.5			13.6%
	Income taxes		(4,893)	(6,773)			(9.2)	(12.8)			-27.8%
	Tax rate		14.4%	22.7%			14.4%	22.7%
Minority interest			(521)	(644)			(1.0)	(1.2)			-19.2%
Amort. of negative goodwill			36	33			0.1	0.1			9.4%
Net income			28,568	22,494			54.0	42.5			27.0%
	% of sales		8.4%	7.5%			8.4%	7.5%
Earnings per share			89.69	70.62			0.17	0.13			27.0%
Earnings per ADR			448.47	353.12			0.85	0.67
Weighted avg. shares (millions)			318.5	318.5			318.5	318.5
Depreciation			30,140	32,045			57.0	60.6			-5.9%
Amortization			396	301			0.7	0.6			31.6%
EBITDA			70,700	69,190			133.6	130.7			2.2%
	% of sales		20.8%	23.0%			20.8%	23.0%
Capital expenditures			29,927	19,016			56.6	35.9			57.4%
(1) Exchange rate: US$1.00 = Ch$529.20