EX-2 4 ex2.htm EXHIBIT 2: INCOME STATEMENT (FIRST HALF 2007)

Exhibit 2: Income Statement (Six Months Ended June 30, 2007)
			Ch$ millions				US$ millions (1)				%
			30-June-07	30-June-06			30-June-07	30-June-06			Change
Net sales			283.301	258.674			537,7	491,0			9,5%
Cost of goods sold			(133.871)	(125.237)			(254,1)	(237,7)			6,9%
	% of sales		47,3%	48,4%			47,3%	48,4%
Gross profit			149.430	133.437			283,6	253,3			12,0%
	% of sales		52,7%	51,6%			52,7%	51,6%
SG&A			(104.044)	(99.695)			(197,5)	(189,2)			4,4%
	% of sales		36,7%	38,5%			36,7%	38,5%
Operating income			45.385	33.743			86,1	64,0			34,5%
	% of sales		16,0%	13,0%			16,0%	13,0%
Non-operating result
	Financial income		1.225	1.228			2,3	2,3			-0,3%
	Equity in NI of rel. companies		(284)	76			(0,5)	0,1			NM
	Other non-operating income		1.535	2.714			2,9	5,2			-43,4%
	Amortization of goodwill		(1.342)	(2.300)			(2,5)	(4,4)			-41,7%
	Interest expense		(3.902)	(3.796)			(7,4)	(7,2)			2,8%
	Other non-operating expenses		(2.306)	(608)			(4,4)	(1,2)			279,2%
	Price level restatement		(1.127)	(98)			(2,1)	(0,2)			1053,4%
	Currency exchange result		356	(499)			0,7	(0,9)			NM
	Total		(5.844)	(3.282)			(11,1)	(6,2)			78,1%
Income before taxes			39.541	30.461			75,1	57,8			29,8%
	Income taxes		(6.722)	(6.416)			(12,8)	(12,2)			4,8%
	Tax rate		17,0%	21,1%			17,0%	21,1%
Minority interest			(685)	603			(1,3)	1,1			NM
Amort. of negative goodwill			26	25			0,0	0,0			1,1%
Net income			32.160	24.673			61,0	46,8			30,3%
	% of sales		11,4%	9,5%			11,4%	9,5%
Earnings per share			100,97	77,46			0,19	0,15			30,3%
Earnings per ADR			504,86	387,32			0,96	0,74
Weighted avg. shares (millions)			318,5	318,5			318,5	318,5
Depreciation			21.266	21.289			40,4	40,4			-0,1%
Amortization			288	308			0,5	0,6			-6,6%
EBITDA			66.939	55.339			127,1	105,0			21,0%
	% of sales		23,6%	21,4%			23,6%	21,4%
Capital expenditures			22.428	18.109			42,6	34,4			23,9%
(1) Exchange rate: US$1.00 = Ch$526.86