EX-2 4 ex2.htm EXHIBIT 2: INCOME STATEMENT (FULL YEAR 2008)

Exhibit 2: Income Statement (Twelve Months Ended December 31, 2008)
			Ch$ millions				US$ millions (1)				%
			31-Dec-08	31-Dec-07			31-Dec-08	31-Dec-07			Change
Net sales			781.789	684.201			1.228,4	1.075,0			14,3%
Cost of goods sold			(369.739)	(321.562)			(580,9)	(505,2)			15,0%
	% of sales		47,3%	47,0%			47,3%	47,0%
Gross profit			412.050	362.639			647,4	569,8			13,6%
	% of sales		52,7%	53,0%			52,7%	53,0%
SG&A			(290.985)	(252.232)			(457,2)	(396,3)			15,4%
	% of sales		37,2%	36,9%			37,2%	36,9%
Operating income			121.066	110.407			190,2	173,5			9,7%
	% of sales		15,5%	16,1%			15,5%	16,1%
Non-operating result
	Financial income		571	1.287			0,9	2,0			-55,7%
	Equity in NI of rel. companies		472	(1.591)			0,7	(2,5)			NM
	Other non-operating income		2.427	19.748			3,8	31,0			-87,7%
	Amortization of goodwill		(3.636)	(2.960)			(5,7)	(4,7)			22,9%
	Interest expense		(12.274)	(9.508)			(19,3)	(14,9)			29,1%
	Other non-operating expenses		(3.363)	(5.741)			(5,3)	(9,0)			-41,4%
	Price level restatement		(2.360)	(4.829)			(3,7)	(7,6)			-51,1%
	Currency exchange result		(3.090)	(96)			(4,9)	(0,2)			3122,9%
	Total		(21.253)	(3.688)			(33,4)	(5,8)			476,3%
Income before taxes			99.812	106.719			156,8	167,7			-6,5%
	Income taxes		(14.085)	(18.152)			(22,1)	(28,5)			-22,4%
	Tax rate		14,1%	17,0%			14,1%	17,0%
Minority interest			(3.187)	(2.374)			(5,0)	(3,7)			34,3%
Amort. of negative goodwill			91	55			0,1	0,1			66,0%
Net income			82.631	86.248			129,8	135,5			-4,2%
	% of sales		10,6%	12,6%			10,6%	12,6%
Earnings per share			259,43	270,79			0,41	0,43			-4,2%
Earnings per ADR			1.297,17	1.353,96			2,04	2,13
Weighted avg. shares (millions)			318,5	318,5			318,5	318,5
Depreciation			54.638	48.867			85,8	76,8			11,8%
Amortization			945	640			1,5	1,0			47,6%
EBITDA			176.648	159.914			277,6	251,3			10,5%
	% of sales		22,6%	23,4%			22,6%	23,4%
Capital expenditures			53.735	57.955			84,4	91,1			-7,3%
(1) Exchange rate: US$1.00 = Ch$636.45