FOR IMMEDIATE RELEASE
MADECO S.A. ANNOUNCES ITS
CONSOLIDATED RESULTS FOR THE THIRD QUARTER OF 2006
(Santiago, Chile, October 30, 2006) Madeco S.A. ("Madeco") (NYSE ticker: MAD) today announced its consolidated financial results in Chilean GAAP for the third quarter ended September 30, 2006. All figures are expressed in Chilean pesos at September 30, 2006. Translations to US dollars made in this report are based on the exchange rate on that date (US$1.00 = Ch$537.03) and UF1.00= Ch$18,401.2 at September 30, 2006.
Highlights
Net Income Net income for 3Q06 was Ch$7,440 million, 352.1% higher than the Ch$1,646 million produced the year before. This was mainly due to improved operating income of Ch$7,965 million partially offset a larger non-operating loss of Ch$1,003 million and a higher charge for income tax, minority interest and others of Ch$1,173 million.
Revenues Sales in 3Q06 were Ch$148,370 million, a 69.2% increase over the same period of the previous year. This increase is basically explained by a growth in volumes sold (706 tons) and the improvement in the average price of the product mix as a result of the rise in the copper price.
Gross Income The gross income 3Q06 was Ch$22,052 million, 71.0% more than the Ch$12,893 million of the year before as a result of the 69.2% increase in sales and a 68.8% increase in the cost of sales. The increase in the cost of sales is basically due to the greater volume sold and the increase in the cost of the principal raw materials, like copper and aluminum. The rise in the average copper price (LME) in September 2006, compared to the average in September 2005 was 97.1% in dollar terms (from US$3,858 to US$7,602 per ton); in the case aluminum, the rise was 34.4%, also in dollars (from US$1,840 to US$2,473 per ton).
The sales prices of our products are indexed to the price of our principal raw material, copper, through the price published by the London Metal Exchange (LME). All products with a high copper content set their sale prices at the LME monthly average + transformation. Extraordinary gains were produced because of the very abrupt rises on the LME, generated by the difference between the LME price invoiced to the customer and the average weighted valuation price of our inventories, as explained in the opening summary.
Operating Income Operating income for 3Q06 amounted to Ch$14,835 million, 115.9% higher than the Ch$6,871 million obtained the year before. This increase is explained by the 71.0% (Ch$9,159 million) improvement in the operating margin, offset by a 19.8% increase in administrative and selling expenses as a result of the higher turnover and the higher costs involved in the implementation of the Sarbanes Oxley Act requirements.
Non-Operating Income The Company's non-operating loss for 3Q06 amounted to Ch$5,081 million, 24.6% higher than the loss of Ch$4,078 million reported for the 3Q05. This is basically due to higher exchange losses, net of the impact of hedging costs, plus price-level restatements of Ch$1,319 million (in the same period of 2005, Madeco produced a loss of Ch$469 million versus Ch$1,788 million in 2006). The exchange difference loss in the third quarter of 2006 was mainly the result of smaller credits to income on the translation of the Brazilian subsidiaries.
The increase in interest rates and the impact of taxes on loans increased financial expenses by Ch$413 million.
Income Tax During the 3Q06, income tax represented a charge of Ch$2,015 million, compared to Ch$947million in the same period of the year before.
Minority Interest The Company's minority interest mainly reflects the portion of earnings/losses corresponding to the participation of minority shareholders in the subsidiaries Alusa, Indeco and Indalum. The minority interest in 3Q06 was a negative Ch$305 million, compared to a negative Ch$200 million in 3Q05.
Wire & Cable Sales in 3Q06 amounted to Ch$91,364 million of which Ch$22,947 million came from sales of copper rods and the remaining Ch$68,417 million from sales of cables. Sales volumes rose by 5.0%, particularly of rods (28.1%) and cables in Argentina (49.6%) and, to a lesser degree, cables in Brazil (14.2%). These volumes were partially offset by reduced volumes of cables in Chile (48.3%).
The cost of sales amounted to Ch$76,912 million in 3Q06, 97.9% higher than the Ch$38,865 million reported the year before. This increase was principally due to the increased volume sold and to the increased copper price, which rose by 97.1% in dollar terms (LME average September 2006 v/s September 2005).
Gross Income rose by 87.3%, mainly the result of increased sales volumes of rods and of sales prices.
Administrative and selling expenses increased by 39.4%, from Ch$3,164 million to Ch$4,411 million, as a result of higher commercialization and operating activity. However, these reduced as a percentage of sales, from 6.8% to 4.8% in 2006.
Operating income totalled Ch$10,041 million in 3Q06 against Ch$4,552 million in 3Q05, an increase of 120.6%.
Brass Mills Sales in 3Q06 reached Ch$36,985 million, 61.7% more than the Ch$22,876 million produced the previous year. This was principally due to the higher copper price and higher export volumes from Chile.
The cost of sales showed a rise of 54.8% as a result of the increase in volumes and the rise in the copper price. As a percentage of sales, costs fell from 92.5% to 88.5%. This is the result of improvements in export sales margins and greater operating efficiency.
The operating margin rose from 7.5% to 11.5% of sales, mainly due to higher export volumes from Chile, accompanied by better margins and the application of the copper cost to the weighted average value.
Administrative and selling expenses declined by 4.4%, from Ch$1,308 million to Ch$1,251 million. These expenses have fallen as a percentage of sales, from 5.7% to 3.4% in 2006.
Operating income totalled Ch$2,989 million in 3Q06 against Ch$419 million in 3Q05.
Flexible Packaging Sales increased by 7.6%, from Ch$11,058 million to Ch$11,901 million. Sales volumes in Chile declined by 3.4%, while those in Argentina rose by 29.8%. Total sales volumes rose by 7.2%.
The cost of sales rose by 6.5%, from Ch$9,335 million to Ch$9,946 million. These costs in Chile reduced by 12.0% because of improvements in efficiency and procurement management, while those in Argentina increased by 62.9% due to the larger sales volumes. As a percentage of sales, costs declined from 84.4% to 83.6%.
The operating margin increased from 15.6% to 16.4% of sales.
Administrative and selling expenses rose slightly by 0.3%, from Ch$694 million to Ch$686 million.
Aluminum Profiles Sales in 3Q06 increased by 12.9% compared to 2005, from Ch$7,193 million to Ch$8,120 million. This reflects a greater sales volume (10.1% compared to 3Q05) partially offset by reduced sales prices due to greater competition.
The cost of sales rose by 22.9%, from Ch$5,465 million to Ch$6,716 million, as a result of higher sales volumes and the increase in the average price of the raw material (average price of Al in September 2006 was 34.4% higher in dollar terms than in September 2005).
The operating margin fell from 24.0% to 17.3% of sales.
Administrative and selling expenses increased slightly by 0.4%, from Ch$856 million to Ch$859 million. However, as a percentage of sales, these moved downward from 11.9% to 10.6% in 2006.
Assets The Company's total assets at September 30, 2006 amounted to Ch$ 423,696 million, 15.9% more than the previous year.
Current Assets
Amounted to Ch$ 234,687 million, 35.8% higher than at September 2005, mainly attributable to higher accounts receivable (+Ch$29,909 million) and inventories (+Ch$28,094 million), as a result of the greater sales volumes and the higher price of raw materials. These increases are compensated by a fall in other assets due to reduced securities under resale agreements (Ch$1,203 million), the reclassification of current assets to fixed assets and sales of disposable assets.
Fixed Assets
Amounted to Ch$147,582 million at September 2006, 4.2% lower than at the same date of the year before, mainly the result of greater accumulated depreciation (Ch$9,582 million) compensated by the devaluation of the Chilean peso against the US dollar and its direct effect on the volume of the fixed assets of the foreign subsidiaries. The investment in fixed assets during the 2006 was Ch$8,469 million (historic pesos), equivalent to 78.1% of the depreciation for the period.
Other Assets
Amounted to Ch$41,428 million, a 6.5% (+Ch$2,533 million) increase over 2005, mainly due to the transfer of the fixed assets of Optel Brasil (Ch$2,069 million approximately) and disused machinery of Madeco (Ch$977 million).
Liabilities Total liabilities at September 30, 2006 amounted to Ch$ 162,225 million, 12.6% less than at September 2005.
Bank Debt
Amounted to Ch$80,469 million at September 2006, representing a decrease of 23.1% (Ch$24,177 million) compared the same date of the previous year. This reflects reduced debt following the repayment made with the proceeds of the capital increase made in November 2005 of Ch$44,017, offset by the drawing of new debt (a syndicated loan signed during June 2006) to meet the working capital needs of the parent and its subsidiaries.
On June 5, 2006, the Company refinanced a total of US$50 million of its financial debt with a 5-year syndicated bank loan. Approximately US$12 million of this financing was used to prepay debts with Quiñenco. Another US$13 million was used to repay a bridging loan that BBVA had granted to the Company related to the capital increase. The other US$25 million is working capital which it was decided to finance at 2 years during which time it is expected to return to a normal copper price situation.
Bonds
Bonds payable amounted to Ch$27,351 million at September 2006, a 13.4% reduction with respect to the year before due to amortization. These bonds are payable semi-annually with respect to principal and interest (at UF + 5% per annum).
Equity The total outstanding at September 30, 2006 was Ch$250,207 million, which represents a 47.6% increase over September 2005.
Paid Capital
Amounted to Ch$265,107 million at September 2006, which compares positively with Ch$210,980 million at September 2005. 907,197,242 shares were subscribed for on November 26, 2005, for which Madeco received Ch$44,017 million. In addition, on May 5, 2006, all the remaining shares (192,802,758) issued and registered at October 17, 2005 were subscribed on the Santiago Stock Exchange. The Company received a total of approximately Ch$9,501 million from the transaction.
Share Premium
Declined from Ch$40,878 million at September 2005 to Ch$40,427 million at September 2006.
Other Reserves
Decreased from Ch$1,773 million at September 2005 to a negative Ch$857 million at September 2006, as a result of the depreciation of the peso and other foreign currencies between those dates and its impact on equity through the application of the accounting Technical Bulletin 64 with respect to foreign investments.
Accumulated Losses
Amounted to Ch$54,290 million at September 2006 compared to a loss of Ch$84,077 million at September 2005, following the positive accumulated results for 2006.
For further information contact:
Investor Relations
Tel. : (56 2) 520-1380
Fax : (56 2) 520-1545
E-mail : ir@madeco.cl
Web Site : www.madeco.cl
***************
Madeco, previously Manufacturas de Cobre MADECO S.A., was incorporated in 1944 as an open corporation under the laws of the Republic of Chile, and today has operations in Chile, Brazil, Peru and Argentina. Madeco is a Latin American leader in the manufacture of finished and semi-finished products in copper, copper alloys and aluminum. The Company is also a leader in the production of flexible packaging used in packing mass consumption products like foods, sweets and cosmetics.
Readers are warned not to place too much reliance on the future declarations contained in the above text, which are based on the position today. The Company is under no obligation to announce publicly the results of revisions to those declarations about the future which might be made to reflect events or circumstances after today including, but without limitation, changes in the Company's strategy or in its capital expenses, or to reflect the occurrence of unforeseen events.
|
Exhibit 1: Consolidated Income Statement |
||||||||||
|
(Third Quarter) |
||||||||||
|
Ch$ millions |
US$ millions (1) |
|||||||||
|
3T05 |
3T06 |
% Change |
3T05 |
3T06 |
% Change |
|||||
|
Revenues |
87,707 |
148,370 |
69.2% |
165.7 |
276.3 |
66.7% |
||||
|
COGS |
(74,814) |
(126,319) |
68.8% |
(141.4) |
(235.2) |
66.4% |
||||
|
Gross Income |
12,893 |
22,052 |
71.0% |
24.4 |
41.1 |
68.5% |
||||
|
SG&A |
(6,022) |
(7,217) |
19.8% |
(11.4) |
(13.4) |
18.1% |
||||
|
Operating Income |
6,871 |
14,835 |
115.9% |
13.0 |
27.6 |
112.8% |
||||
|
Financial income |
81 |
222 |
172.9% |
0.2 |
0.4 |
168.9% |
||||
|
Equity in earning (losses) of related companies |
16 |
149 |
807.9% |
0.0 |
0.3 |
794.7% |
||||
|
Other non-operating income |
8 |
79 |
933.4% |
0.0 |
0.1 |
918.3% |
||||
|
Financial expenses |
(2,420) |
(2,832) |
17.1% |
(4.6) |
(5.3) |
15.3% |
||||
|
Positive goodwill amortization |
(356) |
(419) |
17.7% |
(0.7) |
(0.8) |
16.0% |
||||
|
Other non-operating expenses |
(938) |
(491) |
-47.7% |
(1.8) |
(0.9) |
-48.4% |
||||
|
Price-level restatement |
(469) |
(1,788) |
281.1% |
(0.9) |
(3.3) |
275.6% |
||||
|
Non-Operating Results |
(4,078) |
(5,081) |
24.6% |
(7.7) |
(9.5) |
22.8% |
||||
|
Income (Loss) before income taxes |
2,793 |
9,754 |
249.3% |
5.3 |
18.2 |
244.2% |
||||
|
Income tax |
(947) |
(2,015) |
N/A |
(1.8) |
(3.8) |
N/A |
||||
|
Minority interest |
(200) |
(305) |
52.7% |
(0.4) |
(0.6) |
50.5% |
||||
|
Negative goodwill amortization |
0 |
6 |
N/A |
0.0 |
0.0 |
N/A |
||||
|
Net Income (Loss) |
1,646 |
7,440 |
352.1% |
3.1 |
13.9 |
345.5% |
||||
|
Gross Margin |
14.7% |
14.9% |
- |
14.7% |
14.9% |
- |
||||
|
SG&A / Sales |
6.9% |
4.9% |
- |
6.9% |
4.9% |
- |
||||
|
Operating Margin |
7.8% |
10.0% |
- |
7.8% |
10.0% |
- |
||||
|
1 Exchange rate September 2006 US$1.00 = 537,03 |
||||||||||
|
1 Exchange rate September 2006 US$1.00 = 529,2 |
||||||||||
|
Exhibit 2: Consolidated Income Statement |
||||||||||
|
(Nine Months Ended September 2006) |
||||||||||
|
Ch$ millions |
US$ millions (1) |
|||||||||
|
YTD Sep 05 |
YTD Sep 06 |
% Change |
YTD Sep 05 |
YTD Sep 06 |
% Change |
|||||
|
Revenues |
284,048 |
427,878 |
50.6% |
536.7 |
796.7 |
48.4% |
||||
|
COGS |
(243,216) |
(361,104) |
48.5% |
(459.6) |
(672.4) |
46.3% |
||||
|
Gross Income |
40,832 |
66,774 |
63.5% |
77.2 |
124.3 |
61.1% |
||||
|
SG&A |
(18,326) |
(20,744) |
13.2% |
(34.6) |
(38.6) |
11.5% |
||||
|
Operating Income |
22,506 |
46,030 |
104.5% |
42.5 |
85.7 |
101.5% |
||||
|
Financial income |
635 |
1,123 |
77.0% |
1.2 |
2.1 |
74.4% |
||||
|
Equity in earning (losses) of related companies |
76 |
430 |
463.6% |
0.1 |
0.8 |
455.3% |
||||
|
Other non-operating income |
1,173 |
507 |
-56.8% |
2.2 |
0.9 |
-57.4% |
||||
|
Financial expenses |
(7,275) |
(8,533) |
17.3% |
(13.7) |
(15.9) |
15.6% |
||||
|
Positive goodwill amortization |
(1,328) |
(1,302) |
-2.0% |
(2.5) |
(2.4) |
-3.4% |
||||
|
Other non-operating expenses |
(2,215) |
(1,572) |
-29.0% |
(4.2) |
(2.9) |
-30.1% |
||||
|
Price-level restatement |
512 |
(1,668) |
-426.1% |
1.0 |
(3.1) |
-421.3% |
||||
|
Non-Operating Results |
(8,423) |
(11,014) |
30.8% |
(15.9) |
(20.5) |
28.9% |
||||
|
Income (Loss) before income taxes |
14,083 |
35,016 |
148.6% |
26.6 |
65.2 |
145.0% |
||||
|
Income tax |
(3,176) |
(6,337) |
99.5% |
(6.0) |
(11.8) |
96.6% |
||||
|
Minority interest |
(433) |
(1,112) |
157.0% |
(0.8) |
(2.1) |
153.3% |
||||
|
Negative goodwill amortization |
0 |
20 |
N/A |
0.0 |
0.0 |
N/A |
||||
|
Net Income (Loss) |
10,474 |
27,587 |
163.4% |
19.8 |
51.4 |
159.5% |
||||
|
Gross Margin |
14.4% |
15.6% |
- |
14.4% |
15.6% |
- |
||||
|
SG&A / Sales |
6.5% |
4.8% |
- |
6.5% |
4.8% |
- |
||||
|
Operating Margin |
7.9% |
10.8% |
- |
7.9% |
10.8% |
- |
||||
|
1 Exchange rate September 2006 US$1.00 = 537.03 |
||||||||||
|
1 Exchange rate September 2006 US$1.00 = 529.2 |
||||||||||
|
Exhibit 3: EBITDA by Business Unit |
||||||||
|
(Third Quarter) |
||||||||
|
Third Quarter 2005 |
||||||||
|
Ch$ million |
COPPER ROD |
WIRE & CABLE |
BRASS MILLS |
F. PACKAGING |
PROFILES |
Total |
||
|
Revenues |
8,242 |
38,338 |
22,876 |
11,058 |
7,193 |
87,707 |
||
|
COGS |
(7,694) |
(31,171) |
(21,149) |
(9,335) |
(5,465) |
(74,814) |
||
|
Gross Income |
548 |
7,168 |
1,727 |
1,723 |
1,728 |
12,894 |
||
|
SG&A |
(27) |
(3,137) |
(1,308) |
(694) |
(856) |
(6,022) |
||
|
Operating Income |
521 |
4,031 |
419 |
1,029 |
872 |
6,872 |
||
|
EBITDA |
531 |
5,210 |
1,058 |
1,544 |
1,134 |
9,477 |
||
|
Gross Margin |
6.6% |
18.7% |
7.5% |
15.6% |
24.0% |
14.7% |
||
|
SG&A / Sales |
0.3% |
8.2% |
5.7% |
6.3% |
11.9% |
6.9% |
||
|
EBITDA Margin |
6.4% |
13.6% |
4.6% |
14.0% |
15.8% |
10.8% |
||
|
Segment Contribution |
||||||||
|
% Revenues |
9.4% |
43.7% |
26.1% |
12.6% |
8.2% |
100.0% |
||
|
% EBITDA |
5.6% |
55.0% |
11.2% |
16.3% |
12.0% |
100.0% |
||
|
Third Quarter 2006 |
||||||||
|
Ch$ million |
COPPER ROD |
WIRE & CABLE |
BRASS MILLS |
F. PACKAGING |
PROFILES |
Total |
||
|
Revenues |
22,947 |
68,417 |
36,985 |
11,901 |
8,120 |
148,370 |
||
|
COGS |
(21,780) |
(55,132) |
(32,745) |
(9,946) |
(6,716) |
(126,319) |
||
|
Gross Income |
1,167 |
13,285 |
4,240 |
1,955 |
1,404 |
22,051 |
||
|
SG&A |
(40) |
(4,371) |
(1,251) |
(696) |
(859) |
(7,217) |
||
|
Operating Income |
1,127 |
8,914 |
2,989 |
1,259 |
545 |
14,834 |
||
|
EBITDA |
1,166 |
10,614 |
3,656 |
1,890 |
814 |
18,140 |
||
|
Gross Margin |
5.1% |
19.4% |
11.5% |
16.4% |
17.3% |
14.9% |
||
|
SG&A / Sales |
0.2% |
6.4% |
3.4% |
5.8% |
10.6% |
4.9% |
||
|
EBITDA Margin |
5.1% |
15.5% |
9.9% |
15.9% |
10.0% |
12.2% |
||
|
Segment Contribution |
||||||||
|
% Revenues |
15.5% |
46.1% |
24.9% |
8.0% |
5.5% |
100.0% |
||
|
% EBITDA |
6.4% |
58.5% |
20.2% |
10.4% |
4.5% |
100.0% |
||
|
2006 versus 2005 |
||||||||
|
% change |
COPPER ROD |
WIRE & CABLE |
BRASS MILLS |
F. PACKAGING |
PROFILES |
Total |
||
|
Revenues |
178.4% |
78.5% |
61.7% |
7.6% |
12.9% |
69.2% |
||
|
COGS |
183.1% |
76.9% |
54.8% |
6.5% |
22.9% |
68.8% |
||
|
Gross Income |
113.0% |
85.4% |
145.5% |
13.5% |
-18.8% |
71.0% |
||
|
SG&A |
48.1% |
39.3% |
-4.4% |
0.3% |
0.4% |
19.8% |
||
|
Operating Income |
116.3% |
121.2% |
613.4% |
22.4% |
-37.5% |
115.9% |
||
|
EBITDA |
119.6% |
103.7% |
245.6% |
22.4% |
-28.2% |
91.4% |
||
|
Exhibit 4: EBITDA by Business Unit |
||||||||
|
(Nine Months Ended September 2006) |
||||||||
|
YTD Sep 05 |
||||||||
|
Ch$ million |
COPPER ROD |
WIRE & CABLE |
BRASS MILLS |
F. PACKAGING |
PROFILES |
Total |
||
|
Revenues |
24,898 |
138,510 |
63,360 |
34,605 |
22,675 |
284,048 |
||
|
COGS |
(23,360) |
(114,605) |
(57,569) |
(30,052) |
(17,630) |
(243,216) |
||
|
Gross Income |
1,538 |
23,905 |
5,791 |
4,553 |
5,045 |
40,832 |
||
|
SG&A |
(83) |
(9,840) |
(3,642) |
(2,322) |
(2,439) |
(18,326) |
||
|
Operating Income |
1,455 |
14,065 |
2,149 |
2,231 |
2,606 |
22,506 |
||
|
EBITDA |
1,463 |
18,248 |
4,038 |
3,936 |
3,330 |
31,015 |
||
|
Gross Margin |
6.2% |
17.3% |
9.1% |
13.2% |
22.2% |
14.4% |
||
|
SG&A / Sales |
0.3% |
7.1% |
5.7% |
6.7% |
10.8% |
6.5% |
||
|
EBITDA Margin |
5.9% |
13.2% |
6.4% |
11.4% |
14.7% |
10.9% |
||
|
Segment Contribution |
||||||||
|
% Revenues |
8.8% |
48.8% |
22.3% |
12.2% |
8.0% |
100.0% |
||
|
% EBITDA |
4.7% |
58.8% |
13.0% |
12.7% |
10.7% |
100.0% |
||
|
YTD Sep 06 |
||||||||
|
Ch$ million |
COPPER ROD |
WIRE & CABLE |
BRASS MILLS |
F. PACKAGING |
PROFILES |
Total |
||
|
Revenues |
68,633 |
200,637 |
98,188 |
34,978 |
25,442 |
427,878 |
||
|
COGS |
(62,063) |
(164,914) |
(84,376) |
(29,097) |
(20,654) |
(361,104) |
||
|
Gross Income |
6,570 |
35,723 |
13,812 |
5,881 |
4,788 |
66,774 |
||
|
SG&A |
(225) |
(12,133) |
(3,846) |
(2,072) |
(2,468) |
(20,744) |
||
|
Operating Income |
6,345 |
23,590 |
9,966 |
3,809 |
2,320 |
46,030 |
||
|
EBITDA |
6,455 |
29,030 |
11,880 |
5,688 |
3,107 |
56,160 |
||
|
Gross Margin |
9.6% |
17.8% |
14.1% |
16.8% |
18.8% |
15.6% |
||
|
SG&A / Sales |
0.3% |
6.0% |
3.9% |
5.9% |
9.7% |
4.8% |
||
|
EBITDA Margin |
9.4% |
14.5% |
12.1% |
16.3% |
12.2% |
13.1% |
||
|
Segment Contribution |
||||||||
|
% Revenues |
16.0% |
46.9% |
22.9% |
8.2% |
5.9% |
100.0% |
||
|
% EBITDA |
11.5% |
51.7% |
21.2% |
10.1% |
5.5% |
100.0% |
||
|
2005 versus 2006 |
||||||||
|
% change |
COPPER ROD |
WIRE & CABLE |
BRASS MILLS |
F. PACKAGING |
PROFILES |
Total |
||
|
Revenues |
175.7% |
44.9% |
55.0% |
1.1% |
12.2% |
50.6% |
||
|
COGS |
165.7% |
43.9% |
46.6% |
-3.2% |
17.2% |
48.5% |
||
|
Gross Income |
327.2% |
49.4% |
138.5% |
29.2% |
-5.1% |
63.5% |
||
|
SG&A |
171.1% |
23.3% |
5.6% |
-10.8% |
1.2% |
13.2% |
||
|
Operating Income |
336.1% |
67.7% |
363.8% |
70.7% |
-11.0% |
104.5% |
||
|
EBITDA |
341.2% |
59.1% |
194.2% |
44.5% |
-6.7% |
81.1% |
||
|
Exhibit 5: EBITDA by Business Unit and Country |
|||||||||||||||
|
(Third Quarter) |
|||||||||||||||
|
Third Quarter 2005 |
Third Quarter 2006 |
||||||||||||||
|
(Ch$ million) |
(Ch$ million) |
||||||||||||||
|
Chile |
Peru |
Interco. |
COPPER ROD |
Chile |
Peru |
Interco. |
COPPER ROD |
||||||||
|
Tons (Third parties) |
2,208 |
2,083 |
0 |
4,291 |
2,696 |
2,799 |
0 |
5,495 |
|||||||
|
Tons (Intercompany) |
2,591 |
(306) |
(2,285) |
0 |
3,196 |
0 |
(3,196) |
0 |
|||||||
|
Tons (Total) |
4,799 |
1,777 |
(2,285) |
4,291 |
5,892 |
2,799 |
(3,196) |
5,495 |
|||||||
|
Revenues (Third parties) |
5,078 |
3,164 |
0 |
8,242 |
11,590 |
11,357 |
0 |
22,947 |
|||||||
|
Revenues (Intercompany) |
5,872 |
(690) |
(5,182) |
0 |
13,841 |
0 |
(13,841) |
0 |
|||||||
|
Total revenues |
10,950 |
2,474 |
(5,182) |
8,242 |
25,431 |
11,357 |
(13,841) |
22,947 |
|||||||
|
COGS |
(10,724) |
(2,233) |
5,263 |
(7,694) |
(24,681) |
(10,937) |
13,838 |
(21,780) |
|||||||
|
Gross Income |
226 |
241 |
81 |
548 |
750 |
420 |
(3) |
1,167 |
|||||||
|
SG&A |
0 |
(22) |
(5) |
(27) |
0 |
(40) |
0 |
(40) |
|||||||
|
Operating Income |
226 |
219 |
76 |
521 |
750 |
380 |
(3) |
1,127 |
|||||||
|
EBITDA |
236 |
221 |
74 |
531 |
787 |
380 |
(1) |
1,166 |
|||||||
|
Gross Margin |
4.5% |
7.6% |
6.6% |
6.5% |
3.7% |
5.1% |
|||||||||
|
EBITDA Margin |
4.6% |
7.0% |
6.4% |
6.8% |
3.3% |
5.1% |
|||||||||
|
Chile |
Brazil |
Optical F. |
Argentina |
Peru |
Interco. |
WIRE & CABLE |
Chile |
Brazil |
Optical F. |
Argentina |
Peru |
Interco. |
WIRE & CABLE |
||
|
Tons (Third parties) |
3,039 |
5,873 |
0 |
607 |
3,030 |
0 |
12,549 |
1,570 |
6,709 |
0 |
908 |
2,997 |
0 |
12,184 |
|
|
Tons (Intercompany) |
14 |
75 |
0 |
0 |
0 |
(89) |
0 |
2 |
117 |
0 |
270 |
204 |
(593) |
0 |
|
|
Tons (Total) |
3,053 |
5,948 |
0 |
607 |
3,030 |
(89) |
12,549 |
1,572 |
6,826 |
0 |
1,178 |
3,201 |
(593) |
12,184 |
|
|
Kms. |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
1,057 |
0 |
0 |
0 |
1,057 |
|
|
Revenues (Third parties) |
11,425 |
16,506 |
0 |
1,229 |
9,178 |
0 |
38,338 |
10,751 |
35,853 |
293 |
2,954 |
18,566 |
0 |
68,417 |
|
|
Revenues (Intercompany) |
348 |
12 |
0 |
(35) |
0 |
(325) |
0 |
285 |
599 |
0 |
498 |
868 |
(2,250) |
0 |
|
|
Total revenues |
11,773 |
16,518 |
0 |
1,194 |
9,178 |
(325) |
38,338 |
11,036 |
36,452 |
293 |
3,452 |
19,434 |
(2,250) |
68,417 |
|
|
COGS |
(10,050) |
(13,217) |
0 |
(1,054) |
(7,275) |
425 |
(31,171) |
(8,786) |
(29,385) |
(329) |
(2,861) |
(16,089) |
2,318 |
(55,132) |
|
|
Gross Income |
1,724 |
3,301 |
0 |
140 |
1,903 |
100 |
7,168 |
2,250 |
7,067 |
(36) |
591 |
3,345 |
68 |
13,285 |
|
|
SG&A |
(494) |
(1,807) |
0 |
(89) |
(458) |
(289) |
(3,137) |
(478) |
(2,800) |
(29) |
(123) |
(639) |
(302) |
(4,371) |
|
|
Operating Income |
1,230 |
1,494 |
0 |
51 |
1,445 |
(189) |
4,031 |
1,772 |
4,267 |
(65) |
468 |
2,706 |
(234) |
8,914 |
|
|
EBITDA |
1,590 |
2,164 |
0 |
63 |
1,624 |
(231) |
5,210 |
2,121 |
5,309 |
(19) |
547 |
2,916 |
(260) |
10,614 |
|
|
Gross Margin |
15.1% |
20.0% |
11.4% |
20.7% |
18.7% |
20.9% |
19.7% |
-12.3% |
20.0% |
18.0% |
19.4% |
||||
|
EBITDA Margin |
13.9% |
13.1% |
5.1% |
17.7% |
13.6% |
19.7% |
14.8% |
-6.5% |
18.5% |
15.7% |
15.5% |
||||
|
Chile |
Coin |
Argentina |
Interco. |
BRASS MILLS |
Chile |
Coin |
Argentina |
Interco. |
BRASS MILLS |
||||||
|
Tons (Third parties) |
7,374 |
531 |
655 |
0 |
8,560 |
6,711 |
630 |
550 |
0 |
7,891 |
|||||
|
Tons (Intercompany) |
240 |
55 |
57 |
(352) |
0 |
399 |
0 |
15 |
(414) |
0 |
|||||
|
Tons (Total) |
7,614 |
586 |
712 |
(352) |
8,560 |
7,110 |
630 |
565 |
(414) |
7,891 |
|||||
|
Revenues (Third parties) |
19,441 |
1,988 |
1,447 |
0 |
22,876 |
30,934 |
3,539 |
2,512 |
0 |
36,985 |
|||||
|
Revenues (Intercompany) |
2,505 |
207 |
95 |
(2,807) |
0 |
2,311 |
5 |
69 |
(2,385) |
0 |
|||||
|
Total revenues |
21,946 |
2195 |
1,542 |
(2,807) |
22,876 |
33,245 |
3,544 |
2,581 |
(2,385) |
36,985 |
|||||
|
COGS |
(20,611) |
(2,092) |
(1,306) |
2,860 |
(21,149) |
(30,392) |
(2,562) |
(2,186) |
2,395 |
(32,745) |
|||||
|
Gross Income |
1,335 |
103 |
236 |
53 |
1,727 |
2,853 |
982 |
395 |
10 |
4,240 |
|||||
|
SG&A |
(939) |
(126) |
(143) |
(100) |
(1,308) |
(815) |
(160) |
(183) |
(93) |
(1,251) |
|||||
|
Operating Income |
396 |
(23) |
93 |
(47) |
419 |
2,038 |
822 |
212 |
(83) |
2,989 |
|||||
|
EBITDA |
910 |
60 |
140 |
(52) |
1,058 |
2,566 |
889 |
288 |
(87) |
3,656 |
|||||
|
Gross Margin |
6.9% |
5.2% |
16.3% |
7.5% |
9.2% |
27.7% |
15.7% |
11.5% |
|||||||
|
EBITDA Margin |
4.7% |
3.0% |
9.7% |
4.6% |
8.3% |
25.1% |
11.5% |
9.9% |
|||||||
|
Chile |
Argentina |
Interco. |
F. PACKAGING |
Chile |
Argentina |
Interco. |
F. PACKAGING |
||||||||
|
Tons (Third parties) |
2584 |
1213 |
0 |
3797 |
2497 |
1575 |
0 |
4072 |
|||||||
|
Tons (Intercompany) |
0 |
0 |
|||||||||||||
|
Tons (Total) |
2,584 |
1,213 |
0 |
3,797 |
2,497 |
1,575 |
0 |
4,072 |
|||||||
|
Revenues (Third parties) |
8,334 |
2,722 |
2 |
11,058 |
7,560 |
4,343 |
(2) |
11,901 |
|||||||
|
Revenues (Intercompany) |
0 |
0 |
|||||||||||||
|
Total revenues |
8,334 |
2,722 |
2 |
11,058 |
7,560 |
4,343 |
(2) |
11,901 |
|||||||
|
COGS |
(7,024) |
(2,311) |
0 |
(9,335) |
(6,182) |
(3,764) |
0 |
(9,946) |
|||||||
|
Gross Income |
1,310 |
411 |
2 |
1,723 |
1,378 |
579 |
(2) |
1,955 |
|||||||
|
SG&A |
(443) |
(201) |
(50) |
(694) |
(459) |
(188) |
(49) |
(696) |
|||||||
|
Operating Income |
867 |
210 |
(48) |
1,029 |
919 |
391 |
(51) |
1,259 |
|||||||
|
EBITDA |
1,236 |
358 |
(50) |
1,544 |
1,347 |
590 |
(47) |
1,890 |
|||||||
|
Gross Margin |
15.7% |
15.1% |
15.6% |
18.2% |
13.3% |
16.4% |
|||||||||
|
EBITDA Margin |
14.8% |
13.2% |
14.0% |
17.8% |
13.6% |
15.9% |
|||||||||
|
Chile |
PROFILES |
Chile |
PROFILES |
||||||||||||
|
Tons (Third parties) |
2,593 |
2,593 |
2,854 |
2,854 |
|||||||||||
|
Tons (Intercompany) |
0 |
0 |
0 |
0 |
|||||||||||
|
Tons (Total) |
2,593 |
2,593 |
2,854 |
2,854 |
|||||||||||
|
Revenues (Third parties) |
7,193 |
7,193 |
8,120 |
8,120 |
|||||||||||
|
Revenues (Intercompany) |
0 |
0 |
0 |
0 |
|||||||||||
|
Total revenues |
7,193 |
7,193 |
8,120 |
8,120 |
|||||||||||
|
COGS |
(5,465) |
(5,465) |
(6,716) |
(6,716) |
|||||||||||
|
Gross Income |
1,728 |
1,728 |
1,404 |
1,404 |
|||||||||||
|
SG&A |
(856) |
(856) |
(859) |
(859) |
|||||||||||
|
Operating Income |
872 |
872 |
545 |
545 |
|||||||||||
|
EBITDA |
1,134 |
1,134 |
814 |
814 |
|||||||||||
|
Gross Margin |
24.0% |
24.0% |
17.3% |
17.3% |
|||||||||||
|
EBITDA Margin |
15.8% |
15.8% |
10.0% |
10.0% |
|||||||||||
|
Exhibit 6: EBITDA by Business Unit and Country |
|||||||||||||||
|
(Nine Months Ended September 2006) |
|||||||||||||||
|
YTD Sep 05 |
YTD Sep 06 |
||||||||||||||
|
(Ch$ million) |
(Ch$ million) |
||||||||||||||
|
Chile |
Peru |
Interco. |
COPPER ROD |
Chile |
Peru |
Interco. |
COPPER ROD |
||||||||
|
Tons (Third parties) |
6,473 |
5,138 |
0 |
11,611 |
8,300 |
10,374 |
0 |
18,674 |
|||||||
|
Tons (Intercompany) |
5,562 |
3,171 |
(8,733) |
0 |
9,247 |
0 |
(9,247) |
0 |
|||||||
|
Tons (Total) |
12,035 |
8,309 |
(8,733) |
11,611 |
17,547 |
10,374 |
(9,247) |
18,674 |
|||||||
|
Revenues (Third parties) |
14,467 |
10,431 |
0 |
24,898 |
30,676 |
37,957 |
0 |
68,633 |
|||||||
|
Revenues (Intercompany) |
12,412 |
6,298 |
(18,710) |
0 |
35,409 |
0 |
(35,409) |
0 |
|||||||
|
Total revenues |
26,879 |
16,729 |
(18,710) |
24,898 |
66,085 |
37,957 |
(35,409) |
68,633 |
|||||||
|
COGS |
(26,110) |
(15,868) |
18,618 |
(23,360) |
(61,518) |
(34,848) |
34,303 |
(62,063) |
|||||||
|
Gross Income |
769 |
861 |
(92) |
1,538 |
4,567 |
3,109 |
(1,106) |
6,570 |
|||||||
|
SG&A |
0 |
(131) |
48 |
(83) |
0 |
(225) |
0 |
(225) |
|||||||
|
Operating Income |
769 |
730 |
(44) |
1,455 |
4,567 |
2,884 |
(1,106) |
6,345 |
|||||||
|
EBITDA |
781 |
732 |
(50) |
1,463 |
4,675 |
2,885 |
(1,105) |
6,455 |
|||||||
|
Gross Margin |
5.3% |
8.3% |
6.2% |
14.9% |
8.2% |
9.6% |
|||||||||
|
EBITDA Margin |
5.4% |
7.0% |
5.9% |
15.2% |
7.6% |
9.4% |
|||||||||
|
Chile |
Brazil |
Optical F. |
Argentina |
Peru |
Interco. |
WIRE & CABLE |
Chile |
Brazil |
Optical F. |
Argentina |
Peru |
Interco. |
WIRE & CABLE |
||
|
Tons (Third parties) |
8,658 |
19,945 |
0 |
1,584 |
9,472 |
0 |
39,659 |
6,489 |
23,218 |
0 |
2,933 |
9,415 |
0 |
42,055 |
|
|
Tons (Intercompany) |
35 |
855 |
0 |
202 |
0 |
(1,092) |
0 |
151 |
518 |
0 |
378 |
351 |
(1,398) |
0 |
|
|
Tons (Total) |
8,693 |
20,800 |
0 |
1,786 |
9,472 |
(1,092) |
39,659 |
6,640 |
23,736 |
0 |
3,311 |
9,766 |
(1,398) |
42,055 |
|
|
Kms. |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
1,973 |
0 |
0 |
0 |
1,973 |
|
|
Revenues (Third parties) |
32,000 |
67,632 |
0 |
4,156 |
34,722 |
0 |
138,510 |
34,110 |
106,211 |
1,056 |
9,036 |
50,224 |
0 |
200,637 |
|
|
Revenues (Intercompany) |
1,074 |
2,240 |
0 |
311 |
4 |
(3,629) |
0 |
1,553 |
2,052 |
0 |
685 |
1,474 |
(5,764) |
0 |
|
|
Total revenues |
33,074 |
69,872 |
0 |
4,467 |
34,726 |
(3,629) |
138,510 |
35,663 |
108,263 |
1,056 |
9,721 |
51,698 |
(5,764) |
200,637 |
|
|
COGS |
(28,382) |
(57,555) |
0 |
(3,926) |
(28,413) |
3,671 |
(114,605) |
(30,012) |
(88,798) |
(1,053) |
(7,984) |
(42,590) |
5,523 |
(164,914) |
|
|
Gross Income |
4,692 |
12,317 |
0 |
541 |
6,313 |
42 |
23,905 |
5,651 |
19,465 |
3 |
1,737 |
9,108 |
(241) |
35,723 |
|
|
SG&A |
(1,465) |
(5,677) |
0 |
(308) |
(1,567) |
(823) |
(9,840) |
(1,594) |
(7,295) |
(72) |
(436) |
(1,875) |
(861) |
(12,133) |
|
|
Operating Income |
3,227 |
6,640 |
0 |
233 |
4,746 |
(781) |
14,065 |
4,057 |
12,170 |
(69) |
1,301 |
7,233 |
(1,102) |
23,590 |
|
|
EBITDA |
4,302 |
9,130 |
0 |
264 |
5,431 |
(879) |
18,248 |
5,098 |
15,694 |
74 |
1,438 |
7,886 |
(1,160) |
29,030 |
|
|
Gross Margin |
14.7% |
18.2% |
13.0% |
18.2% |
17.3% |
16.6% |
18.3% |
0.3% |
19.2% |
18.1% |
17.8% |
||||
|
EBITDA Margin |
13.4% |
13.5% |
6.4% |
15.6% |
13.2% |
14.9% |
14.8% |
7.0% |
15.9% |
15.7% |
14.5% |
||||
|
Chile |
Coin |
Argentina |
Interco. |
BRASS MILLS |
Chile |
Coin |
Argentina |
Interco. |
BRASS MILLS |
||||||
|
Tons (Third parties) |
19,988 |
1,055 |
1,976 |
0 |
23,019 |
20,077 |
1,409 |
1,841 |
0 |
23,327 |
|||||
|
Tons (Intercompany) |
1,304 |
121 |
246 |
(1,671) |
0 |
1,454 |
0 |
15 |
(1,469) |
0 |
|||||
|
Tons (Total) |
21,292 |
1,176 |
2,222 |
(1,671) |
23,019 |
21,531 |
1,409 |
1,856 |
(1,469) |
23,327 |
|||||
|
Revenues (Third parties) |
53,671 |
4,542 |
5,147 |
0 |
63,360 |
82,942 |
7,654 |
7,592 |
0 |
98,188 |
|||||
|
Revenues (Intercompany) |
6,998 |
491 |
608 |
(8,097) |
0 |
9,043 |
1,630 |
62 |
(10,735) |
0 |
|||||
|
Total revenues |
60,669 |
5,033 |
5,755 |
(8,097) |
63,360 |
91,985 |
9,284 |
7,654 |
(10,735) |
98,188 |
|||||
|
COGS |
(56,216) |
(4,517) |
(5,030) |
8,194 |
(57,569) |
(81,275) |
(7,558) |
(6,203) |
10,660 |
(84,376) |
|||||
|
Gross Income |
4,453 |
516 |
725 |
97 |
5,791 |
10,710 |
1,726 |
1,451 |
(75) |
13,812 |
|||||
|
SG&A |
(2,592) |
(297) |
(495) |
(258) |
(3,642) |
(2,631) |
(423) |
(546) |
(246) |
(3,846) |
|||||
|
Operating Income |
1,861 |
219 |
230 |
(161) |
2,149 |
8,079 |
1,303 |
905 |
(321) |
9,966 |
|||||
|
EBITDA |
3,403 |
458 |
404 |
(227) |
4,038 |
9,632 |
1,510 |
1,109 |
(371) |
11,880 |
|||||
|
Gross Margin |
8.3% |
11.4% |
14.1% |
9.1% |
12.9% |
22.6% |
19.1% |
14.1% |
|||||||
|
EBITDA Margin |
6.3% |
10.1% |
7.8% |
6.4% |
11.6% |
19.7% |
14.6% |
12.1% |
|||||||
|
Chile |
Argentina |
Interco. |
F. PACKAGING |
Chile |
Argentina |
Interco. |
F. PACKAGING |
||||||||
|
Tons (Third parties) |
7,680 |
3,487 |
0 |
11,167 |
7,628 |
4,180 |
0 |
11,808 |
|||||||
|
Tons (Intercompany) |
0 |
0 |
|||||||||||||
|
Tons (Total) |
7,680 |
3,487 |
0 |
11,167 |
7,628 |
4,180 |
0 |
11,808 |
|||||||
|
Revenues (Third parties) |
24,805 |
9,799 |
1 |
34,605 |
23,365 |
11,620 |
(7) |
34,978 |
|||||||
|
Revenues (Intercompany) |
0 |
0 |
|||||||||||||
|
Total revenues |
24,805 |
9,799 |
1 |
34,605 |
23,365 |
11,620 |
(7) |
34,978 |
|||||||
|
COGS |
(21,491) |
(8,561) |
0 |
(30,052) |
(18,943) |
(10,161) |
7 |
(29,097) |
|||||||
|
Gross Income |
3,314 |
1,238 |
1 |
4,553 |
4,422 |
1,459 |
0 |
5,881 |
|||||||
|
SG&A |
(1,528) |
(655) |
(139) |
(2,322) |
(1,457) |
(476) |
(139) |
(2,072) |
|||||||
|
Operating Income |
1,786 |
583 |
(138) |
2,231 |
2,965 |
983 |
(139) |
3,809 |
|||||||
|
EBITDA |
2,910 |
1,166 |
(140) |
3,936 |
4,236 |
1,590 |
(138) |
5,688 |
|||||||
|
Gross Margin |
13.4% |
12.6% |
13.2% |
18.9% |
12.6% |
16.8% |
|||||||||
|
EBITDA Margin |
11.7% |
11.9% |
11.4% |
18.1% |
13.7% |
16.3% |
|||||||||
|
Chile |
PROFILES |
Chile |
PROFILES |
||||||||||||
|
Tons (Third parties) |
8,125 |
8,125 |
9,585 |
9,585 |
|||||||||||
|
Tons (Intercompany) |
0 |
0 |
0 |
0 |
|||||||||||
|
Tons (Total) |
8,125 |
8,125 |
9,585 |
9,585 |
|||||||||||
|
Revenues (Third parties) |
22,675 |
22,675 |
25,442 |
25,442 |
|||||||||||
|
Revenues (Intercompany) |
0 |
0 |
0 |
0 |
|||||||||||
|
Total revenues |
22,675 |
22,675 |
25,442 |
25,442 |
|||||||||||
|
COGS |
(17,630) |
(17,630) |
(20,654) |
(20,654) |
|||||||||||
|
Gross Income |
5,045 |
5,045 |
4,788 |
4,788 |
|||||||||||
|
SG&A |
(2,439) |
(2,439) |
(2,468) |
(2,468) |
|||||||||||
|
Operating Income |
2,606 |
2,606 |
2,320 |
2,320 |
|||||||||||
|
EBITDA |
3,330 |
3,330 |
3,107 |
3,107 |
|||||||||||
|
Gross Margin |
22.2% |
22.2% |
18.8% |
18.8% |
|||||||||||
|
EBITDA Margin |
14.7% |
14.7% |
12.2% |
12.2% |
|||||||||||
|
Exhibit 7: Consolidated Balance Sheet |
||||||
|
Ch$ millions |
US$ millions (1) |
|||||
|
YTD Sep 05 |
YTD Sep 06 |
YTD Sep 05 |
YTD Sep 06 |
|||
|
Cash |
2,993 |
5,964 |
5.7 |
11.1 |
||
|
Time deposits and marketable securities |
1,032 |
2,169 |
1.9 |
4.0 |
||
|
Accounts receivable |
68,375 |
98,284 |
129.2 |
183.0 |
||
|
Accounts receivable from related companies |
3,926 |
936 |
7.4 |
1.7 |
||
|
Inventories |
78,893 |
106,987 |
149.1 |
199.2 |
||
|
Recoverable taxes |
3,513 |
10,515 |
6.6 |
19.6 |
||
|
Prepaid expenses and other current assets |
14,049 |
9,832 |
26.5 |
18.3 |
||
|
Current Assets |
172,779 |
234,687 |
326.5 |
437.0 |
||
|
Property, plant and equipment (net) |
153,974 |
147,582 |
291.0 |
274.8 |
||
|
Investments |
11,049 |
12,122 |
20.9 |
22.6 |
||
|
Goodwill (net) |
20,208 |
17,554 |
38.2 |
32.7 |
||
|
Long-term receivables |
414 |
502 |
0.8 |
0.9 |
||
|
Other |
7,224 |
11,251 |
13.7 |
20.9 |
||
|
Other Assets |
38,895 |
41,428 |
73.5 |
77.1 |
||
|
ASSETS |
365,649 |
423,696 |
690.9 |
789.0 |
||
|
Short-term bank borrowings |
81,151 |
18,686 |
153.3 |
34.8 |
||
|
Current portion of long-term bank and other debt |
3,107 |
14,844 |
5.9 |
27.6 |
||
|
Current portion of bonds payable |
4,644 |
4,784 |
8.8 |
8.9 |
||
|
Current portion of long-term liabilities |
522 |
551 |
1.0 |
1.0 |
||
|
Dividends payable |
3 |
60 |
0.0 |
0.1 |
||
|
Accounts payable |
11,379 |
25,460 |
21.5 |
47.4 |
||
|
Notes payable |
7,208 |
1,290 |
13.6 |
2.4 |
||
|
Other payables |
289 |
888 |
0.5 |
1.7 |
||
|
Notes and accounts payable to related companies |
300 |
347 |
0.6 |
0.6 |
||
|
Accrued expenses |
7,368 |
8,736 |
13.9 |
16.3 |
||
|
Withholdings payable |
1,946 |
1,299 |
3.7 |
2.4 |
||
|
Deferred income |
817 |
2,914 |
1.5 |
5.4 |
||
|
Income taxes |
0 |
0 |
- |
- |
||
|
Other current liabilities |
1,359 |
689 |
2.6 |
1.3 |
||
|
Current Liabilities |
120,092 |
80,548 |
226.9 |
150.0 |
||
|
Long-term bank and other debt |
35,191 |
53,994 |
66.5 |
100.5 |
||
|
Bonds payable |
26,929 |
22,567 |
50.9 |
42.0 |
||
|
Accrued expenses |
3,419 |
5,116 |
6.5 |
9.5 |
||
|
Long-Term Liabilities |
65,540 |
81,677 |
123.8 |
152.1 |
||
|
Minority Interest |
10,463 |
11,264 |
19.8 |
21.0 |
||
|
Common stock |
210,980 |
265,107 |
398.7 |
493.7 |
||
|
Share premium |
40,878 |
40,247 |
77.2 |
74.9 |
||
|
Reserves |
1,773 |
(857) |
3.3 |
(1.6) |
||
|
Retained earnings |
(84,077) |
(54,290) |
(158.9) |
(101.1) |
||
|
Total Shareholders' Equity |
169,554 |
250,207 |
320.4 |
465.9 |
||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
365,649 |
423,696 |
690.9 |
789.0 |
||
|
1 Exchange rate September 2006 US$1.00 = 537.03 |
||||||
|
1 Exchange rate September 2006 US$1.00 = 529.2 |
||||||
|
Exhibit 8: Consolidated Statement of Cash Flow |
||||||
|
Ch$ millions |
US$ millions (1) |
|||||
|
YTD Sep 05 |
YTD Sep 06 |
YTD Sep 05 |
YTD Sep 06 |
|||
|
Cash received from customers |
331,655 |
473,295 |
626.7 |
881.3 |
||
|
Financial income received |
913 |
739 |
1.7 |
1.4 |
||
|
Dividends and other distributions |
- |
92 |
- |
0.2 |
||
|
Other incomes |
197 |
7,586 |
0.4 |
14.1 |
||
|
Payments to suppliers and employees |
(315,924) |
(482,608) |
(597.0) |
(898.7) |
||
|
Interests paid |
(10,077) |
(6,737) |
(19.0) |
(12.5) |
||
|
Income taxes paid |
(2,023) |
(3,590) |
(3.8) |
(6.7) |
||
|
Other expenses |
(442) |
(554) |
(0.8) |
(1.0) |
||
|
Added Value Tax and others |
(2,940) |
(3,517) |
(5.6) |
(6.5) |
||
|
Cash Flow from Operating Activities |
1,358 |
(15,294) |
2.6 |
(28.5) |
||
|
Sale of Property, Plant and Equipment |
320 |
2,467 |
0.6 |
4.6 |
||
|
Sale of permanent investments |
133 |
- |
0.3 |
- |
||
|
Sale of other investments |
- |
- |
- |
- |
||
|
Other proceeds from investments |
1,030 |
1,416 |
1.9 |
2.6 |
||
|
Acquisition of fixed assets |
(9,225) |
(9,038) |
(17.4) |
(16.8) |
||
|
Permanent investments |
(192) |
(4) |
(0.4) |
(0.0) |
||
|
Other disbursements |
(4,987) |
- |
(9.4) |
- |
||
|
Cash Flow used in Investing Activities |
(12,921) |
(5,160) |
(24.4) |
(9.6) |
||
|
Issuance of shares |
- |
9,501 |
- |
17.7 |
||
|
Loans obtained |
98,773 |
119,940 |
186.6 |
223.3 |
||
|
Registered loans from related companies |
- |
- |
- |
- |
||
|
Other financing sources |
- |
- |
- |
- |
||
|
Dividends paid |
(106) |
(449) |
(0.2) |
(0.8) |
||
|
Repayments of bank borrowings |
(89,504) |
(101,011) |
(169.1) |
(188.1) |
||
|
Repayments of bonds |
(2,004) |
(2,108) |
(3.8) |
(3.9) |
||
|
Payment of expenses related to shares issuance |
- |
- |
- |
- |
||
|
Payment loans documented from related companies |
- |
(1,559) |
- |
(2.9) |
||
|
Others |
(512) |
(996) |
(1.0) |
(1.9) |
||
|
Cash Flow provided by Financing Activities |
6,647 |
23,318 |
12.6 |
43.4 |
||
|
Net Cash Flow for the Period |
(4,916) |
2,864 |
(9.3) |
5.3 |
||
|
Effect of price-level restatements on cash and cash equivalents |
(95) |
726 |
(0.2) |
1.4 |
||
|
Net increase in cash and cash equivalents |
(5,011) |
3,590 |
(9.5) |
6.7 |
||
|
Cash and cash equivalents at the beginning of year |
13,681 |
7,986 |
25.9 |
14.9 |
||
|
Cash and cash equivalents at end of the period |
8,671 |
11,576 |
16.4 |
21.6 |
||
|
_____________________ |
||||||
|
1 Exchange rate September 2006 US$1.00 = 537.03 |
||||||
|
1 Exchange rate September 2006 US$1.00 = 529.2 |
||||||