-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VkFXR0tXqrOzpWvrb5UK3PKmNvv1D3oZfpWQ4GPof6WBfDhMty4Bzp2v+arQP0B0 iG4pwaN6EcqGqrk7OUBBrQ== 0000893750-05-000253.txt : 20050503 0000893750-05-000253.hdr.sgml : 20050503 20050503123731 ACCESSION NUMBER: 0000893750-05-000253 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050503 FILED AS OF DATE: 20050503 DATE AS OF CHANGE: 20050503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLASSWORKS OF CHILE CENTRAL INDEX KEY: 0000917335 STANDARD INDUSTRIAL CLASSIFICATION: GLASS CONTAINERS [3221] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12752 FILM NUMBER: 05793869 BUSINESS ADDRESS: STREET 1: HENDAYA 60 OF 201 LOS CONDES CITY: SANTIAGO STATE: F3 ZIP: 00000 BUSINESS PHONE: 0115622468855 MAIL ADDRESS: STREET 1: HENDAYA 60 OF 201 LOS CONDES CITY: SANTIAGO STATE: F3 ZIP: 00000 6-K 1 form_6k.txt FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 May 3, 2005 Commission File Number 1-12752 Glassworks of Chile (Translation of registrant's name into English) Hendaya 60 Las Condes Santiago, Chile (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [ ] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ ] No [X] [LOGO] Cristalchile NYSE: CGW Santiago: CRISTALES www.cristalchile.com CONTACT IN SANTIAGO: Ricardo Dunner S. Head of Investor Relations PH: (562) 787-8855 FAX: (562) 787-8800 EMAIL: ir@cristalchile.cl FOR IMMEDIATE RELEASE CRISTALERIAS DE CHILE REPORTS ITS RESULTS FOR FIRST QUARTER ENDED MARCH 31, 2005 Santiago, Chile (April 29, 2005) - Cristalerias de Chile S.A. ("Cristalerias"), a Chilean conglomerate and the largest producer of glass containers in Chile, today announced its results for the first quarter ended March 31, 2005. All figures have been prepared according to Chilean GAAP and are restated for general price-level changes and expressed in US Dollars at Ch$585.93/US$1, the exchange rate at the close of March 31, 2005. 1Q05 HIGHLIGHTS (vs. 1Q04): o Consolidated sales increased 5.6% o Operating income down 1.8% o EBITDA up 0.3% o Non-operating loss of US$7.1 million in 1Q05 compared to a US$2.3 million loss in 1Q04. o Net income of US$1.1 million, compared to US$4.5 million net income in 1Q04. o Earnings per ADR reached US$0.05 CONSOLIDATED REVENUE (in US$ millions) 1Q05 1Q04 1Q05 vs.1Q04 ---- ---- ------------ TOTAL REVENUE 61.9 58.6 5.6% Cristalchile (glass containers) 26.3 26.8 -2.1% Vina Santa Rita (wine) 28.1 25.4 10.4% CIECSA (media) 9.7 8.6 13.2% Adjustments 2.2 2.2 N/A RELATED COMPANIES Metropolis-Intercom (cable TV) 19.5 18.8 3.8% Envases CMF (plastic containers) 16.2 13.7 18.4% CONSOLIDATED RESULTS During 1Q05, Cristalerias' total consolidated revenue reached US$61.9 million, a 5.6% increase compared to 1Q04. The main factors behind this increase were improved sales in Santa Rita (+10.4%) and CIECSA (+13.2%); partially compensated by lower sales in the glass container business (-2.1%). Adjustments for factors such as intercompany sales reached US$2.2 million during the quarter. [GRAPHIC OMITTED] 1Q05 Revenue Breakdown Wine 44% Glass 41% Media 15% Consolidated operating income reached US$9.1 million, compared to US$9.3 million in 1Q04. This includes US$7.1 million from the glass container business (US$7.5 million in 1Q04), US$1.4 million from Santa Rita (US$1.8 million in 1Q04) and US$0.5 million from CIECSA (US$0.1 million loss in 1Q04). During 1Q05, Cristalerias net income reached US$1.1 million, compared to US$4.5 million net income in 1Q04. This is mainly explained by a lower non-operating result, that passed from a US$2.3 million loss in 1Q04, to a US$7.1 million loss in 1Q05. The latter is mainly explained by a loss from exchange rate variations that reached US$3.4 million in 1Q05, compared to a US$2.4 million income in 1Q04. The net loss from subsidiaries that do not consolidate reached US$2.6 million in 1Q05, compared to US$3.0 million loss in 1Q04. EBITDA: Operating cash generation reached US$16.0 million, similar to 1Q04. EBITDA margin was 25.8% (27.2% in 1Q04). The following analysis explains Cristalerias' results based on individual financial statements, as well as those of its main subsidiaries: 2 PACKAGING BUSINESS Glass Glass packaging sales reached US$26.3 million during the quarter, compared to US$26.8 million in 1Q04. Volume sales increased by 1.9%, totaling 57,909 tons. Beer bottle sales increased by 42.4% over 1Q04, since during 1Q04 sales were low due to clients' inventory build-up during 4Q03. Liquor bottle sales increased by 24.7%, due to higher sales of formats for pisco. Containers for the food industry increased by 11.9% due to the development of new containers oriented to agro industrial export products. Wine bottle sales decreased by 6.7%, due to price adjustments. Soft-drink bottle sales decreased by 17.5%, mainly due to lower returnable formats sales, as during 1Q04 the 237cc returnable bottle campaign was in force, as well as lower one-way formats sales. GLASS 1Q05 vs. 1Q05 1Q04 1Q04 ------- ------ -------- Net Sales (in Ch$ millions) 15,396 15,726 -2.1% Wine 10,162 10,894 -6.7% Soft Drinks 1,732 2,100 -17.5% Beer 1,610 1,131 42.4% Liquor 1,332 1,068 24.7% Food 521 466 11.9% Pharmaceutical 38 65 -42.7% Volume in tons 57,909 56,856 1.9% Operating income reached US$7.1 million, compared to US$7.5 million in 1Q04. Operating margin was 27.0% (27.9% in 1Q04). Net earnings for 1Q05 include a non-operating loss of US$5.5 million, compared to a US$2.2 million non-operating loss in 1Q04. The latter is mainly explained by a loss from exchange rate variations, that reached US$2.6 million in 1Q05, compared to a US$1.3 million income in 1Q04. The net loss from subsidiaries reached US$2.2 million in 1Q05, compared to US$2.3 million loss in 1Q04. EBITDA: Operating cash generation reached US$11.7 million, compared to US$12.0 million in 1Q04. EBITDA margin was 44.7% (flat compared to 1Q04). Plastic During 1Q05, Envases CMF posted a US$1.9 million net income, compared to a US$0.7 million income in 1Q04. Volume sales remained flat compared to 1Q04, reaching 5,852 tons, while prices rose by 18,4% in line with the increase in the price of raw materials. Total sales reached US$16.2 million, 18,4% over 1Q04. Operating income reached US$2.1 million, 59,3% over 1Q04, mainly due to a better sales mix. Non operating result was a US$0.3 million income, compared to US$0.6 million loss in 1Q05. EBITDA: Operating cash generation reached US$3.9 million, 24,5% over 1Q04. EBITDA margin was 24,3% (23.1% in 1Q04). 3 WINE BUSINESS During 1Q05, Santa Rita's consolidated sales totaled US$28.1 million, 10.4% over 1Q04. The Company's profits came in at US$0.4 million, compared to US$2.4 million in 1Q04, mainly due to a lower non-operating result, that registered a US$0.8 million loss from exchange rate variations, compared to a US$1.0 million income in 1Q04. In the domestic market, Santa Rita's prices increased by 18.0% in real terms, while volumes grew by 2.2% over 1Q04. These conditions led net sales in the domestic market to grow by 20.7% to reach US$13.8 million. Sales volume in the export market grew by 2.7% with respect to 1Q04. Net sales reached US$13.2 million, compared to US$12.9 million in 1Q04. Export revenues in real peso terms fell by 2.0% (due to the Chilean peso/US dollar appreciation with respect to 1Q04) reaching US$13.0 million and accounting for 46.4% of total revenues. The average price in Dollars per case in the export market reached US$34.9 (flat compared to 1Q04), compared with an industry average of US$25.2 (US$24.4 in 1Q04). SANTA RITA 1Q05 vs. 1Q05 1Q04 1Q04 ------ ------ ------- Net Sales (in Ch$ millions) 16,452 14,906 10.4% Domestic 8,077 6,693 20.7% Exports 7,626 7,782 -2.0% Others 749 431 73.8% Volume Exports (Th cases) 378 368 2.7% Domestic (Th liters) 12,762 12,484 2.2% Price per case - Export Mkt.( US$) 34.9 34.9 -0.2% Avg. price per case - Domestic Mkt. (Ch$) 5,697 4,824 18.0% Operating income reached US$1.4 million, compared to US$1.8 million in 1Q04, mainly due to higher costs of wine musts. Operating margin was 4.9% (7.3% in 1Q04). EBITDA: Operating cash generation reached US$3.3 million, compared to US$3.6 million in 1Q04. EBITDA margin was 11.6% (14.3% in 1Q04). 4 MEDIA BUSINESS Media Subsidiaries ------------------ CGW | | 98.5% | | 50.0% | | CIECSA Metropolis- | | Intercom 99.9% | 37.4%| | | MEGA | | DIARIO FINANCIERO Television Broadcasting, Financial Printed Press, and Other Media During 1Q05, CIECSA reported a net income of US$0.5 million, compared to a US$0.5 million loss in 1Q04. MEGA, CIECSA's main subsidiary, posted a US$0.7 million net income, compared to a US$0.4 million loss in 1Q04. Net sales increased by 14.0% in 1Q05 to reach US$9.6 million. Operating income reached US$0.7 million, compared to a US$0.1 million loss in 1Q04. MEGA had an average viewership share of 23.1% in 1Q05(FN). EBITDA: CIECSA's operating cash generation reached US$0.9 million, compared to US$0.3 million in 1Q04. EBITDA margin was 9.1% (2.9% in 1Q04). Cable Television Cristalerias de Chile S.A. owns directly 50.0% of Metropolis-Intercom S.A. During 1Q05 Metropolis-Intercom S.A. posted a net loss of US$5.6 million, compared to a US$5.7 million loss in 1Q04. This is explained by an improved non-operating result, that passed from a US$3.5 million loss in 1Q04 to a US$2.7 million loss in 1Q05, mainly due to a lower loss from exchange rate variations as a consequence of the Chilean peso appreciation and lower interest expenses; partially compensated by a lower operating result mainly due to higher depreciation charges. The company posted sales of US$19.5 million, 3.8% over 1Q04. EBITDA reached US$2.9 million, 1.8% over 1Q04. The latter includes a US$6.9 million depreciation charge, compared to a US$6.2 million charge in 1Q04, mainly coming from the HFC network acquired in July 2000. The Company ended the period with 222,338 basic subscribers (223,957 in 1Q04), 27,638 premium subscribers (31,496 in 1Q04), 38,424 broad-band Internet subscribers (36,883 in 1Q04) and 10,511 Internet Protocol Telephony subscribers (6,376 in 1Q04). METROPOLIS-INTERCOM 1Q05 vs. 03/31/05 12/31/04 4Q04 ---------- ---------- -------- Basic Subscribers (1) 222,338 224,769 -1.1% Premium customers 27,638 26,994 2.4% Internet customers 38,424 38,158 0.7% IP Telephony customers 10,511 10,764 -2.4% Home Passed 1,258,227 1,213,768 3.7% 1Q05 vs. 1Q05 1Q04 1Q04 -------- -------- -------- Sales (US$ Million) 19.5 18.8 3.8% EBITDA (US$ Million) 2.9 2.9 1.8% Net Income (Loss) (US$ Million) (5.6) (5.7) 2.6% (1) Includes Premium, Internet and IP Telephony customers. (FN) Measured during total transmission time. 5 SUBSEQUENT EVENTS On April 13, 2005 the Company announced that negotiations to merge VTR and Metropolis Intercom (MI) had come to a good end. On that date definitive contracts were signed. The transaction contemplated the subscription and payment by Cristalchile of a capital increase in VTR equivalent to 20% of the shares of VTR. This was paid by Cristalchile with its shares of MI. Likewise, VTR acquired all but one share of the remaining shares of MI. In this way MI becomes a subsidiary of VTR. In addition, Cristalchile subscribed a shareholders agreement with the current shareholders of VTR, regulating certain matters that refer to administration and financing of the company and related to the transferring of shares to third parties; establishing Initial Offering and Drag-Along obligations and Tag-Along rights with respect to Cristalchile. Finally, Cristalchile signed a contract with UnitedGlobalCom, Inc. (VTR's parent company) which states that Cristalchile will have the right to sell it its participation in VTR between the second and the tenth year while the contract is in force, at market price with a minimum of US$140 million. Obligations of UnitedGlobalCom, Inc. have been guaranteed by the related company Liberty Media International, Inc. In addition, the transaction contemplated that VTR assumed a US$10 million debt that MI had with a subsidiary of Cristalchile. As a consequence of the transaction, Cristalchile will acknowledge an approximate Ch$6,200 million (US$10.6 million) profit in its financial statements of the second quarter of 2005. On April 19, 2005 the Company requested that The Bank of New York terminate its American Depositary Share (ADS) program as a first step toward delisting from the New York Stock Exchange (NYSE) and deregistration with the U.S. Securities and Exchange Commission (SEC). The termination of the ADS is program is subject to a 60-day notice period. Suspension in the trading of the ADSs, the termination of the ADS program and the delisting of the ADSs from the NYSE are expected to occur on or about June 21, 2005. Thereafter, the Company intends, when permitted by applicable SEC regulations, to terminate the SEC registration of the ADSs and the common shares underlying the ADSs. ############# This release may contain certain forward-looking statements (as that term is used in U.S. securities laws) regarding anticipated results of operations, financial condition, business operations or strategy of Cristalerias de Chile or its consolidated subsidiaries. Forward-looking statements may be identified by the use of words such as "anticipates," "believes," "expects," "predicts," "intends," "estimates," "should" or "may" or similar expressions relating to statements that are not of historical facts. Such forward-looking statements are believed to be reasonable, but are not guarantees of future performance. Actual results could vary from our objectives or expectations due to many factors including, among others, changes in consumer beverage preferences, new technologies, a downturn in the Chilean wine industry, significant disruption of the Chilean media market, the macroeconomic performance of Chile and the behavior of Latin American markets more generally. 6 CRISTALERIAS DE CHILE S.A. CONSOLIDATED FINANCIAL STATEMENTS (Restated for general price-level changes and expressed in millions of US Dollars as of March 31, 2005) 1 US Dollar = 585.93 Chilean Pesos BALANCE SHEET As of March 31 -------------------- 2005 2004 ASSETS MUS$ MUS$ - ------------------------------------------- -------- -------- Cash, time deposits, marketable securities 189.7 157.5 Receivables 76.9 64.1 Inventories, net 80.7 68.0 Other current assets 5.5 12.8 ----- ----- TOTAL CURRENT ASSETS 352.8 302.4 ----- ----- NET P.P.&E. 236.6 234.7 ----- ----- Investment in related companies 118.6 176.2 Long-term receivables 61.3 16.0 Goodwill on investments 1.5 1.4 Accounts receivable, related companies 2.1 0.0 Others 28.4 42.0 ----- ----- TOTAL OTHER ASSETS 211.9 235.6 ----- ----- TOTAL ASSETS 801.2 772.6 ===== ===== LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Current portion of long-term & short-term debt 25.5 9.2 Dividends payable 0.1 0.1 Accounts and notes payable 40.0 30.8 Provisions, withholdings, income taxes 26.3 27.0 Advances from customers 5.2 4.8 ----- ----- TOTAL CURRENT LIABILITIES 97.1 71.8 ----- ----- Long-term bank liabilities and bonds payable 182.4 214.7 Miscellaneous creditors 0.8 0.4 Provisions and others 20.1 17.3 ----- ----- TOTAL LONG-TERM LIABILITIES 203.3 232.4 ----- ----- MINORITY INTEREST 71.4 66.5 ----- ----- TOTAL SHAREHOLDERS' EQUITY 429.4 401.9 ----- ----- TOTAL LIAB. & SHAREHOLDERS' EQUITY 801.2 772.6 ===== ===== STATEMENT OF INCOME First quarter ------------------- 2005 2004 MUS$ MUS$ ------ ------ OPERATING RESULTS: Net sales 61.9 58.6 Cost of sales (41.6) (39.0) Selling and administrative expenses (11.1) (10.3) ----- ----- OPERATING INCOME 9.1 9.3 ----- ----- NON-OPERATING RESULTS: Cordillera Comunicaciones Ltda (4.0) (3.7) Editorial Zig-Zag 0.1 0.1 Vina Los Vascos S.A. 0.0 0.1 Rayen Cura S.A.I.C. 0.6 0.4 Envases CMF 0.9 0.3 Ediciones Chiloe (0.2) (0.2) Others (0.0) - ----- ----- Equity in net income related companies (net) (2.6) (3.0) Interest expense (net) (1.2) (1.9) Other nonrecurring expense (net) (0.7) (0.1) Goodwill amortization (0.3) (0.3) Price-level restatement 1.1 0.6 Exchange Rate Variations (3.4) 2.4 ----- ----- NON-OPERATING INCOME (7.1) (2.3) ----- ----- Income tax (0.8) (1.4) Extraordinary Items - - Minority interest (0.2) (1.1) ----- ----- NET INCOME 1.1 4.5 ===== ===== 7 CRISTALERIAS DE CHILE CONSOLIDATED FINANCIAL STATEMENTS (Restated for general price-level changes and expressed in millions of Chilean Pesos as of March 31, 2005) 1 US Dollar = 585.93 Chilean Pesos BALANCE SHEET As of March 31 ----------------------- 2005 2004 ASSETS MCh$ MCh$ - ------------------------------------------- -------- -------- Cash, time deposits, marketable securities 111,138 92,258 Receivables 45,064 37,579 Inventories, net 47,300 39,846 Other current assets 3,218 7,492 ------- ------- TOTAL CURRENT ASSETS 206,719 177,175 ------- ------- NET P.P.&E. 138,614 137,519 ------- ------- Investment in related companies 69,466 103,235 Long-term receivables 35,903 9,364 Goodwill on investments 891 822 Accounts receivable, related companies 1,231 4 Others 16,643 24,597 ------- ------- TOTAL OTHER ASSETS 124,134 138,022 ------- ------- TOTAL ASSETS 469,466 452,716 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Current portion of long-term & short-term debt 14,963 5,406 Dividends payable 40 42 Accounts and notes payable 23,430 18,056 Provisions, withholdings, income taxes 15,419 15,792 Advances from customers 3,062 2,799 ------- ------- TOTAL CURRENT LIABILITIES 56,915 42,096 ------- ------- Long-term bank liabilities and bonds payable 106,861 125,782 Miscellaneous creditors 473 213 Provisions and others 11,757 10,156 ------- ------- TOTAL LONG-TERM LIABILITIES 119,090 136,151 ------- ------- MINORITY INTEREST 41,858 38,958 ------- ------- TOTAL SHAREHOLDERS' EQUITY 251,604 235,511 ------- ------- TOTAL LIAB. & SHAREHOLDERS' EQUITY 469,466 452,716 ======= ======= STATEMENT OF INCOME First quarter ---------------------- 2005 2004 MCh$ MCh$ -------- -------- OPERATING RESULTS: Net sales 36,270 34,345 Cost of sales (24,402) (22,877) Selling and administrative expenses (6,526) (6,026) ------- ------- OPERATING INCOME 5,343 5,442 ------- ------- NON-OPERATING RESULTS: Cordillera Comunicaciones Ltda (2,325) (2,187) Editorial Zig-Zag 35 51 Vina Los Vascos S.A. 1 51 Rayen Cura S.A.I.C. 325 243 Envases CMF 550 190 Ediciones Chiloe (96) (96) Others (8) - ------- ------- Equity in net income related companies (net) (1,519) (1,748) Interest expense (net) (723) (1,098) Other nonrecurring expense (net) (419) (84) Goodwill amortization (148) (163) Price-level restatement 645 352) Exchange Rate Variations (1,987) 1,394 ------- ------- NON-OPERATING INCOME (4,150) (1,346) ------- ------- Income tax (469) (833) Extraordinary Items - - Minority interest (98) (640) ------- ------- NET INCOME 626 2,623 ======= ======= 8 CRISTALERIAS DE CHILE S.A. INDIVIDUAL FINANCIAL STATEMENTS (Restated for general price-level changes and expressed in millions of US Dollars as of March 31, 2005) 1 US Dollar = 585.93 Chilean Pesos BALANCE SHEET As of March 31 --------------------- 2005 2004 ASSETS MUS$ MUS$ - ------------------------------------------- -------- -------- Cash, time deposits, marketable securities 156.6 125.4 Receivables 40.9 34.9 Inventories, net 11.7 10.5 Other current assets 1.9 4.7 ----- ----- TOTAL CURRENT ASSETS 211.2 175.4 NET P.P.&E. 128.9 131.1 Investment in related companies 205.5 251.0 Long-term receivables 0.2 0.2 Goodwill on investments 51.0 3.2 Accounts receivable, related companies 36.2 36.0 Others 4.8 19.9 ----- ----- TOTAL OTHER ASSETS 297.6 310.3 ----- ----- TOTAL ASSETS 637.7 616.8 ===== ===== LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Current portion of long-term debt 16.4 1.6 Dividends payable 0.1 0.1 Accounts and notes payable 8.5 7.7 Provisions, withholdings, income taxes 17.8 16.6 ----- ----- TOTAL CURRENT LIABILITIES 42.7 25.9 ----- ----- Long-term bank liabilities and bonds payable 148.3 174.1 Miscellaneous creditors 0.1 0.3 Provisions 12.2 10.5 Others 5.0 4.1 ----- ----- TOTAL LONG-TERM LIABILITIES 165.6 188.9 ----- ----- TOTAL SHAREHOLDERS' EQUITY 429.4 401.9 ----- ----- TOTAL LIAB. & SHAREHOLDERS' EQUITY 637.7 616.8 ===== ===== STATEMENT OF INCOME First quarter ------------------- 2005 2004 MUS$ MUS$ ------ ------ OPERATING RESULTS: Net sales 26.3 26.8 Cost of sales (17.0) (17.1) General and administrative expenses (2.2) (2.3) ----- ----- OPERATING INCOME 7.1 7.5 ----- ----- NON-OPERATING RESULTS: CristalChile Comunicaciones (4.0) (3.8) S.A. Vina Santa Rita 0.2 1.3 Envases CMF S.A. 0.9 0.3 Ciecsa S.A. 0.5 (0.5) Cristalchile Inversiones S.A. 0.2 0.3 Others (0.0) (0.0) ----- ----- Equity in net income related companies (net) (2.2) (2.3) Interest expense (net) (0.8) (1.1) Other nonrecurring expense (net) (0.3) (0.2) Goodwill amortization (0.1) (0.1) Price-level restatement 0.4 0.3 Exchange Rate Variations (2.6) 1.3 ----- ----- NON-OPERATING INCOME (5.5) (2.2) ----- ----- Income tax (0.5) (0.8) Amortization of negative goodwill - - Extraordinary Items - - ----- ----- NET INCOME 1.1 4.5 ===== ===== SALES VOLUME Th Tons Th Tons ----- ----- Glass sales in Th tons 57.9 56.9 ===== ===== 9 CRISTALERIAS DE CHILE S.A. INDIVIDUAL FINANCIAL STATEMENTS (Restated for general price-level changes and expressed in millions of Chilean Pesos as of March 31, 2005) 1 US Dollar = 585.93 Chilean Pesos BALANCE SHEET As of March 31 --------------------- 2005 2004 ASSETS MCh$ MCh$ - ------------------------------------------ -------- -------- Cash, time deposits, marketable securities 91,785 73,459 Receivables 23,968 20,428 Inventories, net 6,855 6,126 Other current assets 1,132 2,740 ------- ------- TOTAL CURRENT ASSETS 123,739 102,753 ------- ------- NET P.P.&E. 75,535 76,804 ------- ------- Investment in related companies 120,412 147,046 Long-term receivables 99 125 Goodwill on investments 29,891 1,881 Accounts receivable, related companies 21,181 21,122 Others 2,793 11,644 ------- ------- TOTAL OTHER ASSETS 174,377 181,818 ------- ------- TOTAL ASSETS 373,652 361,376 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Current portion of long-term debt 9,587 909 Dividends payable 40 41 Accounts and notes payable 4,953 4,501 Provisions, withholdings, income taxes 10 429 9,744 ------- ------- TOTAL CURRENT LIABILITIES 25,008 15,195 ------- ------- Long-term bank liabilities and bonds payable 86,912 101,981 Miscellaneous creditors 30 156 Provisions 7,152 6,134 Others 2,946 2,399 ------- ------- TOTAL LONG-TERM LIABILITIES 97,040 110,670 ------- ------- TOTAL SHAREHOLDERS' EQUITY 251,604 235,511 ------- ------- TOTAL LIAB. & SHAREHOLDERS' EQUITY 373,652 361,376 ======= ======= STATEMENT OF INCOME First quarter ---------------------- 2005 2004 MCh$ MCh$ -------- -------- OPERATING RESULTS: Net sales 15,396 15,726 Cost of sales (9,945) (10,006) General and administrative expenses (1,289) (1,336) ------- ------- OPERATING INCOME 4,162 4,384 ------- ------- NON-OPERATING RESULTS: CristalChile Comunicaciones (2,325) (2,198) S.A. Vina Santa Rita 133 764 Envases CMF S.A. 550 190 Ciecsa S.A. 280 (302) Cristalchile Inversiones S.A. 105 192 Others (10) (0) ------- ------- Equity in net income related companies (net) (1,267) (1,354) Interest expense (net) (455) (649) Other nonrecurring expense (net) (184) (123) Goodwill amortization (44) (44) Price-level restatement 252 157 Exchange Rate Variations (1,535) 746 ------- ------- NON-OPERATING INCOME (3,232) (1,266) ------- ------- Income tax (303) (494) Amortization of negative goodwill - - Extraordinary Items - - ------- ------- NET INCOME 626 2,623 ======= ======= SALES VOLUME Th Tons Th Tons ------- ------- Glass sales in Th tons 57.9 56.9 ======= ======= 10 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GLASSWORKS OF CHILE (Registrant) By: /s/ Benito Bustamante C. ------------------------ Benito Bustamante C. Controller Date: May 3, 2005 -----END PRIVACY-ENHANCED MESSAGE-----