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
November 9, 2004
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]
[CRISTALCHILE LOGO]
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
THIRD QUARTER AND NINE MONTH PERIOD ENDED SEPTEMBER 30, 2004
Santiago, Chile (November 8, 2004) - Cristalerias de Chile S.A.
("Cristalerias"), a Chilean conglomerate and the largest producer of glass
containers in Chile, today announced its results for the third quarter and
nine-month periods ended September 30, 2004. All figures have been prepared
according to Chilean GAAP and are restated for general price-level changes and
expressed in US Dollars at Ch$608.90/US$1, the exchange rate at the close of
September 30, 2004.
3Q04 HIGHLIGHTS (vs. 3Q03):
o Consolidated sales increased 8.4%
o Operating income up 5.0%
o EBITDA up 4.2%
o Non-operating loss of US$4.8 million in 3Q04 compared to a US$19.3
million loss in 3Q03.
o Net income of US$11.7 million, compared to a US$0.9 million net loss in
3Q03.
o Earnings per ADR reached US$0.55
YTD 2004 HIGHLIGHTS (vs. YTD 2003):
o Consolidated sales increased 5.9%
o Operating income up 2.9%
o EBITDA up 3.8%
o Non-operating loss of US$12.1 million compared to a loss of US$35.6
million in 2003.
o Net income reached US$23.4 million compared to US$4.0 million income
reported in 2003.
o Earnings Per ADR reached US$1.10
CONSOLIDATED REVENUE
CONSOLIDATED REVENUE 3Q04 vs.
(in US$ millions) 3Q04 3Q03 3Q03 YTD04
---- ---- ------- -----
TOTAL REVENUE 85.3 78.7 8.4% 218.5
Cristalchile (glass containers) 35.3 35.4 -0.2% 90.5
Vina Santa Rita (wine) 40.2 34.3 17.2% 101.0
CIECSA (media) 13.1 12.1 8.4% 34.3
Adjustments 3.3 3.1 N/A 7.3
RELATED COMPANIES
Metropolis-Intercom (cable TV) 18.5 19.2 -3.5% 55.3
Envases CMF (plastic containers) 14.0 14.8 -5.7% 38.5
3Q04 and YTD 2004
THIRD QUARTER 2004 RESULTS
CONSOLIDATED RESULTS
During 3Q04, Cristalerias' total consolidated revenue reached US$85.3 million,
an 8.4% increase compared to 3Q03. The main factors behind this increase were
improved sales in Santa Rita (+17.2%), and CIECSA (+8.4%); partially
compensated by lower sales in the glass container business (-0.2%).
Adjustments for factors such as intercompany sales reached US$3.3 million
during the quarter.
3Q04 Revenue Breakdown
----------------------
Media 15%
Glass 40%
Wine 45%
Consolidated operating income increased by 5.0% during the quarter, totaling
US$20.3 million. This includes US$13.1 million from the glass container
business (US$12.9 million in 3Q03), US$4.5 million from Santa Rita (US$4.9
million in 3Q03) and US$2.8 million from CIECSA (US$1.7 million in 3Q03).
During 3Q04, Cristalerias net income reached US$11.7 million, compared to
US$0.9 million net loss in 3Q03. This is mainly explained by a lower
non-operating loss, that passed from a US$19.3 million loss in 3Q03, to a
US$4.8 million loss in 3Q04. The latter is mainly explained by a lower loss
from exchange rate variations, that reached US$0.1 million in 3Q04, compared
to a US$13.1 million loss in 3Q03; and a lower net loss from subsidiaries that
do not consolidate, that reached US$1.4 million in 3Q04, compared to a US$3.4
million loss in 3Q03. The net loss from subsidiaries includes a US$1.7 million
charge (US$1.8 million charge in 3Q03) corresponding to goodwill amortization,
which does not constitute cash flow.
EBITDA: Operating cash generation reached US$26.9 million, compared to US$25.8
million in 3Q03. EBITDA margin for 3Q04 was 31.5% (32.8% in 3Q03).
The following analysis explains Cristalerias' results based on individual
financial statements, as well as those of its main subsidiaries:
2
3Q04 and YTD 2004
PACKAGING BUSINESS
Glass
Glass packaging sales reached US$35.3 million during the quarter, almost flat
compared to 3Q03. Volume sales increased by 3.6%, totaling 76,541 tons. Wine
bottle sales increased by 14.3%, mainly due an increase in export volumes.
Liquor bottle sales increased by 7.0%, due to higher value-added sales of
formats for pisco.
Beer bottle sales decreased by 46.0%, due to lower sales of one-way formats
and clients' inventory build-up of returnable formats during the previous
quarter. Soft-drink bottle sales decreased by 22.4%, mainly due to lower
returnable formats sales, as during 3Q03 the 237cc returnable bottle campaign
was in force; partially compensated by an increase in one-way formats sales.
Containers for the food industry decreased by 32.0% due to client's inventory
build-up during 3Q03.
GLASS
3Q04 vs.
3Q04 3Q04 3Q03
---- ---- --------
Net Sales (in Ch$ millions) 21,495 21,546 -0.2%
Wine 15,601 13,651 14.3%
Beer 1,647 3,049 -46.0%
Soft Drinks 1,984 2,556 -22.4%
Liquor 1,822 1,703 7.0%
Food 332 488 -32.0%
Pharmaceutical 109 99 10.2%
Volume in tons 76,541 73,854 3.6%
Operating income reached US$13.1 million, 1.4% over 3Q03. Operating margin was
37.0% (36.4% in 3Q03).
Net earnings for 3Q04 include a non-operating income of US$0.8 million,
compared to a US$13.5 million non-operating loss in 3Q03. The latter is mainly
explained by a lower loss from exchange rate variations, that reached US$0.2
million during 3Q04, compared to a US$10.5 million loss in 3Q03; in addition
to a net income from subsidiaries, that reached US$2.1 million in 3Q04,
compared to a US$1.5 million loss in 3Q03.
EBITDA: Operating cash generation reached US$17.6 million, compared to US$17.3
million in 3Q03. EBITDA margin was 49.8% (48.9% in 3Q03).
3
3Q04 and YTD 2004
Plastic
During 3Q04, Envases CMF posted a US$0.7 million net income, compared to a
US$0.8 million net loss in 3Q03. The latter is mainly due to the non operating
result, that passed from a US$2.2 million loss in 3Q03 to a US$0.5 million
loss in 3Q04, mainly due to a lower loss from price level restatements. Total
sales reached US$14.0 million, compared to US$14.8 million in 3Q03. Volumes
decreased by 1.5%, reaching 5,605 tons, while prices fell by 4.0%. However,
operating income increased by 26.6% to reach US$1.4 million, due to lower
costs of raw materials.
EBITDA: Operating cash generation reached US$3.2 million, compared to US$3.0
million in 3Q03. EBITDA margin was 23.0% (19.9% in 3Q03).
4
3Q04 and YTD 2004
WINE BUSINESS
During 3Q04, Santa Rita's consolidated sales totaled US$40.2 million, 17.2%
over 3Q03. The Company's profits came in at US$3.0 million, compared to US$1.5
million in 3Q03, mainly due to an improved non-operating result, that
registered an income from exchange rate variations, compared to a loss in
3Q03.
In the domestic market, Santa Rita's volumes fell by 14.4% compared to 3Q03.
Prices increased by 21.0% in real terms. These conditions led net sales in the
domestic market to grow by 3.6% to US$16.7 million.
Sales volume in the export market rose by 44.1% reaching US$21.3 million. In
real peso terms, sales increased by 25.8% (due to the Chilean peso/US dollar
appreciation with respect to 3Q03), accounting for 55.5% of total revenues.
The average price in Dollars per case in the export market reached US$33.3
(US$34.0 in 3Q03), compared with an industry average of US$23.3 (US$23.3 in
2Q03).
SANTA RITA
3Q04 vs.
3Q04 3Q03 3Q03
---- ---- --------
Net Sales (in Ch$ millions) 24,450 20,859 17.2%
Domestic 10,175 9,826 3.6%
Exports 13,566 10,780 25.8%
Others 709 253 180.2%
Volume
Exports (Th cases) 638 443 44.1%
Domestic (Th liters) 16,181 18,910 -14.4%
Price per case - Export Mkt.( US$) 33.3 34.0 -1.9%
Avg. price per case - Domestic Mkt. (Ch$) 5,661 4,680 21.0%
Operating income reached US$4.5 million, compared to US$4.9 million in 3Q03,
due to higher costs of wine musts, as well as a lower peso/US$ exchange rate
that affected export returns. Operating margin was 11.2% (14.3% in 3Q03).
EBITDA: Operating cash generation reached US$6.3 million, compared to US$6.6
million in 3Q03. EBITDA margin was 15.6% (19.4% in 3Q03).
5
3Q04 and YTD 2004
MEDIA BUSINESS
Television Broadcasting, Financial Printed Press, and Other Media
During 3Q04, CIECSA reported a net income of US$1.9 million, compared to
US$1.3 million income in 3Q03.
MEGA, CIECSA's main subsidiary, reached the first place in audience share with
an average viewership share of 27.0% in 3Q04 (22.8% in 3Q03)FN1. Mega's net
sales increased by 8.0% in 3Q04 to reach US$13.0 million. MEGA had a US$2.8
million operating income, 77.9% over 3Q03. Therefore, MEGA posted a US$2.1
million net income, compared to a US$1.4 million income in 3Q03.
EBITDA: CIECSA's operating cash generation reached US$3.1 million, compared to
US$2.0 million in 3Q03. EBITDA margin was 23.9% (16.7% in 3Q03).
Media Subsidiaries
------------------
CGW
| |
98.5% | | 98.9%
| |
CIECSA Cristalchile
| | Comunicaciones
99.9% | 37.4% | | 50%
| | |
MEGA | Cordillera
| Comunicaciones
DIARIO | 95.6%
FINANCIERO |
Metropolis-
Intercom
Cable Television
Cristalchile Comunicaciones S.A. (Cristalerias' wholly-owned subsidiary),
owner of 50% of Cordillera Comunicaciones Ltda., had a net loss of US$2.5
million, compared to a US$3.0 million loss in 3Q03. Similarly, Cordillera
Comunicaciones Ltda. (owner of 95.6% of Metropolis-Intercom S.A.) had a net
loss of US$4.8 million, compared to a US$6.1 million loss in 3Q03. The
aforementioned result includes a goodwill amortization charge of US$1.7
million (US$1.8 million charge in 3Q03).
----------------
1 Measured between 6:30 and 1:30AM (i.e.: 19 hours daily) from Monday through
Sunday.
6
3Q04 and YTD 2004
During 3Q04 Metropolis-Intercom S.A. posted a net loss of US$3.2 million,
compared to a US$4.3 million loss in 3Q03. This is explained by an improved
non-operating result, that passed from a US$2.0 million loss in 3Q03 to a
US$0.3 million income in 3Q04, mainly due to lower interest expenses;
partially compensated by a lower operating result mainly due to higher
depreciation charges. The company posted sales of US$18.5 million, compared to
US$19.2 million in 3Q03. EBITDA reached US$2.3 million, compared to US$2.5
million in 3Q03. The latter includes a US$6.4 million depreciation charge,
compared to a US$5.7 million charge in 3Q03, mainly coming from the HFC
network acquired in July 2000. The Company ended the period with 224,657 basic
subscribers (235,596 in 3Q03), 27,989 premium subscribers (33,305 in 3Q03),
38,735 broad-band internet subscribers (32,227 in 3Q03) and 10,999 Internet
Protocol Telephony subscribers (1,451 in 3Q03).
METROPOLIS-INTERCOM
3Q04 vs.
09/30/04 06/30/04 2Q04
-------- -------- --------
Basic Subscribers (1) 224,657 223,820 0.4%
Premium customers 27,989 28,970 -3.4%
Internet customers 38,735 38,503 0.6%
IP Telephony customers 10,999 9,255 18.8%
Home Passed 1,200,112 1,198,054 0.2%
3Q04 vs.
3Q04 3Q03 3Q03
---- ---- --------
Sales (US$ Million) 18.5 19.2 -3.5%
EBITDA (US$ Million) 2.3 2.5 -10.6%
Net Income (Loss) (US$ Million) (3.2) (4.3) 25.3%
----------------
(1) Includes Premium, Internet and IP Telephony customers.
7
3Q04 and YTD 2004
NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2004 RESULTS
CONSOLIDATED RESULTS
The Company consolidates its results with those of Vina Santa Rita, CIECSA,
Cristalchile Comunicaciones, Cristalchile Inversiones and Apoger. During the
first nine months of 2004, Cristalerias' total consolidated revenue reached
US$218.5 million, 5.9% over 2003. The main factors behind this growth include
improved sales in the wine (+10.7%) and media (+9.6%) businesses; partially
compensated by lower sales in the glass container business (-0.5%).
YTD04 Revenue Breakdown
-----------------------
Media 15%
Glass 40%
Wine 45%
Consolidated operating income reached US$46.5 million, 2.9% over 2003. This
includes US$30.0 million from the glass container business (US$29.0 million in
2003), US$11.3 million from Santa Rita (US$13.1 million in 2003) and US$5.2
million from CIECSA (US$3.0 million in 2003).
For the nine-month period ended on September 30, 2004, Cristalerias' net
income was US$23.4 million, compared to US$4.0 million in 2003. This is mainly
explained by a lower non-operating loss, that passed from a US$35.6 million
loss in 2003 to a US$12.1 million loss in 2004. The latter is mainly explained
by an income from exchange rate variations of US$3.9 million in 2004, compared
to a US$20.5 million loss in 2003. The net loss from subsidiaries that do not
consolidate remained almost flat with respect to the previous year, reaching
US$6.6 million in 2004. This figure includes a US$5.2 million charge (flat
with respect to 2003) corresponding to goodwill amortization, which does not
constitute cash flow.
EBITDA: Operating cash generation reached US$65.8 million, compared to US$63.4
million in 2003. EBITDA margin was 30.1% (30.7% in 2003).
The following analysis explains Cristalerias' results based on individual
financial statements, as well as those of its main subsidiaries:
8
3Q04 and YTD 2004
PACKAGING BUSINESS
Glass
The Company had non-consolidated sales of US$90.5 million, flat compared to
2003. Volume sales increased by 5.9%, reaching 196,935 tons. Wine bottle sales
increased by 9.1% during the period mainly due to higher bottled wine export
volumes.
Soft drink bottle sales decreased by 11.6% due to lower sales of returnable
formats, given that last year sales were higher due to the 237cc bottle
campaign. Beer bottle sales decreased by 34.6%, due to lower sales of one-way
formats as a consequence of changes in clients' pricing policy, partially
compensated by higher sales of returnable formats. Liquor bottle sales
decreased by 1.1%, mainly because during 2003 clients made inventory build-up
for a new pisco brand. Sales of containers for the food industry decreased due
to changes in sales mix.
GLASS
YTD04 vs.
YTD04 YTD03 YTD03
----- ----- --------
Net Sales (in Ch$ millions) 55,126 55,405 -0.5%
Wine 38,493 35,289 9.1%
Soft Drinks 5,758 6,510 -11.6%
Beer 4,955 7,576 -34.6%
Liquor 4,441 4,492 -1.1%
Food 1,217 1,251 -2.7%
Pharmaceutical 263 288 -8.6%
Volume in tons 196,935 185,975 5.9%
Operating income increased by 3.5%, reaching US$30.0 million, due to the
increased sales volume and lower costs of sales, partially compensated by a
6.0% decrease in average prices, mainly as a consequence of the appreciation
of the Chilean peso against the US dollar during 2004 when compared to 2003.
Operating margin was 33.1% (31.8% in 2003).
Net earnings for the period include a non-operating loss of US$1.9 million,
compared to a non-operating loss of US$23.4 million in 2003. This is mainly
explained by a US$2.1 million income from exchange rate variations (US$16.5
million loss in 2003) and a net income from subsidiaries, that reached US$0.8
million (US$2.6 million loss in 2003).
EBITDA: Operating cash generation reached US$43.1 million, compared to US$41.1
million in 2003. EBITDA margin was 47.6% (45.2% in 2003).
9
3Q04 and YTD 2004
Plastic
During the first nine months of 2004, Envases CMF posted a US$1.2 million net
income, flat compared with 2003. Total sales reached US$38.5 million, compared
to US$41.9 million in 2003. Volumes decreased by 3.2%, reaching 16,162 tons,
due to lower pre-forms exports; while prices decreased by 5.1% influenced by a
lower exchange rate. Operating income reached US$3.3 million, compared to
US$3.7 million income in 2003. The non-operating result was a US$1.9 million
loss, compared to a US$2.2 million loss in 2003, mainly due to a lower charge
from price level restatements and lower interest expenses.
EBITDA: Operating cash generation reached US$8.7 million, compared to US$9.4
million in 2003. EBITDA margin was 22.6% (22.5% in 2003).
10
3Q04 and YTD 2004
WINE BUSINESS
During the first nine months of 2004, Santa Rita's consolidated sales totaled
US$101.0 million, 10.7% over 2003. The Company's profits came in at US$8.9
million, compared to US$6.2 million in 2003, due to an improved non-operating
result, that passed from a US$5.3 million loss in 2003 to a US$0.4 million
loss in 2004. The latter is mainly due to a US$1.8 million income from
exchange rate variations in 2004, compared to a US$3.4 million loss in 2003.
In the domestic market, Santa Rita's volumes remained flat with respect to
2003. Prices rose by 13.5% in real terms. These conditions led net sales in
the domestic market to grow by 13.6%, to reach US$45.3 million.
Sales volume in the export market grew by 19.7%, reaching US$52.8 million
(US$49.5 million in 2003), representing 52.3% of revenues. The average price
in dollars per case reached US$33.8 (US$33.0 in 2003), compared with an
industry average of US$23.9 (US$23.6 in 2003).
By markets, the export increase breakdown is as follows: Europe, +21.7%, USA,
+27.6%, Canada, +11.0%, Latin America, +10.8%; partially offset by lower sales
to Asia+Africa, -2.1%.
SANTA RITA
YTD04 vs.
YTD04 YTD03 YTD03
----- ----- ---------
Net Sales (in Ch$ millions) 61,475 55,557 10.7%
Domestic 27,576 24,280 13.6%
Export 32,155 30,133 6.7%
Others 1,744 1,144 52.5%
Volume
Exports (Th cases) 1,519 1,269 19.7%
Domestic (Th liters) 48,177 48,140 0.1%
Price per case - Export Mkt.(US$) 33.8 33.0 2.4%
Avg. price per case - Domestic Mkt. (Ch$) 5,148 4,536 13.5%
Operating income reached US$11.3 million, compared to US$13.1 million in 2003,
due to higher costs of musts, as well as a lower peso/US$ exchange rate that
affected export returns. Operating margin was 11.2% (14.4% in 2003).
EBITDA: Operating cash generation reached US$16.5 million, compared to US$18.1
million in 2003. EBITDA margin was 16.4% (19.9% in 2003).
11
3Q04 and YTD 2004
MEDIA BUSINESS
Television Broadcasting, Financial Printed Press and Other Media
During 2004, CIECSA reported a net income of US$3.5 million, compared to a
US$1.4 million income in 2003.
MEGA, CIECSA's main subsidiary, reached the first place in audience share with
an average viewership share of 26.0% during the period (22.8% in 2003)FN2. Net
sales increased by 8.2% reaching US$33.4 million, as higher audience share has
resulted in higher sales. MEGA's operating income increased by 59.9%, reaching
US$4.7 million. Net income reached US$3.5 million, compared to US$1.7 million
in 2003.
EBITDA: CIECSA's operating cash generation reached US$6.1 million,
compared to US$4.0 million in 2003. EBITDA margin was 17.9% (12.8% in 2003).
Cable Television
Cristalchile Comunicaciones S.A. (Cristalerias wholly-owned subsidiary), owner
of 50.0% of Cordillera Comunicaciones Ltda. had a net loss of US$9.1 million,
compared to an US$8.8 million net loss in 2003. Similarly, Cordillera
Comunicaciones Ltda. (owner of 95.6% of Metropolis-Intercom S.A.) posted a net
loss of US$17.6 million, compared to a net loss of US$17.5 million in 2003.
The aforementioned result includes a goodwill amortization charge of US$5.2
million (US$5.2 million charge in 2003).
During the first nine months of 2004 Metropolis-Intercom S.A. posted sales of
US$55.3 million, compared to US$56.3 million in 2003. The Company posted a net
loss of US$13.0 million, compared to a net loss of US$12.3 million in 2003.
This lower result is mainly due to a lower operating result, mainly as a
consequence of higher depreciation charges, partially compensated by a better
non-operating result, due to lower interest expenses and a lower Peso/US
Dollar exchange rate that favorably affects the company's net liabilities in
US Dollars. EBITDA reached US$7.6 million, compared to US$7.4 million in 2003.
The latter includes a depreciation charge of US$18.5 million in 2004, compared
to US$16.8 million charge in 2003; mainly coming from the HFC network acquired
in July 2000. Metropolis-Intercom ended the period with 224,657 basic
subscribers (235,596 in 2003), 27,989 premium subscribers (33,305 in 2003),
38,735 broad-band internet subscribers (32,227 in 2003) and 10,999 IP
Telephony subscribers (1,451 in 2003).
----------------
2 Measured between 6:30AM and 1:30AM (i.e.: 19 hours daily) from Monday
through Sunday.
12
3Q04 and YTD 2004
METROPOLIS-INTERCOM
09/30/04 12/31/03 % Change
-------- -------- --------
Basic Subscribers (1) 224,657 231,925 -3.1%
Premium customers 27,989 31,499 -11.1%
Internet customers 38,735 34,462 12.4%
IP Telephony customers 10,999 3,639 202.3%
Home Passed 1,200,112 1,192,891 0.6%
YTD04 vs.
YTD04 YTD03 YTD03
----- ----- ---------
Sales (US$ Million) 55.3 56.3 -1.8%
EBITDA (US$ Million) 7.6 7.4 1.9%
Net Profit (loss) (US$ Million) (13.0) (12.3) -5.4%
----------------
(1) Includes Premium, Internet and IP Telephony customers.
#############
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.
13
3Q04 and YTD 2004
[Cristalchile Logo]
CRISTALERIAS DE CHILE S.A.
CONSOLIDATED FINANCIAL STATEMENTS
(Restated for general price-level changes and expressed in millions of
US Dollars as of September 30, 2004)
1 US Dollar = 608.90 Chilean Pesos
BALANCE SHEET
As of September 30
2004 2003
ASSETS MUS$ MUS$
-------------------------------------
Cash, time deposits, marketable securities 161.3 137.1
Receivables 90.0 79.2
Inventories, net 69.3 60.9
Other current assets 5.3 9.2
TOTAL CURRENT ASSETS 326.0 286.3
NET P.P.&E. 227.2 231.4
Investment in related companies 164.1 176.3
Long-term receivables 14.6 16.4
Goodwill on investments 1.3 1.4
Accounts receivable, related companies 2.0 2.0
Others 28.3 42.0
TOTAL OTHER ASSETS 210.2 236.1
TOTAL ASSETS 763.4 753.8
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current portion of long-term & short-term debt 20.6 8.9
Dividends payable 1.1 0.8
Accounts and notes payable 31.0 27.3
Provisions, withholdings, income taxes 28.7 29.7
Advances from customers 5.3 8.2
TOTAL CURRENT LIABILITIES 86.6 75.0
Long-term bank liabilities and bonds payable 190.8 215.4
Miscellaneous creditors 2.3 0.6
Provisions and others 18.5 20.6
TOTAL LONG-TERM LIABILITIES 211.6 236.6
MINORITY INTEREST 66.4 62.8
TOTAL SHAREHOLDERS' EQUITY 398.8 379.4
TOTAL LIAB. & SHAREHOLDERS' EQUITY 763.4 753.8
3Q04 and YTD 2004
STATEMENT OF INCOME
9 month period Third
ended September 30 quarter
2004 2003 2004 2003
MUS$ MUS$ MUS$ MUS$
OPERATING RESULTS:
Net sales 218.5 206.3 85.3 78.7
Cost of sales (135.8) (130.3) (50.7) (48.6)
Selling and administrative
expenses (36.2) (30.8) (14.3) (10.8)
OPERATING INCOME 46.5 45.2 20.3 19.3
NON-OPERATING RESULTS:
Cordillera Comunicaciones Ltda (9.1) (8.8) (2.5) (3.0)
Editorial Zig-Zag (0.2) (0.3) (0.1) (0.1)
Vina Los Vascos S.A. 0.8 0.8 0.3 0.1
Rayen Cura S.A.I.C. 1.4 1.2 0.5 (0.0)
Envases CMF 0.6 0.6 0.4 (0.4)
Ediciones Chloe (0.1) (0.2) 0.0 (0.0)
Others (0.0) (0.0) (0.0) (0.0)
---------------------------------------
Equity in net income related
companies (net) (6.6) (6.6) (1.4) (3.4)
Interest expense (net) (5.5) (5.0) (1.6) (2.0)
Other nonrecurring expense (net) (1.9) (1.6) (1.0) (0.5)
Goodwill amortization (0.8) (0.8) (0.2) (0.2)
Price-level restatement (1.3) (1.2) (0.4) (0.1)
Exchange Rate Variations 3.9 (20.5) (0.1) (13.1)
NON-OPERATING INCOME (12.1) (35.6) (4.8) (19.3)
Income tax (6.8) (2.7) (2.4) (0.3)
Extraordinary Items - - - -
Minority interest (4.3) (2.9) (1.4) (0.7)
NET INCOME 23.4 4.0 11.7 (0.9)
14
3Q04 and YTD 2004
CRISTALERIAS DE CHILE S.A.
CONSOLIDATED FINANCIAL STATEMENTS
(Restated for general price-level changes and expressed in millions of
Chilean Pesos as of September 30, 2004)
1 US Dollar = 608.90 Chilean Pesos
BALANCE SHEET
As of September 30
2004 2003
ASSETS MCh$ MCh$
-------------------------------------
Cash, time deposits, marketable securities 98,241 83,474
Receivables 54,821 48,208
Inventories, net 42,206 37,072
Other current assets 3,222 5,590
TOTAL CURRENT ASSETS 198,490 174,344
NET P.P.&E. 138,346 140,894
Investment in related companies 99,923 107,350
Long-term receivables 8,892 9,993
Goodwill on investments 771 840
Accounts receivable, related companies 1,213 3
Others 17,204 25,586
TOTAL OTHER ASSETS 128,002 143,772
TOTAL ASSETS 464,838 459,011
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current portion of long-term & short-term debt 12,541 5,450
Dividends payable 653 514
Accounts and notes payable 18,874 16,636
Provisions, withholdings, income taxes 17,490 18,084
Advances from customers 3,198 4,998
TOTAL CURRENT LIABILITIES 52,756 45,680
Long-term bank liabilities and bonds payable 116,154 131,160
Miscellaneous creditors 1,380 366
Provisions and others 11,290 12,537
TOTAL LONG-TERM LIABILITIES 128,824 144,063
MINORITY INTEREST 40,446 38,250
TOTAL SHAREHOLDERS' EQUITY 242,812 231,018
TOTAL LIAB. & SHAREHOLDERS' EQUITY 464,838 459,011
3Q04 and YTD 2004
STATEMENT OF INCOME
9 month period Third
ended September 30 quarter
2004 2003 2004 2003
MCh$ MCh$ MCh$ MCh$
OPERATING RESULTS:
Net sales 133,046 125,626 51,944 47,918
Cost of sales (82,704) (79,357) (30,892) (29,586)
Selling and administrative
expenses (22,016) (18,728) (8,695) (6,561)
OPERATING INCOME 28,326 27,541 12,357 11,771
NON-OPERATING RESULTS:
Cordillera Comunicaciones Ltda (5,530) (5,333) (1,509) (1,832)
Editorial Zig-Zag (112) (164) (69) (51)
Vina Los Vascos S.A. 484 485 212 82
Rayen Cura S.A.I.C. 838 729 289 (21)
Envases CMF 375 362 226 (252)
Ediciones Chiloe (67) (102) 5 (9)
Others (5) (0) (4) (0)
---------------------------------------
Equity in net income related
companies (net) (4,016) (4,023) (850) (2,084)
Interest expense (net) (3,344) (3,046) (971) (1,198)
Other nonrecurring expense (net) (1,136) (984) (619) (293)
Goodwill amortization (478) (471) (152) (149)
Price-level restatement (768) (717) (251) (41)
Exchange Rate Variations 2,373 (12,466) (69) (7,957)
NON-OPERATING INCOME (7,369) (21,706) (2,911) (11,722)
Income tax (4,131) (1,615) (1,461) (164)
Extraordinary Items - - - -
Minority interest (2,589) (1,765) (873) (418)
NET INCOME 14,237 2,455 7,112 -532
15
3Q04 and YTD 2004
[Cristalchile Logo]
CRISTALERIAS DE CHILE S.A.
INDIVIDUAL FINANCIAL STATEMENTS
(Restated for general price-level changes and expressed in millions of
US Dollars as of September 30, 2004)
1 US Dollar = 608.90 Chilean Pesos
BALANCE SHEET
As of September 30
2004 2003
ASSETS MUS$ MUS$
-------------------------------------
Cash, time deposits, marketable securities 133.6 108.2
Receivables 48.3 41.1
Inventories, net 12.0 9.4
Other current assets 1.4 3.8
TOTAL CURRENT ASSETS 195.3 162.6
NET P.P.&E. 127.6 131.5
Investment in related companies 243.3 245.0
Long-term receivables 0.2 0.2
Goodwill on investments 3.0 3.2
Accounts receivable, related companies 35.0 35.6
Others 4.9 20.4
TOTAL OTHER ASSETS 286.2 304.5
TOTAL ASSETS 609.2 598.6
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current portion of long-term debt 15.9 1.5
Dividends payable 1.1 0.8
Accounts and notes payable 10.1 10.6
Provisions, withholdings, income taxes 15.8 18.2
TOTAL CURRENT LIABILITIES 42.9 31.2
Long-term bank liabilities and bonds payable 151.6 171.1
Miscellaneous creditors 0.2 0.3
Provisions 10.8 12.7
Others 4.8 4.0
TOTAL LONG-TERM LIABILITIES 167.5 188.1
TOTAL SHAREHOLDERS' EQUITY 398.8 379.4
TOTAL LIAB. & SHAREHOLDERS' EQUITY 609.2 598.6
3Q04 and YTD 2004
STATEMENT OF INCOME
9 month period Third
ended September 30 quarter
2004 2003 2004 2003
MUS$ MUS$ MUS$ MUS$
OPERATING RESULTS:
Net sales 90.5 91.0 35.3 35.4
Cost of sales (52.8) (55.5) (19.1) (20.1)
General and administrative (7.7) (6.5) (3.2) (2.4)
OPERATING INCOME 30.0 29.0 13.1 12.9
NON-OPERATING RESULTS:
CristalChile Comunicadones (9.1) (8.8) (2.5) (3.0)
S.A. Vina Santa Rita 4.8 3.4 1.6 0.8
Envases CMF S.A. 0.6 0.6 0.4 (0.4)
Ciecsa S.A. 3.4 1.4 1.9 1.2
Cristalchile Inversiones S.A. 1.1 0.8 0.7 (0.1)
Others (0.0) (0.0) (0.0) (0.0)
Equity in net income related
companies (net) 0.8 (2.6) 2.1 (1.5)
Interest expense (net) (3.4) (2.8) (0.9) (1.2)
Other nonrecurring
expense (net) (0.5) (0.6) (0.2) (0.1)
Goodwill amortization (0.2) (0.2) (0.1) (0.1)
Price-level restatement (0.7) (0.7) 0.0 (0.1)
Exchange Rate Variations 2.1 (16.5) (0.2) (10.5)
NON-OPERATING INCOME (1.9) (23.4) 0.8 (13.5)
Income Tax (4.7) (1.5) (2.1) (0.3)
Amortization of negative
goodwill - - - -
Extraordinary Items - - - -
NET INCOME 23.4 4.0 11.7 (0.9)
SALES VOLUME Th Tons Th Tons Th Tons Th Tons
Glass sales in Th tons 196.9 186.0 76.5 73.9
16
3Q04 and YTD 2004
[Cristalchile Logo]
CRISTALERIAS DE CHILE S.A.
INDIVIDUAL FINANCIAL STATEMENTS
(Restated for general price-level changes and expressed in millions of
Chilean Pesos as of September 30, 2004)
1 US Dollar = 608.90 Chilean Pesos
BALANCE SHEET
As of September 30
2004 2003
ASSETS MCh$ MCh$
--------------------------------------
Cash, time deposits, marketable securities 81,349 65,911
Receivables 29,415 25,009
Inventories, net 7,307 5,751
Other current assets 871 2,340
TOTAL CURRENT ASSETS 118,942 99,011
NET P.P.&E. 77,683 80,093
Investment in related companies 148,131 149,194
Long-term receivables 111 145
Goodwill on investments 1,798 1,970
Accounts receivable, related companies 21,293 21,675
Others 2,958 12,423
TOTAL OTHER ASSETS 174,289 185,407
TOTAL ASSETS 370,915 364,511
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current portion of long-term debt 9,675 926
Dividends payable 652 513
Accounts and notes payable 6,121 6,454
Provisions, withholdings, income taxes 9,645 11,089
TOTAL CURRENT LIABILITIES 26,094 18,982
Long-term bank liabilities and bonds payable 92,332 104,168
Miscellaneous creditors 147 171
Provisions 6,604 7,745
Others 2,926 2,426
TOTAL LONG-TERM LIABILITIES 102,009 114,511
TOTAL SHAREHOLDERS' EQUITY 242,812 231,018
TOTAL LIAB. & SHAREHOLDERS' EQUITY 370,915 364,511
3Q04 and YTD 2004
STATEMENT OF INCOME
9 month period Third
ended September 30 quarter
2004 2003 2004 2003
MCh$ MCh$ MCh$ MCh$
OPERATING RESULTS:
Net sales 55,126 55,405 21,495 21,546
Cost of sales (32,156) (33,794) (11,604) (12,264)
General and administrative
expenses (4,719) (3,978) (1,929) (1,431)
OPERATING INCOME 18,251 17,633 7,961 7,851
NON-OPERATING RESULTS:
CristalChile Comunicaciones (5,560) (5,334) (1,519) (1,832)
S.A. Vina Santa Rita 2,919 2,053 996 479
Envases CMF S.A. 375 362 226 (252)
Ciecsa S.A. 2,069 826 1,156 751
Cristalchile Inversiones S.A. 697 482 433 (52)
Others (5) (1) (4) (0)
------------------------------------------
Equity in net income
related companies (net) 494 (1,612) 1,289 (907)
Interest expense (net) (2,075) (1,690) (573) (736)
Other nonrecurring expense (net) (300) (344) (102) (91)
Goodwill amortization (131) (131) (44) (44)
Price-level restatement (399) (439) 28 (46)
Exchange Rate Variations 1,266 (10,060) (140) (6,406)
NON-OPERATING INCOME (1,144) (14,277) 459 (8,230)
Income tax (2,869) (902) (1,308) (153)
Amortization of negative goodwill - - - -
Extraordinary Items - - - -
NET INCOME 14,237 2,455 7,112 (532)
SALES VOLUME Th Tons Th Tons Th Tons Th Tons
Glass sales in Th tons 196.9 186.0 76.5 73.9
17
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: November 9, 2004