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
March 15, 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
FOURTH QUARTER AND FULL YEAR ENDED DECEMBER 31, 2004
Santiago, Chile (March 14, 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 fourth quarter and full year ended December
31, 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$557.40/US$1, the exchange rate at the close of December 31, 2004.
4Q04 HIGHLIGHTS (vs. 4Q03):
o Consolidated sales increased 4.2%
o Operating income up 10.9%
o EBITDA up 9.0%
o Non-operating income of US$3.1 million in 4Q04 compared to a US$12.4 million
non-operating loss in 4Q03.
o Net income of US$19.1 million, compared to US$7.4 million net income in 4Q03.
o Earnings per ADR reached US$0.89
YE 2004 HIGHLIGHTS (vs. YE 2003):
o Consolidated sales increased 5.4%
o Operating income up 5.4%
o EBITDA up 5.3%
o Non-operating loss of US$10.5 million compared to a loss of US$51.5 million
in 2003.
o Net income reached US$44.6 million compared to US$11.8 million income
reported in 2003.
o Earnings Per ADR reached US$2.09
CONSOLIDATED REVENUE
(in US$ millions) 4Q04 4Q03 4Q04 vs.4Q03 YE04
TOTAL REVENUE 89.3 85.8 4.2% 329.5
Cristalchile (glass containers) 36.9 37.1 -0.4% 136.4
Vina Santa Rita (wine) 38.9 38.0 2.3% 149.3
CIECSA (media) 17.3 14.4 19.8% 55.0
Adjustments 3.8 3.7 N/A 11.2
RELATED COMPANIES
Metropolis-Intercom (cable TV) 20.9 20.8 0.7% 81.7
Envases CMF (plastic containers) 20.7 17.4 19.1% 62.8
FOURTH QUARTER 2004 RESULTS
CONSOLIDATED RESULTS
During 4Q04, Cristalerias' total consolidated revenue reached US$89.3 million, a
4.2% increase compared to 4Q03. The main factors behind this increase were
improved sales in CIECSA (+19.8%) and Santa Rita (+2.3%); partially compensated
by lower sales in the glass container business (-0.4%). Adjustments for factors
such as intercompany sales reached US$3.8 million during the quarter.
[GRAPHIC OMITTED]
4Q04 Revenue Breakdown
Wine 42%
Glass 40%
Media 18%
Consolidated operating income increased by 10.9% during the quarter, totaling
US$21.7 million. This includes US$11.1 million from the glass container business
(US$13.0 million in 4Q03), US$5.1 million from Santa Rita (US$3.5 million in
4Q03) and US$5.5 million from CIECSA (US$3.2 million in 4Q03).
During 4Q04, Cristalerias net income reached US$19.1 million, compared to US$7.4
million net income in 4Q03. This is mainly explained by a better non-operating
result, that passed from a US$12.4 million loss in 4Q03, to a US$3.1 million
income in 4Q04. The latter is mainly explained by an income from exchange rate
variations that reached US$7.1 million in 4Q04, compared to an US$8.9 million
loss in 4Q03; and a net income from subsidiaries that do not consolidate that
reached US$1.1 million in 4Q04, compared to a US$1.1 million loss in 4Q03. The
net loss from subsidiaries includes a US$1.9 million charge (flat vs. 4Q03)
corresponding to goodwill amortization, which does not constitute cash flow.
EBITDA: Operating cash generation reached US$29.0 million, 9.0% over 4Q03.
EBITDA margin for 4Q04 was 32.5% (31.0% in 4Q03).
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$36.9 million during the quarter, almost flat
compared to 4Q03. Volume sales increased by 3.3%, totaling 76,065 tons. Wine
bottle sales increased by 5.5%, mainly due an increase in export volumes. Liquor
bottle sales increased by 39.6%, due to higher value-added sales of formats for
pisco. Containers for the food industry increased by 32.2% due to the
development of new containers oriented to agro industrial export products.
Beer bottle sales decreased by 28.4%, due to clients' inventory build-up of
returnable formats during the previous quarter and lower sales of one-way
formats. Soft-drink bottle sales decreased by 8.2%, mainly due to lower
returnable formats sales, as during 4Q03 the 237cc returnable bottle campaign
was in force, as well as lower one-way formats sales.
GLASS
4Q04 4Q03 4Q04 vs.
4Q03
Net Sales (in Ch$ millions) 20,591 20,675 -0.4%
Wine 12,740 12,080 5.5%
Beer 2,807 3,918 -28.4%
Soft Drinks 2,608 2,842 -8.2%
Liquor 1,933 1,385 39.6%
Food 442 334 32.2%
Pharmaceutical 61 116 -47.7%
Volume in tons 76,065 73,664 3.3%
Operating income reached US$11.1 million, compared to US$13.0 million in 4Q03.
Operating margin was 30.0% (35.0% in 4Q03).
Net earnings for 4Q04 include a non-operating income of US$10.5 million,
compared to a US$4.6 million non-operating loss in 4Q03. The latter is mainly
explained by an income from exchange rate variations, that reached US$4.7
million in 4Q04, compared to a US$5.2 million loss in 4Q03; in addition to a
higher net income from subsidiaries that reached US$8.0 million in 4Q04,
compared to US$2.4 million income in 4Q03.
EBITDA: Operating cash generation reached US$16.1 million, compared to US$17.8
million in 4Q03. EBITDA margin was 43.6% (47.9% in 4Q03).
- -------------------------------------------------------------------------------
3
Plastic
During 4Q04, Envases CMF posted a US$2.5 million net income, compared to a
US$1.3 million income in 4Q03. The latter is mainly due to the operating result,
that passed from a US$1.5 million income in 4Q03 to a US$3.3 million income in
4Q04, mainly due to higher sales and fixed costs savings. Total sales reached
US$20.7 million, compared to US$17.4 million in 4Q03. Volumes increased by
12.3%, reaching 7,360 tons, while prices rose by 6.6%.
EBITDA: Operating cash generation reached US$5.3 million, compared to US$3.5
million in 4Q03. EBITDA margin was 25.6% (20.1% in 4Q03).
- -------------------------------------------------------------------------------
4
WINE BUSINESS
During 4Q04, Santa Rita's consolidated sales totaled US$38.9 million, 2.3% over
4Q03. The Company's profits came in at US$5.5 million, compared to US$0.4
million in 4Q03, mainly due to a higher non-operating result, that registered a
US$2.3 million income from exchange rate variations, compared to a US$ 3.4
million loss in 4Q03.
In the domestic market, Santa Rita's prices increased by 18.0% in real terms,
while volumes grew by 1.0% over 4Q03. These conditions led net sales in the
domestic market to grow by 19.2% to reach US$19.0 million.
Sales volume in the export market dropped by 13.6% with respect to 4Q03. Net
sales reached US$16.6 million, compared to US$18.0 million in 4Q03. Export
revenues in real peso terms fell by 15.1% (due to the Chilean peso/US dollar
appreciation with respect to 4Q03) reaching US$17.8 million and accounting for
45.8% of total revenues. The average price in Dollars per case in the export
market reached US$35.5 (US$33.5 in 4Q03), compared with an industry average of
US$24.6 (US$23.4 in 4Q03).
SANTA RITA
4Q04 4Q03 4Q04 vs.
4Q03
Net Sales (in Ch$ millions) 21,695 21,201 2.3%
Domestic 10,600 8,894 19.2%
Exports 9,934 11,699 -15.1%
Others 1,161 608 91.0%
Volume
Exports (Th cases) 466 540 -13.6%
Domestic (Th liters) 16,568 16,407 1.0%
Price per case - Export Mkt.( US$) 35.5 33.5 6.0%
Avg. price per case - Domestic Mkt. (Ch$) 5,760 4,878 18.0%
Operating income reached US$5.1 million, 43.0% over 4Q03, mainly due to lower
marketing expenses. Operating margin was 13.0% (9.3% in 4Q03).
EBITDA: Operating cash generation reached US$7.0 million, 28.0% over 4Q03.
EBITDA margin was 18.0% (14.4% in 4Q03).
- -------------------------------------------------------------------------------
5
MEDIA BUSINESS
Media Subsidiaries
Media Subsidiaries
------------------
CGW
| |
98.5% | | 99.9%
| |
CIECSA Cristalchile
| | Comunicaciones
99.9% | 37.4% | | 50%
| | |
MEGA | Cordillera
| Comunicaciones
DIARIO | 95.6%
FINANCIERO |
Metropolis-
Intercom
Television Broadcasting, Financial Printed Press, and Other Media
During 4Q04, CIECSA reported a net income of US$4.5 million, compared to US$3.2
million income in 4Q03.
MEGA, CIECSA's main subsidiary, posted a US$5.3 million net income, compared to
a US$2.9 million income in 4Q03. Net sales increased by 20.7% in 4Q04 to reach
US$17.1 million. Operating income reached US$5.5 million, 71.7% over 4Q03. MEGA
reached the first place in audience share during the quarter with an average
viewership share of 27.3% in 4Q04 (27.3% in 4Q03)(FN 1).
EBITDA: CIECSA's operating cash generation reached US$5.9 million, 65.0% over
4Q03. EBITDA margin was 34.0% (24.7% in 4Q03).
Cable Television
Cristalchile Comunicaciones S.A. (Cristalerias' wholly-owned subsidiary), owner
of 50% of Cordillera Comunicaciones Ltda., had a net loss of US$1.9 million,
compared to a US$2.9 million loss in 4Q03. Similarly, Cordillera Comunicaciones
Ltda. (owner of 95.6% of Metropolis-Intercom S.A.) had a net loss of US$3.7
million, compared to a US$5.4 million loss in 4Q03. The aforementioned result
includes a goodwill amortization charge of US$1.9 million (flat compared to
4Q03).
- ---------
1 Measured during total tranmission time.
- -------------------------------------------------------------------------------
6
During 4Q04 Metropolis-Intercom S.A. posted a net loss of US$1.9 million,
compared to a US$4.0 million loss in 4Q03. This is explained by an improved
non-operating result, that passed from a US$2.4 million loss in 4Q03 to a US$1.3
million income in 4Q04, 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$20.9 million, flat compared
to 4Q03. EBITDA reached US$3.5 million, compared to US$3.7 million in 4Q03. The
latter includes a US$7.1 million depreciation charge, compared to a US$6.3
million charge in 4Q03, mainly coming from the HFC network acquired in July
2000. The Company ended the period with 224,769 basic subscribers (231,925 in
4Q03), 26,994 premium subscribers (31,499 in 4Q03), 38,158 broad-band Internet
subscribers (34,462 in 4Q03) and 10,764 Internet Protocol Telephony subscribers
(3,639 in 4Q03).
METROPOLIS-INTERCOM
12/31/04 09/30/04 4Q04 vs.
3Q04
Basic Subscribers (1) 224,769 224,657 0.1%
Premium customers 26,994 27,989 -3.6%
Internet customers 38,158 38,735 -1.5%
IP Telephony customers 10,764 10,999 -2.1%
Home Passed 1,213,768 1,200,112 1.1%
4Q04 vs.
4Q04 4Q03 4Q03
Sales (US$ Million) 20.9 20.8 0.7%
EBITDA (US$ Million) 3.5 3.7 -7.3%
Net Income (Loss) (US$ Million) (1.9) (4.0) 51.2%
(1) Includes Premium, Internet and IP Telephony customers.
- -------------------------------------------------------------------------------
7
FULL YEAR ENDED DECEMBER 31, 2004 RESULTS
[GRAPHIC OMITTED]
YE04 Revenue Breakdown
Wine 44%
Glass 40%
Media 16%
CONSOLIDATED RESULTS
The Company consolidates its results with those of Vina Santa Rita, CIECSA,
Cristalchile Comunicaciones, Cristalchile Inversiones and Apoger. During 2004,
Cristalerias' total consolidated revenue reached US$329.5 million, 5.4% over
2003. The main factors behind this growth include improved sales in the wine
(+8.4%) and media (+12.6%) businesses; partially compensated by lower sales in
the glass container business (-0.5%).
Consolidated operating income reached US$73.0 million, 5.4% over 2003. This
includes US$44.1 million from the glass container business (US$44.8 million in
2003), US$17.4 million from Santa Rita (US$17.9 million in 2003) and US$11.2
million from CIECSA (US$6.5 million in 2003).
During 2004, Cristalerias' net income was US$44.6 million, compared to US$11.8
million in 2003. This is mainly explained by a lower non-operating loss, that
passed from a US$51.5 million loss in 2003 to a US$10.5 million loss in 2004.
The latter is mainly explained by an income from exchange rate variations of
US$11.4 million in 2004, compared to a US$31.4 million loss in 2003. The net
loss from subsidiaries that do not consolidate decreased to reach US$6.1
million, from US$8.3 million loss in 2003. This figure includes a US$7.6 million
charge (flat with respect to 2003) corresponding to goodwill amortization, which
does not constitute cash flow.
EBITDA: Operating cash generation reached US$101.4 million, 5.3% over 2003.
EBITDA margin remained at 30.8%.
The following analysis explains Cristalerias' results based on individual
financial statements, as well as those of its main subsidiaries:
- -------------------------------------------------------------------------------
8
PACKAGING BUSINESS
Glass
The Company had non-consolidated sales of US$136.4 million, compared to US$137.1
million in 2003. Volume sales increased by 5.1%, reaching 273,000 tons. Wine
bottle sales increased by 8.2% during the year mainly due to higher bottled wine
export volumes. Liquor bottle sales increased by 8.4%, mainly due to higher
value-added sales of pisco. Sales of containers for the food industry increased
due to development of new containers oriented to agro industrial export
products.
Soft drink bottle sales decreased by 10.6% due to lower sales of returnable
formats, given that last year sales were higher due to the 237cc bottle
campaign. One-way bottles increased due to higher sales of juice bottles. Beer
bottle sales decreased by 32.5%, mainly due to lower sales of one-way formats as
a consequence of a lower participation of this kind of containers in overall
beer sales.
GLASS
YE04 vs.
YE04 YE03 YE03
Net Sales (in Ch$ millions) 76,048 76,413 -0.5%
Wine 51,463 47,581 8.2%
Soft Drinks 8,400 9,391 -10.6%
Beer 7,792 11,539 -32.5%
Liquor 6,400 5,904 8.4%
Food 1,666 1,593 4.6%
Pharmaceutical 325 405 -19.7%
Volume in tons 273,000 259,639 5.1%
Operating income reached US$44.1 million, compared to US$44.8 million in 2003,
since higher sales volume were compensated by a 5.3% 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 32.3% (32.7% in
2003).
Net earnings for the year include a non-operating income of US$8.1 million,
compared to a non-operating loss of US$30.3 million in 2003. This is mainly
explained by a US$7.0 million income from exchange rate variations (US$23.3
million loss in 2003) and a net income from subsidiaries that reached US$8.9
million (US$0.5 million loss in 2003).
EBITDA: Operating cash generation reached US$63.5 million, 0.8% over 2003.
EBITDA margin was 46.5% (45.9% in 2003).
- -------------------------------------------------------------------------------
9
Plastic
During 2004 Envases CMF posted a US$3.9 million net income, compared to a US$2.6
million income in 2003. Volumes increased by 1.2%, reaching 23,522 tons, due to
higher domestic and export sales of soft drinks returnable and one-way bottles;
partially compensated by lower pre-forms export volumes. Prices decreased by
1.7% influenced by a lower Chilean peso/US Dollar exchange rate. Total sales
reached US$62.8 million, flat compared to 2003. Operating income reached US$6.9
million, 23.9% over 2003, mainly due to fixed costs savings, as well as a better
sales mix. The non-operating loss reached US$2.3 million, compared to a US$2.2
million loss in 2003.
EBITDA: Operating cash generation reached US$14.8 million, compared to US$13.8
million in 2003. EBITDA margin was 23.6% (21.8% in 2003).
- -------------------------------------------------------------------------------
10
WINE BUSINESS
During 2004, Santa Rita's consolidated sales totaled US$149.3 million, 8.4% over
2003. The Company's profits came in at US$15.2 million, compared to US$7.2
million in 2003, due to an improved non-operating result, that passed from a
US$9.5 million loss in 2003 to a US$0.7 million income in 2004. The latter is
mainly due to a US$4.3 million income from exchange rate variations in 2004,
compared to a US$7.2 million loss in 2003.
In the domestic market, Santa Rita's volumes remained almost flat with respect
to 2003. Prices rose by 14.7% in real terms. These conditions led net sales in
the domestic market to grow by 15.1%, to reach US$68.5 million.
Sales volume in the export market grew by 9.7% with respect to 2003. Net sales
reached US$67.8 million, 13.2% over 2003. Export revenues in real peso terms
increased by 0.6% (due to the Chilean peso/US dollar appreciation with respect
to 2003), representing 50.6% of total revenues. The average price in dollars per
case reached US$34.2 (US$33.1 in 2003), compared with an industry average of
US$24.1 (US$23.5 in 2003).
By markets, the export increase breakdown is as follows: Europe, +14.1%, USA,
+15.1%, Latin America, +7.3%; partially offset by lower sales to Canada, -7.4%
and Asia+Africa, -10.4%.
SANTA RITA
YE04 YE03 YE04 vs.
YE03
Net Sales (in Ch$ millions) 83,232 76,813 8.4%
Domestic 38,204 33,199 15.1%
Export 42,121 41,862 0.6%
Others 2,907 1,752 65.9%
Volume
Exports (Th cases) 1,985 1,809 9.7%
Domestic (Th liters) 64,745 64,547 0.3%
Price per case - Export Mkt.( US$) 34.2 33.1 3.1%
Avg. price per case - Domestic Mkt. (Ch$) 5,310 4,626 14.7%
Operating income reached US$17.4 million, compared to US$17.9 million in 2003,
due to higher costs of musts, as well as a lower peso/US$ exchange rate that
affected export returns. Operating margin was 12.0% (13.0% in 2003).
EBITDA: Operating cash generation reached US$25.1 million, almost flat compared
to 2003. EBITDA margin was 16.8% (18.3% in 2003).
- -------------------------------------------------------------------------------
11
MEDIA BUSINESS
Television Broadcasting, Financial Printed Press and Other Media
During 2004, CIECSA reported a net income of US$8.3 million, compared to a
US$4.7 million income in 2003.
MEGA, CIECSA's main subsidiary, had a US$9.1 million net income, compared to
US$4.8 million income in 2003. Net sales increased by 11.9% reaching US$53.9
million, as higher audience share has resulted in higher sales. Operating income
increased by 65.9%, reaching US$10.7 million. MEGA reached the first place in
audience share during the year with an average viewership share of 26.7% (24.6%
in 2003)(FN 2).
EBITDA: CIECSA's operating cash generation reached US$12.6 million, 58.3%
over 2003. EBITDA margin was 22.9% (16.3% 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$11.9 million,
compared to a US$12.5 million net loss in 2003. Similarly, Cordillera
Comunicaciones Ltda. (owner of 95.6% of Metropolis-Intercom S.A.) posted a net
loss of US$22.9 million, compared to a net loss of US$24.9 million in 2003. The
aforementioned result includes a goodwill amortization charge of US$7.6 million
(flat compared to 2003).
- ----------
2 Measured during total transmission time.
- -------------------------------------------------------------------------------
12
During 2004 Metropolis-Intercom S.A. posted sales of US$81.7 million, compared
to US$82.7 million in 2003. The Company posted a net loss of US$16.1 million,
compared to a net loss of US$17.6 million in 2003. This result is mainly due to
a better non-operating result, due to a lower Peso/US Dollar exchange rate that
favorably affects the company's net liabilities in US Dollars and lower interest
expenses. The latter was partially compensated by a lower operating result,
mainly as a consequence of higher depreciation charges. EBITDA reached US$11.8
million, almost flat compared to 2003. This figure includes a depreciation
charge of US$27.3 million (US$24.8 million charge in 2003) mainly coming from
the HFC network acquired in July 2000. Metropolis-Intercom ended the period with
224,769 basic subscribers (231,925 in 2003), 26,994 premium subscribers (31,499
in 2003), 38,158 broad-band Internet subscribers (34,462 in 2003) and 10,764 IP
Telephony subscribers (3,639 in 2003).
METROPOLIS-INTERCOM
12/31/04 12/31/03 % Change
Basic Subscribers (1) 224,769 231,925 -3.1%
Premium customers 26,994 31,499 -14.3%
Internet customers 38,158 34,462 10.7%
IP Telephony customers 10,764 3,639 195.8%
Home Passed 1,213,768 1,192,891 1.8%
YE04 YE03 YE04 vs. YE03
Sales (US$ Million) 81.7 82.7 -1.2%
EBITDA (US$ Million) 11.8 11.9 -1.0%
Net Profit (loss) (US$ Million) (16.1) (17.6) 8.1%
(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
CRISTALERIAS DE CHILE S.A.
CONSOLIDATED FINANCIAL STATEMENTS
(Restated for general price-level changes and expressed in millions of
US Dollars as of December 31, 2004)
1 US Dollar = 557.4 Chilean Pesos
BALANCE SHEET
As of December 31
---------------------
2004 2003
ASSETS MUS$ MUS$
- ------------------------------------------- -------- ---------
Cash, time deposits, marketable securities 191.4 147.4
Receivables 98.3 84.9
Inventories, net 69.6 58.6
Other current assets 4.4 12.2
----- -----
TOTAL CURRENT ASSETS 363.8 303.1
----- -----
NET P.P.&E. 246.6 250.3
----- -----
Investment in related companies 179.6 189.5
Long-term receivables 15.1 16.9
Goodwill on investments 0.3 1.5
Accounts receivable, related companies 2.2 0.0
Others 29.2 43.9
----- -----
TOTAL OTHER ASSETS 226.3 251.9
----- -----
TOTAL ASSETS 836.7 805.3
===== =====
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term & short-term debt 28.4 11.1
Dividends payable 1.2 0.9
Accounts and notes payable 25.7 24.7
Provisions, withholdings, income taxes 29.0 26.0
Advances from customers 4.2 5.6
----- -----
TOTAL CURRENT LIABILITIES 88.5 68.3
----- -----
Long-term bank liabilities and bonds payable 198.3 226.1
Miscellaneous creditors 13.7 0.5
Provisions and others 8.5 21.3
----- -----
TOTAL LONG-TERM LIABILITIES 220.4 247.9
----- -----
MINORITY INTEREST 75.5 69.3
----- -----
TOTAL SHAREHOLDERS' EQUITY 452.2 419.9
----- -----
TOTAL LIAB. & SHAREHOLDERS' EQUITY 836.7 805.3
===== =====
STATEMENT OF INCOME
Full Year Fourth
ended December 31 quarter
----------------- ---------------
2004 2003 2004 2003
MUS$ MUS$ MUS$ MUS$
------ ------- ------ ------
OPERATING RESULTS:
Net sales 329.5 312.5 89.3 85.8
Cost of sales (202.1) (194.3) (52.9) (51.1)
Selling and administrative expenses (54.4) (48.9) (14.7) (15.1)
------ ------ ----- -----
OPERATING INCOME 73.0 69.2 21.7 19.6
------ ------ ----- -----
NON-OPERATING RESULTS:
Cordillera Comunicaciones Ltda (11.8) (12.5) (1.9) (2.9)
Editorial Zig-Zag 0.1 0.0 0.3 0.3
Vina Los Vascos S.A. 1.2 1.3 0.4 0.4
Rayen Cura S.A.I.C. 2.5 1.7 1.0 0.4
Envases CMF 1.9 1.3 1.3 0.6
Ediciones Chiloe (0.0) (0.1) 0.1 0.0
Others (0.0) (0.0) (0.0) (0.0)
------ ------ ----- -----
Equity in net income related
companies (net) (6.1) (8.3) 1.1 (1.1)
Interest expense (net) (8.5) (7.8) (2.5) (2.3)
Other nonrecurring expense (net) (4.1) (1.5) (2.0) 0.3
Goodwill amortization (1.1) (1.1) (0.2) (0.2)
Price-level restatement (2.1) (1.5) (0.3) (0.3)
Exchange Rate Variations 11.4 (31.4) 7.1 (8.9)
------ ------ ----- -----
NON-OPERATING INCOME (10.5) (51.5) 3.1 (12.4)
------ ------ ----- -----
Income tax (10.6) (2.5) (3.2) 0.4
Extraordinary Items - - - -
Minority interest (7.2) (3.4) (2.5) (0.2)
------ ------ ----- -----
NET INCOME 44.6 11.8 19.1 7.4
====== ====== ===== =====
- -------------------------------------------------------------------------------
14
CRISTALERIAS DE CHILE
CONSOLIDATED FINANCIAL STATEMENTS
(Restated for general price-level changes and expressed
in millions of Chilean Pesos as of December 31, 2004)
1 US Dollar = 557.4 Chilean Pesos
BALANCE SHEET
As of December 31
-----------------------
2004 2003
ASSETS MCh$ MCh$
- ------------------------------------------- -------- --------
Cash, time deposits, marketable securities 106,701 82,153
Receivables 54,818 47,321
Inventories, net 38,801 32,686
Other current assets 2,474 6,796
------- -------
TOTAL CURRENT ASSETS 202,795 168,957
------- -------
NET P.P.&E. 137,433 139,544
------- -------
Investment in related companies 100,105 105,636
Long-term receivables 8,404 9,418
Goodwill on investments 154 846
Accounts receivable, related companies 1,224 3
Others 16,269 24,490
------- -------
TOTAL OTHER ASSETS 126,157 140,393
------- -------
TOTAL ASSETS 466,385 448,894
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term & short-term debt 15,813 6,174
Dividends payable 654 516
Accounts and notes payable 14,343 13,769
Provisions, withholdings, income taxes 16,183 14,486
Advances from customers 2,349 3,112
------- -------
TOTAL CURRENT LIABILITIES 49,340 38,057
------- -------
Long-term bank liabilities and bonds payable 110,512 126,045
Miscellaneous creditors 7,639 279
Provisions and others 4,723 11,860
------- -------
TOTAL LONG-TERM LIABILITIES 122,873 138,183
------- -------
MINORITY INTEREST 42,098 38,624
------- -------
TOTAL SHAREHOLDERS' EQUITY 252,073 234,030
------- -------
TOTAL LIAB. & SHAREHOLDERS' EQUITY 466,385 448,894
======= =======
STATEMENT OF INCOME
Full Year Fourth
ended December 31 quarter
------------------- ------------------
2004 2003 2004 2003
MCh$ MCh$ MCh$ MCh$
-------- -------- -------- --------
OPERATING RESULTS:
Net sales 183,645 174,190 49,801 47,810
Cost of sales (112,640) (108,328) (29,510) (28,462)
Selling and administrative expenses (30,338) (27,279) (8,190) (8,439)
-------- -------- ------- -------
OPERATING INCOME 40,668 38,583 12,101 10,908
-------- -------- ------- -------
NON-OPERATING RESULTS:
Cordillera Comunicaciones Ltda (6,593) (6,973) (1,063) (1,593)
Editorial Zig-Zag 30 25 142 190
Vina Los Vascos S.A. 683 706 200 217
Rayen Cura S.A.I.C. 1,408 945 570 209
Envases CMF 1,082 724 707 359
Ediciones Chiloe (24) (80) 42 24
Others (12) (0) (7) (0)
-------- -------- ------- -------
Equity in net income related
companies (net) (3,425) (4,652) 591 (594)
Interest expense (net) (4,742) (4,342) (1,378) (1,278)
Other nonrecurring expense (net) (2,268) (828) (1,125) 162
Goodwill amortization (616) (592) (135) (117)
Price-level restatement (1,147) (823) (169) (156)
Exchange Rate Variations 6,334 (17,491) 3,947 (4,951)
-------- -------- ------- -------
NON-OPERATING INCOME (5,863) (28,728) 1,731 (6,934)
-------- -------- ------- -------
Income tax (5,928) (1,381) (1,797) 248
Extraordinary Items - - - -
Minority interest (4,017) (1,887) (1,412) (112)
-------- -------- ------- -------
NET INCOME 24,861 6,587 10,623 4,111
======== ======== ======= =======
- -------------------------------------------------------------------------------
15
CRISTALERIAS DE CHILE S.A.
INDIVIDUAL FINANCIAL STATEMENTS
(Restated for general price-level changes and expressed
in millions of US Dollars as of December 31, 2004)
1 US Dollar = 557.4 Chilean Pesos
BALANCE SHEET
As of December 31
---------------------
2004 2003
ASSETS MUS$ MUS$
- ------------------------------------------- -------- --------
Cash, time deposits, marketable securities 160.0 118.6
Receivables 52.0 43.6
Inventories, net 11.2 8.7
Other current assets 1.3 5.2
----- -----
TOTAL CURRENT ASSETS 224.5 176.1
NET P.P.&E. 137.2 142.0
Investment in related companies 274.1 269.5
Long-term receivables 0.2 0.2
Goodwill on investments 3.2 3.5
Accounts receivable, related companies 36.9 38.2
Others 5.2 20.6
----- -----
TOTAL OTHER ASSETS 319.5 332.1
----- -----
TOTAL ASSETS 681.3 650.2
===== =====
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt 18.7 3.4
Dividends payable 1.2 0.9
Accounts and notes payable 10.3 10.6
Provisions, withholdings, income taxes 19.4 14.6
----- -----
TOTAL CURRENT LIABILITIES 49.5 29.5
----- -----
Long-term bank liabilities and bonds payable 161.8 182.2
Miscellaneous creditors 0.1 0.3
Provisions 12.2 13.9
Others 5.4 4.5
----- -----
TOTAL LONG-TERM LIABILITIES 179.5 200.8
----- -----
TOTAL SHAREHOLDERS' EQUITY 452.2 419.9
----- -----
TOTAL LIAB. & SHAREHOLDERS' EQUITY 681.3 650.2
===== =====
STATEMENT OF INCOME
Full Year Fourth
ended December 31 quarter
----------------- -----------------
2004 2003 2004 2003
MUS$ MUS$ MUS$ MUS$
------ ------ ------ ------
OPERATING RESULTS:
Net sales 136.4 137.1 36.9 37.1
Cost of sales (80.1) (82.1) (22.2) (21.1)
General and administrative expenses (12.2) (10.2) (3.7) (3.1)
----- ----- ----- -----
OPERATING INCOME 44.1 44.8 11.1 13.0
----- ----- ----- -----
NON-OPERATING RESULTS:
CristalChile Comunicaciones (11.9) (12.5) (1.9) (2.9)
S.A. Vina Santa Rita 8.2 3.9 3.0 0.2
Envases CMF S.A. 1.9 1.3 1.3 0.6
Ciecsa S.A. 8.2 4.7 4.5 3.2
Cristalchile Inversiones S.A. 2.5 2.2 1.3 1.3
Others (0.0) (0.0) (0.0) (0.0)
----- ----- ----- -----
Equity in net income related
companies (net) 8.9 (0.5) 8.0 2.4
Interest expense (net) (5.6) (4.6) (1.8) (1.5)
Other nonrecurring expense (net) (0.9) (0.7) (0.4) (0.1)
Goodwill amortization (0.3) (0.3) (0.1) (0.1)
Price-level restatement (1.0) (0.9) (0.0) (0.2)
Exchange Rate Variations 7.0 (23.3) 4.7 (5.2)
----- ----- ----- -----
NON-OPERATING INCOME 8.1 (30.3) 10.5 (4.6)
----- ----- ----- -----
Income tax (7.7) (2.7) (2.5) (1.1)
Amortization of negative goodwill - - - -
Extraordinary Items - - - -
----- ----- ----- -----
NET INCOME 44.6 11.8 19.1 7.4
===== ===== ===== =====
SALES VOLUME Th Tons Th Tons Th Tons Th Tons
----- ----- ----- -----
Glass sales in Th tons 273.0 259.6 76.1 73.7
===== ===== ===== =====
- -------------------------------------------------------------------------------
16
CRISTALERIAS DE CHILE S.A.
INDIVIDUAL FINANCIAL STATEMENTS
(Restated for general price-level changes and expressed
in millions of Chilean Pesos as of December 31, 2004)
1 US Dollar = 557.4 Chilean Pesos
BALANCE SHEET
As of December 31
---------------------
2004 2003
ASSETS MCh$ MCh$
- ------------------------------------------ -------- --------
Cash, time deposits, marketable securities 89,183 66,091
Receivables 28,996 24,279
Inventories, net 6,239 4,867
Other current assets 725 2,899
------- -------
TOTAL CURRENT ASSETS 125,144 98,137
------- -------
NET P.P.&E. 76,483 79,164
------- -------
Investment in related companies 152,781 150,233
Long-term receivables 106 137
Goodwill on investments 1,764 1,940
Accounts receivable, related companies 20,569 21,308
Others 2,890 11,486
------- -------
TOTAL OTHER ASSETS 178,110 185,105
------- -------
TOTAL ASSETS 379,737 362,405
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt 10,440 1,872
Dividends payable 653 515
Accounts and notes payable 5,714 5,916
Provisions, withholdings, income taxes 10,798 8,121
------- -------
TOTAL CURRENT LIABILITIES 27,605 16,424
------- -------
Long-term bank liabilities and bonds payable 90,211 101,539
Miscellaneous creditors 29 152
Provisions 6,796 7,728
Others 3,023 2,533
------- -------
TOTAL LONG-TERM LIABILITIES 100,058 111,952
------- -------
TOTAL SHAREHOLDERS' EQUITY 252,073 234,030
------- -------
TOTAL LIAB. & SHAREHOLDERS' EQUITY 379,737 362,405
======= =======
STATEMENT OF INCOME
Full Year Fourth
ended December 31 quarter
------------------ ------------------
2004 2003 2004 2003
MCh$ MCh$ MCh$ MCh$
-------- -------- -------- --------
OPERATING RESULTS:
Net sales 76,048 76,413 20,591 20,675
Cost of sales (44,659) (45,752) (12,358) (11,734)
General and administrative expenses (6,800) (5,706 (2,053) (1,704)
------- ------- ------- -------
OPERATING INCOME 24,588 24,955 6,180 7,237
------- ------- ------- -------
NON-OPERATING RESULTS:
CristalChile Comunicaciones (6,632) (6,983) (1,072) (1,602)
S.A. Vina Santa Rita 4,572 2,171 1,654 100
Envases CMF S.A. 1,082 724 707 359
Ciecsa S.A. 4,552 2,604 2,483 1,771
Cristalchile Inversions S.A. 1,410 1,219 713 733
Others (13) (1) (8) (0)
------- ------- ------- -------
Equity in net income related
companies (net) 4,971 (266) 4,477 1,360
Interest expense (net) (3,098) (2,543) (1,011) (843)
Other nonrecurring expense (net) (505) (389) (204) (42)
Goodwill amortization (176) (176) (44) (44)
Price-level restatement (575) (493) (26) (87)
Exchange Rate Variations 3,919 (13,001) 2,645 (2,880)
------- ------- ------- -------
NON-OPERATING INCOME 4,536 (16,868) 5,838 (2,536)
------- ------- ------- -------
Income tax (4,264) (1,500) (1,395) (590)
Amortization of negative goodwill - - - -
Extraordinary Items - - - -
------- ------- ------- -------
NET INCOME 24,861 6,587 10,623 4,111
======= ======= ======= =======
SALES VOLUME Th Tons Th Tons Th Tons Th Tons
------- ------- ------- -------
Glass sales in Th tons 273.0 259.6 76.1 73.7
======= ======= ======= =======
- -------------------------------------------------------------------------------
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: March 15, 2005