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
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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