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COMPANIA CERVECERIAS UNIDAS, S.A. ANNOUNCES RESULTS FOR THE YEAR ENDED DEC. 31, 1992

 SANTIAGO, Chile, March 19 /PRNewswire/ -- Compania Cervecerias Unidas, S.A. (NASDAQ: CCUUY), today announced its financial results stated in Chilean GAAP (accounting for inflation and in pesos of constant value) for the year ended Dec. 31, 1992.
 CCU achieved higher consolidated operating revenues, operating income and net earnings for 1992 compared to the comparable 1991 period. Highlights include:
 -- Sales increased 9.6 percent to CH$97.67 billion (compared to CH$89.08 billion in 1991).
 -- Operating income increased 44.5 percent to CH$22.17 (compared to CH$15.34 in 1991).
 -- Net earnings increased 15.7 percent to CH$18.72 billion, driven by higher operating income.
 -- Earnings per ADR equivalent at year end 1992 were up 1.3 percent over 1991 despite an increase in ADR equivalents outstanding of 14.2 percent over the same period.
 The increase in operating results was due mainly to higher beer sales which grew 20.1 percent in unit volume. Growing economic conditions, higher wine prices as well as increases in industry advertising were major contributing factors to this growth. Per capita consumption of beer rose to nearly 27 liters, up from 21 liters in 1992.
 Expansion of Cervecera Santiago and
 Soft Drinks Consolidation
 The investment of US$40 million and resulting increase in capacity of nearly 40 percent at the company's largest and most modern brewery, Cervecera Santiago, completed in December 1992, made it possible to meet increased consumer demand and at the same time permanently discontinue brewing production capacity at the company's Limache plant site in January 1993.
 The company increased its production efficiency in soft drinks in January 1993 by consolidating PRB capacity at its Embotelladora Modelo soft drink plant in Santiago and by shutting down soft drink production capacity at Talca and Vina del Mar plant sites.
 Fourth Quarter 1992
 Highlights:
 -- Sales increased 15.5 percent to CH$31.2 billion (compared to CH$27.0 billion in 4Q91).
 -- Operating income increased 63.9 percent to CH$10.3 billion (compared to CH$6.3 billion in 4Q91).
 -- Net earnings increased 98.9 percent to CH$8.6 billion (compared to CH$4.3 billion in 4Q91).
 -- Earnings per ADR equivalent increased 74.3 percent to CH$165.8 (compared to CH$95.1 in 4Q91).
 CCU, which listed its American Depositary Receipts on NASDAQ in September 1992, is Chile's largest producer, bottler and distributor of beer. CCU's flagship brand, Cristal, is the country's most popular beer, accounting for nearly 60 percent of all beer sales in Chile. The company is also the second largest producer, bottler and distributor of carbonated and non-carbonated soft drinks in Chile.
 COMPANIA CERVECERIAS UNIDAS, S.A.
 Results for Year Ending Dec. 31, 1992 -- Chilean GAAP
 (In thousands of CH$, except per share)
 12/31/92 Pct. Change 12/31/91
 Net sales 97,671,072 9.64 89,079,388
 Cost of sales (43,943,809) 2.54 (42,856,914)
 Gross margin 53,727,263 16.24 46,222,474
 Selling and admin. exp. (31,557,440) 2.19 (30,882,479)
 Operating income 22,169,823 44.52 15,339,995
 Non-operating results:
 Financial income 565,816 56.56 361,396
 Inc. from affiliated companies 3,264 -97.19 116,258
 Other non-operating income 3,024,196 -51.51 6,236,531
 Total 3,593,276 -46.48 6,714,185
 Financial expense (3,227,377) -25.36 (4,324,055)
 Other non-operating expense (2,235,310) N.M. (463,124)
 Monetary correction (23,617) N.M. 344,280
 Total (5,486,304) 23.48 (4,442,899)
 Total non-operating (1,893,028) -183.35 2,271,286
 Income before income taxes 20,276,795 15.14 17,611,281
 Income tax provision (1,552,381) 9.21 (1,421,443)
 Consolidated net income 18,724,434 15.66 16,189,838
 Minority interest (354) N.M. (308)
 Net income 18,724,080 15.66 16,189,530
 Shares outstanding--year-end 258,883,002 N.M. 226,786,378
 Earnings per share 72.33 1.32 71.39
 Earnings per ADR 361.63 1.32 356.93
 COMPANIA CERVECERIAS UNIDAS, S.A.
 Results for Year Ending Dec. 31, 1992 -- Chilean GAAP
 (In thousands of US$, except per share)
 (Translated at CH$ 382.12 to the US$, at year-end)
 12/31/92 Pct. Change 12/31/91
 Net sales 255,603.14 9.64 233,118.88
 Cost of sales (115,000.02) 2.54 (112,155.64)
 Gross margin 140,603.12 16.24 120,963.24
 Selling and admin. exp. (82,585.16) 2.19 (80,818.80)
 Operating income 58,017.96 44.52 40,144.44
 Non-operating results:
 Financial income 1,480.73 56.56 945.77
 Inc. from affiliated companies 8.54 -97.19 304.24
 Other non-operating income 7,914.26 -51.51 16,320.87
 Total 9,403.53 -46.48 17,570.88
 Financial expense (8,445.98) -25.36 (11,315.96)
 Other non-operating expense (5,849.76) N.M. (1,211.99)
 Monetary correction (61.81) N.M. 900.97
 Total (14,357.54) 23.48 (11,626.97)
 Total non-operating (4,954.01) -183.35 5,943.91
 Income before income taxes 53,063.95 15.14 46,088.36
 Income tax provision (4,062.50) 9.21 (3,719.89)
 Consolidated net income 49,001.45 15.66 42,368.47
 Minority interest (0.93) N.M. (0.81)
 Net income 49,000.52 15.66 42,367.66
 Shares outstanding--year-end 258,883,002 N.M. 226,786,378
 Earnings per share 0.19 1.32 0.19
 Earnings per ADR 0.96 1.32 0.93
 COMPANIA CERVECERIAS UNIDAS, S.A.
 Fourth Quarter Results, Chilean GAAP
 (In thousands of CH$, except per share)
 Q4 1992 Pct. Change Q4 1991
 Net sales 31,252,126 15.54 27,049,914
 Cost of sales (13,316,553) 12.25 (11,862,907)
 Gross margin 17,935,573 18.10 15,187,007
 Selling and admin. exp. (7,629,255) -14.28 (8,900,133)
 Operating income 10,306,318 63.93 6,286,874
 Non-operating results:
 Financial income 310,180 517.97 50,193
 Inc. from affiliated companies 1,534 -93.25 22,727
 Other non-operating income 177,827 102.10 87,988
 Total 489,541 204.24 160,908
 Financial expense (763,503) -19.16 (944,450)
 Other non-operating expense (1,243,546) N.M. 2,654
 Monetary correction 54,044 N.M. (975,475)
 Total (1,953,005) 1.86 (1,917,271)
 Total non-operating (1,463,464) -16.68 (1,756,363)
 Income before income taxes 8,842,854 95.18 4,530,511
 Income tax provision (258,846) 19.98 (215,742)
 Consolidated net income 8,584,008 98.94 4,314,769
 Minority interest (108) N.M. (3)
 Net income 8,583,900 98.94 4,314,766
 Shares outstanding--year-end 258,883,002 N.M. 226,786,378
 Earnings per share 33.16 74.28 19.03
 Earnings per ADR 165.79 74.28 95.13
 COMPANIA CERVECERIAS UNIDAS, S.A.
 Fourth Quarter Results, Chilean GAAP
 (In thousands of US$, except per share)
 (Translated at CH$ 382.12 to the US$, at year-end)
 Q4 1992 Pct. Change Q4 1991
 Net sales 81,786.16 15.54 70,789.06
 Cost of sales (34,849.14) 12.25 (31,044.98)
 Gross margin 46,937.02 18.10 39,744.08
 Selling and admin. exp. (19,965.60) -14.28 (23,291.46)
 Operating income 26,971.42 63.93 16,452.62
 Non-operating results:
 Financial income 811.73 517.97 131.35
 Inc. from affiliated companies 4.01 -93.25 59.48
 Other non-operating income 465.37 102.10 230.26
 Total 1,281.12 204.24 421.09
 Financial expense (1,998.07) -19.16 (2,471.61)
 Other non-operating expense (3,254.33) N.M. 6.95
 Monetary correction 141.43 N.M. (2,552.80)
 Total (5,110.97) 1.86 (5,017.46)
 Total non-operating (3,829.85) -16.68 (4,596.37)
 Income before income taxes 23,141.56 95.18 11,856.25
 Income tax provision (677.39) 19.98 (564.59)
 Consolidated net income 22,464.17 98.94 11,291.66
 Minority interest (0.28) N.M. (0.01)
 Net income 22,463.89 98.94 11,291.65
 Shares outstanding--year-end 258,883,002 N.M. 226,786,378
 Earnings per share 0.09 74.28 0.05
 Earnings per ADR 0.43 74.28 0.25
 COMPANIA CERVECERIAS UNIDAS, S.A.
 Results for Year Ending Dec. 31, 1992 -- Chilean GAAP
 (In millions of Chilean Pesos, except per share)
 (Translated at CP382.12 to the $, at year-end)
 12/31/92 Pct. Change 12/31/91
 ASSETS
 Total current assets 50,228 74.82 28,732
 Total fixed assets 102,264 22.22 83,675
 Other assets 4,607 -7.25 4,967
 Total assets 157,099 33.84 117,374
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Total current liabilities 22,212 1.66 21,850
 Total long-term liabilities 49,900 -6.90 53,600
 Minority interests 2 0.00 2
 Shareholders' equity 84,985 102.72 41,922
 Total liabilities and
 shareholders' equity 157,099 33.84 117,374
 COMPANIA CERVECERIAS UNIDAS, S.A.
 Results for Year Ending Dec. 31, 1992 -- Chilean GAAP
 (In millions of US$, except per share)
 (Translated at CP382.12 to the $, at year-end)
 12/31/92 Pct. Change 12/31/91
 ASSETS
 Total current assets 131 74.82 75
 Total fixed assets 268 22.22 219
 Other assets 12 -7.25 13
 Total assets 411 33.84 307
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Total current liabilities 58 1.66 57
 Total long-term liabilities 131 -6.90 140
 Minority interests 0 0.00 0
 Shareholders' equity 222 102.72 110
 Total liabilities and
 shareholders' equity 411 33.84 307
 COMPANIA CERVECERIAS UNIDAS, S.A.
 Vertical Analysis
 Q4 1992 Q4 1991
 As pct. of Revenues
 Net sales 100.00 100
 Cost of sales -42.61 -43.86
 Gross margin 57.39 56.14
 Selling and administrative exp. -24.41 -32.90
 Operating income 32.98 23.24
 Non-operating results:
 Financial income 0.99 0.19
 Income from affiliated companies 0.00 0.08
 Other non-operating income 0.57 0.33
 Total 1.57 0.59
 Financial expense -2.44 -3.49
 Other non-operating expense -3.98 0.01
 Monetary correction 0.17 -3.61
 Total -6.25 -7.09
 Total non-operating -4.68 -6.49
 Income before income taxes 28.30 16.75
 Income tax provision N.M. N.M.
 Consolidated net income 27.47 15.95
 Minority interest 0.00 0.00
 Net income 27.47 15.95
 COMPANIA CERVECERIAS UNIDAS, S.A.
 Vertical Analysis
 12/31/92 12/31/91
 As pct. of Revenues
 Net sales 100.00 100
 Cost of sales -44.99 -48.11
 Gross margin 55.01 51.89
 Selling and administrative exp. -32.31 -34.67
 Operating income 22.70 17.22
 Non-operating results:
 Financial income 0.58 0.41
 Income from affiliated companies 0.00 0.13
 Other non-operating income 3.10 7.00
 Total 3.68 7.54
 Financial expense -3.30 -4.85
 Other non-operating expense -2.29 -0.52
 Monetary correction -0.02 0.39
 Total -5.62 -4.99
 Total non-operating -1.94 2.55
 Income before income taxes 20.76 19.77
 Income tax provision N.M. N.M.
 Consolidated net income 19.17 18.17
 Minority interest 0.00 0.00
 Net income 19.17 18.17
 -0- 3/19/93
 /CONTACT: Luis Fernando Antunez, chief financial officer of CCU, in Santiago, 011-562-672-2893; or Felicia Vonella of Dewe Rogerson, in New York, 212-688-6840, for CCU/
 (CCUUY)


CO: Compania Cervecerias Unidas, S.A. ST: IN: FOD SU: ERN

GK-SG -- NY005 -- 7795 03/19/93 09:55 EST
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