third quarter 20 10forus.cl/.../12/financial_report_forus_3q_2010.pdf · • ebitda of ch$ 4,905...

FINANCIAL REPORT

THIRD QUARTER 2010

NOVEMBER 2010

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Index

1. Summary of Consolidated Results 3rd Quarter 2010 .…….........................

2. Summary of Consolidated Results accumulated to September 2010 .........

3. Highlights in the Period ….…….........................

4. Consolidated Income Statement ………....…...................

5. Analysis of Consolidated Results ………....…...................

6. Data by Country and Business …..................................

7. Financial and Profitability Ratios …..................................

8. Consolidated Financial Statements - IFRS

- Consolidated Balance Sheets ………....…...................

- Consolidated Income Statement ………....…...................

Notes:

� All figures in dollars are calculated using the observed dollar exchange rate for September 30,

2010 (Ch$ 483.65 per US$1).

• Symbols for periods in the year: Quarters: 1Q (first quarter), 2Q (second quarter), 3Q (third

quarter) and 4Q (fourth quarter). 1S (First semester) and 9M (first nine months of the year), as

applicable.

• Currency symbols: Ch$: Chilean pesos; US$: U.S. dollars; MM: millions.

• Other symbol: SSS: Same store sales.

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Summary of Consolidated Results 3rd Quarter 2010

• EBITDA of Ch$ 4,905 million (US$ 10.1 million) increased by 25.4%

reaching an EBITDA margin of 17.3%. It grew in 2.7 percents points in

comparison with the 14.6% EBITDA margin during 3Q 2009.

• Consolidated Revenues increased by 5.9% in the 3Q 2010 to Ch$ 28,417

million (US$ 58.8 million).

• Gross Margin of Ch$ 14,868 million (US$ 30.7 million) increased by 14.7%,

obtaining a gross margin of 52.3% as a percentage of net Revenues in the

3Q 2010. It was higher in 4.0 percents points than the 48.3% obtained in

the 3Q 2009.

• Operating Income increased by 42.7% in the 3Q 2010 to Ch$ 4,249 million

(US$ 8.8 million).

• Net Profit increased by 1.5% to Ch$ 4,126 million (US$ 8.5 million). It is

14.5% as a percentage of net revenues.

• The Revenues from the international operations in Colombia, Peru and

Uruguay represented 14.7% of the consolidated revenues in the 3Q 2010.

Forus began to report its results to the Chilean SVS under the IFRS standard since March 2010.

4

Summary of Consolidated Results Accumulated to September 2010



comparison with the 16.0% obtained as of September 2009.

• Consolidated Revenues increased by 14.8% as of September 2010 to Ch$

89,656 million (US$ 185.8 million).

• Gross Margin of Ch$ 48,924 million (US$ 101.2 million) increased by

25.1%, obtaining a gross margin of 54.4% as a percentage of net

Revenues accumulated to September 2010. It grew in 4.5 percents points

in comparison with the 50.0% obtained as of September 2009.

• Operating Income increased by 46.0% as of September 2010 to Ch$

14,953 million (US$ 30.9 million).

• Net Profit accumulated to September 2010 increased by 99.2% to Ch$

13,163 million (US$ 27.2 million). Net Profit reached 14.6% as a

percentage of net revenues. It grew in 6.2 percents points in comparison

with the 8.4% obtained as of September 2009.

• The Revenues from the international operations in Colombia, Peru and

Uruguay represented 15.6% of the consolidated revenues as of September

2010. This represents an increase of 0.8 percents points in comparison

with the 14.8% during 2009.

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Highlights of the 3rd Quarter 2010

Stores Opening

Total of new stores opened in 3Q 2010: 4 stores

During the 3rd quarter 2010 the following new stores were opened:

Chile: 1 store

� One Caterpillar store with 118 square meters, located in Marina Arauco

mall, in the city of Viña del Mar.

Colombia: 1 store

� One Hush Puppies store with 36 square meters, located in Andino mall, in

the Bogota city.

Peru: 1 store

� One Hush Puppies store with 98 square meters, located in the Open

Angamos mall, in the Lima city.

Uruguay: 1 store

� One Rockford store with 84 square meters, located in Portones mall, in the

Montevideo city.

New Concept in Hush Puppies Kids Stores

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Highlights of the 3rd Quarter 2010

A new store concept has been developed for the Hush Puppies Kids chain, which

includes a complete renovation of stores with this new image and concept. Stores

with this new concept can already be found in Parque Arauco, Alto Las Condes,

Plaza Vespucio and Plaza Trébol.

In the upcoming months the 8 remaining stores of this chain will be renovated.

Massimo Cerutti Italian Collection for Hush Puppies

In September of this year a new collection of sandals was launched for the Hush

Puppies stores, from renowned Italian designer Massimo Cerutti. It consists of a

collection of sandals designed for women, produced and brought directly from

Italy.

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Consolidated Income Statement - IFRS

3Q '10 % Revenues 3Q '09 % Revenues Var. % 10/09

Th Ch$ Th Ch$

Revenues 28.416.879 26.824.077 5,9%

Cost of Sales (13.549.208) -47,7% (13.856.494) -51,7% -2,2%

Gross Margin 14.867.671 52,3% 12.967.583 48,3% 14,7%- -

Selling, General and Administrative Expenses (10.618.579) -37,4% (9.990.855) -37,2% 6,3%Operating Income 4.249.092 15,0% 2.976.728 11,1% 42,7%

Financial Income 53.235 6.393 732,7%

Financial Expenses 470.877 165.274 184,9%

Participation in gains (losses) of joint venture businesses 43.088 (7.806) -652,0%

accounted by using the proportional value of participation

Exchange Differentials (616.066) 1.104.681 -155,8%

Result of Indexation units (203.057) 364.566 -155,7%

Other gains and losses (166.994) (134.491) 24,2%

Non-Operating Income 727.548 2,6% 1.780.159 6,6% -59,1%- -

Profit before income tax 4.976.640 17,5% 4.756.887 17,7% 4,6%

(Expenses) Income Taxes (850.202) (690.778) 23,1%

Profit (loss) 4.126.438 14,5% 4.066.109 15,2% 1,5%

Profit (loss) attributable to equity holders of parent 4.128.527 4.068.883 1,5%

Profit (loss) attributable to minority interest (2.089) (2.774) -24,7%

Profit (loss) 4.126.438 14,5% 4.066.109 15,2% 1,5%

EBITDA 4.904.916 17,3% 3.911.131 14,6% 25,4%

expressed in Thousands of Chilean Pesos from July 1 to September 30

FORUS S.A. & SUBSIDIARIES

Consolidated Income Statement 3rd Quarter

9M 2010 % Revenues 9M 2009 % Revenues Var. % 10/09

Th Ch$ Th Ch$

Revenues 89.856.395 78.254.495 14,8%

Cost of Sales (40.932.791) -45,6% (39.152.602) -50,0% 4,5%

Gross Margin 48.923.604 54,4% 39.101.893 50,0% 25,1%- -

Selling, General and Administrative Expenses (33.970.877) -37,8% (28.861.263) -36,9% 17,7%Operating Income 14.952.727 16,6% 10.240.630 13,1% 46,0%- -

Financial Income 60.513 16.898 258,1%

Financial Expenses (19.390) 82.956 -123,4%

Participation in gains (losses) of joint venture businesses 228.105 (14.999) -1620,8%

accounted by using the proportional value of participation

Exchange Differentials (277.643) (2.464.344) -88,7%

Result of Indexation units (25.191) (13.667) 84,3%

Other gains and losses (158.015) (178.160) -11,3%

Non-Operating Income 984.710 1,1% (2.306.431) -2,9% -142,7%-

Profit before income tax 15.937.437 17,7% 7.934.199 10,1% 100,9%

(Expenses) Income Taxes (2.774.480) -3,1% (1.326.307) -1,7% 109,2%

Profit (loss) 13.162.957 14,6% 6.607.892 8,4% 99,2%

Profit (loss) attributable to equity holders of parent 13.208.001 6.646.088 98,7%

Profit (loss) attributable to minority interest (45.044) (38.196) 17,9%

Profit (loss) 13.162.957 14,6% 6.607.892 8,4% 99,2%

EBITDA 17.430.882 19,4% 12.552.161 16,0% 38,9%

expressed in Thousands of Chilean Pesos as of September 30

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Analysis of Consolidated Results

Operating Income

• Consolidated Revenues increased by 5.9% in the 3Q 2010 to Ch$ 28,417

million (US$ 58.8 million).

In Chile Forus sales increased 8.2%, totalizing Ch$ 24,765 million (US$ 51.2

million) during 3Q 2010. This increase in sales is explained in 87% by the

growth in Retail Business, which sales grew 10.7% and the remaining 13% is

explained by growth in Wholesale Business, which sales raised 3.2%,

obtaining sales for Ch$ 7,991 million (US$ 16.5 million). These increases

respond to a higher consumption that our country experienced in the trade

sector. It should be noted that if we would have had sufficient inventory levels,

the growth would have been much higher, but because of higher sales during

the previous trimester (2Q’10), which had increases of 14.5% in Retail and

49.6% in Wholesale, consumed part of the inventory that was considered for

3Q. This can be confirmed by our reduction in inventory levels, which in Chile

decreased 44% as of June 2010 regarding June 2009 and dropped 21% as of

September 2010 regarding September 2009.

In our Retail Business, growth in Chile’s SSS was 4.4% nominal in 3Q’10,

which gives us an accumulated SSS growth in September 2010 of 8.4%. As of

October, with the arrival of new inventory –spring/summer collection- increases

in SSS close to 10% can be observed.

An increase in sales per square meter stands out, with a rise of 3.8% in 3Q’10

regarding 2009.

International subsidiaries’ sales grew 2.6% as a whole. Their results are as

follows:

Revenues (Million Ch$)

3Q '10 3Q '09 Var. % 10/09

Colombia 699 817 -14,5%

Peru 1.271 1.296 -1,9%

Uruguay 2.204 1.955 12,8%Total 4.175 4.068 2,6%

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Same Store Sales. Data in nominal values (in local currency)

3Q '10 3Q '09 2010 2009

Colombia 2,6% 10,7% -1,4% 23,9%Peru -5,2% 19,9% -4,2% 38,8%

Uruguay 0,6% 12,2% 9,6% -2,3%

• In Colombia although sales decreased 14.5% in 3Q’10 regarding the

previous period, it must be mentioned that surface sales in square

meters reduced 24.8%, corresponding to a reduction of 4 stores. On the

other hand, SSS sales increased 2.6% nominal.

• In Peru sales decreased 1.9% in 3Q’10 and SSS sales reduced 5.2%

nominal. Growth in sales would have been highly positive if the correct

amount of inventories would have been available, considering that

together with higher sales during the previous trimester (growth of

20.1% regarding 2009) which consumed part of the inventory of 3Q’10,

there was a delay in the arrival of the new inventory, which instead of

arriving in July, arrived in September. This being noted, inventory as of

September 2010 is 40% smaller than September 2009.

In these months, when new inventories are already available we can

observe two digit increases in SSS sales during October.

• In Uruguay sales increased 12.8% during 3Q’10 and SSS sales grew

0.6% nominal.

• Regarding national subsidiary TopSafety (and subsidiary Forus Safety,

engaged in the industrial safety footwear business) sales decreased

4.3% in 3Q 2010.

Revenue participation of international operations in Colombia, Peru and

Uruguay represented 14.7% of consolidated revenues during 3Q’10.

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Cumulative consolidated sales as of September 2010 totalized Ch$ 89,656

million (US$ 185.8 million), growing 14.8% regarding the cumulative

consolidated sales as of September 2009. This rise is explained both by

Chile’s growth, where sales in Retail Business are 10.5% regarding the

previous year and sales in Wholesale Business –which represents 32.9% of

total sales as of September 2010- grew 20.3%, as well as growth in

international subsidiaries, where sales increased 21.1% regarding 2009.

Operating revenues of Colombia, Peru and Uruguay represented 15.6% of

cumulative consolidated income as of September 2010.

* Retail Chile: Retail + Wholesale business in Chile.

Retail Chile83,4%

Uruguay7,8%

Perú4,5% Colombia

2,5% TopSafety1,9%

Revenues by Subsidiaries 3Q 2010

Retail Chile82,8%

Uruguay7,3%

Perú4,8% Colombia

3,0%TopSafety

2,1%

Revenues by Subsidiaries 3Q 2009

Retail Chile82,7%

Uruguay7,6%

Perú4,7%

Colombia3,3%

TopSafety1,7%

Revenues by Subsidiaries 9M 2010

Retail Chile83,1%

Uruguay7,2%

Perú5,1% Colombia

2,5%TopSafety

2,1%

Revenues by Subsidiaries 9M 2009

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• Gross Margin of Ch$ 14,868 million (US$ 30.7 million) increased by

14.7%, obtaining a gross margin of 52.3% as a percentage of net

Revenues in the 3Q 2010. It was higher in 4.0 percents points than the

48.3% obtained in the 3Q 2009.

Chile’s individual gross margin grew 16.7% regarding the third trimester of the

previous year, totalizing Ch$ 12,811 million (US$ 26.5 million). A percentage

margin of 51.7% was obtained as a percentage of sales, which improved by

3.8 percentage points compared to a 48.0% obtained in 3Q’09. This increase

is explained both by growth in Retail and Wholesale Businesses. Growth in

gross margin in Retail Business -which explains 93% of the total growth-

increased 22.3% due to a decrease in costs of sales by 0.9%, while sales

grew 10.7%. This is explained by two effects; first by a revenue management

policy of the Company, and secondly due to the lower dollar exchange rate

when the winter 2010 goods as well as the new summer collection were

entered regarding the previous year. Winter merchandise entered the country

mostly by December 2009 with a dollar -of $515.6- significantly lower

compared to the dollar as of December 2008 -$602.8- and the summer

collection which entered mostly by September with an exchange rate of

$495.3, compared to an exchange rate as of September 2009 of $551.6, fall

which impacts directly on the cost of sales of these products.

On the other hand, gross margin in Wholesale Business increased 3.2%.

Regarding gross margin of international subsidiaries, during 3Q’10 it grows as

a whole 10.5%, where Peru’s gross margin increases 10.9%, obtaining a gross

margin percentage of 48.3% of sales. Uruguay’s gross margin grew 13.3%

reaching a gross margin of 45.9% of sales and Colombia highlights with a

gross margin of 53,3% of sales, which grows 9.0 percentage points compared

to the gross margin of 44.3% of sales during 3Q’09.

The Gross Margin accumulated to September 2010 of Ch$ 48,924 million

(US$ 101.2 million) increased 25.1%, obtaining a cumulative percentage

margin of 54.4% in September 2010, which increased 4.5 percentage points

compared with a 50.0% obtained in September 2009.

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This is explained both by operations in Chile as by those in international

subsidiaries. In Chile’s case, the gross margin -of Ch$ 41,864 million (US$

86.6 million) - increases 26.8% regarding 2009, growth which is explained in

54% by the increase in gross margin in Retail Business of 19.0% and in 46%

it is explained by growth in Wholesale Business, which margin of Ch$12,071

million (US$ 25.0 million) grows 51,6%. Regarding international subsidiaries,

gross margin increased 20.0% as of September 2010.

• Operating Income increased by 42.7% in the 3Q 2010 to Ch$ 4,249 million

(US$ 8.8 million).

The Forus Chile individual operating income growth explains by 93% the total

growth, reaching Ch$ 4,093 million (US$ 8.5 million), increasing 40.4% in

regards to 3Q’09. Operating income in Chile’s Retail Business grew 50.0%,

while in Wholesale Business it rose 25.9%. In Wholesale Business, selling and

administrative expenses as a percentage of revenues decreased 7.4%, falling

from 28.6% of revenues in 3Q’09 to 25.6% of revenues in 3Q’10.

Regarding foreign subsidiaries, these present the following operational results:

• Colombia: Its loss in operational results decreases 20.8%, from a loss

of Ch$ 112 million (US$ 0.23 million) in 3Q’09 to a loss of Ch$ 89

million (US$ 0.18 million) in 3Q’10.

• Peru: Its operational result increases 246.7% from a loss of Ch$ 15

million (US$ 0.03 million) in 3Q’09 to a profit of Ch$ 22 million (US$

0.05 million) in 3Q’10.

• Uruguay: Its operational result of Ch$ 261 million (US$ 0.5 million)

grows 113.2% regarding 3Q’09. This growth explains itself both from

the growth in gross margin of 13.3% regarding 3Q’09 and from a

considerable drop in selling and administrative expenses of 2.6%, thus

obtaining an improvement in selling and administrative expenses on

revenues from 39.4% in 3Q’09 to 34.1% in 3Q’10, this entailing an

increase in operational results on revenues of 5.6 percentage points -

from 6.3% of revenues in 2009 to 11.8% in 3Q’10.

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The consolidated operational result accumulated to September 2010 of Ch$

14,953 million (US$ 30.9 million) grew 46.0% regarding 2009, due to a strong

growth in gross margin of 25.1% and also explained 90% by the growth in

operational results in Chile, were the result in Retail Business accounts for

63% and Wholesale Business accounts for the other 37%. The remaining 10%

of operational results’ growth is explained by international operations, were its

result improved by 117.2%.

Non-Operating Income

• Non-Operating Income totalized a gain of Ch$ 728 million (US$ 15.1

million), decreasing by 59.1%.

This gain in Non-Operating Income is accounted for by the line Other Incomes

of total operation, which gained a profit of Ch$ 1,160 million (US$ 2.4 million).

Besides, the Exchange Differentials account decreases 155.8%, from a profit

of Ch$ 1,105 million (US$ 2.3 million) in 3Q’09 to a loss of Ch$ 616 million

(US$ 1.3 million) in 3Q’10.

The Non-Operating Income accumulated to September 2010 improved

142.7%, from a loss of Ch$ 2,306 million (US$ 4.8 million) in September 2009

to a profit of Ch$ 985 million (US$ 2.0 million) in September 2010. Just as in

3Q, this difference is explained by the Other Incomes of total operation

account, with a profit of Ch$ 1,214 million (US$ 2.5 million), which contrasts

with the previous loss of Ch$ 278 million (US$ 0.6 million) of the exchange

differentials account.

Net Profit and EBITDA

• Net Profit increased by 1.5% to Ch$ 4,126 million (US$ 8.5 million). It is

14.5% as a percentage of net revenues.

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The Consolidated Net Profit accumulated to September 2010 increased by

99.2% to Ch$ 13,163 million (US$ 27.2 million). As a percentage of sales, Net

Profit increased in 6.2 percentage points to 14.6% during 2010, from 8.4%

during the same period 2009.



comparison with the 14.6% EBITDA margin during 3Q 2009.

The Consolidated EBITDA accumulated to September 2010 of Ch$ 17,431

million (US$ 36.0 million) increased by 38.9% reaching an EBITDA margin of

19.4%. It grew in 3.4 percentage points in comparison with the 16.0% EBITDA

margin during 2009.

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Data by Country and Business

CHILE

• Retail

(Million Ch$)

P&L 3Q '10 3Q '09 Var. % 10/09

Revenues 16.773 15.146 10,7%Cost of Sales -7.469 -7.539 -0,9%

Gross Margin 9.305 7.607 22,3%Operating Income 2.635 1.757 50,0%

(Million Ch$)

P&L 9M '10 9M '09 Var. % 10/09

Revenues 51.783 46.870 10,5%

Cost of Sales -21.990 -21.828 0,7%


Same Store Sales Growth

Data in nominal values (in local currency)

3Q '10 3Q '09 2010 2009

Growth Retail Sales 4,4% 1,1% 8,4% 0,5%

Stores Openings / Closings

Date Chain Store Sq.meters

Closing aug-10 Rockford Carpa Portal Chillan 300

Closing aug-10 Nine West Portal Temuco 54

Closing sep-10 Shoe Express Exposición 90

Opening sep-10 Caterpillar Marina Arauco 118

Closing sep-10 Women Secret Plaza el Trebol 103

Total -429

Change in Total square meters

Sept-10 Sept-09 Var. 10/09 Var. % 10/09

N° Stores 191 191 0 0,0%

Square meters 23.562 22.079 1.483 6,7%

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CHILE

• Wholesale

(Million Ch$)

P&L 3Q '10 3Q '09 Var. % 10/09

Revenues 7.991 7.744 3,2%

Cost of Sales -4.485 -4.373 2,6%


(Million Ch$)

EERR 9M '10 9M '09 Var. % 10/09

Revenues 25.353 21.083 20,3%

Cost of Sales -13.281 -13.118 1,2%


• TopSafety

(Million Ch$)

P&L 3Q '10 3Q '09 Var. % 10/09

Revenues 529 553 -4,3%

Cost of Sales -471 -372 26,6%

Gross Margin 58 181 -67,8%Operating income -38 66 -156,9%

(Million Ch$)

P&L 9M '10 9M '09 Var. % 10/09

Revenues 1.511 1.636 -7,6%Cost of Sales -1.239 -1.195 3,7%

Gross Margin 272 441 -38,3%Operating income -26 96 -126,9%

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COLOMBIA

(Million Ch$)

P&L 3Q '10 3Q '09 Var. % 10/09

Revenues 699 817 -14,5%

Cost of Sales -327 -455 -28,2%

Gross Margin 372 362 2,9%Operating income -89 -112 -20,8%

(Million Ch$)

P&L 9M '10 9M '09 Var. % 10/09

Revenues 2.976 1.932 54,0%

Cost of Sales -1.743 -980 78,0%

Gross Margin 1.232 952 29,4%Operating income -221 -359 -38,4%



3Q '10 3Q '09 2010 2009

Growth Retail Sales 2,6% 10,7% -1,4% 23,9%


Date Chain Store sq.meters

Opening jul-10 Hush Puppies Andino 36

Closing jul-10 Hush Puppies Unicentro 2 75

Closing aug-10 Hush Puppies Shoe Express Restrepo 100

Total -139


Sept-10 Sept-09 Var. 10/09 Var. % 10/09

N° Stores 15 19 -4 -21,1%

Square meters 1.059 1.408 -349 -24,8%

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PERU

(Million Ch$)

P&L 3Q '10 3Q '09 Var. % 10/09

Revenues 1.271 1.296 -1,9%

Cost of Sales -657 -742 -11,5%

Gross Margin 614 554 10,9%Operating Income 22 -15 -246,7%

(Million Ch$)

P&L 9M '10 9M '09 Var. % 10/09

Revenues 4.233 3.988 6,1%

Cost of Sales -2.049 -1.978 3,6%

Gross Margin 2.184 2.010 8,7%Operating Income 380 296 28,4%



3Q '10 3Q '09 2010 2009

Growth Retail Sales -5,2% 19,9% -4,2% 38,8%



Opening sep-10 Hush Puppies Angamos 98

Total 98


Sept-10 Sept-09 Var. 10/09 Var. % 10/09

N° Stores 23 22 1 4,5%

Square meters 2.473 2.300 173 7,5%

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URUGUAY

(Million Ch$)

P&L 3Q '10 3Q '09 Var. % 10/09

Revenues 2.204 1.955 12,8%

Cost of Sales -1.192 -1.061 12,3%

Gross Margin 1.012 893 13,3%Operating Income 261 122 113,2%

(Million Ch$)

P&L 9M '10 9M '09 Var. % 10/09

Revenues 6.805 5.650 20,4%

Cost of Sales -3.433 -2.958 16,1%

Gross Margin 3.371 2.692 25,2%Operating Income 976 585 66,8%



3Q '10 3Q '09 2010 2009

Growth Retail Sales 0,6% 12,2% 9,6% -2,3%


.


Opening jul-10 Rockford Portones 84

Total 84


Sept-10 Sept-09 Var. 10/09 Var. % 10/09

N° Stores 24 22 2 9,1%

Square meters 2.258 1.967 291 14,8%

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Financial and Profitability Ratios

• Liquidity Ratios

Units Sept-10 Dec-09

Current liquidity times 5,29 5,93

Acid ratio times 3,92 3,91

• Financial Ratios


Liabilities composition

Current Liabilities % 78,68% 71,57% Non-Current Liabilities % 21,32% 28,43%


Leverage times 0,23 0,23

• Profitability Ratios


ROA % 11,97% 2,62%

ROS % 14,65% 4,94%

ROE % 14,76% 3,22%

All data is in term of Consolidated Forus.

78,68%71,57%

21,32% 28,43%

Sept-10 Dec-09

Non-Current Liabilities

Current Liabilities

21

Consolidated Balance Sheets


CONSOLIDATED BALANCE SHEETS

expressed in Thousands of Chilean Pesos as of September 30, 2010 and December 31, 2009

Sept 30, 2010 Dec 31, 2009

Th Ch$ Th Ch$

ASSETS

Current Assets

Cash and cash equivalents 11.256.899 9.872.214

Other financial assets, current 32.728.715 23.568.524

Other non-financial assets, current 2.323.425 1.122.002

Trade and other account receivables 17.533.404 14.512.913

Accounts receivables from related companies - 189.505

Inventories 22.483.083 25.974.196

Tax Assets, current 213.633 1.512.626 Total Current Assets 86.539.159 76.751.980

Non-Current Assets

Other financial assets, Non-current 539 -

Other non-financial assets, Non-current 501.420 160.350

Investments in Associated 1.192.104 1.182.253

Net intangibles assets 2.336.791 2.322.094

Goodwill 1.545.106 1.545.106

Property, plant and equipments 16.566.961 14.026.358

Deferred tax Assets 1.283.321 1.195.968 Total Non-Current Assets 23.426.242 20.432.129

TOTAL ASSETS 109.965.401 97.184.109

LIABILITIES

Current Liabilities

Other financial liabilities, current 1.900.832 2.081.533

Current trade and other current accounts payable 8.204.416 7.484.730

Current accounts payable to related companies 14.451 -

Other current Provisions 5.598.678 3.074.552

Other non-financial liabilities, current 633.262 228.714 Total Current Liabilities 16.351.639 12.869.529

Non-Current Liabilities

Other non-current financial liabilities 1.469.692 1.841.720

Non-current liabilities 1.946.115 1.954.803

Deferred taxes liabilities 1.004.575 1.050.081

Other non-financial non-current liabilities 11.741 583.836 Total Non-Current Liabilities 4.432.123 5.430.440

SHAREHOLDER'S EQUITY

Paid-in capital 24.813.496 24.813.496

Retained earnings 47.509.282 37.335.183

Other reserves 16.694.023 16.578.452

Equity attributable to equity holders of the parent 89.016.801 78.727.131

Non-controlling interest 164.838 157.009

Total Net Equity 89.181.639 78.884.140

TOTAL NET EQUITY AND LIABILITIES 109.965.401 97.184.109

22

Consolidated Income Statement

2010 2009

Th Ch$ Th Ch$

Revenues 89.856.395 78.254.495 Cost of Sales (40.932.791) (39.152.602) Gross Margin 48.923.604 39.101.893

Other incomes of total operation 1.214.254 316.392

Logistic costs (938.275) (899.573) Administrative Expenses (33.032.602) (27.961.690) Other costs of total operation (37.923) (51.507)

Financial Gains 60.513 16.898 Financial Expenses (19.390) 82.956 Participation in gains (losses) of joint venture businesses accounted 228.105 (14.999)

by using the proportional value of participation

Exchange Differentials (277.643) (2.464.344)

Result of Indexation units (25.191) (13.667)

Other gains and (losses) (158.015) (178.160) Profit before income tax 15.937.437 7.934.199

Income Taxes (2.774.480) (1.326.307) Profit (loss) 13.162.957 6.607.892

Profit (loss) attributable to equity holders of parent 13.208.001 6.646.088

Profit (loss) attributable to minority interest (45.044) (38.196) Profit (loss) 13.162.957 6.607.892

Net Income per Share

Commom shares

Income per Share $ 50,9266 $ 25,5655

expressed in Thousands of Chilean Pesos as of September 30


CONSOLIDATED INCOME STATEMENT

23

Forus S.A.

Address:

Av. Departamental Nº 01053

La Florida

Santiago, Chile

Contact:

Macarena Swett

Investor Relations

Telephone: (56 2) 923 3017

E-mail: [email protected]

Website:

www.forus.cl

Go to the Investors menu.

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