CONSOLIDATED BALANCE SHEET (ChGAAP)
(Figures in thousands of Ch$ as of June 30, 2005)

ASSETS				2005 Ch$				2004 Ch$
CURRENT ASSETS
Cash and banks					6,192,384				15,243,977
Time deposits					4,913,123				57,412,478
Marketable securities					25,957,603				51,270,262
Trade receivables					170,648,147				212,449,524
Notes receivable					4,133,040				8,368,984
Sundry debtors					25,828,033				15,141,469
Due from related companies					16,787,799				19,013,784
Inventories					3,369,527				29,051,848
Refundable taxes					6,140,293				8,305,083
Prepaid expenses					2,761,566				7,618,390
Deferred taxes					16,203,117				19,062,345
Other current assets					19,707,685				80,888,187
Total current assets					302,642,317				523,826,331
FIXED ASSETS
Land					26,602,973				28,630,753
Construction and infrastructure works					191,815,597				192,442,599
Machinery and equipment					3,146,132,495				3,614,229,626
Other fixed assets					249,339,628				346,247,713
Technical revaluation					9,511,642				9,548,728
Less: accumulated depreciation					2,304,657,664				2,387,103,817
Fixed assetsnet					1,318,744,671				1,803,995,602
OTHER ASSETS
Investments in related companies					8,524,881				7,945,150
Investments in other companies					3,990				3,990
Goodwill					18,766,519				157,821,916
Long-term debtors					17,635,888				36,214,443
Intangibles					46,685,155				43,932,578
Amortization (less)					8,989,772				6,000,572
Other long-term assets					14,658,269				8,770,064
Total other assets					97,284,930				248,687,569
TOTAL ASSETS					1,718,671,918				2,576,509,502

LIABILITIES				2005 Ch$				2004 Ch$
CURRENT LIABILITIES
Banks and financial institutions - short-term					9,275,560				19,706,973
Banks and financial institutions - current maturities					33,596,504				90,844,135
Promisory Notes					34,060,408				35,197,935
Debentures					96,800,851				119,599,625
Current maturities of other long-term liabilities					25,353				463,500
Dividends payable					1,773,149				98,850
Accounts payable					70,184,299				127,405,234
Notes payable					—				140,217
Sundry creditors					25,011,617				15,710,585
Due to related companies					30,363,393				25,165,551
Provisions					6,222,536				7,280,661
Withholdings					10,123,895				8,157,922
Income tax					—				—
Unearned income					7,818,243				10,235,144
Other current liabilities					9,088,612				3,134,596
Total current liabilities					334,344,420				463,140,928
LONG-TERM LIABILITIES
Banks and financial institutions					334,304,284				330,542,897
Debentures					41,212,467				336,585,607
Due to related companies					—				22,781,121
Sundry creditors					320,349				3,500,944
Provisions					34,373,012				19,078,009
Deferred Taxes					57,901,985				52,288,659
Other long-term liabilities					4,648,582				4,441,003
Total long term liabilities					472,760,679				769,218,240
MINORITY INTEREST					1,549,679				1,287,841
EQUITY
Paid-in capital					880,977,537				882,725,509
Reserve					8,809,775				7,061,803
Other reserves					(1,134,326	)			(600,039	)
Retained earnings:					21,364,154				453,675,220
Prior years					—				443,576,433
(Losses) Income for the period					21,364,154				10,098,787
Interim dividend (less)					—				—
Total equity					910,017,140				1,342,862,493
TOTAL LIABILITIES AND EQUITY					1,718,671,918				2,576,509,502