Quiñenco has made some well-judged moves towards protecting and securing the value of its investments, and this makes us optimistic towards the future. Conditions in the region are more dynamic and, in Chile, the macroeconomic indicators point to the strongest recovery we have seen in the past five years. In this context, it is reasonable to expect that the group’s companies will benefit, and that Quiñenco will continue to consolidate its position in the sectors in which it operates, either through strong organic growth or add-on acquisitions. At the same time, we believe that the current environment will give rise to altogether new business opportunities, and we will be ready to identify them when they come.

Last year was not without its problems, but we were able to confront them and emerge stronger than before. Our financial position remains solid, as is our resolve to keep improving it. Cash flow from our activities allowed for an 18% reduction in corporate level debt during 2003. This means that we are now in a situation where resources can be either oriented towards further liability reduction or at capitalizing on new business opportunities.

In 2003, we were able to turnaround otherwise adverse conditions to our favor, thanks to an unfaltering and effective strategic direction. None of this would have been possible without the constant dedication of those people who make up our organization. Finally, it would be remiss to pass up this opportunity to thank our shareholders for their unwavering confidence in the performance of Quiñenco.

Guillermo Luksic Craig
Chaiman of the Board