UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
March 2024
Date of Report (Date of Earliest Event Reported)
Embotelladora Andina S.A.
(Exact name of registrant as specified in its charter)
Andina Bottling Company, Inc.
(Translation of Registrant´s name into English)
Avda. Miraflores 9153
Renca
Santiago, Chile
(Address of principal executive office)
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
this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the Registrant is submitting
this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
Indicate by check mark whether the registrant by
furnishing the information contained in this Form 6-K 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
Interim Consolidated Financial Statements
EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES
Santiago, Chile
March 31, 2024 and December 31,
2023
EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES
Interim Consolidated
Financial Statements at March 31, 2024 (non-audited) and December 31, 2023
EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES
Consolidated Financial Statements
Consolidated Financial
Statements
EMBOTELLADORA
ANDINA S.A. AND SUBSIDIARIES
March 31, 2024
(non-audited) and December 31, 2023
EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES
Consolidated Statements of Financial Position
as of March 31, 2024 and December 31, 2023
ASSETS |
|
NOTE |
|
|
03.31.2024 |
|
|
12.31.2023 |
|
|
|
|
|
|
ThCh$ |
|
|
ThCh$ |
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
4 |
|
|
|
301,523,107 |
|
|
|
303,683,683 |
|
Other financial assets |
|
|
5 |
|
|
|
69,265,420 |
|
|
|
67,285,793 |
|
Other non-financial assets |
|
|
6 |
|
|
|
33,042,335 |
|
|
|
19,311,851 |
|
Trade and other accounts receivable, net |
|
|
7 |
|
|
|
265,777,716 |
|
|
|
298,892,164 |
|
Accounts receivable from related companies |
|
|
12.1 |
|
|
|
11,643,869 |
|
|
|
16,161,318 |
|
Inventory |
|
|
8 |
|
|
|
257,453,254 |
|
|
|
233,053,160 |
|
Current tax assets |
|
|
9 |
|
|
|
47,561,280 |
|
|
|
43,383,058 |
|
Total Current Assets |
|
|
|
|
|
|
986,266,981 |
|
|
|
981,771,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets |
|
|
5 |
|
|
|
94,039,657 |
|
|
|
93,316,339 |
|
Other non-financial assets |
|
|
6 |
|
|
|
63,587,540 |
|
|
|
59,412,482 |
|
Trade and other receivables |
|
|
7 |
|
|
|
364,674 |
|
|
|
371,401 |
|
Accounts receivable from related parties |
|
|
12.1 |
|
|
|
108,021 |
|
|
|
108,021 |
|
Investments accounted for under the equity method |
|
|
14 |
|
|
|
95,615,269 |
|
|
|
91,799,267 |
|
Intangible assets other than goodwill |
|
|
15 |
|
|
|
733,981,496 |
|
|
|
695,926,565 |
|
Goodwill |
|
|
16 |
|
|
|
149,811,813 |
|
|
|
122,103,802 |
|
Property, plant and equipment |
|
|
11 |
|
|
|
995,415,064 |
|
|
|
872,388,811 |
|
Deferred tax assets |
|
|
10.2 |
|
|
|
4,665,239 |
|
|
|
4,323,174 |
|
Total Non-Current Assets |
|
|
|
|
|
|
2,137,588,773 |
|
|
|
1,939,749,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
3,123,855,754 |
|
|
|
2,921,520,889 |
|
The accompanying notes 1 to 33 form an integral
part of these Consolidated Financial Statements
EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES
Consolidated Statements of Financial Position
as of March 31, 2024 and December 31, 2023
LIABILITIES AND EQUITY |
|
NOTE |
|
|
03.31.2024 |
|
|
12.31.2023 |
|
|
|
|
|
|
ThCh$ |
|
|
ThCh$ |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities |
|
|
17 |
|
|
|
54,171,506 |
|
|
|
52,997,001 |
|
Trade and other accounts payable |
|
|
18 |
|
|
|
373,882,452 |
|
|
|
428,911,984 |
|
Accounts payable to related parties |
|
|
12.2 |
|
|
|
109,126,257 |
|
|
|
96,045,624 |
|
Other provisions |
|
|
19 |
|
|
|
1,721,974 |
|
|
|
1,314,106 |
|
Tax liabilities |
|
|
9 |
|
|
|
27,295,986 |
|
|
|
13,411,621 |
|
Employee benefits current provisions |
|
|
13 |
|
|
|
40,311,545 |
|
|
|
57,817,800 |
|
Other non-financial liabilities |
|
|
20 |
|
|
|
9,557,963 |
|
|
|
42,373,160 |
|
Total Current Liabilities |
|
|
|
|
|
|
616,067,683 |
|
|
|
692,871,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities |
|
|
17 |
|
|
|
1,056,481,568 |
|
|
|
1,044,325,833 |
|
Trade accounts and other accounts payable |
|
|
18 |
|
|
|
2,348,968 |
|
|
|
2,392,555 |
|
Accounts payable to related companies |
|
|
12.2 |
|
|
|
6,495,932 |
|
|
|
6,007,041 |
|
Other provisions |
|
|
19 |
|
|
|
59,995,016 |
|
|
|
53,487,790 |
|
Deferred tax liabilities |
|
|
10.2 |
|
|
|
205,826,908 |
|
|
|
180,470,219 |
|
Employee benefits non-current provisions |
|
|
13 |
|
|
|
17,807,230 |
|
|
|
18,473,946 |
|
Other non-financial liabilities |
|
|
20 |
|
|
|
3,045,756 |
|
|
|
2,506,795 |
|
Total Non-current liabilities |
|
|
|
|
|
|
1,352,001,378 |
|
|
|
1,307,664,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
21 |
|
|
|
|
|
|
|
|
|
Issued capital |
|
|
|
|
|
|
270,737,574 |
|
|
|
270,737,574 |
|
Retained earnings |
|
|
|
|
|
|
927,373,151 |
|
|
|
769,311,795 |
|
Other reserves |
|
|
|
|
|
|
(78,205,934 |
) |
|
|
(153,758,842 |
) |
Equity attributable to owners of
the parent |
|
|
|
|
|
|
1,119,904,791 |
|
|
|
886,290,527 |
|
Non-controlling interests |
|
|
|
|
|
|
35,881,902 |
|
|
|
34,694,887 |
|
Total Equity |
|
|
|
|
|
|
1,155,786,693 |
|
|
|
920,985,414 |
|
Total Liabilities and Equity |
|
|
|
|
|
|
3,123,855,754 |
|
|
|
2,921,520,889 |
|
The accompanying notes 1 to 33 form an integral
part of these Consolidated Financial Statements.
EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES
Consolidated Statements of Income by Function
For the periods ended March 31, 2024 and 2023
| |
| | |
01.01.2024 | | |
01.01.2023 | |
| |
NOTE | | |
03.31.2024 | | |
03.31.2023 | |
| |
| | |
ThCh$ | | |
ThCh$ | |
Net sales | |
| | | |
| 804,637,260 | | |
| 701,855,634 | |
Cost of sales | |
| 8
- 25 | | |
| (477,740,664 | ) | |
| (425,264,069 | ) |
Gross Profit | |
| | | |
| 326,896,596 | | |
| 276,591,565 | |
Other income | |
| 26 | | |
| 357,085 | | |
| 190,276 | |
Distribution expenses | |
| 25 | | |
| (68,188,266 | ) | |
| (66,289,316 | ) |
Administrative expenses | |
| 25 | | |
| (134,113,135 | ) | |
| (111,965,896 | ) |
Other expenses | |
| 27 | | |
| (9,341,869 | ) | |
| (4,571,061 | ) |
Other (loss) gains | |
| 29 | | |
| - | | |
| (18 | ) |
Financial income | |
| 28 | | |
| 3,958,790 | | |
| 11,628,985 | |
Financial expenses | |
| 28 | | |
| (15,561,409 | ) | |
| (13,916,563 | ) |
Share of profit (loss) of investments in associates and joint
ventures accounted for using the equity method | |
| 14.3 | | |
| 1,175,694 | | |
| 1,070,261 | |
Foreign exchange differences | |
| 30 | | |
| (307,481 | ) | |
| (4,502,971 | ) |
Income by indexation units | |
| | | |
| 6,713,788 | | |
| (7,132,239 | ) |
Net income before income taxes | |
| | | |
| 111,589,793 | | |
| 81,103,023 | |
Income tax expense | |
| 10.1 | | |
| (40,263,886 | ) | |
| (36,005,560 | ) |
Net income | |
| | | |
| 71,325,907 | | |
| 45,097,463 | |
| |
| | | |
| | | |
| | |
Net income attributable to | |
| | | |
| | | |
| | |
Owners of the controller | |
| | | |
| 70,813,802 | | |
| 43,338,721 | |
Non-controlling interests | |
| | | |
| 512,105 | | |
| 1,758,742 | |
Net income | |
| | | |
| 71,325,907 | | |
| 45,097,463 | |
| |
| | | |
| | | |
| | |
Earnings per Share, basic and diluted | |
| | | |
| $ | | |
| $ | |
Earnings per Series A Share | |
| 21.5 | | |
| 71.25 | | |
| 43.60 | |
Earnings per Series B Share | |
| 21.5 | | |
| 78.37 | | |
| 47.97 | |
The accompanying notes 1 to 33 form an integral
part of these Consolidated Financial Statements
EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
For the periods ended March 31, 2024 and 2023
| |
01.01.2024 | | |
01.01.2023 | |
| |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Other Comprehensive Income | |
| | | |
| | |
Net income | |
| 71,325,907 | | |
| 45,097,463 | |
Components of other comprehensive income that will not
be reclassified to net income for the period, before taxes | |
| | | |
| | |
Actuarial Gains (losses) from defined benefit plans | |
| 414,735 | | |
| 1,271,588 | |
Components of other comprehensive income that will be
reclassified to net income for the period, before taxes | |
| | | |
| | |
Gain (losses) from exchange rate translation differences | |
| 100,537,015 | | |
| (125,750,223 | ) |
Gain (losses) from cash flow hedges | |
| 2,278,650 | | |
| 75,198,217 | |
Income tax related to components of other comprehensive
income that will not be reclassified to net income for the period | |
| | | |
| | |
Income tax benefit related to defined benefit plans | |
| (111,978 | ) | |
| (343,329 | ) |
| |
| | | |
| | |
Income tax related to components of other comprehensive
income that will be reclassified to net income for the period | |
| | | |
| | |
Income tax related to exchange rate translation differences | |
| (26,255,469 | ) | |
| 39,213,584 | |
Income tax related to cash flow hedges | |
| (650,742 | ) | |
| (20,173,542 | ) |
Other comprehensive income, total | |
| 76,212,211 | | |
| (30,583,705 | ) |
Total comprehensive income | |
| 147,538,118 | | |
| 14,513,758 | |
Total comprehensive income attributable to: | |
| | | |
| | |
Equity holders of the controller | |
| 146,366,710 | | |
| 13,044,892 | |
Non-controlling interests | |
| 1,171,408 | | |
| 1,468,866 | |
Total comprehensive income | |
| 147,538,118 | | |
| 14,513,758 | |
The accompanying notes 1 to 33 form an integral
part of these Consolidated Financial Statements.
EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES
Consolidated Statements of Changes in Equity
For the periods ended March 31, 2024 and 2023
| |
| | |
Other
reserves | | |
| | |
| | |
| | |
| |
| |
Issued
capital | | |
Reserves
for
exchange rate
differences | | |
Cashflow
hedge
reserve | | |
Actuarial
gains or
losses in
employee benefits | | |
Other
reserves | | |
Total
Other
reserves | | |
Retained
earnings | | |
Controlling
equity | | |
Non-controlling
interests | | |
Total equity | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Opening balance 01.01.2024 | |
| 270,737,574 | | |
| (556,832,899 | ) | |
| (24,064,386 | ) | |
| (6,013,183 | ) | |
| 433,151,626 | | |
| (153,758,842 | ) | |
| 769,311,795 | | |
| 886,290,527 | | |
| 34,694,887 | | |
| 920,985,414 | |
Changes in equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Comprehensive income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Earnings | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 70,813,802 | | |
| 70,813,802 | | |
| 512,105 | | |
| 71.325.907 | |
Other comprehensive
income | |
| - | | |
| 73,623,840 | | |
| 1,626,074 | | |
| 302,994 | | |
| | | |
| 75,552,908 | | |
| | | |
| 75,552,908 | | |
| 659,303 | | |
| 76.212.211 | |
Comprehensive income | |
| - | | |
| 73,623,840 | | |
| 1,626,074 | | |
| 302,994 | | |
| | | |
| 75,552,908 | | |
| 70,813,802 | | |
| 146,366,710 | | |
| 1,171,408 | | |
| 147.538.118 | |
Dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Increase (decrease) from other changes * | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 87,247,554 | | |
| 87,247,554 | | |
| 15,607 | | |
| 87,263,161 | |
Total changes in equity | |
| - | | |
| 73,623,840 | | |
| 1,626,074 | | |
| 302,994 | | |
| | | |
| 75,552,908 | | |
| 158,061,356 | | |
| 233,614,264 | | |
| 1,187,015 | | |
| 234,801,279 | |
Ending balance as of 03.31.2024 | |
| 270,737,574 | | |
| (483,209,059 | ) | |
| (22,438,312 | ) | |
| (5,710,189 | ) | |
| 433,151,626 | | |
| (78,205,934 | ) | |
| 927,373,151 | | |
| 1,119,904,791 | | |
| 35,881,902 | | |
| 1,155,786,693 | |
| |
| | |
Other
reserves | | |
| | |
| | |
| | |
| |
| |
Issued
Capital | | |
Reserves
for
exchange
rate
differences | | |
Cash
flow hedge
reserve | | |
Actuarial
gains or
losses in
employee benefits | | |
Other
reserves | | |
Total
other
reserves | | |
Retained
earnings | | |
Equity
attributable to
owners of the
parent | | |
Non-controlling
interests | | |
Total equity | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Opening balance as of 01.01.2023 | |
| 270,737,574 | | |
| (495,483,366 | ) | |
| (62,344,501 | ) | |
| (7,776,316 | ) | |
| 433,151,626 | | |
| (132,452,557 | ) | |
| 716,975,127 | | |
| 855,260,144 | | |
| 28,142,508 | | |
| 883,402,652 | |
Changes in equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Comprehensive income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 43,338,721 | | |
| 43,338,721 | | |
| 1,758,742 | | |
| 45.097.463 | |
Other comprehensive
(loss) income | |
| - | | |
| (86,171,266 | ) | |
| 54,925,022 | | |
| 952,415 | | |
| - | | |
| (30,293,829 | ) | |
| - | | |
| (30,293,829 | ) | |
| (289,876 | ) | |
| (30.583.705 | ) |
Total comprehensive
(loss) income | |
| - | | |
| (86,171,266 | ) | |
| 54,925,022 | | |
| 952,415 | | |
| - | | |
| (30,293,829 | ) | |
| 43,338,721 | | |
| 13,044,892 | | |
| 1,468,866 | | |
| 14.513.758 | |
Dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Increase (decrease) from other changes
* | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 36,251,786 | | |
| 36,251,786 | | |
| - | | |
| 36,251,786 | |
Total changes in equity | |
| - | | |
| (86,171,266 | ) | |
| 54,925,022 | | |
| 952,415 | | |
| - | | |
| (30,293,829 | ) | |
| 79,590,507 | | |
| 49,296,678 | | |
| 1,468,866 | | |
| 50,765,544 | |
Ending balance as of 03.31.2023 | |
| 270,737,574 | | |
| (581,654,632 | ) | |
| (7,419,479 | ) | |
| (6,823,901 | ) | |
| 433,151,626 | | |
| (162,746,386 | ) | |
| 796,565,634 | | |
| 904,556,822 | | |
| 29,611,374 | | |
| 934,168,196 | |
*Corresponds mainly
to inflation effects on the equity of our Subsidiaries in Argentina (see Note 2.5.1)
The accompanying notes 1 to 33 form
an integral part of these Consolidated Financial Statements.
EMBOTELLADORA
ANDINA S.A. AND SUBSIDIARIES
Consolidated
Statements of Direct Cash Flows
For the periods
ended March 31, 2024 and 2023
| |
| | |
01.01.2024 | | |
01.01.2023 | |
Cash flows provided by (used in) Operating Activities | |
NOTE | | |
03.31.2024 | | |
03.31.2023 | |
| |
| | | |
| ThCh$ | | |
| ThCh$ | |
Cash flows provided by Operating Activities | |
| | | |
| | | |
| | |
Receipts from the sale of goods and the rendering of services (including taxes) | |
| | | |
| 1,233,810,371 | | |
| 1,027,696,553 | |
Payments for Operating Activities | |
| | | |
| | | |
| | |
Payments to suppliers for goods and services (including taxes) | |
| | | |
| (886,485,907 | ) | |
| (732,193,645 | ) |
Payments to and on behalf of employees | |
| | | |
| (99,858,339 | ) | |
| (77,985,090 | ) |
Other payments for operating activities (value-added taxes on purchases, sales and others) | |
| | | |
| (140,256,510 | ) | |
| (117,862,065 | ) |
Dividends received | |
| | | |
| 1,088,397 | | |
| - | |
Interest payments | |
| | | |
| (17,987,881 | ) | |
| (20,718,263 | ) |
Interest received | |
| | | |
| 5,048,451 | | |
| 4,963,359 | |
Income tax payments | |
| | | |
| (21,132,354 | ) | |
| (12,579,928 | ) |
Other cash movements (tax on bank debits Argentina and others) | |
| | | |
| (1,288,527 | ) | |
| (1,699,187 | ) |
Cash flows provided by (used in) Operating Activities | |
| | | |
| 72,937,701 | | |
| 69,621,734 | |
Cash flows provided by (used in) Investing Activities | |
| | | |
| | | |
| | |
Proceeds from sale of Property, plant and equipment | |
| | | |
| 73,983 | | |
| - | |
Purchase of Property, plant and equipment | |
| | | |
| (62,696,370 | ) | |
| (50,996,010 | ) |
Purchase of intangible assets | |
| | | |
| - | | |
| - | |
Payment on forward, term option and financial exchange agreements | |
| | | |
| - | | |
| - | |
Collection on forward, term, option and financial exchange agreements | |
| | | |
| - | | |
| 35,197 | |
Purchase of other current financial assets | |
| | | |
| - | | |
| (571,211 | ) |
Other cash inflows (outflows) | |
| | | |
| 101,360 | | |
| - | |
Net cash flows used in Investing Activities | |
| | | |
| (62,521,027 | ) | |
| (51,532,024 | ) |
Cash Flows generated from (used in) Financing Activities | |
| | | |
| | | |
| | |
Proceeds from changes in ownership interest in subsidiaries | |
| | | |
| - | | |
| - | |
Proceeds (payments) from short term loans | |
| | | |
| 7,409,150 | | |
| - | |
Loan payments | |
| | | |
| (41,095 | ) | |
| (26,222 | ) |
Lease liability payments | |
| | | |
| (2,219,590 | ) | |
| (1,602,069 | ) |
Dividend payments by the reporting entity | |
| | | |
| (31,826,349 | ) | |
| (28,823,063 | ) |
Other cash inflows (outflows) (placement and payment of public debt) | |
| | | |
| (904,912 | ) | |
| (3,056,461 | ) |
Net cash flows (used in) generated by Financing Activities | |
| | | |
| (27,582,796 | ) | |
| (33,507,815 | ) |
Net increase in cash and cash equivalents before exchange differences | |
| | | |
| (17,166,122 | ) | |
| (15,418,105 | ) |
Effects of exchange differences on cash and cash equivalents | |
| | | |
| 26,742,106 | | |
| (11,496,641 | ) |
Effects of inflation in cash and cash equivalents in Argentina | |
| | | |
| (11,736,560 | ) | |
| (5,499,405 | ) |
Net increase (decrease) in cash and cash equivalents | |
| | | |
| (2,160,576 | ) | |
| (32,414,151 | ) |
Cash and cash equivalents – beginning of period | |
| 4 | | |
| 303,683,683 | | |
| 291,681,987 | |
Cash and cash equivalents - end of period | |
| 4 | | |
| 301,523,107 | | |
| 259,267,836 | |
The accompanying
notes 1 to 33 form an integral part of these Consolidated Financial Statements
EMBOTELLADORA
ANDINA S.A. AND SUBSIDIARIES
Notes to the
Consolidated Financial Statements
1 – CORPORATE INFORMATION
Embotelladora Andina
S.A. RUT (Chilean Taxpayer Id. N°) 91.144.000-8 (hereinafter “Andina,” and together with its subsidiaries, the “Company”)
is an open stock corporation, whose corporate address and principal offices are located at Miraflores 9153, borough of Renca, Santiago,
Chile. The Company is registered in the Securities Registry of the Chilean Financial Market Commission (hereinafter "CMF"),
and pursuant to Chile’s Law 18,046 is subject to the supervision of this entity. It is also registered with the U.S. Securities
and Exchange Commission (hereinafter “SEC”) and its stock is traded on the New York Stock Exchange since 1994.
The principal activity
of Embotelladora Andina S.A. is to produce, bottle, commercialize and distribute the products under registered trademarks of The Coca-Cola
Company (TCCC), as well as commercialize and distribute some brands of other companies such as Monster, AB InBev, Diageo and Capel, among
others. The Company maintains operations and is licensed to produce, commercialize and distribute such products in certain territories
in Chile, Brazil, Argentina and Paraguay
In Chile, the territories
in which it has such a franchise are the Metropolitan Region; the province of San Antonio, the V Region; the province of Cachapoal including
the commune of San Vicente de Tagua-Tagua, the VI Region; the II Region of Antofagasta; the III Region of Atacama, the IV Region of Coquimbo
XI Region de Aysén del General Carlos Ibáñez del Campo; XII Region of Magallanes and Chilean Antarctic. In Brazil,
the aforementioned franchise covers much of the state of Rio de Janeiro, the entire state of Espirito Santo, and part of the states of
São Paulo and Minas Gerais. In Argentina it includes the provinces of Córdoba, Mendoza, San Juan, San Luis, Entre Ríos,
as well as part of the provinces of Santa Fe and Buenos Aires, Chubut, Santa Cruz, Neuquén, Río Negro, La Pampa, Tierra
del Fuego, Antarctica and South Atlantic Islands. Finally, in Paraguay the territory comprises the whole country. The bottling agreement
for the territories in Argentina expires in September 2027; for the territories in Brazil, it expires in October 2027; for the territories
in Chile it expires in December 2024, and for the territory in Paraguay it expires in March 2028. Said agreements are renewable upon
the request of Embotelladora Andina S.A. and at the sole discretion of The Coca-Cola Company.
As of the date
of these consolidated financial statements, regarding Andina’s principal shareholders, the Controlling Group holds 53.58% of the
outstanding shares with voting rights, corresponding to the Series A shares (this percentage does not include the shares that the members
of the Controlling Group may have in the custody of third parties). The Company’s Controlling Group is composed of the Chadwick
Claro, Garcés Silva, Said Handal and Said Somavía families.
These Consolidated
Financial Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries, which were approved
by the Board of Directors on April 30, 2024.
2 – BASIS
OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA
2.1 | Accounting principles and basis
of preparation |
The Company's Interim
Consolidated Financial Statements for the period ended March 31, 2024 and fiscal year ended December 31, 2023 have been prepared in accordance
with International Accounting Standard No. 34 (IAS34) as incorporated into the International Financial Reporting Standards (hereinafter
"IFRS") issued by the International Accounting Standards Board (hereinafter "IASB").
These Interim Consolidated
Financial Statements have been prepared following the going concern principle by applying the historical cost method, with the exception,
according to IFRS, of those assets and liabilities that are recorded at fair value.
These Interim Consolidated
Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries as of March 31, 2024 and December
31, 2023 and the results of operations for the periods from January 1 to March 31, 2024 and 2023, with the statements of changes in equity
and cash flows for the same periods.
These Consolidated
Financial Statements have been prepared based on the accounting records maintained by the Parent Company and by the other entities that
are part of the Company and are presented in thousands of Chilean pesos (unless expressly stated) as this is the functional and presentation
currency of the Company. Foreign operations are included in accordance with the accounting policies established in Notes 2.5.
2.2 | Subsidiaries and consolidation |
Subsidiary entities
are those companies directly or indirectly controlled by Embotelladora Andina. Control is obtained when the Company has power over the
investee, when it has exposure or is entitled to variable returns from its involvement in the investee and when it has the ability to
use its power to influence the amount of investor returns. They include assets and liabilities, results of operations, and cash flows
for the periods reported. Income or losses from subsidiaries acquired or sold are included in the consolidated statements of income by
function from the effective date of acquisition through the effective date of disposal, as applicable.
The acquisition
method is used to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of the subsidiary is
the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control is obtained.
Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted for initially
at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred
and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the consideration
is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement.
Intercompany transactions,
balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated. When necessary,
the accounting policies of the subsidiaries are modified to ensure uniformity with the policies adopted by the Group.
The interest of
non-controlling shareholders is presented in the consolidated statement of changes in equity and the consolidated statement of income
by function under "Non-Controlling Interest" and “Earnings attributable to non-controlling interests", respectively.
The consolidated financial statements
include all assets, liabilities, income, expenses, and cash flows of the Company and its subsidiaries after eliminating balances and
transaction among the Group’s entities, the subsidiary companies included in the consolidation are the following:
| |
| |
Ownership interest | |
| |
| |
03.31.2024 | | |
12.31.2023 | |
Taxpayer ID | |
Company Name | |
Direct | | |
Indirect | | |
Total | | |
Direct | | |
Indirect | | |
Total | |
96.842.970-1 | |
Andina Bottling Investments S.A. | |
| 99.94 | | |
| 0.06 | | |
| 100.0 | | |
| 99.94 | | |
| 0.06 | | |
| 100.0 | |
96.972.760-9 | |
Andina Bottling Investments Dos S.A. | |
| 64.42 | | |
| 35.58 | | |
| 100.0 | | |
| 64.42 | | |
| 35.58 | | |
| 100.0 | |
Foreign | |
Andina Empaques Argentina S.A. | |
| - | | |
| 99.98 | | |
| 99.98 | | |
| - | | |
| 99.98 | | |
| 99.98 | |
96.836.750-1 | |
Andina Inversiones Societarias SpA. | |
| 100.0 | | |
| - | | |
| 100.0 | | |
| 100.0 | | |
| - | | |
| 100.0 | |
76.070.406-7 | |
Embotelladora Andina Chile S.A. | |
| 99.99 | | |
| 0.01 | | |
| 100.0 | | |
| 99.99 | | |
| 0.01 | | |
| 100.0 | |
Foreign | |
Embotelladora del Atlántico S.A. | |
| 0.92 | | |
| 99.07 | | |
| 99.99 | | |
| 0.92 | | |
| 99.07 | | |
| 99.99 | |
96.705.990-0 | |
Envases Central S.A. | |
| 59.27 | | |
| - | | |
| 59.27 | | |
| 59.27 | | |
| - | | |
| 59.27 | |
Foreign | |
Paraguay Refrescos S.A. | |
| 0.08 | | |
| 97.75 | | |
| 97.83 | | |
| 0.08 | | |
| 97.75 | | |
| 97.83 | |
76.276.604-3 | |
Red de Transportes Comerciales Ltda. | |
| 99.85 | | |
| 0.15 | | |
| 100.0 | | |
| 99.85 | | |
| 0.15 | | |
| 100.0 | |
77.427.659-9 | |
Re-Ciclar S.A. | |
| 60.00 | | |
| - | | |
| 60.00 | | |
| 60.00 | | |
| - | | |
| 60.00 | |
Foreign | |
Rio de Janeiro Refrescos Ltda. | |
| - | | |
| 99.99 | | |
| 99.99 | | |
| - | | |
| 99.99 | | |
| 99.99 | |
78.536.950-5 | |
Servicios Multivending Ltda. | |
| 99.9 | | |
| 0.10 | | |
| 100.0 | | |
| 99.9 | | |
| 0.10 | | |
| 100.0 | |
78.861.790-9 | |
Transportes Andina Refrescos Ltda. | |
| 99.9 | | |
| 0.01 | | |
| 100.0 | | |
| 99.9 | | |
| 0.01 | | |
| 100.0 | |
96.928.520-7 | |
Transportes Polar S.A. | |
| 99.9 | | |
| 0.01 | | |
| 100.0 | | |
| 99.9 | | |
| 0.01 | | |
| 100.0 | |
76.389.720-6 | |
Vital Aguas S.A. | |
| 66.5 | | |
| - | | |
| 66.5 | | |
| 66.5 | | |
| - | | |
| 66.5 | |
93.899.000-k | |
VJ S.A. | |
| 15.0 | | |
| 50.00 | | |
| 65.0 | | |
| 15.0 | | |
| 50.00 | | |
| 65.0 | |
2.3 | Investments in associates |
Ownership interest
held by the Group in associates are recorded following the equity method. According to the equity method, the investment in an associate
is initially recorded at cost. As of the date of acquisition, the investment in the statement of financial position is recorded by the
proportion of its total assets, which represents the Group's participation in its capital, once adjusted, where appropriate, the effect
of the transactions made with the Group, plus capital gains that have been generated in the acquisition of the company.
Dividends received
from these companies are recorded by reducing the value of the investment and the results obtained by them, which correspond to the Group
according to its ownership, are recorded under the item “Participation in profit (loss) of associates accounted for by the equity
method.”
Associates are
all entities over which the Group exercises significant influence but does not have control. Significant influence is the power to intervene
in the financial and operating policy decisions of the associate, without having control or joint control over it. The results of these
associates are accounted for using the equity method. Accounting policies of the associates are changed, where necessary, to ensure conformity
with the policies adopted by the Company and unrealized gains are eliminated.
For associates
located in Brazil, the financial statements accounted for using the equity method have a one-month lag because their reporting dates
are different from those of Embotelladora Andina.
2.4 | Financial reporting by operating
segment |
“IFRS 8 Operating
Segments” requires that entities disclose information on the results of operating segments. In general, this is information that
Management and the Board of Directors use internally to assess performance of segments and allocate resources to them. Therefore, the
following operating segments have been determined based on geographic location:
2.5 | Functional currency and presentation
currency |
Items included in the financial statements
of each of the entities in the Company are measured using the currency of the primary economic environment in which the entity operates
(“functional currency”). The functional currency of each of the Operations is the following:
Company |
Functional
Currency |
Embotelladora
del Atlántico |
Argentine
Peso (ARS) |
Embotelladora
Andina |
Chilean
Peso (CLP) |
Paraguay
Refrescos |
Paraguayan
Guaraní (PYG) |
Rio
de Janeiro Refrescos |
Brazil
Real (BRL) |
Foreign currency-denominated
monetary assets and liabilities are converted to the functional currency at the observed exchange rate of each central bank, in effect
on the closing date.
All differences
arising from the liquidation or conversion of monetary items are recorded in the income statement, with the exception of the monetary
items designated as part of the hedging of the Group's net investment in a business abroad. These differences are recorded under other
comprehensive income until the disposal of the net investment, at which point they are reclassified to the income statement. Tax adjustments
attributable to exchange differences in these monetary items are also recognized under other comprehensive income.
Non-monetary items
that are valued at historical cost in a foreign currency are converted using the exchange rate in effect at the date of the initial transaction.
Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect at the date on which
fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value are recorded in accordance
with the recognition of losses or gains arising from the change in the fair value of the respective item (e.g., exchange differences
arising from items whose fair value gains or losses are recognized in another overall result or in results are also recognized under
comprehensive income).
Functional currency in hyperinflationary
economies
Beginning July
2018, Argentina's economy is considered as hyperinflationary, according to the criteria established in the International Accounting Standard
No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out based on a series
of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with
IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have been retrospectively
restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power of the Argentine
peso, as of the closing date of these financial statements.
Non-monetary assets
and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accounting purposes in Argentina.
In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying the attributed cost exemption
for Property, plant and equipment.
For consolidation
purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial position of our Argentine
subsidiaries were converted to the closing exchange rate (ARS/CLP) at the date of presentation of these financial statements , in accordance
with IAS 21 "Effects of foreign currency exchange rate variations", when dealing with a hyperinflationary economy.
The comparative
amounts in the consolidated financial statements are those that were presented as current year amounts in the relevant financial statements
of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results in differences between
the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policy option, these
changes are presented as follows: (a) the re-measurement of Opening balances under IAS 29 as an adjustment to equity and (b) subsequent
effects, including re-expression under IAS 21 , as "Exchange rate differences in the conversion of foreign operations" under
other comprehensive income.
The adjustment
factor is derived from the National Consumer Price Index (CPI), which is published by the National Institute of Statistics and Census
of the Argentine Republic (INDEC). Inflation for the periods January to March 2024 and from January to December 2023 amounted to 56.05%
and 209.91%, respectively.
2.5.2 | Presentation currency |
The presentation
currency is the Chilean peso, which is the functional currency of the parent company, for such purposes, the financial statements of
subsidiaries are translated from the functional currency to the presentation currency as indicated below:
| a. | Translation
of financial statements whose functional currency does not correspond to hyperinflationary
economies (Brazil and Paraguay) |
Financial
statements measured as indicated are translated to the presentation currency as follows:
| · | The
statement of financial position is translated to the closing exchange rate at the financial
statement date and the income statement is translated at the average monthly exchange rates,
the differences that result are recognized in equity under other comprehensive income. |
| · | Cash
flow income statement are also translated at average exchange rates for each transaction. |
| · | In
the case of the disposal of an investment abroad, the component of other comprehensive income
(OCI) relating to that investment is reclassified to the income statement. |
| b. | Translation
of financial statements whose functional currency corresponds to hyperinflationary economies
(Argentina) |
Financial
statements of economies with a hyperinflationary economic environment, are recognized according to IAS 29 Financial Information in Hyperinflationary
Economies, and subsequently converted to Chilean pesos as follows:
| · | The
statement of financial position sheet is translated at the closing exchange rate at the financial
statements date. |
| · | The
income statement is translated at the closing exchange rate at the financial statements date. |
| · | The
statement of cash flows is converted to the closing exchange rate at the date of the financial
statements. |
| · | For
the disposal of an investment abroad, the component of other comprehensive income (OCI) relating
to that investment is reclassified to the income statement. |
In accordance
with IAS 21 "Effects of Changes in Foreign Exchange Rates," we use the closing exchange rate to translate financial information
into presentation currency. The official dollar whose value is determined by the Central Bank of Argentina (BCRA) is used to calculate
the exchange rate for the presentation and preparation of the consolidated financial statements.
In the
course of Argentine market transactions, there are a number of other types of U.S. dollar rates that may differ from the BCRA-calculated
official rate. In the event that financial information is translated into the presentation currency using a non-official exchange rate,
the consolidated figures of our Operation in Argentina may be affected.
Exchange rates
regarding the Chilean peso in effect at the end of each period are as follows:
Date | |
USD | | |
BRL | | |
ARS | | |
PYG | |
03.31.2024 | |
| 981.17 | | |
| 196.49 | | |
| 1.14 | | |
| 0.132 | |
12.31.2023 | |
| 877.12 | | |
| 181.17 | | |
| 1.08 | | |
| 0.120 | |
03.31.2023 | |
| 790.41 | | |
| 155.58 | | |
| 3.78 | | |
| 0.109 | |
Exchange rates
regarding the Chilean peso, calculated using average rates, used in the preparation of the Consolidated Financial Statements, are as
follows:
Date | |
USD | | |
BRL | | |
PYG | |
03.31.2024 | |
| 948.08 | | |
| 191.39 | | |
| 0.129 | |
03.31.2023 | |
| 810.40 | | |
| 156.00 | | |
| 0.111 | |
For the translation of Argentine figures,
closing rates (not average) are used, as described in Note 2.5.2 b.
2.6 | Property, plant, and equipment |
The elements of
Property, plant and equipment, are valued for their acquisition cost, net of their corresponding accumulated depreciation, and of the
impairment losses they have experienced.
The cost of the
items of Property, plant and equipment include in addition to the price paid for the acquisition: i) the financial expenses accrued during
the construction period that are directly attributable to the acquisition, construction or production of qualified assets, which are
those that require a substantial period of time before being ready for use, such as production facilities. The Group defines a substantial
period as one that exceeds twelve months. The interest rate used is that corresponding to specific financing or, if it does not exist,
the weighted average financing rate of the Company making the investment; and ii) personnel expenses directly related to the construction
in progress.
Construction in
progress is transferred to operating assets after the end of the trial period when they are available for use, from which moment depreciation
begins.
Subsequent costs
are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits
associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can be measured reliably.
Repairs and maintenance are charged to expense in the reporting period in which they are incurred.
Land is not depreciated
since it has an indefinite useful life. Depreciation on other assets is calculated using the straight-line method to allocate their cost
or revalued amounts to their residual values over their estimated useful lives.
The estimated useful
lives by asset category are:
Assets | |
Range in years |
Buildings | |
15-80 |
Plant and equipment | |
5-20 |
Warehouse installations and accessories | |
10-50 |
Furniture and supplies | |
4-5 |
Motor vehicles | |
4-10 |
IT equipment | |
3-5 |
Other Property, plant and equipment | |
3-10 |
Bottles and containers | |
1-8 |
The residual value
and useful lives of Property, plant and equipment are reviewed and adjusted at the end of each fiscal year, if appropriate.
The Company assesses
on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverable amount of the asset, if
there is evidence, or when an annual impairment test is required for an asset.
Gains and losses
on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other
expenses by function or other gains, as appropriate in the statement of comprehensive income.
2.7 | Intangible assets and Goodwill |
Goodwill
represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiable
assets of the subsidiary and the fair value of the non-controlling interest in the subsidiary on the acquisition date. Since goodwill
is an intangible asset with indefinite useful life, it is recognized separately and tested annually or more frequently if events or changes
in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of value in use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not subsequently
reversed.
Goodwill is carried
at cost less accumulated impairment losses.
Gains and losses
on the sale of an entity include the carrying amount of goodwill related to that entity.
Goodwill is assigned
to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from the synergies arising
from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at which goodwill is monitored
for internal management purposes.
Distribution
rights are contractual rights to produce and/or distribute Coca-Cola brand products and other brands in certain territories in Argentina,
Brazil, Chile and Paraguay. Distribution rights are born from the process of valuation at fair value of the assets and liabilities of
companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, (as they are historically
permanently renewed by The Coca-Cola Company) and therefore are subject to impairment tests on an annual basis.
Carrying
amounts correspond to internal and external software development costs, which are capitalized once the recognition criteria in IAS 38,
Intangible Assets, have been met. Their accounting recognition is initially realized for their acquisition or production cost and, subsequently,
they are valued at their net cost of their corresponding accumulated amortization and of the impairment losses that, if applicable, they
have experienced. The aforementioned software is amortized within four years.
2.8 | Impairment of non-financial
assets |
Assets
that have an indefinite useful life, such as intangibles related to distribution rights and goodwill, are not amortized and are tested
annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. Assets that are subject
to amortization are tested for impairment whenever there is an event or change in circumstances indicating that the carrying amount may
not be recoverable. An impairment loss is recognized for the amount by which the carrying value of the asset exceeds its recoverable
amount. The recoverable amount is the greater of an asset’s fair value less costs to sell or its value in use.
For the purposes
of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating
units - CGU). Cash-generating unit's recoverable amount has been determined on the basis of its value in use.
Regardless of what
was stated in the previous paragraph, in the case of CGUs to which goodwill or intangible assets with an indefinite useful life have
been assigned, the analysis of their recoverability is carried out systematically at the end of each fiscal year. These indications may
include new legal provisions, change in the economic environment that affects business performance indicators, competition movements,
or the disposal of an important part of a CGU.
Management reviews
business performance based on geographic segments. Goodwill is monitored at the operating segment level that includes the different cash
generating units in operations in Chile, Brazil, Argentina and Paraguay. The impairment of distribution rights is monitored geographically
in the CGU or group of cash generating units, which correspond to specific territories for which distribution rights have been acquired
for products owned by The Coca-Cola Company, as well as other minor investments.These cash generating units or groups of cash generating
units are composed of the following segments:
| - | Operation
in Chile; (North Zone Antofagasta, Atacama and Coquimbo, Metropolitan Area |
| - | ,
Central Zone San Antonio and Cachapoal and Extreme South Zone of Aysen and Magallanes); |
| - | Operation in Argentina; (San Juan,
Mendoza, San Luis, Córdoba, Santa Fé, Entre Ríos, La Pampa, Neuquén, Rio Negro, Chubut, Santa Cruz, Tierra
del Fuego and western area of the Province of Buenos Aires); |
| - | Operation
in Brazil (State of Rio de Janeiro and Espirito Santo, Ipiranga territories, investment in
the Sorocaba associate and investment in the Leão Alimentos e Bebidas Ltda. associate); |
To check if goodwill
has suffered a loss due to impairment of value, the Company compares the book value thereof with its recoverable value, and recognizes
an impairment loss, for the excess of the asset's carrying amount over its recoverable amount. To determine the recoverable values of
the CGU, management considers the discounted cash flow method as the most appropriate.
The main assumptions
used in the annual impairment test are:
The
discount rate applied in the annual impairment test carried out in 2023 was estimated using the CAPM (Capital Asset Pricing Model) methodology,
which allows estimating a discount rate according to the level of risk of the CGU in the country where it operates. A nominal discount
rate in local currency before tax is used according to the following table:
| |
2023 Discount rates | |
Argentina | |
| 38.7 | % |
Chile | |
| 10.3 | % |
Brazil | |
| 11.2 | % |
Paraguay | |
| 12.0 | % |
The
financial projections to determine the net present value of future cash flows of the CGUs are modeled based on the main historical variables
and the respective approved budgets for each CGU.. In this regard, a conservative growth rate is used, taking into account the differences
that exist in categories with high growth such as carbonated beverages, categories with medium growth such as waters and juices, and
categories that are less developed and have lower margins such as alcohols. Additionally, the valuation model considers projections over
5 years based on perpetuity growth rates per operation, which follow a real growth according to long-term population growth expectations.
In this sense, the variables with greatest sensitivity in these projections are the discount rates applied in the determination of the
net present value of projected cash flows, growth perpetuities and EBITDA margins considered in each CGU.
In
order to sensitize the impairment test, variations were made to the main variables used in the model. Ranges used for each of the modified
variables are:
| - | Discount
Rate: Increase / Decrease of up to 200 bps as a value in the rate at which future cash
flows are discounted to bring them to present value |
| - | Perpetuity:
Increase / Decrease of up to 25 bps in the rate to calculate the perpetual growth of future
cash flows |
| - | EBITDA
margin: Increase / Decrease of 150 bps of EBITDA margin of operations, which is applied
per year for the projected periods, that is, for the years 2024-2028 |
After modeling
and valuing the different CGUs as a result of the tests performed as of December 31, 2023, no impairment were identified in any of the
CGUs listed above, assuming conservative projections aligned with the history of the current markets. Thus, despite the deterioration
of the macroeconomic conditions experienced by the economic conditions of the countries in which we operate, the impairment test yielded
recovery values higher than the book values of assets, including those for the sensitivity calculations in the stress test conducted
on the model for the 3 previously mentioned variables.
The yearly review
of other investments revealed that, for the AdeS brand, specifically in the Chilean operation, the recoverable value was CLP 1,627 million
less than the book value recorded in the Financial Statements, which were reduced from their book value as of December 2023. This is
noteworthy even though no impairment indicators were found for the CGUs mentioned above. The negative trend in the seeds segment's sales
and the brand's overall decline in relevance in the local vegetable market are the primary causes of the lower valuation of AdeS in Chile.
As a result of
the ongoing monitoring of the cash flows of the various cash-generating units, at the end of the quarter there were no indications of
impairment that would require us to run our models to determine a material change from year-end 2023.
A financial instrument
is any contract that results in the recognition of a financial asset in one entity and a financial liability or equity instrument in
another entity.
Pursuant to IFRS
9 “Financial Instruments”, except for certain trade accounts receivable, the Group initially measures a financial asset at
its fair value plus transaction costs, in the case of a financial asset that is not at fair value, reflecting changes in P&L.
The classification
is based on two criteria: (a) the Group's business model for the purpose of managing financial assets to obtain contractual cash flows;
and (b) if the contractual cash flows of financial instruments represent "solely payments of principal and interest” on the
outstanding principal amount (the “SPPI criterion”). According to IFRS 9, financial assets are subsequently measured at (i)
fair value with changes in P&L (FVPL), (ii) amortized cost or (iii) fair value through other comprehensive income (FVOCI).
The subsequent
classification and measurement of the Group's financial assets are as follows:
| - | Financial
asset at amortized cost for financial instruments that are maintained within a business model
with the objective of maintaining the financial assets to collect contractual cash flows
that meet the SPPI criterion. This category includes the Group’s trade and other accounts
receivable. |
| - | Financial
assets measured at fair value with changes in other comprehensive income (FVOCI), with gains
or losses recognized in P&L at the time of liquidation. Financial assets in this category
correspond to the Group's instruments that meet the SPPI criterion and are kept within a
business model both to collect cash flows and to sell. |
Other financial
assets are classified and subsequently measures as follows:
| - | Equity
instruments at fair value with changes in other comprehensive income (FVOCI) without recognizing
earnings or losses in P&L at the time of liquidation. This category only includes equity
instruments that the Group intends to keep in the foreseeable future and that the Group has
irrevocably chosen to classify in this category in the initial recognition or transition. |
| - | Financial
assets at fair value with changes in P&L (FVPL) include derivative instruments and equity
instruments quoted that the Group had not irrevocably chosen to classify at FVOCI in the
initial recognition or transition. This category also includes debt instruments whose cash
flow characteristics do not comply with the SPPI criterion or are not kept within a business
model whose objective is to recognize contractual cash flows or sale. |
A financial asset
(or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is initially disposed (for
example, canceled in the Group's consolidated financial statements) when:
| - | The
rights to receive cash flows from the asset have expired, |
| - | The
Group has transferred the rights to receive the cash flows of the asset or has assumed the
obligation to pay all cash flows received without delay to a third party under a transfer
agreement; and the Group (a) has substantially transferred all risks and benefits of the
asset, or (b) has not substantially transferred or retained all risks and benefits of the
asset but has transferred control of the asset. |
2.9.2 | Financial Liabilities |
Financial liabilities
are classified as a fair value financial liability at the date of their initial recognition, as appropriate, with changes in results,
loans and credits, accounts payable or derivatives designated as hedging instruments in an effective coverage.
All financial liabilities
are initially recognized at fair value and transaction costs directly attributable are netted from loans and credits and accounts payable.
The Group's financial
liabilities include trade and other accounts payable, loans and credits, including those discovered in current accounts, and derivative
financial instruments.
The classification
and subsequent measurement of the Group's financial liabilities are as follows:
| - | Fair
value financial liabilities with changes in results include financial liabilities held for
trading and financial liabilities designated in their initial recognition at fair value with
changes in results. The losses or gains of liabilities held for trading are recognized in
the income statement. |
| - | Loans
and credits are valued at cost or amortized using the effective interest rate method. Gains
and losses are recognized in the income statement when liabilities are disposed, as well
as interest accrued in accordance with the effective interest rate method. |
A financial liability
is disposed of when the obligation is extinguished, cancelled or expires. Where an existing financial liability is replaced by another
of the same lender under substantially different conditions, or where the conditions
of an existing liability are substantially modified, such exchange or modification is treated as a disposal of the original liability
and the recognition of the new obligation. The difference in the values in the respective books is recognized in the statement of income.
| 2.9.3 | Offsetting financial instruments |
Financial assets and financial liabilities are
offset with the corresponding net amount presenting the corresponding net amount in the statement of financial position, if:
| - | There is currently a legally enforceable right to offset the amounts recognized, and |
| - | It is intended to liquidate them for the net amount or to realize the assets and liquidate the liabilities
simultaneously. |
| 2.10 | Derivatives financial instruments and hedging activities |
The Company and its subsidiaries use derivative
financial instruments to mitigate risks relating to changes in foreign currency and exchange rates associated with raw materials, and
loan obligations. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently
re-measured at their fair value at each closing date. Derivatives are accounted as financial assets when the fair value is positive and
as financial liabilities when the fair value is negative. The method of recognizing the resulting gain or loss depends on whether the
derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
| 2.10.1 | Derivative financial instruments designated as cash flow
hedges |
At the inception of the transaction, the group
documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking
various hedging transactions. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the
derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The effective
portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive
income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated income statement within "other
gains (losses).”
Amounts accumulated in equity are reclassified
to profit or loss in the periods when the hedged item affects profit or loss (for example, when foreign currency denominated financial
liabilities are translated into their functional currencies). The gain or loss relating to the effective portion of cross currency swaps
hedging the effects of changes in foreign exchange rates are recognized in the consolidated income statement within "foreign exchange
differences.” When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in the consolidated income statement.
| 2.10.2 | Derivative financial instruments not designated for hedging |
The fair value of derivative financial instruments
that do not qualify for hedge accounting pursuant to IFRS are immediately recognized in the income statement under "Other income
and losses". The fair value of these derivatives is recorded under "other current financial assets" or "other current
financial liabilities" in the statement of financial position.”
The Company does not use hedge accounting for
its foreign investments.
The Company also evaluates the existence of embedded
derivatives in contracts and financial instruments as stipulated by IFRS 9 and classifies them pursuant to their contractual terms and
the business model of the group. At the date of these financial statements, the Company had no embedded derivatives.
| 2.10.3 | Fair value hierarchy |
Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the date of the transaction.
Fair value is based on the presumption that the transaction to sell the asset or to transfer the liability takes place;
| - | In the asset or liability main market, or |
| - | In the absence of a main market, in the most advantageous market for the transaction of those assets or
liabilities. |
The Company maintains assets related to foreign
currency derivative contracts which were classified as Other current and non-current financial assets and Other current and non-current
financial liabilities, respectively, and are accounted at fair value within the statement of financial position.
The Company uses the following hierarchy to determine
and disclose the fair value of financial instruments with assessment techniques:
Level 1: |
Quote values (unadjusted) in active
markets for identical assets or liabilities |
Level 2: |
Valuation
techniques for which the lowest level variable used, which is significant for the calculation, is directly or indirectly observable |
Level 3: |
Valuation
techniques for which the lowest level variable used, which is significant for the calculation, is not observable. |
During the reporting periods there were no transfers
of items between fair value measurement categories. All of which were valued during the periods using Level 2.
Inventories are stated at the lower of cost and
net realizable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress includes
raw materials, direct labor, other direct costs and manufacturing overhead (based on operating capacity) to bring the goods to marketable
condition, but it excludes interest expense. Net realizable value is the estimated selling price in the ordinary course of business, less
applicable variable selling expenses. Spare parts and production materials are stated at the lower of cost or net realizable value.
The initial cost of inventories includes the transfer
of losses and gains from cash flow hedges, related to the purchase of raw materials.
Estimates are also made for obsolescence of raw
materials and finished products based on turnover and age of the related goods.
| 2.12 | Trade accounts receivable and other accounts receivable |
Trade accounts receivable and other accounts
receivable are measured and recognized at the transaction price at the time they are generated less the provision for expected
credit losses, pursuant to the requirements of IFRS 15, since they do not have a significant financial component, less the provision
of expected credit losses. The provision for expected credit losses is made applying a value impairment model based on expected
credit losses for the following 12 months. The Group applies a simplified focus for trade receivables, thereby impairment is always
recorded referring to expected losses during the whole life of the asset. The carrying amount of the asset is reduced by the
provision of expected credit losses, and the loss is recognized in administrative expenses in the consolidated income statement by
function.
| 2.13 | Cash and cash equivalents |
Cash and cash equivalents include cash on hand,
bank balances, time deposits and other short-term highly liquid and low risk of change in value investments.
| 2.14 | Other financial liabilities |
Resources obtained from financial institutions
as well as the issuance of debt securities are initially recognized at fair value, net of costs incurred during the transaction. Then,
liabilities are valued by accruing interests in order to equal the current value with the future value of liabilities payable, using the
effective interest rate method.
General and specific borrowing costs directly
attributable to the acquisition, construction or production of qualified assets, considered as those that require a substantial period
of time in order to get ready for their forecasted use or sale, are added to the cost of those assets until the period in which the assets
are substantially ready to be used or sold.
The Company and its subsidiaries in Chile account
for income tax according to the net taxable income calculated based on the rules in the Income Tax Law. Subsidiaries in other countries
account for income taxes according to the tax regulations of the country in which they operate.
Deferred income taxes are calculated using the
liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated
Financial Statements, using the tax rates that have been enacted or substantively enacted on the balance sheet date and are expected to
apply when the deferred income tax asset is realized, or the deferred income tax liability is settled.
Deferred income tax assets are recognized only
to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized.
The Company does not recognize deferred income
taxes for temporary differences from investments in subsidiaries in which the Company can control the timing of the reversal of the temporary
differences and it is probable that they will not be reversed in the near future.
The Group offsets deferred tax assets and liabilities
if and only if it has legally recognized a right to offset against the tax authority the amounts recognized in those items; and intends
to settle the resulting net debts, or to realize the assets and simultaneously settle the debts that have been offset by them.
Provisions are recognized when the Company has
a present legal or constructive obligation as a result of past event, it is probable that an outflow of resources will be required to
settle the obligation, and the amount can be reliably estimated.
Provisions are measured at the present value of
the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the obligation.
In accordance with IFRS 16 “Leases”
Embotelladora Andina analyzes, at the beginning of the contract, the economic background of the agreement, to determine if the contract
is, or contains, a lease, evaluating whether the agreement transfers the right to control the use of an identified asset for a period
of time in exchange for a consideration. Control is considered to exist if the client has i) the right to obtain substantially all the
economic benefits from the use of an identified asset; and ii) the right to direct the use of the asset.
The Company when operating as a lessee, at the
beginning of the lease (on the date the underlying asset is available for use) records an asset for the right-of-use in the statement
of financial position (under Property, plant and equipment) and a lease liability (under Other financial liabilities).
This asset is initially recognized at cost, which
includes: i) value of the initial measurement of the lease liability; ii) lease payments made up to the start date less lease incentives
received; iii) the initial direct costs incurred; and iv) the estimation of costs for dismantling or restoration. Subsequently, the right-of-use
asset is measured at cost, adjusted by any new measurement of the lease liability, less accumulated depreciation and accumulated losses
due to impairment of value. The right-of-use asset is depreciated in the same terms as the rest of similar depreciable assets, if there
is reasonable certainty that the lessee will acquire ownership of the asset at the end of the lease. If such certainty does not exist,
the asset depreciates at the shortest period between the useful life of the asset or the lease term.
On the other hand, the lease liability is initially
measured at the present value of the lease payments, discounted at the incremental loan rate of the Company, if the interest rate implicit
in the lease could not be easily determined. Lease payments included in the measurement of the liability include: i) fixed payments, less
any lease incentive receivable; ii) variable lease payments; iii) residual value guarantees; iv) exercise price of a purchase option;
and v) penalties for lease termination.
The lease liability is increased to reflect the
accumulation of interest and is reduced by the lease payments made. In addition, the carrying amount of the liability is measured again
if there is a modification in the terms of the lease (changes in the term, in the amount of payments or in the evaluation of an option
to buy or change in the amounts to be paid). Interest expense is recognized as an expense and is distributed among the periods that constitute
the lease period, so that a constant interest rate is obtained in each year on the outstanding balance of the lease liability.
Short-term leases, equal to or less than one year,
or lease of low-value assets are excepted from the application of the recognition criteria described above, recording the payments associated
with the lease as an expense in a linear manner throughout the lease term. The Company does not act as lessor, nor does it have variable
payments as lessee.
| 2.18 | Deposits for returnable containers |
This liability comprises cash collateral, or deposit,
received from customers for bottles and other returnable containers made available to them.
This liability pertains to the deposit amount
that will be reimbursed when the customer or distributor returns the bottles and containers in good condition, together with the original
invoice.
This liability is presented under Other current
financial liabilities since the Company does not have legal rights to defer settlement for a period in excess of one year. However, the
Company does not anticipate any material cash settlements for such amounts during the upcoming year.
The Company recognizes revenue when control over
a good or service is transferred to the client. Control refers to the ability of the client to direct the use and obtain substantially
all the benefits of the goods and services exchanged. Revenue is measured based on the consideration to which it is expected to be entitled
for such transfer of control, excluding amounts collected on behalf of third parties.
Management has defined the following indicators
for revenue recognition, applying the five-step model established by IFRS 15 “Revenue from contracts with customers”: 1) Identification
of the contract with the customer; 2) Identification of performance obligations; 3) Determination of the transaction price; 4) Assignment
of the transaction price; and 5) Recognition of revenue.
All the above conditions are met at the time the
products are delivered to the customer. Net sales reflect the units delivered at list price, net of promotions, discounts and taxes.
The revenue recognition criteria of the goods
provided by Embotelladora Andina corresponds to a single performance obligation that transfers the product to be received to the customer.
| 2.20 | Contributions from The Coca-Cola Company |
The Company receives certain discretionary contributions
from The Coca-Cola Company (TCCC) mainly related to the financing of advertising and promotional programs for its products in the territories
where the Company has distribution licenses. The contribution received from TCCC are recognized in net income after the conditions agreed
with TCCC in order to become a creditor to such incentive have been fulfilled, they are recorded as a reduction in the marketing expenses
included in the Administration Expenses account. Given its discretionary nature, the portion of contributions received in one period does
not imply it will be repeated in the following period.
| 2.21 | Dividend distribution |
The minimum mandatory dividend established by
the Chilean Corporations Law is 30% of net income for the year, which must be ratified unanimously by the General Shareholders' Meeting.
Net income is determined as of December 31 of each year, at which time the liability is recognized in the Company's consolidated financial
statements.
Interim and final dividends are recorded at the
time of their approval by the competent body, which in the first case is normally the Board of Directors of the Company, while in the
second case it is the responsibility of the General Shareholders’ Meeting.
| 2.22 | Critical accounting estimates and judgments |
In preparing the Consolidated Financial Statements,
the Company has used certain judgments and estimates made to quantify some of the assets, liabilities, income, expenses and commitments.
Following is an explanation of the estimates and judgments that might have a material impact on future financial statements.
| 2.22.1 | Impairment of goodwill and intangible assets with indefinite
useful lives |
The Company tests annually whether goodwill
and intangible assets with indefinite useful life (such as distribution rights) have suffered any impairment. The recoverable
amounts of cash generating units are determined based on value in use calculations. The significant judgments and assumptions used
in the calculations include sales volumes and prices, discount rates, marketing expenses and other economic factors. The estimation
of these variables requires a use of estimates and judgments as they are subject to inherent uncertainties; however, the assumptions
are consistent with the Company’s internal planning and past results. Therefore, management evaluates, and updates estimates
according to the conditions affecting the variables. If these assets are considered to have been impaired, they will be written off
at their estimated fair value or future recovery value according to the lowest discounted cash flows analysis. On an annual basis
and close to each fiscal year end discounted cash flows in the Company's cash generating units in Chile, Brazil, Argentina and
Paraguay generated a higher value than the carrying values of the respective net assets, including goodwill of the Brazilian,
Argentinian and Paraguayan subsidiaries.
| 2.22.2 | Fair Value of Assets and Liabilities |
IFRS require in certain cases that assets and
liabilities be recorded at their fair value. Fair value is the price that would be received for selling an asset or paid to transfer a
liability in a transaction ordered between market participants at the date of measurement.
The basis for measuring assets and liabilities
at fair value are their current prices in an active market. For those that are not traded in an active market, the Company determines
fair value based on the best information available by using valuation techniques.
In the case of the valuation of intangibles recognized
as a result of acquisitions from business combinations, the Company estimates the fair value based on the "multi-period excess earning
method", which involves the estimation of future cash flows generated by the intangible assets, adjusted by cash flows that do not
come from these, but from other assets. The Company also applies estimations over the period during which the intangible assets will generate
cash flows, cash flows from other assets, and a discount rate.
Other assets acquired, and liabilities assumed
in a business combination are carried at fair value using valuation methods that are considered appropriate under the circumstances. Assumptions
include the depreciated cost of recovery and recent transaction values for comparable assets, among others. These valuation techniques
require certain inputs to be estimated, including the estimation of future cash flows.
| 2.22.3 | Allowances for doubtful accounts |
The Group uses a provision matrix to calculate
expected credit losses for trade receivables. Provisions are based on due days for various groups of customer segments that have similar
loss patterns (i.e., by geography region, product type, customer type and rating, and credit letter coverage and other forms of credit
insurance).
The provision matrix is initially based on the
historically observed non-compliance rates for the Group. The Group will calibrate the matrix to adjust the historical credit loss experience
with forward-looking information. For example, if expected economic conditions (i.e., gross domestic product) are expected to deteriorate
over the next year, which can lead to more non-compliances in the industry, historical default rates are adjusted. At each closing date,
the observed historical default rates are updated and changes in prospective estimates are analyzed. The assessment of the correlation
between observed historical default rates, expected economic conditions and expected credit losses are significant estimates.
| 2.22.4 | Useful life, residual value and impairment of property, plant,
and equipment |
Property, plant, and equipment are recorded
at cost and depreciated using the straight-line method over the estimated useful life of those assets. Changes in circumstances,
such as technological advances, changes to the Company’s business model, or changes in its capital strategy might modify the
effective useful lives as compared to our estimates. Whenever the Company determines that the useful life of Property, plant and
equipment might be shortened, it depreciates the excess between the net book value and the estimated recoverable amount according to
the revised remaining useful life. Factors such as changes in the planned usage of manufacturing equipment, dispensers,
transportation equipment and computer software could make the useful lives of assets shorter. The Company reviews its long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying value of any of those assets may not be
recovered. The estimate of future cash flows is based, among other factors, on certain assumptions about the expected operating
profits in the future. The Company’s estimation of discounted cash flows may differ from actual cash flows because of, among
other reasons, technological changes, economic conditions, changes in the business model, or changes in operating profit. If the sum
of the projected discounted cash flows (excluding interest) is less than the carrying amount of the asset, the asset shall be
written-off to its estimated recoverable value.
| 2.22.5 | Contingent liabilities |
Provisions for litigation and other contingencies
are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow
of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best
estimate of the consideration required to settle the current obligation at the date of issuance of the financial statements, considering
the risks and uncertainties surrounding the obligation. When a provision is measured using estimated cash flows to settle the current
obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The
accrual of the discount is recognized as a finance cost. Incremental legal costs expected to be incurred in settling the legal claim are
included in the measurement of the provision.
Provisions are reviewed at the end of each reporting
period and are adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic benefits will be
required to settle the obligation, the provision is reversed.
A contingent liability does not imply the recognition
of a provision. Legal costs expected to be incurred in defending the legal claim are recognized in profit or loss when incurred.
The Company records a liability regarding indemnities
for years of service that will be paid to employees in accordance with individual and collective agreements subscribed with employees,
which is recorded at actuarial value in accordance with IAS 19 “Employee Benefits”. At year-end there were no modifications
to the agreements.
Results from updated actuarial variables are recorded
within other comprehensive income in accordance with IAS 19.
Additionally, the Company has retention plans
for some officers, which have a provision pursuant to the guidelines of each plan. These plans grant the right to certain officers to
receive a cash payment on a certain date once they have fulfilled the required years of service.
The Company and its subsidiaries have recorded
a provision to account for the cost of vacations and other employee benefits on an accrual basis. These liabilities are recorded under
current non-financial liabilities.
2.23 New Standards, Interpretations and Amendments
to IFRS
| 2.23.1 | New Standards, Interpretations and Amendments for annual periods beginning on January 1, 2024 |
Amendment to IAS 1 "Presentation of Financial
Statements" on classification of liabilities. This amendment clarifies that liabilities are classified as current or non-current
depending on the rights that exist at the end of the reporting period. The classification is not affected by the entity's expectations
or events after the reporting date (e.g., receipt of a waiver or covenant breach). The amendment also clarifies what IAS 1 means when
it refers to the "settlement" of a liability. The amendment should be applied retrospectively in accordance with IAS 8.
Amendment to IAS 1 "Non-current liabilities
with covenants". Issued in January 2022, the amendment aims to improve the information that an entity provides when the payment terms
of its liabilities may be deferred depending on compliance with covenants within twelve months after the date of issuance of the financial
statements.
Amendment to IFRS 16 "Leases" on sale
and leaseback. Issued in September 2022, this amendment explains how an entity should recognize the rights to use the asset and how the
gains or losses arising from the sale and leaseback should be recognized in the financial statements.
Amendments to IAS 7 "Statement of Cash Flows"
and IFRS 7 "Financial Instruments: Disclosures" on supplier financing arrangements. Published in May 2023, these amendments
require disclosures to improve the transparency of supplier financing arrangements and their effects on a company's liabilities, cash
flows and exposure to liquidity risk.
The adoption of the standards, amendments and interpretations described
above do not have a significant impact on the consolidated financial statements of the Company.
| 2.23.2 | New Standards, Interpretations and Amendments issued, the application of which is not yet mandatory,
for which early adoption has not been made. |
Standards and interpretations, as well as IFRS amendments, which have
been issued, but have still not become effective as of the date of these financial statements are set forth below. The Company has not
made an early adoption of these standards:
Amendments to IAS 21 - Non-convertibility. Issued
in August 2023, this amendment affects an entity that has a transaction or operation in a foreign currency that is not convertible into
another currency for a specific purpose at the measurement date. A currency is convertible into another currency when it is possible to
obtain the other currency (with a normal administrative delay), and the transaction is carried out through a market or convertibility
mechanism that creates enforceable rights and obligations. This amendment establishes the guidelines to be followed to determine the exchange
rate to be used in situations of absence of convertibility as mentioned above. Early adoption is allowed.
Management estimates that the amendments to IAS
1, IFRS 16, and IAS 7 will have no significant impact on the Group. Management has decided to apply the amendment to IAS 21 as of the
date specified in the amendment, which is January 1, 2025. Given the volatility of Argentina's exchange markets and the announcements
of amendments, it is currently impossible to estimate the impact of this amendment.
3 – FINANCIAL REPORTING BY SEGMENT
The Company provides financial information by
segments according to IFRS 8 “Operating Segments,” which establishes standards for reporting by operating segment and related
disclosures for products and services, and geographic areas.
The Company’s Board of Directors and Management
measures and assesses performance of operating segments based on the operating income of each of the countries where there are Coca-Cola
franchises.
The operating segments are determined
based on the presentation of internal reports to the Company´s chief strategic decision-maker. The chief operating decision-maker
has been identified as the Company´s Board of Directors who makes the Company’s strategic decisions.
The following operating segments have
been determined for strategic decision making based on geographic location:
The
four operating segments conduct their businesses through the production and sale of soft drinks and other beverages, as well as
packaging materials.
Expenses and revenue associated with
the Corporate Officer were assigned to the operation in Chile in the soft drinks segment because Chile is the country that manages and
pays the corporate expenses, which would also be substantially incurred, regardless of the existence of subsidiaries abroad.
Total revenues by segment include sales
to unrelated customers and inter-segments, as indicated in the consolidated statement of income of the Company.
A summary of the Company's operations by segment according to IFRS
is as follows:
For the period ended March 31, 2024 | |
Operation in Chile | | |
Operation in
Argentina | | |
Operation in Brazil | | |
Operation in
Paraguay | | |
Inter-segment
eliminations | | |
Consolidated,
total | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Revenues from ordinary activities | |
| 323,240,097 | | |
| 176,566,381 | | |
| 232,910,451 | | |
| 74,262,567 | | |
| (2,342,236 | ) | |
| 804,637,260 | |
Cost of sales | |
| (214,165,488 | ) | |
| (87,452,682 | ) | |
| (137,787,625 | ) | |
| (40,759,605 | ) | |
| 2,424,736 | | |
| (477,740,664 | ) |
Distribution expenses | |
| (26,293,963 | ) | |
| (20,733,449 | ) | |
| (17,051,376 | ) | |
| (4,109,478 | ) | |
| - | | |
| (68,188,266 | ) |
Administrative expenses | |
| (50,797,852 | ) | |
| (35,733,223 | ) | |
| (37,323,090 | ) | |
| (10,258,970 | ) | |
| - | | |
| (134,113,135 | ) |
Financial income | |
| 2,886,067 | | |
| (2,419,797 | ) | |
| 3,046,394 | | |
| 446,126 | | |
| - | | |
| 3,958,790 | |
Financial costs | |
| (7,870,278 | ) | |
| (1,161,365 | ) | |
| (6,529,766 | ) | |
| - | | |
| - | | |
| (15,561,409 | ) |
Share of entity in income of associates accounted for using the equity method, total | |
| 10,386 | | |
| - | | |
| 1,165,308 | | |
| - | | |
| - | | |
| 1,175,694 | |
Income tax expense | |
| (10,103,479 | ) | |
| (17,027,861 | ) | |
| (10,948,983 | ) | |
| (2,183,563 | ) | |
| - | | |
| (40,263,886 | ) |
Oher income (expenses) (*) | |
| (2,977,626 | ) | |
| 7,191,140 | | |
| (6,614,912 | ) | |
| (177,079 | ) | |
| - | | |
| (2,578,477 | ) |
Net income of the segment reported | |
| 13,927,864 | | |
| 19,229,144 | | |
| 20,866,401 | | |
| 17,219,998 | | |
| 82,500 | | |
| 71,325,907 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 12,161,123 | | |
| 10,060,134 | | |
| 9,426,170 | | |
| 4,251,733 | | |
| (82,500 | ) | |
| 35,816,660 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Current assets | |
| 479,290,675 | | |
| 105,838,286 | | |
| 295,026,877 | | |
| 106,111,143 | | |
| - | | |
| 986,266,981 | |
Non-current assets | |
| 826,492,345 | | |
| 312,732,141 | | |
| 697,061,830 | | |
| 301,302,457 | | |
| - | | |
| 2,137,588,773 | |
Segment assets, total | |
| 1,305,783,020 | | |
| 418,570,427 | | |
| 992,088,707 | | |
| 407,413,600 | | |
| - | | |
| 3,123,855,754 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Carrying amount in associates accounted for using the equity method, total | |
| 49,979,096 | | |
| - | | |
| 45,636,173 | | |
| - | | |
| - | | |
| 95,615,269 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment disbursements of non-monetary assets | |
| 31,207,828 | | |
| 14,946,952 | | |
| 12,956,639 | | |
| 3,584,951 | | |
| - | | |
| 62,696,370 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Current liabilities | |
| 179,968,689 | | |
| 116,631,977 | | |
| 276,019,215 | | |
| 43,447,802 | | |
| - | | |
| 616,067,683 | |
Non-current liabilities | |
| 967,816,007 | | |
| 40,620,565 | | |
| 323,122,865 | | |
| 20,441,941 | | |
| - | | |
| 1,352,001,378 | |
Segment liabilities, total | |
| 1,147,784,696 | | |
| 157,252,542 | | |
| 599,142,080 | | |
| 63,889,743 | | |
| - | | |
| 1,968,069,061 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash flows (used in) provided by in Operating Activities | |
| 22,737,660 | | |
| (2,535,759 | ) | |
| 26,275,958 | | |
| 26,459,842 | | |
| - | | |
| 72,937,701 | |
Cash flows (used in) provided by Investing Activities | |
| (31,018,819 | ) | |
| (14,946,951 | ) | |
| (12,970,306 | ) | |
| (3,584,951 | ) | |
| - | | |
| (62,521,027 | ) |
Cash flows (used in) provided by Financing Activities | |
| (28,270,148 | ) | |
| 1,715,412 | | |
| (1,006,471 | ) | |
| (21,589 | ) | |
| - | | |
| (27,582,796 | ) |
For the period ended March 31, 2023 | |
Operation in Chile | | |
Operation in
Argentina | | |
Operation in Brazil | | |
Operation in
Paraguay | | |
Inter-segment
eliminations | | |
Consolidated,
total | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Revenues from ordinary activities | |
| 312,533,035 | | |
| 174,873,578 | | |
| 161,324,995 | | |
| 53,841,508 | | |
| (717,482 | ) | |
| 701,855,634 | |
Cost of sales | |
| (207,685,479 | ) | |
| (86,876,407 | ) | |
| (101,874,081 | ) | |
| (29,545,584 | ) | |
| 717,482 | | |
| (425,264,069 | ) |
Distribution expenses | |
| (27,045,265 | ) | |
| (23,934,106 | ) | |
| (12,107,795 | ) | |
| (3,202,150 | ) | |
| - | | |
| (66,289,316 | ) |
Administrative expenses | |
| (47,194,470 | ) | |
| (30,838,692 | ) | |
| (26,691,084 | ) | |
| (7,241,650 | ) | |
| - | | |
| (111,965,896 | ) |
Financial income | |
| 4,378,341 | | |
| 4,574,255 | | |
| 2,429,597 | | |
| 246,792 | | |
| - | | |
| 11,628,985 | |
Financial costs | |
| (6,931,002 | ) | |
| (212,341 | ) | |
| (6,773,220 | ) | |
| - | | |
| - | | |
| (13,916,563 | ) |
Net financial costs | |
| (2,552,661 | ) | |
| 4,361,914 | | |
| (4,343,623 | ) | |
| 246,792 | | |
| - | | |
| (2,287,578 | ) |
Share of entity in income of associates accounted for using the equity method, total | |
| 892,297 | | |
| - | | |
| 177,964 | | |
| - | | |
| - | | |
| 1,070,261 | |
Income tax expense | |
| (15,373,833 | ) | |
| (15,275,084 | ) | |
| (3,737,614 | ) | |
| (1,619,029 | ) | |
| - | | |
| (36,005,560 | ) |
Oher income (expenses) (*) | |
| (6,264,404 | ) | |
| (7,407,403 | ) | |
| (2,510,197 | ) | |
| 165,990 | | |
| - | | |
| (16,016,014 | ) |
Net income of the segment reported | |
| 7,309,220 | | |
| 14,903,801 | | |
| 10,238,565 | | |
| 12,645,877 | | |
| - | | |
| 45,097,463 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 10,684,367 | | |
| 7,706,514 | | |
| 7,467,659 | | |
| 3,275,199 | | |
| - | | |
| 29,133,739 | |
| |
| | | |
| | | |
| | | |
| | | |
| - | | |
| | |
Current assets | |
| 471,640,732 | | |
| 130,120,436 | | |
| 346,609,780 | | |
| 78,906,024 | | |
| - | | |
| 1,027,276,972 | |
Non-current assets | |
| 782,452,962 | | |
| 236,338,911 | | |
| 536,283,320 | | |
| 252,556,660 | | |
| - | | |
| 1,807,631,853 | |
Segment assets, total | |
| 1,254,093,694 | | |
| 366,459,348 | | |
| 882,893,100 | | |
| 331,462,684 | | |
| - | | |
| 2,834,908,825 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Carrying amount in associates accounted for using the equity method, total | |
| 55,019,439 | | |
| - | | |
| 36,668,491 | | |
| - | | |
| - | | |
| 91,687,930 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment disbursements of non-monetary assets | |
| 27,965,380 | | |
| 10,742,336 | | |
| 8,173,208 | | |
| 4,115,086 | | |
| - | | |
| 50,996,010 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Current liabilities | |
| 533,016,499 | | |
| 109,008,748 | | |
| 119,033,556 | | |
| 35,173,005 | | |
| | | |
| 796,231,808 | |
Non-current liabilities | |
| 564,225,880 | | |
| 26,114,552 | | |
| 498,675,934 | | |
| 15,492,455 | | |
| | | |
| 1,104,508,821 | |
Segment liabilities, total | |
| 1,097,242,379 | | |
| 135,123,299 | | |
| 617,709,491 | | |
| 50,665,460 | | |
| | | |
| 1,900,740,629 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash flows (used in) provided by in Operating Activities | |
| 13,354,484 | | |
| 22,918,684 | | |
| 14,022,242 | | |
| 19,326,324 | | |
| - | | |
| 69,621,734 | |
Cash flows (used in) provided by Investing Activities | |
| (28,501,394 | ) | |
| (10,742,336 | ) | |
| (8,173,208 | ) | |
| (4,115,086 | ) | |
| - | | |
| (51,532,024 | ) |
Cash flows (used in) provided by Financing Activities | |
| (32,483,547 | ) | |
| (330,172 | ) | |
| (694,096 | ) | |
| - | | |
| - | | |
| (33,507,815 | ) |
4 – CASH AND CASH EQUIVALENTS
The composition of cash and cash equivalents is
as follows:
By item | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Cash | |
| 236,584 | | |
| 552,062 | |
Bank balances | |
| 118,935,967 | | |
| 119,335,228 | |
Other fixed rate instruments | |
| 182,350,556 | | |
| 183,796,393 | |
Cash and cash equivalents | |
| 301,523,107 | | |
| 303,683,683 | |
Other
fixed income instruments correspond primarily to investments in short-term instruments with good credit ratings, such as Time Deposits
and Mutual Funds, which are highly liquid, with insignificant risk of change in value and easily converted into known amounts of cash..
There are no restrictions for significant amounts available to cash.
By currency | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
USD | |
| 23,544,467 | | |
| 9,462,829 | |
EUR | |
| 292,278 | | |
| 437,604 | |
ARS | |
| 3,789,933 | | |
| 18,340,987 | |
CLP | |
| 93,324,651 | | |
| 140,758,085 | |
PYG | |
| 63,916,476 | | |
| 38,469,449 | |
BRL | |
| 116,655,302 | | |
| 96,214,729 | |
Cash and cash equivalents | |
| 301,523,107 | | |
| 303,683,683 | |
5 – OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS
The composition of other
financial assets is as follows:
| |
Balance | |
| |
Current | | |
Non-current | |
Other financial assets | |
| 03.31.2024 | | |
| 12.31.2023 | | |
| 03.31.2024 | | |
| 12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Financial assets measured at amortized cost (1) | |
| 67,937,929 | | |
| 66,190,949 | | |
| 3,000,662 | | |
| 3,027,052 | |
Financial assets at fair value (2) | |
| 1,327,491 | | |
| 1,094,844 | | |
| 72,441,025 | | |
| 78,988,715 | |
Other financial assets (3) | |
| - | | |
| - | | |
| 18,597,970 | | |
| 11,300,572 | |
Total | |
| 69,265,420 | | |
| 67,285,793 | | |
| 94,039,657 | | |
| 93,316,339 | |
| (1) | Financial instrument that does not meet the definition of cash equivalents pursuant to Note 2.13. |
| (2) | Market value of hedging instruments. See details in Note 22. |
| (3) | Correspond to the rights in the Argentinean company Alimentos
de Soya S.A., manufacturing company of “AdeS” products, which are framed in the purchase of the "AdeS" brand managed
by The Coca-Cola Company at the end of 2016. |
6 – OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS
The composition of other non-financial assets is as follows:
| |
Balance | |
| |
Current | | |
Non-current | |
Other non-financial assets | |
| 03.31.2024 | | |
| 12.31.2023 | | |
| 03.31.2024 | | |
| 12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Prepaid expenses | |
| 16,890,757 | | |
| 11,435,334 | | |
| 1,538,843 | | |
| 1,700,462 | |
Tax credit remainder (1) | |
| - | | |
| 933,282 | | |
| 41,294,284 | | |
| 39,373,807 | |
Judicial deposits | |
| - | | |
| - | | |
| 15,882,607 | | |
| 14,649,339 | |
Others (2) | |
| 16,151,578 | | |
| 6,943,235 | | |
| 4,871,806 | | |
| 3,688,874 | |
Total | |
| 33,042,335 | | |
| 19,311,851 | | |
| 63,587,540 | | |
| 59,412,482 | |
(1) | In
November 2006, Rio de Janeiro Refrescos Ltda. ("RJR") filed a court order No. 0021799-23.2006.4.02.5101 seeking recognition
of the right to exclude ICMS (Tax on Commerce and Services) from the PIS (Program of Social Integration) and COFINS (Contribution for
the Financing of Social Security) calculation base, as well as recognition of the right to obtain reimbursement of amounts unduly collected
since November 14, 2001, duly restated using the Selic interest rate. On May 20, 2019, the ruling favoring RJR became final, allowing
the recovery of amounts overpaid from November 14, 2001 to August 2017. It is worth noting that in September 2017, RJR had already obtained
a Security Mandate, which granted it the right to exclude, from that date, the ICMS from the PIS and COFINS calculation base. |
| |
| The company took steps to assess the
total amount of the credit at issue for the period of unduly collection of taxes from November 2001 to August 2017, totaling approximately
CLP 100,550 million (CLP 92,783 million at December 2021) (BRL 613 million, of which BRL 370 million corresponds to capital and BRL 243
million to interest and monetary restatement. These amounts were recorded as of December 31, 2019 and recovered as of December 31, 2023. |
| |
| Companhia de Bebidas Ipiranga, acquired
in September 2013, also filed a court order n. 0005018-15.2002.4.03.6110 to recognize the same issue as the one previously descibed for
RJR. On September 12, 2019, the ruling favoring Ipiranga became final, allowing the recovery of the amounts overpaid from September 12,
1990 to December 12, 2013 (date on which Ipiranga was acquired by RJR). The Ipiranga credit will be generated in the name of RJR, however
pursuant to a contractual clause ("Subscription Agreement for Shares and Exhibits"), which requireds RJR to transfer any gain
resulting from this action to the former shareholders of Ipiranga. The Company performed procedures to assess the total amount of the
credit in question for the tax period expired, totaling BRL 162,588, of which BRL 80,177 correspond to principal and BRL 82,411 correspond
to interest and monetary restatement. These amounts were recorded in the year ended December 31, 2020. The payment of income tax is made
at the time of liquidation of the credit, with which the respective deferred tax liability of BRL 55,280 was recorded. The value of PIS
and Cofins recorded was BRL 7,623 thousand. |
| |
| At the closing of these financial statements
the value to be transferred to the former shareholders of Ipiranga is CLP 26,916,414 (CLP 30,830,785 at December 31, 2023). The liability
is recorded in other non-financial liabilities (Note 18). |
(2) | Other non-financial assets are mainly composed of advances to suppliers. |
7 – TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE
The composition of trade and other receivables is as follows:
| |
Current | | |
Non-current | |
Trade debtors and other accounts receivable, Net | |
| 03.31.2024 | | |
| 12.31.2023 | | |
| 03.31.2024 | | |
| 12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Trade debtors | |
| 225,007,467 | | |
| 251,169,538 | | |
| 90,308 | | |
| 94,190 | |
Other debtors | |
| 32,834,678 | | |
| 41,973,516 | | |
| 269,774 | | |
| 277,077 | |
Other accounts receivable | |
| 7,935,571 | | |
| 5,749,110 | | |
| 4,592 | | |
| 134 | |
Total | |
| 265,777,716 | | |
| 298,892,164 | | |
| 364,674 | | |
| 371,401 | |
| |
Current | | |
Non-current | |
Trade debtors and other accounts receivable, Gross | |
| 03.31.2024 | | |
| 12.31.2023 | | |
| 03.31.2024 | | |
| 12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Trade debtors | |
| 229,467,566 | | |
| 255,616,735 | | |
| 90,308 | | |
| 94,190 | |
Other debtors | |
| 33,211,345 | | |
| 42,135,933 | | |
| 269,774 | | |
| 277,077 | |
Other accounts receivable | |
| 8,021,327 | | |
| 5,834,787 | | |
| 4,592 | | |
| 134 | |
Total | |
| 270,700,238 | | |
| 303,587,455 | | |
| 364,674 | | |
| 371,401 | |
The stratification of the portfolio for current
and non-current trade accounts receivable, without impairment impact, is as follows:
| |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Less than one month | |
| 215,563,094 | | |
| 239,907,074 | |
Between one and three months | |
| 5,006,310 | | |
| 7,467,587 | |
Between three and six months | |
| 1,435,273 | | |
| 1,276,211 | |
Between six and eight months | |
| 5,376,157 | | |
| 5,142,341 | |
Older than eight months | |
| 2,177,040 | | |
| 1,917,712 | |
Total | |
| 229,557,874 | | |
| 255,710,925 | |
The Company has approximately 273 thousand clients,
which may have balances in the different sections of the stratification. The number of clients is distributed geographically with 68 thousand
in Chile, 85 thousand in Brazil, 66 thousand in Argentina and 53 thousand in Paraguay.
The provision for expected credit losses associated with each tranche
of the portfolio for current and non-current trade receivables is as follows:
| |
| 03.31.2024 | |
| |
| Credit
amount | | |
| Impairment
provision | | |
| Percentage % | |
| |
| ThCh$ | | |
| ThCh$ | | |
| | |
Less than one month | |
| 215,563,094 | | |
| (688,819 | ) | |
| -0.31 | % |
Between one and three months | |
| 5,006,310 | | |
| (446,544 | ) | |
| -8.92 | % |
Between three and six months | |
| 1,435,273 | | |
| (382,384 | ) | |
| -26.64 | % |
Between six and eight months | |
| 5,376,157 | | |
| (2,393,953 | ) | |
| -44.53 | % |
Older than eight months | |
| 2,177,040 | | |
| (578,399 | ) | |
| -26.57 | % |
Total | |
| 229,557,874 | | |
| (4,460,099 | ) | |
| | |
| |
| 12.31.2023 | |
| |
| Credit
amount | | |
| Impairment
provision | | |
| Percentage % | |
| |
| ThCh$ | | |
| ThCh$ | | |
| | |
Less than one month | |
| 239,907,074 | | |
| (700,137 | ) | |
| -0,29 | % |
Between one and three months | |
| 7,467,587 | | |
| (294,510 | ) | |
| -3,94 | % |
Between three and six months | |
| 1,276,211 | | |
| (138,648 | ) | |
| -10,86 | % |
Between six and eight months | |
| 5,142,341 | | |
| (2,397,365 | ) | |
| -46,62 | % |
Older than eight months | |
| 1,917,712 | | |
| (916,537 | ) | |
| -48 | % |
Total | |
| 255,710,925 | | |
| (4,447,197 | ) | |
| | |
The movement in the allowance for expected credit losses is presented
below:
| |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Opening balance | |
| 4,447,197 | | |
| 4,492,643 | |
Increase (decrease) | |
| 382,673 | | |
| 1,319,216 | |
Provision reversal | |
| (301,623 | ) | |
| (1,110,743 | ) |
Increase (decrease) for changes of foreign currency | |
| (68,148 | ) | |
| (253,919 | ) |
Sub – total movements | |
| 12,902 | | |
| (45,446 | ) |
Ending balance | |
| 4,460,099 | | |
| 4,447,197 | |
The provision for expected credit losses is recorded
as an administrative expense in the statements of income by function.
8 – INVENTORIES
The composition of inventories is detailed as
follows:
Details | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Raw materials (1) | |
| 100,507,670 | | |
| 90,992,931 | |
Finished goods | |
| 122,230,591 | | |
| 115,591,443 | |
Spare parts and supplies | |
| 33,927,246 | | |
| 26,527,656 | |
Work in progress | |
| 186,878 | | |
| 194,686 | |
Other inventories | |
| 7,033,660 | | |
| 6,012,077 | |
Obsolescence provision (2) | |
| (6,432,791 | ) | |
| (6,265,633 | ) |
Total | |
| 257,453,254 | | |
| 233,053,160 | |
The cost of inventory recognized as cost of sales amounts to CLP 399,440,903
thousand and CLP 363,263,559 thousand as of March 31, 2024 and 2023, respectively.
(1) | Approximately 80% is composed of concentrate and sweeteners used in the preparation of beverages, as well
as caps and PET supplies used in the packaging of the product. |
| (2) | The obsolescence provision is related mainly with the obsolescence of spare parts classified as inventories
and to a lesser extent to finished products and raw materials. The general standard is to provision all those multi-functional spare parts
without utility in rotation in the last four years prior to the technical analysis technical to adjust the provision. In the case of raw
materials and finished products, the obsolescence provision is determined according to maturity. |
9 – TAX ASSETS AND
LIABILITIES
The composition of current tax accounts
receivable is the following:
Tax assets | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Monthly provisional payments | |
| 1,219,747 | | |
| 4,691,320 | |
Tax credits | |
| 33,882,470 | | |
| 32,125,597 | |
Recoverable taxes from prior years | |
| 6,112,924 | | |
| 27,247 | |
Surplus Tax Credit | |
| 6,343,139 | | |
| 6,265,971 | |
Other Recoverable Taxes | |
| - | | |
| 272,923 | |
Total | |
| 47,561,280 | | |
| 43,383,058 | |
The
composition of current tax accounts payable is the following:
| |
Current | |
Tax liabilities | |
| 03.31.2024 | | |
| 12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Income tax expense | |
| 25,037,760 | | |
| 13,411,621 | |
Others | |
| 2,258,226 | | |
| - | |
Total | |
| 27,295,986 | | |
| 13,411,621 | |
10 – INCOME TAX EXPENSE AND DEFERRED TAXES
The current and deferred income tax expenses are
detailed as follows:
Details | |
03.31.2024 | | |
03.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Current income tax expense | |
| (32,272,594 | ) | |
| (58,678,298 | ) |
Current tax adjustment previous period | |
| - | | |
| - | |
Foreign dividends tax withholding expense | |
| (1,918,347 | ) | |
| (3,222,178 | ) |
Other current tax expense (income) | |
| - | | |
| - | |
Current income tax expense | |
| (34,190,941 | ) | |
| (61,900,476 | ) |
Expense (income) for the creation and reversal of temporary differences of deferred tax and others | |
| (6,072,945 | ) | |
| 25,894,916 | |
Expense (income) for deferred taxes | |
| (6,072,945 | ) | |
| 25,894,916 | |
Total income tax expense | |
| (40,263,886 | ) | |
| (36,005,560 | ) |
The distribution of national and foreign
tax expenditure is as follows:
Income taxes | |
03.31.2024 | | |
03.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Current taxes | |
| | | |
| | |
Foreign | |
| (25,111,457 | ) | |
| (15,069,044 | ) |
National | |
| (9,079,484 | ) | |
| (46,831,432 | ) |
Current tax expense | |
| (34,190,941 | ) | |
| (61,900,476 | ) |
Deferred taxes | |
| | | |
| | |
Foreign | |
| (5,048,949 | ) | |
| (5,562,684 | ) |
National | |
| (1,023,996 | ) | |
| 31,457,600 | |
Deferred tax expense | |
| (6,072,945 | ) | |
| 25,894,916 | |
Income tax expense | |
| (40,263,886 | ) | |
| (36,005,560 | ) |
The reconciliation of the tax expense using the statutory rate with
the tax expense using the effective rate is as follows:
Reconciliation of effective rate | |
03.31.2024 | | |
03.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Net income before taxes | |
| 111,589,793 | | |
| 81,103,023 | |
Tax expense at legal rate (27.0%) | |
| (30,148,187 | ) | |
| (31,625,815 | ) |
Effect of tax rate in other jurisdictions | |
| (1,829,031 | ) | |
| (966,927 | ) |
Permanent differences: | |
| | | |
| | |
Withholding and other non-taxable income | |
| (3,195,322 | ) | |
| (3,510,949 | ) |
Non-deductible expenses | |
| (4,850,238 | ) | |
| (987,428 | ) |
Tax effect on excess tax provision in previous periods | |
| 21,839 | | |
| 136,913 | |
Tax effect of price-level restatement for Chilean companies | |
| (737,578 | ) | |
| (1,753,874 | ) |
Subsidiaries tax withholding expense and other legal tax debits and credits | |
| 474,631 | | |
| 2,702,520 | |
Adjustments to tax expense | |
| (8,286,668 | ) | |
| (3,412,818 | ) |
Tax expense at effective rate | |
| (40,263,886 | ) | |
| (36,005,560 | ) |
Effective rate | |
| 36.1 | % | |
| 44.4 | % |
The applicable income tax rates in each
of the jurisdictions where the Company operates are the following:
| | |
Rates | |
Country | | |
2024 | | |
2023 | |
Chile | | |
| 27.00 | % | |
| 27.00 | % |
Brazil | | |
| 34.00 | % | |
| 34.00 | % |
Argentina | | |
| 35.00 | % | |
| 35.00 | % |
Paraguay | | |
| 10.00 | % | |
| 10.00 | % |
The
net cumulative balances of temporary differences resulted in deferred tax assets and liabilities, which are detailed as follows:
| |
| 03.31.2024 | | |
| 12.31.2023 | |
Temporary differences | |
| Assets | | |
| Liabilities | | |
| Assets | | |
| Liabilities | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Property, plant and equipment | |
| 6,424,819 | | |
| (61,593,595 | ) | |
| 5,970,424 | | |
| (54,058,525 | ) |
Obsolescence provision | |
| 2,316,397 | | |
| - | | |
| 2,231,501 | | |
| - | |
ICMS exclusion credit | |
| 3,515,576 | | |
| - | | |
| 3,241,530 | | |
| - | |
Employee benefits | |
| 4,591,299 | | |
| - | | |
| 8,212,311 | | |
| (14,382 | ) |
Provision for severance indemnity | |
| 2,553,848 | | |
| (99,352 | ) | |
| 2,546,033 | | |
| (94,659 | ) |
Tax loss carry forwards (1) | |
| 1,389,569 | | |
| - | | |
| 2,142,747 | | |
| - | |
Tax goodwill Brazil (2) | |
| - | | |
| (17,116,247 | ) | |
| - | | |
| (15,782,005 | ) |
Contingency provision | |
| 29,343,706 | | |
| | | |
| 27,144,927 | | |
| - | |
Foreign Exchange differences (3) | |
| 6,085,204 | | |
| (2,870,223 | ) | |
| 4,640,723 | | |
| - | |
Allowance for doubtful accounts | |
| 885,821 | | |
| - | | |
| 799,274 | | |
| - | |
Coca-Cola incentives (Argentina) | |
| 140,349 | | |
| - | | |
| - | | |
| - | |
Assets and liabilities for placement of bonds | |
| - | | |
| (549,844 | ) | |
| - | | |
| (561,994 | ) |
Financial expense | |
| - | | |
| (2,507,672 | ) | |
| - | | |
| (2,363,384 | ) |
Lease liabilities | |
| 5,972,402 | | |
| - | | |
| 3,665,695 | | |
| - | |
Inventories | |
| 2,134,277 | | |
| - | | |
| 1,706,518 | | |
| - | |
Distribution rights (4) | |
| - | | |
| (168,220,010 | ) | |
| - | | |
| (161,155,669 | ) |
Prepaid income | |
| 4,488,849 | | |
| - | | |
| 4,481,352 | | |
| - | |
Spare parts | |
| - | | |
| (8,435,519 | ) | |
| - | | |
| (4,816,189 | ) |
Intangibles | |
| 79,029 | | |
| (9,094,354 | ) | |
| 77,752 | | |
| (5,497,812 | ) |
Others | |
| 3,183,115 | | |
| (3,779,112 | ) | |
| 4,301,875 | | |
| (2,965,088 | ) |
Subtotal | |
| 73,104,260 | | |
| (274,265,929 | ) | |
| 71,162,662 | | |
| (247,309,707 | ) |
Offsetting of deferred tax assets/(liabilities) | |
| (68,439,021 | ) | |
| 68,439,021 | | |
| (66,839,488 | ) | |
| 66,839,488 | |
Total assets and liabilities net | |
| 4,665,239 | | |
| (205,826,908 | ) | |
| 4,323,174 | | |
| (180,470,219 | ) |
(1) | Tax losses mainly associated with entities in Chile. Tax losses have no expiration date in Chile. |
(2) | Difference for tax amortization of Goodwill in Brazil. |
(3) | Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed
in foreign currency in the subsidiary Rio de Janeiro Refrescos Ltda., that for tax purposes are recognized when paid. |
(4) | Distribution rights arising from business combinations. See Note 15. |
Deferred
tax account movements are as follows:
Movement | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Opening balance | |
| (176,147,045 | ) | |
| (163,350,223 | ) |
Increase (decrease) in deferred tax | |
| (17,644,048 | ) | |
| (31,400,047 | ) |
Increase (decrease) due to foreign currency translation(*) | |
| (7,370,577 | ) | |
| 18,603,225 | |
Total movements | |
| (25,014,625 | ) | |
| (12,796,822 | ) |
Ending balance | |
| (201,161,670 | ) | |
| (176,147,045 | ) |
(*) Includes IAS 29 effects due to inflation in Argentina
11 – PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at the close of
each period is detailed as follows:
Property, plant and equipment, gross | |
03.31.2024 | | |
12.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Construction in progress | |
| 110,235,170 | | |
| 96,126,388 | |
Land | |
| 124,580,005 | | |
| 115,737,432 | |
Buildings | |
| 407,669,511 | | |
| 356,340,587 | |
Plant and equipment | |
| 742,987,666 | | |
| 709,047,901 | |
Information technology equipment | |
| 41,439,643 | | |
| 35,069,078 | |
Fixed installations and accessories | |
| 60,341,794 | | |
| 43,914,423 | |
Vehicles | |
| 90,973,208 | | |
| 81,294,395 | |
Leasehold improvements | |
| 446,284 | | |
| 420,586 | |
Rights of use | |
| 112,986,182 | | |
| 100,265,151 | |
Other properties, plant and equipment (1) | |
| 541,499,501 | | |
| 425,204,655 | |
Total Property, plant and equipment, gross | |
| 2,233,158,964 | | |
| 1,963,420,596 | |
Accumulated depreciation of Property, plant and equipment | |
03.31.2024 | | |
12.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Buildings | |
| (146,433,067 | ) | |
| (130,708,389 | ) |
Plant and equipment | |
| (502,517,889 | ) | |
| (494,072,229 | ) |
Information technology equipment | |
| (30,506,917 | ) | |
| (25,646,570 | ) |
Fixed installations and accessories | |
| (40,437,845 | ) | |
| (28,383,356 | ) |
Vehicles | |
| (56,897,345 | ) | |
| (48,042,781 | ) |
Leasehold improvements | |
| (384,667 | ) | |
| (351,552 | ) |
Rights of use | |
| (75,858,895 | ) | |
| (66,973,796 | ) |
Other properties, plant and equipment (1) | |
| (384,707,275 | ) | |
| (296,853,112 | ) |
Total accumulated depreciation | |
| (1,237,743,900 | ) | |
| (1,091,031,785 | ) |
Total Property, plant and equipment, net | |
| 995,415,064 | | |
| 872,388,811 | |
(1) The net balance of each of these categories is presented
below:
Other Property, plant and equipment, net | |
03.31.2024 | | |
12.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Bottles | |
| 49,991,452 | | |
| 43,683,655 | |
Marketing and promotional assets (market assets) | |
| 87,603,791 | | |
| 72,164,433 | |
Other Property, plant and equipment | |
| 19,196,983 | | |
| 12,503,455 | |
Total | |
| 156,792,226 | | |
| 128,351,543 | |
Movements in Property, plant and equipment are
detailed as follows:
| |
Construction
in progress | | |
Land | | |
Buildings, net | | |
Plant
and
equipment,
net | | |
IT
equipment,
net | | |
Fixed
facilities and
accessories,
net | | |
Vehicles,
net | | |
Leasehold
improvements,
net | | |
Others | | |
Rights-of-use,
net (1) | | |
Property, plant
and equipment,
net | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Opening balance
at 01.01.2024 | |
| 96,126,388 | | |
| 115,737,432 | | |
| 225,632,198 | | |
| 214,975,672 | | |
| 9,422,508 | | |
| 15,531,067 | | |
| 33,251,614 | | |
| 69,034 | | |
| 128,351,543 | | |
| 33,291,355 | | |
| 872,388,811 | |
Additions | |
| 20,571,837 | | |
| - | | |
| 45,060 | | |
| 5,696,726 | | |
| 130,978 | | |
| 15,506 | | |
| 208,013 | | |
| 3,108 | | |
| 16,160,619 | | |
| - | | |
| 42,831,847 | |
Right-of use additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,811,091 | | |
| 1,811,091 | |
Disposals | |
| - | | |
| - | | |
| (17 | ) | |
| (1,370 | ) | |
| - | | |
| - | | |
| (65,426 | ) | |
| - | | |
| (175,881 | ) | |
| - | | |
| (242,694 | ) |
Transfers between items of Property,
plant and equipment | |
| (16,366,007 | ) | |
| - | | |
| 8,004,365 | | |
| 3,745,825 | | |
| 810,554 | | |
| 261,030 | | |
| 286,801 | | |
| - | | |
| 3,249,175 | | |
| 8,257 | | |
| - | |
Right-of-use transfers | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| - | |
Depreciation expense | |
| | | |
| - | | |
| (2,627,606 | ) | |
| (8,664,298 | ) | |
| (970,638 | ) | |
| (693,644 | ) | |
| (1,683,250 | ) | |
| (13,417 | ) | |
| (15,505,078 | ) | |
| | | |
| (30,157,931 | ) |
Amortization | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (4,111,659 | ) | |
| (4,111,659 | ) |
Increase (decrease) due to foreign
currency translation differences | |
| 17,848,771 | | |
| 8,842,573 | | |
| 30,182,444 | | |
| 23,706,538 | | |
| 1,539,324 | | |
| 4,789,990 | | |
| 2,082,528 | | |
| 2,892 | | |
| 28,919,182 | | |
| 6,136,816 | | |
| 124,051,058 | |
Other increase (decrease) (2) | |
| (7,945,819 | ) | |
| | | |
| - | | |
| 1,010,684 | | |
| | | |
| - | | |
| (4,417 | ) | |
| - | | |
| (4,207,334 | ) | |
| (8,573 | ) | |
| (11,155,459 | ) |
Total movements | |
| 14,108,782 | | |
| 8,842,573 | | |
| 35,604,246 | | |
| 25,494,105 | | |
| 1,510,218 | | |
| 4,372,882 | | |
| 824,249 | | |
| (7,417 | ) | |
| 28,440,683 | | |
| 3,835,932 | | |
| 123,026,253 | |
Ending balance al 03.31.2024 | |
| 110,235,170 | | |
| 124,580,005 | | |
| 261,236,444 | | |
| 240,469,777 | | |
| 10,932,726 | | |
| 19,903,949 | | |
| 34,075,863 | | |
| 61,617 | | |
| 156,792,226 | | |
| 37,127,287 | | |
| 995,415,064 | |
| (1) | Right of use assets is composed as follows: |
Right-of-use | |
Gross asset | | |
Accumulated
depreciation | | |
Net asset | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Constructions and buildings | |
| 20,947,539 | | |
| (9,943,858 | ) | |
| 11,003,681 | |
Plant and Equipment | |
| 65,210,801 | | |
| (44,892,200 | ) | |
| 20,318,601 | |
IT equipment | |
| 1,597,420 | | |
| (1,424,647 | ) | |
| 172,773 | |
Motor vehicles | |
| 16,357,366 | | |
| (10,822,892 | ) | |
| 5,534,474 | |
Others | |
| 8,873,056 | | |
| (8,775,298 | ) | |
| 97,758 | |
Total | |
| 112,986,182 | | |
| (75,858,895 | ) | |
| 37,127,287 | |
Lease liabilities interest expenses at the closing of the period reached ThCh$ 819,505
| (2) | Corresponds mainly to the effect of adopting IAS 29 in Argentina. |
| |
Construction
in progress | | |
Land | | |
Buildings, net | | |
Plant
and
equipment,
net | | |
IT
equipment,
net | | |
Fixed
facilities and
accessories,
net | | |
Vehicles,
net | | |
Leasehold
improvements,
net | | |
Others | | |
Rights-of-use,
net (1) | | |
Property, plant
and equipment,
net | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Opening balance
at 01.01.2023 | |
| 49,169,567 | | |
| 104,906,878 | | |
| 220,452,589 | | |
| 194,082,859 | | |
| 7,735,547 | | |
| 25,741,063 | | |
| 31,158,954 | | |
| 80,186 | | |
| 144,297,623 | | |
| 20,595,993 | | |
| 798,221,259 | |
Additions | |
| 100,905,107 | | |
| 11,316,009 | | |
| 1,266,472 | | |
| 37,341,985 | | |
| 1,081,074 | | |
| 6,248 | | |
| 3,804,000 | | |
| 22,935 | | |
| 41,756,709 | | |
| - | | |
| 197,500,539 | |
Right-of use additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 25,119,021 | | |
| 25,119,021 | |
Disposals | |
| - | | |
| - | | |
| (6,707 | ) | |
| (292,766 | ) | |
| (1,365 | ) | |
| - | | |
| (42,333 | ) | |
| - | | |
| (1,431,798 | ) | |
| (174,444 | ) | |
| (1,949,413 | ) |
Transfers between items of Property,
plant and equipment | |
| (57,285,699 | ) | |
| - | | |
| 9,985,619 | | |
| 21,285,201 | | |
| 2,279,728 | | |
| 2,148,709 | | |
| 2,511,373 | | |
| - | | |
| 18,399,131 | | |
| 675,938 | | |
| - | |
Right-of-use transfers | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Depreciation expense | |
| - | | |
| - | | |
| (9,175,999 | ) | |
| (29,999,476 | ) | |
| (3,048,237 | ) | |
| (1,903,192 | ) | |
| (5,692,021 | ) | |
| (46,176 | ) | |
| (46,855,960 | ) | |
| - | | |
| (96,721,061 | ) |
Amortization | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| (11,005,033 | ) | |
| (11,005,033 | ) |
Increase (decrease) due to foreign
currency translation differences | |
| 95,202 | | |
| (485,959 | ) | |
| (4,295,531 | ) | |
| (2,173,388 | ) | |
| 311,883 | | |
| (3,243,921 | ) | |
| 898,032 | | |
| 4,474 | | |
| (16,326,501 | ) | |
| 56,926 | | |
| (25,158,783 | ) |
Other increase (decrease) (2) | |
| 3,242,211 | | |
| 504 | | |
| 7,405,755 | | |
| (5,268,743 | ) | |
| 1,063,878 | | |
| (7,217,840 | ) | |
| 613,609 | | |
| 7,615 | | |
| (11,487,661 | ) | |
| (1,977,046 | ) | |
| (13,617,718 | ) |
Total movements | |
| 46,956,821 | | |
| 10,830,554 | | |
| 5,179,609 | | |
| 20,892,813 | | |
| 1,686,961 | | |
| (10,209,996 | ) | |
| 2,092,660 | | |
| (11,152 | ) | |
| (15,946,080 | ) | |
| 12,695,362 | | |
| 74,167,552 | |
Ending balance al 12.31.2023 | |
| 96,126,388 | | |
| 115,737,432 | | |
| 225,632,198 | | |
| 214,975,672 | | |
| 9,422,508 | | |
| 15,531,067 | | |
| 33,251,614 | | |
| 69,034 | | |
| 128,351,543 | | |
| 33,291,355 | | |
| 872,388,811 | |
| (1) | Right of use assets is composed as follows: |
Right-of-use | |
Gross asset | | |
Accumulated
depreciation | | |
Net asset | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Constructions and buildings | |
| 16,246,384 | | |
| (6,883,481 | ) | |
| 9,362,903 | |
Plant and Equipment | |
| 52,431,352 | | |
| (35,679,624 | ) | |
| 16,751,728 | |
IT equipment | |
| 1,155,261 | | |
| (1,030,250 | ) | |
| 125,011 | |
Motor vehicles | |
| 22,051,973 | | |
| (15,132,557 | ) | |
| 6,919,416 | |
Others | |
| 8,380,181 | | |
| (8,247,884 | ) | |
| 132,297 | |
Total | |
| 100,265,151 | | |
| (66,973,796 | ) | |
| 33,291,355 | |
Lease liabilities interest expenses at the closing of the period reached ThCh$ 2,616,945
| (2) | Corresponds mainly to the effect of adopting IAS 29 in
Argentina. |
12 – RELATED PARTIES
Balances and main transactions with related parties are
detailed as follows:
| 12.1 | Accounts receivable: |
| |
| |
| |
| | |
| | |
03.31.2024 | | |
12.31.2023 | |
Taxpayer ID | |
Company | |
Relationship | |
Country | | |
Currency | | |
Current | | |
Non-current | | |
Current | | |
Non-current | |
| |
| |
| |
| | |
| | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
96.891.720-K | |
Embonor S.A. | |
Shareholder related | |
Chile | | |
CLP | | |
| 4,541,108 | | |
| - | | |
| 7,371,731 | | |
| - | |
77.526.480-2 | |
Comercializadora Nova Verde | |
Common shareholder | |
Chile | | |
CLP | | |
| 3,989,227 | | |
| - | | |
| 5,071,655 | | |
| - | |
Foreign | |
Sorocaba Refrescos | |
Shareholder related | |
Brazil | | |
BRL | | |
| - | | |
| - | | |
| 1,223,699 | | |
| - | |
76.140.057-6 | |
Monster | |
Associate | |
Chile | | |
CLP | | |
| 1,825,006 | | |
| - | | |
| 837,713 | | |
| - | |
86.881.400-4 | |
Envases CMF S.A. | |
Associate | |
Chile | | |
CLP | | |
| 713,006 | | |
| - | | |
| 713,006 | | |
| - | |
96.517.210-2 | |
Embotelladora Iquique S.A. | |
Shareholder related | |
Chile | | |
CLP | | |
| 369,511 | | |
| - | | |
| 403,061 | | |
| - | |
96.714.870-9 | |
Coca-Cola de Chile S.A. | |
Shareholder | |
Chile | | |
CLP | | |
| 160,979 | | |
| 108,021 | | |
| 349,914 | | |
| 108,021 | |
76.572.588-7 | |
Coca Cola del Valle New Ventures
S.A. | |
Associate | |
Chile | | |
CLP | | |
| 45,032 | | |
| - | | |
| 149,820 | | |
| - | |
Foreign | |
Embotelladoras Bolivianas Unidas
S.A. | |
Shareholder related | |
Bolivia | | |
USD | | |
| - | | |
| - | | |
| 40,719 | | |
| - | |
Foreign | |
Alimentos de Soja S.A.U. | |
Shareholder related | |
Argentina | | |
ARS | | |
| - | | |
| - | | |
| - | | |
| - | |
79.826.410-9 | |
Guallarauco | |
Associate | |
Chile | | |
CLP | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
| |
| |
| | |
| | |
| 11,643,869 | | |
| 108,021 | | |
| 16,161,318 | | |
| 108,021 | |
| |
| |
| |
| | |
| | |
03.31.2024 | | |
12.31.2023 | |
Taxpayer ID | |
Company | |
Relationship | |
Country | | |
Currency | | |
Current | | |
Non-current | | |
Current | | |
Nion-current | |
| |
| |
| |
| | |
| | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Foreign | |
Recofarma do Indústrias
Amazonas Ltda. | |
Shareholder related | |
Brazil | | |
BRL | | |
| 42,067,975 | | |
| 6,495,932 | | |
| 40,159,177 | | |
| 6,007,041 | |
96.714.870-9 | |
Coca-Cola de Chile S.A. | |
Shareholder | |
Chile | | |
CLP | | |
| 28,443,820 | | |
| - | | |
| 25,770,189 | | |
| - | |
Foreign | |
Ser. y Prod. para Bebidas Refrescantes
S.R.L. | |
Shareholder | |
Argentina | | |
ARS | | |
| 18,452,497 | | |
| - | | |
| 9,431,483 | | |
| - | |
86.881.400-4 | |
Envases CMF S.A. | |
Associate | |
Chile | | |
CLP | | |
| 7,544,602 | | |
| - | | |
| 6,883,553 | | |
| - | |
Foreign | |
Coca-Cola Company | |
Shareholder | |
Paraguay | | |
PYG | | |
| 5,374,467 | | |
| - | | |
| 4,877,061 | | |
| - | |
Foreign | |
Monster Energy Company –
EEUU | |
Shareholder related | |
Argentina | | |
PYG | | |
| 378,620 | | |
| - | | |
| 2,389,283 | | |
| - | |
77.526.480-2 | |
Comercializadora Nova Verde S.A. | |
Common shareholder | |
Chile | | |
CLP | | |
| 2,810,342 | | |
| - | | |
| 2,831,752 | | |
| - | |
Foreign | |
Monster Energy Brasil Com de
Bebidas Ltda. | |
Shareholder related | |
Brazil | | |
BRL | | |
| 2,764,735 | | |
| - | | |
| 1,985,330 | | |
| - | |
76.572.588-7 | |
Coca-Cola del Valle New Ventures
S.A. | |
Associate | |
Chile | | |
CLP | | |
| 513,258 | | |
| - | | |
| 602,113 | | |
| - | |
96.891.720-K | |
Embonor S.A. | |
Shareholder related | |
Chile | | |
CLP | | |
| 416,072 | | |
| - | | |
| 416,073 | | |
| - | |
Foreign | |
Leão Alimentos e Bebidas
Ltda. | |
Associate | |
Brazil | | |
BRL | | |
| 287,265 | | |
| - | | |
| 307,967 | | |
| - | |
Foreign | |
The Coca-Cola Export Corporation | |
Shareholder related | |
Panama | | |
USD | | |
| - | | |
| - | | |
| 288,001 | | |
| - | |
Foreign | |
Monster Energy Company –
EEUU | |
Shareholder related | |
Argentina | | |
PYG | | |
| 41,031 | | |
| - | | |
| 61,155 | | |
| - | |
Foreign | |
Alimentos de Soja S.A.U. | |
Shareholder related | |
Argentina | | |
ARS | | |
| 31,573 | | |
| - | | |
| 38,797 | | |
| - | |
89.996.200-1 | |
Envases del Pacifico S.A. | |
Shareholder related | |
Chile | | |
CLP | | |
| - | | |
| - | | |
| 3,690 | | |
| - | |
Total | |
| |
| |
| | |
| | |
| 109,126,257 | | |
| 6,495,932 | | |
| 96,045,624 | | |
| 6,007,041 | |
Taxpayer ID | |
Company | |
Relationship | |
Country | | |
Transaction description | |
Currency | | |
Accumulated at
03.31.2024 | | |
Accumulated at
12.31.23 | |
| |
| |
| |
| | |
| |
| | |
| ThCh$ | | |
| ThCh$ | |
96.714.870-9 | |
Coca-Cola de Chile
S.A. | |
Shareholders | |
Chile | | |
Purchase of concentrate | |
CLP | | |
| 51,394,757 | | |
| 207,040,438 | |
96.714.870-9 | |
Coca-Cola de Chile S.A. | |
Shareholders | |
Chile | | |
Purchase of advertising services
and others | |
CLP | | |
| 2,780,059 | | |
| 9,057,004 | |
96.714.870-9 | |
Coca-Cola de Chile S.A. | |
Shareholders | |
Chile | | |
Lease of water source | |
CLP | | |
| 1,774,442 | | |
| 6,424,479 | |
96.714.870-9 | |
Coca-Cola de Chile S.A. | |
Shareholders | |
Chile | | |
Sale of raw materials and others | |
CLP | | |
| 96,396 | | |
| 1,025,290 | |
96.714.870-9 | |
Coca-Cola de Chile S.A. | |
Shareholders | |
Chile | | |
Minimum dividend | |
CLP | | |
| - | | |
| 35,855 | |
86.881.400-4 | |
Envases CMF S.A. | |
Associate | |
Chile | | |
Purchase of containers | |
CLP | | |
| 6,145,856 | | |
| 21,103,185 | |
86.881.400-4 | |
Envases CMF S.A. | |
Associate | |
Chile | | |
Purchase of raw materials | |
CLP | | |
| 8,161,347 | | |
| 32,085,055 | |
86.881.400-4 | |
Envases CMF S.A. | |
Associate | |
Chile | | |
Purchase of services and others | |
CLP | | |
| 293,561 | | |
| 496,196 | |
86.881.400-4 | |
Envases CMF S.A. | |
Associate | |
Chile | | |
Sale of services and others | |
CLP | | |
| - | | |
| - | |
86.881.400-4 | |
Envases CMF S.A. | |
Associate | |
Chile | | |
Purchase of containers | |
CLP | | |
| 3,277,851 | | |
| 10,830,682 | |
86.881.400-4 | |
Envases CMF S.A. | |
Associate | |
Chile | | |
Sale of containers/raw materials | |
CLP | | |
| 3,208,435 | | |
| 10,981,598 | |
93.281.000-K | |
Coca-Cola Embonor S.A. | |
Common shareholder | |
Chile | | |
Sale of finished products | |
CLP | | |
| 23,451,173 | | |
| 74,933,722 | |
93.281.000-K | |
Coca-Cola Embonor S.A. | |
Common shareholder | |
Chile | | |
Sale of services and others | |
CLP | | |
| 37,872 | | |
| 360,722 | |
93.281.000-K | |
Coca-Cola Embonor S.A. | |
Common shareholder | |
Chile | | |
Sale of raw materials and inputs | |
CLP | | |
| 18,506 | | |
| 261,983 | |
96.891.720-K | |
Embonor S.A. | |
Shareholder related | |
Chile | | |
Minimum dividend | |
CLP | | |
| 173,819 | | |
| 416,073 | |
96.517.310-2 | |
Embotelladora Iquique S.A. | |
Shareholder related | |
Chile | | |
Sale of finished products | |
CLP | | |
| 1,431,487 | | |
| 6,912,134 | |
89.996.200-1 | |
Envases del Pacífico S.A. | |
Director related | |
Chile | | |
Purchase of raw materials and
inputs | |
CLP | | |
| 47,067 | | |
| 3,690 | |
94.627.000-8 | |
Parque Arauco S.A | |
Director related | |
Chile | | |
Space lease | |
CLP | | |
| - | | |
| 143,308 | |
Foreign | |
Recofarma do Indústrias
Amazonas Ltda. | |
Shareholder related | |
Brazil | | |
Purchase of concentrate | |
BRL | | |
| 40,567,147 | | |
| 125,212,630 | |
Foreign | |
Recofarma do Indústrias
Amazonas Ltda. | |
Shareholder related | |
Brazil | | |
Sale of water source | |
BRL | | |
| - | | |
| 9,750,769 | |
Foreign | |
Recofarma do Indústrias
Amazonas Ltda. | |
Shareholder related | |
Brazil | | |
Lease of water source | |
BRL | | |
| 1,755,345 | | |
| 624,871 | |
Foreign | |
Serv. y Prod. para Bebidas Refrescantes
S.R.L. | |
Shareholder related | |
Argentina | | |
Purchase of concentrate | |
ARS | | |
| 35,757,339 | | |
| 109,232,990 | |
Foreign | |
Serv. y Prod. para Bebidas Refrescantes
S.R.L. | |
Shareholder related | |
Argentina | | |
Advertising rights awards and
others | |
ARS | | |
| - | | |
| 124,203 | |
Foreign | |
KAIK Participações | |
Associate | |
Brazil | | |
Reimbursement and other purchases | |
BRL | | |
| 36,167 | | |
| 114,147 | |
Foreign | |
Leão Alimentos e Bebidas
Ltda. | |
Associate | |
Brazil | | |
Purchase of products | |
BRL | | |
| 210,228 | | |
| 130,042 | |
Foreign | |
Sorocaba Refrescos S.A. | |
Associate | |
Brazil | | |
Purchase of products | |
BRL | | |
| 1,241,080 | | |
| 2,799,927 | |
89.862.200-2 | |
Latam Airlines Group S.A. | |
Director related | |
Chile | | |
Sale of products | |
CLP | | |
| 2,375 | | |
| - | |
76.572.588-7 | |
Coca-Cola Del Valle New Ventures
SA | |
Associate | |
Chile | | |
Sale of services and others | |
CLP | | |
| 76,310 | | |
| 555,666 | |
76.572.588-7 | |
Coca-Cola Del Valle New Ventures
SA | |
Associate | |
Chile | | |
Purchase of services and others | |
CLP | | |
| 1,164,161 | | |
| 4,296,982 | |
Foreign | |
Alimentos de Soja S.A.U. | |
Shareholder related | |
Argentina | | |
Payment of fees and services | |
ARS | | |
| 8,173 | | |
| 565,355 | |
Foreign | |
Alimentos de Soja S.A.U. | |
Shareholder related | |
Argentina | | |
Purchase of products | |
ARS | | |
| 103,186 | | |
| 674,311 | |
Foreign | |
Alimentos de Soja S.A.U. | |
Shareholder related | |
Argentina | | |
Marketing services | |
ARS | | |
| 205 | | |
| 49,114 | |
Foreign | |
Trop Frutas do Brasil Ltda. | |
Associate | |
Brazil | | |
Purchase of products | |
BRL | | |
| 168,147 | | |
| 190,060 | |
77526480-2 | |
Comercializadora Novaverde S.A. | |
Common shareholder | |
Chile | | |
Sale of raw materials | |
CLP | | |
| - | | |
| 61,184 | |
77526480-2 | |
Comercializadora Novaverde S.A. | |
Common shareholder | |
Chile | | |
Sale of finished products | |
CLP | | |
| 3,121,801 | | |
| 12,827,332 | |
77526480-2 | |
Comercializadora Novaverde S.A. | |
Common shareholder | |
Chile | | |
Sale of services and others | |
CLP | | |
| 82,365 | | |
| 1,689,356 | |
77526480-2 | |
Comercializadora Novaverde S.A. | |
Common shareholder | |
Chile | | |
Purchase of finished products | |
CLP | | |
| 6,816,613 | | |
| 21,192,591 | |
77526480-2 | |
Comercializadora Novaverde S.A. | |
Common shareholder | |
Chile | | |
Advertising services and others | |
CLP | | |
| 189,591 | | |
| 924,924 | |
77526480-2 | |
Comercializadora Novaverde S.A. | |
Common shareholder | |
Chile | | |
Cold equipment maintenance | |
CLP | | |
| 91,816 | | |
| 594,640 | |
77526480-2 | |
Comercializadora Novaverde S.A. | |
Common shareholder | |
Chile | | |
Purchase of raw materials | |
CLP | | |
| 148,163 | | |
| 401,498 | |
97.036.000-K | |
Banco Santander Chile. | |
Director/Manager/Executive | |
Chile | | |
Purchase of services | |
CLP | | |
| 431 | | |
| 4,396,965 | |
Foreign | |
Monster Energy Brasil Comercio
de Bebidas Ltda. | |
Equity investee | |
Brazil | | |
Purchase of products | |
BRL | | |
| 153,301 | | |
| 3,466,645 | |
33-0520613 | |
Monster Energy Company - USA | |
Equity investee | |
U.S.A. | | |
Purchase of advertising material | |
CLP | | |
| 37,948 | | |
| 175,705 | |
76140057-6 | |
Monster Energy Company - CHILE | |
Subsidiary | |
Chile | | |
Sale of advertising services
and others | |
CLP | | |
| 1,184,074 | | |
| 3,561,747 | |
76140057-6 | |
Monster Energy Company - CHILE | |
Subsidiary | |
Chile | | |
Purchase of advertising services
and others | |
CLP | | |
| 2,130 | | |
| 439,520 | |
76140057-6 | |
Monster Energy Company - CHILE | |
Subsidiary | |
Chile | | |
Purchase of finished products | |
CLP | | |
| 15,489,927 | | |
| 35,904,599 | |
Foreign | |
The Coca-Cola Export Corporation
Panama | |
Shareholder related | |
Chile | | |
Purchase of products and others | |
CLP | | |
| 582,052 | | |
| 230,619 | |
Foreign | |
The Coca-Cola Export Corporation
Atlanta | |
Shareholder related | |
Chile | | |
Purchase of products and others | |
CLP | | |
| - | | |
| 361,873 | |
| 12.4 | Salaries and benefits received by key management |
Salaries and benefits paid to the Company’s key management personnel
including directors and managers are detailed as follows:
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Executive wages, salaries and benefits | |
| 7,109,824 | | |
| 4,373,557 | |
Director allowances | |
| 438,900 | | |
| 390,000 | |
Total | |
| 7,548,724 | | |
| 4,763,557 | |
13 – CURRENT AND NON-CURRENT EMPLOYEE BENEFITS
Employee benefits are detailed as follows:
Description | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Accrued vacation | |
| 25,611,656 | | |
| 23,546,649 | |
Participation in profits and bonuses | |
| 14,699,889 | | |
| 36,455,454 | |
Severance indemnity | |
| 17,807,230 | | |
| 16,289,643 | |
Total | |
| 58,118,775 | | |
| 76,291,746 | |
| |
ThCh$ | | |
ThCh$ | |
Current | |
| 40,311,545 | | |
| 57,817,800 | |
Non-current | |
| 17,807,230 | | |
| 18,473,946 | |
Total | |
| 58,118,775 | | |
| 76,291,746 | |
| 13.1 | Severance indemnities |
The movements in benefits and valuation as mentioned
in Note 2 are as follows:
Movements | |
03.31.2024 | | |
12.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Opening balance | |
| 18,473,946 | | |
| 17,409,795 | |
Service costs | |
| 1,061,658 | | |
| 1,202,371 | |
Interest costs | |
| 221,430 | | |
| 1,000,018 | |
Actuarial variations | |
| (316,208 | ) | |
| (1,678,013 | ) |
Other accrued benefits | |
| (719,278 | ) | |
| 2,184,304 | |
Benefits paid | |
| (914,318 | ) | |
| (1,644,529 | ) |
Total | |
| 17,807,230 | | |
| 18,473,946 | |
The actuarial assumptions used are detailed as follows:
Assumptions | |
03.31.2024 | |
12.31.2023 |
Discount rate | |
2.26% | |
2.26% |
Expected salary increase rate | |
2.0% | |
2.0% |
Turnover rate | |
7.62% | |
7.62% |
Mortality rate | |
RV-2020 | |
RV-2020 |
Retirement age of women | |
60 years | |
60 years |
Retirement age of men | |
65 years | |
65 years |
Personnel
expenses included in the consolidated statement of income are as follows:
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Wages and salaries | |
| 85,485,855 | | |
| 68,158,198 | |
Employee benefits | |
| 21,704,047 | | |
| 17,229,731 | |
Severance benefits | |
| 2,054,640 | | |
| 2,011,301 | |
Other personnel expenses | |
| 6,185,517 | | |
| 5,448,412 | |
Total | |
| 115,430,059 | | |
| 92,847,642 | |
14 – INVESTMENTS
IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD
Investments in associates are accounted for using
the equity method. Investments in associates are detailed as follows:
|
|
|
|
|
|
Functional |
|
Investment value |
|
|
Ownership
interest |
|
TAXPAYER ID |
|
Name |
|
Country |
|
currency |
|
03.31.2024 |
|
|
12.31.2023 |
|
|
03.31.2024 |
|
|
12.31.2023 |
|
86.881.400-4 |
|
Envases CMF S.A. (1) |
|
Chile |
|
CLP |
|
|
21,688,776 |
|
|
|
21,025,975 |
|
|
|
50.00 |
% |
|
|
50.00 |
% |
Foreign |
|
Leão Alimentos e Bebidas Ltda. (2) |
|
Brazil |
|
BRL |
|
|
14,595,145 |
|
|
|
10,636,778 |
|
|
|
10.26 |
% |
|
|
10.26 |
% |
Foreign |
|
Kaik Participações Ltda. (2) |
|
Brazil |
|
BRL |
|
|
527,934 |
|
|
|
1,551,253 |
|
|
|
11.32 |
% |
|
|
11.32 |
% |
Foreign |
|
SRSA Participações Ltda. |
|
Brazil |
|
BRL |
|
|
64,678 |
|
|
|
59,875 |
|
|
|
40.00 |
% |
|
|
40.00 |
% |
Foreign |
|
Sorocaba Refrescos S.A. |
|
Brazil |
|
BRL |
|
|
29,315,730 |
|
|
|
28,875,351 |
|
|
|
40.00 |
% |
|
|
40.00 |
% |
Foreign |
|
Trop Frutas do Brasil Ltda. (2) |
|
Brazil |
|
BRL |
|
|
1,132,513 |
|
|
|
885,062 |
|
|
|
7.52 |
% |
|
|
7.52 |
% |
76.572.588.7 |
|
Coca-Cola del Valle New Ventures S.A. |
|
Chile |
|
CLP |
|
|
28,290,493 |
|
|
|
28,764,973 |
|
|
|
35.00 |
% |
|
|
35.00 |
% |
Total |
|
|
|
|
|
|
|
|
95,615,269 |
|
|
|
91,799,267 |
|
|
|
|
|
|
|
|
|
| (1) | In Envases CMF S.A., regardless of the ownership interest, it
was determined that no controlling interest was held, only a significant influence, given that there was not a majority vote of the Board
of Directors to make strategic business decisions. |
| (2) | In these companies, regardless of the ownership interest, it
has been defined that the Company has significant influence, given that it has the right to appoint directors. |
Envases CMF S.A.
Chilean entity whose corporate purpose is to manufacture and sell plastic
material products and beverage bottling and packaging services. The business relationship is to supply plastic bottles, preforms and caps
to Coca-Cola bottlers in Chile.
Leão Alimentos e Bebidas Ltda.
Brazilian entity whose corporate purpose is to manufacture and commercialize
food, beverages in general and beverage concentrates. Invest in other companies. The business relationship is to produce non-carbonated
products for Coca-Cola bottlers in Brazil.
Kaik Participações Ltda.
Brazilian entity whose corporate purpose is to invest in other companies
with its own resources.
SRSA Participações Ltda.
Brazilian entity whose corporate purpose is the purchase and sale of
real estate investments and property management, supporting the business of Rio De Janeiro Refrescos Ltda. (Andina Brazil).
Sorocaba Refrescos S.A.
Brazilian entity whose corporate purpose is to manufacture and commercialize
food, beverages in general and beverage concentrates, in addition to investing in other companies. It has commercial relationship with
Rio de Janeiro Refrescos Ltda. (Andina Brazil).
Trop Frutas do Brasil Ltda.
Brazilian entity whose corporate purpose is to manufacture, commercialize
and export natural fruit pulp and coconut water. The business relationship is to produce products for Coca-Cola bottlers in Brazil.
Coca-Cola del Valle New Ventures S.A.
Chilean entity whose corporate purpose is to manufacture, distribute
and commercialize all kinds of juices, waters and beverages in general. The business relationship is to produce waters and juices for
Coca-Cola bottlers in Chile.
The movement of investments
in other entities accounted for using the equity method is shown below:
Description | |
03.31.2024 | | |
12.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Opening balance | |
| 91,799,267 | | |
| 92,344,598 | |
Dividends declared | |
| (1,117,335 | ) | |
| (6,232,958 | ) |
Share in operating income | |
| 1,353,615 | | |
| 3,145,106 | |
Other increase (decrease) in investments in associated companies (Impairment in Trop Frutas do Brasil Ltda.) | |
| - | | |
| (1,615,050 | ) |
Other increase (decrease) in investments in associates* | |
| 3,579,722 | | |
| 4,157,571 | |
Ending balance | |
| 95,615,269 | | |
| 91,799,267 | |
*Mainly due to foreign exchange rates
The main movement is explained by dividends declared
in 2024 and 2023 corresponding to Envases CMF S.A. and Sorocaba Refrescos S.A.
| 14.3 | Reconciliation of share of profit in investments in associates: |
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Share in operating income | |
| 1,353,615 | | |
| 1,327,440 | |
Unrealized earnings from product inventory acquired from associates and not sold at the end of the period, which is presented as a discount in the respective asset account (containers and / or inventory) | |
| (177,920 | ) | |
| (257,179 | ) |
Income statement balance | |
| 1,175,694 | | |
| 1,070,261 | |
| 14.4 | Summary financial information of associates: |
The tables below reflect the amounts presented
in the financial statements of the relevant associates and not the Company's share of those amounts.
At March 31, 2024
| |
Envases
CMF
S.A. | | |
Sorocaba
Refrescos S.A. | | |
Kaik
Participações Ltda. | | |
SRSA
Participações Ltda. | | |
Leão
Alimentos e Bebidas Ltda. | | |
Trop
Frutas do Brasil
Ltda. | | |
Coca
Cola del Valle New
Ventures S.A. | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Short term assets | |
56,858,877 | | |
32,417,872 | | |
9,995,499 | | |
26,804 | | |
92,255,252 | | |
22,394,081 | | |
26,871,006 | |
Long term assets | |
53,437,228 | | |
116,766,989 | | |
45,39,101 | | |
376,905 | | |
67,855,354 | | |
24,332,120 | | |
69,796,108 | |
Total assets | |
110,296,105 | | |
149,184,861 | | |
14,534,601 | | |
403,710 | | |
160,110,606 | | |
46,726,201 | | |
96,667,113 | |
Short term liabilities | |
39,150,283 | | |
28,779,948 | | |
9,862,890 | | |
241,799 | | |
18,108,804 | | |
13,639,475 | | |
15,837,606 | |
Long term liabilities | |
27,768,269 | | |
49,411,750 | | |
, | | |
, | | |
19,269,946 | | |
14,531,005 | | |
- | |
Total liabilities | |
66,918,552 | | |
78,191,698 | | |
9,862,890 | | |
241,799 | | |
37,378,750 | | |
28,170,480 | | |
15,837,606 | |
Total Equity | |
43,377,553 | | |
70,993,163 | | |
4,671,710 | | |
161,911 | | |
122,731,856 | | |
18,555,721 | | |
80,829,507 | |
Total revenue from ordinary
activities | |
24,707,043 | | |
26,200,918 | | |
175,901 | | |
157,981 | | |
11,219,208 | | |
10,334,780 | | |
6,504,438 | |
Net income before taxes | |
1,815,895 | | |
(8,041,123 | ) | |
175,901 | | |
157,981 | | |
(1,751,720 | ) | |
(2,757 | ) | |
(924,361 | ) |
Net income after taxes | |
1,325,603 | | |
2,289,255 | | |
175,901 | | |
157,981 | | |
(2,302,940 | ) | |
44,996 | | |
(969,070 | ) |
Other comprehensive income | |
- | | |
257,286 | | |
, | | |
, | | |
(99,532,422 | ) | |
(227,009 | ) | |
- | |
Total comprehensive income | |
1,325,603 | | |
2,546,541 | | |
175,901 | | |
157,981 | | |
(101,835,362 | ) | |
(182,013 | ) | |
(969,070 | ) |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Reporting
date (See
Note 2.3) | |
03.31.2024 | | |
02.28.2024 | | |
02.28.2024 | | |
02.28.2024 | | |
02.28.2024 | | |
02.28.2024 | | |
02.28.2024 | |
At December 31, 2023
| |
Envases
CMF
S.A. | | |
Sorocaba
Refrescos S.A. | | |
Kaik
Participações Ltda. | | |
SRSA
Participações Ltda. | | |
Leão
Alimentos e Bebidas Ltda. | | |
Trop
Frutas do
Brasil Ltda. | | |
Coca
Cola del Valle New Ventures S.A. | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Short term assets | |
50,693,046 | | |
39,392,459 | | |
- | | |
24,715 | | |
92,747,488 | | |
21,186,620 | | |
24,548,167 | |
Long term assets | |
54,127,400 | | |
101,420,184 | | |
13,704,046 | | |
347,922 | | |
62,843,154 | | |
28,404,343 | | |
70,825,265 | |
Total assets | |
104,820,446 | | |
140,812,643 | | |
13,704,046 | | |
372,637 | | |
155,590,642 | | |
49,590,963 | | |
95,373,432 | |
Short term liabilities | |
35,045,849 | | |
22,951,428 | | |
- | | |
222,950 | | |
22,924,938 | | |
14,104,874 | | |
13,188,225 | |
Long term liabilities | |
27,722,647 | | |
46,453,440 | | |
34 | | |
- | | |
16,678,828 | | |
13,212,410 | | |
- | |
Total liabilities | |
62,768,496 | | |
69,404,868 | | |
34 | | |
222,950 | | |
39,603,766 | | |
27,317,284 | | |
13,188,225 | |
Total Equity | |
42,051,950 | | |
71,407,775 | | |
13,704,012 | | |
149,687 | | |
115,986,876 | | |
22,273,679 | | |
82,185,207 | |
Total revenue from ordinary
activities | |
92,308,940 | | |
- | | |
983,452 | | |
146,063 | | |
84,624,940 | | |
55,434,136 | | |
29,385,365 | |
Net income before taxes | |
5,923,727 | | |
58,931,149 | | |
983,452 | | |
146,063 | | |
5,657,251 | | |
(2,548,671 | ) | |
(7,822,534 | ) |
Net income after taxes | |
4,755,373 | | |
(1,206,475 | ) | |
- | | |
146,063 | | |
2,529,341 | | |
(2,349,151 | ) | |
(5,101,497 | ) |
Other comprehensive income | |
29,516 | | |
9,690,233 | | |
- | | |
- | | |
(93,593,890 | ) | |
(58,242 | ) | |
- | |
Total comprehensive income | |
4,784,889 | | |
8,483,758 | | |
983,452 | | |
146,063 | | |
(91,064,549 | ) | |
(2,407,393 | ) | |
(5,101,497 | ) |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Reporting
date (See
Note 2.3) | |
12.31.2023 | | |
11.30.2023 | | |
11.30.2023 | | |
11.302023 | | |
11.30.2023 | | |
11.30.2023 | | |
11.30.2023 | |
15 – INTANGIBLE
ASSETS OTHER THAN GOODWILL
Intangible assets other than goodwill are detailed as follows:
|
|
March 31,
2024 |
|
|
December 31,
2023 |
|
Description |
|
Gross
value |
|
|
Accumulated
Amortization
/ Impairment |
|
|
Net
value |
|
|
Gross
value |
|
|
Accumulated
Amortization
/ Impairment |
|
|
Net
value |
|
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
Distribution rights (1) |
|
|
702,898,121 |
|
|
|
(3,078,000 |
) |
|
|
699,820,121 |
|
|
|
667,955,100 |
|
|
|
(3,078,000 |
) |
|
|
664,877,100 |
|
Software |
|
|
71,984,729 |
|
|
|
(45,655,087 |
) |
|
|
26,329,642 |
|
|
|
63,828,408 |
|
|
|
(40,121,558 |
) |
|
|
23,706,850 |
|
Water rights |
|
|
587,432 |
|
|
|
- |
|
|
|
587,432 |
|
|
|
587,432 |
|
|
|
- |
|
|
|
587,432 |
|
Trademarks indefinite useful life (2) |
|
|
6,877,197 |
|
|
|
- |
|
|
|
6,877,197 |
|
|
|
6,341,107 |
|
|
|
- |
|
|
|
6,341,107 |
|
Trademarks definite useful life (3) |
|
|
1,297,378 |
|
|
|
(938,249 |
) |
|
|
359,129 |
|
|
|
1,297,378 |
|
|
|
(891,277 |
) |
|
|
406,101 |
|
Others |
|
|
606,868 |
|
|
|
(598,893 |
) |
|
|
7,975 |
|
|
|
560,183 |
|
|
|
(552,208 |
) |
|
|
7,975 |
|
Total |
|
|
784,251,725 |
|
|
|
(50,270,229 |
) |
|
|
733,981,496 |
|
|
|
740,569,608 |
|
|
|
(44,643,043 |
) |
|
|
695,926,565 |
|
| (1) | Correspond to brands, water rights and distribution
rights. Distribution rights are contractual rights to produce and distribute Coca-Cola products
in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights result from
the valuation process at fair value of the assets and liabilities of the companies acquired
in business combinations. Production and distribution contracts are renewable for periods
of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently
done on these rights, allow qualifying them as indefinite contracts. |
Distribution rights together with the assets
that are part of the cash-generating units, are annually subjected to the impairment test. Such distribution rights have an indefinite
useful life, are not subject to amortization. Rights in Chile related to AdeS were provisioned for impairment pursuant to the annual
tests performed. See Note 2.8.
| (2) | On September 21, 2021 Coca-Cola Andina together
with Coca-Cola Femsa, acquired the Brazilian beer brand Therezópolis for BRL 70 million.
Each bottler bought 50% of the brand. This transaction is part of the company’s long-term
strategy to complement its beer portfolio in Brazil. The transaction was completed and approved
by CADE (Brazilian Administrative Council of Economic Defense). In September of that same
year, Andina recorded an intangible asset under the Therezópolis brand for BRL 35
million with an indefinite useful life. |
| | |
| (3) | Correspond to distribution rights that did
not arise from business combinations. These rights are subject to amortization. |
Distribution rights | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Chile (excluding Metropolitan Region, Rancagua
and San Antonio) | |
| 301,187,149 | | |
| 301,187,149 | |
Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto
and the investments in Sorocaba and Leão Alimentos y Bebidas Ltda.) | |
| 198,456,246 | | |
| 182,986,222 | |
Paraguay | |
| 196,510,537 | | |
| 178,475,561 | |
Argentina (North and South) | |
| 3,666,189 | | |
| 2,228,168 | |
Total | |
| 699,820,121 | | |
| 664,877,100 | |
The movement and balances of identifiable intangible assets are detailed
as follows:
| |
March 31, 2024 | |
Description | |
Distribution
rights | | |
Software | | |
Water
rights | | |
Trademarks
indefinite
useful life | | |
Trademarks
definite
useful life | | |
Others | | |
Total | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Opening balance | |
| 664,877,100 | | |
| 23,706,850 | | |
| 587,432 | | |
| 6,341,107 | | |
| 406,101 | | |
| 7,975 | | |
| 695,926,565 | |
Additions | |
| - | | |
| 1,655,997 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,655,997 | |
Amortization /Impairment | |
| - | | |
| (1,500,098 | ) | |
| - | | |
| - | | |
| (46,972 | ) | |
| - | | |
| (1,547,070 | ) |
Other increases (decreases) (1) | |
| 34,943,021 | | |
| 2,466,893 | | |
| - | | |
| 536,090 | | |
| - | | |
| - | | |
| 37,946,004 | |
Ending balance | |
| 699,820,121 | | |
| 26,329,642 | | |
| 587,432 | | |
| 6,877,197 | | |
| 359,129 | | |
| 7,975 | | |
| 733,981,496 | |
| |
December 31,
2023 | |
Description | |
Distribution
rights | | |
Software | | |
Water
rights | | |
Trademarks
indefinite
useful life | | |
Trademarks
definite
useful life | | |
Others | | |
Total | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Opening balance | |
| 644,233,416 | | |
| 20,763,351 | | |
| 439,102 | | |
| 5,741,054 | | |
| 593,990 | | |
| 7,975 | | |
| 671,778,888 | |
Additions | |
| - | | |
| 8,984,225 | | |
| 148,330 | | |
| - | | |
| - | | |
| - | | |
| 9,132,555 | |
Amortization | |
| - | | |
| (4,857,341 | ) | |
| - | | |
| - | | |
| (187,889 | ) | |
| - | | |
| (5,045,230 | ) |
Impairment (2) | |
| (1,627,000 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,627,000 | ) |
Other increases (decreases) (1) | |
| 22,270,684 | | |
| (1,183,385 | ) | |
| - | | |
| 600,053 | | |
| - | | |
| - | | |
| 21,687,352 | |
Ending balance | |
| 664,877,100 | | |
| 23,706,850 | | |
| 587,432 | | |
| 6,341,107 | | |
| 406,101 | | |
| 7,975 | | |
| 695,926,565 | |
| (1) | Mainly corresponds to restatement due to the effects of translation
of distribution rights of foreign subsidiaries. |
(2) The rights in Chile related to
AdeS were provisioned for impairment according to the annual tests performed. See Note 2.8.
16 – GOODWILL
Movement in Goodwill is detailed as follows:
Cash Generating Unit |
|
01.01.2024 |
|
|
Foreign currency
translation differences |
|
|
03.31.2024 |
|
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
Chilean operation |
|
|
8,503,023 |
|
|
|
- |
|
|
|
8,503,023 |
|
Brazilian operation |
|
|
73,831,515 |
|
|
|
6,155,569 |
|
|
|
79,987,084 |
|
Argentine operation |
|
|
32,193,085 |
|
|
|
20,786,867 |
|
|
|
52,979,952 |
|
Paraguayan operation |
|
|
7,576,179 |
|
|
|
765,575 |
|
|
|
8,341,754 |
|
Total |
|
|
122,103,802 |
|
|
|
27,708,011 |
|
|
|
149,811,813 |
|
Cash Generating Unit |
|
01.01.2023 |
|
|
Foreign
currency translation differences |
|
|
12.31.2023 |
|
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
Chilean operation |
|
|
8,503,023 |
|
|
|
- |
|
|
|
8,503,023 |
|
Brazilian operation |
|
|
66,941,508 |
|
|
|
6,890,007 |
|
|
|
73,831,515 |
|
Argentine operation |
|
|
46,254,831 |
|
|
|
(14,061,746 |
) |
|
|
32,193,085 |
|
Paraguayan operation |
|
|
7,324,560 |
|
|
|
251,619 |
|
|
|
7,576,179 |
|
Total |
|
|
129,023,922 |
|
|
|
(6,920,120 |
) |
|
|
122,103,802 |
|
17 – OTHER CURRENT
AND NON-CURRENT FINANCIAL LIABILITIES
Liabilities are detailed as follows:
| |
Balance | |
| |
Current | | |
Non-current | |
| |
03.31.2024 | | |
12.31.2023 | | |
03.31.2024 | | |
12.31.2023 | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Bank loans (Note 17.1.1 - 3) | |
| 8,177,877 | | |
| 1,500,909 | | |
| 13,444,232 | | |
| 13,403,691 | |
Bonds
payable, net (1) (Note 17.2) | |
| 22,754,929 | | |
| 27,479,415 | | |
| 993,964,607 | | |
| 953,660,440 | |
Bottle guaranty deposits | |
| 12,451,250 | | |
| 12,632,184 | | |
| - | | |
| - | |
Derivative contract liabilities (Note 17.3) | |
| 1,443,966 | | |
| 1,458,210 | | |
| 23,410,539 | | |
| 52,449,925 | |
Lease liabilities (Note 17.4.1 - 2) | |
| 9,343,484 | | |
| 9,926,283 | | |
| 25,662,190 | | |
| 24,811,777 | |
Total | |
| 54,171,506 | | |
| 52,997,001 | | |
| 1,056,481,568 | | |
| 1,044,325,833 | |
(1) Amounts net of issuance
expenses and discounts related to issuance.
The fair value of financial assets and liabilities
is presented below:
| |
Book value | | |
Fair value | | |
Book value | | |
Fair value | |
Current | |
03.31.2024 | | |
03.31.2024 | | |
12.31.2023 | | |
12.31.2023 | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Cash and cash equivalent (2) | |
| 301,523,107 | | |
| 301,523,107 | | |
| 303,683,683 | | |
| 303,683,683 | |
Financial assets at fair value (1) | |
| 1,299,651 | | |
| 1,299,651 | | |
| 842,906 | | |
| 842,906 | |
Trade debtors and other accounts receivable (2) | |
| 265,777,716 | | |
| 265,777,716 | | |
| 296,883,937 | | |
| 296,883,937 | |
Accounts receivable related companies (2) | |
| 11,643,869 | | |
| 11,643,869 | | |
| 13,192,740 | | |
| 13,192,740 | |
Bank liabilities (2) | |
| 8,177,877 | | |
| 7,593,278 | | |
| 1,500,909 | | |
| 1,465,732 | |
Bonds payable (2) | |
| 22,754,929 | | |
| 22,762,528 | | |
| 27,419,415 | | |
| 26,931,768 | |
Bottle guaranty deposits (2) | |
| 12,451,250 | | |
| 12,451,250 | | |
| 12,632,186 | | |
| 12,632,186 | |
Forward contracts liabilities (see Note 22) (1) | |
| 1,443,967 | | |
| 1,443,967 | | |
| 1,458,210 | | |
| 1,458,210 | |
Leasing agreements (2) | |
| 9,343,484 | | |
| 9,343,484 | | |
| 9,926,283 | | |
| 9,926,283 | |
Accounts payable (2) | |
| 373,882,452 | | |
| 373,882,452 | | |
| 428,911,984 | | |
| 428,911,984 | |
Accounts payable related companies (2) | |
| 109,126,257 | | |
| 109,126,257 | | |
| 94,821,925 | | |
| 94,821,925 | |
Non-current |
|
Book
value
03.31.2024 |
|
|
Fair
value
03.31.2024 |
|
|
Book
value
12.31.2023 |
|
|
Fair
value
12.31.2023 |
|
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
Financial assets at fair value (1) |
|
|
72,441,025 |
|
|
|
72,441,025 |
|
|
|
78,988,714 |
|
|
|
78,988,714 |
|
Non-current accounts receivable (2) |
|
|
364,674 |
|
|
|
364,674 |
|
|
|
371,401 |
|
|
|
371,401 |
|
Accounts receivable related companies (2) |
|
|
108,021 |
|
|
|
108,021 |
|
|
|
108,021 |
|
|
|
108,021 |
|
Bank liabilities (2) |
|
|
13,444,232 |
|
|
|
13,444,232 |
|
|
|
13,403,691 |
|
|
|
13,403,691 |
|
Bonds payable (2) |
|
|
993,964,607 |
|
|
|
916,539,034 |
|
|
|
953,660,440 |
|
|
|
894,107,588 |
|
Leasing agreements (2) |
|
|
25,662,190 |
|
|
|
25,662,190 |
|
|
|
24,811,777 |
|
|
|
24,811,777 |
|
Non-current accounts payable (2) |
|
|
2,348,968 |
|
|
|
2,348,968 |
|
|
|
2,392,555 |
|
|
|
2,392,555 |
|
Derivative contracts liabilities (see Note 22) (1) |
|
|
23,410,539 |
|
|
|
23,410,539 |
|
|
|
52,449,925 |
|
|
|
52,449,925 |
|
Accounts payable related companies (2) |
|
|
6,495,932 |
|
|
|
6,495,932 |
|
|
|
6,007,041 |
|
|
|
6,007,041 |
|
| (1) | Fair values are based on discounted cash flows using market discount
rates at the close of the six-month and one-year period and are classified as Level 2 of
the fair value measurement hierarchies. |
| (2) | Financial instruments such as: Cash
and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related
companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related
companies present a fair value that approximates their carrying value, considering the nature
and term of the obligation. The business model is to maintain the financial instrument in
order to collect/pay contractual cash flows, in accordance with the terms of the contract,
where cash flows are received/cancelled on specific dates that exclusively constitute payments
of principal plus interest on that principal. These instruments are revalued at amortized
cost. |
17.1 Bank liabilities
17.1.1 Bank liabilities, current
| |
| |
| | |
| |
| |
| | |
| | |
| |
| | |
Maturity | | |
Total | |
Indebted
Entity |
|
|
Creditor
Entity | | |
| | |
Type
of | |
Nominal | | |
Up to | | |
90
days to | | |
At | | |
At | |
Taxpayer
ID | |
Name | |
Country | | |
Taxpayer
ID | |
Name | |
Country | | |
Currency | | |
Amortization | |
Rate | | |
90
days | | |
1
year | | |
03.31.2024 | | |
12.31.2023 | |
| |
| |
| | | |
| |
| |
| | | |
| | |
| |
| | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
96.705.990-0 | |
Envases Central S.A. | |
| Chile | | |
97.006.000-6 | |
Banco Estado | |
| Chile | | |
CLP | | |
Semiannually | |
| 2.00 | % | |
| 13,588 | | |
| - | | |
| 13,588 | | |
| 34,460 | |
77.427.659-9 | |
Re-Ciclar S.A. | |
| Chile | | |
97.018.000-1 | |
Scotiabank Chile S.A. | |
| Chile | | |
CLP | | |
Semiannually | |
| 9.49 | % | |
| - | | |
| 73,544 | | |
| 73,544 | | |
| 186,233 | |
77.427.659-9 | |
Re-Ciclar S.A. | |
| Chile | | |
97.018.000-1 | |
Scotiabank Chile S.A. | |
| Chile | | |
UF | | |
Semiannually | |
| 3.32 | % | |
| - | | |
| 16,093 | | |
| 16,093 | | |
| 56,529 | |
77.427.659-9 | |
Re-Ciclar S.A. | |
| Chile | | |
97.018.000-1 | |
Scotiabank Chile S.A. | |
| Chile | | |
UF | | |
At maturity | |
| 7.54 | % | |
| - | | |
| 5,000,000 | | |
| 5,000,000 | | |
| - | |
91.144.000-8 | |
Embotelladora Andina S.A. | |
| Chile | | |
97.023.000-9 | |
Itaú Corpbanca | |
| Chile | | |
UF | | |
At maturity | |
| 0.18 | % | |
| - | | |
| 34,360 | | |
| 34,360 | | |
| 657,036 | |
91.144.000-8 | |
Embotelladora Andina S.A. | |
| Chile | | |
97.023.000-9 | |
Itaú Corpbanca | |
| Chile | | |
UF | | |
At maturity | |
| 0.18 | % | |
| - | | |
| 584,230 | | |
| 584,230 | | |
| 535,951 | |
91.144.000-8 | |
Embotelladora Andina S.A. | |
| Chile | | |
97.023.000-9 | |
Itaú Corpbanca | |
| Chile | | |
USD | | |
At maturity | |
| 0.18 | % | |
| - | | |
| - | | |
| - | | |
| 30,700 | |
Foreign | |
Embotelladora
del Atlántico S.A. | |
| Argentina | | |
0-E | |
Banco
Comafi S.A. | |
| Argentina | | |
AR$ | | |
At
maturity | |
| 79.75 | % | |
| 2,013,695 | | |
| - | | |
| 2,013,695 | | |
| - | |
Foreign | |
Embotelladora
del Atlántico S.A. | |
| Argentina | | |
0-E | |
Banco
Galicia S.A. | |
| Argentina | | |
AR$ | | |
At
maturity | |
| 82.05 | % | |
| 442,367 | | |
| - | | |
| 442,367 | | |
| - | |
Total | |
| |
| | | |
| |
| |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| 8,177,877 | | |
| 1,500,909 | |
17.1.2 Bank liabilities, non-current
| |
| |
| | |
| |
| |
| | |
| | |
| | |
| | |
Maturity |
|
|
| |
Indebted
entity | | |
Creditor
entity | | |
| | |
Type
of | | |
Nominal | | |
1
year up to | | |
More
than 2 | | |
More
than 3 | | |
More
than 4 | | |
More
than 5 | | |
At | |
Taxpayer
ID | |
Name | |
Country | | |
Taxpayer
ID | |
Name | |
Country | | |
Currency | | |
Amortization | | |
Rate | | |
2
years | | |
Up
to 3 years | | |
Up
to 4 years | | |
Up
to 5 years | | |
years | | |
03.31.2024 | |
| |
| |
| | | |
| |
| |
| | | |
| | |
| | | |
| | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
96.705.990-0 | |
Envases
Central S.A. | |
| Chile | | |
97.006.000-6 | |
Banco
Estado | |
| Chile
| | |
CLP | | |
| Semiannually | | |
| 2.00 | % | |
| - | | |
| - | | |
| 4,000,000 | | |
| - | | |
| - | | |
| 4,000,000 | |
77.427.659-9 | |
Re-Ciclar
S.A. | |
| Chile | | |
97.018.000-1 | |
Scotiabank
Chile S.A. | |
| Chile
| | |
CLP | | |
| Semiannually | | |
| 9.49 | % | |
| - | | |
| 4,500,000 | | |
| - | | |
| - | | |
| - | | |
| 4,500,000 | |
77.427.659-9 | |
Re-Ciclar
S.A. | |
| Chile | | |
97.018.000-1 | |
Scotiabank
Chile S.A. | |
| Chile
| | |
UF | | |
| Semiannually | | |
| 3.32 | % | |
| - | | |
| 4,944,232 | | |
| - | | |
| - | | |
| - | | |
| 4,944,232 | |
| |
| |
| | | |
| |
| |
| | | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Total | | |
| 13,444,232 | |
17.1.3 Bank liabilities, non-current previous year
| |
| | |
| | |
| | |
| | |
Maturity | | |
| |
Indebted
entity | |
Creditor
entity | |
| | |
Type
of | | |
Nominal | | |
1
year up to | | |
More
than 2 | | |
More
than 3 | | |
More
than 4 | | |
More
than 5 | | |
At | |
Taxpayer
ID | |
Name | |
Country | | |
Taxpayer
ID | |
Name | |
Country | | |
Currency | | |
Amortization | | |
Rate | | |
2
years | | |
Up
to 3 years | | |
Up
to 4 years | | |
Up
to 5 years | | |
years | | |
12.31.2023 | |
| |
| |
| | |
| |
| |
| | |
| | |
| | |
| | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
96.705.990-0 | |
Envases Central S.A. | |
| Chile | | |
97.006.000-6 | |
Banco Estado | |
| Chile
| | |
CLP | | |
| Semiannually | | |
| 2.00 | % | |
| - | | |
| - | | |
| 4,000,000 | | |
| - | | |
| - | | |
| 4,000,000 | |
77.427.659-9 | |
Re-Ciclar S.A. | |
| Chile | | |
97.018.000-1 | |
Scotiabank Chile S.A. | |
| Chile
| | |
CLP | | |
| Semiannually | | |
| 9.49 | % | |
| - | | |
| 4,500,000 | | |
| - | | |
| - | | |
| - | | |
| 4,500,000 | |
77.427.659-9 | |
Re-Ciclar S.A. | |
| Chile | | |
97.018.000-1 | |
Scotiabank Chile S.A. | |
| Chile
| | |
UF | | |
| Semiannually | | |
| 3.32 | % | |
| - | | |
| 4,903,691 | | |
| - | | |
| - | | |
| - | | |
| 4,903,691 | |
| |
| |
| | | |
| |
| |
| | | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Total | | |
| 13,403,691 | |
17.1.4 Current and non-current bank obligations “Restrictions”
Bank obligations are not subject to
restrictions for the reported periods.
17.2 Bond
obligations
On September 20, 2023, the
Company issued corporate bonds in the Swiss public market for CHF 170 million. The operation consisted of a 5-year issue with bullet
structure and an annual coupon of 2.7175%. Simultaneously, derivatives (Cross Currency Swaps) have been contracted through our subsidiary
in Brazil (Rio de Janeiro Refrescos) to hedge 100% of the financial obligations of the bond that are denominated in Swiss francs by redenominating
such liabilities to Brazilian reais.
| |
Current | | |
Non-current | | |
Total | |
Composition of bonds payable | |
03.31.2024 | | |
12.31.2023 | | |
03.31.2024 | | |
12.31.2023 | | |
03.31.2024 | | |
12.31.2023 | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Bonds face value 1 | |
| 23,495,664 | | |
| 28,170,013 | | |
| 1,002,511,545 | | |
| 961,723,115 | | |
| 1,026,007,209 | | |
| 989,893,128 | |
17.2.1 Current and non-current
balances
Bonds payable correspond to bonds in UF issued by the parent company
on the Chilean market, bonds in U.S. dollars issued by the Parent Company on the U.S. market and the Swiss public market . A detail of
these instruments is presented below:
| |
| | |
| | |
| |
| | |
| |
| |
Current | | |
Non-current | |
| |
Series | | |
Current
nominal
amount | | |
Adjustment
unit | |
Interest
rate | | |
Final
maturity | |
Interest
payment | |
03.31.2024 | | |
12.31.2023 | | |
03.31.2024 | | |
12.31.2023 | |
Bonds | |
| | | |
| | | |
| |
| | | |
| |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
CMF Registration 254
06.13.2001 | |
| B | | |
| 969,219 | | |
UF | |
| 6.50 | % | |
12.01.2026 | |
Semiannually | |
| 12,240,531 | | |
| 11,660,222 | | |
| 18,824,261 | | |
| 18,669,905 | |
CMF Registration 641 08.23.2010 | |
| C | | |
| 1,090,909 | | |
UF | |
| 4.00 | % | |
08.15.2031 | |
Semiannually | |
| 5,246,031 | | |
| 5,612,839 | | |
| 32,878,347 | | |
| 35,117,116 | |
CMF Registration 760 08.20.2013 | |
| D | | |
| 4,000,000 | | |
UF | |
| 3.80 | % | |
08.16.2034 | |
Semiannually | |
| 682,695 | | |
| 2,062,069 | | |
| 148,374,080 | | |
| 147,157,440 | |
CMF Registration 760 04.02.2014 | |
| E | | |
| 3,000,000 | | |
UF | |
| 3.75 | % | |
03.01.2035 | |
Semiannually | |
| 344,521 | | |
| 1,366,861 | | |
| 111,280,593 | | |
| 110,368,102 | |
CMF Registration 912 10.10.2018 | |
| F | | |
| 5,700,000 | | |
UF | |
| 2.83 | % | |
09.25.2039 | |
Semiannually | |
| 95,855 | | |
| 1,536,949 | | |
| 211,433,064 | | |
| 209,699,352 | |
U.S. Bonds 2050 01.01.2020 | |
| - | | |
| 300,000,000 | | |
USD | |
| 3.95 | % | |
01.21.2050 | |
Semiannually | |
| 2,229,709 | | |
| 4,590,627 | | |
| 294,513,000 | | |
| 263,136,000 | |
Swiss Bond
2023 09.20.2023 | |
| - | | |
| 170,000,000 | | |
CHF | |
| 2.7175 | % | |
09.20.2028 | |
Annual | |
| 2,656,322 | | |
| 1,340,446 | | |
| 185,208,200 | | |
| 177,575,200 | |
| |
| | | |
| | | |
| |
| | | |
| |
Total | |
| 23,495,664 | | |
| 28,170,013 | | |
| 1,002,511,545 | | |
| 961,723,115 | |
1 Gross amounts do not include issuance expenses and discounts
related to issuance.
17.2.2 Non-current maturities
| |
| | |
Year of maturity | | |
Total
Non-current | |
| |
Serie | | |
More than
1 up to 2 | | |
More than 2 up to 3 | | |
More than 3 up to 4 | | |
More than 5 | | |
03.31.2024 | |
| |
| | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
CMF Registration 254 06.13.2001 | |
| B | | |
| 12,350,923 | | |
| 6,473,338 | | |
| - | | |
| - | | |
| 18,824,261 | |
CMF Registration 641 08.23.2010 | |
| C | | |
| 5,058,207 | | |
| 5,058,207 | | |
| 5,058,207 | | |
| 17,703,725 | | |
| 32,878,347 | |
CMF Registration 760 08.20.2013 | |
| D | | |
| - | | |
| - | | |
| - | | |
| 148,374,080 | | |
| 148,374,080 | |
CMF Registration 760 04.02.2014 | |
| E | | |
| - | | |
| - | | |
| - | | |
| 111,280,593 | | |
| 111,280,593 | |
CMF Registration 912 10.10.2018 | |
| F | | |
| - | | |
| - | | |
| - | | |
| 211,433,064 | | |
| 211,433,064 | |
U.S. Bonds 2050 01.21.2020 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 294,513,000 | | |
| 294,513,000 | |
Swiss Bond 2023 09.20.2023 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 185,208,200 | | |
| 185,208,200 | |
Total | |
| | | |
| 17,409,130 | | |
| 11,531,545 | | |
| 5,058,207 | | |
| 968,512,662 | | |
| 1,002,511,545 | |
17.2.3 Market rating
The bonds issued on the Chilean market had the
following rating:
AA+ |
: |
ICR Compañía Clasificadora de Riesgo Ltda. rating |
AA+ |
: |
Fitch Chile Clasificadora de Riesgo Limitada rating |
The rating of bonds issued on the international market had the following
rating:
BBB |
: |
S&P Global Ratings |
BBB+ |
: |
Fitch Ratings Inc. |
17.2.4 Restrictions
17.2.4.1 Restrictions regarding bonds placed
abroad.
Obligations with bonds placed abroad are not affected
by financial restrictions for the periods reported.
17.2.4.2 Restrictions regarding bonds placed
in the local market.
The following financial information was used for
calculating restrictions:
| |
03.31.2024 | |
| |
ThCh$ | |
Average net financial debt last 4 quarters | |
| 693,314,793 | |
Net financial debt | |
| 667,423,522 | |
Unencumbered assets | |
| 3,020,113,212 | |
Total unsecured liabilities | |
| 1,894,300,545 | |
EBITDA LTM | |
| 512,290,265 | |
Net financial expenses LTM | |
| 36,462,876 | |
Restrictions on the issuance of bonds for a fixed amount registered
under number 254, series B1 and B2.
· | Maintain an Indebtedness Level not greater than
three point five times the EBITDA. For these purposes, "Indebtedness Level" will be considered as the ratio between /a/ the
average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve
consecutive months ending at the closing of the latest "Consolidated Financial Statements of Income by Function". |
“Consolidated Net Financial Liabilities”
will be considered as the result of : /i/ "Other Financial Liabilities, Current", plus /ii/ "Other Financial Liabilities,
Non-Current", minus /iii/ the sum of "Cash and Cash Equivalents"; plus "Other Financial Assets, Current"; plus
"Other Financial Assets, Non-Current" (to the extent that they correspond to the balances of assets for derivative financial
instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities);
“EBITDA” will be considered
as the addition of the following accounts of the "Consolidated Financial Statements of Income by Function" contained in the
Issuer's Consolidated Financial Statements: "Revenues from Ordinary Activities", "Cost of Sales", "Distribution
Costs", "Administrative Expenses" and "Other Expenses, by function", discounting the value of "Depreciation"
and "Amortization for the Year" presented in the Notes to the Issuer's Consolidated Financial Statements.
As of the date of these financial statements,
this ratio was 1.35 times.
· | Maintain, and in no manner lose, sell, assign
or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” (Región Metropolitana)
as a territory in Chile in which we have been authorized by The Coca-Cola Company for the development, production, sale and distribution
of products and brands of the licensor, in accordance to the respective bottler or license agreement, renewable from time to time. |
· | Not lose, sell, assign, or transfer to a third
party any other territory of Argentina or Brazil, which as of this date is franchised by TCCC to the Company for the development, production,
sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer's
Adjusted Consolidated Operating Cash Flow. |
· | Maintain consolidated assets free of any pledge,
mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities. |
Unsecured consolidated
liabilities payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees
on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial
instruments, taken to cover exchange rate or interest rate risks on financial liabilities under "Other Current Financial Assets"
and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial Position.
Consolidated Assets free of any pledge,
mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally
constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks
on financial liabilities and under "Other Current Financial Assets" and "Other non-current Financial Assets" of the
Issuer’s Consolidated Statement of Financial Position.
As of the date of these financial statements,
this ratio was 1.59 times.
Restrictions to bond lines registered in the Securities Registered
under number 641, series C
· | Maintain an Indebtedness Level not greater than
three point five times the EBITDA. For these purposes, "Indebtedness Level" will be considered as the ratio between /a/ the
average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve
consecutive months ending at the closing of the latest "Consolidated Financial Statements of Income by Function". |
“Consolidated Net Financial Liabilities"
will be considered as the result of: /i/ "Other Financial Liabilities, Current", plus /ii/ "Other Financial Liabilities,
Non-Current", minus /iii/ the sum of "Cash and Cash Equivalents"; plus "Other Financial Assets, Current"; plus
"Other Financial Assets, Non-Current" (to the extent that they correspond to the balances of assets for derivative financial
instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities);
"EBITDA" will be considered
as the addition of the following accounts of the "Consolidated Financial Statements of Income by Function" contained in the
Issuer's Consolidated Financial Statements: "Revenues from Ordinary Activities", "Cost of Sales", "Distribution
Costs", "Administrative Expenses" and "Other Expenses, by function", discounting the value of "Depreciation"
and "Amortization for the Year" presented in the Notes to the Issuer's Consolidated Financial Statements.
As of the date of these financial statements,
this ratio was 1.35 times.
· | Maintain consolidated assets free of any pledge,
mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities. |
Unencumbered assets refer to the assets
that are the property of the issuer; classified under Total Assets of the Issuer’s Financial Statements; and that are free of any
pledge, mortgage or other liens constituted in favor of third parties, less "Other Current Financial Assets" and "Other
Non-Current Financial Assets" of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative
financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities).
Unsecured total liabilities correspond
to liabilities from Total Current Liabilities and Total Non-Current Liabilities of Issuer’s Financial Statement which do not benefit
from preferences or privileges, less "Other Current Financial Assets" and "Other Non-Current Financial Assets" of
the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to
hedge exchange rate and interest rate risk of the financial liabilities).
As of the date of these financial statements,
this ratio was 1.59 times.
· | Maintain a level of "Net Financial Coverage"
greater than 3 times in its quarterly financial statements. Net financial coverage means the ratio between the issuer's EBITDA of the
last 12 months and the issuer's Net Financial Expenses in the last 12 months. Net Financial Expenses will be regarded as the difference
between the absolute value of interest expense associated with the issuer's financial debt account accounted for under "Financial
Costs"; and interest income associated with the issuer's cash accounted for under the Financial Income account. However, this restriction
shall be deemed to have been breached where the mentioned level of net financial coverage is lower than the level previously indicated
during two consecutive quarters. |
As of the date of these financial statements,
Net Financial Coverage was 14.05 times.
Restrictions to bond lines registered in the Securities Registrar
under number 760, series D and E.
· | Maintain an Indebtedness Level not greater than
three point five times the EBITDA. For these purposes, "Indebtedness Level" will be considered as the ratio between /a/ the
average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve
consecutive months ending at the closing of the latest "Consolidated Financial Statements of Results by Function". |
“Consolidated Net Financial Liabilities"
will be considered as the result of : /i/ "Other Financial Liabilities, Current", plus /ii/ "Other Financial Liabilities,
Non-Current", minus /iii/ the sum of "Cash and Cash Equivalents"; plus "Other Financial Assets, Current"; plus
"Other Financial Assets, Non-Current" (to the extent that they correspond to the balances of assets for derivative financial
instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities);
“EBITDA" will be considered
as the addition of the following accounts of the "Consolidated Financial Statements of Income by Function" contained in the
Issuer's Consolidated Financial Statements: "Revenues from Ordinary Activities", "Cost of Sales", "Distribution
Costs", "Administrative Expenses" and "Other Expenses, by function", discounting the value of "Depreciation"
and "Amortization for the Year" presented in the Notes to the Issuer's Consolidated Financial Statements.
As of the date of these financial statements,
this ratio was 1.51 times.
· | Maintain consolidated assets free of any pledge,
mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable. |
Unsecured Consolidated
Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees
on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial
instruments, taken to cover exchange rate or interest rate risks on financial liabilities under "Other Current Financial Assets"
and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial Position.
The following will be considered in
determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage
or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, taken to hedge exchange rate
or interest rate risks on financial liabilities under "Other Current Financial Assets" and "Other non-current Financial
Assets" of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other
lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted
by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial
liabilities and under "Other Current Financial Assets" and "Other non-current Financial Assets" of the Issuer’s
Consolidated Statement of Financial Position.
As of the date of these financial
statements, this ratio was 1.46 times.
• | Maintain, and in no manner, lose, sell, assign
or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” as a territory franchised
to the Issuer in Chile by The Coca-Cola Company, hereinafter also referred to as "TCCC" or the "Licensor" for the
development, production, sale and distribution of products and brands of said licensor, in accordance to the respective bottler or license
agreement, renewable from time to time. Losing said territory means the non-renewal, early termination or cancellation of this license
agreement by TCCC, for the geographical area today called "Metropolitan Region". This reason shall not apply if, as a result
of the loss, sale, transfer or disposition, of that licensed territory is purchased or acquired by a subsidiary or an entity that consolidates
in terms of accounting with the Issuer. |
• | Not lose, sell, assign, or transfer to a third
party any other territory of Argentina or Brazil, which as of the issuance date of these instruments is franchised by TCCC to the Issuer
for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account
for more than 40% of the Issuer's Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss,
sale, assignment or transfer. For these purposes, the term "Adjusted Consolidated Operating Cash Flow" shall mean the addition
of the following accounting accounts of the Issuer's Consolidated Statement of Financial Position: (i) "Gross Profit" which
includes regular activities and cost of sales; less (ii) "Distribution Costs"; less (iii) "Administrative Expenses";
plus (iv) "Participation in profits (losses) of associates that are accounted for using the equity method"; plus (v) "Depreciation";
plus (vi) "Intangibles Amortization". |
Restrictions to bond lines registered in the Securities Registrar
under number 912, series F.
• | Maintain an Indebtedness Level not greater than
three point five times the EBITDA. For these purposes, "Indebtedness Level" will be considered as the ratio between /a/ the
average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve
consecutive months ending at the closing of the latest "Consolidated Financial Statements of Results by Function". |
"Consolidated Net Financial Liabilities"
will be considered as the result of : /i/ "Other Financial Liabilities, Current", plus /ii/ "Other Financial Liabilities,
Non-Current", minus /iii/ the sum of "Cash and Cash Equivalents"; plus "Other Financial Assets, Current"; plus
"Other Financial Assets, Non-Current" (to the extent that they correspond to the balances of assets for derivative financial
instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities);
"EBITDA" will be considered
as the sum of the following accounts of the "Consolidated Financial Statements of Income by Function" contained in the Issuer's
Consolidated Financial Statements: "Revenues from Ordinary Activities", "Cost of Sales", "Distribution Costs",
"Administrative Expenses" and "Other Expenses, by function", discounting the value of "Depreciation" and
"Amortization for the Year" presented in the Notes to the Issuer's Consolidated Financial Statements.
As of the date of these financial statements,
this ratio was 1.35 times.
• | Maintain consolidated assets free of any pledge,
mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable.
Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not
secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset
balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under "Other
Current Financial Assets" and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial
Position. The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well
as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial
instruments, taken to hedge exchange rate or interest rate risks on financial liabilities under "Other Current Financial Assets"
and "Other non-current Financial Assets" of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets
free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily
and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or
interest rate risks on financial liabilities and under "Other Current Financial Assets" and "Other non-current Financial
Assets" of the Issuer’s Consolidated Statement of Financial Position. |
As of the date of these financial statements,
this ratio was 1.59 times.
• | Not lose, sell, assign, or transfer to a third
party any other territory of Argentina or Brazil, which as of the issuance date of local bonds Series C, D and E is franchised by
TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these
territories account for more than 40% of the Issuer's Adjusted Consolidated Operating Cash Flow of the audited period immediately before
the moment of loss, sale, assignment or transfer. For these purposes, the term "Adjusted Consolidated Operating Cash Flow" shall
mean the addition of the following accounting accounts of the Issuer's Consolidated Statement of Financial Position: (i) "Gross
Profit" which includes regular activities and cost of sales; less (ii) "Distribution Costs"; less (iii) "Administrative
Expenses"; plus (iv) "Participation in profits (losses) of associates that are accounted for using the equity method";
plus (v) "Depreciation"; plus (vi) "Intangibles Amortization". |
As of the date of
these financial statements, the Company complies with all financial covenants.
17.3 Derivative contract obligations
Please see details in Note 22.
17.4 Liabilities for leasing agreements
17.4.1 Current liabilities for leasing agreements
| |
| |
| |
| |
| |
| |
| |
| | |
Maturity | | |
Total | |
Indebted entity | |
Creditor entity | |
| |
Type of | |
Nominal | | |
Up to | | |
90 days and | | |
at | |
|
At | |
Name | |
Country | |
Tax ID | |
Name | |
Country | |
Currency | |
Amortization | |
Rate | | |
90 days | | |
Up to 1 year | | |
03.31.2024 | |
|
12.31.2023 | |
| |
| |
| |
| |
| |
| |
| |
| | |
M$ | | |
M$ | | |
M$ | |
|
M$ | |
Rio de Janeiro Refrescos Ltda. | |
Brazil | |
Foreign | |
Cogeração - Light ESCO | |
Brazil | |
BRL | |
Monthly | |
| 12.28 | % | |
| 356,206 | | |
| 1,136,311 | | |
| 1,492,517 | |
|
| 1,334,761 | |
Rio de Janeiro Refrescos Ltda. | |
Brazil | |
Foreign | |
Tetra Pack | |
Brazil | |
BRL | |
Monthly | |
| 7.39 | % | |
| 130,530 | | |
| 414,652 | | |
| 545,182 | |
|
| 518,253 | |
Rio de Janeiro Refrescos Ltda. | |
Brazil | |
Foreign | |
Real estate | |
Brazil | |
BRL | |
Monthly | |
| 8.10 | % | |
| - | | |
| - | | |
| - | |
|
| 541,111 | |
Rio de Janeiro Refrescos Ltda. | |
Brazil | |
Foreign | |
Real estate | |
Brazil | |
BRL | |
Monthly | |
| 8.18 | % | |
| 151,740 | | |
| 389,399 | | |
| 541,139 | |
|
| - | |
Rio de Janeiro Refrescos Ltda. | |
Brazil | |
Foreign | |
Leão | |
Brazil | |
BRL | |
Monthly | |
| 3.50 | % | |
| - | | |
| - | | |
| - | |
|
| 323,011 | |
Rio de Janeiro Refrescos Ltda. | |
Brazil | |
Foreign | |
Leão | |
Brazil | |
BRL | |
Monthly | |
| 11.25 | % | |
| 87,580 | | |
| 256,193 | | |
| 343,773 | |
|
| - | |
Embotelladora del Atlántico S.A. | |
Argentina | |
Foreign | |
Tetra Pak SRL | |
Argentina | |
USD | |
Monthly | |
| 12.00 | % | |
| 147,903 | | |
| 443,708 | | |
| 591,611 | |
|
| 354,873 | |
Embotelladora del Atlántico S.A. | |
Argentina | |
Foreign | |
Real estate | |
Argentina | |
ARS | |
Monthly | |
| 50.00 | % | |
| 195,844 | | |
| 21,645 | | |
| 217,489 | |
|
| 805,124 | |
Embotelladora del Atlántico S.A. | |
Argentina | |
Foreign | |
Systems | |
Argentina | |
USD | |
Monthly | |
| 12.00 | % | |
| 21,620 | | |
| 60,308 | | |
| 81,928 | |
|
| 76,769 | |
Embotelladora del Atlántico S.A. | |
Argentina | |
Foreign | |
Real estate | |
Argentina | |
ARS | |
Monthly | |
| 12.00 | % | |
| 210,080 | | |
| 386,731 | | |
| 596,811 | |
|
| 254,035 | |
Vital Jugos S:A | |
Chile | |
76.080.198-4 | |
De Lage Landen Chile S.A | |
Chile | |
USD | |
Monthly | |
| 4.54 | % | |
| 174,953 | | |
| 523,852 | | |
| 698,805 | |
|
| - | |
Vital Jugos S.A. | |
Chile | |
77.951.700-4 | |
Sig Combibloc Chile SPA. | |
Chile | |
EUR | |
Monthly | |
| 38.60 | % | |
| 36,225 | | |
| 113,803 | | |
| 150,028 | |
|
| - | |
Vital Aguas S.A | |
Chile | |
76.572.588-7 | |
Coca-Cola del Valle New Ventures S.A | |
Chile | |
CLP | |
Monthly | |
| 7.87 | % | |
| 291,462 | | |
| 504,282 | | |
| 795,744 | |
|
| - | |
Vital Jugos S:A | |
Chile | |
76.080.198-4 | |
De Lage Landen Chile S.A | |
Chile | |
USD | |
Monthly | |
| 5.49 | % | |
| - | | |
| - | | |
| - | |
|
| 626,747 | |
Vital Jugos S.A. | |
Chile | |
77.951.700-4 | |
Sig Combibloc Chile SPA. | |
Chile | |
EUR | |
Monthly | |
| 39.22 | % | |
| - | | |
| - | | |
| - | |
|
| 123,697 | |
Vital Aguas S.A | |
Chile | |
76.572.588-7 | |
Coca-Cola del Valle New Ventures S.A | |
Chile | |
CLP | |
Monthly | |
| 11.24 | % | |
| - | | |
| - | | |
| - | |
|
| 998,501 | |
Envases Central S.A | |
Chile | |
76.572.588-7 | |
Coca-Cola del Valle New Ventures S.A | |
Chile | |
CLP | |
Monthly | |
| 3.86 | % | |
| - | | |
| - | | |
| - | |
|
| 603,428 | |
Transportes Polar S.A. | |
Chile | |
76.413.243-2 | |
Cons. Inmob. e Inversiones Limitada | |
Chile | |
UF | |
Monthly | |
| 2.89 | % | |
| 63,645 | | |
| 71,700 | | |
| 135,345 | |
|
| 128,214 | |
Transportes Polar S.A. | |
Chile | |
76.536.499-K | |
Jungheinrich Rentalift SPA | |
Chile | |
UF | |
Monthly | |
| 4.11 | % | |
| 84,332 | | |
| 258,248 | | |
| 342,580 | |
|
| 325,105 | |
Transportes Polar S.A. | |
Chile | |
93.075.000-k | |
Importadora Técnica Vignola SAIC | |
Chile | |
UF | |
Monthly | |
| 3.67 | % | |
| 20,747 | | |
| 56,263 | | |
| 77,010 | |
|
| 75,682 | |
Transporte Andina Refrescos Ltda | |
Chile | |
78.861.790-9 | |
Comercializadora Novaverde Limitada | |
Chile | |
UF | |
Monthly | |
| 0.45 | % | |
| 80,616 | | |
| - | | |
| 80,616 | |
|
| 198,555 | |
Transporte Andina Refrescos Ltda | |
Chile | |
76.536.499-K | |
Jungheinrich Rentalift SPA | |
Chile | |
UF | |
Monthly | |
| 0.24 | % | |
| 252,668 | | |
| 768,995 | | |
| 1,021,663 | |
|
| 1,006,025 | |
Transporte Andina Refrescos Ltda | |
Chile | |
76.536.499-K | |
Jungheinrich Rentalift SPA | |
Chile | |
UF | |
Monthly | |
| 0.34 | % | |
| 191,396 | | |
| 586,108 | | |
| 777,504 | |
|
| 763,257 | |
Transporte Andina Refrescos Ltda | |
Chile | |
85.275.700-0 | |
Arrendamiento De Maquinaria SPA | |
Chile | |
UF | |
Monthly | |
| 0.45 | % | |
| 87,840 | | |
| 240,107 | | |
| 327,947 | |
|
| 350,874 | |
Red de Transportes Comerciales Ltda. | |
Chile | |
76.930.501-7 | |
Inmobiliaria Ilog Avanza Park | |
Chile | |
UF | |
Monthly | |
| 2.48 | % | |
| 132,792 | | |
| 393,000 | | |
| 525,792 | |
|
| 518,261 | |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| Total | | |
| 9,343,484 | |
|
| 9,926,283 | |
The Company maintains leases on forklifts, vehicles,
real estate and machinery. These leases have an average lifespan of between one and eight years without including a renewal option in
the contracts.
17.4.2 Non-current liabilities for leasing
agreements
|
|
|
|
Maturity |
|
|
|
|
Indebted
entity |
|
Creditor
entity |
|
|
|
Amortization |
|
Nominal |
|
|
1
year up to |
|
|
2
years up to |
|
|
3
years up to |
|
|
4
years up to |
|
|
More
than |
|
|
At |
|
Name |
|
Country |
|
Taxpayer
ID |
|
Name |
|
Country |
|
Currency |
|
Type |
|
rate
|
|
|
2
years |
|
|
3
years |
|
|
4
years |
|
|
5
years |
|
|
5
years |
|
|
03.31.2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
Rio
de Janeiro Refrescos Ltda. |
|
Brazil |
|
Foreign |
|
Cogeração
- Light ESCO |
|
Brazil |
|
BRL |
|
Monthly |
|
|
12.28 |
% |
|
|
1,686,544 |
|
|
|
1,905,795 |
|
|
|
2,153,548 |
|
|
|
2,433,510 |
|
|
|
- |
|
|
|
8,179,397 |
|
Rio de Janeiro
Refrescos Ltda. |
|
Brazil |
|
Foreign |
|
Tetra Pack |
|
Brazil |
|
BRL |
|
Monthly |
|
|
7.39 |
% |
|
|
611,076 |
|
|
|
684,371 |
|
|
|
766,457 |
|
|
|
858,390 |
|
|
|
1,422,777 |
|
|
|
4,343,071 |
|
Rio de Janeiro
Refrescos Ltda. |
|
Brazil |
|
Foreign |
|
Real Estate |
|
Brazil |
|
BRL |
|
Monthly |
|
|
8.18 |
% |
|
|
343,064 |
|
|
|
354,884 |
|
|
|
89,558 |
|
|
|
- |
|
|
|
- |
|
|
|
787,506 |
|
Rio de Janeiro
Refrescos Ltda. |
|
Brazil |
|
Foreign |
|
Leão
Alimentos e Bebidas Ltda. |
|
Brazil |
|
BRL |
|
Monthly |
|
|
11.25 |
% |
|
|
252,545 |
|
|
|
34,247 |
|
|
|
29,567 |
|
|
|
- |
|
|
|
- |
|
|
|
316,359 |
|
Embotelladora
del Atlántico S.A. |
|
Argentina |
|
O-E |
|
Tetra
Pak SRL |
|
Argentina |
|
USD |
|
Monthly |
|
|
12.00 |
% |
|
|
788,815 |
|
|
|
394,407 |
|
|
|
788,815 |
|
|
|
394,407 |
|
|
|
606,189 |
|
|
|
2,972,633 |
|
Embotelladora
del Atlántico S.A. |
|
Argentina |
|
O-E |
|
Real Estate |
|
Argentina |
|
ARS |
|
Monthly |
|
|
50.00 |
% |
|
|
1,429 |
|
|
|
715 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,144 |
|
Embotelladora
del Atlántico S.A. |
|
Argentina |
|
O-E |
|
Real Estate |
|
Argentina |
|
USD |
|
Monthly |
|
|
12.00 |
% |
|
|
22,561 |
|
|
|
11,281 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
33,842 |
|
Embotelladora
del Atlántico S.A. |
|
Argentina |
|
O-E |
|
Systems |
|
Argentina |
|
USD |
|
Monthly |
|
|
12.00 |
% |
|
|
423,727 |
|
|
|
211,863 |
|
|
|
367,776 |
|
|
|
183,888 |
|
|
|
1,057,356 |
|
|
|
2,244,610 |
|
Vital Jugos
S.A. |
|
Chile |
|
O-E |
|
De Lage
Landen Chile S.A |
|
Chile |
|
USD |
|
Monthly |
|
|
4.54 |
%% |
|
|
10,252 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,252 |
|
Vital Jugos
S.A. |
|
Chile |
|
77.951.198-4 |
|
Sig Combibloc
Chile SPA. |
|
Chile |
|
EUR |
|
Monthly |
|
|
38.60 |
% |
|
|
229,829 |
|
|
|
114,914 |
|
|
|
263,625 |
|
|
|
131,812 |
|
|
|
427,174 |
|
|
|
1,167,354 |
|
Transportes
Andina Refrescos Ltda. |
|
Chile |
|
76.536.499-k |
|
Jungheinrich
Rentalift SPA |
|
Chile |
|
UF |
|
Monthly |
|
|
0.24 |
% |
|
|
465,079 |
|
|
|
232,540 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
697,619 |
|
Transportes
Andina Refrescos Ltda. |
|
Chile |
|
76.536.499-k |
|
Jungheinrich
Rentalift SPA |
|
Chile |
|
UF |
|
Monthly |
|
|
0.34 |
% |
|
|
1,102,710 |
|
|
|
551,355 |
|
|
|
990,629 |
|
|
|
495,313 |
|
|
|
- |
|
|
|
3,140,007 |
|
Red de Transportes
Comerciales Ltda. |
|
Chile |
|
76.930.501-7 |
|
Inmobiliaria
Ilog Avanza Park |
|
Chile |
|
UF |
|
Monthly |
|
|
2.48 |
% |
|
|
148,636 |
|
|
|
74,318 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
222,954 |
|
Transportes
Polar S.A. |
|
Chile |
|
76.413.243-2 |
|
Cons.
Inmob. e Inversiones Limitada |
|
Chile |
|
UF |
|
Monthly |
|
|
2.89 |
% |
|
|
44,333 |
|
|
|
22,166 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
66,499 |
|
Transportes
Polar S.A. |
|
Chile |
|
76.536.499-K |
|
Jungheinrich
Rentalift SPA |
|
Chile |
|
UF |
|
Monthly |
|
|
4.11 |
% |
|
|
485,870 |
|
|
|
242,935 |
|
|
|
436,486 |
|
|
|
218,243 |
|
|
|
- |
|
|
|
1,383,534 |
|
Transportes
Polar S.A. |
|
Chile |
|
93.075.000-k |
|
Importadora
Técnica Vignola SAIC |
|
Chile |
|
UF |
|
Monthly |
|
|
3.67 |
% |
|
|
62,940 |
|
|
|
31,469 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
94,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
|
25,662,190 |
|
17.4.3 Non-current liabilities for leasing
agreements (previous year)
| |
| |
Maturity | |
| |
Indebted
entity | |
Creditor
entity | |
| |
Amortization | |
Nominal | | |
1
year up to | | |
2
years up to | | |
3
years up to | | |
4
years up to | | |
More
than | | |
At | |
Name | |
Country | |
Taxpayer
ID | |
Name | |
Country | |
Currency | |
Type | |
2
years | | |
2
years | | |
3
years | | |
4
years | | |
5
years | | |
5
years | | |
12.31.2023 | |
| |
| |
| |
| |
| |
| |
| |
| | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Rio
de Janeiro Refrescos Ltda. | |
Brazil | |
Foreign | |
Cogeração
- Light ESCO | |
Brazil | |
BRL | |
Monthly | |
| 12.28 | % | |
| 1,508,279 | | |
| 1,704,356 | | |
| 1,925,922 | | |
| 2,176,292 | | |
| 586,918 | | |
| 7,901,767 | |
Rio de Janeiro
Refrescos Ltda. | |
Brazil | |
Foreign | |
Tetra Pack | |
Brazil | |
BRL | |
Monthly | |
| 7.39 | % | |
| 572,983 | | |
| 633,670 | | |
| 700,981 | | |
| 775,654 | | |
| 1,514,109 | | |
| 4,197,397 | |
Rio de Janeiro
Refrescos Ltda. | |
Brazil | |
Foreign | |
Real Estate | |
Brazil | |
BRL | |
Monthly | |
| 8.10 | % | |
| 351,697 | | |
| 316,738 | | |
| 166,992 | | |
| - | | |
| - | | |
| 835,427 | |
Rio de Janeiro
Refrescos Ltda. | |
Brazil | |
Foreign | |
Leão
Alimentos e Bebidas Ltda. | |
Brazil | |
BRL | |
Monthly | |
| 3.50 | % | |
| 298,867 | | |
| 34,834 | | |
| 32,714 | | |
| - | | |
| - | | |
| 366,415 | |
Embotelladora
del Atlántico S.A. | |
Argentina | |
O-E | |
Tetra
Pak SRL | |
Argentina | |
USD | |
Monthly | |
| 12.00 | % | |
| 473,164 | | |
| 236,582 | | |
| 473,164 | | |
| 236,582 | | |
| 325,300 | | |
| 1,744,792 | |
Embotelladora
del Atlántico S.A. | |
Argentina | |
O-E | |
Real Estate | |
Argentina | |
ARS | |
Monthly | |
| 50.00 | % | |
| 3,505 | | |
| 1,752 | | |
| - | | |
| - | | |
| - | | |
| 5,257 | |
Embotelladora
del Atlántico S.A. | |
Argentina | |
O-E | |
Real Estate | |
Argentina | |
USD | |
Monthly | |
| 12.00 | % | |
| 391,171 | | |
| 195,586 | | |
| 329,479 | | |
| 164,740 | | |
| 1,009,031 | | |
| 2,090,007 | |
Embotelladora
del Atlántico S.A. | |
Argentina | |
O-E | |
Systems | |
Argentina | |
USD | |
Monthly | |
| 12.00 | % | |
| 30,877 | | |
| 15,438 | | |
| - | | |
| - | | |
| - | | |
| 46,315 | |
Vital Jugos
S.A. | |
Chile | |
O-E | |
De Lage
Landen Chile S.A | |
Chile | |
USD | |
Monthly | |
| 5.49 | % | |
| 166,326 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 166,326 | |
Vital
Jugos S.A. | |
Chile | |
77.951.198-4 | |
Sig Combibloc
Chile SPA. | |
Chile | |
EUR | |
Monthly | |
| 39.22 | % | |
| 215,369 | | |
| 107,685 | | |
| 238,039 | | |
| 119,019 | | |
| 446,054 | | |
| 1,126,166 | |
Transportes
Andina Refrescos Ltda. | |
Chile | |
85.275.700-0 | |
Arrendamiento
De Maquinaria SPA | |
Chile | |
UF | |
Monthly | |
| 0.45 | % | |
| 40,226 | | |
| 20,113 | | |
| - | | |
| - | | |
| - | | |
| 60,339 | |
Transportes
Andina Refrescos Ltda. | |
Chile | |
76.536.499-k | |
Jungheinrich
Rentalift SPA | |
Chile | |
UF | |
Monthly | |
| 0.24 | % | |
| 631,973 | | |
| 315,986 | | |
| - | | |
| - | | |
| - | | |
| 947,959 | |
Transportes
Andina Refrescos Ltda. | |
Chile | |
76.536.499-k | |
Jungheinrich
Rentalift SPA | |
Chile | |
UF | |
Monthly | |
| 0.34 | % | |
| 1,082,507 | | |
| 541,253 | | |
| 1,124,173 | | |
| 562,086 | | |
| - | | |
| 3,310,018 | |
Red de
Transportes Comerciales Ltda. | |
Chile | |
76.930.501-7 | |
Inmobiliaria
Ilog Avanza Park | |
Chile | |
UF | |
Monthly | |
| 2.48 | % | |
| 235,140 | | |
| 117,570 | | |
| - | | |
| - | | |
| - | | |
| 352,709 | |
Transportes
Polar S.A. | |
Chile | |
76.413.243-2 | |
Cons.
Inmob. e Inversiones Limitada | |
Chile | |
UF | |
Monthly | |
| 2.89 | % | |
| 51,013 | | |
| 25,506 | | |
| - | | |
| - | | |
| - | | |
| 76,519 | |
Transportes
Polar S.A. | |
Chile | |
76.536.499-K | |
Jungheinrich
Rentalift SPA | |
Chile | |
UF | |
Monthly | |
| 4.11 | % | |
| 484,434 | | |
| 242,217 | | |
| 495,328 | | |
| 247,664 | | |
| - | | |
| 1,469,643 | |
Transportes
Polar S.A. | |
Chile | |
93.075.000-k | |
Importadora
Técnica Vignola SAIC | |
Chile | |
UF | |
Monthly | |
| 3.67 | % | |
| 76,480 | | |
| 38,240 | | |
| - | | |
| - | | |
| - | | |
| 114,721 | |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| Total | | |
| 24,811,777 | |
Leasing agreement obligations are
not subject to financial restrictions for the reported periods.
18 – TRADE AND
OTHER ACCOUNTS PAYABLE
Trade and other accounts payable are detailed as follows:
Classification | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Current | |
| 373,882,452 | | |
| 428,911,984 | |
Non-current | |
| 2,348,968 | | |
| 2,392,555 | |
Total | |
| 376,231,420 | | |
| 431,304,539 | |
Item | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Trade accounts payable | |
| 251,324,506 | | |
| 296,701,188 | |
Withholding tax | |
| 65,861,739 | | |
| 74,435,775 | |
Others (1) | |
| 59,045,175 | | |
| 60,167,576 | (1) |
Total | |
| 376,231,420 | | |
| 431,304,539 | |
| (1) | Other current considers the account payable to former shareholders of Companhia de Bebidas Ipiranga ("CBI"). See Note 6
for further information. |
19 – OTHER PROVISIONS,
CURRENT AND NON-CURRENT
The composition of provisions is as follows:
Description | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Litigation (1) | |
| 61,716,990 | | |
| 54,801,896 | |
Total | |
| 61,716,990 | | |
| 54,801,896 | |
| |
| | | |
| | |
Current | |
| 1,721,974 | | |
| 1,314,106 | |
Non-current | |
| 59,995,016 | | |
| 53,487,790 | |
Total | |
| 61,716,990 | | |
| 54,801,896 | |
| (1) | Correspond to the provision made for the probable losses of tax, labor and commercial contingencies, according to the following detail: |
Description (see note 23.1) | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Tax contingencies | |
| 33,020,546 | | |
| 29,637,064 | |
Labor contingencies | |
| 15,088,250 | | |
| 13,200,665 | |
Civil contingencies | |
| 13,608,194 | | |
| 11,964,167 | |
Total | |
| 61,716,990 | | |
| 54,801,896 | |
The movement of principal provisions over litigation is detailed as
follows:
Description | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Opening balance at January 1st | |
| 54,801,896 | | |
| 48,695,427 | |
Additional provisions | |
| 120,716 | | |
| (44,497 | ) |
Increase (decrease) in existing provisions | |
| 4,128,462 | | |
| 6,680,379 | |
Used provision (payments made charged to the provision) | |
| (1,846,463 | ) | |
| (4,139,270 | ) |
Reversal of unused provision | |
| - | | |
| - | |
Increase (decrease) due to foreign exchange rate differences | |
| 4,512,379 | | |
| 3,609,857 | |
Total | |
| 61,716,990 | | |
| 54,801,896 | |
20 – OTHER NON-FINANCIAL
LIABILITIES
Other current and non-current non-financial liabilities at each reporting
period end are detailed as follows:
| |
Current | | |
Non-current | |
Description | |
03.31.2024 | | |
12.31.2023 | | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Dividends payable | |
| 299,223 | | |
| 32,081,207 | | |
| - | | |
| - | |
Other | |
| 9,258,740 | | |
| 10,291,953 | (1) | |
| 3,045,756 | | |
| 2,506,795 | |
Total | |
| 9,557,963 | | |
| 42,373,160 | | |
| 3,045,756 | | |
| 2,506,795 | |
(1) Corresponds to prepayment
from Coca-Cola de Chile S.A. for a marketing co-participation plan for the penetration of market equipment, which will be developed in
the short term.
21 – EQUITY
| |
Number of subscribed, paid-in and
voting shares | |
Series | |
2024 | | |
2023 | |
A | |
| 473,289,301 | | |
| 473,289,301 | |
B | |
| 473,281,303 | | |
| 473,281,303 | |
| |
Paid-in and subscribed capital | |
Series | |
2024 | | |
2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
A | |
| 135,379,504 | | |
| 135,379,504 | |
B | |
| 135,358,070 | | |
| 135,358,070 | |
Total | |
| 270,737,574 | | |
| 270,737,574 | |
| 21.1.2 | Rights of each series: |
| · | Series A: Elect 12 of the 14 Directors. |
| · | Series B: Receive an additional 10% of dividends
distributed to Series A and elects 2 of the 14 Directors. |
Under Chilean law,
we must distribute cash dividends equivalent to at least 30% of our annual net profit, barring a unanimous vote by shareholders
to the contrary. If there is no net profit in a given year, the Company shall not be legally obligated to distribute dividends from accumulated
earnings, unless approved by the General Shareholders Meeting. At the General Shareholders’ Meeting held in April 2024, shareholders
agreed to pay out of the 2023 earnings a final dividend additional to the 30% required by Chile’s Law on Corporations and an eventual
final dividend, which will be paid on May 23 and May 30, 2024, respectively.
The dividends declared and/or paid per share are
presented below:
Approval-Payment Periods | |
Dividend type | |
Profits imputable to dividends | |
CLP Series A | | |
CLP Series B | |
12.28.2023 | |
| 01.25.2024 | | |
Interim | |
2023 Earnings | |
| 32.00 | | |
| 35.20 | |
The balance of other reserves includes
the following:
Concept | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Polar acquisition | |
| 421,701,520 | | |
| 421,701,520 | |
Foreign currency translation reserves | |
| (483,209,059 | ) | |
| (581,654,632 | ) |
Cash flow hedge reserve | |
| (22,438,312 | ) | |
| (7,419,479 | ) |
Reserve for employee benefit actuarial gains or losses | |
| (5,710,189 | ) | |
| (6,823,901 | ) |
Legal and statutory reserves | |
| 5,435,538 | | |
| 5,435,538 | |
Other | |
| 6,014,568 | | |
| 6,014,568 | |
Total | |
| (78,205,934 | ) | |
| (162,746,386 | ) |
This amount corresponds
to the difference between the valuation at fair value of the issuance of shares of Embotelladora Andina S.A. and the book value of the
paid capital of Embotelladoras Coca-Cola Polar S.A., which was finally the value of the capital increase notarized in legal terms.
| 21.3.2 | Cash flow hedge reserve |
They arise from the fair value of the existing
derivative contracts that have been qualified for hedge accounting at the end of each financial period. When contracts are expired, these
reserves are adjusted and recognized in the income statement in the corresponding period (see Note 22).
| 21.3.3 | Reserve for employee benefit actuarial gains or losses |
Corresponds to the restatement effect of employee
benefits actuarial gains or losses that according to IAS 19 amendments must be carried to other comprehensive income.
| 21.3.4 | Legal and statutory reserves |
In accordance with Official Circular N° 456
issued by the Chilean Financial Market Commission (CMF), the legally required price-level restatement of paid-in capital for 2009 is presented
as part of other equity reserves and is accounted for as a capitalization from Other Reserves with no impact on net income or retained
earnings under IFRS. This amount totaled CLP 5,435,538 thousand as of December 31, 2009.
| 21.3.5 | Foreign currency translation reserves |
This corresponds
to the conversion of the financial statements of foreign subsidiaries whose functional currency is different from the presentation currency
of the Consolidated Financial Statements. Additionally, exchange differences between accounts receivable kept by the companies in Chile
with foreign subsidiaries are presented in this account, which have been treated as investment accounted for using the equity method,
Translation reserves are detailed as follows:
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Brazil | |
| (70,162,141 | ) | |
| (160,821,266 | ) |
Argentina | |
| (456,886,875 | ) | |
| (411,014,057 | ) |
Paraguay | |
| 43,839,957 | | |
| (9,819,309 | ) |
Total | |
| (483,209,059 | ) | |
| (581,654,632 | ) |
The movement of this reserve for the periods ended
on the dates indicated below, is detailed as follows:
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Brazil | |
| 35,979,847 | | |
| (20,058,869 | ) |
Argentina | |
| 8,059,908 | | |
| (50,025,207 | ) |
Paraguay | |
| 29,584,085 | | |
| (16,087,190 | ) |
Total | |
| 73,623,840 | | |
| (86,171,266 | ) |
| 21.4 | Non-controlling interests |
This is the recognition of the portion of equity
and income from subsidiaries owned by third parties. This account is detailed as follows:
| |
Non-controlling interests | |
| |
Ownership % | | |
Shareholders’ Equity | | |
Income | |
| |
| | |
| | |
March | | |
March | | |
March | | |
March | |
Description | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Embotelladora del Atlántico S.A. | |
| 0.0171 | | |
| 0.0171 | | |
| 42,017 | | |
| 36,971 | | |
| 3,544 | | |
| 2,637 | |
Andina Empaques Argentina S.A. | |
| 0.0209 | | |
| 0.0209 | | |
| 4,277 | | |
| 3,972 | | |
| (325 | ) | |
| (114 | ) |
Paraguay Refrescos S.A. | |
| 2.1697 | | |
| 2.1697 | | |
| 7,453,569 | | |
| 6,092,565 | | |
| 373,629 | | |
| 274,382 | |
Vital S.A. | |
| 35.0000 | | |
| 35.0000 | | |
| 9,503,298 | | |
| 9,289,627 | | |
| (15,229 | ) | |
| 456,334 | |
Vital Aguas S.A. | |
| 33.5000 | | |
| 33.5000 | | |
| 2,434,632 | | |
| 2,438,279 | | |
| 43,566 | | |
| 225,307 | |
Envases Central S.A. | |
| 40.7300 | | |
| 40.7300 | | |
| 7,626,621 | | |
| 7,299,266 | | |
| 134,983 | | |
| 634,709 | |
Re-Ciclar S.A | |
| 40.0000 | | |
| 40.0000 | | |
| 8,817,488 | | |
| 4,450,694 | | |
| (28,063 | ) | |
| 165,487 | |
Total | |
| | | |
| | | |
| 35,881,902 | | |
| 29,611,374 | | |
| 512,105 | | |
| 1,758,742 | |
The basic earnings per share presented in the
statement of comprehensive income is calculated as the quotient between income for the period and the weighted average number of shares
outstanding during the same period.
Earnings per share used to calculate basic and
diluted earnings per share is detailed as follows:
Earnings per share | |
03.31.2024 | |
| |
SERIES A | | |
SERIES B | | |
TOTAL | |
Earnings attributable to shareholders (CLP 000’s) | |
| 33,721,143 | | |
| 37,092,659 | | |
| 70,813,802 | |
Weighted average number of shares | |
| 473,289,301 | | |
| 473,281,303 | | |
| 946,570,604 | |
Earnings per basic and diluted share (CLP) | |
| 71.25 | | |
| 78.37 | | |
| 74.81 | |
Earnings per share | |
03.31.2023 | |
| |
| SERIES A | | |
| SERIES B | | |
| TOTAL | |
Earnings attributable to shareholders (CLP 000’s) | |
| 20,637,661 | | |
| 22,701,060 | | |
| 43,338,721 | |
Weighted average number of shares | |
| 473,289,301 | | |
| 473,281,303 | | |
| 946,570,604 | |
Earnings per basic and diluted share (CLP) | |
| 43.60 | | |
| 47.97 | | |
| 45.78 | |
22 – DERIVATIVE
ASSETS AND LIABILITIES
Embotelladora Andina currently maintains “Cross
Currency Swaps” and “Currency Forward” agreements as derivative financial instruments.
Cross Currency Swaps (“CCS”), also
known as interest rate and currency swaps are valued by the method of discounted future cash flows at a market rate corresponding to the
currencies and rates of the transaction.
On the other hand, the fair value of forward currency
contracts is calculated in reference to current forward exchange rates for contracts with similar maturity profiles.
As of the date of these financial statements,
the Company holds the following derivative instruments:
| 22.1 | Accounting recognition of cross currency and rate
swaps |
Cross Currency Swaps, associated with local
Bonds (Chile)
At the closing date
of these financial statements, the Company maintains derivative contracts to secure some of its bond debt issued in Unidades de Fomento
totaling UF 8,842,853 (UF 8,911,035 as of December 31, 2023), to convert those obligations to CLP.
These contracts were
valued at fair value, yielding a net asset as of the closing date of these financial statements of ThCh$ 72,441,025 (ThCh$ 71,053,190
as of December 31, 2023) which is presented in Other non-current financial assets. Maturity dates of derivative contracts are distributed
throughout 2026, 2031, 2034 and 2035.
Cross Currency Swaps, associated with international
Bonds (U.S.A. and Switzerland)
At the closing date of these financial statements,
the Company has derivative contracts to secure obligations with the public issued in U.S. dollars for USD 300 million, to convert these
obligations into Chilean pesos indexed by the Consumer Price Index (UF) maturing in 2050. Additionally, there are derivative contracts
to secure obligations with the public issued in Swiss francs for an amount of CHF 170 million to convert this obligation into Brazilian
reais maturing in 2028.
The valuation of the first contract at fair value
results in a non-current liability of ThCh$ 22,237,213, as of the closing date of the financial statements (non-current liability of ThCh$
52,449,925 as of December 31, 2023), while the valuation of the second contract at fair value results in a non-current liability
of ThCh$ 1,173,326 (non-current asset of ThCh$ 7,935,525, as of December 31, 2023).
The amount of exchange differences recognized
in the statement of income related to financial liabilities in U.S. dollars and Swiss francs is absorbed by the amounts recognized under
comprehensive income.
| 22.2 | Forward
currency transactions expected to be very likely |
During the 2024
period and 2023 fiscal year, Embotelladora Andina entered into forward contracts to ensure the exchange rate on future commodity purchasing
needs for its 4 operations, i.e., closing forward instruments in USD/ARS, USD/BRL, USD/CLP, EUR/CLP and USD/PYG. At the closing
date of these financial statements, outstanding contracts amount to USD 72.9 million (USD 87.4 million as of December 31, 2023).
Futures contracts that ensure prices of future
raw materials have not been designated as hedge agreements, since they do not fulfill IFRS documentation requirements, whereby its effects
on variations in fair value are accounted for directly under other comprehensive income.
At the closing date of these financial statements,
the Company held assets for derivative contracts for ThCh$ 73,768,516 (ThCh$ 80,083,558 as of December 31, 2023) and held liabilities
for derivative contracts for ThCh$ 24,654,505 (ThCh$ 53,908,135 thousand as of December 31, 2023). Those contracts covering existing
items have been classified in the same category of hedged, the net amount of derivative contracts by concepts covering forecasted items
have been classified in current and non-current financial assets and financial liabilities. All the derivative contracts are carried at
fair value in the consolidated statement of financial position.
The Company uses the following hierarchy for determining
and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted
(unadjusted) prices in active markets for identical assets or liabilities
Level 2: Inputs
other than quoted prices included in level 1 that are observable for the assets and liabilities, either directly (that is, as prices)
or indirectly (that is, derived from prices)
Level 3: Inputs
for assets and liabilities that are not based on observable market data.
During the reporting period, there were no transfers
of items between fair value measurement categories; all of which were valued during the period using level 2.
|
|
Fair
Value Measurement at March 31, 2024 |
|
|
|
|
|
|
Quoted prices in active
markets for |
|
|
Observable |
|
|
|
|
|
|
|
|
|
identical assets or liabilities |
|
|
market data |
|
|
Unobservable market data |
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Total |
|
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current financial assets |
|
|
- |
|
|
|
1,327,491 |
|
|
|
- |
|
|
|
1,327,491 |
|
Other non-current financial assets |
|
|
- |
|
|
|
72,441,025 |
|
|
|
- |
|
|
|
72,441,025 |
|
Total assets |
|
|
- |
|
|
|
73,768,516 |
|
|
|
- |
|
|
|
73,768,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current financial liabilities |
|
|
- |
|
|
|
1,443,966 |
|
|
|
- |
|
|
|
1,443,966 |
|
Other non-current financial liabilities |
|
|
- |
|
|
|
23,410,539 |
|
|
|
- |
|
|
|
23,410,539 |
|
Total Liabilities |
|
|
- |
|
|
|
24,654,505 |
|
|
|
- |
|
|
|
24,654,505 |
|
|
|
Fair Value Measurement at December 31, 2023 |
|
|
|
|
|
|
Quoted prices in active markets for |
|
|
|
Observable |
|
|
|
|
|
|
|
|
|
identical assets or liabilities |
|
|
market data |
|
|
Unobservable market data |
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Total |
|
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
|
ThCh$ |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current financial assets |
|
|
- |
|
|
|
1,094,843 |
|
|
|
- |
|
|
|
1,094,843 |
|
Other non-current financial assets |
|
|
- |
|
|
|
78,988,714 |
|
|
|
- |
|
|
|
78,988,714 |
|
Total assets |
|
|
- |
|
|
|
80,083,557 |
|
|
|
- |
|
|
|
80,083,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current financial liabilities |
|
|
- |
|
|
|
1,458,210 |
|
|
|
- |
|
|
|
1,458,210 |
|
Other non-current financial liabilities |
|
|
- |
|
|
|
52,449,925 |
|
|
|
- |
|
|
|
52,449,925 |
|
Total Liabilities |
|
|
- |
|
|
|
53,908,135 |
|
|
|
- |
|
|
|
53,908,135 |
|
23 – LITIGATION
AND CONTINGENCIES
23.1 Lawsuits
and other legal actions:
In the opinion of the Company's legal counsel,
the Parent
Company and its subsidiaries do not face legal
or extrajudicial contingencies that might result in material or significant losses or gains, except for the following:
| 1) | Embotelladora del Atlántico S.A. and Andina Empaques Argentina S.A.
face labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these
lawsuits, totaling CLP 602,319 thousand (CLP 490,108 thousand as of December 31, 2023). Management considers it unlikely that non-provisioned
contingencies will affect the Company's income and equity, based on the opinion of its legal counsel. Additionally, Embotelladora del
Atlántico S.A. maintains time deposits for an amount of CLP 66,500 thousand to guaranty judicial liabilities. |
| 2) | Rio de Janeiro Refrescos Ltda. faces labor, tax, civil and trade lawsuits.
Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling CLP 59,392,696
thousand (CLP 52,997,682 thousand as of December 31, 2023). Management considers it unlikely that non-provisioned contingencies will
affect the Company's income and equity, based on the opinion of its legal counsel. As it is customary in Brazil, Rio de Janeiro Refrescos
Ltda. maintains Deposit in courts and assets given in pledge to secure the compliance of certain processes, irrespective of whether these
have been classified as a possible, probable or remote. The amounts deposited or pledged as legal guarantees amounted to CLP 28,027,041
thousand (CLP 25,845,561 thousand as of December 31, 2023). |
Part of
the assets held under warranty by Rio de Janeiro Refrescos Ltda. are in the process of being released and others have already been released
in exchange for guarantee insurance and bond letters for BRL 1,942,393,176, with different Financial Institutions and Insurance Companies
in Brazil, these entities receive an annual commission fee of 0.17%. and become responsible of fulfilling obligations with the
Brazilian tax authorities should any trial result against Rio de Janeiro Refrescos Ltda. Additionally, if the warranty and bond letters
are executed, Rio de Janeiro Refrescos Ltda. promises to reimburse to the financial institutions and Insurance Companies any amounts disbursed
by them to the Brazilian government.
Main contingencies faced by Rio de Janeiro
Refrescos are as follows:
| a) | Tax contingencies resulting from credits on tax on industrialized products (IPI). |
Rio de Janeiro Refrescos is a party
to a series of proceedings under way, in which the Brazilian federal tax authorities demand payment of value-added tax on industrialized
products (Imposto sobre Produtos Industrializados, or IPI) totaling BRL 3,273,264,562 at the date of these financial statements.
The Company does not share the position
of the Brazilian tax authority in these procedures and considers that it was entitled to claim IPI tax credits in connection with purchases
of certain exempt raw materials from suppliers located in the Manaus free trade zone.
Based on the opinion of its advisers,
and legal outcomes to date, Management estimates that these procedures do not represent probable losses and has not recorded a provision
on these matters.
Notwithstanding the above, the IFRS
related to business combination in terms of distribution of the purchase price establish that contingencies must be measured one by one
according to their probability of occurrence and discounted at fair value from the date on which it is deemed the loss can be generated.
As a result of the acquisition of Companhia de Bebidas Ipiranga in 2013 and pursuant to this criterion and although there are contingencies
listed only as possible for BRL 6633,599,615 (amount includes adjustments for current lawsuits) a start provision has been generated
in the accounting of the business combination for BRL 124,917,560.
| b) | Other tax contingencies. |
They refer
to ICMS-SP tax administrative processes that challenge the credits derived from the acquisition of tax-exempt products acquired by the
Company from a supplier located in the Manaus Free Zone. The total amount is BRL 539,746,597 being assessed by external attorneys as a
remote loss, so it has no accounting provision.
The company
was challenged by the federal tax authority for tax deductibility of a portion of goodwill in the 2014-2016 period arising from the acquisition
of Companhia de Bebidas Ipiranga. The tax authority understands that the entity that acquired Companhia de Bebidas Ipiranga is Embotelladora
Andina and not Rio de Janeiro Refrescos Ltda. In the view of external lawyers, such a statement is erroneous, classifying it as a possible
loss. The value of this process is BRL 11,001,667,069, as of the date of these financial statements.
| 3) | Embotelladora Andina S.A. and its Chilean subsidiaries face labor, tax, civil and trade lawsuits. Accounting
provisions have been made for the contingency of a probable loss because of these lawsuits, totaling CLP 1,670,346 thousand (CLP 1,267,215
thousand as of December 31, 2023). Management considers it is unlikely that non-provisioned contingencies will affect income and
equity of the Company, in the opinion of its legal advisors. |
| 4) | Paraguay Refrescos S.A. faces tax, trade, labor and other lawsuits. Accounting provisions have been made
for the contingency of any loss because of these lawsuits amounting to CLP 51,630 thousand (CLP 46,891, thousand as of December 31,
2023). Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion
of its legal advisors. |
23.2 Direct
guarantees and restricted assets:
Guarantees and restricted assets are detailed
as follows:
Guarantees that commit assets recognized in
the financial statements:
| |
Committed assets | |
Accounting
value | |
Guaranty
creditor | |
Debtor
name | |
Relationship | |
Guaranty | |
Type | |
03.31.2024 | |
12.31.2023 | |
| |
| |
| |
| |
| |
ThCh$ | |
ThCh$ | |
Administradora
Plaza Vespucio S.A. | |
Embotelladora
Andina S.A. | |
Parent
company | |
Guarantee
receipt | |
Trade
accounts and other accounts receivable | |
66,835 | |
169,150 | |
Cooperativa
Agrícola Pisquera Elqui Limitada | |
Embotelladora
Andina S.A. | |
Parent company | |
Guarantee
receipt | |
Other non-current
financial assets | |
1,144,204 | |
1,125,595 | |
Mall Plaza | |
Embotelladora
Andina S.A. | |
Parent company | |
Guarantee
receipt | |
Trade accounts
and other accounts receivable | |
322,581 | |
666,024 | |
Metro S.A. | |
Embotelladora
Andina S.A. | |
Parent company | |
Guarantee
receipt | |
Trade accounts
and other accounts receivable | |
22,404 | |
22,222 | |
Parque Arauco
S.A. | |
Embotelladora
Andina S.A. | |
Parent company | |
Guarantee
receipt | |
Trade accounts
and other accounts receivable | |
150,971 | |
299,464 | |
Lease agreement | |
Embotelladora
Andina S.A. | |
Parent company | |
Guarantee
receipt | |
Trade accounts
and other accounts receivable | |
97,095 | |
96,299 | |
Others | |
Embotelladora
Andina S.A. | |
Parent company | |
Guarantee
receipt | |
Trade accounts
and other accounts receivable | |
48,381 | |
59,468 | |
Several
retail | |
Transportes
Polar | |
Subsidiary | |
Guarantee
receipt | |
Trade accounts
and other accounts receivable | |
17,656 | |
17,656 | |
Workers’
claims | |
Rio de Janeiro
Refrescos Ltda. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
7,497,578 | |
7,100,709 | |
Civil and
tax claims | |
Rio de Janeiro
Refrescos Ltda. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
8,318,529 | |
7,485,574 | |
Governmental
entities | |
Rio de Janeiro
Refrescos Ltda. | |
Subsidiary | |
Plant and
equipment | |
Property,
plant & equipment | |
12,210,934 | |
11,259,278 | |
Distribuidora
Baraldo S.H. | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
23 | |
22 | |
Acuña
Gomez | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
34 | |
33 | |
Nicanor
López | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
25 | |
23 | |
Municipalidad
Bariloche | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
458 | |
434 | |
Municipalidad
San Antonio Oeste | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
2,526 | |
2,395 | |
Municipalidad
Carlos Casares | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
102 | |
97 | |
Municipalidad
Chivilcoy | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
15,797 | |
14,979 | |
Granada
Maximiliano | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
206 | |
195 | |
Municipalidad
de Junin | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
99 | |
94 | |
Almada Jorge | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
279 | |
265 | |
Temas Industriales
SA - Embargo General de Fondos | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
14,347 | |
13,604 | |
DBC SA C
CERVECERIA ARGENTINA SA ISEMBECK | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
2,574 | |
2,441 | |
Coto Cicsa | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
1,201 | |
1,139 | |
Cencosud | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
286 | |
271 | |
Jose Luis
Kreitzer, Alexis Beade Y Cesar Bechetti | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
27,336 | |
25,920 | |
Vicentin | |
Embotelladora
del Atlántico S.A. | |
Subsidiary | |
Judicial
deposit | |
Other non-current
non-financial assets | |
1,133 | |
1,074 | |
Marcus A.Peña | |
Paraguay
Refrescos | |
Subsidiary | |
Real estate | |
Property,
plant & equipment | |
5,987 | |
5,332 | |
Ana Maria
Mazó | |
Paraguay
Refrescos | |
Subsidiary | |
Real estate | |
Property,
plant & equipment | |
1,186 | |
1,077 | |
Stefano
Szwao Giacomelli | |
Paraguay
Refrescos | |
Subsidiary | |
Real estate | |
Property,
plant & equipment | |
3,185 | |
2,892 | |
Guarantees that do not commit assets recognized in the Financial
Statements:
| |
Committed
assets | |
Amounts
involved | |
Guaranty
creditor | |
Debtor
name | |
Relationship | |
Guaranty | |
Type | |
03.31.2024 | |
12.31.2023 | |
| |
| |
| |
| |
| |
ThCh$ | |
ThCh$ | |
Labor
procedures | |
Rio
de Janeiro Refrescos Ltda. | |
Subsidiary | |
Guaranty
receipt | |
Legal
proceeding | |
3,059,948 | |
2,681,242 | |
Administrative
procedures | |
Rio de Janeiro
Refrescos Ltda. | |
Subsidiary | |
Guaranty
receipt | |
Legal proceeding | |
13,423,882 | |
11,245,798 | |
Federal
government | |
Rio de Janeiro
Refrescos Ltda. | |
Subsidiary | |
Guaranty
receipt | |
Legal proceeding | |
242,939,915 | |
223,415,663 | |
State government | |
Rio de Janeiro
Refrescos Ltda. | |
Subsidiary | |
Guaranty
receipt | |
Legal proceeding | |
116,833,105 | |
108,317,724 | |
Sorocaba
Refrescos | |
Rio de Janeiro
Refrescos Ltda. | |
Subsidiary | |
Guaranty
receipt | |
Guarantor | |
3,929,827 | |
3,623,490 | |
Others | |
Rio de Janeiro
Refrescos Ltda. | |
Subsidiary | |
Guaranty
receipt | |
Legal proceeding | |
1,476,749 | |
1,369,766 | |
Aduana de
EZEIZA | |
Andina Empaques
Argentina S.A. | |
Subsidiary | |
Surety insurance | |
Faithful
compliance of contract | |
437,320 | |
658,369 | |
Aduana de
EZEIZA | |
Andina Empaques
Argentina S.A. | |
Subsidiary | |
Surety insurance | |
Faithful
compliance of contract | |
4,349 | |
3,886 | |
24 – FINANCIAL
RISK MANAGEMENT
The Company’s businesses are exposed to
a variety of financial and market risks (including foreign exchange risk, interest rate risk and price risk). The Company’s global
risk management program focuses on the uncertainty of financial markets and seeks to minimize potential adverse effects on the performance
of the Company. The Company uses derivatives to hedge certain risks. A description of the primary policies established by the Company
to manage financial risks are provided below:
Interest Rate Risk
At the closing date of these financial statements,
the Company maintains all of its debt obligations denominated in fixed rates in order to avoid fluctuations in financial expenses resulting
from an increase in interest rates.
The Company's indebtedness corresponds to six bonds in the Chilean
local market at fixed rates, which currently have an outstanding balance of UF14.54 million (UF14.61 million as of December 31, 2023)
denominated in Unidades de Fomento ("UF"), a debt indexed to inflation in Chile (the Company's sales are correlated to the variation
of the UF). Of the total bonds, five are redenominated through derivatives to Chilean Pesos (CLP) in their rate and notional value, maintaining
the structure of the bond.
On the other hand, the Company has indebtedness in the international
market through a USD 300 million fixed-rate 144A/RegS bond issued in the US, which has been redenominated through derivatives to Unidades
de Fomento ("UF", Chilean pesos indexed to inflation) in its rate and nominal value, maintaining the structure of the bond.
Additionally, in September 2023 a bond was issued in the Swiss market for an amount of CHF 170 million at a fixed rate [CHF], which
has been redenominated, through derivatives, to Brazilian reais (BRL) in its rate and notional value, maintaining the structure of the
bond.
Credit risk
The credit risk to which the Company is exposed
comes mainly from trade accounts receivable maintained with retailers, wholesalers and supermarket chains in domestic markets; and the
financial investments held with banks and financial institutions, such as time deposits, mutual funds and derivative financial instruments.
| a) | Trade accounts receivable and other current accounts receivable |
Credit risk related to trade accounts receivable
is managed and monitored by the area of Finance and Administration of each business unit. The Company has a broad client-base implying
a high level of atomization of accounts receivable, which are subject to policies, procedures and controls established by the Company.
In accordance with such policies, credits must be based objectively, non-discretionary and uniformly granted to all clients of the same
segment and channel, provided these will allow generating economic benefits to the Company. The credit limit is checked periodically considering
payment behavior. Trade accounts receivable pending of payment are monitored on a monthly basis,
In accordance with Corporate Credit
Policy, the interruption of sale must be within the following framework: when a customer has outstanding debts for an amount greater than
USD 250,000, and over 60 days expired, sale is suspended. The General Manager in conjunction with the Finance and Administration Manager
authorize exceptions to this rule, and if the outstanding debt should exceed USD 1,000,000, and in order to continue operating with that
client, the authorization of the Chief Financial Officer is required. Notwithstanding the foregoing, each operation can define an amount
lower than USD 250,000 according to the country’s reality.
The impairment recognition policy establishes
the following criteria for provisions: 30% is provisioned for 31 to 60 days overdue, 60% between 60 and 91 days, 90% between 91 and 120
days overdue and 100% for more than 120 days. Exemption of the calculation of global impairment is given to credits whose delays in the
payment correspond to accounts disputed with the customer whose nature is known and where all necessary documentation for collection is
available, therefore, there is no uncertainty on recovering them. However, these accounts also have an impairment provision as follows:
40% for 91 to 120 days overdue, 80% between 120 and 170, and 100% for more than 170 days.
| iii. | Prepayment to suppliers |
The Policy establishes that USD 25,000
prepayments can only be granted to suppliers if its value is properly and fully provisioned. The Treasurer of each subsidiary must approve
supplier warranties that the Company receives for prepayments before signing the respective service contract, In the case of domestic
suppliers, a warranty ballot (or the instrument existing in the country) shall be required, in favor of Andina executable in the respective
country, non-endorsable, payable on demand or upon presentation and its validity will depend on the term of the contract. In the case
of foreign suppliers, a stand-by credit letter will be required which shall be issued by a first line bank; in the event that this document
is not issued in the country where the transaction is done, a direct bank warranty will be required. Subsidiaries can define the best
way of safeguarding the Company’s assets for prepayments under USD 25,000.
In Chile, we have insurance with Compañía de
Seguros de Crédito Continental S.A (AA rating –according to Fitch Chile and Humphreys rating agencies) covering the credit
risk regarding trade debtors in Chile.
The rest of the operations do not have credit insurance,
instead mortgage guarantees are required for volume operations of wholesalers and distributors in the case of trade accounts receivables.
In the case of other debtors, different types of guarantees are required according to the nature of the credit granted.
Historically, uncollectible trade accounts have been lower
than 0.5% of the Company’s total sales,
The Company has a Policy that is applicable to
all the companies of the group in order to cover credit risks for financial investments, restricting both the types of instruments as
well as the institutions and degree of concentration. The companies of the group can invest in:
| i. | Time deposits: only in banks or financial institutions that have a risk rating equal to or higher than
Level 1 (Fitch) or equivalent for deposits of less than 1 year and rated A or higher (S&P) or equivalent for deposits of more than
1 year. |
| ii. | Mutual funds: investments with immediate liquidity and no risk of capital (funds composed of investments
at a fixed-term, current account, fixed rate Tit BCRA, negotiable obligations, Over Night, etc.,) in all those counter-parties that
have a rating greater than or equal to AA-(S&P) or equivalent, Type 1 Pacts and Mutual Funds, with a rating greater than or equal
to AA+ (S&P) or equivalent. |
| iii. | Other investment alternatives must be evaluated and authorized by the office of the Chief Financial Officer. |
Exchange Rate Risk
The Company is exposed to three types of risk
caused by exchange rate volatility in the countries where it operates:
a) Exposure
of foreign investment
This risk originates from the translation of net
investment from the functional currency of each country (Brazilian Real, Paraguayan Guaraní, and Argentine Peso) to the Parent
Company’s reporting currency (Chilean Peso). Appreciation or devaluation of the Chilean Peso with respect to the functional currencies
of each country, originates decreases and increases in equity, respectively. The Company does not hedge this risk.
The Company evaluates the fluctuations of the currencies used in the
Operations (local currencies) with respect to the presentation currency of the financial statements through a sensitivity analysis on
total assets, total liabilities and net equity in local currency.
| |
USD/CLP | | |
BRL/CLP | | |
ARS/CLP | | |
PGY/CLP | |
Exchange rate variation at reporting date | |
| 981.71 | | |
| 8.5 | % | |
| 5.5 | % | |
| 10.1 | % |
| |
Brazil | | |
Argentina | | |
Paraguay | |
| |
ThCh$ | | |
ThCh$ | | |
ThCh$ | |
Total assets | |
| 992,088,707 | | |
| 418,570,427 | | |
| 407,413,600 | |
Total liabilities | |
| 599,142,080 | | |
| 157,252,542 | | |
| 63,889,743 | |
Net investment | |
| 392,946,627 | | |
| 261,317,885 | | |
| 343,523,857 | |
Share on income | |
| 28.9 | % | |
| 21.7 | % | |
| 9.2 | % |
| |
| | | |
| | | |
| | |
| |
| BRL/CLP | | |
| ARS/CLP | | |
| PGY/CLP | |
-10% variation impact on currency translation | |
| | | |
| | | |
| | |
Variation impact on results | |
| (1,896,945 | ) | |
| (394,445 | ) | |
| (1,565,454 | ) |
Variation impact on equity | |
| (39,381,823 | ) | |
| (23,756,171 | ) | |
| (32,128,529 | ) |
The above scenario represents the exchange rate
sensitivity of minus 10% over the actual exchange rates at the reporting date, impacting the translation of local currencies to the presentation
currency of the Group's financial statements, and how it would impact the results and equity of the different Operations.
Net exposure of assets and liabilities in foreign currency
This risk stems mostly from carrying liabilities in US dollar, so the
volatility of the US dollar with respect to the functional currency of each country generates a variation in the valuation of these obligations,
with consequent effect on results.
In order to protect the Company from the effects on income resulting
from the volatility of the Brazilian Real and the Chilean Peso against the U,S, dollar, the Company maintains derivative contracts (cross
currency swaps) to cover almost 100% of US dollar-denominated financial liabilities.
By designating such contracts as hedging derivatives, the effects on
income for variations in the Chilean Peso and the Brazilian Real against the US dollar, are mitigated annulling its exposure to exchange
rates.
b) Exposure of assets purchased or indexed to foreign currency
This risk originates from purchases of raw materials and investments
in Property, plant and equipment, whose values are expressed in a currency other than the functional currency of the subsidiary. Changes
in the value of costs or investments can be generated through time, depending on the volatility of the exchange rate.
In order to minimize this risk, the Company maintains
a currency hedging policy stipulating that it is necessary to enter into foreign currency derivatives contracts to lessen the effect of
the exchange rate over cash expenditures expressed in US dollars, corresponding mainly to payment to suppliers of raw materials in each
of the operations. This policy stipulates up to 12-month forward horizon.
Commodities risk
The Company is subject to the risk of price fluctuations
in the international markets mainly for sugar, PET resin and aluminum, which are inputs used to produce beverages and containers, which
together account for 35% to 40% of operating costs. Procurement and anticipated purchase contracts are made frequently to minimize and/or
stabilize this risk. To minimize this risk or stabilize often supply contracts and anticipated purchases are made when market conditions
warrant.
Liquidity risk
The products we
sell are mainly paid for in cash and short-term credit; therefore, the Company´s main source of financing comes from the cash flow
of our operations. This cash flow has historically been sufficient to cover the investments necessary for the normal course of
our business, as well as the distribution of dividends approved by the General Shareholders’ Meeting. Should additional funding
be required for future geographic expansion or other needs, the main sources of financing to consider are: (i) debt offerings in
the Chilean and foreign capital markets (ii) borrowings from commercial banks, both internationally and in the local markets where
the Company operates; and (iii) public equity offerings.
The following table presents an analysis of the
Company’s committed maturities for liability payments throughout the coming years:
| |
Payments on the year of maturity | |
Item | |
| 1 year | | |
| More than 1 up
to 2 | | |
| More than 2 up
to 3 | | |
| More than 3 up
to 4 | | |
| More than 5 | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Bank debt | |
| 8,177,877 | | |
| - | | |
| 9,444,232 | | |
| 4,040,444 | | |
| - | |
Bonds payable | |
| 23,495,664 | | |
| 17,409,130 | | |
| 11,531,545 | | |
| 5,058,208 | | |
| 991,923,201 | |
Lease obligations | |
| 9,266,474 | | |
| 5,148,091 | | |
| 5,132,146 | | |
| 2,979,297 | | |
| 7,373,333 | |
Contractual obligations (1) | |
| 115,592,632 | | |
| 19,354,601 | | |
| 18,434,887 | | |
| 18,072,556 | | |
| 11,588,777 | |
Total | |
| 156,532,647 | | |
| 41,911,822 | | |
| 44,542,810 | | |
| 30,150,505 | | |
| 1,010,885,311 | |
| (1) | Agreements that the Andina Group has with collaborating entities for its operation, which are mainly related
to contracts entered into to supply products and/or support services in information technology services, commitments of the company with
its franchisor to make investments or expenses related to the development of the franchise, support services to personnel, security services,
maintenance services of fixed assets, purchase of inputs for production, among others. |
25 – EXPENSES BY NATURE
Other expenses by nature are:
| |
01.01.2024 | | |
01.01.2023 | |
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Direct production costs | |
| (399,440,903 | ) | |
| (363,263,559 | ) |
Payroll and employee benefits | |
| (115,430,059 | ) | |
| (92,847,642 | ) |
Transportation and distribution | |
| (60,930,400 | ) | |
| (62,867,615 | ) |
Advertisement | |
| (12,386,646 | ) | |
| (11,157,859 | ) |
Depreciation and amortization | |
| (35,816,660 | ) | |
| (29,133,739 | ) |
Repairs and maintenance | |
| (12,953,739 | ) | |
| (7,418,208 | ) |
Other expenses | |
| (43,083,658 | ) | |
| (34,866,679 | ) |
Total (1) | |
| (680,042,065 | ) | |
| (603,519,281 | ) |
| (1) | Corresponds to the addition of cost of sales, administrative expenses and distribution costs. |
26 – OTHER INCOME
Other income by function is detailed as follows:
| |
01.01.2024 | | |
01.01.2023 | |
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Gain due to disposal of Property, plant and equipment | |
| 107,662 | | |
| 11,067 | |
Others | |
| 249,423 | | |
| 179,209 | |
Total | |
| 357,085 | | |
| 190,276 | |
(1) Restitution of credits for the payment of coffee quota (cota
café)
27 – OTHER EXPENSES BY FUNCTION
Other expenses by
function are detailed as follows:
| |
01.01.2024 | | |
01.01.2023 | |
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Contingencies and non-operating fees | |
| (5,716,299 | ) | |
| (2,773,351 | ) |
Tax on bank debits | |
| (1,737,476 | ) | |
| (1,712,062 | ) |
Write-offs, disposals and loss (gain) on sale of property, plant and equipment | |
| (198,470 | ) | |
| - | |
Others | |
| (1,689,624 | ) | |
| (85,649 | ) |
Total | |
| (9,341,869 | ) | |
| (4,571,061 | ) |
28 – FINANCIAL INCOME AND EXPENSES
Financial income
and costs are detailed as follows:
| |
01.01.2024 | | |
01.01.2023 | |
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Interest income | |
| 8,872,295 | | |
| 9,990,357 | |
Ipiranga purchase warranty restatement | |
| 12,987 | | |
| 11,020 | |
From PIS credit and COFINS (1) | |
| - | | |
| 133,014 | |
Other financial income (2) | |
| (4,926,492 | ) | |
| 1,494,594 | |
Total | |
| 3,958,790 | | |
| 11,628,985 | |
| (1) | See Note 6 for more information on recovery. |
| (2) | Lower income of ThCh$ 5,968,742 (loss) from valuation of instruments (BOPREAL). |
| |
01.01.2024 | | |
01.01.2023 | |
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Bond interest | |
| (13,091,405 | ) | |
| (12,508,918 | ) |
Bank loan interest | |
| (78,738 | ) | |
| (99,257 | ) |
Lease interest | |
| (819,505 | ) | |
| (550,366 | ) |
Other financial costs | |
| (1,571,761 | ) | |
| (758,022 | ) |
Total | |
| (15,561,409 | ) | |
| (13,916,563 | ) |
29 – OTHER (LOSSES) GAINS
Other (losses) gains
are detailed as follows:
| |
01.01.2024 | | |
01.01.2023 | |
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Other gains and losses | |
| - | | |
| (18 | ) |
Total | |
| - | | |
| (18 | ) |
30 – EXCHANGE DIFFERENCE
Exchange differences are detailed as follows:
| |
01.01.2024 | | |
01.01.2023 | |
Description | |
03.31.2024 | | |
03.31.2023 | |
| |
ThCh$ | | |
ThCh$ | |
Generated by suppliers | |
| (1,848,025 | ) | |
| (3,616,617 | ) |
Generated by financial assets | |
| 1,601,681 | | |
| (1,116,517 | ) |
Generated by financial liabilities | |
| 383,129 | | |
| (447,270 | ) |
Other | |
| (444,266 | ) | |
| 677,433 | |
Total | |
| (307,481 | ) | |
| (4,502,971 | ) |
31 - LOCAL AND FOREIGN CURRENCY
Local and foreign currency balances are the following:
CURRENT ASSETS | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Cash and cash equivalent | |
| 301,523,107 | | |
| 303,683,683 | |
USD | |
| 23,544,467 | | |
| 9,462,829 | |
EUR | |
| 292,278 | | |
| 437,604 | |
CLP | |
| 93,324,651 | | |
| 140,758,085 | |
BRL | |
| 116,655,302 | | |
| 96,214,729 | |
ARS | |
| 3,789,933 | | |
| 18,340,987 | |
PGY | |
| 63,916,476 | | |
| 38,469,449 | |
| |
| | | |
| | |
Other current financial assets | |
| 69,265,420 | | |
| 67,285,793 | |
CLP | |
| 68,879,662 | | |
| 66,587,339 | |
BRL | |
| 324,949 | | |
| 13,897 | |
ARS | |
| 27,839 | | |
| 684,557 | |
PGY | |
| 32,970 | | |
| - | |
| |
| | | |
| | |
Other non-current financial assets | |
| 33,042,335 | | |
| 19,311,851 | |
USD | |
| 5,301,985 | | |
| 174,579 | |
EUR | |
| 21,498 | | |
| 615,636 | |
UF | |
| 1,224,201 | | |
| 1,196,729 | |
CLP | |
| 4,395,863 | | |
| 6,353,138 | |
BRL | |
| 3,567,799 | | |
| 3,213,978 | |
ARS | |
| 13,185,237 | | |
| 3,531,840 | |
PGY | |
| 5,345,752 | | |
| 4,225,951 | |
| |
| | | |
| | |
Trade debtors and other accounts payable | |
| 265,777,716 | | |
| 298,892,164 | |
USD | |
| 3,543,726 | | |
| 3,511,802 | |
EUR | |
| 1,351 | | |
| 1,233 | |
UF | |
| 964,072 | | |
| 1,030,138 | |
CLP | |
| 157,121,675 | | |
| 182,395,110 | |
BRL | |
| 73,065,495 | | |
| 79,993,377 | |
ARS | |
| 22,818,890 | | |
| 23,712,111 | |
PGY | |
| 8,262,507 | | |
| 8,248,393 | |
| |
| | | |
| | |
Accounts receivable related entities | |
| 11,643,869 | | |
| 16,161,318 | |
CLP | |
| 11,413,420 | | |
| 14,736,546 | |
BRL | |
| - | | |
| 1,223,699 | |
ARS | |
| - | | |
| - | |
PGY | |
| 230,449 | | |
| 201,073 | |
| |
| | | |
| | |
Inventory | |
| 257,453,254 | | |
| 233,053,160 | |
CLP | |
| 105,442,903 | | |
| 106,204,544 | |
BRL | |
| 68,680,410 | | |
| 64,808,180 | |
ARS | |
| 64,754,281 | | |
| 38,277,180 | |
PGY | |
| 18,575,660 | | |
| 23,763,256 | |
| |
| | | |
| | |
Current tax assets | |
| 47,561,280 | | |
| 43,383,058 | |
USD | |
| 3,360,608 | | |
| 6,253,451 | |
CLP | |
| 11,467,750 | | |
| 6,213,032 | |
BRL | |
| 32,732,922 | | |
| 30,643,656 | |
ARS | |
| - | | |
| 272,919 | |
| |
| | | |
| | |
Total current assets | |
| 986,266,981 | | |
| 981,771,027 | |
USD | |
| 35,750,786 | | |
| 19,402,661 | |
EUR | |
| 315,127 | | |
| 1,054,473 | |
UF | |
| 2,188,273 | | |
| 2,226,867 | |
CLP | |
| 452,045,924 | | |
| 523,247,794 | |
BRL | |
| 295,026,877 | | |
| 276,111,516 | |
ARS | |
| 104,576,180 | | |
| 84,819,594 | |
PGY | |
| 96,363,814 | | |
| 74,908,122 | |
NON-CURRENT ASSETS | |
03.31.2024 | | |
12.31.2023 | |
| |
| ThCh$ | | |
| ThCh$ | |
Other non-current assets | |
| 94,039,657 | | |
| 93,316,339 | |
USD | |
| 21,677,663 | | |
| 19,030,656 | |
UF | |
| 1,216,865 | | |
| 1,216,865 | |
CLP | |
| 52,547,159 | | |
| 53,832,722 | |
BRL | |
| - | | |
| 7,935,524 | |
ARS | |
| 18,597,970 | | |
| 11,300,572 | |
| |
| | | |
| | |
Other non-current, non-financial assets | |
| 63,587,540 | | |
| 59,412,482 | |
USD | |
| 955,749 | | |
| 609,042 | |
UF | |
| 21,065 | | |
| 17,154 | |
CLP | |
| 55,397 | | |
| 55,397 | |
BRL | |
| 58,649,234 | | |
| 55,660,553 | |
ARS | |
| 1,871,526 | | |
| 1,338,592 | |
PGY | |
| 2,034,569 | | |
| 1,731,744 | |
| |
| | | |
| | |
Non-current accounts receivable | |
| 364,674 | | |
| 371,401 | |
UF | |
| 219,110 | | |
| 225,323 | |
CLP | |
| 50,664 | | |
| 51,752 | |
ARS | |
| 4,592 | | |
| 136 | |
PGY | |
| 90,308 | | |
| 94,190 | |
| |
| | | |
| | |
Non-current accounts receivable related entities | |
| 108,021 | | |
| 108,021 | |
CLP | |
| 108,021 | | |
| 108,021 | |
| |
| | | |
| | |
Investments accounted for using the equity method | |
| 95,615,269 | | |
| 91,799,267 | |
CLP | |
| 49,979,096 | | |
| 49,790,788 | |
BRL | |
| 45,636,173 | | |
| 42,008,479 | |
| |
| | | |
| | |
Intangible assets other than goodwill | |
| 733,981,496 | | |
| 695,926,565 | |
CLP | |
| 3,959,421 | | |
| 3,959,421 | |
BRL | |
| 313,509,557 | | |
| 312,908,478 | |
ARS | |
| 211,710,947 | | |
| 195,313,156 | |
PGY | |
| 8,291,034 | | |
| 5,269,949 | |
| |
| 196,510,537 | | |
| 178,475,561 | |
Goodwill | |
| | | |
| | |
CLP | |
| 149,811,813 | | |
| 122,103,802 | |
BRL | |
| 9,523,768 | | |
| 9,523,767 | |
ARS | |
| 78,966,340 | | |
| 72,810,771 | |
PGY | |
| 52,979,952 | | |
| 32,193,085 | |
| |
| 8,341,753 | | |
| 7,576,179 | |
Property, plant and equipment | |
| | | |
| | |
EUR | |
| 995,415,064 | | |
| 872,388,811 | |
UF | |
| 2,913,691 | | |
| 2,429,848 | |
CLP | |
| 11,316,009 | | |
| 11,316,009 | |
BRL | |
| 359,125,934 | | |
| 353,146,598 | |
ARS | |
| 302,099,137 | | |
| 277,936,537 | |
PGY | |
| 227,565,429 | | |
| 140,055,748 | |
| |
| 92,394,864 | | |
| 87,504,071 | |
Deferred tax assets | |
| | | |
| | |
CLP | |
| 4,665,239 | | |
| 4,323,174 | |
PGY | |
| 2,734,814 | | |
| 2,592,024 | |
| |
| 1,930,425 | | |
| 1,731,150 | |
Total non-current assets | |
| | | |
| | |
USD | |
| 2,137,588,773 | | |
| 1,939,749,862 | |
EUR | |
| 26,592,833 | | |
| 23,599,119 | |
UF | |
| 2,913,691 | | |
| 2,429,848 | |
CLP | |
| 12,773,049 | | |
| 12,775,351 | |
BRL | |
| 787,634,410 | | |
| 782,009,547 | |
ARS | |
| 697,061,831 | | |
| 651,665,020 | |
PGY | |
| 309,310,503 | | |
| 190,158,082 | |
| |
| 301,302,456 | | |
| 277,112,895 | |
| |
03.31.2024 | | |
12.31.2023 | |
CURRENT LIABILITIES | |
| Up
to 90 days | | |
| 90 days to 1 year | | |
| Total
| | |
| Up to 90 days | | |
| 90 days to 1 year | | |
| Total
| |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Other current financial liabilities | |
| 17,428,360 | | |
| 36,743,146 | | |
| 54,171,506 | | |
| 16,062,851 | | |
| 36,934,150 | | |
| 52,997,001 | |
USD | |
| 554,556 | | |
| 3,489,231 | | |
| 4,043,787 | | |
| 342,000 | | |
| 5,444,143 | | |
| 5,786,143 | |
EUR | |
| 36,225 | | |
| 113,803 | | |
| 150,028 | | |
| 32,709 | | |
| 90,988 | | |
| 123,697 | |
UF | |
| 13,154,567 | | |
| 9,300,512 | | |
| 22,455,079 | | |
| 13,753,586 | | |
| 13,044,881 | | |
| 26,798,467 | |
CLP | |
| 305,050 | | |
| 15,688,035 | | |
| 15,993,085 | | |
| 899,930 | | |
| 11,384,709 | | |
| 12,284,639 | |
BRL | |
| 726,056 | | |
| 2,277,286 | | |
| 3,003,342 | | |
| 685,038 | | |
| 2,829,430 | | |
| 3,514,468 | |
ARS | |
| 2,651,906 | | |
| 2,078,461 | | |
| 4,730,367 | | |
| 349,588 | | |
| 1,804,522 | | |
| 2,154,110 | |
PGY | |
| - | | |
| 1,647,460 | | |
| 1,647,460 | | |
| - | | |
| 1,482,060 | | |
| 1,482,060 | |
CHF | |
| - | | |
| 2,148,358 | | |
| 2,148,358 | | |
| - | | |
| 853,417 | | |
| 853,417 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Trade accounts payable and other accounts payable, current | |
| 352,027,483 | | |
| 21,854,969 | | |
| 373,882,452 | | |
| 404,557,957 | | |
| 24,354,027 | | |
| 428,911,984 | |
USD | |
| 37,955,824 | | |
| 506,163 | | |
| 38,461,987 | | |
| 37,085,189 | | |
| 2,156,901 | | |
| 39,242,090 | |
EUR | |
| 4,335,738 | | |
| 470,266 | | |
| 4,806,004 | | |
| 5,285,606 | | |
| 297,386 | | |
| 5,582,992 | |
UF | |
| 3,313,051 | | |
| 96,291 | | |
| 3,409,342 | | |
| 3,430,102 | | |
| 302,021 | | |
| 3,732,123 | |
CLP | |
| 126,398,406 | | |
| 20,123,168 | | |
| 146,521,574 | | |
| 166,250,228 | | |
| 21,597,719 | | |
| 187,847,947 | |
BRL | |
| 126,492,587 | | |
| - | | |
| 126,492,587 | | |
| 129,596,874 | | |
| - | | |
| 129,596,874 | |
ARS | |
| 41,197,951 | | |
| 659,081 | | |
| 41,857,032 | | |
| 45,129,973 | | |
| - | | |
| 45,129,973 | |
PGY | |
| 12,333,926 | | |
| - | | |
| 12,333,926 | | |
| 17,779,985 | | |
| - | | |
| 17,779,985 | |
Other currencies | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accounts payable to related companies, current | |
| 109,126,257 | | |
| - | | |
| 109,126,257 | | |
| 96,045,624 | | |
| - | | |
| 96,045,624 | |
CLP | |
| 40,072,592 | | |
| - | | |
| 40,072,592 | | |
| 39,175,392 | | |
| - | | |
| 39,175,392 | |
BRL | |
| 41,706,180 | | |
| - | | |
| 41,706,180 | | |
| 40,225,863 | | |
| - | | |
| 40,225,863 | |
ARS | |
| 16,896,710 | | |
| - | | |
| 16,896,710 | | |
| 8,031,621 | | |
| - | | |
| 8,031,621 | |
PGY | |
| 10,450,775 | | |
| - | | |
| 10,450,775 | | |
| 8,612,748 | | |
| - | | |
| 8,612,748 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other current provisions | |
| 1,420,277 | | |
| 301,697 | | |
| 1,721,974 | | |
| 127,229 | | |
| 1,186,877 | | |
| 1,314,106 | |
CLP | |
| 1,420,277 | | |
| 250,067 | | |
| 1,670,344 | | |
| 127,229 | | |
| 1,139,985 | | |
| 1,267,214 | |
PGY | |
| - | | |
| 51,630 | | |
| 51,630 | | |
| - | | |
| 46,892 | | |
| 46,892 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Current tax liabilities | |
| 11,899,867 | | |
| 15,396,119 | | |
| 27,295,986 | | |
| 7,700,127 | | |
| 5,711,494 | | |
| 13,411,621 | |
CLP | |
| 2,755,926 | | |
| 26,899 | | |
| 2,782,825 | | |
| 2,440,280 | | |
| 23,458 | | |
| 2,463,738 | |
BRL | |
| 9,143,941 | | |
| - | | |
| 9,143,941 | | |
| 5,259,847 | | |
| - | | |
| 5,259,847 | |
ARS | |
| - | | |
| 11,492,380 | | |
| 11,492,380 | | |
| - | | |
| 4,143,057 | | |
| 4,143,057 | |
PGY | |
| - | | |
| 3,876,840 | | |
| 3,876,840 | | |
| - | | |
| 1,544,979 | | |
| 1,544,979 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Current employee Benefit provisions | |
| 27,874,949 | | |
| 12,436,596 | | |
| 40,311,545 | | |
| 47,674,090 | | |
| 10,143,710 | | |
| 57,817,800 | |
CLP | |
| 7,520,891 | | |
| 766,151 | | |
| 8,287,042 | | |
| 5,769,075 | | |
| 8,867,752 | | |
| 14,636,827 | |
BRL | |
| 19,648,051 | | |
| - | | |
| 19,648,051 | | |
| 28,791,559 | | |
| - | | |
| 28,791,559 | |
ARS | |
| 706,007 | | |
| 10,519,870 | | |
| 11,225,877 | | |
| 13,113,456 | | |
| - | | |
| 13,113,456 | |
PGY | |
| - | | |
| 1,150,575 | | |
| 1,150,575 | | |
| - | | |
| 1,275,958 | | |
| 1,275,958 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other current non-financial liabilities | |
| 9,264,541 | | |
| 293,422 | | |
| 9,557,963 | | |
| 2,364,699 | | |
| 40,008,461 | | |
| 42,373,160 | |
CLP | |
| 9,259,679 | | |
| 47,997 | | |
| 9,307,676 | | |
| 2,360,088 | | |
| 39,785,560 | | |
| 42,145,648 | |
ARS | |
| 4,862 | | |
| - | | |
| 4,862 | | |
| 4,611 | | |
| - | | |
| 4,611 | |
PGY | |
| - | | |
| 245,425 | | |
| 245,425 | | |
| - | | |
| 222,901 | | |
| 222,901 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total current liabilities | |
| 529,041,734 | | |
| 87,025,949 | | |
| 616,067,683 | | |
| 574,532,577 | | |
| 118,338,719 | | |
| 692,871,296 | |
USD | |
| 38,510,380 | | |
| 3,995,394 | | |
| 42,505,774 | | |
| 37,427,189 | | |
| 7,601,044 | | |
| 45,028,233 | |
EUR | |
| 4,371,963 | | |
| 584,069 | | |
| 4,956,032 | | |
| 5,318,315 | | |
| 388,374 | | |
| 5,706,689 | |
UF | |
| 16,467,618 | | |
| 9,396,803 | | |
| 25,864,421 | | |
| 17,183,688 | | |
| 13,346,902 | | |
| 30,530,590 | |
CLP | |
| 187,732,821 | | |
| 36,902,317 | | |
| 224,635,138 | | |
| 217,022,222 | | |
| 82,799,183 | | |
| 299,821,405 | |
BRL | |
| 197,716,815 | | |
| 2,277,286 | | |
| 199,994,101 | | |
| 204,559,181 | | |
| 2,829,430 | | |
| 207,388,611 | |
ARS | |
| 61,457,436 | | |
| 24,749,792 | | |
| 86,207,228 | | |
| 66,629,249 | | |
| 5,947,579 | | |
| 72,576,828 | |
PGY | |
| 22,784,701 | | |
| 6,971,930 | | |
| 29,756,631 | | |
| 26,392,733 | | |
| 4,572,790 | | |
| 30,965,523 | |
CHF | |
| - | | |
| 2,148,358 | | |
| 2,148,358 | | |
| - | | |
| 853,417 | | |
| 853,417 | |
Other currencies | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| | |
|
|
03.31.2024 |
|
12.31.2023 |
|
NON
CURRENT LIABILITIES |
|
More
than 1 year
up to 3 |
|
More
than 3 and
up to 5 |
|
More
than 5
years |
|
Total
|
|
More
than 1
year up to 3 |
|
More
than 3 and
up to 5 |
|
More
than 5
years |
|
Total
|
|
|
|
ThCh$ |
|
ThCh$ |
|
ThCh$ |
|
ThCh$ |
|
ThCh$ |
|
ThCh$ |
|
ThCh$ |
|
ThCh$ |
|
Other non-current
financial liabilities |
|
40,487,344 |
|
212,548,907 |
|
803,445,317 |
|
1,056,481,568 |
|
39,864,902 |
|
203,951,623 |
|
800,509,308 |
|
1,044,325,833 |
|
USD |
|
1,862,906 |
|
1,734,886 |
|
291,490,994 |
|
295,088,786 |
|
1,509,143 |
|
1,203,965 |
|
259,130,959 |
|
261,844,067 |
|
EUR |
|
344,743 |
|
395,437 |
|
427,174 |
|
1,167,354 |
|
323,054 |
|
357,058 |
|
446,054 |
|
1,126,166 |
|
UF |
|
32,405,025 |
|
12,143,112 |
|
487,867,158 |
|
532,415,295 |
|
32,606,024 |
|
12,349,672 |
|
486,381,343 |
|
531,337,039 |
|
CLP |
|
- |
|
8,500,000 |
|
22,237,214 |
|
30,737,214 |
|
- |
|
8,500,000 |
|
52,449,925 |
|
60,949,925 |
|
BRL |
|
5,872,526 |
|
6,331,030 |
|
1,422,777 |
|
13,626,333 |
|
5,421,424 |
|
5,778,555 |
|
2,101,027 |
|
13,301,006 |
|
ARS |
|
2,144 |
|
- |
|
- |
|
2,144 |
|
5,257 |
|
- |
|
- |
|
5,257 |
|
CHF |
|
- |
|
183,444,442 |
|
- |
|
183,444,442 |
|
- |
|
175,762,373 |
|
- |
|
175,762,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable, non-current |
|
2,348,968 |
|
- |
|
- |
|
2,348,968 |
|
2,392,555 |
|
- |
|
- |
|
2,392,555 |
|
CLP |
|
2,321,737 |
|
- |
|
- |
|
2,321,737 |
|
2,392,555 |
|
- |
|
- |
|
2,392,555 |
|
ARS |
|
27,231 |
|
|
|
|
|
27,231 |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable related companies |
|
6,495,932 |
|
- |
|
- |
|
6,495,932 |
|
6,007,041 |
|
- |
|
- |
|
6,007,041 |
|
BRL |
|
6,495,932 |
|
- |
|
- |
|
6,495,932 |
|
6,007,041 |
|
- |
|
- |
|
6,007,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other provisions, non-current |
|
602,319 |
|
59,392,697 |
|
- |
|
59,995,016 |
|
490,107 |
|
52,997,683 |
|
- |
|
53,487,790 |
|
BRL |
|
- |
|
59,392,697 |
|
- |
|
59,392,697 |
|
- |
|
52,997,683 |
|
- |
|
52,997,683 |
|
ARS |
|
602,319 |
|
- |
|
- |
|
602,319 |
|
490,107 |
|
- |
|
- |
|
490,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
130,867,630 |
|
54,079,417 |
|
20,879,861 |
|
205,826,908 |
|
113,608,651 |
|
47,772,196 |
|
19,089,372 |
|
180,470,219 |
|
CLP |
|
96,135,372 |
|
- |
|
1,217,521 |
|
97,352,893 |
|
94,801,758 |
|
- |
|
1,231,565 |
|
96,033,323 |
|
BRL |
|
- |
|
54,079,417 |
|
- |
|
54,079,417 |
|
- |
|
47,772,196 |
|
- |
|
47,772,196 |
|
ARS |
|
34,732,258 |
|
- |
|
- |
|
34,732,258 |
|
18,806,893 |
|
- |
|
- |
|
18,806,893 |
|
PGY |
|
- |
|
- |
|
19,662,340 |
|
19,662,340 |
|
- |
|
- |
|
17,857,807 |
|
17,857,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current employee benefit
provisions |
|
14,842,816 |
|
274,898 |
|
2,689,516 |
|
17,807,230 |
|
15,499,538 |
|
249,254 |
|
2,725,154 |
|
18,473,946 |
|
CLP |
|
14,057,687 |
|
274,898 |
|
2,689,516 |
|
17,022,101 |
|
14,799,923 |
|
249,254 |
|
2,725,154 |
|
17,774,331 |
|
ARS |
|
5,528 |
|
- |
|
- |
|
5,528 |
|
5,242 |
|
- |
|
- |
|
5,242 |
|
PGY |
|
779,601 |
|
- |
|
- |
|
779,601 |
|
694,373 |
|
- |
|
- |
|
694,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-financial liabilities |
|
- |
|
3,045,756 |
|
- |
|
3,045,756 |
|
- |
|
2,506,795 |
|
- |
|
2,506,795 |
|
BRL |
|
- |
|
3,045,756 |
|
- |
|
3,045,756 |
|
- |
|
2,506,795 |
|
- |
|
2,506,795 |
|
ARS |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
195,645,009 |
|
329,341,675 |
|
827,014,694 |
|
1,352,001,378 |
|
171,855,753 |
|
307,477,551 |
|
828,330,875 |
|
1,307,664,179 |
|
USD |
|
1,862,906 |
|
1,734,886 |
|
291,490,994 |
|
295,088,786 |
|
1,509,143 |
|
1,203,965 |
|
259,130,959 |
|
261,844,067 |
|
EUR |
|
344,743 |
|
395,437 |
|
427,174 |
|
1,167,354 |
|
323,054 |
|
357,058 |
|
446,054 |
|
1,126,166 |
|
UF |
|
32,405,025 |
|
12,143,112 |
|
487,867,158 |
|
532,415,295 |
|
32,606,024 |
|
12,349,672 |
|
486,381,343 |
|
531,337,039 |
|
CLP |
|
112,514,796 |
|
8,774,898 |
|
26,144,251 |
|
147,433,945 |
|
111,994,236 |
|
8,749,254 |
|
56,406,644 |
|
177,150,134 |
|
BRL |
|
12,368,458 |
|
122,848,900 |
|
1,422,777 |
|
136,640,135 |
|
11,428,465 |
|
109,055,229 |
|
2,101,027 |
|
122,584,721 |
|
ARS |
|
35,369,480 |
|
- |
|
- |
|
35,369,480 |
|
19,307,499 |
|
- |
|
- |
|
19,307,499 |
|
PGY |
|
779,601 |
|
- |
|
19,662,340 |
|
20,441,941 |
|
694,373 |
|
- |
|
17,857,807 |
|
18,552,180 |
|
CHF |
|
- |
|
183,444,442 |
|
- |
|
183,444,442 |
|
- |
|
175,762,373 |
|
- |
|
175,762,373 |
|
32 – ENVIRONMENT (Non-audited)
The Company has made disbursements for industrial
process improvements, industrial waste flow measurement equipment, laboratory analysis, consulting on environmental impacts and other
studies.
The detail of these disbursements by country is
as follows:
| |
2024 period | | |
Future commitments | |
| |
| Charged
to | | |
| Charged
to | | |
| To
be charged
to | | |
| To
be charged
to | |
Countries | |
| expenses | | |
| fixed
assets | | |
| expenses | | |
| fixed
assets | |
| |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | | |
| ThCh$ | |
Chile | |
| 815,658 | | |
| - | | |
| - | | |
| - | |
Argentina | |
| 72,126 | | |
| - | | |
| 344 | | |
| - | |
Brazil | |
| 620,426 | | |
| 13,450 | | |
| 2,640,825 | | |
| 13,450 | |
Paraguay | |
| 55,721 | | |
| - | | |
| - | | |
| - | |
Total | |
| 1,563,931 | | |
| 13,450 | | |
| 2,641,169 | | |
| 13,450 | |
33 – SUBSEQUENT EVENTS
No other events have occurred subsequent to March 31,
2024, that may significantly affect the Company's consolidated financial position.
SIGNATURES
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, in the city of Santiago,
Chile.
|
EMBOTELLADORA ANDINA S.A. |
|
|
|
By: |
/s/
Andrés Wainer |
|
Name: Andrés Wainer |
|
Title: Chief Financial Officer |
Santiago, May 08, 2024
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