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
October 2015
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 o
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 o 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 o 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 o No x
Contacts in Santiago, Chile | October 29, 2015 |
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Andrés Wainer, Chief Financial Officer |
|
Paula Vicuña, Head of Investor Relations |
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(56-2) 2338-0520 / paula.vicuna@koandina.com |
|
Coca-Cola Andina announces
Consolidated Results for the Third Quarter of 2015
Figures included in this analysis are set according to IFRS, in nominal Chilean Pesos. All variations are calculated regarding the same quarter of the previous year. For a better understanding of the analysis per country, we include figures in nominal local currency.
| Consolidated Sales Volume for the quarter was 186.1 million unit cases, decreasing 1.1%. Accumulated Consolidated Sales Volume reached 586.3 million unit cases, a 0.8% decrease. | |
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| Consolidated Net Sales for the quarter amounted to Ch$433,342 million, representing a 1.9% growth. Accumulated Consolidated Net Sales amounted to Ch$1,346,823 million, representing a 6.9% growth. | |
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| Consolidated Operating Income(1) for the quarter reached Ch$40,041 million, increasing 13.6%. Accumulated Consolidated Operating Income reached Ch$145,102 million, a 25.8% growth. | |
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| Consolidated EBITDA(2) increased 5.3% reaching Ch$65,174 million during the quarter. Accumulated Consolidated EBITDA reached Ch$220,783 million, a 14.9% growth. | |
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| Net Income for the quarter reached Ch$12,909 million, which represents a 66.8% growth. Accumulated Net Income reached Ch$57,662 million, a 59.0% growth |
Comment by Mr. Miguel Ángel Peirano, Chief Executive Officer
“As in the first half of the year, in this third quarter we continue showing positive results in the four franchises where we operate, resulting from improvements in efficiencies and productivity of our operations. We achieved Operating Income and EBITDA growths despite the negative impact of the currency devaluations in the countries where we operate, affecting our dollarized costs. In addition, we faced the negative impact on the consolidation of figures resulting from the strong devaluation of the Brazilian real on the Chilean peso. Despite this, the Company’s EBITDA margin in this third quarter continued its expansion path. However, the macroeconomic environment in all countries where we operate has been weakening in recent months.
In terms of market share, we continue on the path of the first half of the year, showing improvements of this indicator in our operations in Brazil, Chile and Paraguay and with no variation in Argentina. This was not only due to the execution quality and service level of our operations, but also leveraged on the brand positioning strategies we have developed and on market service systems we have been perfecting daily.
Finally, I would like to highlight the successful marketing strategy that we launched in Chile during the first half of the year, called Masterbrand. This strategy joins the Coca-Cola brand in a single brand with four options, seeking to democratize the light versions of the product and increase their coverage, resulting in increased sales of these products.”
(1) Operating Income considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses.
(2) EBITDA: Operating Income + Depreciation
NYSE: AKO/A; AKO/B
BOLSA DE COMERCIO DE SANTIAGO: ANDINAA; ANDINAB
www.koandina.com
CONSOLIDATED SUMMARY
3rd Quarter 2015 vs. 3rd Quarter 2014
All figures included in this analysis are set according to IFRS, in nominal Chilean Pesos. All variations regarding 2014 are in nominal terms. On average during the quarter, the Argentine Peso, the Brazilian Real, the Chilean Peso and the Paraguayan Guaraní depreciated against the U.S. Dollar by 11.5%, 56.0%, 17.3% and 24.1%, respectively. Regarding the Chilean Peso, the Argentine Peso appreciated 5.2%, the Brazilian Real depreciated 24.8%, and the Paraguayan Guaraní depreciated by 5.5%. This generated a negative accounting impact on the conversion of figures from Brazil.
Consolidated Sales Volume for the quarter reached 186.1 million unit cases, decreasing 1.1% with respect to the same period of 2014, explained by a slight contraction in soft drink volumes, which was not able to be offset by the growth of the other categories. Our Sales Volume was affected by macroeconomic factors which are negatively impacting the economies of the countries where we operate having an effect over consumption, mainly in Brazil.
Net Sales reached Ch$433,342 million, a 1.9% growth, explained by price increases in all the franchises where we operate, and partially offset by the depreciation of the Brazilian Real with respect to the Chilean Peso.
Operating Costs decreased 0.7%, which is mainly explained by (i) the depreciation of local currencies regarding the U.S. Dollar, which has a negative effect on the value of U.S. Dollar denominated raw materials, (ii) increased sales, having a direct incidence over concentrate costs; and (iii) higher labor costs in Argentina. The foregoing was partially offset by (i) the effects of lower volumes and translation of figures from our subsidiary in Brazil and (ii) a lower cost of sugar in Paraguay.
Selling, General and Administrative Expenses (SG&As) increased 4.0% mainly due to (i) local inflations, particularly in Argentina, which affects the majority of these expenses, specially labor costs and (ii) greater labor costs in Brazil, Chile and Paraguay. The foregoing was partially offset by lower marketing expenses in Brazil and Chile.
The foregoing mentioned impacts, led to a Consolidated Operating Income of Ch$40,041 million, a 13.6% growth. Operating Margin was 9.2%.
Consolidated EBITDA amounted to Ch$65,174 million, an increase of 5.3%. EBITDA Margin was 15.0%, an increase of 50 basis points compared to the previous year.
Net Income Attributable to the Controllers for the quarter was Ch$12,909 million, an increase of 66.8% regarding the previous year, with which net margin reached 3.0%.
SUMMARY BY COUNTRY: ARGENTINA
3rd Quarter 2015 vs. 3rd Quarter 2014
The following figures are set according to IFRS, in nominal Chilean Pesos. All variations regarding 2014 are in nominal terms. On average during the quarter, the Argentine Peso depreciated against the US Dollar by 11.5%, which has a negative effect over our costs in dollars. With respect to the Chilean peso it appreciated by 5.2% generating a positive accounting impact on the conversion of figures upon consolidation. For a better understanding of Argentine Operations, we include figures in local nominal currency.
Sales Volume for the quarter increased 1.2%, reaching 53.8 million unit cases, explained by the growth in the juices and waters categories. Our soft drinks market share reached 61.9 points, remaining flat with respect to same period of the previous year.
Net Sales reached Ch$154,670 million, a 40.6% increase, explained by the implementation of price increases, volume growths and the positive effect of the appreciation of local currency regarding the reporting currency upon consolidation of figures. In local currency, Net Sales increased 33.8%.
Operating Costs increased 34.6%, explained by (i) increased sales, which has a direct incidence over concentrate costs, (ii) increased labor costs, mainly as a consequence of local inflation, and (iii) the devaluation effect of the Argentine Peso over our costs expressed in US Dollars. In local currency Operating Costs increased 28.3%.
SG&A expenses increased 39.3%, principally explained by the effect of local inflation upon expenses such as labor, freights and services provided by third parties. In local currency SG&A expenses increased 32.2%.
The foregoing effects led to an Operating Income of $14,390 million, a 102.0% growth. Operating Margin was 9.3%. In local currency Operating Income increased 91.7%.
EBITDA amounted to Ch$20,049 million, reflecting a 69.1% growth. EBITDA Margin was 13.0%, expanding 218 basis points regarding the previous year. On the other hand, in local currency, EBITDA increased 60.5%.
SUMMARY BY COUNTRY: BRAZIL
3rd Quarter 2015 vs. 3rd Quarter 2014
The following figures are set according to IFRS, in nominal Chilean Pesos. All variations regarding 2014 are in nominal terms. On average during the quarter, the Brazilian Real depreciated by 56.0% against the US Dollar, having a direct negative impact over our costs expressed in US Dollars. Regarding the Chilean Peso it depreciated by 24.8%, which has a significant negative accounting impact on the conversion of figures upon consolidation. For a better understanding of Brazilian Operations, we include figures in local nominal currency.
Sales Volume during the quarter reached 65.3 million unit cases, dropping 4.7%, explained by volume contractions in all categories where we participate. Volumes during the quarter were influenced by (i) macroeconomic factors that are negatively affecting the Brazilian economy and which have an impact over consumption. Soft drinks market share in our franchises in Brazil reached 61.7 points, 80 basis points higher regarding the same quarter of the previous year.
Net Sales reached Ch$132,100 million, a 23.2% decrease, mainly explained by the already mentioned effect upon translation of figures. In local currency, Net Income increased 1.9%, explained by price increases and partially offset by the negative effect of the drop in volumes.
Operating Costs decreased 24.5% explained by the effect upon translation of figures. In local currency operating costs increased 0.2%, which in part is explained by lower sales volume, partially offset by (i) the devaluation effect of the Brazilian Real over our costs expressed in US Dollars, and (ii) increased sales, which has a direct incidence over concentrate costs.
SG&A Expenses decreased 22.3% in the reporting currency. In local currency, SG&A Expenses increased 2.7% which in part is explained by increased labor costs and partially offset by lower marketing expenses.
The aforementioned effects led to an Operating Income of Ch$13,670 million, a 16.6% decrease. Operating Margin was 10.3%. In local currency, Operating Income increased 10.4%.
EBITDA amounted to Ch$19,930 million, decreasing 20.8% with respect to the previous year. EBTDA Margin was 15.1%, an increase of 45 basis points regarding the previous year. In local currency EBITDA recorded a 4.9% growth.
SUMMARY BY COUNTRY: CHILE
3rd Quarter 2015 vs. 3rd Quarter 2014
The following figures are set according to IFRS, in nominal Chilean Pesos. All variations regarding 2014 are in nominal terms. On average during the quarter, the Chilean Peso depreciated by 17.3% against the US Dollar, which has a negative impact over our costs expressed in US Dollars.
During the quarter, Sales Volume reached 52.3 million unit cases, representing a 0.3% decrease, explained by a reduction in the juice category which was not able to be offset by the growth in soft drinks. The juice segment was affected by the implementation of price increases, having a negative impact on market share levels. On the other hand, volume market share for soft drinks, compared to the same period of the previous year, increased 40 basis points reaching 69.6 points during the period, mainly explained by the growth recorded in the light segment, where we have a solid leadership position.
Net Sales reached Ch$115.660 million, a 2.3% increase, explained by increased average prices.
Operating Costs increased by 2.8%, explained by the depreciation of the Chilean Peso which has a negative effect over costs expressed in U.S. Dollars, mainly sugar and PET, partially offset by the lower cost in dollars of these raw materials.
SG&A Expenses increased 1.4%, which is mainly explained by higher labor costs resulting from higher inflation and partially offset by lower marketing expenses.
The aforementioned effects led to an Operating Income of Ch$9,153 million, 2.1% higher when compared to the previous year. Operating Margin was 7.9%.
EBITDA reached Ch$19,210 million, an increase of 3.0%. EBITDA Margin was 16.6%, which is 10 basis points higher than the previous year.
SUMMARY BY COUNTRY: PARAGUAY
3rd Quarter 2015 vs. 3rd Quarter 2014
The following figures are set according to IFRS, in nominal Chilean Pesos. All 2014 variations are nominal. On average during the quarter, the Paraguayan Guaraní depreciated 24.1% with respect to the US Dollar, which has a negative impact over our costs expressed in US Dollars. Regarding the Chilean Peso it depreciated by 5.5%, generating a negative accounting impact on the conversion of figures upon consolidation. For a better understanding of Paraguayan Operations, we include figures in local nominal currency.
Sales Volume during the quarter reached 14.7 million unit cases, reflecting a 4.6% growth, explained by the growth of all categories where we participate. Our volume market share for soft drinks reached 67.6 points during the quarter, 500 basis points higher compared to the previous year.
Net Sales reached Ch$31,490 million, reflecting a 1.8% increase, resulting from increased volumes and prices, partially offset by the effect upon translation of figures. In local currency Net Sales increased 7.7%.
Operating Costs increased 4.4% in the reporting currency, explained by (i) the depreciation of the Paraguayan Guaraní, which has a negative effect over dollarized costs, mainly PET and caps, partially offset by the lower cost in U.S. Dollars of these raw materials, (ii) the change in the sales mix towards distributed products which carry a higher unit cost, such as juices and flavored waters, and (iii) greater depreciation charges resulting from investments in fixed assets. This was partially offset by a lower cost of sugar. In local currency, Operating Costs increased 10.5%.
SG&A Expenses decreased 1.4% and in local currency they increased 4.6%. This increase is mainly explained by: (i) greater labor costs and (ii) increased marketing expenses. This was not able to be offset by lower depreciation expenses.
The aforementioned effects led to an Operating Income of Ch$3,716 million, 5.0% lower compared to the previous year. Operating Margin was 11.8%. In local currency Operating Income increased 0.3%.
EBITDA reached Ch$6,872 million a 6.6% decrease and EBITDA Margin was 21.8%. In local currency EBITDA decreased 1.3%.
OTHER INFORMATION
· Net Financial Income and Expense account recorded a Ch$11,260 million expense, which is compared to a Ch$14,613 million expense for the same quarter of the previous year, and it is mainly explained by a lower indebtedness level in Argentina and the effect on translation of figures, given the depreciation of the Brazilian Real against the Chilean Peso.
· Results by Investment in Related Companies account went from a Ch$764 million loss to a Ch$1,810 million loss, mainly due to the negative variation on Proportional Equity Value (PEV) of equity investees in Brazil, especially Sorocaba.
· Other Income and Expenses account recorded a Ch$8,465 million loss compared to the Ch$7,346 million loss reported during the same quarter of the previous year. This is mainly explained by greater contingency provisions and the negative effect of the UF restatement over swaps entered into by the Company in order to hedge the debt in U.S. Dollars.
· Results by Adjustment Units and Exchange Rate Differences account went from a Ch$927 million loss to a Ch$3,582 million loss. This greater loss is mainly explained because a large portion of the Company’s debt is expressed in UFs and during this quarter the UF recorded a greater variation (1.46%) compared to that of the same quarter of the previous year (0.53%).
· Income Tax went from -Ch$3,825 million to -Ch$2,281 million, mainly due to lower taxes in Chile resulting from the restatement of accounts payable to foreign subsidiaries in U.S. Dollars.
BALANCE SHEET ANALYSIS
· At September 30, 2015, the Company’s Net Debt reached US$661.5 million. This figure is calculated considering the effect of Cross Currency Swaps (“CCS”) entered into to hedge the debt in U.S. dollars.
· Total financial assets, including the aforementioned CCS amounted to US$500.8 million. Excluding the CCS, financial assets amounted to US$266.8 million. This cash surplus is invested in short-term fixed income money markets and time deposits, and 28.6% is denominated in UFs, 20.3% in Chilean Pesos, 42.1% in Brazilian Real, 0.7% in U.S. Dollars, 5.6% in Argentine Pesos and 2.7% in Paraguayan Guaraní.
· On the other hand, financial debt level reached US$1,162.2 million, US$575 million of which correspond to the bond issuance in the U.S. market carried out in September, 2013. For this bond, CCS were entered into in Real and UFs so that, of the total debt, (including the CCS effect) 57.9% is denominated in UFs, 39.8% in Brazilian Real, 1.8% in Argentine Pesos, and 0.4% in U.S. Dollars.
RECENT EVENTS
· On September 30, 2015, in accordance with what was approved at the Company’s General Shareholders’ Meeting, the payment of an interim dividend was announced, charged to the results of the year 2015, for an amount of Ch$15.0 per Series A share and Ch$16.5 per Series B share. This dividend will be available to shareholders beginning October 29, 2014.
CONFERENCE CALL
We will be hosting a conference call for investors and analysts, where we will review the Third Quarter’s Results as of September 30, 2015, on Friday, October 30, 2015 at 10:00 am (New York time) - 11:00 am (Santiago time).
To participate please dial: USA 1 (800) 311-9401 - International (outside USA) 1 (334) 323-7224 - Chile toll free: 1-230-020-1247 Access Code: 87604. A replay of this conference call will be available until midnight (Eastern time) of November 12, 2015. To obtain the replay please dial: USA 877-919-4059 — International (Outside USA) 1 (334) 323-7226. Access Code: 47619220. The audio shall be available on the Company’s website: www.koandina.com beginning Tuesday, November 3, 2015.
Coca-Cola Andina is among the three largest Coca-Cola bottlers in Latin America, servicing franchised territories with almost 52 million people, delivering during 2014 more than 4.7 billion liters of soft drinks, juices, and bottled waters. Coca-Cola Andina has the franchise to produce and commercialize Coca-Cola products in certain territories in Argentina (through Embotelladora del Atlántico), in Brazil (through Rio de Janeiro Refrescos), in Chile, (through Embotelladora Andina) and in all of Paraguay (through Paraguay Refrescos). The Chadwick Claro, Garcés Silva, Hurtado Berger, Said Handal and Said Somavía families control Coca-Cola Andina in equal parts. The Company’s proposal to generate value is being leader in the non-alcoholic beverages market, developing a relationship of excellence with consumers of its products, as well as with its employees, customers, suppliers and with its strategic partner Coca-Cola. For more company information visit www.koandina.com.
This document may contain projections reflecting Coca-Cola Andina`s good faith expectation and are based on currently available information. However, the results that are finally obtained are subject to diverse variables, many of which are beyond the Company’s control and which could materially impact the current performance. Among the factors that could change the performance are: the political and economic conditions on consumer spending, pricing pressures resulting from competitive discounts of other bottlers, weather conditions in the Southern Cone and other risk factors that would be applicable from time to time and which are periodically informed in reports filed before the appropriate regulatory authorities, and which are available on our website.
Embotelladora Andina S.A.
Third Quarter Results for the period ended September 30, 2015 IFRS GAAP
(In nominal million Chilean Pesos, except per share)
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| July-September 2015 |
| July -September 2014 |
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| Chilean |
| Brazilian |
| Argentine |
| Paraguayan |
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| Chilean |
| Brazilian |
| Argentine |
| Paraguayan |
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| Operations |
| Operations |
| Operations |
| Operations |
| Total (1) |
| Operations |
| Operations |
| Operations |
| Operations |
| Total (1) |
| % Ch. |
|
VOLUME TOTAL BEVERAGES (Million UC) |
| 52.3 |
| 65.3 |
| 53.8 |
| 14.7 |
| 186.1 |
| 52.4 |
| 68.5 |
| 53.2 |
| 14.0 |
| 188.1 |
| -1.1 | % |
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NET SALES |
| 115,660 |
| 132,100 |
| 154,670 |
| 31,490 |
| 433,342 |
| 113,028 |
| 171,903 |
| 109,974 |
| 30,943 |
| 425,449 |
| 1.9 | % |
COST OF SALES |
| (72,324 | ) | (81,391 | ) | (85,614 | ) | (20,134 | ) | (258,885 | ) | (70,366 | ) | (107,849 | ) | (63,614 | ) | (19,282 | ) | (260,711 | ) | -0.7 | % |
GROSS PROFIT |
| 43,335 |
| 50,709 |
| 69,056 |
| 11,357 |
| 174,457 |
| 42,662 |
| 64,055 |
| 46,360 |
| 11,661 |
| 164,738 |
| 5.9 | % |
Gross Margin |
| 37.5 | % | 38.4 | % | 44.6 | % | 36.1 | % | 40.3 | % | 37.7 | % | 37.3 | % | 42.2 | % | 37.7 | % | 38.7 | % |
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MARKETING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES |
| (34,182 | ) | (37,039 | ) | (54,666 | ) | (7,641 | ) | (133,528 | ) | (33,699 | ) | (47,654 | ) | (39,237 | ) | (7,751 | ) | (128,342 | ) | 4.0 | % |
CORPORATE EXPENSES (2) |
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| (887 | ) |
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| (1,154 | ) | -23.1 | % |
OPERATING INCOME (3) |
| 9,153 |
| 13,670 |
| 14,390 |
| 3,716 |
| 40,041 |
| 8,963 |
| 16,400 |
| 7,123 |
| 3,910 |
| 35,242 |
| 13.6 | % |
Operating Margin |
| 7.9 | % | 10.3 | % | 9.3 | % | 11.8 | % | 9.2 | % | 7.9 | % | 9.5 | % | 6.5 | % | 12.6 | % | 8.3 | % |
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EBITDA (4) |
| 19,210 |
| 19,930 |
| 20,049 |
| 6,872 |
| 65,174 |
| 18,656 |
| 25,164 |
| 11,857 |
| 7,356 |
| 61,880 |
| 5.3 | % |
Ebitda Margin |
| 16.6 | % | 15.1 | % | 13.0 | % | 21.8 | % | 15.0 | % | 16.5 | % | 14.6 | % | 10.8 | % | 23.8 | % | 14.5 | % |
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FINANCIAL EXPENSE/INCOME (Net) |
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| (11,260 | ) |
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| (14,613 | ) | -22.9 | % |
RESULTS FROM AFFILIATED |
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| (1,810 | ) |
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| (764 | ) | 136.9 | % |
OTHER INCOME/(EXPENSE) (5) |
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| (8,465 | ) |
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| (7,346 | ) | 15.2 | % |
RESULTS BY READJUSTEMENT UNITS AND EXCHANGE RATE DIFFERENCE |
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| (3,582 | ) |
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| (927 | ) | 286.4 | % |
INCOME BEFORE INCOME TAXES; AND MINORITY INTEREST |
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| 14,923 |
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| 11,592 |
| 28.7 | % |
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INCOME TAXES |
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| (2,281 | ) |
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| (3,825 | ) | -40.4 | % |
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NET INCOME |
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| 12,642 |
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| 7,767 |
| 62.8 | % |
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MINORITY INTEREST |
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| 267 |
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| (26 | ) | 1145.2 | % |
NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT |
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| 12,909 |
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| 7,741 |
| 66.8 | % |
Net Margin |
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| 3.0 | % |
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| 1.8 | % |
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WEIGHTED AVERAGE SHARES OUTSTANDING |
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| 946.6 |
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| 946.6 |
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EARNINGS PER SHARE |
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| 13.6 |
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| 8.2 |
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EARNINGS PER ADS |
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| 81.8 |
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| 49.1 |
| 66.8 | % |
(1) Total may be different from the addition of the four countries because of intercountry eliminations
(2) Corporate expenses partially reclassified to the operations.
(3) OPERATING INCOME: includes the following lines of the income statement by function included in the published financial statements in the superintendency of securities and ‘insurance : Net sales, cost of sales, distribution expenses and administrative expenses.
(4) EBITDA: Operating Income + Depreciation
(5) OTHER INCOME/(EXPENSE): includes the following lines of the income statement by function included in the published financial statements in the superintendency of securities and ‘insurance : “Other income”, “Other expenses” and “Other (loss) gains”.
Embotelladora Andina S.A.
Third Quarter Results for the period ended September 30, 2015 IFRS GAAP
(In nominal million US$, except per share)
| Exch. Rate : | 677.59 | Exch. Rate : | 577.65 |
|
| July-September 2015 |
| July -September 2014 |
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| Chilean |
| Brazilian |
| Argentine |
| Paraguayan |
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| Chilean |
| Brazilian |
| Argentine |
| Paraguayan |
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| Operations |
| Operations |
| Operations |
| Operations |
| Total (1) |
| Operations |
| Operations |
| Operations |
| Operations |
| Total (1) |
| % Ch. |
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VOLUME TOTAL BEVERAGES (Million UC) |
| 52.3 |
| 65.3 |
| 53.8 |
| 14.7 |
| 186.1 |
| 52.4 |
| 68.5 |
| 53.2 |
| 14.0 |
| 188.1 |
| -1.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES |
| 170.7 |
| 195.0 |
| 228.3 |
| 46.5 |
| 639.5 |
| 195.7 |
| 297.6 |
| 190.4 |
| 53.6 |
| 736.5 |
| -13.2 | % |
COST OF SALES |
| (106.7 | ) | (120.1 | ) | (126.4 | ) | (29.7 | ) | (382.1 | ) | (121.8 | ) | (186.7 | ) | (110.1 | ) | (33.4 | ) | (451.3 | ) | -15.3 | % |
GROSS PROFIT |
| 64.0 |
| 74.8 |
| 101.9 |
| 16.8 |
| 257.5 |
| 73.9 |
| 110.9 |
| 80.3 |
| 20.2 |
| 285.2 |
| -9.7 | % |
Gross Margin |
| 37.5 | % | 38.4 | % | 44.6 | % | 36.1 | % | 40.3 | % | 37.7 | % | 37.3 | % | 42.2 | % | 37.7 | % | 38.7 | % |
|
|
MARKETING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES |
| (50.4 | ) | (54.7 | ) | (80.7 | ) | (11.3 | ) | (197.1 | ) | (58.3 | ) | (82.5 | ) | (67.9 | ) | (13.4 | ) | (222.2 | ) | -11.3 | % |
CORPORATE EXPENSES (2) |
|
|
|
|
|
|
|
|
| (1.3 | ) |
|
|
|
|
|
|
|
| (2.0 | ) | -34.5 | % |
OPERATING INCOME (3) |
| 13.5 |
| 20.2 |
| 21.2 |
| 5.5 |
| 59.1 |
| 15.5 |
| 28.4 |
| 12.3 |
| 6.8 |
| 61.0 |
| -3.1 | % |
Operating Margin |
| 7.9 | % | 10.3 | % | 9.3 | % | 11.8 | % | 9.2 | % | 7.9 | % | 9.5 | % | 6.5 | % | 12.6 | % | 8.3 | % |
|
|
EBITDA (4) |
| 28.3 |
| 29.4 |
| 29.6 |
| 10.1 |
| 96.2 |
| 32.3 |
| 43.6 |
| 20.5 |
| 12.7 |
| 107.1 |
| -10.2 | % |
Ebitda Margin |
| 16.6 | % | 15.1 | % | 13.0 | % | 21.8 | % | 15.0 | % | 16.5 | % | 14.6 | % | 10.8 | % | 23.8 | % | 14.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL EXPENSE/INCOME (Net) |
|
|
|
|
|
|
|
|
| (16.6 | ) |
|
|
|
|
|
|
|
| (25.3 | ) | -34.3 | % |
RESULTS FROM AFFILIATED |
|
|
|
|
|
|
|
|
| (2.7 | ) |
|
|
|
|
|
|
|
| (1.3 | ) | 101.9 | % |
OTHER INCOME/(EXPENSE) (5) |
|
|
|
|
|
|
|
|
| (12.5 | ) |
|
|
|
|
|
|
|
| (12.7 | ) | -1.8 | % |
RESULTS BY READJUSTEMENT UNITS AND EXCHANGE RATE DIFFERENCE |
|
|
|
|
|
|
|
|
| (5.3 | ) |
|
|
|
|
|
|
|
| (1.6 | ) | -229.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES; AND MINORITY INTEREST |
|
|
|
|
|
|
|
|
| 22.0 |
|
|
|
|
|
|
|
|
| 20.1 |
| 9.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES |
|
|
|
|
|
|
|
|
| (3.4 | ) |
|
|
|
|
|
|
|
| (6.6 | ) | -49.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
|
|
|
|
|
|
|
| 18.7 |
|
|
|
|
|
|
|
|
| 13.4 |
| 38.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTEREST |
|
|
|
|
|
|
|
|
| 0.4 |
|
|
|
|
|
|
|
|
| (0.0 | ) | 991.1 | % |
NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT |
|
|
|
|
|
|
|
|
| 19.1 |
|
|
|
|
|
|
|
|
| 13.4 |
| 42.2 | % |
Net Margin |
|
|
|
|
|
|
|
|
| 3.0 | % |
|
|
|
|
|
|
|
| 1.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
| 946.6 |
|
|
|
|
|
|
|
|
| 946.6 |
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
| 0.02 |
|
|
|
|
|
|
|
|
| 0.01 |
|
|
|
EARNINGS PER ADS |
|
|
|
|
|
|
|
|
| 0.12 |
|
|
|
|
|
|
|
|
| 0.08 |
| 42.2 | % |
(1) Total may be different from the addition of the four countries because of intercountry eliminations
(2) Corporate expenses partially reclassified to the operations.
(3) OPERATING INCOME: includes the following lines of the income statement by function included in the published financial statements in the superintendency of securities and ‘insurance : Net sales, cost of sales, distribution expenses and administrative expenses.
(4) EBITDA: Operating Income + Depreciation
(5) OTHER INCOME/(EXPENSE): includes the following lines of the income statement by function included in the published financial statements in the superintendency of securities and ‘insurance : “Other income”, “Other expenses” and “Other (loss) gains”.
Embotelladora Andina S.A.
Nine Months Results for the period ended September 30, 2015 IFRS GAAP
(In nominal million Chilean Pesos, except per share)
|
| January-September 2015 |
| January -September 2014 |
|
|
| ||||||||||||||||
|
| Chilean |
| Brazilian |
| Argentine |
| Paraguayan |
|
|
| Chilean |
| Brazilian |
| Argentine |
| Paraguayan |
|
|
|
|
|
|
| Operations |
| Operations |
| Operations |
| Operations |
| Total (1) |
| Operations |
| Operations |
| Operations |
| Operations |
| Total (1) |
| % Ch. |
|
VOLUME TOTAL BEVERAGES (Million UC) |
| 168.6 |
| 206.3 |
| 167.1 |
| 44.3 |
| 586.3 |
| 166.4 |
| 219.0 |
| 161.4 |
| 44.0 |
| 590.8 |
| -0.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES |
| 368,746 |
| 446,247 |
| 439,028 |
| 94,122 |
| 1,346,823 |
| 351,081 |
| 511,181 |
| 307,737 |
| 90,506 |
| 1,259,792 |
| 6.9 | % |
COST OF SALES |
| (224,200 | ) | (268,192 | ) | (249,535 | ) | (57,840 | ) | (798,448 | ) | (213,596 | ) | (320,344 | ) | (178,642 | ) | (56,282 | ) | (768,151 | ) | 3.9 | % |
GROSS PROFIT |
| 144,546 |
| 178,055 |
| 189,493 |
| 36,281 |
| 548,374 |
| 137,484 |
| 190,837 |
| 129,096 |
| 34,224 |
| 491,641 |
| 11.5 | % |
Gross Margin |
| 39.2 | % | 39.9 | % | 43.2 | % | 38.5 | % | 40.7 | % | 39.2 | % | 37.3 | % | 41.9 | % | 37.8 | % | 39.0 | % |
|
|
MARKETING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES |
| (105,795 | ) | (121,768 | ) | (151,091 | ) | (21,616 | ) | (400,270 | ) | (101,839 | ) | (139,263 | ) | (110,715 | ) | (20,720 | ) | (372,537 | ) | 7.4 | % |
CORPORATE EXPENSES (2) |
|
|
|
|
|
|
|
|
| (3,002 | ) |
|
|
|
|
|
|
|
| (3,805 | ) | -21.1 | % |
OPERATING INCOME (3) |
| 38,751 |
| 56,287 |
| 38,402 |
| 14,665 |
| 145,102 |
| 35,646 |
| 51,574 |
| 18,381 |
| 13,503 |
| 115,298 |
| 25.8 | % |
Operating Margin |
| 10.5 | % | 12.6 | % | 8.7 | % | 15.6 | % | 10.8 | % | 10.2 | % | 10.1 | % | 6.0 | % | 14.9 | % | 9.2 | % |
|
|
EBITDA (4) |
| 68,625 |
| 76,648 |
| 54,141 |
| 24,371 |
| 220,783 |
| 64,612 |
| 76,418 |
| 31,728 |
| 23,223 |
| 192,175 |
| 14.9 | % |
Ebitda Margin |
| 18.6 | % | 17.2 | % | 12.3 | % | 25.9 | % | 16.4 | % | 18.4 | % | 14.9 | % | 10.3 | % | 25.7 | % | 15.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL EXPENSE/INCOME (Net) |
|
|
|
|
|
|
|
|
| (36,780 | ) |
|
|
|
|
|
|
|
| (41,798 | ) | -12.0 | % |
RESULTS FROM AFFILIATED |
|
|
|
|
|
|
|
|
| (2,138 | ) |
|
|
|
|
|
|
|
| 745 |
| -387.0 | % |
OTHER INCOME/(EXPENSE) (5) |
|
|
|
|
|
|
|
|
| (16,960 | ) |
|
|
|
|
|
|
|
| (15,770 | ) | 7.6 | % |
RESULTS BY READJUSTEMENT UNITS AND EXCHANGE RATE DIFFERENCE |
|
|
|
|
|
|
|
|
| (8,407 | ) |
|
|
|
|
|
|
|
| (11,389 | ) | -26.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES; AND MINORITY INTEREST |
|
|
|
|
|
|
|
|
| 80,816 |
|
|
|
|
|
|
|
|
| 47,087 |
| 71.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES |
|
|
|
|
|
|
|
|
| (23,329 | ) |
|
|
|
|
|
|
|
| (10,924 | ) | 113.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
|
|
|
|
|
|
|
| 57,487 |
|
|
|
|
|
|
|
|
| 36,163 |
| 59.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTEREST |
|
|
|
|
|
|
|
|
| 175 |
|
|
|
|
|
|
|
|
| 111 |
| -57.6 | % |
NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT |
|
|
|
|
|
|
|
|
| 57,662 |
|
|
|
|
|
|
|
|
| 36,274 |
| 59.0 | % |
Net Margin |
|
|
|
|
|
|
|
|
| 4.3 | % |
|
|
|
|
|
|
|
| 2.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
| 946.6 |
|
|
|
|
|
|
|
|
| 946.6 |
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
| 60.9 |
|
|
|
|
|
|
|
|
| 38.3 |
|
|
|
EARNINGS PER ADS |
|
|
|
|
|
|
|
|
| 365.5 |
|
|
|
|
|
|
|
|
| 229.9 |
| 59.0 | % |
(1) Total may be different from the addition of the four countries because of intercountry eliminations
(2) Corporate expenses partially reclassified to the operations.
(3) OPERATING INCOME: includes the following lines of the income statement by function included in the published financial statements in the superintendency of securities and ‘insurance : Net sales, cost of sales, distribution expenses and administrative expenses.
(4) EBITDA: Operating Income + Depreciation
(5) OTHER INCOME/(EXPENSE): includes the following lines of the income statement by function included in the published financial statements in the superintendency of securities and ‘insurance : “Other income”, “Other expenses” and “Other (loss) gains”.
Embotelladora Andina S.A.
Nine Months Results for the period ended September 30, 2015 IFRS GAAP
(In nominal million US$, except per share)
|
| Exch. Rate : | 639.96 | Exch. Rate : | 561.54 |
|
| January-September 2015 |
| January -September 2014 |
| ||||||||||||||||||
|
| Chilean |
| Brazilian |
| Argentine |
| Paraguayan |
|
|
| Chilean |
| Brazilian |
| Argentine |
| Paraguayan |
|
|
|
|
|
|
| Operations |
| Operations |
| Operations |
| Operations |
| Total (1) |
| Operations |
| Operations |
| Operations |
| Operations |
| Total (1) |
| % Ch. |
|
VOLUME TOTAL BEVERAGES (Million UC) |
| 168.6 |
| 206.3 |
| 167.1 |
| 44.3 |
| 586.3 |
| 166.4 |
| 219.0 |
| 161.4 |
| 44.0 |
| 590.8 |
| -0.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES |
| 576.2 |
| 697.3 |
| 686.0 |
| 147.1 |
| 2,104.5 |
| 625.2 |
| 910.3 |
| 548.0 |
| 161.2 |
| 2,243.5 |
| -6.2 | % |
COST OF SALES |
| (350.3 | ) | (419.1 | ) | (389.9 | ) | (90.4 | ) | (1,247.7 | ) | (380.4 | ) | (570.5 | ) | (318.1 | ) | (100.2 | ) | (1,367.9 | ) | -8.8 | % |
GROSS PROFIT |
| 225.9 |
| 278.2 |
| 296.1 |
| 56.7 |
| 856.9 |
| 244.8 |
| 339.8 |
| 229.9 |
| 60.9 |
| 875.5 |
| -2.1 | % |
Gross Margin |
| 39.2 | % | 39.9 | % | 43.2 | % | 38.5 | % | 40.7 | % | 39.2 | % | 37.3 | % | 41.9 | % | 37.8 | % | 39.0 | % |
|
|
MARKETING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES |
| (165.3 | ) | (190.3 | ) | (236.1 | ) | (33.8 | ) | (625.5 | ) | (181.4 | ) | (248.0 | ) | (197.2 | ) | (36.9 | ) | (663.4 | ) | -5.7 | % |
CORPORATE EXPENSES (2) |
|
|
|
|
|
|
|
|
| (4.7 | ) |
|
|
|
|
|
|
|
| (6.8 | ) | -30.8 | % |
OPERATING INCOME (3) |
| 60.6 |
| 88.0 |
| 60.0 |
| 22.9 |
| 226.7 |
| 63.5 |
| 91.8 |
| 32.7 |
| 24.0 |
| 205.3 |
| 10.4 | % |
Operating Margin |
| 10.5 | % | 12.6 | % | 8.7 | % | 15.6 | % | 10.8 | % | 10.2 | % | 10.1 | % | 6.0 | % | 14.9 | % | 9.2 | % |
|
|
EBITDA (4) |
| 107.2 |
| 119.8 |
| 84.6 |
| 38.1 |
| 345.0 |
| 115.1 |
| 136.1 |
| 56.5 |
| 41.4 |
| 342.2 |
| 0.8 | % |
Ebitda Margin |
| 18.6 | % | 17.2 | % | 12.3 | % | 25.9 | % | 16.4 | % | 18.4 | % | 14.9 | % | 10.3 | % | 25.7 | % | 15.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL EXPENSE/INCOME (Net) |
|
|
|
|
|
|
|
|
| (57.5 | ) |
|
|
|
|
|
|
|
| (74.4 | ) | -22.8 | % |
RESULTS FROM AFFILIATED |
|
|
|
|
|
|
|
|
| (3.3 | ) |
|
|
|
|
|
|
|
| 1.3 |
| -351.9 | % |
OTHER INCOME/(EXPENSE) (5) |
|
|
|
|
|
|
|
|
| (26.5 | ) |
|
|
|
|
|
|
|
| (28.1 | ) | -5.6 | % |
RESULTS BY READJUSTEMENT UNITS AND EXCHANGE RATE DIFFERENCE |
|
|
|
|
|
|
|
|
| (13.1 | ) |
|
|
|
|
|
|
|
| (20.3 | ) | -35.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES; AND MINORITY INTEREST |
|
|
|
|
|
|
|
|
| 126.3 |
|
|
|
|
|
|
|
|
| 83.9 |
| 50.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES |
|
|
|
|
|
|
|
|
| (36.5 | ) |
|
|
|
|
|
|
|
| (19.5 | ) | 87.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
|
|
|
|
|
|
|
| 89.8 |
|
|
|
|
|
|
|
|
| 64.4 |
| 39.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTEREST |
|
|
|
|
|
|
|
|
| 0.3 |
|
|
|
|
|
|
|
|
| 0.2 |
| -38.3 | % |
NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT |
|
|
|
|
|
|
|
|
| 90.1 |
|
|
|
|
|
|
|
|
| 64.6 |
| 39.5 | % |
Net Margin |
|
|
|
|
|
|
|
|
| 4.3 | % |
|
|
|
|
|
|
|
| 2.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
| 946.6 |
|
|
|
|
|
|
|
|
| 946.6 |
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
| 0.1 |
|
|
|
|
|
|
|
|
| 0.1 |
|
|
|
EARNINGS PER ADS |
|
|
|
|
|
|
|
|
| 0.6 |
|
|
|
|
|
|
|
|
| 0.4 |
| 39.5 | % |
(1) Total may be different from the addition of the four countries because of intercountry eliminations
(2) Corporate expenses partially reclassified to the operations.
(3) OPERATING INCOME: includes the following lines of the income statement by function included in the published financial statements in the superintendency of securities and ‘insurance : Net sales, cost of sales, distribution expenses and administrative expenses.
(4) EBITDA: Operating Income + Depreciation
(5) OTHER INCOME/(EXPENSE): includes the following lines of the income statement by function included in the published financial statements in the superintendency of securities and ‘insurance : “Other income”, “Other expenses” and “Other (loss) gains”.
Embotelladora Andina S.A.
Third Quarter Results for the period ended September 30, 2015 IFRS GAAP
(In nominal local currency of each period)
|
| July-September 2015 |
| July-September 2014 |
| ||||||||||||
|
| Chile Million |
| Brazil Million |
| Argentina |
| Paraguay |
| Chile Million |
| Brazil Million |
| Argentina |
| Paraguay |
|
|
| Ch$ |
| R$ |
| Million AR$ |
| Million G$ |
| Ch$ |
| R$ |
| Million AR$ |
| Million G$ |
|
TOTAL BEVERAGES VOLUME (Million UC) |
| 52.3 |
| 65.3 |
| 53.8 |
| 14.7 |
| 52.4 |
| 68.5 |
| 53.2 |
| 14.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES |
| 115,660 |
| 689.7 |
| 2,112.3 |
| 246,989 |
| 113,028 |
| 677.0 |
| 1,579.0 |
| 229,270 |
|
COST OF SALES |
| (72,324 | ) | (425.5 | ) | (1,169.6 | ) | (157,940 | ) | (70,366 | ) | (424.6 | ) | (911.8 | ) | (142,927 | ) |
GROSS PROFIT |
| 43,335 |
| 264.3 |
| 942.7 |
| 89,049 |
| 42,662 |
| 252.4 |
| 667.2 |
| 86,343 |
|
Gross Margin |
| 37.5 | % | 38.3 | % | 44.6 | % | 36.1 | % | 37.7 | % | 37.3 | % | 42.3 | % | 37.7 | % |
SELLING AND ADMINISTRATIVE EXPENSES |
| (34,182 | ) | (193.1 | ) | (747 | ) | (59,930 | ) | (33,699 | ) | (187.9 | ) | (565.0 | ) | (57,312 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (1) |
| 9,153 |
| 71.2 |
| 195.9 |
| 29,118 |
| 8,963 |
| 64.5 |
| 102.2 |
| 29,031 |
|
Operating Margin |
| 7.9 | % | 10.3 | % | 9.3 | % | 11.8 | % | 7.9 | % | 9.5 | % | 6.5 | % | 12.7 | % |
EBITDA (2) |
| 19,210 |
| 103.9 |
| 273.2 |
| 53,880 |
| 18,656 |
| 99.1 |
| 170.2 |
| 54,594 |
|
Ebitda Margin |
| 16.6 | % | 15.1 | % | 12.9 | % | 21.8 | % | 16.5 | % | 14.6 | % | 10.8 | % | 23.8 | % |
(1) OPERATING INCOME: Considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales , Cost of Sales, Distribution Costs, and Administrative Expenses.
(2) EBITDA: Operating Income + Depreciation
Chile results do not consider corporate expenses
Embotelladora Andina S.A.
Nine Months Results for the period ended September 30, 2015 IFRS GAAP
(In nominal local currency of each period)
|
| January-September 2015 |
| January-September 2014 |
| ||||||||||||
|
| Chile Million |
| Brazil Million |
| Argentina |
| Paraguay |
| Chile Million |
| Brazil Million |
| Argentina |
| Paraguay |
|
|
| Ch$ |
| R$ |
| Million AR$ |
| Million G$ |
| Ch$ |
| R$ |
| Million AR$ |
| Million G$ |
|
TOTAL BEVERAGES VOLUME (Million UC) |
| 168.6 |
| 206.3 |
| 167.1 |
| 44.3 |
| 166.4 |
| 219.0 |
| 161.4 |
| 44.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES |
| 368,746 |
| 2,173.4 |
| 6,143.9 |
| 739,599 |
| 351,081 |
| 2,088.3 |
| 4,365.4 |
| 710,966 |
|
COST OF SALES |
| (224,200 | ) | (1,309.2 | ) | (3,494.4 | ) | (454,859 | ) | (213,596 | ) | (1,308.0 | ) | (2,536.8 | ) | (442,286 | ) |
GROSS PROFIT |
| 144,546 |
| 864.3 |
| 2,649.4 |
| 284,741 |
| 137,484 |
| 780.3 |
| 1,828.6 |
| 268,680 |
|
Gross Margin |
| 39.2 | % | 39.8 | % | 43.1 | % | 38.5 | % | 39.2 | % | 37.4 | % | 41.9 | % | 37.8 | % |
SELLING AND ADMINISTRATIVE EXPENSES |
| (105,795 | ) | (594.8 | ) | (2,115 | ) | (169,670 | ) | (101,839 | ) | (568.0 | ) | (1,572.5 | ) | (162,343 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (1) |
| 38,751 |
| 269.5 |
| 534.2 |
| 115,070 |
| 35,646 |
| 212.3 |
| 256.1 |
| 106,337 |
|
Operating Margin |
| 10.5 | % | 12.4 | % | 8.7 | % | 15.6 | % | 10.2 | % | 10.2 | % | 5.9 | % | 15.0 | % |
EBITDA (2) |
| 68,625 |
| 369.2 |
| 754.6 |
| 191,520 |
| 64,612 |
| 313.5 |
| 446.1 |
| 182,528 |
|
Ebitda Margin |
| 18.6 | % | 17.0 | % | 12.3 | % | 25.9 | % | 18.4 | % | 15.0 | % | 10.2 | % | 25.7 | % |
(1) OPERATING INCOME: Considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales , Cost of Sales, Distribution Costs, and Administrative Expenses.
(2) EBITDA: Operating Income + Depreciation
Chile results do not consider corporate expenses
Embotelladora Andina S.A.
Consolidated Balance Sheet
(In million of constant 09/30/15 Chilean Pesos)
|
| 09-30-2015 |
| 12-31-2014 |
| 09-30-2014 (*) |
| %Ch |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash + Time deposits + market. Securit. |
| 161,771 |
| 186,091 |
| 151,270 |
| 6.9 | % |
Account receivables (net) |
| 145,445 |
| 204,105 |
| 159,559 |
| -8.8 | % |
Inventories |
| 144,262 |
| 149,728 |
| 141,978 |
| 1.6 | % |
Other current assets |
| 15,516 |
| 13,812 |
| 17,745 |
| -12.6 | % |
Total Current Assets |
| 466,994 |
| 553,736 |
| 470,551 |
| -0.8 | % |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
| 1,240,998 |
| 1,308,586 |
| 1,319,814 |
| -6.0 | % |
Depreciation |
| (598,053 | ) | (595,510 | ) | (597,461 | ) | 0.1 | % |
Total Property, Plant, and Equipment |
| 642,944 |
| 713,076 |
| 722,353 |
| -11.0 | % |
|
|
|
|
|
|
|
|
|
|
Investment in related companies |
| 52,238 |
| 66,050 |
| 72,842 |
| -28.3 | % |
Goodwill |
| 96,415 |
| 116,924 |
| 125,353 |
| -23.1 | % |
Other long term assets |
| 881,768 |
| 819,387 |
| 789,546 |
| 11.7 | % |
Total Other Assets |
| 1,030,422 |
| 1,002,361 |
| 987,740 |
| 4.3 | % |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
| 2,140,360 |
| 2,269,173 |
| 2,180,645 |
| -1.8 | % |
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
| 09-30-2015 |
| 12-31-2014 |
| 09-30-2014 (*) |
| %Ch |
|
|
|
|
|
|
|
|
|
|
|
Short term bank liabilities |
| 34,098 |
| 41,676 |
| 66,708 |
| -48.9 | % |
Current portion of bonds payable |
| 13,439 |
| 17,624 |
| 12,459 |
| 7.9 | % |
Other financial liabilities |
| 3,813 |
| 8,120 |
| 21,251 |
| -82.1 | % |
Trade accounts payable and notes payable |
| 221,903 |
| 284,146 |
| 200,851 |
| 10.5 | % |
Other liabilities |
| 66,144 |
| 58,647 |
| 38,679 |
| 71.0 | % |
Total Current Liabilities |
| 339,398 |
| 410,213 |
| 339,948 |
| -0.2 | % |
|
|
|
|
|
|
|
|
|
|
Long term bank liabilities |
| 36,311 |
| 46,415 |
| 56,583 |
| -35.8 | % |
Bonds payable |
| 709,438 |
| 657,220 |
| 648,368 |
| 9.4 | % |
Other financial liabilities |
| 16,601 |
| 22,981 |
| (10,031 | ) | -265.5 | % |
Other long term liabilities |
| 187,276 |
| 213,347 |
| 232,359 |
| -19.4 | % |
Total Long Term Liabilities |
| 949,625 |
| 939,963 |
| 927,279 |
| 2.4 | % |
|
|
|
|
|
|
|
|
|
|
Minority interest |
| 20,799 |
| 21,703 |
| 21,413 |
| -2.9 | % |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
| 830,538 |
| 897,294 |
| 892,005 |
| -6.9 | % |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
| 2,140,360 |
| 2,269,173 |
| 2,180,645 |
| -1.8 | % |
Financial Highlights
(In million of constant 09/30/15 Chilean Pesos)
|
| Year to Date |
| ||||
|
| 09-30-2015 |
| 12-31-2014 |
| 09-30-2014 (*) |
|
|
|
|
|
|
|
|
|
ADDITIONS TO FIXED ASSETS |
|
|
|
|
|
|
|
Chile |
| 28,793 |
| 45,110 |
| 33,207 |
|
Brazil |
| 16,730 |
| 30,280 |
| 22,635 |
|
Argentina |
| 17,865 |
| 25,724 |
| 20,553 |
|
Paraguay |
| 4,880 |
| 13,103 |
| 10,274 |
|
|
| 68,268 |
| 114,217 |
| 86,669 |
|
|
|
|
|
|
|
|
|
DEBT RATIOS |
| 09-30-2015 |
| 12-31-2014 |
| 09-30-2014 (*) |
|
|
|
|
|
|
|
|
|
Financial Debt / Total Capitalization |
| 0.49 |
| 0.46 |
| 0.47 |
|
Financial Debt / EBITDA L12M |
| 2.56 |
| 2.74 |
| 2.81 |
|
EBITDA L12M / Interest Expense (net) L12M |
| 5.35 |
| 4.58 |
| 4.81 |
|
|
|
|
|
|
|
|
|
L12M: Last twelve months |
|
|
|
|
|
|
|
(*) To ease figure comparison we include September 30, 2014 only on this chart, since mandatory SVS information does not require it.
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, October 29, 2015 |
|