Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Ifrs Statement [line items] | |
Entity Registrant Name | Andina Bottling Co Inc |
Entity Central Index Key | 0000925261 |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | No |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Series A Shares | |
Ifrs Statement [line items] | |
Entity Common Stock, Shares Outstanding | 473,289,301 |
Series B Shares | |
Ifrs Statement [line items] | |
Entity Common Stock, Shares Outstanding | 473,281,303 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Thousands, in Thousands | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) |
Current assets: | ||
Cash and cash equivalents | $ 157,567,986 | $ 137,538,613 |
Other financial assets | 347,278 | 683,567 |
Other non-financial assets | 16,188,965 | 5,948,923 |
Trade and other accounts receivable, net | 191,077,588 | 174,113,323 |
Accounts receivable from related companies | 10,835,768 | 9,450,263 |
Inventory | 147,641,224 | 151,319,709 |
Current tax assets | 9,815,294 | 2,532,056 |
Total Current Assets | 533,474,103 | 481,586,454 |
Non-Current Assets: | ||
Other financial assets | 110,784,311 | 97,362,295 |
Other non-financial assets | 125,636,150 | 34,977,264 |
Trade and other receivables | 523,769 | 1,270,697 |
Accounts receivable from related parties | 283,118 | 74,340 |
Investments accounted for using the equity method | 99,866,733 | 102,410,945 |
Intangible assets other than goodwill | 675,075,375 | 668,822,553 |
Goodwill | 121,221,661 | 117,229,173 |
Property, plant and equipment | 722,718,863 | 710,770,968 |
Deferred tax assets | 1,364,340 | |
Total Non-Current Assets | 1,857,474,320 | 1,732,918,235 |
Total Assets | 2,390,948,423 | 2,214,504,689 |
CURRENT LIABILITIES | ||
Other financial liabilities | 40,593,878 | 56,114,977 |
Trade and other accounts payable | 243,700,553 | 238,109,847 |
Accounts payable to related parties | 53,637,601 | 45,827,859 |
Provisions | 2,068,984 | 3,485,613 |
Income taxes payable | 6,762,267 | 9,338,612 |
Employee benefits current provisions | 38,392,854 | 33,210,979 |
Other non-financial liabilities, current | 26,502,215 | 33,774,214 |
Total Current Liabilities | 411,658,352 | 419,862,101 |
Other financial liabilities, non-current | 743,327,057 | 716,563,778 |
Accounts payable, non-current | 619,587 | 735,665 |
Accounts payable to related companies, non-current | 19,777,812 | |
Other provisions, non-current | 67,038,566 | 58,966,913 |
Deferred tax liabilities | 169,449,747 | 145,245,948 |
Employee benefits non-current provisions | 10,173,354 | 9,415,541 |
Total Non-Current Liabilities | 1,010,386,123 | 930,927,845 |
Equity: | ||
Issued capital | 270,737,574 | 270,737,574 |
Retained earnings | 600,918,265 | 462,221,463 |
Other reserves | 76,993,851 | 110,854,089 |
Equity attributable to equity holders of the parent | 948,649,690 | 843,813,126 |
Non-controlling interests | 20,254,258 | 19,901,617 |
Total Equity | 968,903,948 | 863,714,743 |
Total Liabilities And Equity | $ 2,390,948,423 | $ 2,214,504,689 |
Consolidated Statements of Inco
Consolidated Statements of Income by Function - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Income by Function | |||
Net sales | $ 1,779,025,115 | $ 1,672,915,799 | $ 1,848,878,619 |
Cost of sales | (1,048,343,767) | (968,027,774) | (1,069,024,964) |
Gross Profit | 730,681,348 | 704,888,025 | 779,853,655 |
Other income | 40,947,158 | 2,609,168 | 550,834 |
Distribution expenses | (166,996,289) | (165,775,484) | (192,927,875) |
Administrative expenses | (325,903,809) | (313,742,853) | (348,199,321) |
Other expenses | (26,182,847) | (16,057,763) | (16,701,471) |
Other (loss) gains | 2,876 | (2,707,859) | (2,537,269) |
Finance income | 45,155,791 | 3,940,244 | 11,194,375 |
Financial expenses | (46,209,020) | (55,014,660) | (55,220,369) |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | (3,415,083) | 1,411,179 | (80,360) |
Foreign exchange differences | (4,130,543) | (1,449,256) | (1,370,910) |
Income by indexation units | (7,536,466) | (5,085,140) | (3,762,930) |
Net income before income taxes | 236,413,116 | 153,015,601 | 170,798,359 |
Income tax expense | (61,166,891) | (55,564,855) | (51,797,634) |
Net income | 175,246,225 | 97,450,746 | 119,000,725 |
Net income attributable to | |||
Owners of the controller | 173,721,928 | 96,603,371 | 117,835,790 |
Non-controlling interests | 1,524,297 | 847,375 | 1,164,935 |
Net income | $ 175,246,225 | $ 97,450,746 | $ 119,000,725 |
Series A Share | |||
Earnings per Share, basic and diluted | |||
Earnings per share | $ 174.79 | $ 97.20 | $ 118.56 |
Series B Share | |||
Earnings per Share, basic and diluted | |||
Earnings per share | $ 192.27 | $ 106.92 | $ 130.42 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 175,246,225 | $ 97,450,746 | $ 119,000,725 |
Components of other comprehensive income that will not be reclassified to net income for the period, before taxes | |||
Actuarial losses from defined benefit plans | (379,007) | (63,463) | (329,477) |
Components of other comprehensive income that will be reclassified to net income for the period, before taxes | |||
Gain (losses) from exchange rate translation differences | (41,844,584) | (72,455,525) | (68,831,435) |
Gain (losses) from cash flow hedges | (1,865,233) | (13,151,841) | (813,844) |
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 | 102,332 | 16,184 | 84,017 |
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 | 9,295,546 | 2,476,204 | 232,666 |
Income tax related to cash flow hedges | 683,482 | 2,554,551 | 167,348 |
Other comprehensive income, total | (34,007,464) | (80,623,890) | (69,490,725) |
Total comprehensive income | 141,238,761 | 16,826,856 | 49,510,000 |
Equity holders of the controller | 139,861,690 | 16,370,635 | 48,725,522 |
Non-controlling interests | $ 1,377,071 | $ 456,221 | $ 784,478 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CLP ($) $ in Thousands | Issued capital | Total other reserves, net of tax | Reserves for exchange rate differences | Cash flow hedge reserve | Actuarial gains or losses in employee benefits | Other reserves | Retained earnings | Controlling Equity | Non-Controlling interests | Total |
Equity at beginning of period at Dec. 31, 2016 | $ 270,737,574 | $ 254,159,496 | $ (168,744,355) | $ (2,448,175) | $ (1,785,032) | $ 427,137,058 | $ 295,708,512 | $ 820,605,582 | $ 21,564,445 | $ 842,170,027 |
Comprehensive Income | ||||||||||
Earnings | 117,835,790 | 117,835,790 | 1,164,935 | 119,000,725 | ||||||
Other comprehensive income | (69,110,268) | (68,333,217) | (646,496) | (130,555) | (69,110,268) | (380,457) | (69,490,725) | |||
Total comprehensive income | (69,110,268) | (68,333,217) | (646,496) | (130,555) | 117,835,790 | 48,725,522 | 784,478 | 49,510,000 | ||
Dividends | (78,021,048) | (78,021,048) | (425,630) | (78,446,678) | ||||||
Total changes in equity | (69,110,268) | (68,333,217) | (646,496) | (130,555) | 39,814,742 | (29,295,526) | 358,848 | (28,936,678) | ||
Equity at end of period at Dec. 31, 2017 | 270,737,574 | 185,049,228 | (237,077,572) | (3,094,671) | (1,915,587) | 427,137,058 | 335,523,254 | 791,310,056 | 21,923,293 | 813,233,349 |
Changes in accounting policies | 79,499,736 | 79,499,736 | 79,499,736 | |||||||
Restated opening balance | 270,737,574 | 185,049,228 | (237,077,572) | (3,094,671) | (1,915,587) | 427,137,058 | 415,022,990 | 870,809,792 | 21,923,293 | 892,733,085 |
Comprehensive Income | ||||||||||
Earnings | 96,603,371 | 96,603,371 | 847,375 | 97,450,746 | ||||||
Other comprehensive income | (80,232,736) | (69,596,956) | (10,597,290) | (38,490) | (80,232,736) | (391,154) | (80,623,890) | |||
Total comprehensive income | (80,232,736) | (69,596,956) | (10,597,290) | (38,490) | 96,603,371 | 16,370,635 | 456,221 | 16,826,856 | ||
Dividends | (85,475,291) | (85,475,291) | (2,477,897) | (87,953,188) | ||||||
Increase (decrease) from other changes | 6,037,597 | 23,029 | 6,014,568 | 36,070,393 | 42,107,990 | 42,107,990 | ||||
Total changes in equity | (74,195,139) | (69,596,956) | (10,574,261) | (38,490) | 6,014,568 | 47,198,473 | (26,996,666) | (2,021,676) | (29,018,342) | |
Equity at end of period at Dec. 31, 2018 | 270,737,574 | 110,854,089 | (306,674,528) | (13,668,932) | (1,954,077) | 433,151,626 | 462,221,463 | 843,813,126 | 19,901,617 | 863,714,743 |
Comprehensive Income | ||||||||||
Earnings | 173,721,928 | 173,721,928 | 1,524,297 | 175,246,225 | ||||||
Other comprehensive income | (33,860,238) | (32,401,812) | (1,181,751) | (276,675) | (33,860,238) | (147,226) | (34,007,464) | |||
Total comprehensive income | (33,860,238) | (32,401,812) | (1,181,751) | (276,675) | 173,721,928 | 139,861,690 | 1,377,071 | 141,238,761 | ||
Dividends | (86,568,579) | (86,568,579) | (1,024,430) | (87,593,009) | ||||||
Increase (decrease) from other changes | 51,543,453 | 51,543,453 | 51,543,453 | |||||||
Total changes in equity | (33,860,238) | (32,401,812) | (1,181,751) | (276,675) | 138,696,802 | 104,836,564 | 352,641 | 105,189,205 | ||
Equity at end of period at Dec. 31, 2019 | $ 270,737,574 | $ 76,993,851 | $ (339,076,340) | $ (14,850,683) | $ (2,230,752) | $ 433,151,626 | $ 600,918,265 | $ 948,649,690 | $ 20,254,258 | $ 968,903,948 |
Consolidated Statements of Dire
Consolidated Statements of Direct Cash Flows - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows provided by Operating Activities | |||
Receipts from the sale of goods and the rendering of services (including taxes) | $ 2,626,374,510 | $ 2,296,830,656 | $ 2,388,420,701 |
Payments for Operating Activities | |||
Payments to suppliers for goods and services (including taxes) | (1,802,751,639) | (1,526,444,730) | (1,495,009,304) |
Payments to and on behalf of employees | (203,681,853) | (199,460,816) | (221,146,637) |
Other payments for operating activities (value-added taxes on purchases, sales and others) | (292,958,045) | (267,827,342) | (333,155,023) |
Dividends received | 411,041 | 601,022 | 1,540,090 |
Interest payments | (36,141,477) | (41,353,013) | (53,103,434) |
Interest received | 1,539,120 | 3,545,313 | 8,240,023 |
Income tax payments | (34,198,767) | (29,904,176) | (40,654,077) |
Other cash movements (tax on bank debits Argentina and others) | (3,444,416) | (707,552) | (7,171,991) |
Cash flows provided by (used in) Operating Activities | 255,148,474 | 235,279,362 | 247,960,348 |
Cash flows provided by (used in) Investing Activities | |||
Contributions made in associates | (15,615,466) | (15,570,161) | |
Proceeds from sale of Property, plant and equipment | 18,904 | 260,116 | 99,421 |
Purchase of Property, plant and equipment | (110,683,258) | (121,063,273) | (168,857,680) |
Purchase of intangible assets | (448,307) | (11,923,449) | |
Proceeds from other long-term assets (redemption of term deposits over 90 days) | 13,883,132 | 81,258,426 | |
Purchase of other long-term assets (term deposits over 90 days) | (41,059,494) | ||
Payments on forward, term, option and financial exchange agreements | 1,135,034 | 6,403,152 | 1,374,638 |
Other payments on the purchase of financial instruments | (70,373) | (1,953,309) | (14,153,111) |
Net cash flows used in Investing Activities | (110,048,000) | (118,085,648) | (168,831,410) |
Cash Flows generated from (used in) Financing Activities | |||
Proceeds from short-term loans obtained | 50,297,337 | 29,850,728 | 71,801,741 |
Loan payments | (74,332,889) | (44,234,859) | (52,146,995) |
Lease liability payments | (2,989,457) | (2,395,966) | (4,745,884) |
Dividend payments by the reporting entity | (86,265,896) | (87,535,698) | (74,968,175) |
Other inflows (outflows) of cash (Placement and payment of public obligations) | (13,821,732) | (10,319,483) | (18,286,457) |
Net cash flows (used in) generated by Financing Activities | (127,112,637) | (114,635,278) | (78,345,770) |
Net increase in cash and cash equivalents before exchange differences | 17,987,837 | 2,558,436 | 783,168 |
Effects of exchange differences on cash and cash equivalents | 4,048,168 | 3,574,340 | (5,804,932) |
Effects of inflation on cash and cash equivalents | (2,006,632) | (4,836,279) | |
Net decrease in cash and cash equivalents | 20,029,373 | 1,296,497 | (5,021,764) |
Cash and cash equivalents - beginning of period | 137,538,613 | 136,242,116 | 141,263,880 |
Cash and cash equivalents - end of period | $ 157,567,986 | $ 137,538,613 | $ 136,242,116 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
CORPORATE INFORMATION | |
CORPORATE INFORMATION | 1 – CORPORATE INFORMATION Embotelladora Andina S.A. RUT (Chilean Tax 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 under No. 00124 of the Securities Registry and is regulated by Chile’s 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 activities of Embotelladora Andina S.A. are to manufacture, bottle, commercialize and/or distribute Coca-Cola products and brands registered by The Coca-Cola Company (“TCCC”). The Company has operations and is licensed by The Coca-Cola Company in its territories Chile, Brazil, Argentina and Paraguay. In Chile, the geographic areas in which the Company has distribution franchises are the Metropolitan Region II Region of Antofagasta, III Region of Atacama, IV Region of Coquimbo, the Province of San Antonio, V Region of Valparaiso, the province of Cachapoal, VI Region del Libertador General Bernardo O’Higgins, XI Region de Aysén del General Carlos Ibáñez del Campo; and XII Region of Magallanes and Chilean Antartic.. In Brazil, its territories include the city of Rio de Janeiro and the central and northern parts of the state of Rio de Janeiro, the city of Vitória and the whole state of Espirito Santo and the city of Ribeirão Preto and part of the state of Sao Paulo and Minas Gerais. In Argentina, the territories include Mendoza, Córdoba, San Luis, Entre Ríos, Santa Fe, Rosario, Santa Cruz, Neuquén, El Chubut, Tierra del Fuego, Río Negro, La Pampa and the western zone of the Province of Buenos Aires. In Paraguay, the franchised territory covers the whole country. License agreements for the territories in Chile expire in October 2023. In Argentina they expire in 2022; in Brazil they expire in 2022 and in Paraguay they expire in 2020. Said licenses are renewable upon the request of the licensee 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 55.72% of the outstanding shares with voting rights, corresponding to the Series A shares. The Controlling Group is composed of the Chadwick Claro, Garcés Silva, Hurtado Berger, Said Handal and Said Somavía families, who control the Company in equal parts. |
BASIS OF PREPARATION OF CONSOLI
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | 12 Months Ended |
Dec. 31, 2019 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | 2 – BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA 2. 1 Accounting principles and basis of preparation The Company’s Consolidated Financial Statements for the periods ended December 31, 2019 and 2018, have been prepared in accordance with the International Financial Reporting Standards (hereinafter "IFRS") issued by the International Accounting Standards Board (hereinafter "IASB"). These 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 Consolidated Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries as of December 31, 2019 and 2018 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2019, 2018 and 2017 and the related notes. The Company’s 2019 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors on February 25, 2020, with subsequent events first being considered through that date. Those local statutory consolidated financial statements consisted of consolidated statement of financial position as of December 31, 2019 and 2018 along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows (and related disclosures), each for the two years then ended. Those consolidated financial statements were then subsequently approved by the Company’s shareholders during its April 16, 2020 meeting. Included in this 2019 consolidated financial statements are consolidated statement of financial position as of December 31, 2019 and 2018, along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows (and the related disclosures) for each of the three years ended December 31, 2019 2018 and 2017. This three-year presentation of operations, changes in equity and of cash flows is required by the rules of the United States Securities and Exchange Commission. The accompanying English language IFRS consolidated financial statements are consistent with the previously issued local statutory consolidated financial statements. This three-year English language IFRS consolidated financial statements were approved for issuances by the Board of Directors during a session held on April 28, 2020, with subsequent events considered through this later date. 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 Financial Statements 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 12.31.2019 12.31.2018 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 59.144.140-K Abisa Corp S.A. — 99.99 99.99 — 99.99 99.99 Foreign Aconcagua Investing Ltda. 0.71 99.28 99.99 0.71 99.28 99.99 96.842.970-1 Andina Bottling Investments S.A. 99.90 0.09 99.99 99.90 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.98 96.836.750-1 Andina Inversiones Societarias S.A. 99.98 0.01 99.99 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 — 99.99 99.99 — 99.99 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 96.971.280-6 Inversiones Los Andes Ltda. (1) — — — 99.99 — 99.99 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. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.99 — 99.99 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.50 — 66.50 66.50 — 66.50 93.899.000-k Vital Jugos S.A. 15.00 50.00 65.00 15.00 50.00 65.00 (1) Company merged into Andina Bottling Investments SA. 2.3 Investments in associates and joint ventures Ownership interest held by the Group in joint ventures and associates are recorded following the equity method. According to the equity method, the investment in an associate or joint venture 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 goodwill 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.” 2.3.1 Investments in Associates 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. 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: · Operation in Chile · Operation in Brazil · Operation in Argentina · Operation in Paraguay 2.5 Functional currency and presentation currency 2.5.1 Functional 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 spot exchange rate 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 in another overall result 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 in another overall outcome. 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 in another overall result or in results, respectively). 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 situation of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) as December 31, 2019, 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 prior year financial statements (i.e. not adjusted for subsequent changes in the price level or exchange rates). This results in differences between the closing equity of the previous year and the opening equity of the current year and, as an accounting policy choice, these changes are presented as follows: (a) the remeasurement of beginning balances under IAS 29 as an adjustment to equity and (b) the subsequent effects, including retranslation under IAS 21, as “Exchange differences on translation of foreign operations” in other comprehensive income. Inflation for the periods January to December 2019 and 2018 amounted to 54.85% and 47.6%, respectively. The first-time adoption of IAS 29 in 2018 resulted in a positive adjustment in the accumulated consolidated results of Embotelladora Andina S.A., for CLP 79,499,736 thousand (net of deferred taxes) as of January 1, 2018. 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. The financial statements of these subsidiaries are remeasured as if its functional currency was the reporting currency of the parent company. The financial statements were translated 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. · 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. 2.5.3 Exchange rates Exchange rates regarding the Chilean peso in effect at the end of each period are as follows: Date USD BRL ARS PGY 12.31.2019 748.74 185.76 12.50 0.116 12.31.2018 694.77 179.30 18.43 0.117 12.31.2017 614.75 185.84 32.96 0.110 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. The carrying amount of the replaced part is derecognized. Repairs and maintenance are charged to the income statement 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 - 50 Plant and equipment - 20 Warehouse installations and accessories - 30 Furniture and supplies - 5 Motor vehicles - 7 Other Property, plant and equipment - 8 Bottles and containers - 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. When the value of an asset is greater than its estimated recoverable amount, the value is written down immediately to its recoverable amount. 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. If there are items available for sale and comply with the conditions of IFRS 5 “Non-current assets held for sale and discontinued operations” are separated from Property, plant and equipment and are presented within current assets at the lower value between the book value and its fair value less selling costs. 2.7 Intangible assets and Goodwill 2.7.1 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 for impairment. 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. 2.7. 2 Distribution rights Distribution rights are contractual rights to produce and/or distribute products under the Coca-Cola brand and other brands in certain territories in Argentina, Brazil, Chile and Paraguay that were acquired during Business Combination. 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 permanently renewed by The Coca-Cola Company) and therefore are subject to impairment tests on an annual basis. 2.7. 3 Software 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). Regardless of what was stated in the previous paragraph, in the case of CGUs to which goodwill or intangible assets have been assigned with an indefinite useful life, 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 Coca-Cola distribution rights have been acquired. These cash generating units or groups of cash generating units are composed of the following segments: - Operation in Chile (excluding the Metropolitan Region, Rancagua Province and San Antonio Province); - Operation in Argentina (North and South region); - Operation in Brazil (State of Rio de Janeiro and Espirito Santo, Ipiranga territories, investment in the Sorocaba associate and investment in the Leão Alimentos S.A. associate); - Operation in Paraguay 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 test are: a) Discount rate The discount rate applied in the annual test carried out in December 2019 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 before tax is used according to the following table: Discount rates Discount rates 2019 2018 Argentina 35.3 % 21.2 % Chile 8.5 % 8.1 % Brazil 11.4 % 10.9 % Paraguay 11.5 % 10.1 % Management carries out the process of annual goodwill impairment assessments as of December 31 of each year for each CGU. b) Other assumptions The financial projections to determine the net present value of the future cash flows of the CGUs are modeled based on the main historical variables and the respective budgets approved by the CGU. In this regard, a conservative growth rate is used, which reaches 3% for the carbonated beverage category and up to 7% for less developed categories such as juices and waters. Beyond the fifth year of projection, growth perpetuity rates are established per operation ranging from 1% to 2.5% depending on the degree of maturity of the consumption of the products in each operation. 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 changes in key assumptions, variations were applied to the key asssumptions used in the model. Ranges used for each of the modified variables are: - Discount Rate : Increase / Decrease of up to 100 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 75 bps in the rate to calculate the perpetual growth of future cash flows - EBITDA margin : Increase / Decrease of 100bps of EBITDA margin of operations, which is applied per year for the projected periods, that is, for the years 2020-2024 The Company conducts impairment analyses on an annual basis, as a result of tests conducted as of December 31, 2019 and 2018, no signs of impairments in any of the CGUs were identified, assuming conservative EBITDA margin projections in line with market history. Despite the deterioration in macroeconomic conditions experienced by the economies of the countries where cash-generating units operate, the impairment test resulted in recovery values higher than the book values including sensitivity calculations to which it was submitted. 2. 9 Financial instruments 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. 2. 9.1 Financial assets 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. 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 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”). 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 on |
FINANCIAL REPORTING BY SEGMENT
FINANCIAL REPORTING BY SEGMENT | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL REPORTING BY SEGMENT | |
FINANCIAL REPORTING BY SEGMENT | 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: · Operation in Chile · Operation in Brazil · Operation in Argentina · Operation in Paraguay 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 operating segments in accordance to IFRS is as follows: Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2019 Operation Operation Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 408,467,731 313,866,082 360,791,744 124,855,857 (366,490) 1,207,614,924 Other beverages 200,484,390 70,990,286 258,529,540 34,036,153 (450,559) 563,589,810 Packaging — 9,779,472 — — (1,959,091) 7,820,381 Net sales 608,952,121 394,635,840 619,321,284 158,892,010 (2,776,140) 1,779,025,115 Cost of sales (359,465,664) (214,447,259) (384,838,875) (92,368,109) 2,776,140 (1,048,343,767) Distribution expenses (59,076,433) (56,421,024) (42,673,570) (8,825,262) — (166,996,289) Administrative expenses (114,250,801) (89,276,114) (98,071,441) (24,305,453) — (325,903,809) Finance income 1,286,021 1,346,501 42,327,682 195,587 — 45,155,791 Finance expense (13,151,176) 999,370 (34,057,214) — — (46,209,020) Interest expense, net (1) (11,865,155) 2,345,871 8,270,468 195,587 — (1,053,229) Share of the entity in income of associates 381,255 — (3,796,338) — — (3,415,083) Income tax expense (12,838,517) (6,902,265) (36,821,377) (4,604,732) — (61,166,891) Other income (loss) (15,109,823) (3,235,926) 21,754,242 (308,315) — 3,100,178 Net income of the segment reported 36,726,983 26,699,123 83,144,393 28,675,726 — 175,246,225 Depreciation and amortization 46,105,063 25,369,034 29,945,887 9,667,300 — 111,087,284 Current assets 244,504,165 76,354,086 171,349,293 41,266,559 — 533,474,103 Non-current assets 657,069,423 165,116,212 786,979,234 248,309,451 — 1,857,474,320 Segment assets, total 901,573,588 241,470,298 958,328,527 289,576,010 — 2,390,948,423 Carrying amount in associates and joint ventures accounted for using the equity method, total 49,703,673 — 50,163,060 — — 99,866,733 Segment disbursements of non-monetary assets 51,542,820 24,343,002 21,343,312 13,454,124 — 110,683,258 Current liabilities 193,298,799 68,120,885 124,248,587 25,990,081 — 411,658,352 Non-current liabilities 474,576,722 13,350,651 506,297,573 16,161,177 — 1,010,386,123 Segment liabilities, total 667,875,521 81,471,536 630,546,160 42,151,258 — 1,422,044,475 Cash flows provided by in Operating Activities 145,551,360 30,440,761 63,145,540 16,010,813 — 255,148,474 Cash flows (used in) provided by Investing Activities (50,706,748) (24,790,752) (21,096,376) (13,454,124) — (110,048,000) Cash flows (used in) provided by Financing Activities (100,352,068) (616,475) (25,654,792) (489,302) — (127,112,637) (1) Financial expenses associated with external financing for the purchase of companies, including capital contributions are presented in this item. Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2018 Operation Operation (2) Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 390,782,296 330,874,797 326,015,740 118,095,369 (72,170) 1,165,696,032 Other beverages 180,156,806 75,341,941 214,493,809 31,492,883 — 501,485,439 Packaging — 7,343,785 — — (1,609,457) 5,734,328 Net sales 570,939,102 413,560,523 540,509,549 149,588,252 (1,681,627) 1,672,915,799 Cost of sales (336,719,937) (214,647,052) (329,529,112) (88,813,300) 1,681,627 (968,027,774) Distribution expenses (55,798,363) (62,899,574) (38,835,833) (8,241,714) (165,775,484) Administrative expenses (109,373,432) (93,149,904) (88,809,386) (22,410,131) (313,742,853) Finance income 1,686,041 14,750 2,019,489 219,964 — 3,940,244 Finance expense (23,713,774) (192,602) (31,108,284) — — (55,014,660) Interest expense, net(1) (22,027,733) (177,852) (29,088,795) 219,964 — (51,074,416) Share of the entity in income of associates 298,359 — 1,112,820 — — 1,411,179 Income tax expense (22,000,539) (18,874,454) (10,088,988) (4,600,874) — (55,564,855) Other income (loss) (11,540,167) (2,639,386) (8,399,463) (111,834) — (22,690,850) Net income of the segment reported 13,777,290 21,172,301 36,870,792 25,630,363 — 97,450,746 Depreciation and amortization 42,353,664 20,474,446 26,830,835 9,935,501 — 99,594,446 Current assets 228,108,768 80,908,212 135,259,768 37,309,706 — 481,586,454 Non-current assets 644,395,166 160,587,931 679,183,347 248,751,791 — 1,732,918,235 Segment assets, total 872,503,934 241,496,143 814,443,115 286,061,497 — 2,214,504,689 Carrying amount in associates and joint ventures accounted for using the equity method, total 50,136,065 — 52,274,880 — — 102,410,945 Capital expenditures and other 67,709,231 28,702,138 32,536,213 9,684,466 — 138,632,048 Current liabilities 186,831,021 83,013,418 128,146,943 21,870,719 — 419,862,101 Non-current liabilities 477,319,648 17,066,746 420,218,066 16,323,385 — 930,927,845 Segment liabilities, total 664,150,669 100,080,164 548,365,009 38,194,104 — 1,350,789,946 Cash flows provided by in Operating Activities 150,035,425 28,899,457 44,949,860 11,394,620 — 235,279,362 Cash flows (used in) provided by Investing Activities (47,164,236) (28,700,733) (32,536,213) (9,684,466) — (118,085,648) Cash flows (used in) provided by Financing Activities (98,560,576) (10,644,812) (5,099,823) (330,067) — (114,635,278) (1) Financial expenses associated with external financing for the purchase of companies, including capital contributions are presented in this item. (2) Pursuant the application of IAS 19 in Argentina, assets and liabilities increased by ThCh $97,318,892 and ThCh $16,093,780, respectively. The effect in the income statement was a net loss of ThCh $15,743,592. Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2017 Operation Operation Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 391,629,010 444,872,352 387,545,053 113,314,824 (96,999) 1,337,264,240 Other beverages 160,244,448 99,712,939 216,352,694 27,962,406 — 504,272,487 Packaging — 9,202,768 — — (1,860,876) 7,341,892 Net sales 551,873,458 553,788,059 603,897,747 141,277,230 (1,957,875) 1,848,878,619 Cost of sales (328,579,003) (294,370,581) (362,686,353) (85,346,902) 1,957,875 (1,069,024,964) Distribution expenses (54,777,094) (87,032,428) (43,483,958) (7,634,395) — (192,927,875) Administrative expenses (110,969,260) (106,504,163) (109,095,660) (21,630,238) — (348,199,321) Finance income 19,057,630 2,116,590 6,575,528 257,906 (16,813,279) 11,194,375 Finance expense (32,594,796) (4,663,527) (34,767,713) (7,612) 16,813,279 (55,220,369) Interest expense, net* (13,537,166) (2,546,937) (28,192,185) 250,294 — (44,025,994) Share of the entity in income of associates 246,084 (243) (326,201) — — (80,360) Income tax expense (16,871,257) (17,683,875) (13,719,506) (3,522,996) — (51,797,634) Other income (loss) (11,312,509) (10,441,173) (1,855,039) (213,025) — (23,821,746) Net income of the segment reported 16,073,253 35,208,659 44,538,845 23,179,968 — 119,000,725 Depreciation and amortization 42,688,326 17,648,018 27,879,514 10,948,033 — 99,163,891 Current assets 223,245,173 97,529,488 132,815,545 30,419,844 — 484,010,050 Non-current assets 636,482,010 96,532,150 663,556,969 234,278,288 — 1,630,849,417 Segment assets, total 859,727,183 194,061,638 796,372,514 264,698,132 — 2,114,859,467 Carrying amount in associates and joint ventures accounted for using the equity method, total 33,789,538 — 53,019,531 — — 86,809,069 Capital expenditures and other 64,480,973 40,347,989 91,198,657 14,476,783 — 210,504,402 Current liabilities 169,508,083 105,886,744 135,595,156 17,297,339 — 428,287,322 Non-current liabilities 463,997,113 1,368,167 393,125,740 14,847,776 — 873,338,796 Segment liabilities, total 633,505,196 107,254,911 528,720,896 32,145,115 — 1,301,626,118 Cash flows provided by Operating Activities 79,451,122 38,904,028 98,783,329 30,821,869 — 247,960,348 Cash flows (used in) provided by Investing Activities (49,677,671) (40,344,994) (64,331,960) (14,476,785) — (168,831,410) Cash flows (used in) provided by Financing Activities (91,800,089) 16,891,759 (3,437,440) — — (78,345,770) |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2019 | |
CASH AND CASH EQUIVALENTS. | |
CASH AND CASH EQUIVALENTS | 4 – CASH AND CASH EQUIVALENTS The composition of Cash and cash equivalents is as follows: By item 12.31.2019 12.31.2018 ThCh$ ThCh$ Cash 2,331,714 2,907,276 Bank balances 51,176,617 46,425,927 Time deposits — 1,500,315 Other fixed rate instruments 104,059,655 86,705,095 Total cash and cash equivalents 157,567,986 137,538,613 Time deposits expire in less than three months from their acquisition date and accrue market interest for this type of short-term investment. Other fixed-income instruments mainly correspond to mutual funds with a maturity of less than 90 days, from the date of investment. There are no restrictions for significant amounts available to cash. By currency 12.31.2019 12.31.2018 ThCh$ ThCh$ USD 16,733,249 5,917,041 EUR 9,722 51,401 ARS 3,830,199 6,726,906 CLP 78,420,966 86,121,695 PGY 12,383,873 10,680,600 BRL 46,189,977 28,040,970 Cash and cash equivalents 157,567,986 137,538,613 |
OTHER CURRENT AND NON-CURRENT F
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | 5 – OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS The composition of other financial assets is as follows: Balance Current Non-current Other financial assets ThCh$ ThCh$ ThCh$ ThCh$ Financial assets measured at amortized cost (1) 30,073 14,040 1,216,865 — Financial assets at fair value (2) 317,205 669,527 98,918,457 87,446,662 Other financial assets measured at amortized cost (3) — — 10,648,989 9,915,663 Total 347,278 683,567 110,784,311 97,362,295 (1) Financial instruments held by the Company other than cash and cash equivalents. They mainly consist of time deposits with short-term maturities (more than 90 days). (2) See detail in Note 22 (3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., which are framed in the purchase of the “AdeS” brand managed by The Coca-Cola Company at the end of 2016. |
OTHER CURRENT AND NON-CURRENT N
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | 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 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ Prepaid expenses 11,242,456 4,967,255 595,045 810,662 Tax credit remainder (1) 180,695 18,022 103,540,639 13,322,720 Guaranty deposit 422 3,013 — — Judicial deposits — — 19,226,030 18,590,597 Others (2) 4,765,392 960,633 2,274,436 2,253,285 Total 16,188,965 5,948,923 125,636,150 34,977,264 (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 CLP 103,540 million (BRL 567 million, of which BRL 357 million corresponds to capital and BRL 210 million to interest and monetary restatement. These amounts were recorded as of December 31, 2019. In addition, the company acknowledged the indirect costs (attorneys’ fees, consulting, auditing, indirect taxes and other obligations) resulting from the recognition of the right acquired in court, totaling BRL 161 million. The payment of income tax occurs when liquidating the credit, thus the respective deferred tax liability recorded was CLP 25,200 million (BRL 138 million). Compañía de Bebidas Ipiranga (“CBI”) acquired in September 2013, also filed a court order No. 0014022-71.2000.4.03.6102 in order to recognize the same issue as the one previously described for RJR. In September 2019, the ruling favoring CBI became final, allowing the recovery of the amounts overpaid from September 12, 1990 to December 1, 2013 (date when CBI was incorporated by RJR). CBI’s credit will be generated in the name of RJR, however, pursuant to the contractual clause (“Subscription Agreement for Shares and Exhibits”), as soon as collected by RJR, this payment should be immediately paid to former CBI shareholders (supervention favoring former CBI shareholders). In addition, RJR has an associate called Sorocaba Refrescos SA (“Sorocaba”), where it has a 40% shareholding in the capital, which also filed a court order seeking recognition of the right to the same issue as RJR’s action. On June 13, 2019, the ruling favoring Sorocaba became final, allowing the recovery of the amounts overpaid from July 5, 1992 until the date on which the decision became final. The amount of this credit will be calculated and the respective impacts on RJR’s results derived from its participation in Sorocaba will be recognized in the fiscal year ended December 31, 2020. Based on the information available for the CBI and Sorocaba lawsuits, the Company concluded that there was not enough documentary support to say that the credit is almost certain for the tax authorities and therefore, did not record the respective asset in the booking accounts. (2) Other non-financial assets are mainly composed of advances to suppliers |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2019 | |
TRADE AND OTHER RECEIVABLES | |
TRADE AND OTHER RECEIVABLES | 7 – TRADE AND OTHER RECEIVABLES The composition of trade and other receivables is as follows: Balance Current Non-current Trade debtors and other accounts receivable, Net 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 150,509,528 147,728,216 — 66,510 Other debtors 39,620,246 16,722,240 466,007 1,204,187 Other accounts receivable 947,814 9,662,867 57,762 — Total 191,077,588 174,113,323 523,769 1,270,697 Balance Current Non-current Trade debtors and other accounts receivable, Gross 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 153,654,549 150,933,965 — 66,510 Other debtors 42,719,679 19,552,539 466,007 1,204,187 Other accounts receivable 1,196,347 9,925,027 57,762 — Total 197,570,575 180,411,531 523,769 1,270,697 The stratification of the portfolio is as follows: Balance Current trade debtors without impairment impact 12.31.2019 12.31.2018 ThCh$ ThCh$ Less than one month 148,150,717 144,172,500 Between one and three months 1,872,144 2,066,514 Between three and six months 838,277 601,042 Between six and eight months 482,596 851,009 Older than eight months 2,310,815 3,309,410 Total 153,654,549 151,000,475 The Company has approximately 276,000 clients, which may have balances in the different sections of the stratification. The number of clients is distributed geographically with 65,400 in Chile, 89,200 in Brazil, 64,400 in Argentina and 57,000 in Paraguay. 12.31.2019 12.31.2018 ThCh$ ThCh$ Debtors for current credit operations 153,654,549 150,933,965 Non-current credit operations — 66,510 Total 153,654,549 151,000,475 The movement in the allowance for expected credit losses is presented below: 12.31.2019 12.31.2018 ThCh$ ThCh$ Opening balance 6,298,208 6,494,113 Increase (decrease) 1,762,246 1,629,761 Provision reversal (1,184,953) (1,257,591) Increases (decrease) for changes of foreign currency (382,514) (568,075) Sub – total movements 194,779 (195,905) Ending balance 6,492,987 6,298,208 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
INVENTORIES | |
INVENTORIES | 8 – INVENTORIES The composition of inventories is detailed as follows: Details 12.31.2019 12.31.2018 ThCh$ ThCh$ Raw materials (1) 93,524,911 86,102,495 Finished goods 32,337,670 37,213,848 Spare parts and supplies 20,769,626 28,777,180 Work in progress 567,973 780,324 Other inventories 3,625,488 1,049,165 Obsolescence provision (2) (3,184,444) (2,603,303) Total 147,641,224 151,319,709 The cost of inventory recognized as cost of sales as of December 31, 2019 and 2018, is CLP 1,048,343,767 thousand and CLP 968,027,774 thousand, 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. |
TAX ASSETS AND LIABILITIES
TAX ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
TAX ASSETS AND LIABILITIES | |
TAX ASSETS AND LIABILITIES | 9 – TAX ASSETS AND LIABILITIES The composition of current tax accounts receivable is the following: Tax assets 12.31.2019 12.31.2018 ThCh$ ThCh$ Tax credits (1) 9,815,294 2,532,056 Total 9,815,294 2,532,056 (1) Tax credits correspond to income tax credits on training expenses, purchase of Property, plant and equipment, and donations. The composition of current tax accounts payable is the following: Tax liabilities 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Income tax expense 6,762,267 9,338,612 3,184,965 Total 6,762,267 9,338,612 3,184,965 |
INCOME TAX EXPENSE AND DEFERRED
INCOME TAX EXPENSE AND DEFERRED TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |
INCOME TAX EXPENSE AND DEFERRED TAXES | 10 – INCOME TAX EXPENSE AND DEFERRED TAXES 10. 1 Income tax expense The current and deferred income tax expenses are detailed as follows: Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Current income tax expense 35,439,707 38,313,980 40,183,261 Current tax adjustment previous period 713,992 312,403 137,455 Withholding tax expense foreign subsidiaries 4,534,145 7,364,213 6,730,031 Other current tax expense (income) (425,958) 474,105 (5,733) Current income tax expense 40,261,886 46,464,701 47,045,014 Expense (income) for the creation and reversal of temporary differences of deferred tax and others 20,905,005 9,100,154 4,752,620 Expense (income) for deferred taxes 20,905,005 9,100,154 4,752,620 Total income tax expense 61,166,891 55,564,855 51,797,634 The distribution of national and foreign tax expenditure is as follows: Income taxes 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Current taxes Foreign (24,315,576) (24,442,984) (30,258,395) National (15,946,310) (22,021,717) (16,786,619) Current tax expense (40,261,886) (46,464,701) (47,045,014) Deferred taxes Foreign (24,012,798) (9,121,332) (4,667,982) National 3,107,793 21,178 (84,638) Deferred tax expense (20,905,005) (9,100,154) (4,752,620) Income tax expense (61,166,891) (55,564,855) (51,797,634) 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 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Net income before taxes 236,413,116 153,015,601 170,798,359 Tax expense at legal rate (27.0%) (63,831,541) (41,314,212) (43,553,581) Effect of a different tax rate in other jurisdictions (3,471,705) 967,671 (4,971,103) Permanent differences: Non-taxable revenues 9,507,807 12,522,541 9,645,068 Non-deductible expenses (4,664,045) (11,141,237) (4,020,729) Reversal of tax provision (3,316,278) (295,632) 125,021 Effect of monetary tax restatement Chilean companies 5,199,589 2,566,163 (1,465,753) Foreign subsidiaries tax withholding expense and other legal tax debits and credits (590,718) (18,870,149) (7,556,557) Adjustments to tax expense 6,136,355 (15,218,314) (3,272,950) Tax expense at effective rate (61,166,891) (55,564,855) (51,797,634) Effective rate 25.9 % 36.3 % 30.6 % The applicable income tax rates in each of the jurisdictions where the Company operates are the following: Rate Country 2019 2018 2017 Chile 27.0 % 27.0 % 25.5 % Brazil 34.0 % 34.0 % 34.0 % Argentina 30.0 % 30.0 % 35.0 % Paraguay 10.0 % 10.0 % 10.0 % 10. 2 Deferred income taxes The net cumulative balances of temporary differences that give rise to deferred tax assets and liabilities are detailed as follows: 12.31.2019 12.31.2018 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,445,810 51,414,971 5,420,447 46,181,359 Obsolescence provision 1,588,563 — 910,076 112,359 ICMS exclusion credit — 25,651,794 — — Employee benefits 5,418,561 12,157 5,169,161 131,829 Post-employment benefits 148,853 787,576 90,941 1,014,354 Tax loss carry forwards (1) 7,607,813 — 9,137,392 — Tax goodwill Brazil 10,341,033 — 18,836,838 — Contingency provision 34,109,458 — 26,796,262 — Foreign Exchange differences (2) 9,284,450 — 13,083,953 — Allowance for doubtful accounts 756,895 — 1,262,977 — Coca-Cola incentives (Argentina) — — 352,061 — Assets and liabilities for placement of bonds 390,163 1,187,649 — 1,327,727 Lease liabilities 2,242,439 — 1,328,320 — Inventories 447,192 — 347,470 — Distribution rights — 163,107,412 — 173,273,994 Others — 3,705,078 — 5,940,224 Subtotal 77,781,230 245,866,637 82,735,898 227,981,846 Total assets and liabilities net 1,364,340 169,449,747 — 145,245,948 (1) Tax losses mainly associated with the subsidiary Embotelladora Andina Chile S.A. In Chile tax losses have no expiration date (2) Corresponds to deffered taxes for exchange rate differences generated on the translation of debt expressed in foreign currency in the subsidiary Rio de Janeiro Refrescos Ltda. and which for tax purposes are recognized in Brazil when incurred. The movement in deferred income tax accounts is as follows: Movement 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Opening Balance 145,245,948 121,991,585 125,608,802 Increase (decrease) in deferred tax 20,905,005 11,303,016 (3,417,011) Increase (decrease) due to foreign currency translation (*) 1,934,454 11,951,347 (200,206) Total movements 22,839,459 23,254,363 (3,617,217) Ending balance 168,085,407 145,245,948 121,991,585 (1) (*) Includes IAS 29 effect, due to inflation in Argentina |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY PLANT AND EQUIPMENT | |
PROPERTY, PLANT AND EQUIPMENT | 11 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are detailed below at the end of each period: Property, plant and equipment, gross 12.31.2019 12.31.2018 ThCh$ ThCh$ Construction in progress 27,290,581 26,048,670 Land 104,196,754 100,479,196 Buildings 299,282,674 371,279,937 Plant and equipment 571,154,695 623,568,795 Information technology equipment 23,912,963 22,752,205 Fixed installations and accessories 46,062,659 43,717,907 Vehicles 55,128,493 53,682,179 Leasehold improvements 214,886 144,914 Rights of use (1) 40,498,400 — Other properties, plant and equipment (2) 452,600,945 438,350,022 Total Property, plant and equipment, gross 1,620,343,050 1,680,023,825 Accumulated depreciation of Property, plant and equipment 12.31.2019 12.31.2018 ThCh$ ThCh$ Buildings (87,308,899) (157,119,586) Plant and equipment (385,801,471) (416,164,810) Information technology equipment (18,911,118) (17,567,484) Fixed installations and accessories (26,219,378) (22,660,738) Vehicles (33,167,346) (31,883,578) Leasehold improvements (144,865) (112,737) Rights of use (1) (8,254,568) — Other properties, plant and equipment (2) (337,816,542) (323,743,924) Total accumulated depreciation (897,624,187) (969,252,857) Total Property, plant and equipment, net 722,718,863 710,770,968 (1) For adoption of IFRS 16. See details of underlying assets in Note 11.1 (2) The net balance of each of these categories is presented below: Other Property, plant and equipment, net 12.31.2019 12.31.2018 ThCh$ ThCh$ Bottles 44,071,742 51,522,834 Marketing and promotional assets 57,442,154 45,739,948 Other Property, plant and equipment 13,270,507 17,343,316 Total 114,784,403 114,606,098 11.1 Movements Movements in Property, plant and equipment are detailed as follows: Fixed IT facilities and Leasehold Property, plant Construction in Plant and equipment accessories, improvements, & equipment, progress Land Buildings, net equipment, net net net Vehicles, net net Others Rights-of-use net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2019 26,048,670 100,479,196 214,160,351 207,403,985 5,184,721 21,057,169 21,798,601 32,177 114,606,098 — 710,770,968 Additions 49,134,461 — 749,800 11,582,259 675,974 7,271 (342,001) 1,309 32,640,210 — 94,449,283 Right-of use additions (3) — — — — — — — — — 21,721,728 21,721,728 Disposals (8,761) — (5,902) (352,204) (977) (8,911) (52,095) (155) (1,135,304) — (1,564,309) Transfers between items of Property, plant and equipment (48,358,902) 2,268,316 430,971 20,735,065 1,019,048 1,379,012 7,650,847 65,250 14,810,393 — — Right-of-use transfers (25,991) — (266,007) (13,788,120) (23,712) — (1,181,465) — (2,520,405) 17,805,700 — Depreciation expense — — (7,681,481) (37,572,910) (1,949,851) (2,977,512) (6,267,039) (30,737) (42,410,016) (98,889,546) Amortization (2) — — — — — — — — — (8,254,568) (8,254,568) Increase (decrease) due to foreign currency translation differences 688,063 1,529,526 4,685,319 3,228,519 83,757 386,253 464,563 2,177 2,216,555 1,024,539 14,309,271 Other increase (decrease) (1) (186,959) (80,284) (99,276) (5,883,370) 12,885 (1) (110,264) — (3,423,128) (53,567) (9,823,964) Total movements 1,241,911 3,717,558 (2,186,576) (22,050,761) (182,876) (1,213,888) 162,546 37,844 178,305 32,243,832 11,947,895 Ending balance at December 31, 2019 27,290,581 104,196,754 211,973,775 185,353,224 5,001,845 19,843,281 21,961,147 70,021 114,784,403 32,243,832 722,718,863 (1) Mainly correspond to effects of IAS 29 in Argentina. (2) Of the total of CLP 8,254,468 thousand recorded as amortization for the current period, CLP 5,994,037 thousand correspond to right-of-use amortization arising from the adoption of the IFRS, effective beginning on January 1, 2019. The remaining CLP 2,260,531 thousand correspond to depreciation (today amortization) of goods acquired under the financial lease method, which until December 31, 2018 were classified and valued pursuant to the accounting criteria of property, plant and equipment. (3) For IFRS 16 adoption Right-of-use asset as of December 31, 2019 is composed as follows: Rights of use Gross asset Depreciation ThCh$ ThCh$ Buildings 1,454,555 (294,791) Plant and equipment 28,109,470 (4,856,397) IT Equipment 283,473 (69,209) Motor vehicles 5,198,413 (1,776,055) Others 5,452,489 (1,258,116) Total 40,498,400 (8,254,568) Interest expense for lease liabilities for the period ended December 31, 2019 amounts to CLP 2,282,221 thousand. Fixed IT facilities and Leasehold Property, plant Construction Plant and Equipment, accessories, improvements, Other, and equipment, in progress Land Buildings, net equipment, net net net Vehicles, net net net net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2018 84,118,716 96,990,155 162,385,848 155,833,080 4,627,325 19,589,877 29,263,265 7,415 106,934,818 659,750,499 Additions 65,284,334 — 504,675 17,924,606 783,299 165,226 1,451,462 1,430 42,793,277 128,908,309 Disposals — (5,465) (209,713) (1,002,133) — — (203,036) — (1,588,050) (3,008,397) Transfers between items of Property, plant and equipment (109,893,610) — 45,032,440 54,460,571 622,222 1,481,081 (2,218,354) 22,000 10,493,650 — Depreciation expense — — (7,001,828) (39,182,401) (1,830,295) (2,668,535) (5,201,263) (11,112) (41,727,195) (97,622,629) Increase (decrease) due to foreign currency translation differences (6,880,059) (4,615,830) (14,485,709) (17,048,903) (414,850) (4,048,135) (1,722,767) 169 (16,954,922) (66,171,006) Other increase (decrease) (1) (6,580,711) 8,110,336 27,934,638 36,419,165 1,397,020 6,537,655 429,294 12,275 14,654,520 88,914,192 Total movements (58,070,046) 3,489,041 51,774,503 51,570,905 557,396 1,467,292 (7,464,664) 24,762 7,671,280 51,020,469 Ending balance at December 31, 2018 26,048,670 100,479,196 214,160,351 207,403,985 5,184,721 21,057,169 21,798,601 32,177 114,606,098 710,770,968 (1) Mainly correspond to the effects of adopting IAS 29 in Argentina. Fixed facilities Plant and IT and Leasehold Construction equipment, Equipment, accessories, improvements, Other, Property, plant and in progress Land Buildings, net net net net Vehicles, net net net equipment, net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2017 49,986,111 91,961,876 173,073,161 190,402,625 6,122,912 20,466,113 23,896,425 190,523 110,051,139 666,150,885 Additions 89,392,003 4,955,929 1,674,734 4,992,508 945,827 — 1,512,162 13,529 44,451,636 147,938,328 Disposals — — (300,079) (700,973) (1,062,530) (4,161) (173,190) — (790,242) (3,031,175) Transfers between items of Property, plant and equipment (41,957,409) — 3,450,060 24,250,647 1,133,684 2,548,441 2,253,061 — 8,321,516 — Depreciation expense — — (5,880,770) (36,026,939) (2,190,107) (2,112,681) (5,303,332) (61,033) (45,746,096) Increase (decrease) due to foreign currency translation differences (13,319,346) 72,350 (9,538,737) (20,492,851) (320,634) (1,307,835) 7,441,057 (34,272) (7,670,229) (45,170,497) Other increase (decrease) (1) 17,357 — (92,521) (6,591,937) (1,827) — (362,918) (101,332) (1,682,906) (8,816,084) Total movements 34,132,605 5,028,279 (10,687,313) (34,569,545) (1,495,587) (876,236) 5,366,840 (183,108) (3,116,321) (6,400,386) Ending balance at December 31, 2017 84,118,716 96,990,155 162,385,848 155,833,080 4,627,325 19,589,877 29,263,265 7,415 106,934,818 659,750,499 (1) Mainly correspond to property, plant & equipment write-offs. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
RELATED PARTIES | |
RELATED PARTIES | 12 – RELATED PARTIES Balances and main transactions with related parties are detailed as follows: 12. 1 Accounts receivable: 12.31.2019 12.31.2018 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 6,589,539 — 4,344,082 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 14,839 283,118 2,175,934 74,340 Foreign Coca Cola de Argentina Director related Argentina ARS 1,203,389 — 1,684,357 — Foreign UBI 3 (AdeS) Shareholder related Argentina ARS — — 455,823 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 428,802 — 371,712 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile CLP 278,176 — 228,387 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 217,510 — 161,460 — 96.919.980-7 Cervecería Austral S.A. Director related Chile USD 45,644 — 26,557 — 77.755.610-K Comercial Patagona Ltda. Director related Chile CLP 3,872 — 1,951 — 78.826.410-9 Guallarauco Associate Chile CLP 2,003,203 — — — 76.140.057-6 Monster Associate Chile CLP 50,794 — — — Total 10,835,768 283,118 9,450,263 74,340 12.2 Accounts payable: 12.31.2019 12.31.2018 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current M$ M$ M$ M$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 20,555,135 — 21,286,933 — Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil BRL 14,888,934 19,777,812 8,681,099 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 6,359,797 — 5,702,194 — Foreign Ser. y Prod. para Bebidas Refrescantes S.R.L. Shareholder Argentina ARS 5,887,070 — 5,479,714 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil BRL 1,841,377 — 3,132,515 — Foreign Monster Energy Brasil Com de Bebidas Ltda. Shareholder related Brazil BRL 827,300 — 664,565 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 1,247,961 — 649,046 — 89.996.200-1 Envases del Pacífico S.A. Director related Chile CLP 25,202 — 139,468 — 96.891.720-K Embonor S.A. Shareholder related Chile CLP 275,565 — 92,325 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 929,986 — — — Foreign Verde Campo Shareholder related Brazil BRL 765,521 — — — Foreign Coca-Cola Panama Shareholder related Panama USD 7,739 — — — Foreign Sorocaba Refrescos S.A. Associate Brazil BRL 26,014 — — — Total 53,637,601 19,777,812 45,827,859 — 12.3 Transactions: Accumulated Accumulated Taxpayer ID Company Relationship Country Transaction Description Currency 12.31.2019 12.31.2018 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Concentrate purchase CLP 150,548,253 149,933,143 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of advertising services CLP 4,369,500 3,508,010 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Water source lease CLP 5,324,194 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Sale of raw materials and others CLP 1,196,793 1,156,744 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of bottles CLP 19,422,280 14,319,777 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials CLP 16,814,062 18,914,788 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps CLP 281,174 107,859 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of services and others CLP 6,425,579 1,593,798 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 521,466 4,096,502 86.881.400-4 Envases CMF S.A. Associate Chile Sale of containers /raw materials CLP 6,132,091 3,981,631 96.891.720-K Embonor S.A. Shareholder related Chile Sale of finished products CLP 50,315,292 41,933,095 96.891.720-K Embonor S.A. Shareholder related Chile Sale of services and others CLP 268,526 — 96.891.720-K Embonor S.A. Shareholder related Chile Minimum dividend CLP 212,517 — 96.517.310-2 Embotelladora Iquique S.A. Shareholder related Chile Sale of finished products CLP 3,208,559 2,570,315 89.996.200-1 Envases del Pacífico S.A. Director related Chile Purchase of raw materials and materials CLP 93,117 1,007,382 94.627.000-8 Parque Arauco S.A Director related Chile Space lease CLP — 91,685 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Concentrate purchase BRL 91,426,935 95,449,139 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Reimbursement and other purchases BRL 5,977,419 7,641,736 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Concentrate purchase ARS 97,321,567 98,947,407 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising participation ARS 4,111,764 5,727,498 Foreign KAIK Participações Associate Brazil Reimbursement and other purchases BRL 39,382 42,292 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products BRL 1,049,709 698,090 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Purchase of products BRL — 357,286 76.572.588-7 Coca Cola Del Valle New Ventures SA Associate Chile Sale of services and others CLP 3,959,962 1,391,110 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Payment of commissions and services ARS 802,563 1,623,794 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Purchase of products ARS 4,274,236 — Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products BRL — 86,994 96.633.550-5 Sinea S.A. Ownership held by an officer's uncle Chile Purchase of raw materials — 581,508 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 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Executive wages, salaries and benefits 6,267,936 6,056,337 6,454,846 Director allowances 1,512,000 1,495,123 1,513,100 Benefit accrued in the last five years and paid during the fiscal year 305,674 242,907 334,477 Benefit for contract termination 54,819 51,534 — Total 8,140,429 7,845,901 8,302,423 |
CURRENT AND NON-CURRENT EMPLOYE
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | 13 – CURRENT AND NON-CURRENT EMPLOYEE BENEFITS Employee benefits are detailed as follows: Description 12.31.2019 12.31.2018 ThCh$ ThCh$ Accrued vacation 17,584,587 19,536,809 Participation in profits and bonuses 20,896,357 13,674,170 Indemnities for years of service 10,085,264 9,415,541 Total 48,566,208 42,626,520 ThCh$ ThCh$ Current 38,392,854 33,210,979 Non-current 10,173,354 9,415,541 Total 48,566,208 42,626,520 13.1 Pensions and post-employment benefits The movements of employee benefits, valued pursuant to Note 2 are detailed as follows: Movements 12.31.2019 12.31.2018 ThCh$ ThCh$ Opening balance 9,415,541 8,286,355 Service costs 784,984 957,593 Interest costs 354,471 565,167 Actuarial losses (210,956) 271,045 Benefits paid (258,776) (664,619) Total 10,085,264 9,415,541 13.1.1 Assumptions The actuarial assumptions used are detailed as follows: Assumptions 12.31.2019 12.31.2018 Discount rate 2.7 % 2.7 % Expected salary increase rate 2.0 % 2.0 % Turnover rate 5.4 % 5.4 % Mortality rate RV-2014 RV-2009 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years 13.2 Personnel expenses Personnel expenses included in the consolidated statement of income are as follows: Description 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Wages and salaries 194,740,646 195,162,903 215,715,214 Employee benefits 58,005,213 50,254,164 50,127,117 Severance benefits 6,987,184 5,535,410 7,410,936 Other personnel expenses 13,389,967 16,014,364 14,205,259 Total 273,123,010 266,966,841 287,458,526 13.3 Number of employees Description 12.31.2019 12.31.2018 12.31.2017 Number of employees 16,167 16,098 15,924 Average number of employees 15,444 15,364 15,364 |
INVESTMENTS IN ASSOCIATES ACCOU
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 14 – INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD Investments in associates using equity method of accounting are detailed as follows: Functional Investment value Ownership interest Taxpayer ID Company Country Currency 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ 86.881.400-4 Envases CMF S.A. (1) Chile CLP 18,561,835 18,743,604 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil BRL 17,896,839 21,727,894 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil BRL 1,313,498 1,228,256 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil BRL 65,301 94,706 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil BRL 24,636,945 22,979,029 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil BRL 6,250,481 6,244,839 7.52 % 7.52 % 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Chile CLP 31,141,834 31,392,617 35.00 % 35.00 % Total 99,866,733 102,410,945 (1) In Envases CMF S.A., regardless of the percentage of 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 percentage of ownership interest held, the Company has significant influence, given that it has a representative on each entity’s Board of Directors. 14. 1 Movement The movement of investments in other entities accounted for using the equity method is shown below: Description 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Opening balance 102,410,945 86,809,069 77,197,781 Other investment increases in associates (Capital contributions to Leão Alimentos e Bebidas Ltda. and Coca-Cola del Valle New Ventures S.A.) — 15,615,466 15,570,161 Dividends received (1,076,491) (403,414) (1,540,090) Share in operating income (2,495,621) 2,194,144 932,340 Amortization unrealized income in associates (919,462) 85,268 85,268 Increase (decrease) in foreign currency translation, investments in associates 1,947,362 (1,889,588) (5,436,391) Ending balance 99,866,733 102,410,945 86,809,069 The main movements are explained below: · In December 2019, Leão Alimentos e Bebidas Ltda. performed an impairment provision at its Linhares Plant for BRL 256 million. Andina recognized as results for the 2019 fiscal year, a loss of CLP 4,671 million. · In 2019 Sorocaba Refrescos S.A., Coca-Cola del Valle and CMF distributed dividends. · During 2018, Embotelladora Andina S.A. made a capital contribution in Coca-Cola del Valle New Ventures S.A. for CLP 15,615,466 thousand. 14. 2 Reconciliation of share of profit in investments in associates: Description 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Share of profit of investment accounted for using the equity method (2,495,621) 2,194,144 932,340 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) (394,490) (868,233) (1,097,968) Amortization goodwill in the sale of fixed assets of Envases CMF S.A. 85,266 85,268 85,268 Amortization goodwill preferred rights CCDV S.A. (610,238) — — Income statement balance (3,415,083) 1,411,179 (80,360) 14.3 Summary financial information of associates: The following table presents summarized information regarding the Company’s equity investees as of December 2019: Leão Kaik SRSA Alimentos e Trop Frutas Coca- Envases Sorocaba Participaçōes Participaçōes Bebidas do Brasil Cola del Valle CMF S.A. Refrescos S.A. Ltda. Ltda. Ltda. Ltda. New Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total assets 77,994,582 116,551,131 11,661,828 393,856 248,493,994 104,778,397 107,388,847 Total liabilities 39,826,283 54,650,105 35 229,780 38,137,061 27,158,470 18,693,717 Total revenue 58,640,058 69,343,990 337,450 160,342 139,769,189 47,252,571 31,914,825 Net income (loss) of associate 1,449,997 3,948,798 337,450 160,342 2,320,841 (1,177,262) 4,297,003 Reporting date The following table presents summarized information regarding the Company’s equity investees as of December 2018: Leão Kaik SRSA Alimentos e Trop Frutas Coca- Envases Sorocaba Participaçōes Participaçōes Bebidas do Brasil Cola del Valle CMF S.A. Refrescos S.A. Ltda. Ltda. Ltda. Ltda. New Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total assets 78,714,139 106,598,837 10,850,626 513,823 257,149,411 96,963,355 101,275,213 Total liabilities 40,800,603 49,151,318 34 277,055 57,538,296 21,568,158 11,582,021 Total revenue 53,073,645 57,570,452 348,705 233,182 161,749,228 12,169,188 2,673,496 Net income (loss) of associate 1,086,050 936,360 348,705 233,182 2,000,217 7,753,517 1,506,540 Reporting date 12-31.2018 11-30-2018 11-30-2018 11-30-2018 11-30-2018 11-30-2018 12-31-2018 |
INTANGIBLE ASSETS OTHER THAN GO
INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended |
Dec. 31, 2019 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | 15 – INTANGIBLE ASSETS OTHER THAN GOODWILL Intangible assets other than goodwill are detailed as follows: December 31, 2019 December 31, 2018 Gross Accumulated Net Gross Accumulated Net Description Value Amortization Value Value Amortization Value ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) 667,148,383 (393,187) 666,755,196 661,285,834 (259,434) 661,026,400 Software 34,347,843 (26,484,427) 7,863,416 31,526,159 (24,160,202) 7,365,957 Others 750,309 (293,546) 456,763 728,198 (298,002) 430,196 Total 702,246,535 (27,171,160) 675,075,375 693,540,191 (24,717,638) 668,822,553 (1) Correspond to the 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. The 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 and are not subject to amortization: except for the Monster rights that are amortized in the term of the agreement which is 4 years. 12.31.2019 12.31.2018 Distribution rights ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 305,235,247 304,888,183 Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto and investments in Sorocaba y Leão Alimentos e Bebidas Ltda.) 187,616,890 181,583,404 Paraguay 171,841,663 172,594,328 Argentina (North and South) 2,061,396 1,960,485 Total 666,755,196 661,026,400 The movement and balances of identifiable intangible assets are detailed as follows: January 1 to December 31, 2019 January 1 to December 31, 2018 Distribution Distribution Description Rights Others Software Total Rights Others Software Total THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ Opening balance 661,026,400 430,196 7,365,957 668,822,553 656,294,617 470,918 6,507,343 663,272,878 Additions — — 3,296,558 3,296,558 — — 3,718,038 3,718,038 Amortization (133,753) — (2,324,225) (2,457,978) (112,601) (40,722) (1,971,417) (2,124,740) Other increases (decreases) (1) 5,862,549 26,567 (474,874) 5,414,242 4,844,384 — (888,007) 3,956,377 Ending balance 666,755,196 456,763 7,863,416 675,075,375 661,026,400 430,196 7,365,957 668,822,553 (1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2019 | |
GOODWILL | |
GOODWILL | 16 – GOODWILL Movement in Goodwill is detailed as follows: Foreign currency translation differences where functional currency is different from Operating segment 01.01.2019 presentation currency and hyperinflation 12.31.2019 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 73,080,100 2,593,972 75,674,072 Argentine operation 28,318,129 1,432,109 29,750,238 Paraguayan operation 7,327,921 (33,593) 7,294,328 Total 117,229,173 3,992,488 121,221,661 Foreign currency translation differences where functional currency is different from Operating segment 01.01.2018 presentation currency and hyperinflation 12.31.2018 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 73,509,080 (428,980) 73,080,100 Argentine operation 4,672,971 23,645,158 28,318,129 Paraguayan operation 6,913,143 414,778 7,327,921 Total 93,598,217 23,630,956 117,229,173 Foreign currency translation differences where functional currency is different from Operating segment 01.01.2017 presentation currency and hyperinflation 12.31.2017 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 81,145,834 (7,636,754) 73,509,080 Argentine operation 5,972,515 (1,299,544) 4,672,971 Paraguayan operation 7,298,133 (384,990) 6,913,143 Total 102,919,505 (9,321,288) 93,598,217 |
OTHER CURRENT AND NON-CURRENT_2
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | 17 – OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES Liabilities are detailed as follows: Balance Current Non-current 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ Bank loans (17.1.1 – 2) 1,438,161 21,542,736 909,486 2,439,253 Bonds payable, net 1 (17.2) 21,604,601 20,664,481 718,962,871 700,327,057 Deposits in guarantee 11,163,005 12,242,464 — — Derivative contract liabilities (see note 22) 374,576 130,829 — — Leasing agreements (17.4.1 – 2) 6,013,535 1,534,467 23,454,700 13,797,468 Total 40,593,878 56,114,977 743,327,057 716,563,778 1 Amounts net of placement expenses and discounts related to placement The fair value of financial assets and liabilities is presented below: Book Value Fair Value Book Value Fair Value Current 12.31.2019 12.31.2019 12.31.2018 12.31.2018 THCH$ THCH$ THCH$ THCH$ Cash and cash equivalent (2) Other financial assets (1) Trade debtors and other accounts receivable (2) Accounts receivable related companies (2) Bank loans (2) Bonds payable (2) Bottle guaranty deposits (2) Derivative contracts liabilities (see note 20) (1) Leasing agreements (2) Accounts payable (2) Accounts payable related companies (2) Non-current 12.31.2019 12.31.2019 12.31.2018 12.31.2018 THCH$ THCH$ THCH$ THCH$ Other financial assets (1) 98,918,457 98,918,457 97,362,295 97,362,295 Accounts receivable, non-current (2) 523,769 523,769 1,270,697 1,270,697 Accounts receivable related companies (2) 283,118 283,118 74,340 74,340 Bank loans (2) 909,486 867,025 2,439,253 2,307,396 Bonds payable (2) 718,962,871 803,017,145 700,327,057 755,694,265 Leasing agreements (2) 23,454,700 23,454,700 13,797,468 13,797,468 Accounts payable, non-current (2) 619,587 619,587 735,665 735,665 (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 and Other Accounts Receivable, Accounts Receivable, Bottle Guarantee Deposits and Trade Accounts Payable, and Other Accounts Payable 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. 1 Bank obligations, current Maturity Total Indebted entity Creditor entity Type of Effective Nominal Up to 90 days to at at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 90 days 1 year 12.31.2019 12.31.2018 THCH$ THCH$ THCH$ THCH$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.13 % 2.13 % 374,419 374,419 748,838 726,943 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco de la Nación Argentina Argentina ARS Monthly 20.00 % 20.00 % — — — 1,071 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco Galicia y Buenos Aires S.A. Argentina ARS Upon maturity 82.00 % 82.00 % 8,453 — 8,453 — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Monthly 6.63 % 6.63 % 635,727 — 635,727 171,415 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Monthly 7.15 % 7.15 % — — — 277,517 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Quarterly 4.50 % 4.50 % 11,678 33,465 45,143 2,455,578 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Quarterly 6.24 % 6.24 % — — — 17,910,212 Total 1,438,161 21,542,736 17.1. 2 Bank obligations, non-current Maturity Indebted Entity Creditor Entity Type Effective Nominal 1 year up to More than 2 years More than 3 years More than 4 years More than 5 at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years Years 12.31.2019 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.13 % 2.13 % 736,033 — — — — 736,033 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Monthly 6.63 % 6.63 % 44,621 44,621 39,590 — 173,453 Total 909,486 17.1. 2 Bank obligations, non-current previous Maturity Indebted Entity Creditor Entity Type of Effective Nominal 1 year to More than 2 More than More than 4 More than 5 At Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years years 12.31.2018 THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.1 % 2.1 % 1,434,786 — — — — 1,434,786 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Monthly 6.6 % 6.6 % 72,439 43,033 81,225 — 239,730 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Monthly 7.2 % 7.2 % 151,873 — — — — 151,873 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Quarterly 6.2 % 6.2 % — — — — — — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Quarterly 4.5 % 4.5 % 612,864 — — — — 612,864 Total 2,439,253 17.1.3 Current and non-current bank obligations “Restrictions” Bank obligations are not subject to restrictions for the reported periods. 17.2 Bonds payable During 2018, Andina carried out a debt restructuring process that consisted of a partial repurchase in the amount of USD 210 million of the 144A/RegS Senior Notes and refinancing it with the placement of Series F bonds in the local market in the amount of UF 5.7 million due 2039 and accruing an annual interest rate of 2.83%. The costs corresponding to the repurchase of bonds, associated with premium payments, overpricing and proportional amortization of placement costs and discounts in bonds in original U.S. Dollars amounting to CLP 9,583,000 thousand, were recorded in results under the item financial costs. Current Non-current Total Composition of bonds payable 12.31.2019 12.31.2018 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds (face value) 2 22,189,595, 21,038,064 721,950,553 704,048,747 744,140,148 725,086,811 17.2.1 Current and non-current balances Bonds payable correspond to bonds in UF issued by the parent company on the Chilean market and bonds in U.S. dollars issued by the Parent Company on the international market. A detail of these instruments is presented below: Current Nominal Adjustment Interest Final Interest Current Non-current Bonds Series amount Unit Rate Maturity payment 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration N°254 06.13.2001 B 1,891,186 UF 6.5 % 06-01-2026 Semi-annually 7,160,809 6,598,389 46,659,296 52,132,023 CMF Registration N°641 08.23.2010 C 1,500,000 UF 4.0 % 08-15-2031 Semi-annually 630,731 614,152 42,464,910 41,348,685 CMF Registration N°759 08.20.2013 C 250,000 UF 3.5 % 08-16-2020 Semi-annually 7,168,907 7,069,487 — 6,891,448 CMF Registration N°760 08.20.2013 D 4,000,000 UF 3.8 % 08-16-2034 Semi-annually 1,587,051 1,545,334 113,239,760 110,263,160 CMF Registration N°760 04.02.2014 E 3,000,000 UF 3.75 % 03-01-2035 Semi-annually 1,048,938 1,027,009 84,929,828 82,697,378 CMF Registration N°912 10.10.2018 F 5,700,000 UF 2.83 % 09-25-2039 Semi-annually 1,195,700 1,013,805 161,366,658 157,125,003 Bonds USA — 365,000,000 USD 5.0 % 10-01-2023 Semi-annually 3,397,459 3,169,888 273,290,101 253,591,050 Total 22,189,595 21,038,064 721,950,553 704,048,747 Accrued interest included in the current portion of bonds payable as of December 31, 2019 and 2018 amounts to CLP 7,983,770 thousand and CLP 7,856,274 thousand, respectively. 2 Amounts gross, not consider placement expenses and discounts related to placement 17.2.3 Non -current maturities Year of maturity Total non- more than 1 more than 2 more than 3 current Series to 2 to 3 to 4 More than 5 12.31.2019 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration N°254 06.13.2001 B 7,327,269 7,803,536 8,310,767 23,217,724 46,659,296 CMF Registration N°641 08.23.2010 C 3,860,446 3,860,446 3,860,447 30,883,571 42,464,910 CMF Registration N°760 08.20.2013 D — — — 113,239,760 113,239,760 CMF Registration N°760 04.02.2014 E — — — 84,929,828 84,929,828 CMF Registration N°912 10.10.2018 F — — — 161,366,658 161,366,658 Bonds USA — — — 273,290,101 — 273,290,101 Total 11,187,715 11,663,982 285,461,315 413,637,541 721,950,553 17.2.4 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 : Standard&Poors Global Ratings BBB+ : Fitch Ratings Inc. 17.2.5 Restrictions 17.2.5. 1 Restrictions regarding bonds placed abroad. Obligations with bonds placed abroad are not affected by financial restrictions for the periods reported 17.2.5. 2 Restrictions regarding bonds placed in the local market. For purposes of the calculation of the covenants, the amount of EBITDA that was agreed on each bond issue is included. Restrictions on the issuance of bonds for a fixed amount registered under number 254. · Maintain an indebtedness level where Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Consolidated Financial Liabilities shall be regarded as Liabilities Receivables accruing interest, namely: (i) other current financial liabilities, plus (ii) other non-current financial liabilities, less (iii) 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 Financial Statements. Consolidated Equity will be regarded as total equity including non-controlling interest. As of December 31, 2019, indebtedness level is 0.71 times of Consolidated Equity. · 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 December 31, 2019, this ratio is 1.71 times. Restrictions to bond lines registered in the Securities Registered under number 641. · Maintain a level of “Net Financial Debt” within its quarterly financial statements that may not exceed 1.5 times, measured over figures included in its consolidated statement of financial position. To this end, net financial debt shall be defined as the ratio between net financial debt and total equity of the issuer (equity attributable to controlling owners plus non-controlling interest). On its part, net financial debt will be the difference between the Issuer’s financial debt and cash. As of December 31, 2019, Net Financial Debt level was 0.66 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 December 31, 2019, this ratio is 1.71 times. · Maintain a level of “Financial net coverage” in its quarterly financial statements of more than 3 times. Net financial coverage means the ratio between the Issuer’s Ebitda for the past 12 months and net financial expenses (financial income less financial expenses) of the issuer for the past 12 months. However, this restriction will be considered breached when the mentioned net financial coverage level is lower than the level previously indicated during two consecutive quarters. As of December 31, 2019, Net Financial Coverage level is 306.38 times. Restrictions to bond lines registered in the Securities Registrar under numbers 759 and 760 D-E. · Maintain an indebtedness level where Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Consolidated Financial Liabilities shall be regarded as Liabilities Receivables accruing interest, namely: (i) other current financial liabilities, plus (ii) other non-current financial liabilities, less (iii) cash and cash equivalent and (iv) other current financial assets, and (v) other non-current financial assets (to the extent they are asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest. As of December 31, 2019, Indebtedness Level is 0.54 times of Consolidated Equity. · 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 December 31, 2019, this ratio is 1.71 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 and joint ventures 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. · Maintain an indebtedness level where Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Consolidated Financial Liabilities shall be regarded as Liabilities Receivables accruing interest, namely: (i) other current financial liabilities, plus (ii) other non-current financial liabilities, less (iii) cash and cash equivalent and (iv) other current financial assets, and (v) other non-current financial assets (to the extent they are asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest. As of December 31, 2019, this ratio equals 0.65 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 December 31, 2019, this ratio equals 1.71 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 and joint ventures that are accounted for using the equity method"; plus (v) "Depreciation"; plus (vi) "Intangibles Amortization". As of December 31, 2018, the Company complies with all financial collaterals. 17.2.6 Repurchased bonds In addition to UF bonds, the Company holds bonds that it has repurchased in full through companies that are included in the consolidation: The subsidiary Rio de Janeiro Refrescos Ltda. maintains a liability corresponding to a bond issuance for US $75 million due in December 2020 and semi-annual interest payments. As of December 31, 2019, these issues are held by Andina. On January 1, 2013, Abisa Corp S.A. transferred the totality of this asset to Embotelladora are Andina S.A., the latter becoming the creditor of the above-mentioned Brazilian subsidiary. Consequently, the assets and liabilities related to the transaction have been eliminated from these Consolidated Financial Statements. In addition, the transaction has been treated as a net investment of the group in the Brazilian subsidiary; consequently, the effects of exchange rate differences between the dollar and the functional currency of each one has been recorded in other comprehensive income. 17.3 Derivative contract obligations Please see details in Note 22 17.4. 1 Current liabilities for leasing agreements Maturity Total Indebted Entity Creditor Entity Type of Effective Nominal Up to 90 days up to At At Name Country Tax ID Name Country Currency Amortization Rate Rate 90 days 1 year 12.31.2019 12.31.2018 THCH$ THCH$ THCH$ THCH$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Monthly 9.65 % 9.47 % — — — 11,996 Rio de Janeiro Refrescos Ltda. Brazil Foreign Citibank Brazil BRL Monthly 8.54 % 8.52 % — — — 75,260 Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 13.00 % 12.28 % 200,472 639,030 839,502 109,573 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.65 % 7.39 % 87,735 273,119 360,854 716,978 Rio de Janeiro Refrescos Ltda. Brazil Foreign Imóveis Brazil BRL Monthly 8.20 % 8.20 % 90,234 210,104 300,338 339,665 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Brazil BRL Monthly 6.56 % 6.56 % 127,226 370,160 497,386 280,995 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % 12.00 % 33,204 99,611 132,815 — Embotelladora del Atlántico S.A. Argentina Foreign Banco Comafi Argentina USD Monthly 12.00 % 12.00 % 22,184 66,555 88,739 — Embotelladora del Atlántico S.A. Argentina Foreign Real Estate Argentina ARS Monthly 50.00 % 50.00 % 66,607 122,713 189,320 — Vital Aguas S.A Chile 76.389.720-6 Coca Cola del Valle New Ventures S.A Chile CLP Lineal 6.20 % 6.20 % 292,471 877,413 1,169,884 — Envases Central S.A Chile 96.705.990-0 Coca Cola del Valle New Ventures S.A Chile CLP Lineal 6.20 % 6.20 % 549,750 1,649,248 2,198,998 — Paraguay Refrescos SA Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay PGY Monthly 0.00 % 0.00 % 58,925 176,774 235,699 — Total 6,013,535 1,534,467 The Company maintains lease agreements on forklifts, vehicles, real estate and machinery. These leases have an average life of between one and eight years without including a renewal option in the contracts. 17.4.2 Non-current liabilities for leasing agreements, non-current Maturity Indebted Entity Creditor Entity Type of Effective Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than At Name Country Rut Name Country Currency Amortization Rate Rate 2 years 3 years 4 years 5 years 5 years 12.31.2019 M$ M$ M$ M$ M$ M$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 13.00 % 12.28 % 948,466 1,071,766 1,211,096 1,368,538 8,101,730 12,701,596 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.65 % 7.39 % 271,264 111,005 — — — 382,269 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real estate Brazil BRL Monthly 8.20 % 8.20 % 97,784 9,144 — — — 106,928 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Alimentos e Bebidas Ltda. Brazil BRL Monthly 6.56 % 6.56 % 365,671 355,172 339,020 331,185 375,688 1,766,736 Embotelladora del Atlántico S.A. Argentina O-E Tetra Pak SRL Argentina USD Monthly 12.00 % 12.00 % — 398,442 — 343,104 — 741,546 Embotelladora del Atlántico S.A. Argentina O-E Banco Comafi Argentina USD Monthly 12.00 % 12.00 % — 110,924 — — — 110,924 Embotelladora del Atlántico S.A. Argentina O-E Real estate Argentina ARS Monthly 50.00 % 50.00 % — 55,222 — — — 55,222 Vital Aguas S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 6.2 % 0.27 % 2,242,278 — — — — 2,242,278 Envases Central S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 6.7 % 0.27 % 4,947,745 — — — — 4,947,745 Paraguay Refrescos SA Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay PGY Monthly 0.00 % 0.00 % 399,456 399,456 Total 23,454,700 17.4.3 Non-current liabilities for leasing agreements (previous year) Maturity Indebted Entity Creditor Entity Type of Effective Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than At Name Country Rut Name Country Currency Amortization Rate Rate 2 years 3 years 4 years 5 years 5 years 12.31.2018 M$ M$ M$ M$ M$ M$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 13.00 % 12.28 % 810,185 915,509 1,034,525 1,169,014 9,466,995 13,396,228 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.65 % 7.39 % 401,240 — — — — 401,240 13,797,468 Leasing agreement obligations are not subject to financial restrictions for the reported periods. |
TRADE AND OTHER ACCOUNTS PAYABL
TRADE AND OTHER ACCOUNTS PAYABLE | 12 Months Ended |
Dec. 31, 2019 | |
TRADE AND OTHER ACCOUNTS PAYABLE | |
TRADE AND OTHER ACCOUNTS PAYABLE | 18 – TRADE AND OTHER ACCOUNTS PAYABLE Trade and other current accounts payable are detailed as follows: Classification 12.31.2019 12.31.2018 ThCh$ ThCh$ Current 243,700,553 238,109,847 Non-current 619,587 735,665 Total 244,320,140 238,845,512 Item 12.31.2019 12.31.2018 ThCh$ ThCh$ Trade accounts payable 172,142,472 174,486,806 Withholding tax 53,326,254 47,693,379 Others 18,851,414 16,665,327 Total 244,320,140 238,845,512 |
OTHER PROVISIONS, CURRENT AND N
OTHER PROVISIONS, CURRENT AND NON-CURRENT | 12 Months Ended |
Dec. 31, 2019 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | 19 – OTHER PROVISIONS, CURRENT AND NON-CURRENT 19. 1 Balances The composition of provisions is as follows: Detail 12.31.2019 12.31.2018 ThCh$ ThCh$ Litigation (1) 69,107,550 62,452,526 Total 69,107,550 62,452,526 Current Non-current Total (1) Correspond to the provision made for the probable losses of fiscal, labor and commercial contingencies, based on the opinion of our legal advisors, according to the following detail: Detail (see note 23.1) 12.31.2019 12.31.2018 ThCh$ ThCh$ Tax contingencies 38,853,059 47,991,514 Labor contingencies 10,569,754 10,376,830 Civil contingencies 19,684,737 4,084,182 Total 19. 2 Movements The movement of principal provisions over litigation is detailed as follows: Detail 12.31.2019 12.31.2018 ThCh$ ThCh$ Opening balance as of January 1 62,452,526 65,624,166 Additional provisions 121,003 46,657 Increases (decrease) in existing provisions (*) (13,085,051) (4,998,530) Payments 21,506,141 6,139,963 Reversal of unused provision (2,511,589) (2,157,152) Increase (decrease) due to foreign exchange differences 624,520 (2,202,578) Total 69,107,550 62,452,526 (*) During 2019 and 2018, provisions consisting of fines demanded by the Brazilian tax authority on the use of tax credits resulting from favorable sentencing to Rio de Janeiro Refrescos Ltda. |
OTHER NON-FINANCIAL LIABILITIES
OTHER NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
OTHER NON-FINANCIAL LIABILITIES | |
OTHER NON-FINANCIAL LIABILITIES | 20 – OTHER NON-FINANCIAL LIABILITIES Other current and non-current liabilities at each reporting period end are detailed as follows: Description 12.31.2019 12.31.2018 ThCh$ ThCh$ Dividends payable 22,639,150 21,584,314 Other 3,863,065 12,189,900 Total 26,502,215 33,774,214 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY | |
EQUITY | 21 – EQUITY 21. 1 Number of shares: Number of shares subscribed at nominal value Number of shares paid in Number of voting shares Series 2019 2018 2019 2018 2019 2018 A 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 B 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 21.1. 1 Equity : Subscribed Capital Paid-in capital Series 2019 2018 2019 2018 ThCh$ ThCh$ ThCh$ ThCh$ A 135,379,504 135,379,504 135,379,504 135,379,504 B 135,358,070 135,358,070 135,358,070 135,358,070 Total 270,737,574 270,737,574 270,737,574 270,737,574 21.1. 2 Rights of each series: · Series A : Elects 12 of the 14 Directors · Series B : Receives an additional 10% of dividends distributed to Series A and elects 2 of the 14 Directors. 21. 2 Dividend policy According to Chilean law, cash dividends must be paid equal to at least 30% of annual net profit, barring a unanimous vote by shareholders to the contrary. If there is no net profit in a given year, the Company will not be legally obligated to pay dividends from retained earnings. At the ordinary Shareholders’ Meeting held in April 2019, the shareholders agreed to pay out of the 2018 earnings a final dividend additional to the 30% required by Chile’s Law 18,046 which will be paid in May 2019, and an additional dividend that will be paid in August 2019. Pursuant to Circular Letter N° 1,945 of the Chilean Financial Market Commission (CMF) dated September 29, 2009, the Company’s Board of Directors decided to maintain the initial adjustments from adopting IFRS as accumulated earnings for future distribution. The dividends declared and paid per share are presented below: Profits Dividend imputable to Ch$ per Series Ch$ per Series Periods type dividends A Share B Share 2018 January Interim 2017 Earnings 21.50 23.65 2018 May Final 2017 Earnings 21.50 23.65 2018 August Additional Accumulated Earnings 21.50 23.65 2018 October Interim 2018 Earnings 21.50 23.65 2019 January Interim 2018 Earnings 21.50 23.65 2019 May Final 2018 Earnings 21.50 23.65 2019 August Additional Accumulated Earnings 21.50 23.65 2019 October Interim 2019 Earnings 21.50 23.65 2020 January Interim 2019 Earnings 22.60 24.86 21. 3 Other Reserves The balance of other reserves includes the following: Description 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (339,076,340) (306,674,528) (237,077,572) Cash flow hedge reserve (14,850,683) (13,668,932) (3,094,671) Reserve for employee benefit actuarial gains or losses (2,230,752) (1,954,077) (1,915,587) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 6,014,568 — Total 76,993,851 110,854,089 21.3. 1 Polar acquisition 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 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 equivalents accounted for using the equity method. Translation reserves are detailed as follows: Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Brazil (102,922,548) (99,990,343) (90,156,924) Argentina (246,415,922) (201,118,180) (128,348,112) Paraguay 6,133,700 8,623,849 (4,862,332) Exchange rate differences in related companies 4,128,430 (14,189,854) (13,710,204) Total (339,076,340) (306,674,528) (237,077,572) The movement of this reserve for the fiscal years ended December 31, 2019 and 2018, is detailed as follows: Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Brazil 15,386,079 (10,313,069) (32,963,533) Argentina (45,297,742) (72,770,068) (19,961,899) Paraguay (2,490,149) 13,486,181 (15,407,785) Exchange rate differences in related companies — — — Total (32,401,812) (69,596,956) (68,333,217) 21.3.6 Consolidated statements of comprehensive income As of December 31, 2019, 2018 and 2017, the detail of the comprehensive income and expense of the term is as follows: Gross Balance Tax Net Balance Cash Flow for hedge (1) (1,865,233) 683,482 (1,181,751) Exchange rate translation differences (1) (41,844,584) 9,295,546 (32,549,038) Benefit relate to defined benefit plans (379,007) 102,332 (276,675) Total Comprenhensive income as of December 31, 2019 (44,088,824) 10,081,360 (34,007,464) Gross Balance Tax Net Balance Cash Flow for hedge (1) (13,151,841) 2,554,551 (10,597,290) Exchange rate translation differences (1) (72,455,525) 2,476,204 (69,979,321) Benefit relate to defined benefit plans (63,463) 16,184 (47,279) Total Comprenhensive income as of December 31, 2018 (85,670,829) 5,046,939 (80,623,890) Gross Balance Tax Net Balance Cash Flow for hedge (1) (813,844) 167,348 (646,496) Exchange rate translation differences (1) (68,831,435) 232,666 (68,598,769) Benefit relate to defined benefit plans (329,477) 84,017 (245,460) Total Comprenhensive income as of December 31, 2017 (69,974,756) 484,031 (69,490,725) (1) The movement of comprehensive income and expense is as follows: Benefit related Cash Flow Exchange rate to defines As of December 31, 2019: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (1,724,004) (41,844,584) 53,511 Deferred taxes 340,835 9,295,546 (14,448) Reclassification to the result by function 118,779 — (432,518) Reclassification of deferred taxes related to other reserves 82,639 — 116,780 Total Changes in Equity (1,181,751) (32,549,038) (276,675) Equity holders of the parent (1,181,751) (32,401,812) (276,675) Non-Controlling interests — (147,226) — Total Changes in equity as of December 31, 2019 (1,181,751) (32,549,038) (276,675) Benefit related Cash Flow Exchange rate to defines As of December 31, 2018: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (63,699,788) (72,455,525) (334,508) Deferred taxes 20,217,065 2,476,204 89,366 Reclassification to the result by function 48,415,956 — 271,045 Reclassification of deferred taxes related to other reserves (15,530,523) — (73,182) Total Changes in Equity (10,597,290) (69,979,321) (47,279) Equity holders of the parent (10,597,290) (69,592,296) (43,150) Non-Controlling interests — (387,025) (4,129) Total Changes in equity as of December 31, 2018 (10,597,290) (69,979,321) (47,279) Benefit related Cash Flow Exchange rate to defines As of December 31, 2017: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (14,172,572) (68,831,435) (476,044) Deferred taxes 3,875,908 232,666 121,390 Reclassification to the result by function 13,352,835 — 146,564 Reclassification of deferred taxes related to other reserves (3,702,667) — (37,370) Total Changes in Equity (646,496) (68,598,769) (245,460) Equity holders of the parent (646,496) (68,333,217) (130,555) Non-Controlling interests — (265,552) (114,905) Total Changes in equity as of December 31, 2017 (646,496) (68,598,769) (245,460) 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 December December December December December December Details 2019 2018 2017 2019 2018 2017 2019 2018 2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 26,342 23,260 13,765 4,183 3,633 5,590 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 2,290 2,113 2,213 409 96 711 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 5,368,470 5,378,074 5,045,792 622,188 556,112 502,945 Vital S.A. 35.0000 35.0000 35.0000 7,904,741 7,674,785 9,261,108 263,442 271,063 283,327 Vital Aguas S.A. 33.5000 33.5000 33.5000 1,803,884 1,986,493 2,117,098 105,870 36,696 151,647 Envases Central S.A. 40.7300 40.7300 40.7300 5,148,531 4,836,892 5,483,317 528,205 (20,225) 220,715 Total 20,254,258 19,901,617 21,923,293 1,524,297 847,375 1,164,935 The following tables presents summarized information regarding the Company´s subsidiaries owned by third parties as of December 31, 2019, 2018 and 2017: Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2019 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 73,309,861 4,350,074 41,266,559 18,534,272 5,266,575 16,265,862 Total non-current assets 160,885,628 9,433,294 248,309,451 15,475,979 8,527,624 20,903,184 Total current liabilities 66,987,371 2,212,255 25,990,081 11,150,695 5,794,282 18,732,369 Total non-current liabilities 12,732,620 618,031 16,161,177 274,583 2,615,188 5,796,119 Net sales 384,856,368 18,509,124 158,892,010 46,818,385 18,201,656 70,633,817 Net Income 24,531,815 1,954,024 28,675,727 752,692 316,031 1,296,840 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2018 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 78,222,876 4,329,932 37,309,706 16,005,424 4,616,490 13,737,336 Total non-current assets 156,224,157 9,251,880 248,751,791 16,969,708 5,287,639 12,239,333 Total current liabilities 82,148,269 2,309,810 21,870,719 11,018,878 3,803,117 13,063,735 Total non-current liabilities 15,897,476 1,169,270 16,323,385 28,298 171,184 1,041,400 Net sales 406,216,738 16,034,964 149,588,252 56,724,318 15,859,403 59,433,099 Net Income 21,304,406 458,980 25,630,364 774,466 109,539 (112,302) Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2017 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 97,285,008 7,143,561 30,419,844 21,135,712 4,296,412 8,343,734 Total non-current assets 94,369,129 6,413,307 234,278,288 19,691,418 5,876,875 14,243,627 Total current liabilities 109,594,738 2,944,499 17,297,339 14,244,283 3,698,382 7,410,662 Total non-current liabilities 1,339,723 28,444 14,487,776 128,071 157,558 1,710,709 Net sales 544,585,291 20,698,427 141,277,230 68,884,622 14,642,493 39,205,943 Net Income 32,781,977 3,398,080 23,179,968 809,507 452,679 541,927 21. 5 Earnings per share The basic earnings per share presented in the statement of comprehensive income is calculated as the quotient between income for the period and the 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 12.31.2019 SERIES A SERIES B Earnings attributable to shareholders (CLP 000’s) 82,725,427 90,996,501 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 174.79 192.27 Earnings per share 12.31.2018 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 46,001,994 50,601,377 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 97.20 106.92 Earnings per share 12.31.2017 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 56,112,755 61,723,035 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 118.56 130.42 |
DERIVATIVE ASSETS AND LIABILITI
DERIVATIVE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
DERIVATIVE ASSETS AND LIABILITIES | |
DERIVATIVE ASSETS AND LIABILITIES | 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 risk of the operation. CCS are currently maintained to re-denominate debt incurred in currency and rate in USD to currency and rate in BRL. To discount future flows in BRL and USD, the Zero coupon curves of the BRL and the Zero coupon USD are used, respectively. 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 December 31, 2019 and 2018, the Company held the following derivative instruments: 22. 1 Derivatives accounted for as cash flow hedges: Cross Currency Swaps associated with US Bonds At December 31, 2019, the Company held cross currency swap derivative contracts to convert US Dollar public bond obligations of USD 360 million into Real liabilities to hedge the Company’s exposure to variations in foreign exchange rates. Said contracts are valued at their value and the net value to be received as of December 31, 2019 amounted to CLP 98,918,457 thousand. These swap contracts have the same terms of the underlying bond obligation and expire in 2023. The amount of exchange differences recognized in the statement of income related to financial liabilities in U.S. dollars and the identified effective portion that was absorbed by the amounts recognized under comprehensive income. 22.2. Forward currency transactions expected to be very likely: During 2019 and 2018, the Company entered into foreign currency forward contracts to hedge its exposure to expected future raw materials purchases in US Dollars during these years. The total amount of outstanding forward contracts was USD 46.9 million as of December 31, 2019 (USD 56.8 million as of December 31, 2018). 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 statements of income in the “other gains and losses” account. Fair value hierarchy As of December 31, 2019, the Company held assets for derivative contracts for CLP 99,235,662 thousand (CLP 88,116,189 thousand as of December 31, 2018) and held liabilities for derivative contracts as of December 31, 2019 for CLP 374,576 thousand (CLP 130,829 thousand as of December 31, 2018). 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 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 Measurements at December 31, 2019 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total THCH$ THCH$ THCH$ THCH$ Assets Current assets Other current financial assets — 317,205 — 317,205 Other non-current financial assets — 98,918,457 — 98,918,457 Total assets — 99,235,662 — 99,235,662 Liabilities Current liabilities Other current financial liabilities — 374,576 — 374,576 Total liabilities — 374,576 — 374,576 Fair Value Measurements at December 31, 2018 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current assets Other current financial assets — 669,527 669,527 Other non-current financial assets — 87,446,662 — 87,446,662 Total assets — 88,116,189 — 88,116,189 Liabilities Current liabilities Other current financial liabilities — 130,829 — 130,829 Total liabilities — 130,829 — 130,829 |
LITIGATION AND CONTINGENCIES
LITIGATION AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
LITIGATION AND CONTINGENCIES | |
LITIGATION AND CONTINGENCIES | 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. faces labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling ThCh$ 942,173. 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 ThCh$ 457,576 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 ThCh$ 66,070,162. 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 As of December 31, 2019 and 2018, amounted to ThCh$ 32,166,823 and ThCh$ 31,143,415, respectively. Part of the assets held under warranty by Rio de Janeiro Refrescos Ltda. as of December 31, 2014, are in the process of being released and others have already been released in exchange for guarantee insurance and bond letters for BRL 1,152,911,259, with different Financial Institutions and Insurance Companies in Brazil, these entities receive an annual commission fee of 0.59%.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 bail 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) allegedly owed by ex-Companhia de Bebidas Ipiranga. The initial amount demanded reached BRL 1,330,473,161 (historical amount without adjustments), corresponding to different trials related to the same cause. In September 2014, one of these trials for BRL 598,745,218, was settled in favor of the Company, and additionally during 2017 several trials were settled in favor of the Company in the amount for BRL 135,282,155 however, there are new lawsuits arising after the purchase of ex-Companhia de Bebidas Ipiranga (October 2013) that amount to BRL 375,286,356. The Company does not share the position of the Brazilian tax authority in these procedures and considers that Companhia de Bebidas Ipiranga 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. According to this criterion, from a total of identified contingencies amounting BRL 694,085,017 (including readjustments of current lawsuits), the Company recorded a provision for the beginning of business combination accounting in the amount BRL 213,122,274 equivalent to ThCh$ 39,608,019. b) Tax contingencies on ICMS and IPI causes. They refer mainly to tax settlements issued by advance appropriation of ICMS credits on fixed assets, payment of the replacement of ICMS tax to the operations, untimely IPI credits calculated on bonuses, among other claims. The Company does not consider that these judgments will result in significant losses, given that their loss, according to its legal counsel, is considered unlikely. However, the accounting standards of financial information related to business combination in terms of distribution of the purchase price, establish contingencies must be valued one by one according to their probability of occurrence and discounted to fair value from the date on which it is deemed that the loss can be generated. Based on this criterion, a starting provision has been made in the accounting of the business combination for BRL 77,587,076 equivalent to ThCh$ 14,412,520. 1) 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 ThCh$ 2,065,496. Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors. 2) 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 ThCh$ 3,488. 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 included in the financial statements: Committed assets Accounting value Guaranty creditor Debtor name Relationship Guaranty Type 12-31-2019 12-31-2018 ThCh$ ThCh$ Gas Licuado Lipigas S.A. Embotelladora Andina S.A. Parent company Cash Trade debtors and other accounts receivable — 1,140 Transportes San Martin Embotelladora Andina S.A. Parent company Cash Trade debtors and other accounts receivable 2,805 — Cooperativa Agrícola Pisquera Elqui Limitada Embotelladora Andina S.A. Parent company Cash Other non-current financial assets 1,216,865 — Inmob. e invers. supetar Ltda. Transportes Polar Subsidiary Cash Other non-current non-financial assets Maria Lobos Jamet Transportes Polar Subsidiary Cash Other non-current non-financial assets 2,565 2,565 Bodega San Francisco Transportes Polar Subsidiary Cash Other non-current non-financial assets 6,483 — Employee claims Rio de Janeiro Refrescos Ltda. Subsidiary Deposit in court Other non-current non-financial assets 6,600,863 5,336,644 Civil and tax claims Rio de Janeiro Refrescos Ltda. Subsidiary Deposit in court Other non-current non-financial assets 12,186,432 12,597,136 Government entities Rio de Janeiro Refrescos Ltda. Subsidiary Plant & equipment Property, Plant & Equipment 13,379,610 13,209,635 Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 375 553 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 268 395 Labarda Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 5 7 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 36,313 21,420 Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 27,598 40,682 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 1,116 1,645 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 172,602 254,430 Others Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 53 78 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 2,250 3,317 Cicsa Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets 3,128 4,612 Other lessors Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets 15,289 46,169 Aduana de EZEIZA Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets 422 3,013 Municipalidad de Junin Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 360 1,592 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 3,054 4,949 Municipalidad de Picun Leufu Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets — 72 Mirgoni Marano Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 76 112 Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 1,401 309 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 156,759 231,077 Gomez Alejandra Raquel Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets — 35 Lopez Gustavo Gerardo C/Inti Saic Y Otros Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current financial assets — 226 Tribunal Superior De Justicia De La Provincia De Córdoba Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets — 290 DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 28,129 41,465 Coto Cicsa Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 5,001 — Cencosud Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 3,125 — Marcus A.Peña Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 3,955 4,164 Mauricio J Cordero C Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 917 904 José Ruoti Maltese Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 738 758 Alejandro Galeano Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 1,275 1,251 Ana Maria Mazó Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 1,213 1,191 33,865,874 31,816,784 Guarantees provided without obligation of assets included in the financial statements: Committed assets Amounts involved Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2019 12.31.2018 ThCh$ ThCh$ Employee procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 2,819,285 2,601,353 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 10,432,633 8,233,853 Federal Government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 138,635,908 116,192,877 State Government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 54,803,911 43,015,207 Sorocaba Refrescos Rio de Janeiro Refrescos Ltda. Associate Loan Guarantor 3,715,186 3,586,095 Others Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 3,757,062 3,236,092 Aduana de EZEIZA Embotelladora del Atlántico S.A. Subsidiary Surety insurance Faithful compliance of contract 673,854 699,502 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 506,623 182,459 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL RISK MANAGEMENT | |
FINANCIAL RISK MANAGEMENT | 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 As of December 31, 2019, the Company maintains all its debt liabilities at a fixed rate as to avoid fluctuations in financial expenses resulting from tax rate increases. The Company’s greatest indebtedness corresponds to own issued Chilean local bonds at a fixed rate for UF 16,457 million denominated in UF (“UF”), a currency indexed to inflation in Chile (Company sales are correlated with the UF variation). There is also the Company’s indebtedness on the international market through a 144A/RegS Bond at a fixed rate for USD 365 million (original amount issued USD 575 million and partial prepayment in October 2019 for USD 210 million), denominated in dollars, and practically 100% of which has been re-denominated to BRL through Cross Currency Swaps. 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 wide base of more than 100 thousand clients 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 a 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. i. Sale Interruption: 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. ii. Impairment 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. iv. Guarantees In the case of 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. b. Financial investments 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 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: 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. a.1 Investment in Argentina As of December 31, 2019, the Company maintains a net investment of ThCh$ 159,998,762. in Argentina, composed by the recognition of assets amounting to ThCh$ 241,470,298 and liabilities amounting to ThCh$81,471,536. These investments accounted for 22.0% of the Company’s consolidated sales revenues As of December 31, 2019, the Argentine peso devalued by 32.2% with respect to the Chilean peso. If the exchange rate of the Argentine Peso devalued an additional 5% with respect to the Chilean Peso, the Company would have lower income from the operation in Argentina of ThCh$ 309,180 and a decrease in equity of ThCh$ 4,568,317, originated by lower asset recognition of ThCh$ 7,801,317 and by lower liabilities recognition of ThCh$ 3,233,000. a.2 Investment in Brazil As of December 31, 2019, the Company maintains a net investment of CLP 327,782,367 thousand in Brazil, composed by the recognition of assets amounting to ThCh$ 958,328,527 and liabilities amounting to ThCh$ 630,546,160 . These investments accounted for 34.8% of the Company’s consolidated sales revenues. As of December 31, 2019, the Brazilian Real devalued by 3.6% with respect to the Chilean peso. If the exchange rate of the Brazilian Real devalued an additional 5% with respect to the Chilean Peso, the Company would have lower income from the operation in Brazil of ThCh$ 3,959,257 and a decrease in equity of ThCh$ 13,126,491 , originated by lower asset recognition of ThCh$ 40,179,105 and by lower liabilities recognition of ThCh$ 27,052,614 . a.3 Investment in Paraguay As of December 31, 2019, the Company maintains a net investment of ThCh$ 247,424,752 in Paraguay, composed by the recognition of assets amounting to ThCh$ 289,576,010 and liabilities amounting to ThCh$ 42,151,258 . These investments accounted for 8.9% of the Company’s consolidated sales revenues. As of December 31, 2019, the Paraguayan Guarani devalued by 0.5% with respect to the Chilean peso. If the exchange rate of the Paraguayan Guaraní devalued by 5% with respect to the Chilean Peso, the Company would have lower income from the operations in Paraguay of ThCh$ 1,365,519 and a decrease in equity of ThCh$ 11,749,100 originated by lower asset recognition of ThCh$ 13,559,529 and lower liabilities recognition of ThCh$ 1,810,429 . b) 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 . As of December 31, 2019, the Company maintains a net debt position with a net liability position in USD totaling ThCh$ 258,679,281 , basically composed of bonds payable and leasing contracts for ThCh$ 275,412,530 partially offset by financial assets denominated in dollars for ThCh$ 16,733,249 . All U.S. Dollar liabilities amounting to ThCh$ 275,412,530 correspond to dollar liabilities of the Chilean, Argentinean and Brazilian operations and are, therefore, exposed to the volatility of the Chilean peso against the U.S. Dollar. 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. The Company’s net exposure as of December 31, 2019, to foreign currency over existing assets and liabilities, discounting the derivatives contracts, is an asset position of ThCh$ 10,867,119 . c) 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 a 12‑month forward horizon. Commodities risk The Company is subject to a 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: Maturity More than 1 More than 2 More than 3 More than 5 Item 1 year year up to 2 years up to 3 up to 4 years ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 724,370 1,439,072 786,812 44,621 44,621 Bonds payable 42,979,308 41,194,718 41,041,811 314,179,008 585,387,621 Lease obligations 8,663,557 11,228,497 10,933,557 10,817,417 18,479,429 Contractual obligations 19,108,905 63,130,570 5,654,968 4,823,313 2,499,886 Total 71,476,140 116,992,857 58,417,148 329,864,359 606,411,557 |
EXPENSES BY NATURE
EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2019 | |
EXPENSES BY NATURE | |
EXPENSES BY NATURE | 25 – EXPENSES BY NATURE Other expenses by nature are: 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Direct production costs 877,716,948 759,229,954 815,455,280 Payroll and employee benefits 273,123,010 266,966,841 287,458,526 Transportation and distribution 138,486,337 137,428,173 163,361,088 Advertising 27,113,322 17,345,951 29,209,904 Depreciation and amortization 111,087,284 99,594,446 99,163,891 Repairs and maintenance 30,528,180 28,120,098 34,253,824 Other expenses 83,188,784 138,860,648 181,249,647 Total (1) 1,541,243,865 1,447,546,111 1,610,152,160 (1) Corresponds to the addition of cost of sales, administration expenses and distribution cost. (1) |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2019 | |
OTHER INCOME | |
OTHER INCOME | 26 – OTHER INCOME Other income by function is detailed as follows: 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Gain on disposal of Property, plant and equipment 265,514 1,984,547 312,470 Recovery AFIP claim — 232,617 — Recovery PIS and COFINS credits (1) 40,281,550 — — Others 400,094 392,004 238,364 Total 40,947,158 2,609,168 550,834 (1) See Note 6 for more information regarding recovery (1) |
OTHER EXPENSES BY FUNCTION
OTHER EXPENSES BY FUNCTION | 12 Months Ended |
Dec. 31, 2019 | |
OTHER EXPENSES BY FUNCTION | |
OTHER EXPENSES BY FUNCTION | 27 – OTHER EXPENSES BY FUNCTION Other expenses by function are detailed as follows: 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Contingencies and non-operating fees 17,690,171 10,192,495 5,377,190 Tax on bank debits 4,356,973 4,653,929 7,669,234 Write-offs, disposal and loss of Property, plant and equipment 2,978,194 262,366 3,025,497 Others 1,157,509 948,973 629,550 Total 26,182,847 16,057,763 16,701,471 |
FINANCIAL INCOME AND EXPENSES
FINANCIAL INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL INCOME AND EXPENSES | |
FINANCIAL INCOME AND EXPENSES | 28 – FINANCIAL INCOME AND EXPENSES Financial income and expenses are detailed as follows: a) Financial income 01.01.2019 01.01.2018 01.01.2017 Detail 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Interest income 3,249,550 1,046,580 8,370,338 Guaranty restatement Ipiranga acquisition 27,219 — — Recovery PIS and COFINS credits (1) 39,780,620 — — Other financial income 2,098,402 2,893,664 2,824,037 Total 45,155,791 3,940,244 11,194,375 (1) See Note 6 for more information regarding recovery b) Financial costs 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Bond interest Bank loan interest Other financial costs Total |
OTHER (LOSSES) GAINS
OTHER (LOSSES) GAINS | 12 Months Ended |
Dec. 31, 2019 | |
OTHER (LOSSES) GAINS | |
OTHER (LOSSES) GAINS | 29 – OTHER (LOSSES) GAINS Other (losses) gains are detailed as follows: 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ (Losses) gains on ineffective portion of hedge derivatives — (2,707,802) (2,536,079) Other income and expenses 2,876 (57) (1,190) Total 2,876 (2,707,859) (2,537,269) |
LOCAL AND FOREIGN CURRENCY
LOCAL AND FOREIGN CURRENCY | 12 Months Ended |
Dec. 31, 2019 | |
LOCAL AND FOREIGN CURRENCY | |
LOCAL AND FOREIGN CURRENCY | 30. LOCAL AND FOREIGN CURRENCY Local and foreign currency balances are the following: CURRENT ASSETS 12.31.2019 12.31.2018 THCH$ THCH$ Cash and cash equivalent 157,567,986 137,538,613 USD 16,733,249 5,917,041 EUR 9,722 51,401 CLP 78,420,966 86,121,695 BRL 46,189,977 28,040,970 ARS 3,830,199 6,726,906 PGY 12,383,873 10,680,600 Other financial assets, current 347,278 683,567 CLP 275,407 355,126 BRL 13,498 14,040 ARS 16,575 300,359 PGY 41,798 14,042 Other non-financial assets, current 16,188,965 5,948,923 USD 893,571 45,053 EUR 615,636 — UF 410,203 78,623 CLP 5,642,901 3,589,253 BRL 1,738,793 1,275,073 ARS 3,918,728 460,125 PGY 2,969,133 500,796 Trade accounts and other accounts receivable 191,077,588 174,113,323 USD 1,431,079 863,794 EUR — 52,332 UF 453,469 1,414,800 CLP 83,328,449 73,028,244 BRL 79,586,461 66,585,089 ARS 19,088,164 25,000,141 PGY 7,189,966 7,168,923 Accounts receivable related entities 10,835,768 9,450,263 USD 45,644 26,557 CLP 9,157,922 6,911,814 ARS 1,632,202 2,511,892 Inventory 147,641,224 151,319,709 USD 6,027,076 2,197,382 EUR — 12,522 CLP 48,320,784 50,130,341 BRL 43,820,564 36,797,523 ARS 34,262,914 46,394,230 PGY 15,209,886 15,787,711 Current tax assets 9,815,294 2,532,056 CLP 9,815,294 — BRL — 2,532,056 Total current assets 533,474,103 481,586,454 USD 25,130,619 9,049,827 EUR 625,358 116,255 UF 863,672 1,493,423 CLP 234,961,723 220,136,473 BRL 171,349,293 135,244,751 ARS 62,748,782 81,393,653 PGY 37,794,656 34,152,072 NON-CURRENT ASSETS 12.31.2019 12.31.2018 ThCh$ ThCh$ Other non-current financial assets 110,784,311 97,362,295 UF 1,216,865 — BRL 98,918,457 87,446,661 ARS 10,648,989 9,915,634 Other non-current, non-financial assets 125,636,150 34,977,264 USD — 22,917 UF 318,533 314,283 CLP 47,531 47,532 BRL 122,922,979 32,070,120 ARS 2,223,600 2,315,682 PGY 123,507 206,730 Accounts receivable, non-current 523,769 1,270,697 UF 465,371 1,204,097 ARS 636 90 PGY 57,762 66,510 Accounts receivable related entities, non-current 283,118 74,340 CLP 283,118 74,340 Investments accounted for using the equity method 99,866,733 102,410,945 CLP 49,703,673 50,136,221 BRL 50,163,060 52,274,724 ARS — — Intangible assets other than goodwill 675,075,375 668,822,553 USD 3,959,421 4,960,399 CLP 307,324,953 306,508,710 BRL 189,240,893 182,657,545 ARS 2,708,445 2,101,571 PGY 171,841,663 172,594,328 Goodwill 121,221,661 117,229,173 CLP 9,523,767 9,523,767 BRL 74,653,328 72,059,356 ARS 29,750,238 28,318,129 PGY 7,294,328 7,327,921 Property, plant & equipment 722,718,863 710,770,968 USD — — EUR — 381,732 CLP 282,861,852 271,625,978 BRL 251,080,517 252,674,783 ARS 119,784,304 117,532,176 PGY 68,992,190 68,556,299 Deferred tax assets 1,364,340 — CLP 1,364,340 — Total non-current assets 1,857,474,320 1,732,918,235 USD 3,959,421 4,983,316 EUR — 381,732 UF 2,000,769 1,518,380 CLP 651,109,234 637,916,548 BRL 786,979,234 679,183,189 ARS 165,116,212 160,183,282 PGY 248,309,450 248,751,788 12.31.2019 12.31.2018 CURRENT LIABILITIES Up to 90 days 90 days up to1 year Total Up to 90 days 90 days up to1 year Total THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ Other financial liabilities, current 9,719,894 30,873,984 40,593,878 9,377,421 46,737,556 56,114,977 USD 55,388 3,147,441 3,202,829 130,829 3,304,011 3,434,840 UF 7,535,228 11,836,936 19,372,164 7,831,899 10,536,509 18,368,408 CLP 842,221 11,700,946 12,543,167 — 9,681,676 9,681,676 BRL 1,153,072 2,119,141 3,272,213 1,413,622 20,833,877 22,247,499 ARS 75,060 704,921 779,981 1,071 1,357,285 1,358,356 PGY 58,925 1,364,599 1,423,524 — 1,024,198 1,024,198 Trade accounts and other accounts payable, current 228,259,216 15,441,337 243,700,553 234,715,484 3,394,363 238,109,847 USD 10,049,567 — 10,049,567 14,514,082 — 14,514,082 EUR 2,024,156 — 2,024,156 4,311,724 59,951 4,371,675 UF 2,044,871 — 2,044,871 192,055 — 192,055 CLP 84,602,547 15,441,337 100,043,884 81,099,246 3,334,412 84,433,658 BRL 75,051,089 — 75,051,089 68,940,973 — 68,940,973 ARS 40,826,489 40,826,489 54,846,437 — 54,846,437 PGY 13,660,497 — 13,660,497 10,805,605 — 10,805,605 Other currencies — — — 5,362 — 5,362 Accounts payable to related entities, current 53,637,601 — 53,637,601 45,687,476 140,383 45,827,859 USD — — — — CLP 28,471,399 — 28,471,399 27,729,583 140,383 27,869,966 BRL 19,279,132 — 19,279,132 12,478,179 — 12,478,179 ARS 5,887,070 — 5,887,070 5,479,714 — 5,479,714 PGY — — — — — — Other current provisions 1,637,799 431,185 2,068,984 1,789,275 1,696,338 3,485,613 CLP 1,637,799 427,697 2,065,496 1,789,275 1,681,178 3,470,453 PGY — 3,488 3,488 — 15,160 15,160 Current tax liabilities 3,097,223 3,665,044 6,762,267 4,302,370 5,036,242 9,338,612 CLP 896,975 — 896,975 4,302,370 1,184,842 5,487,212 BRL 2,107,381 — 2,107,381 — — — ARS 92,867 3,446,054 3,538,921 — 2,980,634 2,980,634 PGY — 218,990 218,990 — 870,766 870,766 Employee benefits current provisions 26,513,813 11,879,041 38,392,854 10,189,264 23,021,715 33,210,979 CLP 1,241,603 5,509,351 6,750,954 1,177,114 4,854,163 6,031,277 BRL 20,681,694 — 20,681,694 — 17,180,455 17,180,455 ARS 4,590,516 5,260,142 9,850,658 9,012,150 — 9,012,150 PGY — 1,109,548 1,109,548 — 987,097 987,097 Other current non-financial liabilities 328,441 26,173,774 26,502,215 1,346,839 32,427,375 33,774,214 CLP 327,847 26,064,658 26,392,505 869,964 32,276,377 33,146,341 ARS 594 5,286 5,880 476,875 — 476,875 PGY — 103,830 103,830 — 150,998 150,998 Total current liabilities 323,193,987 88,464,365 411,658,352 307,408,129 112,453,972 419,862,101 USD 10,104,955 3,147,441 13,252,396 14,644,911 3,304,011 17,948,922 EUR 2,024,156 — 2,024,156 4,311,724 59,951 4,371,675 UF 9,580,099 11,836,936 21,417,035 8,023,954 10,536,509 18,560,463 CLP 118,020,391 59,143,989 177,164,380 116,967,552 53,153,031 170,120,583 BRL 118,272,368 2,119,141 120,391,509 82,832,774 38,014,332 120,847,106 ARS 51,472,596 9,416,403 60,888,999 69,816,247 4,337,919 74,154,166 PGY 13,719,422 2,800,455 16,519,877 10,805,605 3,048,219 13,853,824 Other currencies — — — 5,362 — 5,362 12.31.2019 12.31.2018 More More than More More More than than 1 year up 3 and up than than 1 year up 3 and up More than NON-CURRENT LIABILITIES to 3 to 5 5 years Total to 3 to 5 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other financial liabilities, non-current 34,794,568 299,661,490 408,870,999 743,327,057 28,642,101 276,409,074 411,512,603 716,563,778 USD 509,366 271,700,335 — 272,209,701 — 250,976,154 — 250,976,154 UF 22,584,954 24,627,105 400,393,581 447,605,640 25,634,958 23,105,123 402,045,609 450,785,690 CLP 7,926,056 — — 7,926,056 — — — — BRL 3,319,514 3,334,050 8,477,418 15,130,982 3,007,143 2,327,797 9,466,994 14,801,934 ARS 55,222 — — 55,222 — — — — PGY 399,456 — — 399,456 — — — — Accounts payable, non-current 619,587 — — 619,587 735,665 — — 735,665 USD — — — — 585,289 — — 585,289 CLP 618,509 — — 618,509 148,680 — — 148,680 ARS 1,078 — — 1,078 1,696 — — 1,696 Accounts payable related entities 19,777,812 — — 19,777,812 — — — — BRL 19,777,812 — — 19,777,812 — — — — Other provisions, non-current 968,404 66,070,162 — 67,038,566 3,448,042 55,518,871 — 58,966,913 CLP — — — — 2,500,000 — — 2,500,000 BRL — 66,070,162 — 66,070,162 — 55,518,871 — 55,518,871 ARS 968,404 — — 968,404 948,042 — — 948,042 Deferred Tax liabilities 12,834,788 49,848,536 106,766,423 169,449,747 16,607,605 101,512,040 27,126,303 145,245,948 UF — — 1,298,050 1,298,050 — — — — CLP 1,449,404 181,418 90,271,026 91,901,848 497,175 81,630,530 11,899,975 94,027,680 BRL — 49,667,118 — 49,667,118 — 19,881,510 — 19,881,510 ARS 11,385,384 — — 11,385,384 16,110,430 — — 16,110,430 PGY — — 15,197,347 15,197,347 — — 15,226,328 15,226,328 Employee benefits non-current provisions 1,114,051 148,954 8,910,349 10,173,354 742,297 240,148 8,433,096 9,415,541 CLP 461,587 148,954 8,910,349 9,520,890 230,528 240,148 8,433,096 8,903,772 ARS 88,090 — — 88,090 — — — — PGY 564,374 — — 564,374 511,769 — — 511,769 Total non-current liabilities 70,109,210 415,729,142 524,547,771 1,010,386,123 50,175,710 433,680,133 447,072,002 930,927,845 USD 509,366 271,700,335 — 272,209,701 585,289 250,976,154 — 251,561,443 UF 22,584,954 24,627,105 401,691,631 448,903,690 25,634,958 23,105,123 402,045,609 450,785,690 CLP 10,455,556 330,372 99,181,375 109,967,303 3,376,383 81,870,678 20,333,071 105,580,132 BRL 23,097,326 119,071,330 8,477,418 150,646,074 3,007,143 77,728,178 9,466,994 90,202,315 ARS 12,498,178 — — 12,498,178 17,060,168 — — 17,060,168 PGY 963,830 — 15,197,347 16,161,177 511,769 — 15,226,328 15,738,097 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 31 – SUBSEQUENT EVENTS i) On January 21, 2020, the Company issued corporate bonds on the international market for USD 300 million. The use of proceeds from this operation will be for general corporate purposes which could include the eventual payment of existing liabilities, financing of potential acquisitions and improving the liquidity of the Company. The transaction consisted of issuing a 30-year bond totaling USD 300 million with a bullet structure and an annual coupon rate of 3.950%. At the same time, derivatives (Cross Currency Swaps) have been contracted hedging 100% of the bond's financial liabilities that are denominated in U.S. dollars by redenominating that liability to UF. ii) On February 24, 2020, the tax reform was approved in Chile, which becomes effective immediately, however, most of the effects will begin to materialize in the 2021 Income Tax Statement, the Company will assess the possible impacts in the relevant period. iii) As a result of the impact that the ongoing COVID-19 pandemic is having across the world, including its more recent outbreak in the countries where we operate, we have taken measures necessary to protect the health and safety of our employees and to ensure the continuity of our operations. Among the measures we have taken are the following: · the launch of a campaign to educate our employees on actions to be taken to avoid the spread of the virus; · sending home any employee that has been exposed to the virus; · implementation of additional cleaning protocols for our facilities; · modifying certain work practices and activities, without affecting our operational standards; for instance, home office has been implemented for those employees whose work can be performed remotely, and domestic and international traveling has been canceled; and · providing personal protection and cleaning products (including face masks and sanitizers) to those employees who need to keep working at our plants and distribution centers or in the transportation of our products. Beginning mid-March 2020, governments around the world, including in the countries where we operate, have adopted extraordinary measures to contain the spread of COVID-19 and reduce infection rates, including, in some cases, the closing of schools, universities, shopping centers, restaurants and bars, prohibiting social gathering events, issuing stay-at-home orders and establishing quarantine requirements, imposing additional sanitary requirements on exports and imports, and limiting international travel and closing borders. Governments in the countries where we operate have also announced economic stimulus programs for families and businesses, including in Argentina a temporary restriction on workforce reductions. These government measures are affecting our Company and our customers. As these measures become more restrictive or are extended in time, our Company’s priority will continue to be to protect the health and safety of our employees and to continue operating to serve our customers and communities in the best way we can. To date, our operations have not been required to close and we are not aware of the virus affecting any significant part of our workforce. Since mid-March 2020, as a result of the ongoing COVID-19 pandemic and government measures to contain the virus, we have experienced volatility in our sales volume across our channels. During this period, we have experienced, on a consolidated basis, a sharp decline in sales volumes in our on premise channel, which primarily consists of restaurants, bars and similar establishments that have been temporarily shut down by government measures. We have also experienced a decline in our wholesale channel and more moderate overall declines in our supermarkets and traditional channels. These changes in our sales volumes, however, have varied significantly across the four countries where we operate. Because these changes in sales volumes are very recent, and the pandemic and government measures are evolving rapidly, we believe it is too soon to draw conclusions about longer term trends in consumer spending patterns and how they may affect our future operating and financial results. Due to uncertainties regarding the COVID-19 pandemic and government restrictions, including how long these conditions may persist, and uncertainties regarding the effects they will have on our sales volumes and our business in general, we cannot predict accurately the ultimate financial impact on our Company. In any event, we estimate that we will not face liquidity constraints, or difficulties in complying with covenants under our debt instruments. We do not anticipate any significant provisions or impairments at this time. In addition, we are reviewing our investment and expense plan for the year to adapt it to these new trends. No other events have occurred after December 31, 2019 that may significantly affect the Company's consolidated financial situation. |
BASIS OF PREPARATION OF CONSO_2
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |
Accounting principles and basis of preparation | 2. 1 Accounting principles and basis of preparation The Company’s Consolidated Financial Statements for the periods ended December 31, 2019 and 2018, have been prepared in accordance with the International Financial Reporting Standards (hereinafter "IFRS") issued by the International Accounting Standards Board (hereinafter "IASB"). These 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 Consolidated Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries as of December 31, 2019 and 2018 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2019, 2018 and 2017 and the related notes. The Company’s 2019 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors on February 25, 2020, with subsequent events first being considered through that date. Those local statutory consolidated financial statements consisted of consolidated statement of financial position as of December 31, 2019 and 2018 along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows (and related disclosures), each for the two years then ended. Those consolidated financial statements were then subsequently approved by the Company’s shareholders during its April 16, 2020 meeting. Included in this 2019 consolidated financial statements are consolidated statement of financial position as of December 31, 2019 and 2018, along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows (and the related disclosures) for each of the three years ended December 31, 2019 2018 and 2017. This three-year presentation of operations, changes in equity and of cash flows is required by the rules of the United States Securities and Exchange Commission. The accompanying English language IFRS consolidated financial statements are consistent with the previously issued local statutory consolidated financial statements. This three-year English language IFRS consolidated financial statements were approved for issuances by the Board of Directors during a session held on April 28, 2020, with subsequent events considered through this later date. 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. |
Subsidiaries and consolidation | 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 Financial Statements 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 12.31.2019 12.31.2018 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 59.144.140-K Abisa Corp S.A. — 99.99 99.99 — 99.99 99.99 Foreign Aconcagua Investing Ltda. 0.71 99.28 99.99 0.71 99.28 99.99 96.842.970-1 Andina Bottling Investments S.A. 99.90 0.09 99.99 99.90 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.98 96.836.750-1 Andina Inversiones Societarias S.A. 99.98 0.01 99.99 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 — 99.99 99.99 — 99.99 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 96.971.280-6 Inversiones Los Andes Ltda. (1) — — — 99.99 — 99.99 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. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.99 — 99.99 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.50 — 66.50 66.50 — 66.50 93.899.000-k Vital Jugos S.A. 15.00 50.00 65.00 15.00 50.00 65.00 (1) Company merged into Andina Bottling Investments SA |
Investments in associates and joint ventures | 2.3 Investments in associates and joint ventures Ownership interest held by the Group in joint ventures and associates are recorded following the equity method. According to the equity method, the investment in an associate or joint venture 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 goodwill 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.” 2.3.1 Investments in Associates 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. |
Financial reporting by operating segment | 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: · Operation in Chile · Operation in Brazil · Operation in Argentina · Operation in Paraguay |
Functional currency and presentation currency | 2.5 Functional currency and presentation currency 2.5.1 Functional 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 spot exchange rate 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 in another overall result 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 in another overall outcome. 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 in another overall result or in results, respectively). 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 situation of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) as December 31, 2019, 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 prior year financial statements (i.e. not adjusted for subsequent changes in the price level or exchange rates). This results in differences between the closing equity of the previous year and the opening equity of the current year and, as an accounting policy choice, these changes are presented as follows: (a) the remeasurement of beginning balances under IAS 29 as an adjustment to equity and (b) the subsequent effects, including retranslation under IAS 21, as “Exchange differences on translation of foreign operations” in other comprehensive income. Inflation for the periods January to December 2019 and 2018 amounted to 54.85% and 47.6%, respectively. The first-time adoption of IAS 29 in 2018 resulted in a positive adjustment in the accumulated consolidated results of Embotelladora Andina S.A., for CLP 79,499,736 thousand (net of deferred taxes) as of January 1, 2018. 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. The financial statements of these subsidiaries are remeasured as if its functional currency was the reporting currency of the parent company. The financial statements were translated 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. · 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. 2.5.3 Exchange rates Exchange rates regarding the Chilean peso in effect at the end of each period are as follows: Date USD BRL ARS PGY 12.31.2019 748.74 185.76 12.50 0.116 12.31.2018 694.77 179.30 18.43 0.117 12.31.2017 614.75 185.84 32.96 0.110 |
Property, plant, and equipment | 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. The carrying amount of the replaced part is derecognized. Repairs and maintenance are charged to the income statement 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 - 50 Plant and equipment - 20 Warehouse installations and accessories - 30 Furniture and supplies - 5 Motor vehicles - 7 Other Property, plant and equipment - 8 Bottles and containers - 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. When the value of an asset is greater than its estimated recoverable amount, the value is written down immediately to its recoverable amount. 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. If there are items available for sale and comply with the conditions of IFRS 5 “Non-current assets held for sale and discontinued operations” are separated from Property, plant and equipment and are presented within current assets at the lower value between the book value and its fair value less selling costs. |
Intangible assets and Goodwill | 2.7 Intangible assets and Goodwill 2.7.1 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 for impairment. 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. 2.7. 2 Distribution rights Distribution rights are contractual rights to produce and/or distribute products under the Coca-Cola brand and other brands in certain territories in Argentina, Brazil, Chile and Paraguay that were acquired during Business Combination. 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 permanently renewed by The Coca-Cola Company) and therefore are subject to impairment tests on an annual basis. 2.7. 3 Software 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. |
Impairment of non-financial assets | 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). Regardless of what was stated in the previous paragraph, in the case of CGUs to which goodwill or intangible assets have been assigned with an indefinite useful life, 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 Coca-Cola distribution rights have been acquired. These cash generating units or groups of cash generating units are composed of the following segments: - Operation in Chile (excluding the Metropolitan Region, Rancagua Province and San Antonio Province); - Operation in Argentina (North and South region); - Operation in Brazil (State of Rio de Janeiro and Espirito Santo, Ipiranga territories, investment in the Sorocaba associate and investment in the Leão Alimentos S.A. associate); - Operation in Paraguay 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 test are: a) Discount rate The discount rate applied in the annual test carried out in December 2019 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 before tax is used according to the following table: Discount rates Discount rates 2019 2018 Argentina 35.3 % 21.2 % Chile 8.5 % 8.1 % Brazil 11.4 % 10.9 % Paraguay 11.5 % 10.1 % Management carries out the process of annual goodwill impairment assessments as of December 31 of each year for each CGU. b) Other assumptions The financial projections to determine the net present value of the future cash flows of the CGUs are modeled based on the main historical variables and the respective budgets approved by the CGU. In this regard, a conservative growth rate is used, which reaches 3% for the carbonated beverage category and up to 7% for less developed categories such as juices and waters. Beyond the fifth year of projection, growth perpetuity rates are established per operation ranging from 1% to 2.5% depending on the degree of maturity of the consumption of the products in each operation. 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 changes in key assumptions, variations were applied to the key asssumptions used in the model. Ranges used for each of the modified variables are: - Discount Rate : Increase / Decrease of up to 100 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 75 bps in the rate to calculate the perpetual growth of future cash flows - EBITDA margin : Increase / Decrease of 100bps of EBITDA margin of operations, which is applied per year for the projected periods, that is, for the years 2020-2024 The Company conducts impairment analyses on an annual basis, as a result of tests conducted as of December 31, 2019 and 2018, no signs of impairments in any of the CGUs were identified, assuming conservative EBITDA margin projections in line with market history. Despite the deterioration in macroeconomic conditions experienced by the economies of the countries where cash-generating units operate, the impairment test resulted in recovery values higher than the book values including sensitivity calculations to which it was submitted. |
Financial instruments | 2. 9 Financial instruments 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. 2. 9.1 Financial assets 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. 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 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”). 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. |
Derivatives financial instruments and hedging activities | 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 consolidated 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 derivatives implicitly 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. As of December 31, 2019, the Company had no implicit 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 period using Level 2. |
Inventories | 2. 11 Inventories 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, recognized under other comprehensive income, 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. |
Trade receivables | 2. 12 Trade receivables Trade accounts receivables and other accounts receivable are measured and recognized at the transaction price at the time they are generated pursuant to IFRS 15, since they do not have a significant financial component, less provision for expected credit losses. The Group recognizes an allowance for expected credit losses. The Group applies a simplified approach in calculating expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. 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. |
Cash and cash equivalents | 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 and mutual funds with original short-term maturities equal to or less than three months from the date of acquisition. |
Other financial liabilities | 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. |
Income tax | 2. 15 Income tax 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. |
Employee benefits | 2. 16 Employee benefits 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”. Results from updated of 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 with 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. |
Provisions | 2. 17 Provisions Provisions for litigation and other contingencies 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. |
Leases | 2. 18 Leases 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. |
Deposits for returnable containers | 2.19 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 is reimbursed when the customer or distributor returns the bottles and containers in good condition, together with the original invoice. The liability is estimated based on the number of bottles given to clients and distributors, the estimated number of bottles in circulation, and a historical average weighted value per bottle or containers. Deposits for returnable containers are presented as a current liability in other financial liabilities because 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. |
Revenue recognition | 2. 20 Revenue recognition 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 good provided by Embotelladora Andina corresponds to a single performance obligation that transfers the product to be received to the customer. |
Contributions of The Coca-Cola Company | 2. 21 Contributions of 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. |
Dividend payments | 2. 22 Dividend payments Dividend distribution to Company shareholders is recorded as a liability in the Company’s Consolidated Financial Statements, considering the 30% minimum dividend of the period’s earnings established by Chilean Corporate Law, unless otherwise agreed in the respective meeting, by the unanimity of the issued shares. 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 General Shareholders’ Meeting. |
Critical accounting estimates and judgments | 2. 23 Critical accounting estimates and judgments The Company makes estimates and judgments concerning the future. Actual results may differ from previously estimated amounts. 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 a summary of the estimates and judgments that might have a material impact on future financial statements. 2.23. 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 generating units are determined based on value in use calculations. The key variables used in the calculations include sales volumes and prices, discount rates, marketing expenses and other economic factors including inflation. 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 end 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 discounted cash flows analysis. As of December 31, 2019, 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. 2.23. 2 Fair Value of Assets and Liabilities IFRS requires 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. 2.23. 3 Allowances for expected credit losses 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. 2.23. 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. 2.23. 5 Liabilities for deposits of returnable container The Company records a liability for deposits received in exchange for bottles and containers provided to its customers and distributors. This liability represents the amount of deposits that must be reimbursed if the customer or distributor returns the bottles and containers in good condition, together with the original invoice. This liability is estimated based on the number of bottles given on loan to customers and distributors, estimates of bottles in circulation and the weighted average historical cost per bottle or container. Management uses professional judgment in order to estimate this liability, including the number of bottles in circulation, the amount of deposit that must be reimbursed and the timing of disbursements. |
New Standards, Interpretations and Amendments for annual periods beginning on or after January 1, 2019 | 2.24.1 New Standards, Interpretations and Amendments for annual periods beginning on or after January 1, 2019. Standards and interpretations, as well as the improvements and amendments to IFRS, which have been issued, effective at the date of these financial statements, are detailed below. The Company has applied these rules concluding that they will not significantly affect the financial statements. Standards, Interpretations, Amendments Mandatory application date IFRS 16 Leases January 1, 2019 IFRIC 23 Uncertainty over Income Tax Treatments January 1, 2019 IFRS 16 “Leases” IFRS 16 replaces IAS17 “Leases”, IFRIC 4 “Determining Whether an Arrangement Contains a Lease”, SIC-15 “Operating Leases Incentives” and SIC-27 “Evaluating the Substance of Transactions in the Legal Form of a Lease.” The standard establishes the principles for the recognition, measurement, presentation and disclosure of leases and requires that lessees consider most leases in a single balance sheet model. The lessor’s accounting under IFRS 16 remains substantially unchanged from IAS 17. Lessors will continue to classify leases as operating or financial leases using principles similar to those in IAS 17. The Group adopted IFRS 16 using the amended retrospective adoption method, with an initial application date of January 1, 2019. The Group chose to use the transition practice to not re-evaluate whether a contract is, or contains, a lease as of January 1, 2019. Instead, the Group applied the rule only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 on the date of initial application. The Group also chose to use the recognition exemptions for leases that, on the start date, have a lease term of 12 months or less and do not contain a purchase option (short-term leases), and leases for which the underlying asset is of low value (low-value assets). The effects of adopting IFRS 16 are as follows: Consolidated Statement of Financial Position 12.31.2018 IFRS 16 Adjustments 01.01.2019 Assets Property, Plant & Equipment (several) 17,805,700 (17,805,700) (i) Right of use — 37,380,774 37,380,774 (i) Liabilities (ii) Lease liabilities short-term 1,534,467 4,410,510 5,944,977 Lease liabilities long-term 13,797,468 12,309,239 26,106,707 i. Right-of-use assets consisting of CLP 17,805,700 from transfers of other Property, Plant and Equipment assets and CLP 19,575,074 for assets arising from operating leases. ii. Lease Liabilities increase Following the adoption of IFRS 16, the Group applied a single recognition and measurement approach for all leases for which it is the tenant, except for short-term leases and low-value asset leases. The Group recognized lease liabilities for lease payments and right-of-use assets that represent the right to use the underlying assets. In accordance with the amended retrospective adoption method, the Group recognized assets and liabilities for the total future payments committed in the contracts. IFRIC 23 “Uncertainty over Income Tax Treatments” The Interpretation addresses the accounting of income taxes when tax treatments imply uncertainty that affects the application of IAS 12 “Income taxes”. It does not apply to taxes or encumbrances that are outside the scope of IAS 12, nor does it specifically include requirements related to interests and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following: · If an entity considers the treatment of uncertain tax positions separately · The assumptions that an entity makes about the assessment of tax treatments by tax authorities · How an entity determines fiscal gain (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. · How an entity considers changes in facts and circumstances. This interpretation began its effective application as of January 1, 2019. The application of IFRIC 23 has not generated impacts on the consolidated financial statements of Embotelladora Andina and its subsidiaries. Amendments to IFRS that have been issued effective as of the date of these financial statements, are detailed below. Amendments Application date IFRS 3 Business combinations – interests previously held in a joint operation January 1, 2019 IFRS 9 Financial instruments – payments with negative compensation January 1, 2019 IFRS 11 Joint agreements – interests previously held in a joint operation January 1, 2019 IAS 12 Income taxes – tax consequences of payments related to financial instruments classified as equity January 1, 2019 IAS 23 Loan costs – eligible loan costs to be capitalized January 1, 2019 IAS 28 Investments in associates – long-term investments in associates or joint ventures January 1, 2019 IAS 19 Employee benefits – amendment, reduction or liquidation of the plan January 1, 2019 Company Management evaluates the impact of the amendments listed above, once such transactions are carried out. 2.24.2 New Accounting Standards, Interpretations and Amendments with effective application for annual periods beginning on or after January 1, 2020. 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. Standards and Interpretations Mandatory application date Conceptual Framework Revised Conceptual Framework January 1, 2020 IFRS 17 Insurance Contracts January 1, 2021 Revised Conceptual Framework The IASB issued a Revised Conceptual Framework in March 2018, incorporating some new concepts, providing updated definitions and recognition criterion for assets and liabilities and clarifying some important concepts. Changes in the Conceptual Framework may affect the application of IFRS when no standard applies to a given transaction or event. The Revised Conceptual Framework becomes effective for periods ending on or after January 1, 2020. IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts, a new comprehensive accounting standard for insurance contracts that covers recognition, measurement, presentation and disclosure. The new rule applies to all types of insurance contracts, regardless of the type of entity that issues them, being effective for periods beginning on or after January 1, 2021, with required comparative figures, early application is allowed, provided that the entity also applies IFRS 9 and IFRS 15. Amendments to IFRS which have been issued and will become in effect on January 1, 2020 are detailed below: Amendments Implementation date IFRS 3 Definition of a business January 1, 2020 IAS 1 and IAS 8 Definition of material January 1, 2020 IFRS 9, IAS 39 and IFRS 7 Reference Interest Rate Reform January 1, 2020 IFRS 10 and IAS 28 Consolidated Financial Statements – sale or contribution of assets between an investor and its associate or joint venture To be determined IFRS 3 Business Combinations – Definition of Business The IASB issued amendments to the definition of business in IFRS 3 Business Combinations, to help entities determine whether an acquired set of activities and assets is a business or not. The IASB clarifies the minimum requirements for defining a business, eliminates the assessment of whether market participants are able to replace any missing elements, includes guidance to help entities assess whether a process acquired is substantial, reduces the definitions of a business and products and introduces an optional fair value concentration test. Amendments have to be applied to business combinations or asset acquisitions that occur on or after the start of the first annual reporting period beginning on or after January 1, 2020. As a result, entities do not have to review transactions that occurred in previous periods. Early application is permitted and must be disclosed. Because the amendments apply prospectively to transactions or other events that occur on or after the date of the first application, most entities will probably not be affected by these amendments in the transition. However, those entities that consider the acquisition of a set of activities and assets after implementing the amendments must first update their accounting policies in a timely manner. Amendments may also be relevant in other areas of IFRS (e.g. they may be relevant when a controller loses control of a subsidiary and has anticipated the sale or contribution of assets between an investor and its associate or joint venture) (Amendments to IFRS 10 and IAS 28). The Company will perform an impact assessment of the amendment once it takes effect. IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors- Definition of Material In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, changes in accounting estimates and errors, to align the definition of “material” in all standards and to clarify certain aspects of the definition. The new definition states that information is material if when omitted, misstated, or reasonably hidden could be expected to influence decisions that primary users of general-purpose of the financial statements make based on those financial statements, which provide financial information about a specific reporting entity. Amendments should be applied prospectively. Early application is permitted and must be disclosed. While amendments to the definition of material are not expected to have a significant impact on an entity’s financial statements, the introduction of the term “hide” in the definition could impact the way materiality judgments are made, increasing the importance of how information is communicated and organized in the financial statements. The Company will perform an impact assessment of the amendment once it takes effect. IFRS 9 , IAS 39 and IFRS 7 Reference Interest Rate Reform In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7, which concludes the first stage of its work to respond to the effects of the reform of interbank offer rate (IBOR) in financial information. The amendments provide temporary exceptions that allow hedge accounting to continue during the uncertain period, prior to replacing existing benchmark interest rates with near-risk free alternative interest rates. Amendments should be applied retrospectively. However, any hedge relationship that has previously been discontinued cannot be reinstated with the application of these amendments, nor can a hedge relationship be designated using the retrospect reasoning benefit. Early application is permitted and must be disclosed. The Company will perform an impact assessment of the amendment once it takes effect. IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures – sale or contribution of assets between an investor and its associate or joint venture Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011) address a recognized inconsistency between IFRS 10 requirements and IAS 28 (2011) requirements in the treatment of the sale or contribution of assets between an investor and its associate or joint venture. The amendments, issued in September 2014, state that when the transaction involves a business (whether it is in a subsidiary or not) all gains, or losses generated are recognized. A partial gain or loss is recognized when the transaction involves assets that do not constitute a business, even when the assets are in a subsidiary. The mandatory implementation date of these amendments is yet to be determined because the IASB is awaiting the results of its research project on accounting according to the equity method of accounting. These amendments must be applied retrospectively, and early adoption is allowed, which must be disclosed. The Company will perform an impact assessment of the amendment once it takes effect. |
BASIS OF PREPARATION OF CONSO_3
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |
Schedule of the list of subsidiaries included in the consolidation | Ownership interest 12.31.2019 12.31.2018 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 59.144.140-K Abisa Corp S.A. — 99.99 99.99 — 99.99 99.99 Foreign Aconcagua Investing Ltda. 0.71 99.28 99.99 0.71 99.28 99.99 96.842.970-1 Andina Bottling Investments S.A. 99.90 0.09 99.99 99.90 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.98 96.836.750-1 Andina Inversiones Societarias S.A. 99.98 0.01 99.99 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 — 99.99 99.99 — 99.99 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 96.971.280-6 Inversiones Los Andes Ltda. (1) — — — 99.99 — 99.99 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. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.99 — 99.99 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.50 — 66.50 66.50 — 66.50 93.899.000-k Vital Jugos S.A. 15.00 50.00 65.00 15.00 50.00 65.00 (1) Company merged into Andina Bottling Investments SA. |
Schedule of companies that have a functional currency different from the presentation currency of the parent company | 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) |
Schedule of exchange rates regarding the Chilean peso in effect at the end of each period | Exchange rates regarding the Chilean peso in effect at the end of each period are as follows: Date USD BRL ARS PGY 12.31.2019 748.74 185.76 12.50 0.116 12.31.2018 694.77 179.30 18.43 0.117 12.31.2017 614.75 185.84 32.96 0.110 |
Schedule of estimated useful lives by asset category | Assets Range in years Buildings - 50 Plant and equipment - 20 Warehouse installations and accessories - 30 Furniture and supplies - 5 Motor vehicles - 7 Other Property, plant and equipment - 8 Bottles and containers - 8 |
Schedule of discount rates applied in annual test to the level of risk of the CGU | Discount rates Discount rates 2019 2018 Argentina 35.3 % 21.2 % Chile 8.5 % 8.1 % Brazil 11.4 % 10.9 % Paraguay 11.5 % 10.1 % |
Schedule of New Standards, Interpretations and Amendments for annual periods beginning on or after January 1, 2019. | Standards, Interpretations, Amendments Mandatory application date IFRS 16 Leases January 1, 2019 IFRIC 23 Uncertainty over Income Tax Treatments January 1, 2019 |
Schedule of effects of adopting IFRS 16 | Consolidated Statement of Financial Position 12.31.2018 IFRS 16 Adjustments 01.01.2019 Assets Property, Plant & Equipment (several) 17,805,700 (17,805,700) (i) Right of use — 37,380,774 37,380,774 (i) Liabilities (ii) Lease liabilities short-term 1,534,467 4,410,510 5,944,977 Lease liabilities long-term 13,797,468 12,309,239 26,106,707 i. Right-of-use assets consisting of CLP 17,805,700 from transfers of other Property, Plant and Equipment assets and CLP 19,575,074 for assets arising from operating leases. ii. Lease Liabilities increase |
Schedule of amendments to IFRS that have been issued effective as of the date of these financial statements | Amendments Application date IFRS 3 Business combinations – interests previously held in a joint operation January 1, 2019 IFRS 9 Financial instruments – payments with negative compensation January 1, 2019 IFRS 11 Joint agreements – interests previously held in a joint operation January 1, 2019 IAS 12 Income taxes – tax consequences of payments related to financial instruments classified as equity January 1, 2019 IAS 23 Loan costs – eligible loan costs to be capitalized January 1, 2019 IAS 28 Investments in associates – long-term investments in associates or joint ventures January 1, 2019 IAS 19 Employee benefits – amendment, reduction or liquidation of the plan January 1, 2019 |
Schedule of New Accounting Standards, Interpretations and Amendments with effective application for annual periods beginning on or after January 1, 2020 | Standards and Interpretations Mandatory application date Conceptual Framework Revised Conceptual Framework January 1, 2020 IFRS 17 Insurance Contracts January 1, 2021 |
Summary of Amendments to IFRS which have been issued and will become in effect on January 1, 2020 | Amendments Implementation date IFRS 3 Definition of a business January 1, 2020 IAS 1 and IAS 8 Definition of material January 1, 2020 IFRS 9, IAS 39 and IFRS 7 Reference Interest Rate Reform January 1, 2020 IFRS 10 and IAS 28 Consolidated Financial Statements – sale or contribution of assets between an investor and its associate or joint venture To be determined |
FINANCIAL REPORTING BY SEGMENT
FINANCIAL REPORTING BY SEGMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL REPORTING BY SEGMENT | |
Schedule of company's operating segments | Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2019 Operation Operation Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 408,467,731 313,866,082 360,791,744 124,855,857 (366,490) 1,207,614,924 Other beverages 200,484,390 70,990,286 258,529,540 34,036,153 (450,559) 563,589,810 Packaging — 9,779,472 — — (1,959,091) 7,820,381 Net sales 608,952,121 394,635,840 619,321,284 158,892,010 (2,776,140) 1,779,025,115 Cost of sales (359,465,664) (214,447,259) (384,838,875) (92,368,109) 2,776,140 (1,048,343,767) Distribution expenses (59,076,433) (56,421,024) (42,673,570) (8,825,262) — (166,996,289) Administrative expenses (114,250,801) (89,276,114) (98,071,441) (24,305,453) — (325,903,809) Finance income 1,286,021 1,346,501 42,327,682 195,587 — 45,155,791 Finance expense (13,151,176) 999,370 (34,057,214) — — (46,209,020) Interest expense, net (1) (11,865,155) 2,345,871 8,270,468 195,587 — (1,053,229) Share of the entity in income of associates 381,255 — (3,796,338) — — (3,415,083) Income tax expense (12,838,517) (6,902,265) (36,821,377) (4,604,732) — (61,166,891) Other income (loss) (15,109,823) (3,235,926) 21,754,242 (308,315) — 3,100,178 Net income of the segment reported 36,726,983 26,699,123 83,144,393 28,675,726 — 175,246,225 Depreciation and amortization 46,105,063 25,369,034 29,945,887 9,667,300 — 111,087,284 Current assets 244,504,165 76,354,086 171,349,293 41,266,559 — 533,474,103 Non-current assets 657,069,423 165,116,212 786,979,234 248,309,451 — 1,857,474,320 Segment assets, total 901,573,588 241,470,298 958,328,527 289,576,010 — 2,390,948,423 Carrying amount in associates and joint ventures accounted for using the equity method, total 49,703,673 — 50,163,060 — — 99,866,733 Segment disbursements of non-monetary assets 51,542,820 24,343,002 21,343,312 13,454,124 — 110,683,258 Current liabilities 193,298,799 68,120,885 124,248,587 25,990,081 — 411,658,352 Non-current liabilities 474,576,722 13,350,651 506,297,573 16,161,177 — 1,010,386,123 Segment liabilities, total 667,875,521 81,471,536 630,546,160 42,151,258 — 1,422,044,475 Cash flows provided by in Operating Activities 145,551,360 30,440,761 63,145,540 16,010,813 — 255,148,474 Cash flows (used in) provided by Investing Activities (50,706,748) (24,790,752) (21,096,376) (13,454,124) — (110,048,000) Cash flows (used in) provided by Financing Activities (100,352,068) (616,475) (25,654,792) (489,302) — (127,112,637) (1) Financial expenses associated with external financing for the purchase of companies, including capital contributions are presented in this item. Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2018 Operation Operation (2) Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 390,782,296 330,874,797 326,015,740 118,095,369 (72,170) 1,165,696,032 Other beverages 180,156,806 75,341,941 214,493,809 31,492,883 — 501,485,439 Packaging — 7,343,785 — — (1,609,457) 5,734,328 Net sales 570,939,102 413,560,523 540,509,549 149,588,252 (1,681,627) 1,672,915,799 Cost of sales (336,719,937) (214,647,052) (329,529,112) (88,813,300) 1,681,627 (968,027,774) Distribution expenses (55,798,363) (62,899,574) (38,835,833) (8,241,714) (165,775,484) Administrative expenses (109,373,432) (93,149,904) (88,809,386) (22,410,131) (313,742,853) Finance income 1,686,041 14,750 2,019,489 219,964 — 3,940,244 Finance expense (23,713,774) (192,602) (31,108,284) — — (55,014,660) Interest expense, net(1) (22,027,733) (177,852) (29,088,795) 219,964 — (51,074,416) Share of the entity in income of associates 298,359 — 1,112,820 — — 1,411,179 Income tax expense (22,000,539) (18,874,454) (10,088,988) (4,600,874) — (55,564,855) Other income (loss) (11,540,167) (2,639,386) (8,399,463) (111,834) — (22,690,850) Net income of the segment reported 13,777,290 21,172,301 36,870,792 25,630,363 — 97,450,746 Depreciation and amortization 42,353,664 20,474,446 26,830,835 9,935,501 — 99,594,446 Current assets 228,108,768 80,908,212 135,259,768 37,309,706 — 481,586,454 Non-current assets 644,395,166 160,587,931 679,183,347 248,751,791 — 1,732,918,235 Segment assets, total 872,503,934 241,496,143 814,443,115 286,061,497 — 2,214,504,689 Carrying amount in associates and joint ventures accounted for using the equity method, total 50,136,065 — 52,274,880 — — 102,410,945 Capital expenditures and other 67,709,231 28,702,138 32,536,213 9,684,466 — 138,632,048 Current liabilities 186,831,021 83,013,418 128,146,943 21,870,719 — 419,862,101 Non-current liabilities 477,319,648 17,066,746 420,218,066 16,323,385 — 930,927,845 Segment liabilities, total 664,150,669 100,080,164 548,365,009 38,194,104 — 1,350,789,946 Cash flows provided by in Operating Activities 150,035,425 28,899,457 44,949,860 11,394,620 — 235,279,362 Cash flows (used in) provided by Investing Activities (47,164,236) (28,700,733) (32,536,213) (9,684,466) — (118,085,648) Cash flows (used in) provided by Financing Activities (98,560,576) (10,644,812) (5,099,823) (330,067) — (114,635,278) (1) Financial expenses associated with external financing for the purchase of companies, including capital contributions are presented in this item. (2) Pursuant the application of IAS 19 in Argentina, assets and liabilities increased by ThCh $97,318,892 and ThCh $16,093,780, respectively. The effect in the income statement was a net loss of ThCh $15,743,592. Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2017 Operation Operation Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 391,629,010 444,872,352 387,545,053 113,314,824 (96,999) 1,337,264,240 Other beverages 160,244,448 99,712,939 216,352,694 27,962,406 — 504,272,487 Packaging — 9,202,768 — — (1,860,876) 7,341,892 Net sales 551,873,458 553,788,059 603,897,747 141,277,230 (1,957,875) 1,848,878,619 Cost of sales (328,579,003) (294,370,581) (362,686,353) (85,346,902) 1,957,875 (1,069,024,964) Distribution expenses (54,777,094) (87,032,428) (43,483,958) (7,634,395) — (192,927,875) Administrative expenses (110,969,260) (106,504,163) (109,095,660) (21,630,238) — (348,199,321) Finance income 19,057,630 2,116,590 6,575,528 257,906 (16,813,279) 11,194,375 Finance expense (32,594,796) (4,663,527) (34,767,713) (7,612) 16,813,279 (55,220,369) Interest expense, net* (13,537,166) (2,546,937) (28,192,185) 250,294 — (44,025,994) Share of the entity in income of associates 246,084 (243) (326,201) — — (80,360) Income tax expense (16,871,257) (17,683,875) (13,719,506) (3,522,996) — (51,797,634) Other income (loss) (11,312,509) (10,441,173) (1,855,039) (213,025) — (23,821,746) Net income of the segment reported 16,073,253 35,208,659 44,538,845 23,179,968 — 119,000,725 Depreciation and amortization 42,688,326 17,648,018 27,879,514 10,948,033 — 99,163,891 Current assets 223,245,173 97,529,488 132,815,545 30,419,844 — 484,010,050 Non-current assets 636,482,010 96,532,150 663,556,969 234,278,288 — 1,630,849,417 Segment assets, total 859,727,183 194,061,638 796,372,514 264,698,132 — 2,114,859,467 Carrying amount in associates and joint ventures accounted for using the equity method, total 33,789,538 — 53,019,531 — — 86,809,069 Capital expenditures and other 64,480,973 40,347,989 91,198,657 14,476,783 — 210,504,402 Current liabilities 169,508,083 105,886,744 135,595,156 17,297,339 — 428,287,322 Non-current liabilities 463,997,113 1,368,167 393,125,740 14,847,776 — 873,338,796 Segment liabilities, total 633,505,196 107,254,911 528,720,896 32,145,115 — 1,301,626,118 Cash flows provided by Operating Activities 79,451,122 38,904,028 98,783,329 30,821,869 — 247,960,348 Cash flows (used in) provided by Investing Activities (49,677,671) (40,344,994) (64,331,960) (14,476,785) — (168,831,410) Cash flows (used in) provided by Financing Activities (91,800,089) 16,891,759 (3,437,440) — — (78,345,770) |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CASH AND CASH EQUIVALENTS. | |
Schedule of cash and cash equivalents | By item 12.31.2019 12.31.2018 ThCh$ ThCh$ Cash 2,331,714 2,907,276 Bank balances 51,176,617 46,425,927 Time deposits — 1,500,315 Other fixed rate instruments 104,059,655 86,705,095 Total cash and cash equivalents 157,567,986 137,538,613 By currency 12.31.2019 12.31.2018 ThCh$ ThCh$ USD 16,733,249 5,917,041 EUR 9,722 51,401 ARS 3,830,199 6,726,906 CLP 78,420,966 86,121,695 PGY 12,383,873 10,680,600 BRL 46,189,977 28,040,970 Cash and cash equivalents 157,567,986 137,538,613 |
OTHER CURRENT AND NON-CURRENT_3
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | |
Schedule of other current and non-current financial assets | Balance Current Non-current Other financial assets ThCh$ ThCh$ ThCh$ ThCh$ Financial assets measured at amortized cost (1) 30,073 14,040 1,216,865 — Financial assets at fair value (2) 317,205 669,527 98,918,457 87,446,662 Other financial assets measured at amortized cost (3) — — 10,648,989 9,915,663 Total 347,278 683,567 110,784,311 97,362,295 (1) Financial instruments held by the Company other than cash and cash equivalents. They mainly consist of time deposits with short-term maturities (more than 90 days). (2) See detail in Note 22 (3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., which are framed in the purchase of the “AdeS” brand managed by The Coca-Cola Company at the end of 2016. |
OTHER CURRENT AND NON-CURRENT_4
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |
Schedule of composition of non-financial assets | Balance Current Non-current Other non-financial assets 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ Prepaid expenses 11,242,456 4,967,255 595,045 810,662 Tax credit remainder (1) 180,695 18,022 103,540,639 13,322,720 Guaranty deposit 422 3,013 — — Judicial deposits — — 19,226,030 18,590,597 Others (2) 4,765,392 960,633 2,274,436 2,253,285 Total 16,188,965 5,948,923 125,636,150 34,977,264 |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
TRADE AND OTHER RECEIVABLES | |
Schedule of composition of trade and other receivables | Balance Current Non-current Trade debtors and other accounts receivable, Net 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 150,509,528 147,728,216 — 66,510 Other debtors 39,620,246 16,722,240 466,007 1,204,187 Other accounts receivable 947,814 9,662,867 57,762 — Total 191,077,588 174,113,323 523,769 1,270,697 Balance Current Non-current Trade debtors and other accounts receivable, Gross 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 153,654,549 150,933,965 — 66,510 Other debtors 42,719,679 19,552,539 466,007 1,204,187 Other accounts receivable 1,196,347 9,925,027 57,762 — Total 197,570,575 180,411,531 523,769 1,270,697 |
Schedule of stratification of the portfolio | Balance Current trade debtors without impairment impact 12.31.2019 12.31.2018 ThCh$ ThCh$ Less than one month 148,150,717 144,172,500 Between one and three months 1,872,144 2,066,514 Between three and six months 838,277 601,042 Between six and eight months 482,596 851,009 Older than eight months 2,310,815 3,309,410 Total 153,654,549 151,000,475 |
Schedule of current and non current trade receivables | 12.31.2019 12.31.2018 ThCh$ ThCh$ Debtors for current credit operations 153,654,549 150,933,965 Non-current credit operations — 66,510 Total 153,654,549 151,000,475 |
Schedule of movement in the allowance for expected credit losses | 12.31.2019 12.31.2018 ThCh$ ThCh$ Opening balance 6,298,208 6,494,113 Increase (decrease) 1,762,246 1,629,761 Provision reversal (1,184,953) (1,257,591) Increases (decrease) for changes of foreign currency (382,514) (568,075) Sub – total movements 194,779 (195,905) Ending balance 6,492,987 6,298,208 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INVENTORIES | |
Schedule of composition of inventories | Details 12.31.2019 12.31.2018 ThCh$ ThCh$ Raw materials (1) 93,524,911 86,102,495 Finished goods 32,337,670 37,213,848 Spare parts and supplies 20,769,626 28,777,180 Work in progress 567,973 780,324 Other inventories 3,625,488 1,049,165 Obsolescence provision (2) (3,184,444) (2,603,303) Total 147,641,224 151,319,709 (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. |
TAX ASSETS AND LIABILITIES (Tab
TAX ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
TAX ASSETS AND LIABILITIES | |
Schedule of composition of current tax accounts receivable | Tax assets 12.31.2019 12.31.2018 ThCh$ ThCh$ Tax credits (1) 9,815,294 2,532,056 Total 9,815,294 2,532,056 (1) Tax credits correspond to income tax credits on training expenses, purchase of Property, plant and equipment, and donations. |
Schedule of composition of current tax accounts payable | Tax liabilities 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Income tax expense 6,762,267 9,338,612 3,184,965 Total 6,762,267 9,338,612 3,184,965 |
INCOME TAX EXPENSE AND DEFERR_2
INCOME TAX EXPENSE AND DEFERRED TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |
Schedule of current and deferred income tax expenses | Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Current income tax expense 35,439,707 38,313,980 40,183,261 Current tax adjustment previous period 713,992 312,403 137,455 Withholding tax expense foreign subsidiaries 4,534,145 7,364,213 6,730,031 Other current tax expense (income) (425,958) 474,105 (5,733) Current income tax expense 40,261,886 46,464,701 47,045,014 Expense (income) for the creation and reversal of temporary differences of deferred tax and others 20,905,005 9,100,154 4,752,620 Expense (income) for deferred taxes 20,905,005 9,100,154 4,752,620 Total income tax expense 61,166,891 55,564,855 51,797,634 |
Schedule of distribution of national and foreign tax expenditure | Income taxes 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Current taxes Foreign (24,315,576) (24,442,984) (30,258,395) National (15,946,310) (22,021,717) (16,786,619) Current tax expense (40,261,886) (46,464,701) (47,045,014) Deferred taxes Foreign (24,012,798) (9,121,332) (4,667,982) National 3,107,793 21,178 (84,638) Deferred tax expense (20,905,005) (9,100,154) (4,752,620) Income tax expense (61,166,891) (55,564,855) (51,797,634) |
Schedule of reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate | Reconciliation of effective rate 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Net income before taxes 236,413,116 153,015,601 170,798,359 Tax expense at legal rate (27.0%) (63,831,541) (41,314,212) (43,553,581) Effect of a different tax rate in other jurisdictions (3,471,705) 967,671 (4,971,103) Permanent differences: Non-taxable revenues 9,507,807 12,522,541 9,645,068 Non-deductible expenses (4,664,045) (11,141,237) (4,020,729) Reversal of tax provision (3,316,278) (295,632) 125,021 Effect of monetary tax restatement Chilean companies 5,199,589 2,566,163 (1,465,753) Foreign subsidiaries tax withholding expense and other legal tax debits and credits (590,718) (18,870,149) (7,556,557) Adjustments to tax expense 6,136,355 (15,218,314) (3,272,950) Tax expense at effective rate (61,166,891) (55,564,855) (51,797,634) Effective rate 25.9 % 36.3 % 30.6 % |
Schedule of income tax rates applicable in each jurisdiction | Rate Country 2019 2018 2017 Chile 27.0 % 27.0 % 25.5 % Brazil 34.0 % 34.0 % 34.0 % Argentina 30.0 % 30.0 % 35.0 % Paraguay 10.0 % 10.0 % 10.0 % |
Schedule of the net cumulative balances of temporary differences that give rise to deferred tax assets and liabilities | 12.31.2019 12.31.2018 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,445,810 51,414,971 5,420,447 46,181,359 Obsolescence provision 1,588,563 — 910,076 112,359 ICMS exclusion credit — 25,651,794 — — Employee benefits 5,418,561 12,157 5,169,161 131,829 Post-employment benefits 148,853 787,576 90,941 1,014,354 Tax loss carry forwards (1) 7,607,813 — 9,137,392 — Tax goodwill Brazil 10,341,033 — 18,836,838 — Contingency provision 34,109,458 — 26,796,262 — Foreign Exchange differences (2) 9,284,450 — 13,083,953 — Allowance for doubtful accounts 756,895 — 1,262,977 — Coca-Cola incentives (Argentina) — — 352,061 — Assets and liabilities for placement of bonds 390,163 1,187,649 — 1,327,727 Lease liabilities 2,242,439 — 1,328,320 — Inventories 447,192 — 347,470 — Distribution rights — 163,107,412 — 173,273,994 Others — 3,705,078 — 5,940,224 Subtotal 77,781,230 245,866,637 82,735,898 227,981,846 Total assets and liabilities net 1,364,340 169,449,747 — 145,245,948 (1) Tax losses mainly associated with the subsidiary Embotelladora Andina Chile S.A. In Chile tax losses have no expiration date (2) Corresponds to deffered taxes for exchange rate differences generated on the translation of debt expressed in foreign currency in the subsidiary Rio de Janeiro Refrescos Ltda. and which for tax purposes are recognized in Brazil when incurred. |
Schedule of movement in deferred income tax accounts | Movement 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Opening Balance 145,245,948 121,991,585 125,608,802 Increase (decrease) in deferred tax 20,905,005 11,303,016 (3,417,011) Increase (decrease) due to foreign currency translation (*) 1,934,454 11,951,347 (200,206) Total movements 22,839,459 23,254,363 (3,617,217) Ending balance 168,085,407 145,245,948 121,991,585 (*) Includes IAS 29 effect, due to inflation in Argentina |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY PLANT AND EQUIPMENT | |
Schedule of property, plant and equipment, net | Property, plant and equipment, gross 12.31.2019 12.31.2018 ThCh$ ThCh$ Construction in progress 27,290,581 26,048,670 Land 104,196,754 100,479,196 Buildings 299,282,674 371,279,937 Plant and equipment 571,154,695 623,568,795 Information technology equipment 23,912,963 22,752,205 Fixed installations and accessories 46,062,659 43,717,907 Vehicles 55,128,493 53,682,179 Leasehold improvements 214,886 144,914 Rights of use (1) 40,498,400 — Other properties, plant and equipment (2) 452,600,945 438,350,022 Total Property, plant and equipment, gross 1,620,343,050 1,680,023,825 Accumulated depreciation of Property, plant and equipment 12.31.2019 12.31.2018 ThCh$ ThCh$ Buildings (87,308,899) (157,119,586) Plant and equipment (385,801,471) (416,164,810) Information technology equipment (18,911,118) (17,567,484) Fixed installations and accessories (26,219,378) (22,660,738) Vehicles (33,167,346) (31,883,578) Leasehold improvements (144,865) (112,737) Rights of use (1) (8,254,568) — Other properties, plant and equipment (2) (337,816,542) (323,743,924) Total accumulated depreciation (897,624,187) (969,252,857) Total Property, plant and equipment, net 722,718,863 710,770,968 (1) For adoption of IFRS 16. See details of underlying assets in Note 11.1 (2) The net balance of each of these categories is presented below: |
Schedule of net balance of other property, plant and equipment, net | Other Property, plant and equipment, net 12.31.2019 12.31.2018 ThCh$ ThCh$ Bottles 44,071,742 51,522,834 Marketing and promotional assets 57,442,154 45,739,948 Other Property, plant and equipment 13,270,507 17,343,316 Total 114,784,403 114,606,098 |
Schedule of movements in property, plant and equipment | Fixed IT facilities and Leasehold Property, plant Construction in Plant and equipment accessories, improvements, & equipment, progress Land Buildings, net equipment, net net net Vehicles, net net Others Rights-of-use net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2019 26,048,670 100,479,196 214,160,351 207,403,985 5,184,721 21,057,169 21,798,601 32,177 114,606,098 — 710,770,968 Additions 49,134,461 — 749,800 11,582,259 675,974 7,271 (342,001) 1,309 32,640,210 — 94,449,283 Right-of use additions (3) — — — — — — — — — 21,721,728 21,721,728 Disposals (8,761) — (5,902) (352,204) (977) (8,911) (52,095) (155) (1,135,304) — (1,564,309) Transfers between items of Property, plant and equipment (48,358,902) 2,268,316 430,971 20,735,065 1,019,048 1,379,012 7,650,847 65,250 14,810,393 — — Right-of-use transfers (25,991) — (266,007) (13,788,120) (23,712) — (1,181,465) — (2,520,405) 17,805,700 — Depreciation expense — — (7,681,481) (37,572,910) (1,949,851) (2,977,512) (6,267,039) (30,737) (42,410,016) (98,889,546) Amortization (2) — — — — — — — — — (8,254,568) (8,254,568) Increase (decrease) due to foreign currency translation differences 688,063 1,529,526 4,685,319 3,228,519 83,757 386,253 464,563 2,177 2,216,555 1,024,539 14,309,271 Other increase (decrease) (1) (186,959) (80,284) (99,276) (5,883,370) 12,885 (1) (110,264) — (3,423,128) (53,567) (9,823,964) Total movements 1,241,911 3,717,558 (2,186,576) (22,050,761) (182,876) (1,213,888) 162,546 37,844 178,305 32,243,832 11,947,895 Ending balance at December 31, 2019 27,290,581 104,196,754 211,973,775 185,353,224 5,001,845 19,843,281 21,961,147 70,021 114,784,403 32,243,832 722,718,863 (1) Mainly correspond to effects of IAS 29 in Argentina. (2) Of the total of CLP 8,254,468 thousand recorded as amortization for the current period, CLP 5,994,037 thousand correspond to right-of-use amortization arising from the adoption of the IFRS, effective beginning on January 1, 2019. The remaining CLP 2,260,531 thousand correspond to depreciation (today amortization) of goods acquired under the financial lease method, which until December 31, 2018 were classified and valued pursuant to the accounting criteria of property, plant and equipment. (3) For IFRS 16 adoption Fixed IT facilities and Leasehold Property, plant Construction Plant and Equipment, accessories, improvements, Other, and equipment, in progress Land Buildings, net equipment, net net net Vehicles, net net net net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2018 84,118,716 96,990,155 162,385,848 155,833,080 4,627,325 19,589,877 29,263,265 7,415 106,934,818 659,750,499 Additions 65,284,334 — 504,675 17,924,606 783,299 165,226 1,451,462 1,430 42,793,277 128,908,309 Disposals — (5,465) (209,713) (1,002,133) — — (203,036) — (1,588,050) (3,008,397) Transfers between items of Property, plant and equipment (109,893,610) — 45,032,440 54,460,571 622,222 1,481,081 (2,218,354) 22,000 10,493,650 — Depreciation expense — — (7,001,828) (39,182,401) (1,830,295) (2,668,535) (5,201,263) (11,112) (41,727,195) (97,622,629) Increase (decrease) due to foreign currency translation differences (6,880,059) (4,615,830) (14,485,709) (17,048,903) (414,850) (4,048,135) (1,722,767) 169 (16,954,922) (66,171,006) Other increase (decrease) (1) (6,580,711) 8,110,336 27,934,638 36,419,165 1,397,020 6,537,655 429,294 12,275 14,654,520 88,914,192 Total movements (58,070,046) 3,489,041 51,774,503 51,570,905 557,396 1,467,292 (7,464,664) 24,762 7,671,280 51,020,469 Ending balance at December 31, 2018 26,048,670 100,479,196 214,160,351 207,403,985 5,184,721 21,057,169 21,798,601 32,177 114,606,098 710,770,968 (1) Mainly correspond to the effects of adopting IAS 29 in Argentina. Fixed facilities Plant and IT and Leasehold Construction equipment, Equipment, accessories, improvements, Other, Property, plant and in progress Land Buildings, net net net net Vehicles, net net net equipment, net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2017 49,986,111 91,961,876 173,073,161 190,402,625 6,122,912 20,466,113 23,896,425 190,523 110,051,139 666,150,885 Additions 89,392,003 4,955,929 1,674,734 4,992,508 945,827 — 1,512,162 13,529 44,451,636 147,938,328 Disposals — — (300,079) (700,973) (1,062,530) (4,161) (173,190) — (790,242) (3,031,175) Transfers between items of Property, plant and equipment (41,957,409) — 3,450,060 24,250,647 1,133,684 2,548,441 2,253,061 — 8,321,516 — Depreciation expense — — (5,880,770) (36,026,939) (2,190,107) (2,112,681) (5,303,332) (61,033) (45,746,096) Increase (decrease) due to foreign currency translation differences (13,319,346) 72,350 (9,538,737) (20,492,851) (320,634) (1,307,835) 7,441,057 (34,272) (7,670,229) (45,170,497) Other increase (decrease) (1) 17,357 — (92,521) (6,591,937) (1,827) — (362,918) (101,332) (1,682,906) (8,816,084) Total movements 34,132,605 5,028,279 (10,687,313) (34,569,545) (1,495,587) (876,236) 5,366,840 (183,108) (3,116,321) (6,400,386) Ending balance at December 31, 2017 84,118,716 96,990,155 162,385,848 155,833,080 4,627,325 19,589,877 29,263,265 7,415 106,934,818 659,750,499 (1) Mainly correspond to property, plant & equipment write-offs. |
Schedule of Right-of-use assets | Rights of use Gross asset Depreciation ThCh$ ThCh$ Buildings 1,454,555 (294,791) Plant and equipment 28,109,470 (4,856,397) IT Equipment 283,473 (69,209) Motor vehicles 5,198,413 (1,776,055) Others 5,452,489 (1,258,116) Total 40,498,400 (8,254,568) |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
RELATED PARTIES | |
Schedule of current accounts receivable between related parties | 12.31.2019 12.31.2018 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 6,589,539 — 4,344,082 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 14,839 283,118 2,175,934 74,340 Foreign Coca Cola de Argentina Director related Argentina ARS 1,203,389 — 1,684,357 — Foreign UBI 3 (AdeS) Shareholder related Argentina ARS — — 455,823 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 428,802 — 371,712 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile CLP 278,176 — 228,387 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 217,510 — 161,460 — 96.919.980-7 Cervecería Austral S.A. Director related Chile USD 45,644 — 26,557 — 77.755.610-K Comercial Patagona Ltda. Director related Chile CLP 3,872 — 1,951 — 78.826.410-9 Guallarauco Associate Chile CLP 2,003,203 — — — 76.140.057-6 Monster Associate Chile CLP 50,794 — — — Total 10,835,768 283,118 9,450,263 74,340 |
Schedule of current accounts payable between related parties | 12.31.2019 12.31.2018 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current M$ M$ M$ M$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 20,555,135 — 21,286,933 — Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil BRL 14,888,934 19,777,812 8,681,099 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 6,359,797 — 5,702,194 — Foreign Ser. y Prod. para Bebidas Refrescantes S.R.L. Shareholder Argentina ARS 5,887,070 — 5,479,714 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil BRL 1,841,377 — 3,132,515 — Foreign Monster Energy Brasil Com de Bebidas Ltda. Shareholder related Brazil BRL 827,300 — 664,565 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 1,247,961 — 649,046 — 89.996.200-1 Envases del Pacífico S.A. Director related Chile CLP 25,202 — 139,468 — 96.891.720-K Embonor S.A. Shareholder related Chile CLP 275,565 — 92,325 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 929,986 — — — Foreign Verde Campo Shareholder related Brazil BRL 765,521 — — — Foreign Coca-Cola Panama Shareholder related Panama USD 7,739 — — — Foreign Sorocaba Refrescos S.A. Associate Brazil BRL 26,014 — — — Total 53,637,601 19,777,812 45,827,859 — |
Schedule of transactions between related parties | Accumulated Accumulated Taxpayer ID Company Relationship Country Transaction Description Currency 12.31.2019 12.31.2018 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Concentrate purchase CLP 150,548,253 149,933,143 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of advertising services CLP 4,369,500 3,508,010 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Water source lease CLP 5,324,194 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Sale of raw materials and others CLP 1,196,793 1,156,744 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of bottles CLP 19,422,280 14,319,777 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials CLP 16,814,062 18,914,788 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps CLP 281,174 107,859 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of services and others CLP 6,425,579 1,593,798 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 521,466 4,096,502 86.881.400-4 Envases CMF S.A. Associate Chile Sale of containers /raw materials CLP 6,132,091 3,981,631 96.891.720-K Embonor S.A. Shareholder related Chile Sale of finished products CLP 50,315,292 41,933,095 96.891.720-K Embonor S.A. Shareholder related Chile Sale of services and others CLP 268,526 — 96.891.720-K Embonor S.A. Shareholder related Chile Minimum dividend CLP 212,517 — 96.517.310-2 Embotelladora Iquique S.A. Shareholder related Chile Sale of finished products CLP 3,208,559 2,570,315 89.996.200-1 Envases del Pacífico S.A. Director related Chile Purchase of raw materials and materials CLP 93,117 1,007,382 94.627.000-8 Parque Arauco S.A Director related Chile Space lease CLP — 91,685 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Concentrate purchase BRL 91,426,935 95,449,139 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Reimbursement and other purchases BRL 5,977,419 7,641,736 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Concentrate purchase ARS 97,321,567 98,947,407 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising participation ARS 4,111,764 5,727,498 Foreign KAIK Participações Associate Brazil Reimbursement and other purchases BRL 39,382 42,292 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products BRL 1,049,709 698,090 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Purchase of products BRL — 357,286 76.572.588-7 Coca Cola Del Valle New Ventures SA Associate Chile Sale of services and others CLP 3,959,962 1,391,110 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Payment of commissions and services ARS 802,563 1,623,794 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Purchase of products ARS 4,274,236 — Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products BRL — 86,994 96.633.550-5 Sinea S.A. Ownership held by an officer's uncle Chile Purchase of raw materials — 581,508 |
Schedule of Key management compensation | Description 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Executive wages, salaries and benefits 6,267,936 6,056,337 6,454,846 Director allowances 1,512,000 1,495,123 1,513,100 Benefit accrued in the last five years and paid during the fiscal year 305,674 242,907 334,477 Benefit for contract termination 54,819 51,534 — Total 8,140,429 7,845,901 8,302,423 |
CURRENT AND NON-CURRENT EMPLO_2
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | |
Schedule of employee benefits | Description 12.31.2019 12.31.2018 ThCh$ ThCh$ Accrued vacation 17,584,587 19,536,809 Participation in profits and bonuses 20,896,357 13,674,170 Indemnities for years of service 10,085,264 9,415,541 Total 48,566,208 42,626,520 ThCh$ ThCh$ Current 38,392,854 33,210,979 Non-current 10,173,354 9,415,541 Total 48,566,208 42,626,520 |
Schedule of movements of employee benefits | Movements 12.31.2019 12.31.2018 ThCh$ ThCh$ Opening balance 9,415,541 8,286,355 Service costs 784,984 957,593 Interest costs 354,471 565,167 Actuarial losses (210,956) 271,045 Benefits paid (258,776) (664,619) Total 10,085,264 9,415,541 |
Schedule of actuarial assumptions | Assumptions 12.31.2019 12.31.2018 Discount rate 2.7 % 2.7 % Expected salary increase rate 2.0 % 2.0 % Turnover rate 5.4 % 5.4 % Mortality rate RV-2014 RV-2009 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years |
Schedule of personnel expenses | Description 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Wages and salaries 194,740,646 195,162,903 215,715,214 Employee benefits 58,005,213 50,254,164 50,127,117 Severance benefits 6,987,184 5,535,410 7,410,936 Other personnel expenses 13,389,967 16,014,364 14,205,259 Total 273,123,010 266,966,841 287,458,526 |
Schedule of number of employees | Description 12.31.2019 12.31.2018 12.31.2017 Number of employees 16,167 16,098 15,924 Average number of employees 15,444 15,364 15,364 |
INVESTMENTS IN ASSOCIATES ACC_2
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |
Schedule of investments in associates using equity method of accounting | Functional Investment value Ownership interest Taxpayer ID Company Country Currency 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ 86.881.400-4 Envases CMF S.A. (1) Chile CLP 18,561,835 18,743,604 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil BRL 17,896,839 21,727,894 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil BRL 1,313,498 1,228,256 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil BRL 65,301 94,706 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil BRL 24,636,945 22,979,029 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil BRL 6,250,481 6,244,839 7.52 % 7.52 % 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Chile CLP 31,141,834 31,392,617 35.00 % 35.00 % Total 99,866,733 102,410,945 (1) In Envases CMF S.A., regardless of the percentage of 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 percentage of ownership interest held, the Company has significant influence, given that it has a representative on each entity’s Board of Directors. |
Schedule of movement of investments in associates accounted for using the equity method | Description 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Opening balance 102,410,945 86,809,069 77,197,781 Other investment increases in associates (Capital contributions to Leão Alimentos e Bebidas Ltda. and Coca-Cola del Valle New Ventures S.A.) — 15,615,466 15,570,161 Dividends received (1,076,491) (403,414) (1,540,090) Share in operating income (2,495,621) 2,194,144 932,340 Amortization unrealized income in associates (919,462) 85,268 85,268 Increase (decrease) in foreign currency translation, investments in associates 1,947,362 (1,889,588) (5,436,391) Ending balance 99,866,733 102,410,945 86,809,069 |
Schedule of reconciliation of share of profit in investments in associates | Description 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Share of profit of investment accounted for using the equity method (2,495,621) 2,194,144 932,340 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) (394,490) (868,233) (1,097,968) Amortization goodwill in the sale of fixed assets of Envases CMF S.A. 85,266 85,268 85,268 Amortization goodwill preferred rights CCDV S.A. (610,238) — — Income statement balance (3,415,083) 1,411,179 (80,360) |
Summary of financial information by associates | The following table presents summarized information regarding the Company’s equity investees as of December 2019: Leão Kaik SRSA Alimentos e Trop Frutas Coca- Envases Sorocaba Participaçōes Participaçōes Bebidas do Brasil Cola del Valle CMF S.A. Refrescos S.A. Ltda. Ltda. Ltda. Ltda. New Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total assets 77,994,582 116,551,131 11,661,828 393,856 248,493,994 104,778,397 107,388,847 Total liabilities 39,826,283 54,650,105 35 229,780 38,137,061 27,158,470 18,693,717 Total revenue 58,640,058 69,343,990 337,450 160,342 139,769,189 47,252,571 31,914,825 Net income (loss) of associate 1,449,997 3,948,798 337,450 160,342 2,320,841 (1,177,262) 4,297,003 Reporting date The following table presents summarized information regarding the Company’s equity investees as of December 2018: Leão Kaik SRSA Alimentos e Trop Frutas Coca- Envases Sorocaba Participaçōes Participaçōes Bebidas do Brasil Cola del Valle CMF S.A. Refrescos S.A. Ltda. Ltda. Ltda. Ltda. New Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total assets 78,714,139 106,598,837 10,850,626 513,823 257,149,411 96,963,355 101,275,213 Total liabilities 40,800,603 49,151,318 34 277,055 57,538,296 21,568,158 11,582,021 Total revenue 53,073,645 57,570,452 348,705 233,182 161,749,228 12,169,188 2,673,496 Net income (loss) of associate 1,086,050 936,360 348,705 233,182 2,000,217 7,753,517 1,506,540 Reporting date 12-31.2018 11-30-2018 11-30-2018 11-30-2018 11-30-2018 11-30-2018 12-31-2018 |
INTANGIBLE ASSETS OTHER THAN _2
INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |
Schedule of intangible assets other than goodwill | December 31, 2019 December 31, 2018 Gross Accumulated Net Gross Accumulated Net Description Value Amortization Value Value Amortization Value ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) 667,148,383 (393,187) 666,755,196 661,285,834 (259,434) 661,026,400 Software 34,347,843 (26,484,427) 7,863,416 31,526,159 (24,160,202) 7,365,957 Others 750,309 (293,546) 456,763 728,198 (298,002) 430,196 Total 702,246,535 (27,171,160) 675,075,375 693,540,191 (24,717,638) 668,822,553 (1) Correspond to the 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. |
Schedule of distribution rights | 12.31.2019 12.31.2018 Distribution rights ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 305,235,247 304,888,183 Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto and investments in Sorocaba y Leão Alimentos e Bebidas Ltda.) 187,616,890 181,583,404 Paraguay 171,841,663 172,594,328 Argentina (North and South) 2,061,396 1,960,485 Total 666,755,196 661,026,400 |
Schedule of the movement and balances of identifiable intangible assets | January 1 to December 31, 2019 January 1 to December 31, 2018 Distribution Distribution Description Rights Others Software Total Rights Others Software Total THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ Opening balance 661,026,400 430,196 7,365,957 668,822,553 656,294,617 470,918 6,507,343 663,272,878 Additions — — 3,296,558 3,296,558 — — 3,718,038 3,718,038 Amortization (133,753) — (2,324,225) (2,457,978) (112,601) (40,722) (1,971,417) (2,124,740) Other increases (decreases) (1) 5,862,549 26,567 (474,874) 5,414,242 4,844,384 — (888,007) 3,956,377 Ending balance 666,755,196 456,763 7,863,416 675,075,375 661,026,400 430,196 7,365,957 668,822,553 (1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
GOODWILL | |
Schedule of movement in goodwill | Foreign currency translation differences where functional currency is different from Operating segment 01.01.2019 presentation currency and hyperinflation 12.31.2019 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 73,080,100 2,593,972 75,674,072 Argentine operation 28,318,129 1,432,109 29,750,238 Paraguayan operation 7,327,921 (33,593) 7,294,328 Total 117,229,173 3,992,488 121,221,661 Foreign currency translation differences where functional currency is different from Operating segment 01.01.2018 presentation currency and hyperinflation 12.31.2018 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 73,509,080 (428,980) 73,080,100 Argentine operation 4,672,971 23,645,158 28,318,129 Paraguayan operation 6,913,143 414,778 7,327,921 Total 93,598,217 23,630,956 117,229,173 Foreign currency translation differences where functional currency is different from Operating segment 01.01.2017 presentation currency and hyperinflation 12.31.2017 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 81,145,834 (7,636,754) 73,509,080 Argentine operation 5,972,515 (1,299,544) 4,672,971 Paraguayan operation 7,298,133 (384,990) 6,913,143 Total 102,919,505 (9,321,288) 93,598,217 |
OTHER CURRENT AND NON-CURRENT_5
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
Schedule of financial liabilities | Balance Current Non-current 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ Bank loans (17.1.1 – 2) 1,438,161 21,542,736 909,486 2,439,253 Bonds payable, net 1 (17.2) 21,604,601 20,664,481 718,962,871 700,327,057 Deposits in guarantee 11,163,005 12,242,464 — — Derivative contract liabilities (see note 22) 374,576 130,829 — — Leasing agreements (17.4.1 – 2) 6,013,535 1,534,467 23,454,700 13,797,468 Total 40,593,878 56,114,977 743,327,057 716,563,778 |
Schedule of the fair value of financial assets and liabilities | Book Value Fair Value Book Value Fair Value Current 12.31.2019 12.31.2019 12.31.2018 12.31.2018 THCH$ THCH$ THCH$ THCH$ Cash and cash equivalent (2) Other financial assets (1) Trade debtors and other accounts receivable (2) Accounts receivable related companies (2) Bank loans (2) Bonds payable (2) Bottle guaranty deposits (2) Derivative contracts liabilities (see note 20) (1) Leasing agreements (2) Accounts payable (2) Accounts payable related companies (2) Non-current 12.31.2019 12.31.2019 12.31.2018 12.31.2018 THCH$ THCH$ THCH$ THCH$ Other financial assets (1) 98,918,457 98,918,457 97,362,295 97,362,295 Accounts receivable, non-current (2) 523,769 523,769 1,270,697 1,270,697 Accounts receivable related companies (2) 283,118 283,118 74,340 74,340 Bank loans (2) 909,486 867,025 2,439,253 2,307,396 Bonds payable (2) 718,962,871 803,017,145 700,327,057 755,694,265 Leasing agreements (2) 23,454,700 23,454,700 13,797,468 13,797,468 Accounts payable, non-current (2) 619,587 619,587 735,665 735,665 (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 and Other Accounts Receivable, Accounts Receivable, Bottle Guarantee Deposits and Trade Accounts Payable, and Other Accounts Payable 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. |
Schedule of bank obligations, current | Maturity Total Indebted entity Creditor entity Type of Effective Nominal Up to 90 days to at at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 90 days 1 year 12.31.2019 12.31.2018 THCH$ THCH$ THCH$ THCH$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.13 % 2.13 % 374,419 374,419 748,838 726,943 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco de la Nación Argentina Argentina ARS Monthly 20.00 % 20.00 % — — — 1,071 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco Galicia y Buenos Aires S.A. Argentina ARS Upon maturity 82.00 % 82.00 % 8,453 — 8,453 — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Monthly 6.63 % 6.63 % 635,727 — 635,727 171,415 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Monthly 7.15 % 7.15 % — — — 277,517 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Quarterly 4.50 % 4.50 % 11,678 33,465 45,143 2,455,578 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Quarterly 6.24 % 6.24 % — — — 17,910,212 Total 1,438,161 21,542,736 |
Schedule of bank obligations, non-current | Maturity Indebted Entity Creditor Entity Type Effective Nominal 1 year up to More than 2 years More than 3 years More than 4 years More than 5 at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years Years 12.31.2019 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.13 % 2.13 % 736,033 — — — — 736,033 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Monthly 6.63 % 6.63 % 44,621 44,621 39,590 — 173,453 Total 909,486 17.1. 2 Bank obligations, non-current previous Maturity Indebted Entity Creditor Entity Type of Effective Nominal 1 year to More than 2 More than More than 4 More than 5 At Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years years 12.31.2018 THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.1 % 2.1 % 1,434,786 — — — — 1,434,786 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Monthly 6.6 % 6.6 % 72,439 43,033 81,225 — 239,730 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Monthly 7.2 % 7.2 % 151,873 — — — — 151,873 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Quarterly 6.2 % 6.2 % — — — — — — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil BRL Quarterly 4.5 % 4.5 % 612,864 — — — — 612,864 Total 2,439,253 |
Schedule of bonds payable | Current Non-current Total Composition of bonds payable 12.31.2019 12.31.2018 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds (face value) 2 22,189,595, 21,038,064 721,950,553 704,048,747 744,140,148 725,086,811 |
Schedule of current and noncurrent balances | Current Nominal Adjustment Interest Final Interest Current Non-current Bonds Series amount Unit Rate Maturity payment 12.31.2019 12.31.2018 12.31.2019 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration N°254 06.13.2001 B 1,891,186 UF 6.5 % 06-01-2026 Semi-annually 7,160,809 6,598,389 46,659,296 52,132,023 CMF Registration N°641 08.23.2010 C 1,500,000 UF 4.0 % 08-15-2031 Semi-annually 630,731 614,152 42,464,910 41,348,685 CMF Registration N°759 08.20.2013 C 250,000 UF 3.5 % 08-16-2020 Semi-annually 7,168,907 7,069,487 — 6,891,448 CMF Registration N°760 08.20.2013 D 4,000,000 UF 3.8 % 08-16-2034 Semi-annually 1,587,051 1,545,334 113,239,760 110,263,160 CMF Registration N°760 04.02.2014 E 3,000,000 UF 3.75 % 03-01-2035 Semi-annually 1,048,938 1,027,009 84,929,828 82,697,378 CMF Registration N°912 10.10.2018 F 5,700,000 UF 2.83 % 09-25-2039 Semi-annually 1,195,700 1,013,805 161,366,658 157,125,003 Bonds USA — 365,000,000 USD 5.0 % 10-01-2023 Semi-annually 3,397,459 3,169,888 273,290,101 253,591,050 Total 22,189,595 21,038,064 721,950,553 704,048,747 |
Schedule of non-current maturities | Year of maturity Total non- more than 1 more than 2 more than 3 current Series to 2 to 3 to 4 More than 5 12.31.2019 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration N°254 06.13.2001 B 7,327,269 7,803,536 8,310,767 23,217,724 46,659,296 CMF Registration N°641 08.23.2010 C 3,860,446 3,860,446 3,860,447 30,883,571 42,464,910 CMF Registration N°760 08.20.2013 D — — — 113,239,760 113,239,760 CMF Registration N°760 04.02.2014 E — — — 84,929,828 84,929,828 CMF Registration N°912 10.10.2018 F — — — 161,366,658 161,366,658 Bonds USA — — — 273,290,101 — 273,290,101 Total 11,187,715 11,663,982 285,461,315 413,637,541 721,950,553 |
Schedule of current liabilities for leasing agreements | Maturity Total Indebted Entity Creditor Entity Type of Effective Nominal Up to 90 days up to At At Name Country Tax ID Name Country Currency Amortization Rate Rate 90 days 1 year 12.31.2019 12.31.2018 THCH$ THCH$ THCH$ THCH$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil BRL Monthly 9.65 % 9.47 % — — — 11,996 Rio de Janeiro Refrescos Ltda. Brazil Foreign Citibank Brazil BRL Monthly 8.54 % 8.52 % — — — 75,260 Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 13.00 % 12.28 % 200,472 639,030 839,502 109,573 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.65 % 7.39 % 87,735 273,119 360,854 716,978 Rio de Janeiro Refrescos Ltda. Brazil Foreign Imóveis Brazil BRL Monthly 8.20 % 8.20 % 90,234 210,104 300,338 339,665 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Brazil BRL Monthly 6.56 % 6.56 % 127,226 370,160 497,386 280,995 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % 12.00 % 33,204 99,611 132,815 — Embotelladora del Atlántico S.A. Argentina Foreign Banco Comafi Argentina USD Monthly 12.00 % 12.00 % 22,184 66,555 88,739 — Embotelladora del Atlántico S.A. Argentina Foreign Real Estate Argentina ARS Monthly 50.00 % 50.00 % 66,607 122,713 189,320 — Vital Aguas S.A Chile 76.389.720-6 Coca Cola del Valle New Ventures S.A Chile CLP Lineal 6.20 % 6.20 % 292,471 877,413 1,169,884 — Envases Central S.A Chile 96.705.990-0 Coca Cola del Valle New Ventures S.A Chile CLP Lineal 6.20 % 6.20 % 549,750 1,649,248 2,198,998 — Paraguay Refrescos SA Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay PGY Monthly 0.00 % 0.00 % 58,925 176,774 235,699 — Total 6,013,535 1,534,467 |
Schedule of noncurrent liabilities for leasing agreements | Maturity Indebted Entity Creditor Entity Type of Effective Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than At Name Country Rut Name Country Currency Amortization Rate Rate 2 years 3 years 4 years 5 years 5 years 12.31.2019 M$ M$ M$ M$ M$ M$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 13.00 % 12.28 % 948,466 1,071,766 1,211,096 1,368,538 8,101,730 12,701,596 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.65 % 7.39 % 271,264 111,005 — — — 382,269 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real estate Brazil BRL Monthly 8.20 % 8.20 % 97,784 9,144 — — — 106,928 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Alimentos e Bebidas Ltda. Brazil BRL Monthly 6.56 % 6.56 % 365,671 355,172 339,020 331,185 375,688 1,766,736 Embotelladora del Atlántico S.A. Argentina O-E Tetra Pak SRL Argentina USD Monthly 12.00 % 12.00 % — 398,442 — 343,104 — 741,546 Embotelladora del Atlántico S.A. Argentina O-E Banco Comafi Argentina USD Monthly 12.00 % 12.00 % — 110,924 — — — 110,924 Embotelladora del Atlántico S.A. Argentina O-E Real estate Argentina ARS Monthly 50.00 % 50.00 % — 55,222 — — — 55,222 Vital Aguas S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 6.2 % 0.27 % 2,242,278 — — — — 2,242,278 Envases Central S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 6.7 % 0.27 % 4,947,745 — — — — 4,947,745 Paraguay Refrescos SA Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay PGY Monthly 0.00 % 0.00 % 399,456 399,456 Total 23,454,700 17.4.3 Non-current liabilities for leasing agreements (previous year) Maturity Indebted Entity Creditor Entity Type of Effective Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than At Name Country Rut Name Country Currency Amortization Rate Rate 2 years 3 years 4 years 5 years 5 years 12.31.2018 M$ M$ M$ M$ M$ M$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 13.00 % 12.28 % 810,185 915,509 1,034,525 1,169,014 9,466,995 13,396,228 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.65 % 7.39 % 401,240 — — — — 401,240 13,797,468 |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
TRADE AND OTHER ACCOUNTS PAYABLE | |
Schedule of trade and other current accounts payable | Classification 12.31.2019 12.31.2018 ThCh$ ThCh$ Current 243,700,553 238,109,847 Non-current 619,587 735,665 Total 244,320,140 238,845,512 Item 12.31.2019 12.31.2018 ThCh$ ThCh$ Trade accounts payable 172,142,472 174,486,806 Withholding tax 53,326,254 47,693,379 Others 18,851,414 16,665,327 Total 244,320,140 238,845,512 |
OTHER PROVISIONS, CURRENT AND_2
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
Schedule of composition of provisions | Detail 12.31.2019 12.31.2018 ThCh$ ThCh$ Litigation (1) 69,107,550 62,452,526 Total 69,107,550 62,452,526 Current Non-current Total (1) Correspond to the provision made for the probable losses of fiscal, labor and commercial contingencies, based on the opinion of our legal advisors, according to the following detail: Detail (see note 23.1) 12.31.2019 12.31.2018 ThCh$ ThCh$ Tax contingencies 38,853,059 47,991,514 Labor contingencies 10,569,754 10,376,830 Civil contingencies 19,684,737 4,084,182 Total |
Schedule of movement of provisions | Detail 12.31.2019 12.31.2018 ThCh$ ThCh$ Opening balance as of January 1 62,452,526 65,624,166 Additional provisions 121,003 46,657 Increases (decrease) in existing provisions (*) (13,085,051) (4,998,530) Payments 21,506,141 6,139,963 Reversal of unused provision (2,511,589) (2,157,152) Increase (decrease) due to foreign exchange differences 624,520 (2,202,578) Total 69,107,550 62,452,526 (*) During 2019 and 2018, provisions consisting of fines demanded by the Brazilian tax authority on the use of tax credits resulting from favorable sentencing to Rio de Janeiro Refrescos Ltda. |
OTHER NON-FINANCIAL LIABILITI_2
OTHER NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER NON-FINANCIAL LIABILITIES | |
Schedule of other current and non-current liabilities | Description 12.31.2019 12.31.2018 ThCh$ ThCh$ Dividends payable 22,639,150 21,584,314 Other 3,863,065 12,189,900 Total 26,502,215 33,774,214 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY | |
Schedule of number of shares | Number of shares subscribed at nominal value Number of shares paid in Number of voting shares Series 2019 2018 2019 2018 2019 2018 A 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 B 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 |
Schedule of equity | Subscribed Capital Paid-in capital Series 2019 2018 2019 2018 ThCh$ ThCh$ ThCh$ ThCh$ A 135,379,504 135,379,504 135,379,504 135,379,504 B 135,358,070 135,358,070 135,358,070 135,358,070 Total 270,737,574 270,737,574 270,737,574 270,737,574 |
Schedule of dividends declared and paid | Profits Dividend imputable to Ch$ per Series Ch$ per Series Periods type dividends A Share B Share 2018 January Interim 2017 Earnings 21.50 23.65 2018 May Final 2017 Earnings 21.50 23.65 2018 August Additional Accumulated Earnings 21.50 23.65 2018 October Interim 2018 Earnings 21.50 23.65 2019 January Interim 2018 Earnings 21.50 23.65 2019 May Final 2018 Earnings 21.50 23.65 2019 August Additional Accumulated Earnings 21.50 23.65 2019 October Interim 2019 Earnings 21.50 23.65 2020 January Interim 2019 Earnings 22.60 24.86 |
Schedule of other reserves | Description 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (339,076,340) (306,674,528) (237,077,572) Cash flow hedge reserve (14,850,683) (13,668,932) (3,094,671) Reserve for employee benefit actuarial gains or losses (2,230,752) (1,954,077) (1,915,587) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 6,014,568 — Total 76,993,851 110,854,089 |
Schedule of foreign currency translation reserves | Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Brazil (102,922,548) (99,990,343) (90,156,924) Argentina (246,415,922) (201,118,180) (128,348,112) Paraguay 6,133,700 8,623,849 (4,862,332) Exchange rate differences in related companies 4,128,430 (14,189,854) (13,710,204) Total (339,076,340) (306,674,528) (237,077,572) |
Schedule of movement in foreign currency translation reserves | Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Brazil 15,386,079 (10,313,069) (32,963,533) Argentina (45,297,742) (72,770,068) (19,961,899) Paraguay (2,490,149) 13,486,181 (15,407,785) Exchange rate differences in related companies — — — Total (32,401,812) (69,596,956) (68,333,217) |
Schedule of consolidated statements of comprehensive income | Gross Balance Tax Net Balance Cash Flow for hedge (1) (1,865,233) 683,482 (1,181,751) Exchange rate translation differences (1) (41,844,584) 9,295,546 (32,549,038) Benefit relate to defined benefit plans (379,007) 102,332 (276,675) Total Comprenhensive income as of December 31, 2019 (44,088,824) 10,081,360 (34,007,464) Gross Balance Tax Net Balance Cash Flow for hedge (1) (13,151,841) 2,554,551 (10,597,290) Exchange rate translation differences (1) (72,455,525) 2,476,204 (69,979,321) Benefit relate to defined benefit plans (63,463) 16,184 (47,279) Total Comprenhensive income as of December 31, 2018 (85,670,829) 5,046,939 (80,623,890) Gross Balance Tax Net Balance Cash Flow for hedge (1) (813,844) 167,348 (646,496) Exchange rate translation differences (1) (68,831,435) 232,666 (68,598,769) Benefit relate to defined benefit plans (329,477) 84,017 (245,460) Total Comprenhensive income as of December 31, 2017 (69,974,756) 484,031 (69,490,725) (1) These concepts will be reclassified to the statements of income when it is settled. |
Schedule of movement in comprehensive income | Benefit related Cash Flow Exchange rate to defines As of December 31, 2019: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (1,724,004) (41,844,584) 53,511 Deferred taxes 340,835 9,295,546 (14,448) Reclassification to the result by function 118,779 — (432,518) Reclassification of deferred taxes related to other reserves 82,639 — 116,780 Total Changes in Equity (1,181,751) (32,549,038) (276,675) Equity holders of the parent (1,181,751) (32,401,812) (276,675) Non-Controlling interests — (147,226) — Total Changes in equity as of December 31, 2019 (1,181,751) (32,549,038) (276,675) Benefit related Cash Flow Exchange rate to defines As of December 31, 2018: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (63,699,788) (72,455,525) (334,508) Deferred taxes 20,217,065 2,476,204 89,366 Reclassification to the result by function 48,415,956 — 271,045 Reclassification of deferred taxes related to other reserves (15,530,523) — (73,182) Total Changes in Equity (10,597,290) (69,979,321) (47,279) Equity holders of the parent (10,597,290) (69,592,296) (43,150) Non-Controlling interests — (387,025) (4,129) Total Changes in equity as of December 31, 2018 (10,597,290) (69,979,321) (47,279) Benefit related Cash Flow Exchange rate to defines As of December 31, 2017: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (14,172,572) (68,831,435) (476,044) Deferred taxes 3,875,908 232,666 121,390 Reclassification to the result by function 13,352,835 — 146,564 Reclassification of deferred taxes related to other reserves (3,702,667) — (37,370) Total Changes in Equity (646,496) (68,598,769) (245,460) Equity holders of the parent (646,496) (68,333,217) (130,555) Non-Controlling interests — (265,552) (114,905) Total Changes in equity as of December 31, 2017 (646,496) (68,598,769) (245,460) |
Schedule of non-controlling interests | Non-controlling Interests Ownership % Shareholders’ Equity Income December December December December December December Details 2019 2018 2017 2019 2018 2017 2019 2018 2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 26,342 23,260 13,765 4,183 3,633 5,590 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 2,290 2,113 2,213 409 96 711 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 5,368,470 5,378,074 5,045,792 622,188 556,112 502,945 Vital S.A. 35.0000 35.0000 35.0000 7,904,741 7,674,785 9,261,108 263,442 271,063 283,327 Vital Aguas S.A. 33.5000 33.5000 33.5000 1,803,884 1,986,493 2,117,098 105,870 36,696 151,647 Envases Central S.A. 40.7300 40.7300 40.7300 5,148,531 4,836,892 5,483,317 528,205 (20,225) 220,715 Total 20,254,258 19,901,617 21,923,293 1,524,297 847,375 1,164,935 |
Schedule of subsidiaries financial information | Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2019 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 73,309,861 4,350,074 41,266,559 18,534,272 5,266,575 16,265,862 Total non-current assets 160,885,628 9,433,294 248,309,451 15,475,979 8,527,624 20,903,184 Total current liabilities 66,987,371 2,212,255 25,990,081 11,150,695 5,794,282 18,732,369 Total non-current liabilities 12,732,620 618,031 16,161,177 274,583 2,615,188 5,796,119 Net sales 384,856,368 18,509,124 158,892,010 46,818,385 18,201,656 70,633,817 Net Income 24,531,815 1,954,024 28,675,727 752,692 316,031 1,296,840 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2018 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 78,222,876 4,329,932 37,309,706 16,005,424 4,616,490 13,737,336 Total non-current assets 156,224,157 9,251,880 248,751,791 16,969,708 5,287,639 12,239,333 Total current liabilities 82,148,269 2,309,810 21,870,719 11,018,878 3,803,117 13,063,735 Total non-current liabilities 15,897,476 1,169,270 16,323,385 28,298 171,184 1,041,400 Net sales 406,216,738 16,034,964 149,588,252 56,724,318 15,859,403 59,433,099 Net Income 21,304,406 458,980 25,630,364 774,466 109,539 (112,302) Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2017 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 97,285,008 7,143,561 30,419,844 21,135,712 4,296,412 8,343,734 Total non-current assets 94,369,129 6,413,307 234,278,288 19,691,418 5,876,875 14,243,627 Total current liabilities 109,594,738 2,944,499 17,297,339 14,244,283 3,698,382 7,410,662 Total non-current liabilities 1,339,723 28,444 14,487,776 128,071 157,558 1,710,709 Net sales 544,585,291 20,698,427 141,277,230 68,884,622 14,642,493 39,205,943 Net Income 32,781,977 3,398,080 23,179,968 809,507 452,679 541,927 |
Schedule of earnings per share | Earnings per share 12.31.2019 SERIES A SERIES B Earnings attributable to shareholders (CLP 000’s) 82,725,427 90,996,501 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 174.79 192.27 Earnings per share 12.31.2018 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 46,001,994 50,601,377 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 97.20 106.92 Earnings per share 12.31.2017 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 56,112,755 61,723,035 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 118.56 130.42 |
DERIVATIVE ASSETS AND LIABILI_2
DERIVATIVE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DERIVATIVE ASSETS AND LIABILITIES | |
Schedule of fair value of assets and liabilities | Fair Value Measurements at December 31, 2019 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total THCH$ THCH$ THCH$ THCH$ Assets Current assets Other current financial assets — 317,205 — 317,205 Other non-current financial assets — 98,918,457 — 98,918,457 Total assets — 99,235,662 — 99,235,662 Liabilities Current liabilities Other current financial liabilities — 374,576 — 374,576 Total liabilities — 374,576 — 374,576 Fair Value Measurements at December 31, 2018 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current assets Other current financial assets — 669,527 669,527 Other non-current financial assets — 87,446,662 — 87,446,662 Total assets — 88,116,189 — 88,116,189 Liabilities Current liabilities Other current financial liabilities — 130,829 — 130,829 Total liabilities — 130,829 — 130,829 |
LITIGATION AND CONTINGENCIES (T
LITIGATION AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LITIGATION AND CONTINGENCIES | |
Schedule of guarantees and restricted assets | Guarantees that commit assets included in the financial statements: Committed assets Accounting value Guaranty creditor Debtor name Relationship Guaranty Type 12-31-2019 12-31-2018 ThCh$ ThCh$ Gas Licuado Lipigas S.A. Embotelladora Andina S.A. Parent company Cash Trade debtors and other accounts receivable — 1,140 Transportes San Martin Embotelladora Andina S.A. Parent company Cash Trade debtors and other accounts receivable 2,805 — Cooperativa Agrícola Pisquera Elqui Limitada Embotelladora Andina S.A. Parent company Cash Other non-current financial assets 1,216,865 — Inmob. e invers. supetar Ltda. Transportes Polar Subsidiary Cash Other non-current non-financial assets Maria Lobos Jamet Transportes Polar Subsidiary Cash Other non-current non-financial assets 2,565 2,565 Bodega San Francisco Transportes Polar Subsidiary Cash Other non-current non-financial assets 6,483 — Employee claims Rio de Janeiro Refrescos Ltda. Subsidiary Deposit in court Other non-current non-financial assets 6,600,863 5,336,644 Civil and tax claims Rio de Janeiro Refrescos Ltda. Subsidiary Deposit in court Other non-current non-financial assets 12,186,432 12,597,136 Government entities Rio de Janeiro Refrescos Ltda. Subsidiary Plant & equipment Property, Plant & Equipment 13,379,610 13,209,635 Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 375 553 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 268 395 Labarda Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 5 7 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 36,313 21,420 Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 27,598 40,682 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 1,116 1,645 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 172,602 254,430 Others Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 53 78 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 2,250 3,317 Cicsa Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets 3,128 4,612 Other lessors Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets 15,289 46,169 Aduana de EZEIZA Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets 422 3,013 Municipalidad de Junin Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 360 1,592 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 3,054 4,949 Municipalidad de Picun Leufu Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets — 72 Mirgoni Marano Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 76 112 Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 1,401 309 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 156,759 231,077 Gomez Alejandra Raquel Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets — 35 Lopez Gustavo Gerardo C/Inti Saic Y Otros Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current financial assets — 226 Tribunal Superior De Justicia De La Provincia De Córdoba Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets — 290 DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 28,129 41,465 Coto Cicsa Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 5,001 — Cencosud Embotelladora del Atlántico S.A. Subsidiary Deposit in court Other non-current non-financial assets 3,125 — Marcus A.Peña Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 3,955 4,164 Mauricio J Cordero C Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 917 904 José Ruoti Maltese Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 738 758 Alejandro Galeano Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 1,275 1,251 Ana Maria Mazó Paraguay Refrescos Subsidiary Real estate Property, Plant & Equipment 1,213 1,191 33,865,874 31,816,784 Guarantees provided without obligation of assets included in the financial statements: Committed assets Amounts involved Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2019 12.31.2018 ThCh$ ThCh$ Employee procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 2,819,285 2,601,353 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 10,432,633 8,233,853 Federal Government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 138,635,908 116,192,877 State Government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 54,803,911 43,015,207 Sorocaba Refrescos Rio de Janeiro Refrescos Ltda. Associate Loan Guarantor 3,715,186 3,586,095 Others Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 3,757,062 3,236,092 Aduana de EZEIZA Embotelladora del Atlántico S.A. Subsidiary Surety insurance Faithful compliance of contract 673,854 699,502 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 506,623 182,459 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL RISK MANAGEMENT | |
Schedule of committed maturities for liability payments | Maturity More than 1 More than 2 More than 3 More than 5 Item 1 year year up to 2 years up to 3 up to 4 years ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 724,370 1,439,072 786,812 44,621 44,621 Bonds payable 42,979,308 41,194,718 41,041,811 314,179,008 585,387,621 Lease obligations 8,663,557 11,228,497 10,933,557 10,817,417 18,479,429 Contractual obligations 19,108,905 63,130,570 5,654,968 4,823,313 2,499,886 Total 71,476,140 116,992,857 58,417,148 329,864,359 606,411,557 |
EXPENSES BY NATURE (Tables)
EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EXPENSES BY NATURE | |
Schedule of expenses by nature | 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Direct production costs 877,716,948 759,229,954 815,455,280 Payroll and employee benefits 273,123,010 266,966,841 287,458,526 Transportation and distribution 138,486,337 137,428,173 163,361,088 Advertising 27,113,322 17,345,951 29,209,904 Depreciation and amortization 111,087,284 99,594,446 99,163,891 Repairs and maintenance 30,528,180 28,120,098 34,253,824 Other expenses 83,188,784 138,860,648 181,249,647 Total (1) 1,541,243,865 1,447,546,111 1,610,152,160 (1) Corresponds to the addition of cost of sales, administration expenses and distribution cost. |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER INCOME | |
Schedule of other income | 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Gain on disposal of Property, plant and equipment 265,514 1,984,547 312,470 Recovery AFIP claim — 232,617 — Recovery PIS and COFINS credits (1) 40,281,550 — — Others 400,094 392,004 238,364 Total 40,947,158 2,609,168 550,834 (1) See Note 6 for more information regarding recovery |
OTHER EXPENSES BY FUNCTION (Tab
OTHER EXPENSES BY FUNCTION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER EXPENSES BY FUNCTION | |
Schedule of other expenses by function | 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Contingencies and non-operating fees 17,690,171 10,192,495 5,377,190 Tax on bank debits 4,356,973 4,653,929 7,669,234 Write-offs, disposal and loss of Property, plant and equipment 2,978,194 262,366 3,025,497 Others 1,157,509 948,973 629,550 Total 26,182,847 16,057,763 16,701,471 |
FINANCIAL INCOME AND EXPENSES (
FINANCIAL INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL INCOME AND EXPENSES | |
Schedule of financial income and expenses | a) Financial income 01.01.2019 01.01.2018 01.01.2017 Detail 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Interest income 3,249,550 1,046,580 8,370,338 Guaranty restatement Ipiranga acquisition 27,219 — — Recovery PIS and COFINS credits (1) 39,780,620 — — Other financial income 2,098,402 2,893,664 2,824,037 Total 45,155,791 3,940,244 11,194,375 (1) See Note 6 for more information regarding recovery b) Financial costs 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ Bond interest Bank loan interest Other financial costs Total |
OTHER (LOSSES) GAINS (Tables)
OTHER (LOSSES) GAINS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER (LOSSES) GAINS | |
Schedule of other (losses) and gains | 01.01.2019 01.01.2018 01.01.2017 Details 12.31.2019 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ (Losses) gains on ineffective portion of hedge derivatives — (2,707,802) (2,536,079) Other income and expenses 2,876 (57) (1,190) Total 2,876 (2,707,859) (2,537,269) |
LOCAL AND FOREIGN CURRENCY (Tab
LOCAL AND FOREIGN CURRENCY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LOCAL AND FOREIGN CURRENCY | |
Schedule of local and foreign currency - Current Assets | CURRENT ASSETS 12.31.2019 12.31.2018 THCH$ THCH$ Cash and cash equivalent 157,567,986 137,538,613 USD 16,733,249 5,917,041 EUR 9,722 51,401 CLP 78,420,966 86,121,695 BRL 46,189,977 28,040,970 ARS 3,830,199 6,726,906 PGY 12,383,873 10,680,600 Other financial assets, current 347,278 683,567 CLP 275,407 355,126 BRL 13,498 14,040 ARS 16,575 300,359 PGY 41,798 14,042 Other non-financial assets, current 16,188,965 5,948,923 USD 893,571 45,053 EUR 615,636 — UF 410,203 78,623 CLP 5,642,901 3,589,253 BRL 1,738,793 1,275,073 ARS 3,918,728 460,125 PGY 2,969,133 500,796 Trade accounts and other accounts receivable 191,077,588 174,113,323 USD 1,431,079 863,794 EUR — 52,332 UF 453,469 1,414,800 CLP 83,328,449 73,028,244 BRL 79,586,461 66,585,089 ARS 19,088,164 25,000,141 PGY 7,189,966 7,168,923 Accounts receivable related entities 10,835,768 9,450,263 USD 45,644 26,557 CLP 9,157,922 6,911,814 ARS 1,632,202 2,511,892 Inventory 147,641,224 151,319,709 USD 6,027,076 2,197,382 EUR — 12,522 CLP 48,320,784 50,130,341 BRL 43,820,564 36,797,523 ARS 34,262,914 46,394,230 PGY 15,209,886 15,787,711 Current tax assets 9,815,294 2,532,056 CLP 9,815,294 — BRL — 2,532,056 Total current assets 533,474,103 481,586,454 USD 25,130,619 9,049,827 EUR 625,358 116,255 UF 863,672 1,493,423 CLP 234,961,723 220,136,473 BRL 171,349,293 135,244,751 ARS 62,748,782 81,393,653 PGY 37,794,656 34,152,072 |
Schedule of local and foreign currency - Non-Current Assets | NON-CURRENT ASSETS 12.31.2019 12.31.2018 ThCh$ ThCh$ Other non-current financial assets 110,784,311 97,362,295 UF 1,216,865 — BRL 98,918,457 87,446,661 ARS 10,648,989 9,915,634 Other non-current, non-financial assets 125,636,150 34,977,264 USD — 22,917 UF 318,533 314,283 CLP 47,531 47,532 BRL 122,922,979 32,070,120 ARS 2,223,600 2,315,682 PGY 123,507 206,730 Accounts receivable, non-current 523,769 1,270,697 UF 465,371 1,204,097 ARS 636 90 PGY 57,762 66,510 Accounts receivable related entities, non-current 283,118 74,340 CLP 283,118 74,340 Investments accounted for using the equity method 99,866,733 102,410,945 CLP 49,703,673 50,136,221 BRL 50,163,060 52,274,724 ARS — — Intangible assets other than goodwill 675,075,375 668,822,553 USD 3,959,421 4,960,399 CLP 307,324,953 306,508,710 BRL 189,240,893 182,657,545 ARS 2,708,445 2,101,571 PGY 171,841,663 172,594,328 Goodwill 121,221,661 117,229,173 CLP 9,523,767 9,523,767 BRL 74,653,328 72,059,356 ARS 29,750,238 28,318,129 PGY 7,294,328 7,327,921 Property, plant & equipment 722,718,863 710,770,968 USD — — EUR — 381,732 CLP 282,861,852 271,625,978 BRL 251,080,517 252,674,783 ARS 119,784,304 117,532,176 PGY 68,992,190 68,556,299 Deferred tax assets 1,364,340 — CLP 1,364,340 — Total non-current assets 1,857,474,320 1,732,918,235 USD 3,959,421 4,983,316 EUR — 381,732 UF 2,000,769 1,518,380 CLP 651,109,234 637,916,548 BRL 786,979,234 679,183,189 ARS 165,116,212 160,183,282 PGY 248,309,450 248,751,788 |
Schedule of local and foreign currency - Current Liabilities | 12.31.2019 12.31.2018 CURRENT LIABILITIES Up to 90 days 90 days up to1 year Total Up to 90 days 90 days up to1 year Total THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ Other financial liabilities, current 9,719,894 30,873,984 40,593,878 9,377,421 46,737,556 56,114,977 USD 55,388 3,147,441 3,202,829 130,829 3,304,011 3,434,840 UF 7,535,228 11,836,936 19,372,164 7,831,899 10,536,509 18,368,408 CLP 842,221 11,700,946 12,543,167 — 9,681,676 9,681,676 BRL 1,153,072 2,119,141 3,272,213 1,413,622 20,833,877 22,247,499 ARS 75,060 704,921 779,981 1,071 1,357,285 1,358,356 PGY 58,925 1,364,599 1,423,524 — 1,024,198 1,024,198 Trade accounts and other accounts payable, current 228,259,216 15,441,337 243,700,553 234,715,484 3,394,363 238,109,847 USD 10,049,567 — 10,049,567 14,514,082 — 14,514,082 EUR 2,024,156 — 2,024,156 4,311,724 59,951 4,371,675 UF 2,044,871 — 2,044,871 192,055 — 192,055 CLP 84,602,547 15,441,337 100,043,884 81,099,246 3,334,412 84,433,658 BRL 75,051,089 — 75,051,089 68,940,973 — 68,940,973 ARS 40,826,489 40,826,489 54,846,437 — 54,846,437 PGY 13,660,497 — 13,660,497 10,805,605 — 10,805,605 Other currencies — — — 5,362 — 5,362 Accounts payable to related entities, current 53,637,601 — 53,637,601 45,687,476 140,383 45,827,859 USD — — — — CLP 28,471,399 — 28,471,399 27,729,583 140,383 27,869,966 BRL 19,279,132 — 19,279,132 12,478,179 — 12,478,179 ARS 5,887,070 — 5,887,070 5,479,714 — 5,479,714 PGY — — — — — — Other current provisions 1,637,799 431,185 2,068,984 1,789,275 1,696,338 3,485,613 CLP 1,637,799 427,697 2,065,496 1,789,275 1,681,178 3,470,453 PGY — 3,488 3,488 — 15,160 15,160 Current tax liabilities 3,097,223 3,665,044 6,762,267 4,302,370 5,036,242 9,338,612 CLP 896,975 — 896,975 4,302,370 1,184,842 5,487,212 BRL 2,107,381 — 2,107,381 — — — ARS 92,867 3,446,054 3,538,921 — 2,980,634 2,980,634 PGY — 218,990 218,990 — 870,766 870,766 Employee benefits current provisions 26,513,813 11,879,041 38,392,854 10,189,264 23,021,715 33,210,979 CLP 1,241,603 5,509,351 6,750,954 1,177,114 4,854,163 6,031,277 BRL 20,681,694 — 20,681,694 — 17,180,455 17,180,455 ARS 4,590,516 5,260,142 9,850,658 9,012,150 — 9,012,150 PGY — 1,109,548 1,109,548 — 987,097 987,097 Other current non-financial liabilities 328,441 26,173,774 26,502,215 1,346,839 32,427,375 33,774,214 CLP 327,847 26,064,658 26,392,505 869,964 32,276,377 33,146,341 ARS 594 5,286 5,880 476,875 — 476,875 PGY — 103,830 103,830 — 150,998 150,998 Total current liabilities 323,193,987 88,464,365 411,658,352 307,408,129 112,453,972 419,862,101 USD 10,104,955 3,147,441 13,252,396 14,644,911 3,304,011 17,948,922 EUR 2,024,156 — 2,024,156 4,311,724 59,951 4,371,675 UF 9,580,099 11,836,936 21,417,035 8,023,954 10,536,509 18,560,463 CLP 118,020,391 59,143,989 177,164,380 116,967,552 53,153,031 170,120,583 BRL 118,272,368 2,119,141 120,391,509 82,832,774 38,014,332 120,847,106 ARS 51,472,596 9,416,403 60,888,999 69,816,247 4,337,919 74,154,166 PGY 13,719,422 2,800,455 16,519,877 10,805,605 3,048,219 13,853,824 Other currencies — — — 5,362 — 5,362 |
Schedule of local and foreign currency - Non-Current Liabilities | 12.31.2019 12.31.2018 More More than More More More than than 1 year up 3 and up than than 1 year up 3 and up More than NON-CURRENT LIABILITIES to 3 to 5 5 years Total to 3 to 5 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other financial liabilities, non-current 34,794,568 299,661,490 408,870,999 743,327,057 28,642,101 276,409,074 411,512,603 716,563,778 USD 509,366 271,700,335 — 272,209,701 — 250,976,154 — 250,976,154 UF 22,584,954 24,627,105 400,393,581 447,605,640 25,634,958 23,105,123 402,045,609 450,785,690 CLP 7,926,056 — — 7,926,056 — — — — BRL 3,319,514 3,334,050 8,477,418 15,130,982 3,007,143 2,327,797 9,466,994 14,801,934 ARS 55,222 — — 55,222 — — — — PGY 399,456 — — 399,456 — — — — Accounts payable, non-current 619,587 — — 619,587 735,665 — — 735,665 USD — — — — 585,289 — — 585,289 CLP 618,509 — — 618,509 148,680 — — 148,680 ARS 1,078 — — 1,078 1,696 — — 1,696 Accounts payable related entities 19,777,812 — — 19,777,812 — — — — BRL 19,777,812 — — 19,777,812 — — — — Other provisions, non-current 968,404 66,070,162 — 67,038,566 3,448,042 55,518,871 — 58,966,913 CLP — — — — 2,500,000 — — 2,500,000 BRL — 66,070,162 — 66,070,162 — 55,518,871 — 55,518,871 ARS 968,404 — — 968,404 948,042 — — 948,042 Deferred Tax liabilities 12,834,788 49,848,536 106,766,423 169,449,747 16,607,605 101,512,040 27,126,303 145,245,948 UF — — 1,298,050 1,298,050 — — — — CLP 1,449,404 181,418 90,271,026 91,901,848 497,175 81,630,530 11,899,975 94,027,680 BRL — 49,667,118 — 49,667,118 — 19,881,510 — 19,881,510 ARS 11,385,384 — — 11,385,384 16,110,430 — — 16,110,430 PGY — — 15,197,347 15,197,347 — — 15,226,328 15,226,328 Employee benefits non-current provisions 1,114,051 148,954 8,910,349 10,173,354 742,297 240,148 8,433,096 9,415,541 CLP 461,587 148,954 8,910,349 9,520,890 230,528 240,148 8,433,096 8,903,772 ARS 88,090 — — 88,090 — — — — PGY 564,374 — — 564,374 511,769 — — 511,769 Total non-current liabilities 70,109,210 415,729,142 524,547,771 1,010,386,123 50,175,710 433,680,133 447,072,002 930,927,845 USD 509,366 271,700,335 — 272,209,701 585,289 250,976,154 — 251,561,443 UF 22,584,954 24,627,105 401,691,631 448,903,690 25,634,958 23,105,123 402,045,609 450,785,690 CLP 10,455,556 330,372 99,181,375 109,967,303 3,376,383 81,870,678 20,333,071 105,580,132 BRL 23,097,326 119,071,330 8,477,418 150,646,074 3,007,143 77,728,178 9,466,994 90,202,315 ARS 12,498,178 — — 12,498,178 17,060,168 — — 17,060,168 PGY 963,830 — 15,197,347 16,161,177 511,769 — 15,226,328 15,738,097 |
CORPORATE INFORMATION (Details)
CORPORATE INFORMATION (Details) | Dec. 31, 2019 |
Series A | Freire Group and its related companies | |
Disclosure of transactions between related parties [line items] | |
Ownership percentage with voting right | 55.72% |
BASIS OF PREPARATION OF CONSO_4
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Subsidiaries (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Abisa Corp S.A | ||
List of subsidiaries | ||
Indirect holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Aconcagua Investing Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 0.71% | 0.71% |
Indirect holding control percentage | 99.28% | 99.28% |
Holding control percentage | 99.99% | 99.99% |
Andina Bottling Investments S.A | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Andina Bottling Investments Dos S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Andina Empaques Argentina S.A. | ||
List of subsidiaries | ||
Indirect holding control percentage | 99.98% | 99.98% |
Holding control percentage | 99.98% | 99.98% |
Andina Inversiones Societarias S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.98% | 99.98% |
Indirect holding control percentage | 0.01% | 0.01% |
Holding control percentage | 99.99% | 99.99% |
Embotelladora Andina Chile S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Embotelladora del Altantico S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 0.92% | 0.92% |
Indirect holding control percentage | 99.07% | 99.07% |
Holding control percentage | 99.99% | 99.99% |
Envases Central S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 59.27% | 59.27% |
Holding control percentage | 59.27% | 59.27% |
Inversiones Los Andes Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.99% | |
Holding control percentage | 99.99% | |
Paraguay Refrescos S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 0.08% | 0.08% |
Indirect holding control percentage | 97.75% | 97.75% |
Holding control percentage | 97.83% | 97.83% |
Red de Transportes Comerciales Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Rio De Janeiro Refrescos Ltda | ||
List of subsidiaries | ||
Indirect holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Servicios Multivending Ltda | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Transportes Andina Refrescos Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Transportes Polar S.A | ||
List of subsidiaries | ||
Direct holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Vital Aguas S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 66.50% | 66.50% |
Holding control percentage | 66.50% | 66.50% |
Vital Jugos S.A | ||
List of subsidiaries | ||
Direct holding control percentage | 15.00% | 15.00% |
Indirect holding control percentage | 50.00% | 50.00% |
Holding control percentage | 65.00% | 65.00% |
BASIS OF PREPARATION OF CONSO_5
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Functional currency and presentation currency (Details) $ in Thousands | Jan. 01, 2018CLP ($) | Dec. 31, 2019$ / $ | Dec. 31, 2018$ / $ | Dec. 31, 2019$ / | Dec. 31, 2019$ / R$ | Dec. 31, 2019$ / $ | Dec. 31, 2018$ / | Dec. 31, 2018$ / R$ | Dec. 31, 2018$ / $ | Dec. 31, 2017$ / $ | Dec. 31, 2017$ / | Dec. 31, 2017$ / R$ | Dec. 31, 2017$ / $ |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |||||||||||||
Minimum accumulated inflation rate for three year stands out | 100.00% | ||||||||||||
Inflation rate (as a percent) | 54.85% | 47.60% | |||||||||||
Adjustment in accumulated results upon adoption of IAS 29 | $ 79,499,736 | ||||||||||||
Exchange rates and value of the UF at the close | 748.74 | 694.77 | 0.116 | 185.76 | 12.50 | 0.117 | 179.30 | 18.43 | 614.75 | 0.110 | 185.84 | 32.96 |
BASIS OF PREPARATION OF CONSO_6
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Property, plant, and equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 30 years |
Buildings | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 50 years |
Plant and equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Plant and equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20 years |
Warehouse installations and accessories | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Warehouse installations and accessories | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 30 years |
Furniture and supplies | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
Furniture and supplies | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Motor vehicles | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Motor vehicles | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 7 years |
Other Property, plant and equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Other Property, plant and equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 8 years |
Bottles and containers | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 2 years |
Bottles and containers | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 8 years |
Software | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
BASIS OF PREPARATION OF CONSO_7
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Impairment of non-financial assets (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Argentina | ||
Impairment of non-financial assets | ||
Discount rates | 35.30% | 21.20% |
Chile | ||
Impairment of non-financial assets | ||
Discount rates | 8.50% | 8.10% |
Brazil | ||
Impairment of non-financial assets | ||
Discount rates | 11.40% | 10.90% |
Paraguay | ||
Impairment of non-financial assets | ||
Discount rates | 11.50% | 10.10% |
Maximum | ||
Impairment of non-financial assets | ||
Growth rate used to extrapolate cash flow projections | 7.00% | |
Maximum | More than 5 years | ||
Impairment of non-financial assets | ||
Growth rate used to extrapolate cash flow projections | 2.50% | |
Minimum | ||
Impairment of non-financial assets | ||
Growth rate used to extrapolate cash flow projections | 3.00% | |
Minimum | More than 5 years | ||
Impairment of non-financial assets | ||
Growth rate used to extrapolate cash flow projections | 1.00% |
BASIS OF PREPARATION OF CONSO_8
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Fair value hierarchy and dividends payable (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | ||
Transfers into out of Level 1 assets and liabilities | $ 0 | $ 0 |
Transfers into out of level 2 assets and liabilities | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, liabilities | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | $ 0 | $ 0 |
Ifrs Dividends Abstract | ||
Minimum percentage of dividends over the period's earnings as required by Chilean Corporate Law | 30.00% |
BASIS OF PREPARATION OF CONSO_9
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - IFRS 16 Leases (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Effect of adoption of IFRS 16 | |||||
Property | $ 722,718,863 | $ 710,770,968 | $ 659,750,499 | $ 666,150,885 | |
Right of use | $ 40,498,400 | $ 37,380,774 | |||
Lease liabilities short-term | 5,944,977 | ||||
Lease liabilities long-term | 26,106,707 | ||||
Right of Use Assets, Property, Plant and Equipment | 17,805,700 | ||||
Right of Use Assets, Operating Leases | 19,575,074 | ||||
Previously stated [member] | |||||
Effect of adoption of IFRS 16 | |||||
Property | 17,805,700 | ||||
Lease liabilities short-term | 1,534,467 | ||||
Lease liabilities long-term | $ 13,797,468 | ||||
IFRS 16 Adjustments | |||||
Effect of adoption of IFRS 16 | |||||
Property | (17,805,700) | ||||
Right of use | 37,380,774 | ||||
Lease liabilities short-term | 4,410,510 | ||||
Lease liabilities long-term | $ 12,309,239 |
FINANCIAL REPORTING BY SEGMEN_2
FINANCIAL REPORTING BY SEGMENT (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CLP ($)segment | Dec. 31, 2018CLP ($) | Dec. 31, 2017CLP ($) | Dec. 31, 2016CLP ($) | |
Operating segment | ||||
Number of operating segments | segment | 4 | |||
Softdrinks | $ 1,207,614,924 | $ 1,165,696,032 | $ 1,337,264,240 | |
Other beverages | 563,589,810 | 501,485,439 | 504,272,487 | |
Packaging | 7,820,381 | 5,734,328 | 7,341,892 | |
Net sales | 1,779,025,115 | 1,672,915,799 | 1,848,878,619 | |
Cost of sales | (1,048,343,767) | (968,027,774) | (1,069,024,964) | |
Distribution expenses | (166,996,289) | (165,775,484) | (192,927,875) | |
Administrative expenses | (325,903,809) | (313,742,853) | (348,199,321) | |
Finance income | 45,155,791 | 3,940,244 | 11,194,375 | |
Financial expenses | (46,209,020) | (55,014,660) | (55,220,369) | |
Interest expense, net* | (1,053,229) | (51,074,416) | (44,025,994) | |
Share of the entity in income of associates accounted for using the equity method, total | (3,415,083) | 1,411,179 | (80,360) | |
Income tax expense | (61,166,891) | (55,564,855) | (51,797,634) | |
Other income (loss) | 3,100,178 | (22,690,850) | (23,821,746) | |
Net income | 175,246,225 | 97,450,746 | 119,000,725 | |
Depreciation and amortization | 111,087,284 | 99,594,446 | 99,163,891 | |
Current assets | 533,474,103 | 481,586,454 | 484,010,050 | |
Non-current assets | 1,857,474,320 | 1,732,918,235 | 1,630,849,417 | |
Total Assets | 2,390,948,423 | 2,214,504,689 | 2,114,859,467 | |
Carrying amount in associates and joint ventures accounted for using the equity method, total | 99,866,733 | 102,410,945 | 86,809,069 | $ 77,197,781 |
Segment disbursements of non-monetary assets | 110,683,258 | |||
Capital expenditures and other | 138,632,048 | 210,504,402 | ||
Current liabilities | 411,658,352 | 419,862,101 | 428,287,322 | |
Non-current liabilities | 1,010,386,123 | 930,927,845 | 873,338,796 | |
Total liabilities | 1,422,044,475 | 1,350,789,946 | 1,301,626,118 | |
Cash flows provided by in Operating Activities | 255,148,474 | 235,279,362 | 247,960,348 | |
Cash flows (used in) provided by Investing Activities | (110,048,000) | (118,085,648) | (168,831,410) | |
Cash flows (used in) provided by Financing Activities | (127,112,637) | (114,635,278) | (78,345,770) | |
Geography Eliminations [Member] | ||||
Operating segment | ||||
Softdrinks | (366,490) | (72,170) | (96,999) | |
Other beverages | (450,559) | |||
Packaging | (1,959,091) | (1,609,457) | (1,860,876) | |
Net sales | (2,776,140) | (1,681,627) | (1,957,875) | |
Cost of sales | 2,776,140 | 1,681,627 | 1,957,875 | |
Finance income | (16,813,279) | |||
Financial expenses | 16,813,279 | |||
Chile operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 408,467,731 | 390,782,296 | 391,629,010 | |
Other beverages | 200,484,390 | 180,156,806 | 160,244,448 | |
Net sales | 608,952,121 | 570,939,102 | 551,873,458 | |
Cost of sales | (359,465,664) | (336,719,937) | (328,579,003) | |
Distribution expenses | (59,076,433) | (55,798,363) | (54,777,094) | |
Administrative expenses | (114,250,801) | (109,373,432) | (110,969,260) | |
Finance income | 1,286,021 | 1,686,041 | 19,057,630 | |
Financial expenses | (13,151,176) | (23,713,774) | (32,594,796) | |
Interest expense, net* | (11,865,155) | (22,027,733) | (13,537,166) | |
Share of the entity in income of associates accounted for using the equity method, total | 381,255 | 298,359 | 246,084 | |
Income tax expense | (12,838,517) | (22,000,539) | (16,871,257) | |
Other income (loss) | (15,109,823) | (11,540,167) | (11,312,509) | |
Net income | 36,726,983 | 13,777,290 | 16,073,253 | |
Depreciation and amortization | 46,105,063 | 42,353,664 | 42,688,326 | |
Current assets | 244,504,165 | 228,108,768 | 223,245,173 | |
Non-current assets | 657,069,423 | 644,395,166 | 636,482,010 | |
Total Assets | 901,573,588 | 872,503,934 | 859,727,183 | |
Carrying amount in associates and joint ventures accounted for using the equity method, total | 49,703,673 | 50,136,065 | 33,789,538 | |
Segment disbursements of non-monetary assets | 51,542,820 | |||
Capital expenditures and other | 67,709,231 | 64,480,973 | ||
Current liabilities | 193,298,799 | 186,831,021 | 169,508,083 | |
Non-current liabilities | 474,576,722 | 477,319,648 | 463,997,113 | |
Total liabilities | 667,875,521 | 664,150,669 | 633,505,196 | |
Cash flows provided by in Operating Activities | 145,551,360 | 150,035,425 | 79,451,122 | |
Cash flows (used in) provided by Investing Activities | (50,706,748) | (47,164,236) | (49,677,671) | |
Cash flows (used in) provided by Financing Activities | (100,352,068) | (98,560,576) | (91,800,089) | |
Argentina operation | ||||
Operating segment | ||||
Increase in assets | 97,318,892 | |||
Increase in liabilities | 16,093,780 | |||
Net loss | 15,743,592 | |||
Argentina operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 313,866,082 | 330,874,797 | 444,872,352 | |
Other beverages | 70,990,286 | 75,341,941 | 99,712,939 | |
Packaging | 9,779,472 | 7,343,785 | 9,202,768 | |
Net sales | 394,635,840 | 413,560,523 | 553,788,059 | |
Cost of sales | (214,447,259) | (214,647,052) | (294,370,581) | |
Distribution expenses | (56,421,024) | (62,899,574) | (87,032,428) | |
Administrative expenses | (89,276,114) | (93,149,904) | (106,504,163) | |
Finance income | 1,346,501 | 14,750 | 2,116,590 | |
Financial expenses | 999,370 | (192,602) | (4,663,527) | |
Interest expense, net* | 2,345,871 | (177,852) | (2,546,937) | |
Share of the entity in income of associates accounted for using the equity method, total | (243) | |||
Income tax expense | (6,902,265) | (18,874,454) | (17,683,875) | |
Other income (loss) | (3,235,926) | (2,639,386) | (10,441,173) | |
Net income | 26,699,123 | 21,172,301 | 35,208,659 | |
Depreciation and amortization | 25,369,034 | 20,474,446 | 17,648,018 | |
Current assets | 76,354,086 | 80,908,212 | 97,529,488 | |
Non-current assets | 165,116,212 | 160,587,931 | 96,532,150 | |
Total Assets | 241,470,298 | 241,496,143 | 194,061,638 | |
Segment disbursements of non-monetary assets | 24,343,002 | |||
Capital expenditures and other | 28,702,138 | 40,347,989 | ||
Current liabilities | 68,120,885 | 83,013,418 | 105,886,744 | |
Non-current liabilities | 13,350,651 | 17,066,746 | ||
Non current liabilities allocated | 1,368,167 | |||
Total liabilities | 81,471,536 | 100,080,164 | 107,254,911 | |
Cash flows provided by in Operating Activities | 30,440,761 | 28,899,457 | 38,904,028 | |
Cash flows (used in) provided by Investing Activities | (24,790,752) | (28,700,733) | (40,344,994) | |
Cash flows (used in) provided by Financing Activities | (616,475) | (10,644,812) | 16,891,759 | |
Brazil operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 360,791,744 | 326,015,740 | 387,545,053 | |
Other beverages | 258,529,540 | 214,493,809 | 216,352,694 | |
Net sales | 619,321,284 | 540,509,549 | 603,897,747 | |
Cost of sales | (384,838,875) | (329,529,112) | (362,686,353) | |
Distribution expenses | (42,673,570) | (38,835,833) | (43,483,958) | |
Administrative expenses | (98,071,441) | (88,809,386) | (109,095,660) | |
Finance income | 42,327,682 | 2,019,489 | 6,575,528 | |
Financial expenses | (34,057,214) | (31,108,284) | (34,767,713) | |
Interest expense, net* | 8,270,468 | (29,088,795) | (28,192,185) | |
Share of the entity in income of associates accounted for using the equity method, total | (3,796,338) | 1,112,820 | (326,201) | |
Income tax expense | (36,821,377) | (10,088,988) | (13,719,506) | |
Other income (loss) | 21,754,242 | (8,399,463) | (1,855,039) | |
Net income | 83,144,393 | 36,870,792 | 44,538,845 | |
Depreciation and amortization | 29,945,887 | 26,830,835 | 27,879,514 | |
Current assets | 171,349,293 | 135,259,768 | 132,815,545 | |
Non-current assets | 786,979,234 | 679,183,347 | 663,556,969 | |
Total Assets | 958,328,527 | 814,443,115 | 796,372,514 | |
Carrying amount in associates and joint ventures accounted for using the equity method, total | 50,163,060 | 52,274,880 | 53,019,531 | |
Segment disbursements of non-monetary assets | 21,343,312 | |||
Capital expenditures and other | 32,536,213 | 91,198,657 | ||
Current liabilities | 124,248,587 | 128,146,943 | 135,595,156 | |
Non-current liabilities | 506,297,573 | 420,218,066 | 393,125,740 | |
Total liabilities | 630,546,160 | 548,365,009 | 528,720,896 | |
Cash flows provided by in Operating Activities | 63,145,540 | 44,949,860 | 98,783,329 | |
Cash flows (used in) provided by Investing Activities | (21,096,376) | (32,536,213) | (64,331,960) | |
Cash flows (used in) provided by Financing Activities | (25,654,792) | (5,099,823) | (3,437,440) | |
Paraguay operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 124,855,857 | 118,095,369 | 113,314,824 | |
Other beverages | 34,036,153 | 31,492,883 | 27,962,406 | |
Net sales | 158,892,010 | 149,588,252 | 141,277,230 | |
Cost of sales | (92,368,109) | (88,813,300) | (85,346,902) | |
Distribution expenses | (8,825,262) | (8,241,714) | (7,634,395) | |
Administrative expenses | (24,305,453) | (22,410,131) | (21,630,238) | |
Finance income | 195,587 | 219,964 | 257,906 | |
Financial expenses | (7,612) | |||
Interest expense, net* | 195,587 | 219,964 | 250,294 | |
Income tax expense | (4,604,732) | (4,600,874) | (3,522,996) | |
Other income (loss) | (308,315) | (111,834) | (213,025) | |
Net income | 28,675,726 | 25,630,363 | 23,179,968 | |
Depreciation and amortization | 9,667,300 | 9,935,501 | 10,948,033 | |
Current assets | 41,266,559 | 37,309,706 | 30,419,844 | |
Non-current assets | 248,309,451 | 248,751,791 | 234,278,288 | |
Total Assets | 289,576,010 | 286,061,497 | 264,698,132 | |
Segment disbursements of non-monetary assets | 13,454,124 | |||
Capital expenditures and other | 9,684,466 | 14,476,783 | ||
Current liabilities | 25,990,081 | 21,870,719 | 17,297,339 | |
Non-current liabilities | 16,161,177 | 16,323,385 | 14,847,776 | |
Total liabilities | 42,151,258 | 38,194,104 | 32,145,115 | |
Cash flows provided by in Operating Activities | 16,010,813 | 11,394,620 | 30,821,869 | |
Cash flows (used in) provided by Investing Activities | (13,454,124) | (9,684,466) | $ (14,476,785) | |
Cash flows (used in) provided by Financing Activities | $ (489,302) | $ (330,067) |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | ||||
Cash | $ 2,331,714 | $ 2,907,276 | ||
Bank balances | 51,176,617 | 46,425,927 | ||
Time deposit | 1,500,315 | |||
Other fixed rate instruments | 104,059,655 | 86,705,095 | ||
Total cash and cash equivalents | 157,567,986 | 137,538,613 | $ 136,242,116 | $ 141,263,880 |
USD | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 16,733,249 | 5,917,041 | ||
EUR | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 9,722 | 51,401 | ||
ARS | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 3,830,199 | 6,726,906 | ||
CLP | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 78,420,966 | 86,121,695 | ||
PGY | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 12,383,873 | 10,680,600 | ||
BRL | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | $ 46,189,977 | $ 28,040,970 |
OTHER CURRENT AND NON-CURRENT_6
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | $ 347,278 | $ 683,567 |
Other non-current financial assets | 110,784,311 | 97,362,295 |
Financial assets at amortised cost, category [member] | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | 30,073 | 14,040 |
Other non-current financial assets | 1,216,865 | |
Financial assets at fair value through profit or loss, category [member] | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | 317,205 | 669,527 |
Other non-current financial assets | 98,918,457 | 87,446,662 |
Other Financial Assets Measured at Amortized Cost [Member] | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other non-current financial assets | $ 10,648,989 | $ 9,915,663 |
OTHER CURRENT AND NON-CURRENT_7
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS - (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other current non-financial assets | ||
Prepaid expenses | $ 11,242,456 | $ 4,967,255 |
Tax credit remainder | 180,695 | 18,022 |
Guaranty deposit | 422 | 3,013 |
Others | 4,765,392 | 960,633 |
Total | 16,188,965 | 5,948,923 |
Other non-current non-financial assets | ||
Prepaid expenses | 595,045 | 810,662 |
Tax credit remainder | 103,540,639 | 13,322,720 |
Judicial deposits | 19,226,030 | 18,590,597 |
Others | 2,274,436 | 2,253,285 |
Total | $ 125,636,150 | $ 34,977,264 |
OTHER CURRENT AND NON-CURRENT_8
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS - Tax credit remainder (Details) - 12 months ended Dec. 31, 2019 - Rio De Janeiro Refrescos Ltda R$ in Millions, $ in Millions | BRL (R$) | CLP ($) | CLP ($) |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |||
Unduly collection of taxes | R$ 567 | $ 103,540 | |
Unduly collection of taxes related to capital | 357 | ||
Unduly collection of taxes related to interest and monetary restatement | 210 | ||
Indirect cost on recognition of right acquired in court | 161 | ||
Deferred tax liability recorded | R$ 138 | $ 25,200 | |
Sorocaba | |||
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |||
Proportion of ownership interest in associate (as a percentage) | 40.00% | 40.00% |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Trade debtors, Net | $ 150,509,528 | $ 147,728,216 |
Other debtors, Net | 39,620,246 | 16,722,240 |
Other accounts receivable, Net | 947,814 | 9,662,867 |
Total trade debtors and other accounts receivable, Net | 191,077,588 | 174,113,323 |
Trade debtors, Gross | 153,654,549 | 150,933,965 |
Other debtors, Gross | 42,719,679 | 19,552,539 |
Other accounts receivable, Gross | 1,196,347 | 9,925,027 |
Total trade debtors and other accounts receivable, Gross | 197,570,575 | 180,411,531 |
Non-current | ||
Trade debtors, Net | 66,510 | |
Other debtors, Net | 466,007 | 1,204,187 |
Other accounts receivable, Net | 57,762 | |
Total trade debtors and other accounts receivable, Net | 523,769 | 1,270,697 |
Trade debtors, Gross | 66,510 | |
Other debtors, Gross | 466,007 | 1,204,187 |
Other accounts receivable, Gross | 57,762 | |
Total trade debtors and other accounts receivable, Gross | $ 523,769 | $ 1,270,697 |
TRADE AND OTHER RECEIVABLES - S
TRADE AND OTHER RECEIVABLES - Stratification of the portfolio (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | $ 153,654,549 | $ 151,000,475 |
Less than one month | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | 148,150,717 | 144,172,500 |
Between one and three months | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | 1,872,144 | 2,066,514 |
Between three and six months | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | 838,277 | 601,042 |
Between six and eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | 482,596 | 851,009 |
Older than eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | $ 2,310,815 | $ 3,309,410 |
TRADE AND OTHER RECEIVABLES - A
TRADE AND OTHER RECEIVABLES - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019client | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 276,000 |
Chile | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 65,400 |
Brazil | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 89,200 |
Argentina | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 64,400 |
Paraguay | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 57,000 |
TRADE AND OTHER RECEIVABLES - T
TRADE AND OTHER RECEIVABLES - Table showing total trade receivables (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | $ 153,654,549 | $ 150,933,965 |
Non-current credit operations | 66,510 | |
Total | $ 153,654,549 | $ 151,000,475 |
TRADE AND OTHER RECEIVABLES - M
TRADE AND OTHER RECEIVABLES - Movement in allowance for expected credit losses (Details) - Trade receivables - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in the allowance for expected credit losses | ||
Opening balance | $ 6,298,208 | $ 6,494,113 |
Increase (decrease) | 1,762,246 | 1,629,761 |
Provision reversal | (1,184,953) | (1,257,591) |
Increases (decrease) for changes of foreign currency | (382,514) | (568,075) |
Sub - total movements | 194,779 | (195,905) |
Ending balance | $ 6,492,987 | $ 6,298,208 |
INVENTORIES (Details)
INVENTORIES (Details) - CLP ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INVENTORIES | |||
Total | $ 147,641,224,000 | $ 151,319,709,000 | |
Cost of inventory recognized as cost of sales | 1,048,343,767,000 | 968,027,774,000 | $ 1,069,024,964,000 |
Percentage raw materials composed of concentrate and sweeteners as well as caps and other supplies | 80 | 80 | |
Gross carrying amount | |||
INVENTORIES | |||
Raw materials | 93,524,911,000 | 86,102,495,000 | |
Finished goods | 32,337,670,000 | 37,213,848,000 | |
Spare parts and supplies | 20,769,626,000 | 28,777,180,000 | |
Work in progress | 567,973,000 | 780,324,000 | |
Other inventories | 3,625,488,000 | 1,049,165,000 | |
Obsolescence provision | |||
INVENTORIES | |||
Inventory | $ (3,184,444,000) | $ (2,603,303,000) |
TAX ASSETS AND LIABILITIES - Cu
TAX ASSETS AND LIABILITIES - Current tax accounts receivable and payable (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
TAX ASSETS AND LIABILITIES | |||
Tax credits | $ 9,815,294 | $ 2,532,056 | |
Total | 9,815,294 | 2,532,056 | |
Income tax expense | 6,762,267 | 9,338,612 | $ 3,184,965 |
Total | $ 6,762,267 | $ 9,338,612 | $ 3,184,965 |
INCOME TAX EXPENSE AND DEFERR_3
INCOME TAX EXPENSE AND DEFERRED TAXES - Income tax expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current income tax expense | $ 35,439,707 | $ 38,313,980 | $ 40,183,261 |
Current tax adjustment previous period | 713,992 | 312,403 | 137,455 |
Withholding tax expense foreign subsidiaries | 4,534,145 | 7,364,213 | 6,730,031 |
Other components of current tax expense (income) | (425,958) | 474,105 | (5,733) |
Current income tax expense | 40,261,886 | 46,464,701 | 47,045,014 |
Expense (income) for the creation and reversal of temporary differences of deferred tax and others | 20,905,005 | 9,100,154 | 4,752,620 |
Expense (income) for deferred taxes | 20,905,005 | 9,100,154 | 4,752,620 |
Total income tax expense | $ 61,166,891 | $ 55,564,855 | $ 51,797,634 |
INCOME TAX EXPENSE AND DEFERR_4
INCOME TAX EXPENSE AND DEFERRED TAXES - Distribution of national and foreign tax expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Distribution of domestic and foreign tax expense | |||
Current tax expense | $ (40,261,886) | $ (46,464,701) | $ (47,045,014) |
Deferred tax expense | (20,905,005) | (9,100,154) | (4,752,620) |
Income tax expense | (61,166,891) | (55,564,855) | (51,797,634) |
National | |||
Distribution of domestic and foreign tax expense | |||
Current tax expense | (15,946,310) | (22,021,717) | (16,786,619) |
Deferred tax expense | 3,107,793 | 21,178 | (84,638) |
Foreign | |||
Distribution of domestic and foreign tax expense | |||
Current tax expense | (24,315,576) | (24,442,984) | (30,258,395) |
Deferred tax expense | $ (24,012,798) | $ (9,121,332) | $ (4,667,982) |
INCOME TAX EXPENSE AND DEFERR_5
INCOME TAX EXPENSE AND DEFERRED TAXES - Reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate | |||
Net income before taxes | $ 236,413,116 | $ 153,015,601 | $ 170,798,359 |
Tax expense at applicable tax rate (27.0%) | (63,831,541) | (41,314,212) | (43,553,581) |
Effect of a different tax rate in other jurisdictions | (3,471,705) | 967,671 | (4,971,103) |
Non-taxable revenues | 9,507,807 | 12,522,541 | 9,645,068 |
Non-deductible expenses | (4,664,045) | (11,141,237) | (4,020,729) |
Tax effect of excess tax provisioned in previous periods | (3,316,278) | (295,632) | 125,021 |
Effect of monetary tax restatement Chilean companies | 5,199,589 | 2,566,163 | (1,465,753) |
Foreign subsidiaries tax withholding expense and other legal tax debits and credits | (590,718) | (18,870,149) | (7,556,557) |
Adjustments to tax expense | 6,136,355 | (15,218,314) | (3,272,950) |
Tax expense at effective rate | $ (61,166,891) | $ (55,564,855) | $ (51,797,634) |
Effective rate | 25.90% | 36.30% | 30.60% |
INCOME TAX EXPENSE AND DEFERR_6
INCOME TAX EXPENSE AND DEFERRED TAXES - Income tax rates applicable in each jurisdiction where the Company operates (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Chile | |||
Income tax rates | |||
Applicable rate | 27.00% | 27.00% | 25.50% |
Brazil | |||
Income tax rates | |||
Applicable rate | 34.00% | 34.00% | 34.00% |
Argentina | |||
Income tax rates | |||
Applicable rate | 30.00% | 30.00% | 35.00% |
Paraguay | |||
Income tax rates | |||
Applicable rate | 10.00% | 10.00% | 10.00% |
INCOME TAX EXPENSE AND DEFERR_7
INCOME TAX EXPENSE AND DEFERRED TAXES - Deferred income taxes (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income taxes | ||
Deferred tax assets | $ 77,781,230 | $ 82,735,898 |
Deferred tax liabilities | 245,866,637 | 227,981,846 |
Total assets net | 1,364,340 | |
Total liabilities net | 169,449,747 | 145,245,948 |
Property, plant and equipment | ||
Deferred income taxes | ||
Deferred tax assets | 5,445,810 | 5,420,447 |
Deferred tax liabilities | 51,414,971 | 46,181,359 |
Obsolescence provision | ||
Deferred income taxes | ||
Deferred tax assets | 1,588,563 | 910,076 |
Deferred tax liabilities | 112,359 | |
ICMS exclusion credit | ||
Deferred income taxes | ||
Deferred tax liabilities | 25,651,794 | |
Employee benefits | ||
Deferred income taxes | ||
Deferred tax assets | 5,418,561 | 5,169,161 |
Deferred tax liabilities | 12,157 | 131,829 |
Post-employment benefits | ||
Deferred income taxes | ||
Deferred tax assets | 148,853 | 90,941 |
Deferred tax liabilities | 787,576 | 1,014,354 |
Tax loss carry forwards | ||
Deferred income taxes | ||
Deferred tax assets | 7,607,813 | 9,137,392 |
Tax goodwill Brazil | ||
Deferred income taxes | ||
Deferred tax assets | 10,341,033 | 18,836,838 |
Contingency provision | ||
Deferred income taxes | ||
Deferred tax assets | 34,109,458 | 26,796,262 |
Foreign Exchange differences | ||
Deferred income taxes | ||
Deferred tax assets | 9,284,450 | 13,083,953 |
Allowance for doubtful accounts | ||
Deferred income taxes | ||
Deferred tax assets | 756,895 | 1,262,977 |
Coca-Cola incentives (Argentina) | ||
Deferred income taxes | ||
Deferred tax assets | 352,061 | |
Assets and liabilities for placement of bonds | ||
Deferred income taxes | ||
Deferred tax assets | 390,163 | |
Deferred tax liabilities | 1,187,649 | 1,327,727 |
Lease liabilities | ||
Deferred income taxes | ||
Deferred tax assets | 2,242,439 | 1,328,320 |
Inventories | ||
Deferred income taxes | ||
Deferred tax assets | 447,192 | 347,470 |
Distribution rights | ||
Deferred income taxes | ||
Deferred tax liabilities | 163,107,412 | 173,273,994 |
Others | ||
Deferred income taxes | ||
Deferred tax liabilities | $ 3,705,078 | $ 5,940,224 |
INCOME TAX EXPENSE AND DEFERR_8
INCOME TAX EXPENSE AND DEFERRED TAXES - Movement in deferred income tax accounts (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in deferred income tax accounts | |||
Opening Balance | $ 145,245,948 | $ 121,991,585 | $ 125,608,802 |
Increase (decrease) in deferred tax | 20,905,005 | 11,303,016 | (3,417,011) |
Increase (decrease) due to foreign currency translation | 1,934,454 | 11,951,347 | (200,206) |
Total movements | 22,839,459 | 23,254,363 | (3,617,217) |
Ending balance | $ 168,085,407 | $ 145,245,948 | $ 121,991,585 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Balances (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | $ 722,718,863 | $ 710,770,968 | $ 659,750,499 | $ 666,150,885 |
Construction in progress | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 27,290,581 | 26,048,670 | 84,118,716 | 49,986,111 |
Land | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 104,196,754 | 100,479,196 | 96,990,155 | 91,961,876 |
Buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 211,973,775 | 214,160,351 | 162,385,848 | 173,073,161 |
Plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 185,353,224 | 207,403,985 | 155,833,080 | 190,402,625 |
Information technology equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 5,001,845 | 5,184,721 | 4,627,325 | 6,122,912 |
Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 70,021 | 32,177 | 7,415 | 190,523 |
Rights of use | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 32,243,832 | |||
Other Property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 114,784,403 | 114,606,098 | $ 106,934,818 | $ 110,051,139 |
Bottles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 44,071,742 | 51,522,834 | ||
Marketing and promotional assets | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 57,442,154 | 45,739,948 | ||
Other Property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 13,270,507 | 17,343,316 | ||
Gross carrying amount | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 1,620,343,050 | 1,680,023,825 | ||
Gross carrying amount | Construction in progress | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 27,290,581 | 26,048,670 | ||
Gross carrying amount | Land | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 104,196,754 | 100,479,196 | ||
Gross carrying amount | Buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 299,282,674 | 371,279,937 | ||
Gross carrying amount | Plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 571,154,695 | 623,568,795 | ||
Gross carrying amount | Information technology equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 23,912,963 | 22,752,205 | ||
Gross carrying amount | Fixed installations and accessories | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 46,062,659 | 43,717,907 | ||
Gross carrying amount | Vehicles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 55,128,493 | 53,682,179 | ||
Gross carrying amount | Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 214,886 | 144,914 | ||
Gross carrying amount | Rights of use | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 40,498,400 | |||
Gross carrying amount | Other Property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 452,600,945 | 438,350,022 | ||
Accumulated depreciation | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (897,624,187) | (969,252,857) | ||
Accumulated depreciation | Buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (87,308,899) | (157,119,586) | ||
Accumulated depreciation | Plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (385,801,471) | (416,164,810) | ||
Accumulated depreciation | Information technology equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (18,911,118) | (17,567,484) | ||
Accumulated depreciation | Fixed installations and accessories | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (26,219,378) | (22,660,738) | ||
Accumulated depreciation | Vehicles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (33,167,346) | (31,883,578) | ||
Accumulated depreciation | Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (144,865) | (112,737) | ||
Accumulated depreciation | Rights of use | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (8,254,568) | |||
Accumulated depreciation | Other Property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | $ (337,816,542) | $ (323,743,924) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | $ 710,770,968 | $ 659,750,499 | $ 666,150,885 |
Additions | 94,449,283 | 128,908,309 | 147,938,328 |
Right-of use additions | 21,721,728 | ||
Disposals | (1,564,309) | (3,008,397) | (3,031,175) |
Depreciation expense | (98,889,546) | (97,622,629) | (97,320,958) |
Amortization | (8,254,568) | ||
Increase (decrease) due to foreign currency translation differences | 14,309,271 | (66,171,006) | (45,170,497) |
Other increase (decrease) | (9,823,964) | 88,914,192 | (8,816,084) |
Total movements | 11,947,895 | 51,020,469 | (6,400,386) |
Ending balance | 722,718,863 | 710,770,968 | 659,750,499 |
Construction in progress | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 26,048,670 | 84,118,716 | 49,986,111 |
Additions | 49,134,461 | 65,284,334 | 89,392,003 |
Disposals | (8,761) | ||
Transfers between items of Property, plant and equipment | (48,358,902) | (109,893,610) | (41,957,409) |
Right-of-use transfers | (25,991) | ||
Increase (decrease) due to foreign currency translation differences | 688,063 | (6,880,059) | (13,319,346) |
Other increase (decrease) | (186,959) | (6,580,711) | 17,357 |
Total movements | 1,241,911 | (58,070,046) | 34,132,605 |
Ending balance | 27,290,581 | 26,048,670 | 84,118,716 |
Land | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 100,479,196 | 96,990,155 | 91,961,876 |
Additions | 4,955,929 | ||
Disposals | (5,465) | ||
Transfers between items of Property, plant and equipment | 2,268,316 | ||
Increase (decrease) due to foreign currency translation differences | 1,529,526 | (4,615,830) | 72,350 |
Other increase (decrease) | (80,284) | 8,110,336 | |
Total movements | 3,717,558 | 3,489,041 | 5,028,279 |
Ending balance | 104,196,754 | 100,479,196 | 96,990,155 |
Buildings | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 214,160,351 | 162,385,848 | 173,073,161 |
Additions | 749,800 | 504,675 | 1,674,734 |
Disposals | (5,902) | (209,713) | (300,079) |
Transfers between items of Property, plant and equipment | 430,971 | 45,032,440 | 3,450,060 |
Right-of-use transfers | (266,007) | ||
Depreciation expense | (7,681,481) | (7,001,828) | (5,880,770) |
Increase (decrease) due to foreign currency translation differences | 4,685,319 | (14,485,709) | (9,538,737) |
Other increase (decrease) | (99,276) | 27,934,638 | (92,521) |
Total movements | (2,186,576) | 51,774,503 | (10,687,313) |
Ending balance | 211,973,775 | 214,160,351 | 162,385,848 |
Plant and equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 207,403,985 | 155,833,080 | 190,402,625 |
Additions | 11,582,259 | 17,924,606 | 4,992,508 |
Disposals | (352,204) | (1,002,133) | (700,973) |
Transfers between items of Property, plant and equipment | 20,735,065 | 54,460,571 | 24,250,647 |
Right-of-use transfers | (13,788,120) | ||
Depreciation expense | (37,572,910) | (39,182,401) | (36,026,939) |
Increase (decrease) due to foreign currency translation differences | 3,228,519 | (17,048,903) | (20,492,851) |
Other increase (decrease) | (5,883,370) | 36,419,165 | (6,591,937) |
Total movements | (22,050,761) | 51,570,905 | (34,569,545) |
Ending balance | 185,353,224 | 207,403,985 | 155,833,080 |
Information technology equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 5,184,721 | 4,627,325 | 6,122,912 |
Additions | 675,974 | 783,299 | 945,827 |
Disposals | (977) | (1,062,530) | |
Transfers between items of Property, plant and equipment | 1,019,048 | 622,222 | 1,133,684 |
Right-of-use transfers | (23,712) | ||
Depreciation expense | (1,949,851) | (1,830,295) | (2,190,107) |
Increase (decrease) due to foreign currency translation differences | 83,757 | (414,850) | (320,634) |
Other increase (decrease) | 12,885 | 1,397,020 | (1,827) |
Total movements | (182,876) | 557,396 | (1,495,587) |
Ending balance | 5,001,845 | 5,184,721 | 4,627,325 |
Fixed facilities and accessories | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 21,057,169 | 19,589,877 | 20,466,113 |
Additions | 7,271 | 165,226 | |
Disposals | (8,911) | (4,161) | |
Transfers between items of Property, plant and equipment | 1,379,012 | 1,481,081 | 2,548,441 |
Depreciation expense | (2,977,512) | (2,668,535) | (2,112,681) |
Increase (decrease) due to foreign currency translation differences | 386,253 | (4,048,135) | (1,307,835) |
Other increase (decrease) | (1) | 6,537,655 | |
Total movements | (1,213,888) | 1,467,292 | (876,236) |
Ending balance | 19,843,281 | 21,057,169 | 19,589,877 |
Vehicles. net | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 21,798,601 | 29,263,265 | 23,896,425 |
Additions | (342,001) | 1,451,462 | 1,512,162 |
Disposals | (52,095) | (203,036) | (173,190) |
Transfers between items of Property, plant and equipment | 7,650,847 | (2,218,354) | 2,253,061 |
Right-of-use transfers | (1,181,465) | ||
Depreciation expense | (6,267,039) | (5,201,263) | (5,303,332) |
Increase (decrease) due to foreign currency translation differences | 464,563 | (1,722,767) | 7,441,057 |
Other increase (decrease) | (110,264) | 429,294 | (362,918) |
Total movements | 162,546 | (7,464,664) | 5,366,840 |
Ending balance | 21,961,147 | 21,798,601 | 29,263,265 |
Leasehold improvements | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 32,177 | 7,415 | 190,523 |
Additions | 1,309 | 1,430 | 13,529 |
Disposals | (155) | ||
Transfers between items of Property, plant and equipment | 65,250 | 22,000 | |
Depreciation expense | (30,737) | (11,112) | (61,033) |
Increase (decrease) due to foreign currency translation differences | 2,177 | 169 | (34,272) |
Other increase (decrease) | 12,275 | (101,332) | |
Total movements | 37,844 | 24,762 | (183,108) |
Ending balance | 70,021 | 32,177 | 7,415 |
Other Property, plant and equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 114,606,098 | 106,934,818 | 110,051,139 |
Additions | 32,640,210 | 42,793,277 | 44,451,636 |
Disposals | (1,135,304) | (1,588,050) | (790,242) |
Transfers between items of Property, plant and equipment | 14,810,393 | 10,493,650 | 8,321,516 |
Right-of-use transfers | (2,520,405) | ||
Depreciation expense | (42,410,016) | (41,727,195) | (45,746,096) |
Increase (decrease) due to foreign currency translation differences | 2,216,555 | (16,954,922) | (7,670,229) |
Other increase (decrease) | (3,423,128) | 14,654,520 | (1,682,906) |
Total movements | 178,305 | 7,671,280 | (3,116,321) |
Ending balance | 114,784,403 | $ 114,606,098 | $ 106,934,818 |
Rights of use | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Right-of use additions | 21,721,728 | ||
Right-of-use transfers | 17,805,700 | ||
Amortization | (8,254,568) | ||
Increase (decrease) due to foreign currency translation differences | 1,024,539 | ||
Other increase (decrease) | (53,567) | ||
Total movements | 32,243,832 | ||
Ending balance | 32,243,832 | ||
Right-of-asset amortization | 5,994,037 | ||
Depreciation (today amortization) of goods acquired under the finance lease method | $ 2,260,531 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Right-of-use asset (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Right-of-use asset | ||
Gross Amount | $ 40,498,400 | $ 37,380,774 |
Depreciation | (8,254,568) | |
Interest expense for lease liabilities | 2,282,221 | |
Buildings | ||
Right-of-use asset | ||
Gross Amount | 1,454,555 | |
Depreciation | (294,791) | |
Plant and equipment | ||
Right-of-use asset | ||
Gross Amount | 28,109,470 | |
Depreciation | (4,856,397) | |
Information technology equipment | ||
Right-of-use asset | ||
Gross Amount | 283,473 | |
Depreciation | (69,209) | |
Motor vehicles | ||
Right-of-use asset | ||
Gross Amount | 5,198,413 | |
Depreciation | (1,776,055) | |
Other Property, plant and equipment | ||
Right-of-use asset | ||
Gross Amount | 5,452,489 | |
Depreciation | $ (1,258,116) |
RELATED PARTIES (Details)
RELATED PARTIES (Details) $ in Thousands, in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2019CLF ( ) | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLF ( ) | Dec. 31, 2018CLP ($) | |
Related parties | ||||||
Current receivables due from related parties | $ 10,835,768 | $ 9,450,263 | ||||
Non-current receivables due from related parties | 283,118 | 74,340 | ||||
Current payables to related parties | 53,637,601 | 53,637,601 | 45,827,859 | 45,827,859 | ||
Non-current payables to related parties | 19,777,812 | 19,777,812 | ||||
Embonor S.A. | Shareholder | ||||||
Related parties | ||||||
Current receivables due from related parties | 6,589,539 | 4,344,082 | ||||
Current payables to related parties | | 275,565 | 92,325 | ||||
Transactions | ||||||
Minimum dividend | $ 212,517 | |||||
Embonor S.A. | Shareholder | Sale of services and others | ||||||
Transactions | ||||||
Sale of services | 268,526 | |||||
Embonor S.A. | Shareholder | Sale of Finished Products | ||||||
Transactions | ||||||
Sale of goods | 50,315,292 | $ 41,933,095 | ||||
Coca-Cola de Chile S.A. | Shareholder | ||||||
Related parties | ||||||
Current receivables due from related parties | 14,839 | 2,175,934 | ||||
Non-current receivables due from related parties | 283,118 | 74,340 | ||||
Current payables to related parties | | 20,555,135 | 21,286,933 | ||||
Coca-Cola de Chile S.A. | Shareholder | Purchase of concentrates | ||||||
Transactions | ||||||
Purchase of goods | 150,548,253 | 149,933,143 | ||||
Coca-Cola de Chile S.A. | Shareholder | Purchase of advertising services | ||||||
Transactions | ||||||
Purchase of services | 4,369,500 | 3,508,010 | ||||
Coca-Cola de Chile S.A. | Shareholder | Water source lease | ||||||
Transactions | ||||||
Leases as lessee | 5,324,194 | |||||
Coca-Cola de Chile S.A. | Shareholder | Sale of raw materials and other | ||||||
Transactions | ||||||
Sale of goods | 1,196,793 | 1,156,744 | ||||
Coca-Cola de Argentina | Related to director | ||||||
Related parties | ||||||
Current receivables due from related parties | 1,203,389 | 1,684,357 | ||||
UBI 3 (Ades) | Shareholder | ||||||
Related parties | ||||||
Current receivables due from related parties | 455,823 | |||||
Alimentos de Soja S.A.U. | Shareholder | ||||||
Related parties | ||||||
Current receivables due from related parties | 428,802 | 371,712 | ||||
Current payables to related parties | | 929,986 | |||||
Alimentos de Soja S.A.U. | Shareholder | Purchase of Products | ||||||
Transactions | ||||||
Purchase of goods | 4,274,236 | |||||
Alimentos de Soja S.A.U. | Shareholder | Payment of commissions and services | ||||||
Transactions | ||||||
Payment of commissions and services | 802,563 | 1,623,794 | ||||
Embotelladora Iquique S.A. | Shareholder | ||||||
Related parties | ||||||
Current receivables due from related parties | 278,176 | 228,387 | ||||
Embotelladora Iquique S.A. | Shareholder | Sale of Finished Products | ||||||
Transactions | ||||||
Sale of goods | 3,208,559 | 2,570,315 | ||||
Envases CMF S.A. | Associate | ||||||
Related parties | ||||||
Current receivables due from related parties | 217,510 | 161,460 | ||||
Current payables to related parties | | 6,359,797 | 5,702,194 | ||||
Envases CMF S.A. | Associate | Sale of raw materials and other | ||||||
Transactions | ||||||
Sale of goods | 6,132,091 | 3,981,631 | ||||
Envases CMF S.A. | Associate | Purchase of containers | ||||||
Transactions | ||||||
Purchase of goods | 521,466 | 4,096,502 | ||||
Envases CMF S.A. | Associate | Purchase of bottles | ||||||
Transactions | ||||||
Purchase of goods | 19,422,280 | 14,319,777 | ||||
Envases CMF S.A. | Associate | Purchase of raw materials | ||||||
Transactions | ||||||
Purchase of goods | 16,814,062 | 18,914,788 | ||||
Envases CMF S.A. | Associate | Purchase of caps | ||||||
Transactions | ||||||
Purchase of goods | 281,174 | 107,859 | ||||
Envases CMF S.A. | Associate | Purchase services and others | ||||||
Transactions | ||||||
Purchase of services | 6,425,579 | 1,593,798 | ||||
Cervecera Austral S.A. | Related to director | ||||||
Related parties | ||||||
Current receivables due from related parties | 45,644 | 26,557 | ||||
Comercial Patagona Ltda. | Related to director | ||||||
Related parties | ||||||
Current receivables due from related parties | 3,872 | $ 1,951 | ||||
Guallarauco | Associate | ||||||
Related parties | ||||||
Current receivables due from related parties | 2,003,203 | |||||
Monster | Shareholder | ||||||
Related parties | ||||||
Current payables to related parties | | 827,300 | 664,565 | ||||
Monster | Associate | ||||||
Related parties | ||||||
Current receivables due from related parties | $ 50,794 | |||||
Servicio y Productos para Bebidas Refrescantes S.R.L. | Shareholder | ||||||
Related parties | ||||||
Current payables to related parties | | 5,887,070 | 5,479,714 | ||||
Servicio y Productos para Bebidas Refrescantes S.R.L. | Shareholder | Purchase of concentrates | ||||||
Transactions | ||||||
Purchase of goods | 97,321,567 | 98,947,407 | ||||
Servicio y Productos para Bebidas Refrescantes S.R.L. | Shareholder | Advertising participation payment | ||||||
Transactions | ||||||
Advertising participation payment | 4,111,764 | 5,727,498 | ||||
Coca-Cola del Valle New Ventures S.A. | Associate | ||||||
Related parties | ||||||
Current payables to related parties | | 1,247,961 | 649,046 | ||||
Coca-Cola del Valle New Ventures S.A. | Associate | Sale of services and others | ||||||
Transactions | ||||||
Sale of services | 3,959,962 | 1,391,110 | ||||
Recofarma do Industrias Amazonas Ltda. | Shareholder | ||||||
Related parties | ||||||
Current payables to related parties | | 14,888,934 | 8,681,099 | ||||
Non-current payables to related parties | | 19,777,812 | |||||
Recofarma do Industrias Amazonas Ltda. | Shareholder | Purchase of concentrates | ||||||
Transactions | ||||||
Purchase of goods | 91,426,935 | 95,449,139 | ||||
Recofarma do Industrias Amazonas Ltda. | Shareholder | Reimbursement and other purchases | ||||||
Transactions | ||||||
Reimbursement and other purchases | 5,977,419 | 7,641,736 | ||||
Leao Alimentos e Bebidas Ltda. | Associate | ||||||
Related parties | ||||||
Current payables to related parties | | 1,841,377 | 3,132,515 | ||||
Leao Alimentos e Bebidas Ltda. | Associate | Purchase of Products | ||||||
Transactions | ||||||
Purchase of goods | 357,286 | |||||
Envases del Pacfico S.A. | Related to director | ||||||
Related parties | ||||||
Current payables to related parties | | 25,202 | 139,468 | ||||
Envases del Pacfico S.A. | Related to director | Purchase of raw materials and materials | ||||||
Transactions | ||||||
Purchase of goods | 93,117 | 1,007,382 | ||||
Verde Campo | Shareholder | ||||||
Related parties | ||||||
Current payables to related parties | | 765,521 | |||||
Coca-Cola Panama | Shareholder | ||||||
Related parties | ||||||
Current payables to related parties | | 7,739 | |||||
Parque Arauco S.A. | Related to director | Space lease | ||||||
Transactions | ||||||
Leases as lessee | 91,685 | |||||
Sorocaba Refrescos S. A. | Associate | ||||||
Related parties | ||||||
Current payables to related parties | | 26,014 | |||||
Sorocaba Refrescos S. A. | Associate | Purchase of Products | ||||||
Transactions | ||||||
Purchase of goods | 1,049,709 | 698,090 | ||||
KAIK Participacoes | Associate | Reimbursement and other purchases | ||||||
Transactions | ||||||
Reimbursement and other purchases | $ 39,382 | 42,292 | ||||
Trop Frutas do Brasil Ltda. | Associate | Purchase of Products | ||||||
Transactions | ||||||
Purchase of goods | 86,994 | |||||
Sinea S.A. | Ownership held by an officer's uncle | Purchase of raw materials | ||||||
Transactions | ||||||
Purchase of goods | $ 581,508 |
RELATED PARTY - Key management
RELATED PARTY - Key management compensation (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RELATED PARTIES | |||
Executive wages, salaries and benefits | $ 6,267,936 | $ 6,056,337 | $ 6,454,846 |
Director allowances | 1,512,000 | 1,495,123 | 1,513,100 |
Accrued benefit in the past five years and paid during the fiscal year | 305,674 | 242,907 | 334,477 |
Contract termination benefit | 54,819 | 51,534 | |
Total | $ 8,140,429 | $ 7,845,901 | $ 8,302,423 |
CURRENT AND NON-CURRENT EMPLO_3
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Employee benefits (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Employee benefits | ||
Current | $ 38,392,854 | $ 33,210,979 |
Non-current | 10,173,354 | 9,415,541 |
Total | 48,566,208 | 42,626,520 |
Accrued vacation | ||
Employee benefits | ||
Total | 17,584,587 | 19,536,809 |
Participation in profits and bonuses | ||
Employee benefits | ||
Total | 20,896,357 | 13,674,170 |
Indemnities for years of service | ||
Employee benefits | ||
Total | $ 10,085,264 | $ 9,415,541 |
CURRENT AND NON-CURRENT EMPLO_4
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Indemnities for years of service (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movements of post-employment benefits | ||
Opening balance | $ 9,415,541 | $ 8,286,355 |
Service costs | 784,984 | 957,593 |
Interest costs | 354,471 | 565,167 |
Actuarial losses | (210,956) | 271,045 |
Benefits paid | (258,776) | (664,619) |
Total | $ 10,085,264 | $ 9,415,541 |
CURRENT AND NON-CURRENT EMPLO_5
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | ||
Discount rate | 2.70% | 2.70% |
Expected salary increase rate | 2.00% | 2.00% |
Turnover rate | 5.40% | 5.40% |
Retirement age of women | 60 years | 60 years |
Retirement age of men | 65 years | 65 years |
CURRENT AND NON-CURRENT EMPLO_6
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Personnel expenses (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CLP ($)employee | Dec. 31, 2018CLP ($)employee | Dec. 31, 2017CLP ($)employee | |
Personnel expenses | |||
Wages and salaries | $ 194,740,646 | $ 195,162,903 | $ 215,715,214 |
Employee benefits | 58,005,213 | 50,254,164 | 50,127,117 |
Severance benefits | 6,987,184 | 5,535,410 | 7,410,936 |
Other personnel expenses | 13,389,967 | 16,014,364 | 14,205,259 |
Total | $ 273,123,010 | $ 266,966,841 | $ 287,458,526 |
Number of employees | |||
Number of employees | employee | 16,167 | 16,098 | 15,924 |
Average number of employees | employee | 15,444 | 15,364 | 15,364 |
INVESTMENTS IN ASSOCIATES ACC_3
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD- Balances (Details) - CLP ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for using the equity method | $ 99,866,733 | $ 102,410,945 | $ 86,809,069 | $ 77,197,781 |
Envases CMF S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for using the equity method | $ 18,561,835 | $ 18,743,604 | ||
Ownership interest | 50.00% | 50.00% | ||
Leao Alimentos e Bebidas Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for using the equity method | $ 17,896,839 | $ 21,727,894 | ||
Ownership interest | 10.26% | 10.26% | ||
Kaik Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for using the equity method | $ 1,313,498 | $ 1,228,256 | ||
Ownership interest | 11.32% | 11.32% | ||
SRSA Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for using the equity method | $ 65,301 | $ 94,706 | ||
Ownership interest | 40.00% | 40.00% | ||
Sorocaba Refrescos S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for using the equity method | $ 24,636,945 | $ 22,979,029 | ||
Ownership interest | 40.00% | 40.00% | ||
Trop Frutas do Brasil Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for using the equity method | $ 6,250,481 | $ 6,244,839 | ||
Ownership interest | 7.52% | 7.52% | ||
Coca-Cola del Valle New Ventures S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for using the equity method | $ 31,141,834 | $ 31,392,617 | ||
Ownership interest | 35.00% | 35.00% |
INVESTMENTS IN ASSOCIATES ACC_4
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Movement (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Opening balance | $ 102,410,945 | $ 86,809,069 | $ 77,197,781 |
Other investment increases in associates (Capital contributions to Leao Alimentos e Bebidas Ltda. and Coca-Cola del Valle New Ventures S.A.) | 15,615,466 | 15,570,161 | |
Dividends received | (1,076,491) | (403,414) | (1,540,090) |
Share in operating income | (2,495,621) | 2,194,144 | 932,340 |
Amortization unrealized income in associates | (919,462) | 85,268 | 85,268 |
Increase (Decrease) in foreign currency translation, investments in associates | 1,947,362 | (1,889,588) | (5,436,391) |
Ending balance | $ 99,866,733 | $ 102,410,945 | $ 86,809,069 |
INVESTMENTS IN ASSOCIATES ACC_5
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Movement by Associate (Details) $ in Thousands, R$ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019BRL (R$) | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Impairment loss recognized in profit or loss | $ 4,671 | ||
Leao Alimentos e Bebidas Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Impairment Provision | R$ | R$ 256 | ||
Coca-Cola del Valle New Ventures S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Capital increase | $ 15,615,466 |
INVESTMENTS IN ASSOCIATES ACC_6
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Reconciliation of share of profit in investments in associates (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Share of profit of investment accounted for using the equity method | $ (2,495,621) | $ 2,194,144 | $ 932,340 |
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) | (394,490) | (868,233) | (1,097,968) |
Amortization goodwill in the sale of fixed assets of Envases CMF S.A. | 85,266 | 85,268 | 85,268 |
Amortization goodwill preferred rights CCDV S.A. | (610,238) | ||
Income statement balance | $ (3,415,083) | $ 1,411,179 | $ (80,360) |
INVESTMENTS IN ASSOCIATES ACC_7
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Summary financial information of associates (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 2,390,948,423 | $ 2,214,504,689 | $ 2,114,859,467 |
Total liabilities | 1,422,044,475 | 1,350,789,946 | 1,301,626,118 |
Total revenue | 1,779,025,115 | 1,672,915,799 | 1,848,878,619 |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | (3,415,083) | 1,411,179 | $ (80,360) |
Envases CMF S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | 77,994,582 | 78,714,139 | |
Total liabilities | 39,826,283 | 40,800,603 | |
Total revenue | 58,640,058 | 53,073,645 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 1,449,997 | $ 1,086,050 | |
Reporting date | Dec. 31, 2019 | Dec. 31, 2018 | |
Sorocaba Refrescos S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 116,551,131 | $ 106,598,837 | |
Total liabilities | 54,650,105 | 49,151,318 | |
Total revenue | 69,343,990 | 57,570,452 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 3,948,798 | $ 936,360 | |
Reporting date | Nov. 30, 2019 | Nov. 30, 2018 | |
Kaik Participacoes Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 11,661,828 | $ 10,850,626 | |
Total liabilities | 35 | 34 | |
Total revenue | 337,450 | 348,705 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 337,450 | $ 348,705 | |
Reporting date | Nov. 30, 2019 | Nov. 30, 2018 | |
SRSA Participacoes Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 393,856 | $ 513,823 | |
Total liabilities | 229,780 | 277,055 | |
Total revenue | 160,342 | 233,182 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 160,342 | $ 233,182 | |
Reporting date | Nov. 30, 2019 | Nov. 30, 2018 | |
Leao Alimentos e Bebidas Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 248,493,994 | $ 257,149,411 | |
Total liabilities | 38,137,061 | 57,538,296 | |
Total revenue | 139,769,189 | 161,749,228 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 2,320,841 | $ 2,000,217 | |
Reporting date | Nov. 30, 2019 | Nov. 30, 2018 | |
Trop Frutas do Brasil Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 104,778,397 | $ 96,963,355 | |
Total liabilities | 27,158,470 | 21,568,158 | |
Total revenue | 47,252,571 | 12,169,188 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ (1,177,262) | $ 7,753,517 | |
Reporting date | Nov. 30, 2019 | Nov. 30, 2018 | |
Coca-Cola del Valle New Ventures S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 107,388,847 | $ 101,275,213 | |
Total liabilities | 18,693,717 | 11,582,021 | |
Total revenue | 31,914,825 | 2,673,496 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 4,297,003 | $ 1,506,540 | |
Reporting date | Nov. 30, 2019 | Dec. 31, 2018 |
INTANGIBLE ASSETS OTHER THAN _3
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ 675,075,375 | $ 668,822,553 | $ 663,272,878 |
Gross carrying amount | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 702,246,535 | 693,540,191 | |
Cumulative amortization | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (27,171,160) | (24,717,638) | |
Distribution rights | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 666,755,196 | 661,026,400 | 656,294,617 |
Distribution rights | Gross carrying amount | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 667,148,383 | 661,285,834 | |
Distribution rights | Cumulative amortization | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (393,187) | (259,434) | |
Software | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 7,863,416 | 7,365,957 | $ 6,507,343 |
Software | Gross carrying amount | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 34,347,843 | 31,526,159 | |
Software | Cumulative amortization | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (26,484,427) | (24,160,202) | |
Others | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 456,763 | 430,196 | |
Others | Gross carrying amount | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 750,309 | 728,198 | |
Others | Cumulative amortization | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ (293,546) | $ (298,002) |
INTANGIBLE ASSETS OTHER THAN _4
INTANGIBLE ASSETS OTHER THAN GOODWILL - Distribution Rights (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Renewal period for production and distribution contracts | 5 years | ||
Intangible assets other than goodwill | $ 675,075,375 | $ 668,822,553 | $ 663,272,878 |
Monster distribution rights | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Term of agreement (in years) | 4 years | ||
Distribution rights | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ 666,755,196 | 661,026,400 | $ 656,294,617 |
Distribution rights | Chile operation | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 305,235,247 | 304,888,183 | |
Distribution rights | Brazil operation | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 187,616,890 | 181,583,404 | |
Distribution rights | Paraguay operation | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 171,841,663 | 172,594,328 | |
Distribution rights | Argentina operation | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ 2,061,396 | $ 1,960,485 |
INTANGIBLE ASSETS OTHER THAN _5
INTANGIBLE ASSETS OTHER THAN GOODWILL - Movement and balances of identifiable intangible assets (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Opening balance | $ 668,822,553 | $ 663,272,878 | |
Additions | 3,296,558 | $ 3,718,038 | |
Amortization | (2,457,978) | (2,124,740) | |
Other increases (decreases) | (5,414,242) | (3,956,377) | |
Ending balance | 675,075,375 | 668,822,553 | 663,272,878 |
Distribution rights | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Opening balance | 661,026,400 | 656,294,617 | |
Amortization | (133,753) | (112,601) | |
Other increases (decreases) | (5,862,549) | (4,844,384) | |
Ending balance | 666,755,196 | 661,026,400 | 656,294,617 |
Others | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Opening balance | 430,196 | 470,918 | |
Amortization | (40,722) | ||
Other increases (decreases) | (26,567) | ||
Ending balance | 456,763 | 430,196 | 470,918 |
Software | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Opening balance | 7,365,957 | 6,507,343 | |
Additions | 3,296,558 | 3,718,038 | |
Amortization | (2,324,225) | (1,971,417) | |
Other increases (decreases) | 474,874 | 888,007 | |
Ending balance | $ 7,863,416 | $ 7,365,957 | $ 6,507,343 |
GOODWILL - Goodwill by business
GOODWILL - Goodwill by business segment and country (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill by business segment and country | |||
Goodwill at beginning of period | $ 117,229,173 | $ 93,598,217 | $ 102,919,505 |
Foreign currency translation differences where functional currency is different from presentation currency | 3,992,488 | 23,630,956 | (9,321,288) |
Goodwill at end of period | 121,221,661 | 117,229,173 | 93,598,217 |
Chile operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 8,503,023 | 8,503,023 | 8,503,023 |
Goodwill at end of period | 8,503,023 | 8,503,023 | 8,503,023 |
Brazil operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 73,080,100 | 73,509,080 | 81,145,834 |
Foreign currency translation differences where functional currency is different from presentation currency | 2,593,972 | (428,980) | (7,636,754) |
Goodwill at end of period | 75,674,072 | 73,080,100 | 73,509,080 |
Argentina operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 28,318,129 | 4,672,971 | 5,972,515 |
Foreign currency translation differences where functional currency is different from presentation currency | 1,432,109 | 23,645,158 | (1,299,544) |
Goodwill at end of period | 29,750,238 | 28,318,129 | 4,672,971 |
Paraguay operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 7,327,921 | 6,913,143 | 7,298,133 |
Foreign currency translation differences where functional currency is different from presentation currency | (33,593) | 414,778 | (384,990) |
Goodwill at end of period | $ 7,294,328 | $ 7,327,921 | $ 6,913,143 |
OTHER CURRENT AND NON-CURRENT_9
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Liabilities (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Other current financial liabilities | $ 40,593,878 | $ 56,114,977 |
Non-current | ||
Other non-current financial liabilities | 743,327,057 | 716,563,778 |
Bank loans | ||
Current | ||
Other current financial liabilities | 1,438,161 | 21,542,736 |
Non-current | ||
Other non-current financial liabilities | 909,486 | 2,439,253 |
Bonds payable, net | ||
Current | ||
Other current financial liabilities | 21,604,601 | 20,664,481 |
Non-current | ||
Other non-current financial liabilities | 718,962,871 | 700,327,057 |
Deposits in guarantee | ||
Current | ||
Other current financial liabilities | 11,163,005 | 12,242,464 |
Derivative contract liabilities | ||
Current | ||
Other current financial liabilities | 374,576 | 130,829 |
Leasing agreements | ||
Current | ||
Other current financial liabilities | 6,013,535 | 1,534,467 |
Non-current | ||
Other non-current financial liabilities | $ 23,454,700 | $ 13,797,468 |
OTHER CURRENT AND NON-CURREN_10
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Fair value (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Other current financial assets | $ 347,278 | $ 683,567 |
Other current financial liabilities | 40,593,878 | 56,114,977 |
Non-current | ||
Other non-current financial assets | 110,784,311 | 97,362,295 |
Other non-current financial liabilities | 743,327,057 | 716,563,778 |
Bank loans | ||
Current | ||
Other current financial liabilities | 1,438,161 | 21,542,736 |
Current financial liabilities at fair value | 1,434,255 | 21,542,736 |
Non-current | ||
Other non-current financial liabilities | 909,486 | 2,439,253 |
Noncurrent financial liabilities at fair value | 867,025 | 2,307,396 |
Bonds payable, net | ||
Current | ||
Other current financial liabilities | 21,604,601 | 20,664,481 |
Current financial liabilities at fair value | 24,188,060 | 20,664,481 |
Non-current | ||
Other non-current financial liabilities | 718,962,871 | 700,327,057 |
Noncurrent financial liabilities at fair value | 803,017,145 | 755,694,265 |
Deposits in guarantee | ||
Current | ||
Other current financial liabilities | 11,163,005 | 12,242,464 |
Current financial liabilities at fair value | 11,163,005 | 12,242,464 |
Derivative contract liabilities | ||
Current | ||
Other current financial liabilities | 374,576 | 130,829 |
Current financial liabilities at fair value | 374,576 | 130,829 |
Leasing agreements | ||
Current | ||
Other current financial liabilities | 6,013,535 | 1,534,467 |
Current financial liabilities at fair value | 6,013,535 | 1,534,467 |
Non-current | ||
Other non-current financial liabilities | 23,454,700 | 13,797,468 |
Noncurrent financial liabilities at fair value | 23,454,700 | 13,797,468 |
Accounts payable | ||
Current | ||
Other current financial liabilities | 243,700,553 | 238,109,847 |
Current financial liabilities at fair value | 243,700,553 | 238,109,847 |
Non-current | ||
Other non-current financial liabilities | 619,587 | 735,665 |
Noncurrent financial liabilities at fair value | 619,587 | 735,665 |
Accounts payable related companies | ||
Current | ||
Other current financial liabilities | 53,637,601 | 45,827,859 |
Current financial liabilities at fair value | 53,637,601 | 45,827,859 |
Cash and cash equivalent | ||
Current | ||
Other current financial assets | 157,567,986 | 137,538,613 |
Current financial assets at fair value | 157,567,986 | 137,538,613 |
Other financial assets | ||
Current | ||
Other current financial assets | 317,205 | 669,527 |
Current financial assets at fair value | 317,205 | 669,527 |
Non-current | ||
Other non-current financial assets | 98,918,457 | 97,362,295 |
Noncurrent financial assets at fair value | 98,918,457 | 97,362,295 |
Trade receivables | ||
Non-current | ||
Other non-current financial assets | 523,769 | 1,270,697 |
Noncurrent financial assets at fair value | 523,769 | 1,270,697 |
Trade debtors and other accounts receivable | ||
Current | ||
Other current financial assets | 191,077,588 | 174,113,323 |
Current financial assets at fair value | 191,077,588 | 174,113,323 |
Accounts receivable related companies | ||
Current | ||
Other current financial assets | 10,619,740 | 9,450,263 |
Current financial assets at fair value | 10,619,740 | 9,450,263 |
Non-current | ||
Other non-current financial assets | 283,118 | 74,340 |
Noncurrent financial assets at fair value | $ 283,118 | $ 74,340 |
OTHER CURRENT AND NON-CURREN_11
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bank obligations current (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 40,593,878 | $ 56,114,977 |
Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 1,438,161 | 21,542,736 |
Envases Central S.A. | Banco BCI 2.13% Effective Rate Semiannual Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 748,838 | 726,943 |
Nominal interest rate | 2.13% | |
Effective interest rate percentage | 2.13% | |
Embotelladora del Atlantico S.A. | Banco de la Nacion Argentina 20.00 % Effective Rate Monthly Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 1,071 | |
Nominal interest rate | 20.00% | |
Effective interest rate percentage | 20.00% | |
Embotelladora del Atlantico S.A. | Banco Galicia y Buenos Aires S.A. 82.00 Percent Effective Rate Upon Maturity Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 8,453 | |
Nominal interest rate | 82.00% | |
Effective interest rate percentage | 82.00% | |
Rio De Janeiro Refrescos Ltda | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 635,727 | 171,415 |
Nominal interest rate | 6.63% | |
Effective interest rate percentage | 6.63% | |
Rio De Janeiro Refrescos Ltda | Banco Santander 7.15% Effective Rate Monthly Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 277,517 | |
Nominal interest rate | 7.15% | |
Effective interest rate percentage | 7.15% | |
Rio De Janeiro Refrescos Ltda | Banco Itau 4.50% Effective Rate Quarterly Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 45,143 | 2,455,578 |
Nominal interest rate | 4.50% | |
Effective interest rate percentage | 4.50% | |
Rio De Janeiro Refrescos Ltda | Banco Santander 6.24% Effective Rate Quarterly Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 17,910,212 | |
Nominal interest rate | 6.24% | |
Effective interest rate percentage | 6.24% | |
Up to 90 days | Envases Central S.A. | Banco BCI 2.13% Effective Rate Semiannual Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 374,419 | |
Up to 90 days | Embotelladora del Atlantico S.A. | Banco Galicia y Buenos Aires S.A. 82.00 Percent Effective Rate Upon Maturity Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 8,453 | |
Up to 90 days | Rio De Janeiro Refrescos Ltda | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 635,727 | |
Up to 90 days | Rio De Janeiro Refrescos Ltda | Banco Itau 4.50% Effective Rate Quarterly Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 11,678 | |
90 days to 1 year | Envases Central S.A. | Banco BCI 2.13% Effective Rate Semiannual Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 374,419 | |
90 days to 1 year | Rio De Janeiro Refrescos Ltda | Banco Itau 4.50% Effective Rate Quarterly Amortization obligation | Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 33,465 |
OTHER CURRENT AND NON-CURREN_12
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bank obligations non-current (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 743,327,057 | $ 716,563,778 |
Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 909,486 | 2,439,253 |
Envases Central S.A. | Bank loans | Banco BCI 2.13% Effective Rate Semiannual Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 736,033 | |
Nominal interest rate | 2.13% | |
Effective interest rate percentage | 2.13% | |
Envases Central S.A. | Bank loans | Banco BCI 2.1% Effective Rate Semiannually Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 1,434,786 | |
Nominal interest rate | 2.10% | |
Effective interest rate percentage | 2.10% | |
Envases Central S.A. | Bank loans | More than 1 year up to 2 years | Banco BCI 2.13% Effective Rate Semiannual Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 736,033 | |
Envases Central S.A. | Bank loans | More than 1 year up to 2 years | Banco BCI 2.1% Effective Rate Semiannually Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 1,434,786 | |
Rio De Janeiro Refrescos Ltda | Bank loans | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 173,453 | |
Nominal interest rate | 6.63% | |
Effective interest rate percentage | 6.63% | |
Rio De Janeiro Refrescos Ltda | Bank loans | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 239,730 | |
Nominal interest rate | 6.60% | |
Effective interest rate percentage | 6.60% | |
Rio De Janeiro Refrescos Ltda | Bank loans | Banco Santander 7.2% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 151,873 | |
Nominal interest rate | 7.20% | |
Effective interest rate percentage | 7.20% | |
Rio De Janeiro Refrescos Ltda | Bank loans | Banco Santander 6.2% Effective Rate Quarterly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Nominal interest rate | 6.20% | |
Effective interest rate percentage | 6.20% | |
Rio De Janeiro Refrescos Ltda | Bank loans | Banco Itau 4.5% Effective Rate Quarterly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 612,864 | |
Nominal interest rate | 4.50% | |
Effective interest rate percentage | 4.50% | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 1 year up to 2 years | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 44,621 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 1 year up to 2 years | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 72,439 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 1 year up to 2 years | Banco Santander 7.2% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 151,873 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 1 year up to 2 years | Banco Itau 4.5% Effective Rate Quarterly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 612,864 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 2 years up to 3 years | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 44,621 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 2 years up to 3 years | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 43,033 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 3 years up to 4 years | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 44,621 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 3 years up to 4 years | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 43,033 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 4 years up to 5 years | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 39,590 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 4 years up to 5 years | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 81,225 |
OTHER CURRENT AND NON-CURREN_13
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bonds Payable (Details) $ in Thousands, $ in Millions, in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018USD ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2019CLP ($) | Oct. 31, 2018CLF ( ) | |
Composition of bonds payable | ||||
Other current financial liabilities | $ 56,114,977 | $ 40,593,878 | ||
Other non-current financial liabilities | 716,563,778 | $ 743,327,057 | ||
Bonds USA | ||||
Bonds payable | ||||
Prepayment amount | $ 210 | |||
Annual interest rate | 5.00% | |||
Composition of bonds payable | ||||
Bonds (face value) | $ 365,000,000 | |||
Expenses of bond issuance and discounts on placement | 9,583,000 | |||
CMF Registration N912 10.10.2018 Series F | ||||
Bonds payable | ||||
Annual interest rate | 2.83% | 2.83% | ||
Composition of bonds payable | ||||
Bonds (face value) | $ 5,700,000 | 5.7 | ||
Bonds payable (current) | ||||
Composition of bonds payable | ||||
Bonds (face value) | 21,038,064 | 22,189,595 | ||
Bonds payable (non-current ) | ||||
Composition of bonds payable | ||||
Bonds (face value) | 704,048,747 | 721,950,553 | ||
Bonds payable, net | ||||
Composition of bonds payable | ||||
Bonds (face value) | 725,086,811 | 744,140,148 | ||
Other current financial liabilities | 20,664,481 | 21,604,601 | ||
Other non-current financial liabilities | $ 700,327,057 | $ 718,962,871 |
OTHER CURRENT AND NON-CURREN_14
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Current and non-current balances (Details) $ in Thousands, in Millions | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) | Oct. 31, 2018CLF ( ) |
Current and non-current balances | |||
Current bonds issued and current portion of non-current bonds issued | $ 22,189,595 | $ 21,038,064 | |
Non-current portion of non-current bonds issued | 721,950,553 | 704,048,747 | |
CMF Registration N254 06.13.2001 Series B | |||
Current and non-current balances | |||
Notional amount | $ 1,891,186 | ||
Borrowings, interest rate | 6.50% | ||
Current bonds issued and current portion of non-current bonds issued | $ 7,160,809 | 6,598,389 | |
Non-current portion of non-current bonds issued | 46,659,296 | 52,132,023 | |
CMF Registration N641 08.23.2010 Series C | |||
Current and non-current balances | |||
Notional amount | $ 1,500,000 | ||
Borrowings, interest rate | 4.00% | ||
Current bonds issued and current portion of non-current bonds issued | $ 630,731 | 614,152 | |
Non-current portion of non-current bonds issued | 42,464,910 | 41,348,685 | |
CMF Registration N759 08.20.2013 Series C | |||
Current and non-current balances | |||
Notional amount | $ 250,000 | ||
Borrowings, interest rate | 3.50% | ||
Current bonds issued and current portion of non-current bonds issued | $ 7,168,907 | 7,069,487 | |
Non-current portion of non-current bonds issued | 6,891,448 | ||
CMF Registration N760 08.20.2013 Series D | |||
Current and non-current balances | |||
Notional amount | $ 4,000,000 | ||
Borrowings, interest rate | 3.80% | ||
Current bonds issued and current portion of non-current bonds issued | $ 1,587,051 | 1,545,334 | |
Non-current portion of non-current bonds issued | 113,239,760 | 110,263,160 | |
CMF Registration N760 04.02.2014 Series E | |||
Current and non-current balances | |||
Notional amount | $ 3,000,000 | ||
Borrowings, interest rate | 3.75% | ||
Current bonds issued and current portion of non-current bonds issued | $ 1,048,938 | 1,027,009 | |
Non-current portion of non-current bonds issued | 84,929,828 | 82,697,378 | |
CMF Registration N912 10.10.2018 Series F | |||
Current and non-current balances | |||
Notional amount | $ 5,700,000 | 5.7 | |
Borrowings, interest rate | 2.83% | 2.83% | |
Current bonds issued and current portion of non-current bonds issued | $ 1,195,700 | 1,013,805 | |
Non-current portion of non-current bonds issued | 161,366,658 | 157,125,003 | |
Bonds USA | |||
Current and non-current balances | |||
Notional amount | $ 365,000,000 | ||
Borrowings, interest rate | 5.00% | ||
Current bonds issued and current portion of non-current bonds issued | $ 3,397,459 | 3,169,888 | |
Non-current portion of non-current bonds issued | 273,290,101 | 253,591,050 | |
Bonds payable (current) | |||
Current and non-current balances | |||
Notional amount | 22,189,595 | 21,038,064 | |
Current interest payable | $ 7,983,770 | $ 7,856,274 |
OTHER CURRENT AND NON-CURREN_15
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Non-current maturities (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 721,950,553 | $ 704,048,747 |
CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 46,659,296 | 52,132,023 |
CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 42,464,910 | 41,348,685 |
CMF Registration N760 08.20.2013 Series D | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 113,239,760 | 110,263,160 |
CMF Registration N760 04.02.2014 Series E | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 84,929,828 | 82,697,378 |
CMF Registration N912 10.10.2018 Series F | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 161,366,658 | 157,125,003 |
Bonds USA | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 273,290,101 | $ 253,591,050 |
More than 1 year up to 2 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 11,187,715 | |
More than 1 year up to 2 years | CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 7,327,269 | |
More than 1 year up to 2 years | CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 3,860,446 | |
More than 2 years up to 3 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 11,663,982 | |
More than 2 years up to 3 years | CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 7,803,536 | |
More than 2 years up to 3 years | CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 3,860,446 | |
More than 3 years up to 4 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 285,461,315 | |
More than 3 years up to 4 years | CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 8,310,767 | |
More than 3 years up to 4 years | CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 3,860,447 | |
More than 3 years up to 4 years | Bonds USA | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 273,290,101 | |
More than 5 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 413,637,541 | |
More than 5 years | CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 23,217,724 | |
More than 5 years | CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 30,883,571 | |
More than 5 years | CMF Registration N760 08.20.2013 Series D | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 113,239,760 | |
More than 5 years | CMF Registration N760 04.02.2014 Series E | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 84,929,828 | |
More than 5 years | CMF Registration N912 10.10.2018 Series F | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 161,366,658 |
OTHER CURRENT AND NON-CURREN_16
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bond restrictions (Details) | 12 Months Ended |
Dec. 31, 2019CLP ($)item | |
CMF Registration N254 06.13.2001 Series B | |
Disclosure of detailed information about borrowings | |
Indebtedness level | 0.71 |
Percentage threshold adjusted consolidated operating cash flow | $ 40 |
Consolidated assets to unsecured consolidated liabilities ratio | 1.71 |
CMF Registration N254 06.13.2001 Series B | Maximum | |
Disclosure of detailed information about borrowings | |
Indebtedness level | 1.20 |
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 |
CMF Registration N641 08.23.2010 Series C | |
Disclosure of detailed information about borrowings | |
Consolidated assets to unsecured consolidated liabilities ratio | 1.71 |
Net financial debt ratio | 0.66 |
Net Financial Coverage | 306.38 |
Number of consecutive quarters | item | 2 |
CMF Registration N641 08.23.2010 Series C | Maximum | |
Disclosure of detailed information about borrowings | |
Net financial debt ratio | 1.5 |
CMF Registration N641 08.23.2010 Series C | Minimum | |
Disclosure of detailed information about borrowings | |
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 |
Net Financial Coverage | 3 |
CMF Registration N759 08.20.2013 Series C and CMF Registration N760 08.20.2013 Series D and CMF Registration N760 04.02.2014 Series E | |
Disclosure of detailed information about borrowings | |
Indebtedness level | 0.54 |
Percentage threshold adjusted consolidated operating cash flow | $ 40 |
Consolidated assets to unsecured consolidated liabilities ratio | 1.71 |
CMF Registration N759 08.20.2013 Series C and CMF Registration N760 08.20.2013 Series D and CMF Registration N760 04.02.2014 Series E | Maximum | |
Disclosure of detailed information about borrowings | |
Indebtedness level | 1.20 |
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 |
CMF Registration N912 10.10.2018 Series F | |
Disclosure of detailed information about borrowings | |
Indebtedness level | 0.65 |
Percentage threshold adjusted consolidated operating cash flow | $ 40 |
Consolidated assets to unsecured consolidated liabilities ratio | 1.71 |
CMF Registration N912 10.10.2018 Series F | Maximum | |
Disclosure of detailed information about borrowings | |
Indebtedness level | 1.20 |
CMF Registration N912 10.10.2018 Series F | Minimum | |
Disclosure of detailed information about borrowings | |
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 |
OTHER CURRENT AND NON-CURREN_17
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Repurchases (Details) $ in Millions | Dec. 31, 2019USD ($) |
Rio De Janeiro Refrescos Ltda | |
Disclosure of detailed information about borrowings | |
Borrowings | $ 75 |
OTHER CURRENT AND NON-CURREN_18
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Leasing (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 40,593,878 | $ 56,114,977 |
Other non-current financial liabilities | 743,327,057 | 716,563,778 |
Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 1,438,161 | 21,542,736 |
Other non-current financial liabilities | 909,486 | 2,439,253 |
Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 6,013,535 | 1,534,467 |
Other non-current financial liabilities | $ 23,454,700 | 13,797,468 |
Rio De Janeiro Refrescos Ltda | Banco Santander 9.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 11,996 | |
Nominal interest rate | 9.47% | |
Effective interest rate percentage | 9.65% | |
Rio De Janeiro Refrescos Ltda | Banco Citibank 8.54% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 75,260 | |
Nominal interest rate | 8.52% | |
Effective interest rate percentage | 8.54% | |
Rio De Janeiro Refrescos Ltda | Cogeracao Light Esco 13.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 839,502 | 109,573 |
Other non-current financial liabilities | $ 12,701,596 | $ 13,396,228 |
Nominal interest rate | 12.28% | 12.28% |
Effective interest rate percentage | 13.00% | 13.00% |
Rio De Janeiro Refrescos Ltda | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 360,854 | $ 716,978 |
Other non-current financial liabilities | $ 382,269 | $ 401,240 |
Nominal interest rate | 7.39% | 7.39% |
Effective interest rate percentage | 7.65% | 7.65% |
Rio De Janeiro Refrescos Ltda | Imoveis 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 300,338 | $ 339,665 |
Nominal interest rate | 8.20% | |
Effective interest rate percentage | 8.20% | |
Rio De Janeiro Refrescos Ltda | Real Estate 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 106,928 | |
Nominal interest rate | 8.20% | |
Effective interest rate percentage | 8.20% | |
Rio De Janeiro Refrescos Ltda | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 497,386 | 280,995 |
Other non-current financial liabilities | $ 1,766,736 | |
Nominal interest rate | 6.56% | |
Effective interest rate percentage | 6.56% | |
Rio De Janeiro Refrescos Ltda | Up to 90 days | Cogeracao Light Esco 13.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 200,472 | |
Rio De Janeiro Refrescos Ltda | Up to 90 days | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 87,735 | |
Rio De Janeiro Refrescos Ltda | Up to 90 days | Imoveis 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 90,234 | |
Rio De Janeiro Refrescos Ltda | Up to 90 days | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 127,226 | |
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Cogeracao Light Esco 13.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 639,030 | |
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 273,119 | |
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Imoveis 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 210,104 | |
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 370,160 | |
Rio De Janeiro Refrescos Ltda | Maturity within one year | Cogeracao Light Esco 13.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 810,185 | |
Rio De Janeiro Refrescos Ltda | Maturity within one year | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 401,240 | |
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Cogeracao Light Esco 13.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 948,466 | |
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 271,264 | |
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Real Estate 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 97,784 | |
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 365,671 | |
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Cogeracao Light Esco 13.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 1,071,766 | 915,509 |
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 111,005 | |
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Real Estate 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 9,144 | |
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 355,172 | |
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Cogeracao Light Esco 13.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 1,211,096 | 1,034,525 |
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 339,020 | |
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Cogeracao Light Esco 13.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 1,368,538 | 1,169,014 |
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 331,185 | |
Rio De Janeiro Refrescos Ltda | More than 5 years | Cogeracao Light Esco 13.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 8,101,730 | $ 9,466,995 |
Rio De Janeiro Refrescos Ltda | More than 5 years | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 375,688 | |
Embotelladora del Atlantico S.A. | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 132,815 | |
Other non-current financial liabilities | $ 741,546 | |
Nominal interest rate | 12.00% | |
Effective interest rate percentage | 12.00% | |
Embotelladora del Atlantico S.A. | Banco Comafi 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 88,739 | |
Other non-current financial liabilities | $ 110,924 | |
Nominal interest rate | 12.00% | |
Effective interest rate percentage | 12.00% | |
Embotelladora del Atlantico S.A. | Real Estate 50.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 189,320 | |
Other non-current financial liabilities | $ 55,222 | |
Nominal interest rate | 50.00% | |
Effective interest rate percentage | 50.00% | |
Embotelladora del Atlantico S.A. | Up to 90 days | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 33,204 | |
Embotelladora del Atlantico S.A. | Up to 90 days | Banco Comafi 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 22,184 | |
Embotelladora del Atlantico S.A. | Up to 90 days | Real Estate 50.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 66,607 | |
Embotelladora del Atlantico S.A. | 90 days to 1 year | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 99,611 | |
Embotelladora del Atlantico S.A. | 90 days to 1 year | Banco Comafi 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 66,555 | |
Embotelladora del Atlantico S.A. | 90 days to 1 year | Real Estate 50.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 122,713 | |
Embotelladora del Atlantico S.A. | More than 2 years up to 3 years | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 398,442 | |
Embotelladora del Atlantico S.A. | More than 2 years up to 3 years | Banco Comafi 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 110,924 | |
Embotelladora del Atlantico S.A. | More than 2 years up to 3 years | Real Estate 50.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 55,222 | |
Embotelladora del Atlantico S.A. | More than 4 years up to 5 years | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 343,104 | |
Vital Aguas S.A. | Coca Cola del Valle New Ventures S.A 6.20% Effective Rate Lineal Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 1,169,884 | |
Nominal interest rate | 6.20% | |
Effective interest rate percentage | 6.20% | |
Vital Aguas S.A. | Coca Cola del Valle New Ventures S.A 6.2% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 2,242,278 | |
Nominal interest rate | 0.27% | |
Effective interest rate percentage | 6.20% | |
Vital Aguas S.A. | Up to 90 days | Coca Cola del Valle New Ventures S.A 6.20% Effective Rate Lineal Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 292,471 | |
Vital Aguas S.A. | 90 days to 1 year | Coca Cola del Valle New Ventures S.A 6.20% Effective Rate Lineal Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 877,413 | |
Vital Aguas S.A. | More than 1 year up to 2 years | Coca Cola del Valle New Ventures S.A 6.2% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 2,242,278 | |
Envases Central S.A. | Coca Cola del Valle New Ventures S.A 6.20% Effective Rate Lineal Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 2,198,998 | |
Nominal interest rate | 6.20% | |
Effective interest rate percentage | 6.20% | |
Envases Central S.A. | Coca Cola del Valle New Ventures S.A 6.2% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 4,947,745 | |
Nominal interest rate | 0.27% | |
Effective interest rate percentage | 6.70% | |
Envases Central S.A. | Up to 90 days | Coca Cola del Valle New Ventures S.A 6.20% Effective Rate Lineal Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 549,750 | |
Envases Central S.A. | 90 days to 1 year | Coca Cola del Valle New Ventures S.A 6.20% Effective Rate Lineal Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 1,649,248 | |
Envases Central S.A. | More than 1 year up to 2 years | Coca Cola del Valle New Ventures S.A 6.2% Effective Rate Monthly Amortization Obligation | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 4,947,745 | |
Paraguay Refrescos S.A. | Tetra Pack Ltda. Suc. Py | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 235,699 | |
Other non-current financial liabilities | $ 399,456 | |
Nominal interest rate | 0.00% | |
Effective interest rate percentage | 0.00% | |
Paraguay Refrescos S.A. | Up to 90 days | Tetra Pack Ltda. Suc. Py | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | $ 58,925 | |
Paraguay Refrescos S.A. | 90 days to 1 year | Tetra Pack Ltda. Suc. Py | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other current financial liabilities | 176,774 | |
Paraguay Refrescos S.A. | More than 1 year up to 2 years | Tetra Pack Ltda. Suc. Py | Leasing agreements | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 399,456 | |
Minimum | ||
Disclosure of detailed information about borrowings | ||
Average life | 1 year | |
Maximum | ||
Disclosure of detailed information about borrowings | ||
Average life | 8 years |
TRADE AND OTHER ACCOUNTS PAYA_3
TRADE AND OTHER ACCOUNTS PAYABLE (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
TRADE AND OTHER ACCOUNTS PAYABLE | ||
Current | $ 243,700,553 | $ 238,109,847 |
Non-current | 619,587 | 735,665 |
Trade accounts payable | 172,142,472 | 174,486,806 |
Withholdings tax | 53,326,254 | 47,693,379 |
Others | 18,851,414 | 16,665,327 |
Total | $ 244,320,140 | $ 238,845,512 |
OTHER PROVISIONS, CURRENT AND_3
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other provisions, Current and Non current | |||
Other provisions, current | $ 2,068,984 | $ 3,485,613 | |
Other provisions, non-current | 67,038,566 | 58,966,913 | |
Total | 69,107,550 | 62,452,526 | $ 65,624,166 |
Litigation | |||
Other provisions, Current and Non current | |||
Total | $ 69,107,550 | $ 62,452,526 |
OTHER PROVISIONS, CURRENT AND_4
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Details of Contingencies provisions (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other provisions, Current and Non current | |||
Balances | $ 69,107,550 | $ 62,452,526 | $ 65,624,166 |
Litigation | |||
Other provisions, Current and Non current | |||
Balances | 69,107,550 | 62,452,526 | |
Tax contingencies | |||
Other provisions, Current and Non current | |||
Balances | 38,853,059 | 47,991,514 | |
Labor contingencies | |||
Other provisions, Current and Non current | |||
Balances | 10,569,754 | 10,376,830 | |
Civil contingencies | |||
Other provisions, Current and Non current | |||
Balances | $ 19,684,737 | $ 4,084,182 |
OTHER PROVISIONS, CURRENT AND_5
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movements | ||
Balance at the beginning of the year | $ 62,452,526 | $ 65,624,166 |
Additional provisions | 121,003 | 46,657 |
Increases (decrease) in existing provisions | (13,085,051) | (4,998,530) |
Payments | 21,506,141 | 6,139,963 |
Reversal of unused provision | (2,511,589) | (2,157,152) |
Increase (decrease) due to foreign exchange differences | 624,520 | (2,202,578) |
Balance at the end of the year | $ 69,107,550 | $ 62,452,526 |
OTHER NON-FINANCIAL LIABILITI_3
OTHER NON-FINANCIAL LIABILITIES (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
OTHER NON-FINANCIAL LIABILITIES | ||
Dividends payable | $ 22,639,150 | $ 21,584,314 |
Other | 3,863,065 | 12,189,900 |
Total | $ 26,502,215 | $ 33,774,214 |
EQUITY - Series of shares (Deta
EQUITY - Series of shares (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019CLP ($)directorshares | Dec. 31, 2018CLP ($)shares | |
EQUITY | ||
Subscribed Capital | $ | $ 270,737,574 | $ 270,737,574 |
Paid-in capital | $ | $ 270,737,574 | $ 270,737,574 |
Number of directors | director | 14 | |
Series A | ||
EQUITY | ||
Number of shares subscribed at nominal value | shares | 473,289,301 | 473,289,301 |
Number of shares paid in | shares | 473,289,301 | 473,289,301 |
Number of voting shares | shares | 473,289,301 | 473,289,301 |
Subscribed Capital | $ | $ 135,379,504 | $ 135,379,504 |
Paid-in capital | $ | $ 135,379,504 | $ 135,379,504 |
Number of directors elected | director | 12 | |
Series B Share | ||
EQUITY | ||
Number of shares subscribed at nominal value | shares | 473,281,303 | 473,281,303 |
Number of shares paid in | shares | 473,281,303 | 473,281,303 |
Number of voting shares | shares | 473,281,303 | 473,281,303 |
Subscribed Capital | $ | $ 135,358,070 | $ 135,358,070 |
Paid-in capital | $ | $ 135,358,070 | $ 135,358,070 |
Number of directors elected | director | 2 | |
Additional dividend distribution as a percentage | 10.00% |
EQUITY - Dividend policy (Detai
EQUITY - Dividend policy (Details) - $ / shares | 1 Months Ended | ||||||||
Jan. 31, 2020 | Oct. 31, 2019 | Aug. 31, 2019 | May 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Aug. 31, 2018 | May 31, 2018 | Jan. 31, 2018 | |
Series A | |||||||||
EQUITY | |||||||||
Interim dividend per share | $ 22.60 | $ 21.50 | $ 21.50 | $ 21.50 | $ 21.50 | ||||
Final dividend per share | $ 21.50 | $ 21.50 | |||||||
Additional dividend paid per share | $ 21.50 | $ 21.50 | |||||||
Series B Share | |||||||||
EQUITY | |||||||||
Interim dividend per share | $ 24.86 | $ 23.65 | $ 23.65 | $ 23.65 | $ 23.65 | ||||
Final dividend per share | $ 23.65 | $ 23.65 | |||||||
Additional dividend paid per share | $ 23.65 | $ 23.65 |
EQUITY - Reserves (Details)
EQUITY - Reserves (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2009 |
EQUITY | ||||
Polar acquisition | $ 421,701,520 | $ 421,701,520 | $ 421,701,520 | |
Foreign currency translation reserves | (339,076,340) | (306,674,528) | (237,077,572) | |
Cash flow hedge reserve | (14,850,683) | (13,668,932) | (3,094,671) | |
Reserve for employee benefit actuarial gains or losses | (2,230,752) | (1,954,077) | (1,915,587) | |
Legal and statutory reserves | 5,435,538 | 5,435,538 | 5,435,538 | $ 5,435,538 |
Other | 6,014,568 | 6,014,568 | ||
Total | $ 76,993,851 | $ 110,854,089 | $ 185,049,228 |
EQUITY - Foreign currency trans
EQUITY - Foreign currency translation reserves (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EQUITY | |||
Reserve of exchange differences on translation | $ (339,076,340) | $ (306,674,528) | $ (237,077,572) |
Movement in foreign currency translation reserve | (32,401,812) | (69,596,956) | (68,333,217) |
Brazil | |||
EQUITY | |||
Reserve of exchange differences on translation | (102,922,548) | (99,990,343) | (90,156,924) |
Movement in foreign currency translation reserve | 15,386,079 | (10,313,069) | (32,963,533) |
Argentina | |||
EQUITY | |||
Reserve of exchange differences on translation | (246,415,922) | (201,118,180) | (128,348,112) |
Movement in foreign currency translation reserve | (45,297,742) | (72,770,068) | (19,961,899) |
Paraguay | |||
EQUITY | |||
Reserve of exchange differences on translation | 6,133,700 | 8,623,849 | (4,862,332) |
Movement in foreign currency translation reserve | (2,490,149) | 13,486,181 | (15,407,785) |
Chile | |||
EQUITY | |||
Reserve of exchange differences on translation | $ 4,128,430 | $ (14,189,854) | $ (13,710,204) |
EQUITY - Consolidated statement
EQUITY - Consolidated statements of comprehensive income (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flow for hedge | |||
Gross Balance | $ (1,865,233) | $ (13,151,841) | $ (813,844) |
Tax | 683,482 | 2,554,551 | 167,348 |
Net Balance | (1,181,751) | (10,597,290) | (646,496) |
Exchange rate translation differences | |||
Gross Balance | (41,844,584) | (72,455,525) | (68,831,435) |
Tax | 9,295,546 | 2,476,204 | 232,666 |
Net Balance | (32,549,038) | (69,979,321) | (68,598,769) |
Benefit relate to defined benefit plans | |||
Gross Balance | (379,007) | (63,463) | (329,477) |
Tax | 102,332 | 16,184 | 84,017 |
Net Balance | (276,675) | (47,279) | (245,460) |
Total Comprehensive income | |||
Gross Balance | (44,088,824) | (85,670,829) | (69,974,756) |
Tax | 10,081,360 | 5,046,939 | 484,031 |
Other comprehensive income, total | $ (34,007,464) | $ (80,623,890) | $ (69,490,725) |
EQUITY - Movement of comprehens
EQUITY - Movement of comprehensive income and expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement of comprehensive income and loss | |||
Other comprehensive income, total | $ (34,007,464) | $ (80,623,890) | $ (69,490,725) |
Cash flow hedge reserve | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | (1,724,004) | (63,699,788) | (14,172,572) |
Deferred taxes | 340,835 | 20,217,065 | 3,875,908 |
Reclassification to the result by function | 118,779 | 48,415,956 | 13,352,835 |
Reclassification of deferred taxes related to other reserves | 82,639 | (15,530,523) | (3,702,667) |
Other comprehensive income, total | (1,181,751) | (10,597,290) | (646,496) |
Equity holders of the parent | (1,181,751) | (10,597,290) | (646,496) |
Reserves for exchange rate differences | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | (41,844,584) | (72,455,525) | (68,831,435) |
Deferred taxes | 9,295,546 | 2,476,204 | 232,666 |
Other comprehensive income, total | (32,549,038) | (69,979,321) | (68,598,769) |
Equity holders of the parent | (32,401,812) | (69,592,296) | (68,333,217) |
Non-Controlling interests | (147,226) | (387,025) | (265,552) |
Benefit related to defines benefit plans | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | 53,511 | (334,508) | (476,044) |
Deferred taxes | (14,448) | 89,366 | 121,390 |
Reclassification to the result by function | (432,518) | 271,045 | 146,564 |
Reclassification of deferred taxes related to other reserves | 116,780 | (73,182) | (37,370) |
Other comprehensive income, total | (276,675) | (47,279) | (245,460) |
Equity holders of the parent | $ (276,675) | (43,150) | (130,555) |
Non-Controlling interests | $ (4,129) | $ (114,905) |
EQUITY - Non-controlling intere
EQUITY - Non-controlling interests (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-controlling interests | |||
Shareholders equity attributable to non controlling interests | $ 20,254,258 | $ 19,901,617 | $ 21,923,293 |
Income attributable to non controlling interests | 1,524,297 | 847,375 | 1,164,935 |
Total current assets | 533,474,103 | 481,586,454 | 484,010,050 |
Total non-current assets | 1,857,474,320 | 1,732,918,235 | 1,630,849,417 |
Total current liabilities | 411,658,352 | 419,862,101 | 428,287,322 |
Total non-current liabilities | 1,010,386,123 | 930,927,845 | 873,338,796 |
Net sales | 1,779,025,115 | 1,672,915,799 | 1,848,878,619 |
Net income | $ 175,246,225 | $ 97,450,746 | $ 119,000,725 |
Embotelladora del Atlantico S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 0.0171% | 0.0171% | 0.0171% |
Shareholders equity attributable to non controlling interests | $ 26,342 | $ 23,260 | $ 13,765 |
Income attributable to non controlling interests | 4,183 | 3,633 | 5,590 |
Total current assets | 73,309,861 | 78,222,876 | 97,285,008 |
Total non-current assets | 160,885,628 | 156,224,157 | 94,369,129 |
Total current liabilities | 66,987,371 | 82,148,269 | 109,594,738 |
Total non-current liabilities | 12,732,620 | 15,897,476 | 1,339,723 |
Net sales | 384,856,368 | 406,216,738 | 544,585,291 |
Net income | $ 24,531,815 | $ 21,304,406 | $ 32,781,977 |
Andina Empaques Argentina S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 0.0209% | 0.0209% | 0.0209% |
Shareholders equity attributable to non controlling interests | $ 2,290 | $ 2,113 | $ 2,213 |
Income attributable to non controlling interests | 409 | 96 | 711 |
Total current assets | 4,350,074 | 4,329,932 | 7,143,561 |
Total non-current assets | 9,433,294 | 9,251,880 | 6,413,307 |
Total current liabilities | 2,212,255 | 2,309,810 | 2,944,499 |
Total non-current liabilities | 618,031 | 1,169,270 | 28,444 |
Net sales | 18,509,124 | 16,034,964 | 20,698,427 |
Net income | $ 1,954,024 | $ 458,980 | $ 3,398,080 |
Paraguay Refrescos S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 2.1697% | 2.1697% | 2.1697% |
Shareholders equity attributable to non controlling interests | $ 5,368,470 | $ 5,378,074 | $ 5,045,792 |
Income attributable to non controlling interests | 622,188 | 556,112 | 502,945 |
Total current assets | 41,266,559 | 37,309,706 | 30,419,844 |
Total non-current assets | 248,309,451 | 248,751,791 | 234,278,288 |
Total current liabilities | 25,990,081 | 21,870,719 | 17,297,339 |
Total non-current liabilities | 16,161,177 | 16,323,385 | 14,487,776 |
Net sales | 158,892,010 | 149,588,252 | 141,277,230 |
Net income | $ 28,675,727 | $ 25,630,364 | $ 23,179,968 |
Vital S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 35.00% | 35.00% | 35.00% |
Shareholders equity attributable to non controlling interests | $ 7,904,741 | $ 7,674,785 | $ 9,261,108 |
Income attributable to non controlling interests | 263,442 | 271,063 | 283,327 |
Vital Jugos S.A. | |||
Non-controlling interests | |||
Total current assets | 18,534,272 | 16,005,424 | 21,135,712 |
Total non-current assets | 15,475,979 | 16,969,708 | 19,691,418 |
Total current liabilities | 11,150,695 | 11,018,878 | 14,244,283 |
Total non-current liabilities | 274,583 | 28,298 | 128,071 |
Net sales | 46,818,385 | 56,724,318 | 68,884,622 |
Net income | $ 752,692 | $ 774,466 | $ 809,507 |
Vital Aguas S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 33.50% | 33.50% | 33.50% |
Shareholders equity attributable to non controlling interests | $ 1,803,884 | $ 1,986,493 | $ 2,117,098 |
Income attributable to non controlling interests | 105,870 | 36,696 | 151,647 |
Total current assets | 5,266,575 | 4,616,490 | 4,296,412 |
Total non-current assets | 8,527,624 | 5,287,639 | 5,876,875 |
Total current liabilities | 5,794,282 | 3,803,117 | 3,698,382 |
Total non-current liabilities | 2,615,188 | 171,184 | 157,558 |
Net sales | 18,201,656 | 15,859,403 | 14,642,493 |
Net income | $ 316,031 | $ 109,539 | $ 452,679 |
Envases Central S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 40.73% | 40.73% | 40.73% |
Shareholders equity attributable to non controlling interests | $ 5,148,531 | $ 4,836,892 | $ 5,483,317 |
Income attributable to non controlling interests | 528,205 | (20,225) | 220,715 |
Total current assets | 16,265,862 | 13,737,336 | 8,343,734 |
Total non-current assets | 20,903,184 | 12,239,333 | 14,243,627 |
Total current liabilities | 18,732,369 | 13,063,735 | 7,410,662 |
Total non-current liabilities | 5,796,119 | 1,041,400 | 1,710,709 |
Net sales | 70,633,817 | 59,433,099 | 39,205,943 |
Net income | $ 1,296,840 | $ (112,302) | $ 541,927 |
EQUITY - Earnings per share (De
EQUITY - Earnings per share (Details) - CLP ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Series A | |||
Earnings per share | |||
Earnings attributable to shareholders | $ 82,725,427 | $ 46,001,994 | $ 56,112,755 |
Average weighted number of shares | 473,289,301 | 473,289,301 | 473,289,301 |
Earnings per share (in CLP) | $ 174.79 | $ 97.20 | $ 118.56 |
Series B Share | |||
Earnings per share | |||
Earnings attributable to shareholders | $ 90,996,501 | $ 50,601,377 | $ 61,723,035 |
Average weighted number of shares | 473,281,303 | 473,281,303 | 473,281,303 |
Earnings per share (in CLP) | $ 192.27 | $ 106.92 | $ 130.42 |
DERIVATIVE ASSETS AND LIABILI_3
DERIVATIVE ASSETS AND LIABILITIES (Details) $ in Thousands, $ in Millions | Dec. 31, 2019CLP ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | |||
DERIVATIVE ASSETS AND LIABILITIES | |||
Hedged item, liabilities | $ 360 | ||
Derivative financial assets held for hedging | $ 98,918,457 | ||
Derivative Instrument Raw Material Purchases | Forward contract | Fair value hedges | |||
DERIVATIVE ASSETS AND LIABILITIES | |||
Notional amount | $ 46.9 | $ 56.8 |
DERIVATIVE ASSETS AND LIABILI_4
DERIVATIVE ASSETS AND LIABILITIES - Fair Value (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of financial assets and liabilities | ||
Transfers into out of Level 1 assets and liabilities | $ 0 | $ 0 |
Transfers into out of level 2 assets and liabilities | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, liabilities | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | 0 | 0 |
Financial assets, at fair value | 99,235,662 | 88,116,189 |
Financial liabilities, at fair value | 374,576 | 130,829 |
Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 99,235,662 | 88,116,189 |
Financial liabilities, at fair value | 374,576 | 130,829 |
Other current financial liabilities | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 374,576 | 130,829 |
Other current financial liabilities | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 374,576 | 130,829 |
Other financial assets | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 317,205 | 669,527 |
Other financial assets | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 317,205 | 669,527 |
Other non-current financial assets | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 98,918,457 | 87,446,662 |
Other non-current financial assets | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | $ 98,918,457 | $ 87,446,662 |
LITIGATION AND CONTINGENCIES -
LITIGATION AND CONTINGENCIES - Lawsuits and other legal actions (Details) $ in Thousands | Sep. 30, 2013BRL (R$) | Oct. 31, 2013BRL (R$) | Dec. 31, 2019BRL (R$) | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) | Sep. 30, 2014BRL (R$) |
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | R$ 213122274 | $ 39,608,019 | ||||
Legal proceedings contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | 2,065,496 | |||||
Embotelladora del Atlantico S.A. | Legal proceedings contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | 942,173 | |||||
Time deposits to guaranty judicial liabilities | 457,576 | |||||
Rio De Janeiro Refrescos Ltda | Legal proceedings contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | 66,070,162 | |||||
Time deposits to guaranty judicial liabilities | 32,166,823 | $ 31,143,415 | ||||
Warranty insurance and bail letters | R$ | R$ 1152911259 | |||||
Warranty insurance and bail letters commission percentage | 0.59% | |||||
Rio De Janeiro Refrescos Ltda | Tax contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | R$ 77587076 | 14,412,520 | ||||
ex-Companhia De Bebidas Ipiranga | Tax contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Loss contingency damages sought | R$ | R$ 1330473161 | R$ 375286356 | 694,085,017 | |||
Litigation settlement amount released from liability | R$ | R$ 135282155 | R$ 598745218 | ||||
Paraguay Refrescos S.A. | Legal proceedings contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | $ 3,488 |
LITIGATION AND CONTINGENCIES _2
LITIGATION AND CONTINGENCIES - Guarantees (Details) $ in Thousands | Dec. 31, 2019BRL (R$) | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) |
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | R$ 213122274 | $ 39,608,019 | |
Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 33,865,874 | $ 31,816,784 | |
Gas Licuado Lipigas SA | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,140 | ||
Transportes San Martin | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,805 | ||
Cooperativa Agrcola Pisquera Elqui Limitada [Member] | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,216,865 | ||
Inmob. e Invers. Supetar Ltda | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,579 | 4,579 | |
Maria Lobos Jamet | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,565 | 2,565 | |
Bodega San Francisco | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 6,483 | ||
Employee claims | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 6,600,863 | 5,336,644 | |
Civil and tax claims | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 12,186,432 | 12,597,136 | |
Government entities | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 13,379,610 | 13,209,635 | |
Distribuidora Baraldo S.H. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 250 | 369 | |
Acuna Gomez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 375 | 553 | |
Nicanor Lopez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 268 | 395 | |
Labarda | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 5 | 7 | |
Municipalidad Bariloche | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 36,313 | 21,420 | |
Municipalidad San Antonio Oeste | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 27,598 | 40,682 | |
Municipalidad Carlos Casares | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,116 | 1,645 | |
Municipalidad Chivilcoy | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 172,602 | 254,430 | |
Others | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 53 | 78 | |
Granada Maximiliano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,250 | 3,317 | |
Cicsa | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,128 | 4,612 | |
Other lessors [Member] | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 15,289 | 46,169 | |
Aduana De EZEIZA | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 422 | 3,013 | |
Municipalidad De Junin | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 360 | 1,592 | |
Almada Jorge | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,054 | 4,949 | |
Municipalidad De Picun Leufu | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 72 | ||
Migoni Marano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 76 | 112 | |
Farias Matias Luis | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,401 | 309 | |
Temas Industriales SA - Embargo General de Fondos | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 156,759 | 231,077 | |
Gomez Alejandra Raquel | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 35 | ||
Lopez Gustavo Gerardo C/Inti Saic Y Otros | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 226 | ||
Tribunal Superior De Justicia De La Provincia De Cordoba | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 290 | ||
DBC SA C CERVECERIA ARGENTINA SA ISEMBECK | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 28,129 | 41,465 | |
Coto Cicsa | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 5,001 | ||
Cencosud | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,125 | ||
Marcus A. Pena | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,955 | 4,164 | |
Mauricio J Cordero C | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 917 | 904 | |
Jose Ruoti Maltese | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 738 | 758 | |
Alejandro Galeano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,275 | 1,251 | |
Ana Maria Mazo | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,213 | 1,191 | |
Employee procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,819,285 | 2,601,353 | |
Administrative procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 10,432,633 | 8,233,853 | |
Federal Government | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 138,635,908 | 116,192,877 | |
State Government | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 54,803,911 | 43,015,207 | |
Sorocaba Refrescos | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,715,186 | 3,586,095 | |
Others | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,757,062 | 3,236,092 | |
Aduana De Ezeiza One | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 673,854 | 699,502 | |
Aduana De Ezeiza Two | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | $ 506,623 | $ 182,459 |
FINANCIAL RISK MANAGEMENT - Int
FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) - Interest rate risk - Fixed interest rate $ in Millions, $ in Millions, in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019CLP ($) | Dec. 31, 2019CLF ( ) | Dec. 31, 2019CLP ($) | Dec. 31, 2019USD ($) | |
National | ||||
Interest Rate Risk | ||||
Financial liabilities | | 16,457 | |||
Foreign | ||||
Interest Rate Risk | ||||
Financial liabilities | $ 365 | |||
Principal | $ 575 | |||
Prepayment amount | $ 210 | |||
Percentage of foreign bonds re-denominated to domestic currencies | 100.00% |
FINANCIAL RISK MANAGEMENT - Cre
FINANCIAL RISK MANAGEMENT - Credit Risk (Details) client in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)client | |
Credit risk | |
Credit risk | |
Accounts receivable threshold amount for sales suspension | $ 250,000 |
Accounts receivable threshold period for sales suspension (In Days) | 60 days |
Outstanding accounts receivable balance at which CFO approval is required | $ 1,000,000 |
Credit risk | Minimum | |
Credit risk | |
Number of customers | client | 100 |
31 to 60 days | |
Credit risk | |
Accounts receivable provision percentage | 30.00% |
61 and 90 days | |
Credit risk | |
Accounts receivable provision percentage | 60.00% |
91 and 120 days | |
Credit risk | |
Accounts receivable provision percentage | 90.00% |
Accounts receivable disputed balance provision percentage | 40.00% |
121 days and over | |
Credit risk | |
Accounts receivable provision percentage | 100.00% |
121 and 170 days | |
Credit risk | |
Accounts receivable disputed balance provision percentage | 80.00% |
171 days and over | |
Credit risk | |
Accounts receivable disputed balance provision percentage | 100.00% |
FINANCIAL RISK MANAGEMENT - Pre
FINANCIAL RISK MANAGEMENT - Prepayments, Guarantees and Financial Investments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CLP ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2017CLP ($) | |
Credit risk | ||||
Trade receivables | $ 153,654,549 | $ 151,000,475 | ||
Other provisions | $ 69,107,550 | $ 62,452,526 | $ 65,624,166 | |
Maximum | ||||
Credit risk | ||||
Trade receivables uncollectible percentage | 0.50% | |||
Credit risk | ||||
Credit risk | ||||
Prepayment to suppliers threshold | $ 25,000 | |||
Credit risk | Minimum | ||||
Credit risk | ||||
Time deposits with institutions with risk ratings of A S&P or equivalent | 1 year | |||
Credit risk | Maximum | ||||
Credit risk | ||||
Time deposits with institutions with risk ratings of Level 1 Fitch or equivalent | 1 year | |||
Currency risk | ||||
Credit risk | ||||
Number of risks exposed to that are caused by exchange rate volatility | item | 3 |
FINANCIAL RISK MANAGEMENT - Inv
FINANCIAL RISK MANAGEMENT - Investment Risk by Country (Details) - CLP ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Exchange Rate Risk | ||||
Total Equity | $ 968,903,948 | $ 863,714,743 | $ 813,233,349 | $ 842,170,027 |
Total assets | 2,390,948,423 | 2,214,504,689 | 2,114,859,467 | |
Total liabilities | 1,422,044,475 | $ 1,350,789,946 | $ 1,301,626,118 | |
Currency risk | Argentina | ||||
Exchange Rate Risk | ||||
Total Equity | 159,998,762 | |||
Total assets | 241,470,298 | |||
Total liabilities | $ 81,471,536 | |||
Percentage of entity's revenue | 22.00% | |||
Appreciation (devaluation) of foreign currency against the domestic currency | (32.20%) | |||
Percentage of reasonably possible risk increase | (5.00%) | |||
Increase (decrease) in income due to a reasonably possible increase in risk component | $ (309,180) | |||
Increase (decrease) in equity due to a reasonably possible risk increase | (4,568,317) | |||
Increase (decrease) in assets due to a reasonably possible risk increase | (7,801,317) | |||
Increase (decrease) in liabilities due to a reasonably possible risk increase | (3,233,000) | |||
Currency risk | Brazil | ||||
Exchange Rate Risk | ||||
Total Equity | 327,782,367 | |||
Total assets | 958,328,527 | |||
Total liabilities | $ 630,546,160 | |||
Percentage of entity's revenue | 34.80% | |||
Appreciation (devaluation) of foreign currency against the domestic currency | (3.60%) | |||
Percentage of reasonably possible risk increase | (5.00%) | |||
Increase (decrease) in income due to a reasonably possible increase in risk component | $ (3,959,257) | |||
Increase (decrease) in equity due to a reasonably possible risk increase | (13,126,491) | |||
Increase (decrease) in assets due to a reasonably possible risk increase | (40,179,105) | |||
Increase (decrease) in liabilities due to a reasonably possible risk increase | (27,052,614) | |||
Currency risk | Paraguay | ||||
Exchange Rate Risk | ||||
Total Equity | 247,424,752 | |||
Total assets | 289,576,010 | |||
Total liabilities | $ 42,151,258 | |||
Percentage of entity's revenue | 8.90% | |||
Appreciation (devaluation) of foreign currency against the domestic currency | 0.50% | |||
Percentage of reasonably possible risk increase | (5.00%) | |||
Increase (decrease) in income due to a reasonably possible increase in risk component | $ (1,365,519) | |||
Increase (decrease) in equity due to a reasonably possible risk increase | (11,749,100) | |||
Increase (decrease) in assets due to a reasonably possible risk increase | (13,559,529) | |||
Increase (decrease) in liabilities due to a reasonably possible risk increase | $ (1,810,429) |
FINANCIAL RISK MANAGEMENT - For
FINANCIAL RISK MANAGEMENT - Foreign Currency Risk (Details) - Currency risk $ in Thousands | 12 Months Ended |
Dec. 31, 2019CLP ($) | |
Net exposure of assets and liabilities in foreign currency | |
Derivative financial liabilities | $ 258,679,281 |
Financial liabilities net of assets and net of derivative contracts | 10,867,119 |
USD | |
Net exposure of assets and liabilities in foreign currency | |
Gross financial assets subject to offsetting | $ 16,733,249 |
Percentage of US denominated financial liabilities with derivative cross currency swaps | 100.00% |
Public and Bank liabilities | |
Net exposure of assets and liabilities in foreign currency | |
Gross financial liabilities subject to offsetting | $ 275,412,530 |
Argentina | Public and Bank liabilities | |
Net exposure of assets and liabilities in foreign currency | |
Gross financial liabilities subject to offsetting | $ 275,412,530 |
FINANCIAL RISK MANAGEMENT - F_2
FINANCIAL RISK MANAGEMENT - Foreign Currency Exposure (Details) - Commodity price risk | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Assets purchased or indexed to foreign currency exposure | |
Amount of risk exposure percentage | 35.00% |
Maximum | |
Assets purchased or indexed to foreign currency exposure | |
Amount of risk exposure percentage | 40.00% |
FINANCIAL RISK MANAGEMENT - Liq
FINANCIAL RISK MANAGEMENT - Liquidity Risk (Details) - Liquidity risk $ in Thousands | Dec. 31, 2019CLP ($) |
Maturity within one year | |
Committed maturities for liability payments | |
Bank debt | $ 724,370 |
Bonds payable | 42,979,308 |
Lease obligations | 8,663,557 |
Contractual obligations | 19,108,905 |
Total | 71,476,140 |
More than 1 year up to 2 years | |
Committed maturities for liability payments | |
Bank debt | 1,439,072 |
Bonds payable | 41,194,718 |
Lease obligations | 11,228,497 |
Contractual obligations | 63,130,570 |
Total | 116,992,857 |
More than 2 years up to 3 years | |
Committed maturities for liability payments | |
Bank debt | 786,812 |
Bonds payable | 41,041,811 |
Lease obligations | 10,933,557 |
Contractual obligations | 5,654,968 |
Total | 58,417,148 |
More than 3 years up to 4 years | |
Committed maturities for liability payments | |
Bank debt | 44,621 |
Bonds payable | 314,179,008 |
Lease obligations | 10,817,417 |
Contractual obligations | 4,823,313 |
Total | 329,864,359 |
More than 5 years | |
Committed maturities for liability payments | |
Bank debt | 44,621 |
Bonds payable | 585,387,621 |
Lease obligations | 18,479,429 |
Contractual obligations | 2,499,886 |
Total | $ 606,411,557 |
EXPENSES BY NATURE (Details)
EXPENSES BY NATURE (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EXPENSES BY NATURE | |||
Direct production costs | $ 877,716,948 | $ 759,229,954 | $ 815,455,280 |
Payroll and employee benefits | 273,123,010 | 266,966,841 | 287,458,526 |
Transportation and distribution | 138,486,337 | 137,428,173 | 163,361,088 |
Advertising | 27,113,322 | 17,345,951 | 29,209,904 |
Depreciation and amortization | 111,087,284 | 99,594,446 | 99,163,891 |
Repairs and maintenance | 30,528,180 | 28,120,098 | 34,253,824 |
Other expenses | 83,188,784 | 138,860,648 | 181,249,647 |
Total | $ 1,541,243,865 | $ 1,447,546,111 | $ 1,610,152,160 |
OTHER INCOME (Details)
OTHER INCOME (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER INCOME | |||
Gain on disposal of Property, plant and equipment | $ 265,514 | $ 1,984,547 | $ 312,470 |
Recovery AFIP claim | 232,617 | ||
Recover PIS and COFINS credits (1) | 40,281,550 | ||
Others | 400,094 | 392,004 | 238,364 |
Total | $ 40,947,158 | $ 2,609,168 | $ 550,834 |
OTHER EXPENSES BY FUNCTION (Det
OTHER EXPENSES BY FUNCTION (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER EXPENSES BY FUNCTION | |||
Contingencies and non-operating fees | $ 17,690,171 | $ 10,192,495 | $ 5,377,190 |
Tax on bank debits | 4,356,973 | 4,653,929 | 7,669,234 |
Write-offs, disposal and loss of Property, plant and equipment | 2,978,194 | 262,366 | 3,025,497 |
Others | 1,157,509 | 948,973 | 629,550 |
Total other expenses | $ 26,182,847 | $ 16,057,763 | $ 16,701,471 |
FINANCIAL INCOME AND EXPENSES_2
FINANCIAL INCOME AND EXPENSES (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial income | |||
Interest income | $ 3,249,550 | $ 1,046,580 | $ 8,370,338 |
Guaranty restatement Ipiranga acquisition | 27,219 | ||
Recovery PIS and COFINS credits | 39,780,620 | ||
Other financial income | 2,098,402 | 2,893,664 | 2,824,037 |
Total | 45,155,791 | 3,940,244 | 11,194,375 |
Financial costs | |||
Bond interest | 38,153,036 | 38,547,682 | 42,178,816 |
Bank loan interest | 1,337,670 | 1,828,588 | 5,553,485 |
Other financial costs | 6,718,314 | 14,638,390 | 7,488,068 |
Total | $ 46,209,020 | $ 55,014,660 | $ 55,220,369 |
OTHER (LOSSES) GAINS (Details)
OTHER (LOSSES) GAINS (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER (LOSSES) GAINS | |||
(Losses) gains on ineffective portion of hedge derivatives | $ (2,707,802) | $ (2,536,079) | |
Other income and expenses | $ 2,876 | (57) | (1,190) |
Total | $ 2,876 | $ (2,707,859) | $ (2,537,269) |
LOCAL AND FOREIGN CURRENCY - Cu
LOCAL AND FOREIGN CURRENCY - Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 157,567,986 | $ 137,538,613 | $ 136,242,116 | $ 141,263,880 |
Other financial assets, current | 347,278 | 683,567 | ||
Other non-financial assets, current | 16,188,965 | 5,948,923 | ||
Trade accounts and other accounts receivable | 191,077,588 | 174,113,323 | ||
Accounts receivable related entities | 10,835,768 | 9,450,263 | ||
Inventory | 147,641,224 | 151,319,709 | ||
Current tax assets | 9,815,294 | 2,532,056 | ||
Total Current Assets | 533,474,103 | 481,586,454 | $ 484,010,050 | |
USD | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 16,733,249 | 5,917,041 | ||
Other non-financial assets, current | 893,571 | 45,053 | ||
Trade accounts and other accounts receivable | 1,431,079 | 863,794 | ||
Accounts receivable related entities | 45,644 | 26,557 | ||
Inventory | 6,027,076 | 2,197,382 | ||
Total Current Assets | 25,130,619 | 9,049,827 | ||
EUR | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 9,722 | 51,401 | ||
Other non-financial assets, current | 615,636 | |||
Trade accounts and other accounts receivable | 52,332 | |||
Inventory | 12,522 | |||
Total Current Assets | 625,358 | 116,255 | ||
UF | ||||
CURRENT ASSETS | ||||
Other non-financial assets, current | 410,203 | 78,623 | ||
Trade accounts and other accounts receivable | 453,469 | 1,414,800 | ||
Total Current Assets | 863,672 | 1,493,423 | ||
CLP | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 78,420,966 | 86,121,695 | ||
Other financial assets, current | 275,407 | 355,126 | ||
Other non-financial assets, current | 5,642,901 | 3,589,253 | ||
Trade accounts and other accounts receivable | 83,328,449 | 73,028,244 | ||
Accounts receivable related entities | 9,157,922 | 6,911,814 | ||
Inventory | 48,320,784 | 50,130,341 | ||
Current tax assets | 9,815,294 | |||
Total Current Assets | 234,961,723 | 220,136,473 | ||
BRL | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 46,189,977 | 28,040,970 | ||
Other financial assets, current | 13,498 | 14,040 | ||
Other non-financial assets, current | 1,738,793 | 1,275,073 | ||
Trade accounts and other accounts receivable | 79,586,461 | 66,585,089 | ||
Inventory | 43,820,564 | 36,797,523 | ||
Current tax assets | 2,532,056 | |||
Total Current Assets | 171,349,293 | 135,244,751 | ||
ARS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 3,830,199 | 6,726,906 | ||
Other financial assets, current | 16,575 | 300,359 | ||
Other non-financial assets, current | 3,918,728 | 460,125 | ||
Trade accounts and other accounts receivable | 19,088,164 | 25,000,141 | ||
Accounts receivable related entities | 1,632,202 | 2,511,892 | ||
Inventory | 34,262,914 | 46,394,230 | ||
Total Current Assets | 62,748,782 | 81,393,653 | ||
PGY | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 12,383,873 | 10,680,600 | ||
Other financial assets, current | 41,798 | 14,042 | ||
Other non-financial assets, current | 2,969,133 | 500,796 | ||
Trade accounts and other accounts receivable | 7,189,966 | 7,168,923 | ||
Inventory | 15,209,886 | 15,787,711 | ||
Total Current Assets | $ 37,794,656 | $ 34,152,072 |
LOCAL AND FOREIGN CURRENCY - No
LOCAL AND FOREIGN CURRENCY - Non-Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
NON-CURRENT ASSETS | ||||
Other non-current financial assets | $ 110,784,311 | $ 97,362,295 | ||
Other non-current, non-financial assets | 125,636,150 | 34,977,264 | ||
Accounts receivable, non-current | 523,769 | 1,270,697 | ||
Accounts receivable related entities, non-current | 283,118 | 74,340 | ||
Investments accounted for using the equity method | 99,866,733 | 102,410,945 | $ 86,809,069 | $ 77,197,781 |
Intangible assets other than goodwill | 675,075,375 | 668,822,553 | 663,272,878 | |
Goodwill | 121,221,661 | 117,229,173 | 93,598,217 | 102,919,505 |
Property, plant and equipment | 722,718,863 | 710,770,968 | 659,750,499 | $ 666,150,885 |
Deferred tax assets | 1,364,340 | |||
Total Non-Current Assets | 1,857,474,320 | 1,732,918,235 | $ 1,630,849,417 | |
USD | ||||
NON-CURRENT ASSETS | ||||
Other non-current, non-financial assets | 22,917 | |||
Intangible assets other than goodwill | 3,959,421 | 4,960,399 | ||
Total Non-Current Assets | 3,959,421 | 4,983,316 | ||
EUR | ||||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 381,732 | |||
Total Non-Current Assets | 381,732 | |||
UF | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 1,216,865 | |||
Other non-current, non-financial assets | 318,533 | 314,283 | ||
Accounts receivable, non-current | 465,371 | 1,204,097 | ||
Total Non-Current Assets | 2,000,769 | 1,518,380 | ||
CLP | ||||
NON-CURRENT ASSETS | ||||
Other non-current, non-financial assets | 47,531 | 47,532 | ||
Accounts receivable related entities, non-current | 283,118 | 74,340 | ||
Investments accounted for using the equity method | 49,703,673 | 50,136,221 | ||
Intangible assets other than goodwill | 307,324,953 | 306,508,710 | ||
Goodwill | 9,523,767 | 9,523,767 | ||
Property, plant and equipment | 282,861,852 | 271,625,978 | ||
Deferred tax assets | 1,364,340 | |||
Total Non-Current Assets | 651,109,234 | 637,916,548 | ||
BRL | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 98,918,457 | 87,446,661 | ||
Other non-current, non-financial assets | 122,922,979 | 32,070,120 | ||
Investments accounted for using the equity method | 50,163,060 | 52,274,724 | ||
Intangible assets other than goodwill | 189,240,893 | 182,657,545 | ||
Goodwill | 74,653,328 | 72,059,356 | ||
Property, plant and equipment | 251,080,517 | 252,674,783 | ||
Total Non-Current Assets | 786,979,234 | 679,183,189 | ||
ARS | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 10,648,989 | 9,915,634 | ||
Other non-current, non-financial assets | 2,223,600 | 2,315,682 | ||
Accounts receivable, non-current | 636 | 90 | ||
Intangible assets other than goodwill | 2,708,445 | 2,101,571 | ||
Goodwill | 29,750,238 | 28,318,129 | ||
Property, plant and equipment | 119,784,304 | 117,532,176 | ||
Total Non-Current Assets | 165,116,212 | 160,183,282 | ||
PGY | ||||
NON-CURRENT ASSETS | ||||
Other non-current, non-financial assets | 123,507 | 206,730 | ||
Accounts receivable, non-current | 57,762 | 66,510 | ||
Intangible assets other than goodwill | 171,841,663 | 172,594,328 | ||
Goodwill | 7,294,328 | 7,327,921 | ||
Property, plant and equipment | 68,992,190 | 68,556,299 | ||
Total Non-Current Assets | $ 248,309,450 | $ 248,751,788 |
LOCAL AND FOREIGN CURRENCY - _2
LOCAL AND FOREIGN CURRENCY - Current Liabilities (Details) $ in Thousands, in Thousands | Dec. 31, 2019CLF ( ) | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLF ( ) | Dec. 31, 2018CLP ($) | Dec. 31, 2017CLP ($) |
CURRENT LIABILITIES | |||||
Other financial liabilities, current | $ 40,593,878 | $ 56,114,977 | |||
Trade and other accounts payable | 243,700,553 | 238,109,847 | |||
Accounts payable to related companies, current | 53,637,601 | 53,637,601 | 45,827,859 | 45,827,859 | |
Provisions | 2,068,984 | 3,485,613 | |||
Current tax liabilities | 6,762,267 | 9,338,612 | $ 3,184,965 | ||
Employee benefits current provisions | 38,392,854 | 33,210,979 | |||
Other current non-financial liabilities | 26,502,215 | 33,774,214 | |||
Total Current Liabilities | 411,658,352 | 419,862,101 | $ 428,287,322 | ||
Until 90 days | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 9,719,894 | 9,377,421 | |||
Trade and other accounts payable | 228,259,216 | 234,715,484 | |||
Accounts payable to related companies, current | 53,637,601 | 45,687,476 | |||
Provisions | 1,637,799 | 1,789,275 | |||
Current tax liabilities | 3,097,223 | 4,302,370 | |||
Employee benefits current provisions | 26,513,813 | 10,189,264 | |||
Other current non-financial liabilities | 328,441 | 1,346,839 | |||
Total Current Liabilities | 323,193,987 | 307,408,129 | |||
More 90 days until 1 year | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 30,873,984 | 46,737,556 | |||
Trade and other accounts payable | 15,441,337 | 3,394,363 | |||
Accounts payable to related companies, current | 140,383 | ||||
Provisions | 431,185 | 1,696,338 | |||
Current tax liabilities | 3,665,044 | 5,036,242 | |||
Employee benefits current provisions | 11,879,041 | 23,021,715 | |||
Other current non-financial liabilities | 26,173,774 | 32,427,375 | |||
Total Current Liabilities | 88,464,365 | 112,453,972 | |||
USD | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 3,202,829 | 3,434,840 | |||
Trade and other accounts payable | 10,049,567 | 14,514,082 | |||
Total Current Liabilities | 13,252,396 | 17,948,922 | |||
USD | Until 90 days | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 55,388 | 130,829 | |||
Trade and other accounts payable | 10,049,567 | 14,514,082 | |||
Total Current Liabilities | 10,104,955 | 14,644,911 | |||
USD | More 90 days until 1 year | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 3,147,441 | 3,304,011 | |||
Total Current Liabilities | 3,147,441 | 3,304,011 | |||
EUR | |||||
CURRENT LIABILITIES | |||||
Trade and other accounts payable | 2,024,156 | 4,371,675 | |||
Total Current Liabilities | 2,024,156 | 4,371,675 | |||
EUR | Until 90 days | |||||
CURRENT LIABILITIES | |||||
Trade and other accounts payable | 2,024,156 | 4,311,724 | |||
Total Current Liabilities | 2,024,156 | 4,311,724 | |||
EUR | More 90 days until 1 year | |||||
CURRENT LIABILITIES | |||||
Trade and other accounts payable | 59,951 | ||||
Total Current Liabilities | 59,951 | ||||
UF | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 19,372,164 | 18,368,408 | |||
Trade and other accounts payable | 2,044,871 | 192,055 | |||
Total Current Liabilities | 21,417,035 | 18,560,463 | |||
UF | Until 90 days | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 7,535,228 | 7,831,899 | |||
Trade and other accounts payable | 2,044,871 | 192,055 | |||
Total Current Liabilities | 9,580,099 | 8,023,954 | |||
UF | More 90 days until 1 year | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 11,836,936 | 10,536,509 | |||
Total Current Liabilities | 11,836,936 | 10,536,509 | |||
CLP | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 12,543,167 | 9,681,676 | |||
Trade and other accounts payable | 100,043,884 | 84,433,658 | |||
Accounts payable to related companies, current | 28,471,399 | 27,869,966 | |||
Provisions | 2,065,496 | 3,470,453 | |||
Current tax liabilities | 896,975 | 5,487,212 | |||
Employee benefits current provisions | 6,750,954 | 6,031,277 | |||
Other current non-financial liabilities | 26,392,505 | 33,146,341 | |||
Total Current Liabilities | 177,164,380 | 170,120,583 | |||
CLP | Until 90 days | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 842,221 | ||||
Trade and other accounts payable | 84,602,547 | 81,099,246 | |||
Accounts payable to related companies, current | 28,471,399 | 27,729,583 | |||
Provisions | 1,637,799 | 1,789,275 | |||
Current tax liabilities | 896,975 | 4,302,370 | |||
Employee benefits current provisions | 1,241,603 | 1,177,114 | |||
Other current non-financial liabilities | 327,847 | 869,964 | |||
Total Current Liabilities | 118,020,391 | 116,967,552 | |||
CLP | More 90 days until 1 year | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 11,700,946 | 9,681,676 | |||
Trade and other accounts payable | 15,441,337 | 3,334,412 | |||
Accounts payable to related companies, current | 140,383 | ||||
Provisions | 427,697 | 1,681,178 | |||
Current tax liabilities | 1,184,842 | ||||
Employee benefits current provisions | 5,509,351 | 4,854,163 | |||
Other current non-financial liabilities | 26,064,658 | 32,276,377 | |||
Total Current Liabilities | 59,143,989 | 53,153,031 | |||
BRL | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 3,272,213 | 22,247,499 | |||
Trade and other accounts payable | 75,051,089 | 68,940,973 | |||
Accounts payable to related companies, current | 19,279,132 | 12,478,179 | |||
Current tax liabilities | 2,107,381 | ||||
Employee benefits current provisions | 20,681,694 | 17,180,455 | |||
Total Current Liabilities | 120,391,509 | 120,847,106 | |||
BRL | Until 90 days | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 1,153,072 | 1,413,622 | |||
Trade and other accounts payable | 75,051,089 | 68,940,973 | |||
Accounts payable to related companies, current | 19,279,132 | 12,478,179 | |||
Current tax liabilities | 2,107,381 | ||||
Employee benefits current provisions | 20,681,694 | ||||
Total Current Liabilities | 118,272,368 | 82,832,774 | |||
BRL | More 90 days until 1 year | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 2,119,141 | 20,833,877 | |||
Employee benefits current provisions | 17,180,455 | ||||
Total Current Liabilities | 2,119,141 | 38,014,332 | |||
ARS | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 779,981 | 1,358,356 | |||
Trade and other accounts payable | 40,826,489 | 54,846,437 | |||
Accounts payable to related companies, current | 5,887,070 | 5,479,714 | |||
Current tax liabilities | 3,538,921 | 2,980,634 | |||
Employee benefits current provisions | 9,850,658 | 9,012,150 | |||
Other current non-financial liabilities | 5,880 | 476,875 | |||
Total Current Liabilities | 60,888,999 | 74,154,166 | |||
ARS | Until 90 days | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 75,060 | 1,071 | |||
Trade and other accounts payable | 40,826,489 | 54,846,437 | |||
Accounts payable to related companies, current | 5,887,070 | 5,479,714 | |||
Current tax liabilities | 92,867 | ||||
Employee benefits current provisions | 4,590,516 | 9,012,150 | |||
Other current non-financial liabilities | 594 | 476,875 | |||
Total Current Liabilities | 51,472,596 | 69,816,247 | |||
ARS | More 90 days until 1 year | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 704,921 | 1,357,285 | |||
Current tax liabilities | 3,446,054 | 2,980,634 | |||
Employee benefits current provisions | 5,260,142 | ||||
Other current non-financial liabilities | 5,286 | ||||
Total Current Liabilities | 9,416,403 | 4,337,919 | |||
PGY | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 1,423,524 | 1,024,198 | |||
Trade and other accounts payable | 13,660,497 | 10,805,605 | |||
Provisions | 3,488 | 15,160 | |||
Current tax liabilities | 218,990 | 870,766 | |||
Employee benefits current provisions | 1,109,548 | 987,097 | |||
Other current non-financial liabilities | 103,830 | 150,998 | |||
Total Current Liabilities | 16,519,877 | 13,853,824 | |||
PGY | Until 90 days | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 58,925 | ||||
Trade and other accounts payable | 13,660,497 | 10,805,605 | |||
Total Current Liabilities | 13,719,422 | 10,805,605 | |||
PGY | More 90 days until 1 year | |||||
CURRENT LIABILITIES | |||||
Other financial liabilities, current | 1,364,599 | 1,024,198 | |||
Provisions | 3,488 | 15,160 | |||
Current tax liabilities | 218,990 | 870,766 | |||
Employee benefits current provisions | 1,109,548 | 987,097 | |||
Other current non-financial liabilities | 103,830 | 150,998 | |||
Total Current Liabilities | $ 2,800,455 | 3,048,219 | |||
Other Currency | |||||
CURRENT LIABILITIES | |||||
Trade and other accounts payable | 5,362 | ||||
Total Current Liabilities | 5,362 | ||||
Other Currency | Until 90 days | |||||
CURRENT LIABILITIES | |||||
Trade and other accounts payable | 5,362 | ||||
Total Current Liabilities | $ 5,362 |
LOCAL AND FOREIGN CURRENCY - _3
LOCAL AND FOREIGN CURRENCY - Non-Current Liabilities (Details) $ in Thousands, in Thousands | Dec. 31, 2019CLF ( ) | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2017CLP ($) |
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | $ 743,327,057 | $ 716,563,778 | ||
Accounts payable, non-current | 619,587 | 735,665 | ||
Accounts payable related entities | 19,777,812 | 19,777,812 | ||
Other provisions, non-current | 67,038,566 | 58,966,913 | ||
Deferred tax liabilities | 169,449,747 | 145,245,948 | ||
Employee benefits non-current provisions | 10,173,354 | 9,415,541 | ||
Total Non-Current Liabilities | 1,010,386,123 | 930,927,845 | $ 873,338,796 | |
More than 1 until 3 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 34,794,568 | 28,642,101 | ||
Accounts payable, non-current | 619,587 | 735,665 | ||
Accounts payable related entities | 19,777,812 | |||
Other provisions, non-current | 968,404 | 3,448,042 | ||
Deferred tax liabilities | 12,834,788 | 16,607,605 | ||
Employee benefits non-current provisions | 1,114,051 | 742,297 | ||
Total Non-Current Liabilities | 70,109,210 | 50,175,710 | ||
More than 3 years until 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 299,661,490 | 276,409,074 | ||
Other provisions, non-current | 66,070,162 | 55,518,871 | ||
Deferred tax liabilities | 49,848,536 | 101,512,040 | ||
Employee benefits non-current provisions | 148,954 | 240,148 | ||
Total Non-Current Liabilities | 415,729,142 | 433,680,133 | ||
More than 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 408,870,999 | 411,512,603 | ||
Deferred tax liabilities | 106,766,423 | 27,126,303 | ||
Employee benefits non-current provisions | 8,910,349 | 8,433,096 | ||
Total Non-Current Liabilities | 524,547,771 | 447,072,002 | ||
USD | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 272,209,701 | 250,976,154 | ||
Accounts payable, non-current | 585,289 | |||
Total Non-Current Liabilities | 272,209,701 | 251,561,443 | ||
USD | More than 1 until 3 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 509,366 | |||
Accounts payable, non-current | 585,289 | |||
Total Non-Current Liabilities | 509,366 | 585,289 | ||
USD | More than 3 years until 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 271,700,335 | 250,976,154 | ||
Total Non-Current Liabilities | 271,700,335 | 250,976,154 | ||
UF | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 447,605,640 | 450,785,690 | ||
Deferred tax liabilities | 1,298,050 | |||
Total Non-Current Liabilities | 448,903,690 | 450,785,690 | ||
UF | More than 1 until 3 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 22,584,954 | 25,634,958 | ||
Total Non-Current Liabilities | 22,584,954 | 25,634,958 | ||
UF | More than 3 years until 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 24,627,105 | 23,105,123 | ||
Total Non-Current Liabilities | 24,627,105 | 23,105,123 | ||
UF | More than 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 400,393,581 | 402,045,609 | ||
Deferred tax liabilities | 1,298,050 | |||
Total Non-Current Liabilities | 401,691,631 | 402,045,609 | ||
CLP | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 7,926,056 | |||
Accounts payable, non-current | 618,509 | 148,680 | ||
Other provisions, non-current | 2,500,000 | |||
Deferred tax liabilities | 91,901,848 | 94,027,680 | ||
Employee benefits non-current provisions | 9,520,890 | 8,903,772 | ||
Total Non-Current Liabilities | 109,967,303 | 105,580,132 | ||
CLP | More than 1 until 3 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 7,926,056 | |||
Accounts payable, non-current | 618,509 | 148,680 | ||
Other provisions, non-current | 2,500,000 | |||
Deferred tax liabilities | 1,449,404 | 497,175 | ||
Employee benefits non-current provisions | 461,587 | 230,528 | ||
Total Non-Current Liabilities | 10,455,556 | 3,376,383 | ||
CLP | More than 3 years until 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Deferred tax liabilities | 181,418 | 81,630,530 | ||
Employee benefits non-current provisions | 148,954 | 240,148 | ||
Total Non-Current Liabilities | 330,372 | 81,870,678 | ||
CLP | More than 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Deferred tax liabilities | 90,271,026 | 11,899,975 | ||
Employee benefits non-current provisions | 8,910,349 | 8,433,096 | ||
Total Non-Current Liabilities | 99,181,375 | 20,333,071 | ||
BRL | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 15,130,982 | 14,801,934 | ||
Accounts payable related entities | 19,777,812 | |||
Other provisions, non-current | 66,070,162 | 55,518,871 | ||
Deferred tax liabilities | 49,667,118 | 19,881,510 | ||
Total Non-Current Liabilities | 150,646,074 | 90,202,315 | ||
BRL | More than 1 until 3 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 3,319,514 | 3,007,143 | ||
Accounts payable related entities | 19,777,812 | |||
Total Non-Current Liabilities | 23,097,326 | 3,007,143 | ||
BRL | More than 3 years until 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 3,334,050 | 2,327,797 | ||
Other provisions, non-current | 66,070,162 | 55,518,871 | ||
Deferred tax liabilities | 49,667,118 | 19,881,510 | ||
Total Non-Current Liabilities | 119,071,330 | 77,728,178 | ||
BRL | More than 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 8,477,418 | 9,466,994 | ||
Total Non-Current Liabilities | 8,477,418 | 9,466,994 | ||
ARS | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 55,222 | |||
Accounts payable, non-current | 1,078 | 1,696 | ||
Other provisions, non-current | 968,404 | 948,042 | ||
Deferred tax liabilities | 11,385,384 | 16,110,430 | ||
Employee benefits non-current provisions | 88,090 | |||
Total Non-Current Liabilities | 12,498,178 | 17,060,168 | ||
ARS | More than 1 until 3 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 55,222 | |||
Accounts payable, non-current | 1,078 | 1,696 | ||
Other provisions, non-current | 968,404 | 948,042 | ||
Deferred tax liabilities | 11,385,384 | 16,110,430 | ||
Employee benefits non-current provisions | 88,090 | |||
Total Non-Current Liabilities | 12,498,178 | 17,060,168 | ||
PGY | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 399,456 | |||
Deferred tax liabilities | 15,197,347 | 15,226,328 | ||
Employee benefits non-current provisions | 564,374 | 511,769 | ||
Total Non-Current Liabilities | 16,161,177 | 15,738,097 | ||
PGY | More than 1 until 3 years | ||||
NON-CURRENT LIABILITIES | ||||
Other financial liabilities, non-current | 399,456 | |||
Employee benefits non-current provisions | 564,374 | 511,769 | ||
Total Non-Current Liabilities | 963,830 | 511,769 | ||
PGY | More than 5 years | ||||
NON-CURRENT LIABILITIES | ||||
Deferred tax liabilities | 15,197,347 | 15,226,328 | ||
Total Non-Current Liabilities | $ 15,197,347 | $ 15,226,328 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Corporate bonds $ in Millions | Jan. 21, 2020USD ($) |
Issuance of corporate bonds on international markets | |
SUBSEQUENT EVENTS | |
Bonds issued | $ 300 |
Term of bonds | 30 years |
Borrowings, interest rate | 3.95% |
Hedging of bonds issued as Derivatives | |
SUBSEQUENT EVENTS | |
Percentage of Bonds issued Hedged as Derivatives | 100.00% |