Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Ifrs Statement [line items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 001-13142 |
Entity Registrant Name | Andina Bottling Co Inc |
Entity Incorporation, State or Country Code | F3 |
Entity Address, Address Line One | Miraflores 9153, 7th Floor |
Entity Address, Address Line Two | Renca |
Entity Address, City or Town | Santiago |
Entity Address, Country | CL |
Entity Address, Postal Zip Code | 00000 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0000925261 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Auditor Name | EY Audit SpA |
Auditor Firm ID | 1431 |
Auditor Location | Santiago, Chile |
Business Contact [Member] | |
Ifrs Statement [line items] | |
Contact Personnel Name | Paula Vicuña |
City Area Code | 56-2 |
Local Phone Number | 2338-0520 |
Contact Personnel Email Address | paula.vicuna@koandina.com |
Entity Address, Address Line One | Miraflores 9153, 7th Floor |
Entity Address, Address Line Two | Renca |
Entity Address, City or Town | Santiago |
Entity Address, Country | CL |
Entity Address, Postal Zip Code | 00000 |
Series A Shares | |
Ifrs Statement [line items] | |
Title of 12(b) Security | Series A Shares of Registrant represented by American Depositary Shares |
Trading Symbol | AKO.A |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 473,289,301 |
Series B Shares | |
Ifrs Statement [line items] | |
Title of 12(b) Security | Series B Shares of Registrant represented by American Depositary Shares |
Trading Symbol | AKO.B |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 473,281,303 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position CLF in Thousands, $ in Thousands | Dec. 31, 2021CLP ($) | Dec. 31, 2020CLP ($) |
Current assets: | ||
Cash and cash equivalents | $ 304,312,020 | $ 309,530,699 |
Other financial assets | 195,470,749 | 140,304,853 |
Other non-financial assets | 14,719,104 | 13,374,381 |
Trade and other accounts receivable, net | 265,490,626 | 194,021,253 |
Accounts receivable from related companies | 9,419,050 | 11,875,408 |
Inventory | 191,350,206 | 127,972,650 |
Current tax assets | 10,224,368 | 218,472 |
Total Current Assets | 990,986,123 | 797,297,716 |
Non-Current Assets: | ||
Other financial assets | 296,632,012 | 162,013,278 |
Other non-financial assets | 70,861,616 | 90,242,672 |
Trade and other receivables | 126,464 | 73,862 |
Accounts receivable from related parties | 98,941 | 138,346 |
Investments accounted for under the equity method | 91,489,194 | 87,956,354 |
Intangible assets other than goodwill | 659,631,543 | 604,514,165 |
Goodwill | 118,042,900 | 98,325,593 |
Property, plant and equipment | 716,379,127 | 605,576,545 |
Deferred tax assets | 1,858,727 | 1,925,869 |
Total Non-Current Assets | 1,955,120,524 | 1,650,766,684 |
Total Assets | 2,946,106,647 | 2,448,064,400 |
Current Liabilities | ||
Other financial liabilities | 47,763,039 | 38,566,724 |
Trade and other accounts payable | 327,409,207 | 230,445,809 |
Accounts payable to related parties | 56,103,461 | 39,541,968 |
Other provisions | 1,528,879 | 1,335,337 |
Tax liabilities | 30,512,787 | 8,828,599 |
Employee benefits current provisions | 35,012,072 | 31,071,019 |
Other non-financial liabilities | 31,237,834 | 28,266,730 |
Total Current Liabilities | 529,567,279 | 378,056,186 |
Other financial liabilities | 1,041,048,972 | 989,829,569 |
Accounts payable | 256,273 | 295,279 |
Accounts payable to related companies | 11,557,723 | 10,790,089 |
Other provisions | 55,883,527 | 48,734,936 |
Deferred tax liabilities | 168,454,827 | 153,669,547 |
Employee benefits non-current provisions | 14,139,670 | 13,635,558 |
Other non-financial liabilities | 23,784,817 | 21,472,048 |
Tax liabilities | 20,597 | |
Total Non-current liabilities | 1,315,125,809 | 1,238,447,623 |
EQUITY | ||
Issued capital | 270,737,574 | 270,737,574 |
Retained earnings | 768,116,920 | 654,171,126 |
Other reserves | 37,289,310 | (113,727,586) |
Equity attributable to equity holders of the parent | 1,076,143,804 | 811,181,114 |
Non-controlling interests | 25,269,755 | 20,379,477 |
Total Equity | 1,101,413,559 | 831,560,591 |
Total Liabilities and Equity | $ 2,946,106,647 | $ 2,448,064,400 |
Consolidated Statements of Inco
Consolidated Statements of Income by Function - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Income by Function | |||
Net sales | $ 2,216,732,593 | $ 1,698,281,237 | $ 1,779,025,115 |
Cost of sales | (1,375,392,773) | (1,022,498,659) | (1,048,343,767) |
Gross Profit | 841,339,820 | 675,782,578 | 730,681,348 |
Other income | 1,337,878 | 8,356,298 | 40,947,158 |
Distribution expenses | (199,952,373) | (152,532,018) | (166,996,289) |
Administrative expenses | (348,949,863) | (283,638,935) | (325,903,809) |
Other expenses | (15,211,790) | (17,430,256) | (26,182,847) |
Other (loss) gains | 287 | 2,876 | |
Financial income | 7,791,869 | 14,945,879 | 45,155,791 |
Financial expenses | (52,992,456) | (54,772,837) | (46,209,020) |
Share of profit (loss) of investments in associates accounted for using the equity method | 3,093,102 | 2,228,763 | (3,415,083) |
Foreign exchange differences | (5,508,311) | (3,088,278) | (4,130,543) |
Income by indexation units | (27,738,888) | (11,828,762) | (7,536,466) |
Net income before income taxes | 203,208,988 | 178,022,719 | 236,413,116 |
Income tax expense | (46,177,320) | (54,905,399) | (61,166,891) |
Net income | 157,031,668 | 123,117,320 | 175,246,225 |
Net income attributable to | |||
Owners of the controller | 154,698,150 | 121,999,805 | 173,721,928 |
Non-controlling interests | 2,333,518 | 1,117,515 | 1,524,297 |
Net income | $ 157,031,668 | $ 123,117,320 | $ 175,246,225 |
Series A Share | |||
Earnings per Share, basic and diluted in ongoing operations | |||
Earnings per share, basic | $ 155.65 | $ 122.75 | $ 174.79 |
Earnings per share, diluted | 155.65 | 122.75 | 174.79 |
Series B Share | |||
Earnings per Share, basic and diluted in ongoing operations | |||
Earnings per share, basic | 171.21 | 135.02 | 192.27 |
Earnings per share, diluted | $ 171.21 | $ 135.02 | $ 192.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | $ 157,031,668 | $ 123,117,320 | $ 175,246,225 |
Components of other comprehensive income that will not be reclassified to net income for the period, before taxes | |||
Actuarial Gains (losses) from defined benefit plans | (357,840) | (3,146,362) | (379,007) |
Components of other comprehensive income that will be reclassified to net income for the period, before taxes | |||
Gain (losses) from exchange rate translation differences | 98,973,862 | (264,119,093) | (41,844,584) |
Gain (losses) from cash flow hedges | 104,232,055 | (12,203,755) | (1,865,233) |
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 | 96,617 | 849,518 | 102,332 |
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 | (22,103,267) | 84,571,922 | 9,295,546 |
Income tax related to cash flow hedges | (28,944,992) | 2,334,037 | 683,482 |
Other comprehensive income, total | 151,896,435 | (191,713,733) | (34,007,464) |
Total comprehensive income | 308,928,103 | (68,596,413) | 141,238,761 |
Equity holders of the controller | 305,715,046 | (68,721,632) | 139,861,690 |
Non-controlling interests | $ 3,213,057 | $ 125,219 | $ 1,377,071 |
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 | Reserve Other Than Translation Cash Flow Hedge And Share based Payment Reserve | Retained earnings | Controlling Equity | Non-Controlling interests | Total |
Opening balance 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 | ||
Ending balance 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 |
Comprehensive income | ||||||||||
Earnings | 121,999,805 | 121,999,805 | 1,117,515 | 123,117,320 | ||||||
Other comprehensive income | (190,721,437) | (178,420,146) | (9,868,850) | (2,432,441) | (190,721,437) | (992,296) | (191,713,733) | |||
Total comprehensive income | (190,721,437) | (178,420,146) | (9,868,850) | (2,432,441) | 121,999,805 | (68,721,632) | 125,219 | (68,596,413) | ||
Dividends | (103,365,468) | (103,365,468) | (103,365,468) | |||||||
Increase (decrease) from other changes | 34,618,524 | 34,618,524 | 34,618,524 | |||||||
Total changes in equity | (190,721,437) | (178,420,146) | (9,868,850) | (2,432,441) | 53,252,861 | (137,468,576) | 125,219 | (137,343,357) | ||
Ending balance at Dec. 31, 2020 | 270,737,574 | (113,727,586) | (517,496,486) | (24,719,533) | (4,663,193) | 433,151,626 | 654,171,126 | 811,181,114 | 20,379,477 | 831,560,591 |
Comprehensive income | ||||||||||
Earnings | 154,698,150 | 154,698,150 | 2,333,518 | 157,031,668 | ||||||
Other comprehensive income | 151,016,896 | 75,916,398 | 75,323,231 | (222,733) | 151,016,896 | 879,539 | 151,896,435 | |||
Total comprehensive income | 151,016,896 | 75,916,398 | 75,323,231 | (222,733) | 154,698,150 | 305,715,046 | 3,213,057 | 308,928,103 | ||
Dividends | (109,328,860) | (109,328,860) | (1,386,857) | (110,715,717) | ||||||
Increase (decrease) from other changes | 68,576,504 | 68,576,504 | 3,064,078 | 71,640,582 | ||||||
Total changes in equity | 151,016,896 | 75,916,398 | 75,323,231 | (222,733) | 113,945,794 | 264,962,690 | 4,890,278 | 269,852,968 | ||
Ending balance at Dec. 31, 2021 | $ 270,737,574 | $ 37,289,310 | $ (441,580,088) | $ 50,603,698 | $ (4,885,926) | $ 433,151,626 | $ 768,116,920 | $ 1,076,143,804 | $ 25,269,755 | $ 1,101,413,559 |
Consolidated Statements of Dire
Consolidated Statements of Direct Cash Flows - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows provided by Operating Activities | |||
Receipts from the sale of goods and the rendering of services (including taxes) | $ 2,953,813,799 | $ 2,321,999,131 | $ 2,626,374,510 |
Payments for Operating Activities | |||
Payments to suppliers for goods and services (including taxes) | (2,048,185,735) | (1,517,256,079) | (1,802,751,639) |
Payments to and on behalf of employees | (216,192,088) | (189,758,823) | (203,681,853) |
Other payments for operating activities (value-added taxes on purchases, sales and others) | (278,367,683) | (266,228,165) | (292,958,045) |
Dividends received | 1,441,355 | 1,176,079 | 411,041 |
Interest payments | (55,497,167) | (44,299,001) | (36,141,477) |
Interest received | 5,373,494 | 7,538,364 | 1,539,120 |
Income tax payments | (46,100,050) | (29,474,900) | (34,198,767) |
Other cash movements (tax on bank debits Argentina and others) | (11,230,942) | (4,927,608) | (3,444,416) |
Cash flows provided by (used in) Operating Activities | 305,054,983 | 278,768,998 | 255,148,474 |
Cash flows provided by (used in) Investing Activities | |||
Proceeds from sale of Property, plant and equipment | 39,919 | 3,570 | 18,904 |
Purchase of Property, plant and equipment | (138,856,157) | (85,874,958) | (110,683,258) |
Purchase of intangible assets | (5,171,139) | (207,889) | (448,307) |
Payment on forward, term option and financial exchange agreements | (375,579) | (472,551) | (70,373) |
Collection on forward, term, option and financial exchange agreements | 678,274 | 2,122,954 | 1,135,034 |
Purchase of other current financial assets | (54,567,998) | (139,449,884) | |
Net cash flows used in Investing Activities | (198,252,680) | (223,878,758) | (110,048,000) |
Cash Flows generated from (used in) Financing Activities | |||
Charges for changes in share ownership of subsidiaries | 3,000,000 | ||
Proceeds (payments) from short term loans | 27,633,156 | 50,297,337 | |
Loan payments | (797,428) | (25,197,737) | (74,332,889) |
Lease liability payments | (4,008,924) | (3,974,086) | (2,989,457) |
Dividend payments by the reporting entity | (106,347,165) | (99,985,500) | (86,265,896) |
Placement and payment of public debt | (7,165,997) | 214,565,128 | (13,821,732) |
Net cash flows (used in) generated by Financing Activities | (115,319,514) | 113,040,961 | (127,112,637) |
Net increase in cash and cash equivalents before exchange differences | (8,517,211) | 167,931,201 | 17,987,837 |
Effects of exchange differences on cash and cash equivalents | 9,501,803 | (13,574,854) | 4,048,168 |
Effects of inflation in cash and cash equivalents in Argentina | (6,203,271) | (2,393,634) | (2,006,632) |
Net increase (decrease) in cash and cash equivalents | (5,218,679) | 151,962,713 | 20,029,373 |
Cash and cash equivalents - beginning of period | 309,530,699 | 157,567,986 | 137,538,613 |
Cash and cash equivalents - end of period | $ 304,312,020 | $ 309,530,699 | $ 157,567,986 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
CORPORATE INFORMATION | |
CORPORATE INFORMATION | 1 – CORPORATE INFORMATION Embotelladora Andina S.A. RUT (Chilean Taxpayer Id. N°) 91.144.000-8 (hereinafter “Andina,” and together with its subsidiaries, the “Company”) is an open stock corporation, whose corporate address and principal offices are located at Miraflores 9153, borough of Renca, Santiago, Chile. The Company is registered 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 activity of Embotelladora Andina S.A. is to produce, bottle, commercialize and distribute the products under registered trademarks of The Coca-Cola Company (TCCC), as well as commercialize and distribute some brands of other companies such as Monster, Heineken, AB InBev, Diageo and Capel, among others. The Company maintains operations and is licensed to produce, commercialize and distribute such products in certain territories in Chile, Brazil, Argentina and Paraguay In Chile, the territories in which it has such a franchise are the Metropolitan Region; the province of San Antonio, the V Region; the province of Cachapoal including the commune of San Vicente de Tagua-Tagua, the VI Region; the II Region of Antofagasta; the III Region of Atacama, the IV Region of Coquimbo XI Region de Aysén del General Carlos Ibáñez del Campo; XII Region of Magallanes and Chilean Antarctic. In Brazil, the aforementioned franchise covers much of the state of Rio de Janeiro, the entire state of Espirito Santo, and part of the states of Sao Paulo and Minas Gerais. In Argentina it includes the provinces of Córdoba, Mendoza, San Juan, San Luis, Entre Ríos, as well as part of the provinces of Santa Fe and Buenos Aires, Chubut, Santa Cruz, Neuquén, Río Negro, La Pampa, Tierra del Fuego, Antarctica and South Atlantic Islands. Finally, in Paraguay the territory comprises the whole country. The bottling agreement for the territories in Chile expires in January 2023; in Argentina it expires in September 2022; in Brazil it expires in October 2022, and one agreement for Paraguay, which is currently under renewal. Said agreements are renewable upon the request of Embotelladora Andina S.A. and at the sole discretion of The Coca-Cola Company. Company Management estimates that the bottling agreements will be renewed by The Coca-Cola Company as it has occurred in the past. As of the date of these consolidated financial statements, regarding Andina’s principal shareholders, the Controlling Group holds 55.25% of the outstanding shares with voting rights, corresponding to the Series A shares. The Controlling Group is composed of the Chadwick Claro, Garcés Silva, Said Handal and Said Somavía families, who control the Company in equal parts. These Consolidated Financial Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries, which were approved by the Board of Directors on February 22, 2022. |
BASIS OF PREPARATION OF CONSOLI
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | 12 Months Ended |
Dec. 31, 2021 | |
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 fiscal years ended December 31, 2021 and 2020, 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, 2021 and 2020 and the results of operations for the periods between January 1 and December 31, 2021 and 2020, together with the statements of changes in equity and cash flows for the three periods years in the period ended December 31, 2021, 2020 and 2019 and the related notes. The Company’s 2021 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors on February 22, 2022, 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, 2021 and 2020 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 13, 2022 meeting. Included in this 2021 consolidated financial statements are consolidated statement of financial position as of December 31, 2021 and 2020, 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, 2021, 2020 and 2019. 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 26, 2022, 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 12.31.2021 12.31.2020 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 59.144.140-K Abisa Corp S.A. (1) — — — — 99.99 99.99 Foreign Aconcagua Investing Ltda. (1) — — — 0.70 99.28 99.98 96.842.970-1 Andina Bottling Investments S.A. 99.9 0.09 99.99 99.9 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.9 0.09 99.99 99.9 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 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. 99.9 0.09 99.99 99.9 0.09 99.99 77.427.659-9 Re-Ciclar S.A. (2) 60.00 — 60.00 — — — Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.09 99.99 99.9 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 VJ S.A. 15.00 50.00 65.00 15.00 50.00 65.00 (1) These companies were merged into Andina Bottling Investments Dos S.A. (2) Re-Ciclar S.A. is a company, whose purpose is to produce recycled resin for the Coca-Cola system and third parties 2.3 Investments in associates Ownership interest held by the Group in associates are recorded following the equity method. According to the equity method, the investment in an associate is initially recorded at cost. As of the date of acquisition, the investment in the statement of financial position is recorded by the proportion of its total assets, which represents the Group's participation in its capital, once adjusted, where appropriate, the effect of the transactions made with the Group, plus capital gains that have been generated in the acquisition of the company. Dividends received from these companies are recorded by reducing the value of the investment and the results obtained by them, which correspond to the Group according to its ownership, are recorded under the item “Participation in profit (loss) of associates accounted for by the equity method.” Associates are all entities over which the Group exercises significant influence but does not have control. Significant influence is the power to intervene in the financial and operating policy decisions of the associate, without having control or joint control over it. The results of these associates are accounted for using the equity method. Accounting policies of the associates are changed, where necessary, to ensure conformity with the policies adopted by the Company and unrealized gains are eliminated. For associates located in Brazil, the financial statements accounted for using the equity method have a one-month lag because their reporting dates are different from those of Embotelladora Andina. 2.4 Financial reporting by operating segment “IFRS 8 Operating Segments” requires that entities disclose information on the results of operating segments. In general, this is information that Management and the Board of Directors use internally to assess performance of segments and allocate resources to them. Therefore, the following operating segments have been determined based on geographic location: ● 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 under other comprehensive income until the disposal of the net investment, at which point they are reclassified to the income statement. Tax adjustments attributable to exchange differences in these monetary items are also recognized under other comprehensive income. Non-monetary items that are valued at historical cost in a foreign currency are converted using the exchange rate in effect at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect at the date on which fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value are recorded in accordance with the recognition of losses or gains arising from the change in the fair value of the respective item (e.g., exchange differences arising from items whose fair value gains or losses are recognized in another overall result or in results are also recognized under comprehensive income ). Functional currency in hyperinflationary economies Beginning July 2018, Argentina's economy is considered as hyperinflationary, according to the criteria established in the International Accounting Standard No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out based on a series of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have been retrospectively restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power of the Argentine peso, as of the closing date of these financial statements. Non-monetary assets and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accounting purposes in Argentina. In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying the attributed cost exemption for Property, plant and equipment. For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial situation of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) at December 31, 2021, in accordance with IAS 21 "Effects of foreign currency exchange rate variations", when dealing with a hyperinflationary economy. The comparative amounts in the consolidated financial statements are those that were presented as current year amounts in the relevant financial statements of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results in differences between the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policy option, these changes are presented as follows: (a) the re-measurement of Opening balances under IAS 29 as an adjustment to equity and (b) subsequent effects, including re-expression under IAS 21 , as "Exchange rate differences in the conversion of foreign operations" under other comprehensive income. Inflation for the periods from January to December 2021 and 2020 was 50.21% and 36.01%, respectively. 2.5.2 Presentation currency The presentation currency is the Chilean peso, which is the functional currency of the parent company, for such purposes, the financial statements of subsidiaries are translated from the functional currency to the presentation currency as indicated below: a. Translation of financial statements whose functional currency does not correspond to hyperinflationary economies (Brazil and Paraguay) Financial statements measured as indicated are translated to the presentation currency as follows: ● The statement of financial position is translated to the closing exchange rate at the financial statement date and the income statement is translated at the average monthly exchange rates, the differences that result are recognized in equity under other comprehensive income. ● Cash flow income statement are also translated at average exchange rates for each transaction. ● In the case of the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement. b. Translation of financial statements whose functional currency corresponds to hyperinflationary economies (Argentina) Financial statements of economies with a hyperinflationary economic environment, are recognized according to IAS 29 Financial Information in Hyperinflationary Economies, ● The statement of financial position sheet is translated at the closing exchange rate at the financial statements date. ● The income statement is translated at the closing exchange rate at the financial statements date. ● The statement of cash flows is converted to the closing exchange rate at the date of the financial statements. ● For the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement. 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 PYG 12.31.2021 844.69 151.36 8.22 0.123 12.31.2020 710.95 136.80 8.44 0.103 2.6 Property, plant, and equipment The elements of Property, plant and equipment, are valued for their acquisition cost, net of their corresponding accumulated depreciation, and of the impairment losses they have experienced. The cost of the items of Property, plant and equipment include in addition to the price paid for the acquisition: i) the financial expenses accrued during the construction period that are directly attributable to the acquisition, construction or production of qualified assets, which are those that require a substantial period of time before being ready for use, such as production facilities. The Group defines a substantial period as one that exceeds twelve months. The interest rate used is that corresponding to specific financing or, if it does not exist, the weighted average financing rate of the Company making the investment; and ii) personnel expenses directly related to the construction in progress. Construction in progress is transferred to operating assets after the end of the trial period when they are available for use, from which moment depreciation begins. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can be measured reliably. Repairs and maintenance are charged to expense in the reporting period in which they are incurred. Land is not depreciated since it has an indefinite useful life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. The estimated useful lives by asset category are: Assets Range in years Buildings 15 - 80 Plant and equipment 5 - 20 Warehouse installations and accessories 10 - 50 Furniture and supplies 4 - 5 Motor vehicles 4 - 10 Other Property, plant and equipment 3 - 10 Bottles and containers 2 - 5 The residual value and useful lives of Property, plant and equipment are reviewed and adjusted at the end of each fiscal year, if appropriate. The Company assesses on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverable amount of the asset, if there is evidence, or when an annual impairment test is required for an asset. Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other expenses by function or other gains, as appropriate in the statement of comprehensive income. 2.7 Intangible assets and Goodwill 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 Coca-Cola brand products and other brands in certain territories in Argentina, Brazil, Chile and Paraguay. Distribution rights are born from the process of valuation at fair value of the assets and liabilities of companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, (as they are historically permanently renewed by The Coca-Cola Company) and therefore are subject to impairment tests on an annual basis. 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 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 capital gains 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; ● Operation in Argentina; ● 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 2021 was estimated using the CAPM (Capital Asset Pricing Model) methodology, which allows estimating a discount rate according to the level of risk of the CGU in the country where it operates. A nominal discount rate in local currency before tax is used according to the following table: 2021 Discount 2020 Discount rates rates Argentina 27.2 % 28.1 % Chile 7.1 % 7.2 % Brazil 9.0 % 9.9 % Paraguay 8.1 % 9.3 % 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 4% for the carbonated beverage category and up to 5% for less developed categories such as juices and waters. Beyond the fifth year of projection, growth perpetuity rates are established per operation ranging from a real 0.4% to 0.9% 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 impairment test, variations were made to the main variables used in the model. Ranges used for each of the modified variables are: - Discount Rate : Increase / Decrease of up to 200 bps as a value in the rate at which future cash flows are discounted to bring them to present value - Perpetuity : Increase / Decrease of up to 30 bps in the rate to calculate the perpetual growth of future cash flows - EBITDA margin : Increase / Decrease of 150 bps of EBITDA margin of operations, which is applied per year for the projected periods, that is, for the years 2022-2026 In each sensitization scenario of the of the 3 variables mentioned above, no signs of impairment were observed for the Company's CGUs. The Company performs the impairment analysis on an annual basis. As a result of the tests conducted as of December 31, 2021 and 2020, no evidence of impairment was identified in any of the CGUs listed above, assuming conservative EBITDA margin projections and in line with market history. Despite the deterioration in macroeconomic conditions experienced by the economies of the countries in which operations are carried out and as a result of the pandemic, the impairment test yielded recovery values higher than the book values of assets, including those for the sensitivity calculations in the stress test conducted on the model. It should be noted that although no impairment indicators were identified for the CGUs described above, the annual review of other investments identified that for the Verde Campo brand (a dairy producer owned by Trop Frutas do Brasil Ltda.), in which Andina Brazil has a minority interest, the recoverable amount would be BRL 21.8 million, an amount below the carrying amount recorded in the financial statements of BRL 34.6 million, in which Andina Brazil includes its proportional interest. Given the difference, the BRL 12.8 million loss was reduced from its book value as of December 2021, leaving a recoverable amount of BRL 21.8 million. The impairment effects were included in the consolidated results under "Share of profit (loss) of associates accounted for under the equity method". The main reasons for the impairment of the investment are due to the lower flows expected for the dairy products segment for the local Brazilian market. 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. The classification is based on two criteria: (a) the Group’s business model for the purpose of managing financial assets to obtain contractual cash flows; and (b) if the contractual cash flows of financial instruments represent “solely payments of principal and interest” on the outstanding principal amount (the “SPPI criterion”). According to IFRS 9, financial assets are subsequently measured at (i) fair value with changes in P&L (FVPL), (ii) amortized cost or (iii) fair value through other comprehensive income (FVOCI). The subsequent classification and measurement of the Group’s financial assets are as follows: ● Financial asset at amortized cost for financial instruments that are maintained within a business model with the objective of maintaining the financial assets to collect contractual cash flows that meet the SPPI criterion. This category includes the Group’s trade and other accounts receivable. Financial assets measured at fair value with changes in other comprehensive income (FVOCI), with gains or losses recognized in P&L at the time of liquidation. Financial assets in this category correspond to the Group’s instruments that meet the SPPI criterion and are kept within a business model both to collect cash flows and to sell. Other financial assets are classified and subsequently measures as follows: Equity instruments at fair value with changes in other comprehensive income (FVOCI) without recognizing earnings or losses in P&L at the time of liquidation. This category only includes equity instruments that the Group intends to keep in the foreseeable future and that the Group has irrevocably chosen to classify in this category in the initial recognition or transition. Financial assets at fair value with changes in P&L (FVPL) include derivative instruments and equity instruments quoted that the Group had not irrevocably chosen to classify at FVOCI in the initial recognition or transition. This category also includes debt instruments whose cash flow characteristics do not comply with the SPPI criterion or are not kept within a business model whose objective is to recognize contractual cash flows or sale. A financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is initially disposed (for example, canceled in the Group’s consolidated financial statements) when: ● The rights to receive cash flows from the asset have expired, ● The Group has transferred the rights to receive the cash flows of the asset or has assumed the obligation to pay all cash flows received without delay to a third party under a transfer agreement; and the Group (a) has substantially transferred all risks and benefits of the asset, or (b) has not substantially transferred or retained all risks and benefits of the asset but has transferred control of the asset. 2.9.2 Financial Liabilities Financial liabilities are classified as a fair value financial liability at the date of their initial recognition, as appropriate, with changes in results, loans and credits, accounts payable or derivatives designated as hedging instruments in an effective coverage. All financial liabilities are initially recognized at fair value and transaction costs directly attributable are netted from loans and credits and accounts payable. The Group’s financial liabilities include trade and other accounts payable, loans and credits, including those discovered in current accounts, and derivative financial instruments. The classification and subsequent measurement of the Group’s financial liabilities are as follows: ● Fair value financial liabilities with changes in results include financial liabilities held for trading and financial liabilities designated in their initial recognition at fair value with changes in results. The losses or gains of liabilities held for trading are recognized in the income statement. ● Loans and credits are valued at cost or amortized using the effective interest rate method. Gains and losses are recognized in the income statement when liabilities are disposed, as well as interest accrued in accordance with the effective interest rate method. A financial liability is disposed of when the obligation is extinguished, cancelled or expires. Where an existing financial liability is replaced by another of the same lender under substantially different conditions, or where the conditions of an existing liability are substantially modified, such exchange or modification is treated as a disposal of the original liability and the recognition of the new obligation. The difference in the values in the respective books is recognized in the statement of income. 2.9.3 Offsetting financial instruments Financial assets and financial liabilities are offset with the corresponding net amount presenting the corresponding net amount in the statement of financial position, if: ● There is currently a legally enforceable right to offset the amounts recognized, and ● It is intended to liquidate them for the net amount or to realize the assets and liquidate the liabilities simultaneously. 2.10 Derivatives financial instruments and hedging activities The Company and its subsidiaries use derivative financial instruments to mitigate risks relating to changes in foreign currency and exchange rates associated with raw materials, and loan obligations. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each closing date. Derivatives are accounted as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. 2.10.1 Derivative financial instruments designated as cash flow hedges At the inception of the transaction, the group documents the relationship between hedging instruments and h |
FINANCIAL REPORTING BY SEGMENT
FINANCIAL REPORTING BY SEGMENT | 12 Months Ended |
Dec. 31, 2021 | |
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 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 operations by segment according to IFRS is as follows: Inter- Operation in Operation in Operation in Operation country Consolidated, For the period ended December 31, 2021 Chile Argentina Brazil in Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 480,157,607 419,724,122 313,147,740 134,284,020 (904,603) 1,346,408,886 Other beverages 495,138,445 97,742,388 226,109,683 34,932,160 (587) 853,922,089 Packaging — 19,488,958 — — (3,087,340) 16,401,618 Revenues from ordinary activities 975,296,052 536,955,468 539,257,423 169,216,180 (3,992,530) 2,216,732,593 Cost of sales (630,862,197) (296,090,157) (361,323,450) (91,109,499) 3,992,530 (1,375,392,773) Distribution expenses (78,995,679) (78,019,531) (33,458,924) (9,478,239) — (199,952,373) Administrative expenses (142,762,661) (110,329,089) (71,995,712) (23,862,401) — (348,949,863) Financial income (2,936,819) 5,011,888 5,327,527 389,273 — 7,791,869 Financial costs (27,669,541) (577,941) (24,744,974) - — (52,992,456) Net financial costs (30,606,360) 4,433,947 (19,417,447) 389,273 — (45,200,587) Share of entity in income of associates accounted for using the equity method, total 2,799,437 — 293,665 - — 3,093,102 Income tax expense (15,756,620) (25,697,558) 82,395 (4,805,537) — (46,177,320) Oher income (expenses) (29,072,689) (10,652,582) (7,834,863) 439,023 — (47,121,111) Net income of the segment reported 50,039,283 20,600,498 45,603,087 40,788,800 — 157,031,668 Depreciation and amortization 38,189,190 32,863,821 23,647,789 10,074,503 — 104,775,303 Current assets 626,277,188 117,319,226 183,268,173 64,121,536 — 990,986,123 Non-current assets 739,113,114 216,757,538 720,101,674 279,148,198 — 1,955,120,524 Segment assets, total 1,365,390,302 334,076,764 903,369,847 343,269,734 — 2,946,106,647 Carrying amount in associates accounted for using the equity method, total 52,519,831 — 38,969,363 — — 91,489,194 Segment disbursements of non-monetary assets 53,513,835 33,789,235 30,171,387 21,381,700 — 138,856,157 Current liabilities 283,835,866 101,832,549 109,691,047 34,207,817 — 529,567,279 Non-current liabilities 743,108,008 20,388,886 534,386,761 17,242,154 — 1,315,125,809 Segment liabilities, total 1,026,943,874 122,221,435 644,077,808 51,449,971 — 1,844,693,088 Cash flows (used in) provided by in Operating Activities 181,679,320 55,490,096 36,121,074 31,764,493 — 305,054,983 Cash flows (used in) provided by Investing Activities (108,283,362) (33,789,408) (32,875,359) (23,304,551) — (198,252,680) Cash flows (used in) provided by Financing Activities (111,533,388) (940,318) (2,455,073) (390,735) — (115,319,514) Inter- Operation in Operation in Operation in Operation country Consolidated, For the period ended December 31, 2020 Chile Argentina Brazil Paraguay in eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 407,191,500 260,118,269 317,712,571 126,057,797 (578,764) 1,110,501,373 Other beverages 237,570,385 49,817,791 262,350,736 31,094,787 (359,666) 580,474,033 Packaging — 8,891,560 — — (1,585,729) 7,305,831 Revenues from ordinary activities 644,761,885 318,827,620 580,063,307 157,152,584 (2,524,159) 1,698,281,237 Cost of sales (392,720,439) (172,065,726) (373,444,835) (86,791,818) 2,524,159 (1,022,498,659) Distribution expenses (59,897,972) (49,112,014) (34,784,528) (8,737,504) — (152,532,018) Administrative expenses (112,306,460) (69,668,104) (79,674,089) (21,990,282) — (283,638,935) Financial income 6,437,945 1,169,193 7,068,396 270,345 — 14,945,879 Financial costs (23,938,992) (729,164) (30,104,681) — — (54,772,837) Net financial costs (17,501,047) 440,029 (23,036,285) 270,345 — (39,826,958) Share of entity in income of associates accounted for using the equity method, total 1,248,478 — 980,285 — — 2,228,763 Income tax expense (23,057,195) (7,668,059) (20,536,914) (3,643,231) — (54,905,399) Oher income (expenses) (21,231,223) (6,046,069) 3,064,104 222,477 — (23,990,711) Net income of the segment reported 19,296,027 14,707,677 52,631,045 36,482,571 — 123,117,320 Depreciation and amortization 50,271,626 22,895,329 27,339,714 10,413,848 — 110,920,517 Current assets 532,713,969 70,215,594 149,709,603 44,658,550 — 797,297,716 Non-current assets 636,275,547 144,802,176 643,447,811 226,241,150 — 1,650,766,684 Segment assets, total 1,168,989,516 215,017,770 793,157,414 270,899,700 — 2,448,064,400 Carrying amount in associates accounted for using the equity method, total 50,628,307 — 37,328,047 — — 87,956,354 Segment disbursements of non-monetary assets 41,114,189 15,803,061 17,075,672 11,882,036 — 85,874,958 Current liabilities 198,669,957 58,904,281 96,144,933 24,337,015 — 378,056,186 Non-current liabilities 748,105,248 10,717,606 465,225,175 14,399,594 — 1,238,447,623 Segment liabilities, total 946,775,205 69,621,887 561,370,108 38,736,609 — 1,616,503,809 Cash flows (used in) provided by in Operating Activities 191,911,595 24,603,123 36,409,227 25,845,053 — 278,768,998 Cash flows (used in) provided by Investing Activities (178,910,100) (16,010,950) (17,075,672) (11,882,036) — (223,878,758) Cash flows (used in) provided by Financing Activities 117,081,470 (167,606) (3,443,826) (429,077) — 113,040,961 Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2019 Chile 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 Revenues from ordinary activities 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) |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2021 | |
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 12.31.2021 12.31.2020 ThCh$ ThCh$ Cash 503,687 339,628 Bank balances 94,472,637 82,997,449 Othe fixed rate instruments 209,335,696 226,193,622 Cash and cash equivalents 304,312,020 309,530,699 Other fixed income instruments correspond primarily to investments in short-term instruments with good credit ratings, such as Time Deposits and Mutual Funds, which are highly liquid, with insignificant risk of change in value and easily converted into known amounts of cash.. There are no restrictions for significant amounts available to cash. By currency 12.31.2021 12.31.2020 ThCh$ ThCh$ USD 13,640,823 21,332,268 EUR 2,838,102 223,449 ARS 22,425,407 14,821,502 CLP 176,278,025 201,936,140 PYG 32,856,836 21,688,915 BRL 56,272,827 49,528,425 Cash and cash equivalents 304,312,020 309,530,699 |
OTHER CURRENT AND NON-CURRENT F
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
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 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets measured at amortized cost (1) 194,509,044 140,304,853 1,216,865 1,216,865 Financial assets at fair value (2) 961,705 — 281,337,127 150,983,295 Other financial assets measured at amortized cost (3) — — 14,078,020 9,813,118 Total 195,470,749 140,304,853 296,632,012 162,013,278 (1) Financial instrument that does not meet the definition of cash equivalents as defined in Note 2.13. (2) Market value of hedging instruments. See details in Note 22. (3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., manufacturing company of “AdeS” products and its distribution rights, 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, 2021 | |
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 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Prepaid expenses 7,860,112 7,932,770 1,254,775 527,110 Tax credit remainder (1) 2,022,493 234,124 (a) 52,746,937 (a) 76,262,417 Guaranty deposit — 286 — — Judicial deposits — — 15,259,876 11,492,642 Others (2) 4,836,499 5,207,201 1,600,028 1,960,503 Total 14,719,104 13,374,381 70,861,616 90,242,672 (1) (a) In November 2006, Rio de Janeiro Refrescos Ltda. ("RJR") filed a court order No. 0021799-23.2006.4.02.5101 seeking recognition of the right to exclude ICMS (Tax on Commerce and Services) from the PIS (Program of Social Integration) and COFINS (Contribution for the Financing of Social Security) calculation base, as well as recognition of the right to obtain reimbursement of amounts unduly collected since November 14, 2001, duly restated using the Selic interest rate. On May 20, 2019, the ruling favoring RJR became final, allowing the recovery of amounts overpaid from November 14, 2001 to August 2017. It is worth noting that in September 2017, RJR had already obtained a Security Mandate, which granted it the right to exclude, from that date, the ICMS from the PIS and COFINS calculation base. The company took steps to assess the total amount of the credit at issue for the period of unduly collection of taxes from November 2001 to August 2017, totaling approximately CLP 92,783 million (CLP 103,540 million in 2020) (BRL 613 million, of which BRL 370 million corresponds to capital and BRL 243 million to interest and monetary restatement. These amounts were recorded as of December 31, 2019. 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 175 million. The payment of income tax occurs when liquidating the credit, therefore the respective deferred tax liability recorded was CLP 20,246 million (BRL 148 million). Amounts already offset until 2021 were CLP 49,040 million (BRL 234 million) and in 2020 CLP 16,142 million (BRL 118 million). Companhia 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, 1989 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). Based on supporting documents found, for the August 1993-November 2013 period, the amount of credits related to this process have been calculated and totaled CLP 24,823 million (BRL 164 million, of which BRL 80 million corresponds to capital and BRL 84 million correspond to interest and monetary restatement), from this amount, CLP 1,059 million (BRL 7 million) must be deducted from indirect taxes, thus generating an account payable to former shareholders for CLP 23,612 million (CLP 21,204 million in 2020) (BRL 156 billion) and a government receivables related to credits for that same amount. It is worth mentioning that for the September 1989-July 1993 period, the Company did not account the credit due to the lack of supporting documents. 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. As of December 31, 2021, the impacts were recognized in RJR's result from its ownership in Sorocaba, totaling CLP 6,703 million (BRL 49 million, of which BRL 28 million correspond to capital and BRL 21 million correspond to interest and monetary restatement). In addition, the company recognized indirect costs (attorneys' fees, consulting, auditing, indirect taxes, and other obligations) resulting from the recognition of the right acquired in court, totaling CLP 1,513 million (CLP 1,368 million in 2020) (BRL 10 million). Income tax payment occurs upon credit settlement, with that the respective deferred tax liability recorded was CLP 1,967 million (CLP 1,778 million in 2020) (BRL 13 million). In 2020, CLP 684 million (BRL 5 million) of the total credit obtained by Sorocaba have already been offset. (2) Other non-financial assets are mainly composed of advances to suppliers. |
TRADE ACCOUNTS AND OTHER ACCOUN
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2021 | |
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE | |
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE | 7 – TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE The composition of trade and other receivables is as follows: Balance Current Non-current Trade debtors and other accounts receivable, Net 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 205,466,469 151,017,754 42,726 40,432 Other debtors 55,281,501 41,688,151 83,738 32,219 Other accounts receivable 4,742,656 1,315,348 — 1,211 Total 265,490,626 194,021,253 126,464 73,862 Balance Current Non-current Trade debtors and other accounts receivable, Gross 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 210,175,775 154,591,684 42,726 40,432 Other debtors 55,281,501 44,691,925 83,738 32,219 Other accounts receivable 4,744,721 1,533,307 — 1,211 Total 270,201,997 200,816,916 126,464 73,862 The stratification of the portfolio is as follows : Balance Current trade debtors without impairment impact 12.31.2021 12.31.2020 ThCh$ ThCh$ Less than one month 195,325,587 147,177,119 Between one and three months 6,843,836 2,230,594 Between three and six months 1,808,425 1,708,015 Between six and eight months 2,235,866 509,855 Older than eight months 4,004,787 3,006,533 Total 210,218,501 154,632,116 The Company has approximately 282,200 clients, which may have balances in the different sections of the stratification. The number of clients is distributed geographically with 67,100 in Chile, 87,400 in Brazil, 65,800 in Argentina and 61,900 in Paraguay. The movement in the allowance for expected credit losses is presented below: 12.31.2021 12.31.2020 ThCh$ ThCh$ Opening balance 6,795,663 6,492,987 Increase (decrease) 1,697,887 2,321,958 Provision reversal (3,832,220) (1,595,521) Increase (decrease) for changes of foreign currency 50,041 (423,761) Sub – total movements (2,084,292) 302,676 Ending balance 4,711,371 6,795,663 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
INVENTORIES | |
INVENTORIES | 8 – INVENTORIES The composition of inventories is detailed as follows: Details 12.31.2021 12.31.2020 ThCh$ ThCh$ Raw materials (1) 134,153,673 80,902,721 Finished goods 34,222,429 27,556,884 Spare parts and supplies 23,063,797 19,592,377 Work in progress 109,467 76,577 Other inventories 3,358,474 3,101,016 Obsolescence provision (2) (3,557,634) (3,256,925) Total 191,350,206 127,972,650 The cost of inventory recognized as cost of sales amounts to CLP 1,375,392,773 thousand and CLP 1,022,498,659 thousand as of December 31, 2021 and 2020, 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, 2021 | |
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 12.31.2021 12.31.2020 ThCh$ ThCh$ Tax credits (1) 10,224,368 218,472 Total 10,224,368 218,472 (1) This item corresponds to tax surplus credits in Chile and other tax credits reported by the Brazilian operation. The composition of current tax accounts payable is the following: Current Non-current Tax liabilities 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Income tax expense 30,512,787 8,828,599 — 20,597 Total 30,512,787 8,828,599 — 20,597 |
INCOME TAX EXPENSE AND DEFERRED
INCOME TAX EXPENSE AND DEFERRED TAXES | 12 Months Ended |
Dec. 31, 2021 | |
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 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Current income tax expense 45,614,890 55,522,189 35,439,707 Current tax adjustment previous period (2,284,477) (735,907) 713,992 Foreign dividends tax withholding expense 2,877,817 6,987,142 4,534,145 Other current tax expense (income) (114,130) (47,569) (425,958) Current income tax expense 46,094,100 61,725,855 40,261,886 Expense (income) for the creation and reversal of temporary differences of deferred tax and others 83,220 (6,820,456) 20,905,005 Expense (income) for deferred taxes 83,220 (6,820,456) 20,905,005 Total income tax expense 46,177,320 54,905,399 61,166,891 The distribution of national and foreign tax expenditure is as follows: Income taxes 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Current taxes Foreign (37,363,624) (39,128,690) (24,315,576) National (8,730,476) (22,597,165) (15,946,310) Current tax expense (46,094,100) (61,725,855) (40,261,886) Deferred taxes Foreign 6,942,925 7,280,487 (24,012,798) National (7,026,145) (460,031) 3,107,793 Deferred tax expense (83,220) 6,820,456 (20,905,005) Income tax expense (46,177,320) (54,905,399) (61,166,891) 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 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Net income before taxes 203,208,988 178,022,719 236,413,116 Tax expense at legal rate (27.0%) (54,866,427) (48,066,134) (63,831,541) Effect of tax rate in other jurisdictions 860,745 1,032,950 (3,471,705) Permanent differences: Non-taxable revenues (10,868,055) (2,417,582) 9,507,807 Non-deductible expenses (2,935,310) (6,007,898) (4,664,045) Tax effect on excess tax provision in previous periods 13,250,594 113,747 (3,316,278) Tax effect of price-level restatement for Chilean companies (15,794,098) (5,936,464) 5,199,589 Subsidiaries tax withholding expense and other legal tax debits and credits 24,175,231 6,375,982 (590,718) Adjustments to tax expense 7,828,362 (7,872,215) 6,136,355 Tax expense at effective rate (46,177,320) (54,905,399) (61,166,891) Effective rate 22.7 % 30.8 % 25.9 % The applicable income tax rates in each of the jurisdictions where the Company operates are the following: Rate Country 2021 2020 2019 Chile 27.0 % 27.0 % 27.0 % Brazil 34.0 % 34.0 % 34.0 % Argentina 35.0 % 30.0 % 30.0 % Paraguay 10.0 % 10.0 % 10.0 % The entry into force of Argentine Law No. 27.630 amended the Income Tax Law and established corporate income tax rates. The Law replaces the fixed tax rate of 30% applicable for 2021 and 25% for 2022 onwards with a progressive tax scale according to the following scheme: earnings up to ARS 5,000,000 are taxed at 25%, earnings between ARS 5,000,000 and ARS 50,000,000 are taxed at 30% and earnings above ARS 50,000,000 are taxed at 35%. The deferred tax expense amount related to the tax rate change for the Operation in Argentina is CLP 4,195,619 thousand (ARS 510,416 thousand). 10.2 Deferred taxes The net cumulative balances of temporary differences resulted in deferred tax assets and liabilities, which are detailed as follows: 12.31.2021 12.31.2020 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,944,185 52,435,301 5,421,466 39,544,960 Obsolescence provision 1,696,051 — 1,340,235 — ICMS exclusion credit 4,925,230 — — 17,679,221 Employee benefits 3,163,172 115,828 4,475,497 18,300 Provision for severance indemnity 271,789 271,367 150,027 101,339 Tax loss carry forwards (1) 4,292,863 698 6,423,820 — Tax goodwill Brazil — 3,126,125 2,080,987 — Contingency provision 30,216,275 — 24,103,234 — Foreign Exchange differences (2) 7,165,844 — 8,116,713 — Allowance for doubtful accounts 638,484 — 915,562 — Assets and liabilities for placement of bonds — 2,081,271 378,901 2,377,870 Lease liabilities 1,781,922 — 1,528,990 — Inventories 652,669 — 469,416 — Distribution rights — 151,228,739 — 144,151,661 Hedge derivatives — — — — Spare parts — 3,374,376 — — Intangibles 130 5,440,229 — — Others 5,906,158 5,326,478 3,785,655 7,060,830 Subtotal 61,729,542 228,325,642 59,190,503 210,934,181 Total assets and liabilities net 1,858,727 168,454,827 1,925,869 153,669,547 (1) Tax losses mainly associated with the subsidiary Embotelladora Andina Chile S.A. Tax losses have no expiration date in Chile. (2) Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency that for tax purposes are recognized when incurred. Deferred tax account movements are as follows: Movement 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Opening balance 151,743,678 168,085,407 145,245,948 Increase (decrease) in deferred tax 4,507,688 4,411,619 20,905,005 Increase (decrease) due to foreign currency translation* 10,344,734 (20,753,348) 1,934,454 Total movements 14,852,422 (16,341,729) 22,839,459 Ending balance 166,596,100 151,743,678 168,085,407 * Includes IAS 29 effect, due to inflation in Argentina |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
PROPERTY PLANT AND EQUIPMENT | |
PROPERTY, PLANT AND EQUIPMENT | 11 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment at the close of each period is detailed as follows: Property, plant and equipment, gross 12.31.2021 12.31.2020 ThCh$ ThCh$ Construction in progress 56,280,594 34,194,083 Land 101,286,107 94,321,726 Buildings 306,300,748 266,921,167 Plant and equipment 613,537,377 515,395,328 Information technology equipment 29,470,242 24,323,557 Fixed installations and accessories 61,264,172 45,558,495 Vehicles 56,346,552 45,808,748 Leasehold improvements 322,036 203,164 Rights of use (1) 69,616,828 56,726,206 Other properties, plant and equipment (2) 383,403,363 314,602,940 Total Property, plant and equipment, gross 1,677,828,019 1,398,055,414 Accumulated depreciation of Property, plant and equipment 12.31.2021 12.31.2020 ThCh$ ThCh$ Buildings (102,957,623) (86,004,289) Plant and equipment (443,885,822) (369,605,125) Information technology equipment (23,857,025) (19,445,250) Fixed installations and accessories (38,165,051) (27,910,603) Vehicles (37,161,952) (29,397,964) Leasehold improvements (208,747) (144,022) Rights of use (1) (45,962,853) (35,388,929) Other properties, plant and equipment (2) (269,249,819) (224,582,687) Total accumulated depreciation (961,448,892) (792,478,869) Total Property, plant and equipment, net 716,379,127 605,576,545 (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 12.31.2021 12.31.2020 ThCh$ ThCh$ Bottles 36,546,377 30,275,255 Marketing and promotional assets (market assets) 55,210,620 44,106,959 Other Property, plant and equipment 22,396,547 15,638,039 Total 114,153,544 90,020,253 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, Rights-of-use, & equipment, progress Land Buildings, net equipment, net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2021 34,194,083 94,321,726 180,916,878 145,790,203 4,878,307 17,647,892 16,410,784 59,142 90,020,253 21,337,277 605,576,545 Additions 61,100,226 — 3,708,881 19,025,057 1,428,080 12,068 171,420 8,738 47,426,736 — 132,881,206 Right-of use additions — — — — — — — — — 9,070,997 9,070,997 Disposals (74,476) — (276,312) (277,845) (3,896) (11) (9,573) — (3,156,795) — (3,798,908) Transfers between items of Property, plant and equipment (39,845,790) — 4,370,826 21,182,049 751,603 606,279 4,771,885 88,345 8,074,803 — — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (7,862,888) (32,058,439) (2,219,235) (3,700,948) (4,054,092) (51,774) (43,651,397) — (93,598,773) Amortization — — — — — — — — — (8,386,063) (8,386,063) Increase (decrease) due to foreign currency translation differences 6,513,216 6,964,382 21,941,520 23,364,406 658,167 3,080,061 2,264,353 8,840 16,399,966 1,759,346 82,954,257 Other increase (decrease) (2) (5,606,665) (1) 544,220 (7,373,876) 120,191 5,453,780 (370,177) (2) (960,022) (127,582) (8,320,134) Total movements 22,086,511 6,964,381 22,426,247 23,861,352 734,910 5,451,229 2,773,816 54,147 24,133,291 2,316,698 110,802,582 Ending balance al 12.31.2021 56,280,594 101,286,107 203,343,125 169,651,555 5,613,217 23,099,121 19,184,600 113,289 114,153,544 23,653,975 716,379,127 (1) Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 4,042,921 (2,140,590) 1,902,331 Plant and Equipment 43,450,544 (27,325,328) 16,125,216 IT Equipment 997,458 (750,993) 246,465 Motor vehicles 12,171,762 (7,065,299) 5,106,463 Others 8,954,143 (8,680,643) 273,500 Total 69,616,828 (45,962,853) 23,653,975 Lease liabilities interest expenses at the closing of the period reached CLP 1,816,506 thousand. (2) Fixed IT facilities and Leasehold Property, plant Construction in Plant and equipment, accessories, improvements, Rights-of-use, & equipment, progress Land Buildings, net equipment, net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2020 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 Additions 37,726,227 — 1,520,363 8,963,015 809,348 (1,313) 1,323,740 — 30,536,408 — 80,877,788 Right-of use additions — — — — — — — — — 1,775,457 1,775,457 Disposals — — (164,113) (2,485,145) (2,426) — (22,823) — (6,046,468) (87,043) (8,808,018) Transfers between items of Property, plant and equipment (23,336,382) — 2,177,344 8,858,066 1,151,754 1,175,520 906,624 50,356 9,016,718 — — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (7,240,230) (33,465,104) (2,058,555) (2,803,621) (4,963,835) (44,630) (48,830,152) (99,406,127) Amortization (7,851,901) (7,851,901) Increase (decrease) due to foreign currency translation differences (3,086,288) (9,936,257) (29,231,570) (19,859,576) (829,268) (628,317) (3,124,155) (16,605) (11,400,730) (4,728,542) (82,841,308) Other increase (decrease) (2) (4,400,055) 61,229 1,881,309 (1,574,277) 805,609 62,342 330,086 — 1,960,074 (14,526) (888,209) Total movements 6,903,502 (9,875,028) (31,056,897) (39,563,021) (123,538) (2,195,389) (5,550,363) (10,879) (24,764,150) (10,906,555) (117,142,318) Ending balance al 12.31.2020 34,194,083 94,321,726 180,916,878 145,790,203 4,878,307 17,647,892 16,410,784 59,142 90,020,253 21,337,277 605,576,545 (1) Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 2,740,852 (1,326,250) 1,414,602 Plant and Equipment 37,671,980 (19,802,307) 17,869,673 IT Equipment 451,313 (449,249) 2,064 Motor vehicles 7,298,422 (5,966,204) 1,332,218 Others 8,563,639 (7,844,919) 718,720 Total 56,726,206 (35,388,929) 21,337,277 Lease liabilities interest expenses at the closing of the period reached CLP 1,873,571 thousand. (2) 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 Rights-of-use equipment, net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2019 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 12.31. 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 8,254,568 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 adoptio n |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTIES | |
RELATED PARTIES | 12 – RELATED PARTIES Balances and main transactions with related parties are detailed as follows: 12. 12.31.2021 12.31.2020 Taxpayer ID Company Relationship Country Currency Current Non-current Taxpayer ID ThCh$ ThCh$ ThCh$ ThCh$ 96.891.720-K Embonor S.A. Shareholder related Chile CLP 3,870,800 — 3,643,603 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 62,756 98,941 16,024 138,346 Foreign Coca-Cola de Argentina Director related Argentina ARS 2,490,194 — 4,558,753 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 166,813 — 308,882 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile CLP 155,264 — 292,801 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 1,266,871 — 773,732 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 934,350 — 837,837 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 371,907 — 1,401,898 — 76.140.057-6 Monster Associate Chile CLP 87,865 — 41,878 — 79.826.410-9 Guallarauco Associate Chile CLP 12,230 — — — Total 9,419,050 98,941 11,875,408 138,346 12.2 Accounts payable: 12.31.2021 12.31.2020 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 19,134,864 — 18,897,093 — Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil BRL 13,770,200 11,557,723 7,926,109 10,790,089 86.881.400-4 Envases CMF S.A. Associate Chile CLP 7,609,951 — 3,856,973 — Foreign Ser. y Prod. para Bebidas Refrescantes S.R.L. Shareholder Argentina ARS 9,893,495 — 4,848,196 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil BRL 577,723 — 1,323,609 — Foreign Monster Energy Brasil Com de Bebidas Ltda. Shareholder related Brazil BRL 2,173,901 — 1,156,786 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 367,186 — 490,758 — 89.996.200-1 Envases del Pacífico S.A. Director related Chile CLP — — 3,414 — 96.891.720-K Embonor S.A. Shareholder related Chile CLP 378,718 — 118,314 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 277,708 — 402,581 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 1,858,682 — 518,135 — Foreign Coca-Cola Panamá Shareholder related Panama USD — — — — Foreign Monster Energy Argentina S.A. Shareholder related Argentina PYG 2,365 — — — Foreign Monster Energy Company – Shareholder related Argentina PYG 58,668 — — — Foreign Sorocaba Refrescos S.A. Associate Brazil BRL — — — — Total 56,103,461 11,557,723 39,541,968 10,790,089 12.3 Transactions: Accumulated Accumulated Taxpayer ID Company Relationship Country Transaction description Currency 12.31.2021 12.31.2020 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Concentrate purchase CLP 174,892,744 139,193,479 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Advertising services purchase CLP 3,290,184 2,890,638 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Water source lease CLP 4,727,676 3,847,817 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Sale of raw materials and others CLP 1,720,061 1,169,944 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Minimum dividend CLP 35,474 — 86.881.400-4 Envases CMF S.A. Associate Chile Bottle purchase CLP 17,713,063 12,210,449 86.881.400-4 Envases CMF S.A. Associate Chile Raw material purchase CLP 24,883,194 16,055,991 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps CLP 153,142 91,778 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of services and others CLP 1,325,941 520,221 86.881.400-4 Envases CMF S.A. Associate Chile Sale of services and others CLP 1,430 1,578 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 7,625,273 5,992,443 86.881.400-4 Envases CMF S.A. Associate Chile Sale of finished products CLP — 2,380,574 86.881.400-4 Envases CMF S.A. Associate Chile Sale of containers/raw materials CLP 11,939,711 6,344,834 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of finished products CLP 59,018,653 44,982,749 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of services and others CLP 359,739 447,092 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of raw materials and materials CLP 523,958 197,288 96.891.720-K Embonor S.A. Shareholder related Chile Minimum dividend CLP 339,562 118,314 96.891.720-K Embonor S.A. Shareholder related Chile Sale of fixed asset CLP 357,000 — 96.891.720-K Embonor S.A. Shareholder related Chile Dividend distribution CLP 541,188 — 96.517.310-2 Embotelladora Iquique S.A. Shareholder related Chile Sale of finished products CLP 4,220,323 167,430 89.996.200-1 Envases del Pac í Director related Chile Purchase of raw materials and materials CLP 265,503 427 94.627.000-8 Parque Arauco S.A Director related Chile Lease of space CLP 69,151 — Foreign Recofarma do Ind ú Shareholder related Brazil Concentrate purchase BRL 69,785,833 71,959,416 Foreign Recofarma do Ind ú Shareholder related Brazil Reimbursement and other purchases BRL 100,072 220,708 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Concentrate purchase ARS 129,275,444 81,198,463 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising rights, prizes and others ARS 3,230,351 — Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising participation ARS 5,201,881 6,395,881 Foreign KAIK Participa çõ Associate Brazil Reimbursement and other purchases BRL 21,180 14,162 Foreign Leao Alimentos e Bebidas Ltda. Associate Brazil Product purchases BRL 293,677 — Foreign Sorocaba Refrescos S.A. Associate Brazil Product purchases BRL 2,667,326 3,671,472 89.862.200-2 Latam Airlines Group S.A. Director related Chile Sale of products CLP 269,688 — 89.862.200-2 Latam Airlines Group S.A. Director related Chile Product purchase CLP 18,695 85,140 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Sale of services and others CLP 442,566 397,659 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Purchase of services and others CLP 4,436,600 4,410,223 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Commission payments and services ARS 2,973,907 1,373,594 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Product purchases ARS 11,658 80,761 Foreign Trop Frutas do Brasil Ltda. Associate Brazil Product purchases BRL 2,736,529 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of raw materials CLP 6,210 10,914 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of finished products CLP 8,937,506 2,050,156 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of services and others CLP 11,183 459,707 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Raw material purchase CLP 4,519,948 1,009,547 96.633.550-5 Sinea S.A. Director related Chile Raw material purchase CLP 2,294,594 — 97.036.000-K Banco Santander Chile Director/Manager/Executive Chile Purchase of services-bank expenses CLP 1,852,076 — 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 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Executive wages, salaries and benefits 7,253,863 7,464,071 6,267,936 Director allowances 1,512,500 1,479,420 1,512,000 Benefits accrued in the last five years and payments during the fiscal year 254,240 297,072 305,674 Benefit from termination of contracts — 115,341 54,819 Total 9,020,603 9,355,904 8,140,429 |
CURRENT AND NON-CURRENT EMPLOYE
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
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 12.31.2021 12.31.2020 ThCh$ ThCh$ Accrued vacation 18,630,043 14,650,267 Participation in profits and bonuses 15,538,771 15,969,735 Severance indemnity 14,982,928 14,086,575 Total 49,151,742 44,706,577 ThCh$ ThCh$ Current 35,012,072 31,071,019 Non-current 14,139,670 13,635,558 Total 49,151,742 44,706,577 13.1 Severance indemnities The movements of employee benefits, valued pursuant to Note 2 are detailed as follows: Movements 12.31.2021 12.31.2020 ThCh$ ThCh$ Opening balance 14,086,575 10,085,264 Service costs (8,917) 1,675,492 Interest costs 1,672,491 369,332 Actuarial variations 1,216,808 3,127,398 Benefits paid (1,984,029) (1,170,911) Total 14,982,928 14,086,575 13.1.1 Assumptions The actuarial assumptions used are detailed as follows: Assumptions 12.31.2021 12.31.2020 Discount rate 2.30 % (0.05) % Expected salary increase rate 2.0 % 2.0 % Turnover rate 7.68 % 7.68 % Mortality rate RV-2014 RV-2014 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years The outcome of the changes in severance indemnities, resulting from sensitizing the actuarial assumptions at the valuation date, are presented below: Discount rate sensitivity ThCh$ Change in provision by an increase of up to 100 bps (781,222) Change in provision by a decrease of up to 100 bps 794,316 Salary growth sensitivity ThCh$ Change in provision by an increase of up to 100 bps 869,297 Change in provision by a decrease of up to 100 bps (8,590,434) 13.2 Personnel expenses Personnel expenses included in the consolidated statement of income are as follows: Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Wages and salaries 225,883,645 187,600,163 194,740,646 Employee benefits 53,340,673 48,504,899 58,005,213 Severance benefits 4,163,608 3,238,966 6,987,184 Other personnel expenses 18,134,494 12,993,234 13,389,967 Total 301,522,420 252,337,262 273,123,010 |
INVESTMENTS IN ASSOCIATES ACCOU
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 14 – 14.1 Description Investments in associates are accounted for using the equity method. Investments in associates are detailed as follows: Ownership Functional Investment value interest TAXPAYER ID Name Country currency 12.31.2021 12.31.2020 12.31.2021 12.31.2020 86.881.400-4 Envases CMF S.A. (1) Chile CLP 21,863,790 20,185,148 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil BRL 11,359,597 10,628,035 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil BRL 1,107,007 979,978 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil BRL 51,615 48,032 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil BRL 24,258,224 20,976,662 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil BRL 2,192,920 4,695,228 7.52 % 7.52 % 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Chile CLP 30,656,041 30,443,271 35.00 % 35.00 % Total 91,489,194 87,956,354 (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 ownership interest, it has been defined that the Company has significant influence, given that it has the right to appoint directors. Envases CMF S.A. Chilean entity whose corporate purpose is to manufacture and sell plastic material products and beverage bottling and packaging services. The business relationship is to supply plastic bottles, preforms and caps to Coca-Cola bottlers in Chile. Leão Alimentos e Bebidas Ltda. Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates. Invest in other companies. The business relationship is to produce non-carbonated products for Coca-Cola bottlers in Brazil. Kaik Participações Ltda. Brazilian entity whose corporate purpose is to invest in other companies with its own resources. SRSA Participações Ltda. Brazilian entity whose corporate purpose is the purchase and sale of real estate investments and property management, supporting the business of Rio De Janeiro Refrescos Ltda. (Andina Brazil). Sorocaba Refrescos S.A. Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates, in addition to investing in other companies. It has commercial relationship with Rio De Janeiro Refrescos Ltda. (Andina Brazil). Trop Frutas do Brasil Ltda. Brazilian entity whose corporate purpose is to manufacture, commercialize and export natural fruit pulp and coconut water. The business relationship is to produce products for Coca-Cola bottlers in Brazil. Coca-Cola del Valle New Ventures S.A. Chilean entity whose corporate purpose is to manufacture, distribute and commercialize all kinds of juices, waters and beverages in general. The business relationship is to produce waters and juices for Coca-Cola bottlers in Chile. 14.2 Movements The movement of investments in other entities accounted for using the equity method is shown below: Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Opening balance 87,956,354 99,866,733 102,410,945 Dividends received (3,236,541) (1,215,126) (1,076,491) Share in operating income 4,041,118 3,248,680 (2,495,621) Amortization unrealized income in associates (435,884) (566,422) (919,462) Other increase (decrease) in investments in associates* 3,164,147 (13,377,511) 1,947,362 Ending balance 91,489,194 87,956,354 99,866,733 *Mainly due to foreign exchange rates The main movements are explained below: ● Dividends declared in 2021 correspond to Sorocaba Refrescos S.A., Envases CMF S.A. and Coca-Cola del Valle New Ventures S.A.. ● In 2021 it was identified that for the brand Verde Campo (Trop Frutas do Brasil Ltda.) the recoverable value would be R$ 21.8 million, an amount below the book value recorded, proportionally impacting the result of Andina Brazil according to its participation (for more information see Note 2.8). ● In 2020 Leão Alimentos e Bebidas Ltda. recognized the value of a plant at its use value less selling costs, reducing the value previously recognized. Andina recognized a proportional loss of Ch$2,931 million as income for the period 2020. ● In the 2020 period Sorocaba Refrescos S.A., recognized a tax credit for excluding ICMS from the basis of calculation of PIS and COFINS. Andina recognized as results for the 2020 period a proportional result of CLP 2,134 million. ● Dividends declared in 2020 correspond mainly to Envases CMF S.A ● In December 2019, Leão Alimentos e Bebidas Ltda, performed an impairment provision at its Linhares Plant for BRL 256 million, Andina recognized as results for the 2019 fiscal year, a loss of CLP 4,671 million. ● In 2019 Sorocaba Refrescos S.A., Coca-Cola del Valle and CMF S.A. distributed dividends. 14.3 Reconciliation of share of profit in investments in associates: Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Equity value on income of associates 4,041,118 3,248,680 (2,495,621) 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) (512,131) (528,122) (394,490) Amortization goodwill in the sale of fixed assets of Envases CMF S.A. 42,633 85,266 85,266 Amortization goodwill preferred rights CCDV S.A. (478,518) (523,061) (610,238) Income statement balance 3,093,102 2,228,763 (3,415,083) 14.4 Summary financial information of associates: At December 31, 2021: 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$ Short term assets 72,400,404 19,468,334 — 20,648 68,192,154 16,765,435 29,227,758 Long term assets 42,875,230 92,639,217 9,779,486 294,662 50,034,496 33,021,014 75,706,352 Total assets 115,275,634 112,107,551 9,779,486 315,310 118,226,650 49,786,449 104,934,110 Short term liabilities 57,080,891 21,255,565 — 186,266 12,991,480 10,009,915 10,181,664 Long term liabilities 14,467,165 34,960,269 28 — 6,489,944 18,294,787 7,164,058 Total liabilities 71,548,056 56,215,835 28 186,266 19,481,424 28,304,702 17,345,722 Total Equity 43,727,578 55,891,716 9,779,458 129,044 98,745,226 21,481,747 87,588,388 Total revenue from ordinary activities 77,805,312 (25,164,499) 204,624 126,016 94,169,579 35,224,230 46,509,329 Earnings before taxes 7,347,219 4,518,371 204,624 126,016 2,876,850 (31,042,731) 2,306,620 Earnings after taxes 5,509,658 2,573,415 204,624 126,016 1,556,223 (37,324,877) 2,869,945 Other comprehensive income — 2,363,061 — — 49,784 30,547,925 — Total comprehensive income — 4,936,476 — — 1,606,007 (6,776,952) — Reporting date (See Note 2.3) 12.31.2021 11.30.2021 11.30.2021 11.30.2021 11.30.2021 11.30.2021 12.31.2021 At December 31, 2020: 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$ Short term assets 31,354,324 17,959,344 — 20,314 70,192,521 12,293,489 37,284,398 Long term assets 43,735,099 73,675,946 8,657,291 268,126 73,918,788 63,719,245 68,450,919 Total assets 75,089,423 91,635,290 8,657,291 288,440 144,111,309 76,012,734 105,735,317 Short term liabilities 17,929,088 16,295,336 — 168,354 28,383,151 5,000,314 9,116,608 Long term liabilities 16,704,773 28,180,230 26 — 9,251,314 16,235,813 10,883,589 Total liabilities 34,633,861 44,475,566 26 168,354 37,634,465 21,236,127 20,000,197 Total Equity 40,455,562 47,159,724 8,657,265 120,086 106,476,844 54,776,607 85,735,120 Total revenue from ordinary activities 60,067,879 52,345,526 96,980 117,350 84,813,829 31,483,800 30,329,646 Earnings before taxes 5,587,691 4,028,010 96,980 117,350 (38,601,167) (1,391,494) (1,226,517) Earnings after taxes 4,717,515 3,004,352 96,980 117,350 (39,244,393) (890,021) (475,467) Other comprehensive income — (1,899,548) — — 472,160 — — Total comprehensive income — 1,104,804 — — (38,772,233) — — Reporting date (See Note 2.3) 12.31.2020 11.30.2020 11.30.2020 11.30.2020 11.30.2020 11.30.2020 12.31.2020 |
INTANGIBLE ASSETS OTHER THAN GO
INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | 15 – Intangible assets other than goodwill are detailed as follows: December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Description Value Amortization Value Value Amortization Value ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) 650,411,156 (3,896,827) 646,514,329 598,371,081 (2,005,344) 596,365,737 Software 44,084,900 (31,019,938) 13,064,962 35,030,003 (26,882,550) 8,147,453 Others 509,957 (457,705) 52,252 417,957 (416,982) 975 Total 695,006,013 (35,374,470) 659,631,543 633,819,041 (29,304,876) 604,514,165 (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. 12.31.2021 12.31.2020 Distribution rights ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 303,973,971 303,702,092 Brazil (Rio de Janeiro, Espírito Santo, Ribeirão Preto and investments in Sorocaba and Leão Alimentos e Bebidas Ltda.) * 158,175,979 138,176,054 Paraguay 181,675,993 152,595,420 Argentina (North and South) 2,688,386 1,892,171 Total 646,514,329 596,365,737 * On September 21, 2021 Coca-Cola Andina together with Coca-Cola Femsa, acquired the Brazilian beer brand Therezópolis for BRL 70 million. Each bottler bought 50% of the brand. This transaction is part of the company’s long-term strategy to complement its beer portfolio in Brazil. The transaction was completed and approved by CADE (Brazilian Administrative Council of Economic Defense). In September, 2021 Andina recorded an intangible asset under the Therezópolis brand for BRL 35 million with an indefinite useful life. The movement and balances of identifiable intangible assets are detailed as follows: January 1 to December 31, 2021 January 1 to December 31, 2020 Distribution Distribution Description rights Others Software Total rights Others Software Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 596,365,737 975 8,147,453 604,514,165 666,755,196 456,763 7,863,416 675,075,375 Additions 5,773,560 — 6,998,593 12,772,153 94,661 — 2,575,125 2,669,786 Amortization (152,644) — (2,637,823) (2,790,467) (1,573,878) — (2,088,612) (3,662,490) Other increases (decreases) (1) 44.527.676 51,277 556,739 45,135,692 (68,910,242) (455,788) (202,476) (69,568,506) Saldo final 646,514,329 52,252 13,064,962 659,631,543 596,365,737 975 8,147,453 604,514,165 (1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
GOODWILL | |
GOODWILL | 16 – Movement in Goodwill is detailed as follows: Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2021 presentation currency 12.31.2021 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 56,001,413 5,850,036 61,851,449 Argentine operation 27,343,642 12,632,750 39,976,392 Paraguayan operation 6,477,515 1,234,521 7,712,036 Total 98,325,593 19,717,307 118,042,900 Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2020 presentation currency 12.31.2020 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 75,674,072 (19,672,659) 56,001,413 Argentine operation 29,750,238 (2,406,596) 27,343,642 Paraguayan operation 7,294,328 (816,813) 6,477,515 Total 121,221,661 (22,896,068) 98,325,593 Foreign currency translation differences where functional currency is different from Operating segment 01.01.2019 presentation currency 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 |
OTHER CURRENT AND NON-CURRENT_2
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | 17 – Liabilities are detailed as follows: Balance Current Non-current 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Bank loans (Note 17.1.1 - 2) 26,617 799,072 4,000,000 4,000,000 Bonds payable, net 1 25,383,339 18,705,015 1,020,661,942 918,921,342 Bottle guaranty deposits 13,402,885 12,126,831 — — Derivative contract liabilities (Note 17.3) 758,663 1,217,322 — 51,568,854 Lease liabilities (Note 17.4.1 - 2) 8,191,535 5,718,484 16,387,030 15,339,373 Total 47,763,039 38,566,724 1,041,048,972 989,829,569 1 Amounts net of issuance expenses and discounts related to issuance. The fair value of financial assets and liabilities is presented below: Book Value Fair Value Book Value Fair Value Current 12.31.2021 12.31.2021 12.31.2020 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Cash and cash equivalent (2) 304,312,020 304,312,020 309,530,699 309,530,699 Other financial assets (1) 961,705 961,705 — — Trade debtors and other accounts receivable (2) 265,490,626 265,490,626 194,021,253 194,021,253 Accounts receivable related companies (2) 9,419,050 9,419,050 11,875,408 11,875,408 Bank liabilities (2) 26,617 111,992 799,072 896,307 Bonds payable (2) 25,383,339 26,774,799 18,705,015 22,471,852 Bottle guaranty deposits (2) 13,402,885 13,402,885 12,126,831 12,126,831 Forward contracts liabilities (see Note 22) (1) 758,663 758,663 1,217,322 1,217,322 Leasing agreements (2) 8,191,535 8,191,535 5,718,484 5,718,484 Accounts payable (2) 327,710,552 327,710,552 230,438,133 230,438,133 Accounts payable related companies (2) 56,103,461 56,103,461 39,541,968 39,541,968 Non-current 12.31.2021 12.31.2021 12.31.2020 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Other financial assets (1) 281,337,127 281,337,127 150,983,295 150,983,295 Non-current accounts receivable (2) 126,464 126,464 73,862 73,862 Accounts receivable related companies (2) 98,940 98,940 138,346 138,346 Bank liabilities (2) 4,000,000 4,056,753 4,000,000 4,056,753 Bonds payable (2) 1,020,661,942 1,041,841,338 918,921,342 1,088,617,557 Leasing agreements (2) 16,387,030 16,387,030 15,339,373 15,339,373 Non-current accounts payable (2) 256,273 256,273 295,279 295,279 Derivative contracts liabilities (see Note 22) (1) — — 51,568,854 51,568,854 (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 liabilities, current Maturity Total Indebted entity Creditor entity Tipo de Nominal Up to 90 days to At At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 90 days 1 year 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.13 % — — 760,667 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile CLP Semiannually 2.00 % 26,617 — 26,617 33,111 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco Galicia y Buenos Aires S.A. Argentina ARS Monthly 22.00 % — — — 5,294 Total 26,617 799,072 17.1.2 Bank liabilities, non-current Maturity Indebted entity Creditor entity Type of Nominal 1 year up to More than 2 More than 3 More than 4 More than 5 At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years Up to 3 years Up to 4 years Up to 5 years years 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 Total 4,000,000 17.1.3 Bank liabilities, non-current previous year Maturity Indebted entity Creditor entity Type of Nominal 1 year up to more than 2 more than 3 more than 4 more than 5 At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years up to 3 years up to 4 years up to 5 years years 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 Total 4,000,000 17.1.4 Current and non-current bank obligations “Restrictions” Bank obligations are not subject to restrictions for the reported periods. 17.2 Bond obligations On January 21, 2020, the Company issued corporate bonds on the international market for USD 300 million with a 30-year maturity, with a bullet structure and an annual interest rate of 3.950%. In parallel, derivatives (Cross Currency Swaps) covering 100% of the financial obligations of the bond that are denominated in US dollars have been contracted re-denominating that liability to UF. Current Non-current Total Composition of bonds payable 12.31.2021 12.31.2020 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds face value 1 26,103,215 19,347,033 1,027,864,462 925,968,913 1,053,967,677 945,315,946 1 Gross amounts do not consider discounts related to issuance. 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 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 1,389,336 UF 6.5 % 12-01-2026 Semiannually 8,769,787 7,776,693 34,515,188 40,388,468 CMF Registration 641 08.23.2010 C 1,363,636 UF 4.0 % 08-15-2031 Semiannually 4,853,856 647,672 38,035,317 43,605,495 CMF Registration 760 08.20.2013 D 4,000,000 UF 3.8 % 08-16-2034 Semiannually 1,737,109 1,629,677 123,966,960 116,281,320 CMF Registration 760 04.02.2014 E 3,000,000 UF 3.75 % 03-01-2035 Semiannually 1,151,467 1,083,063 92,975,229 87,210,999 CMF Registration 912 10.10.2018 F 5,700,000 UF 2.83 % 09-25-2039 Semiannually 1,316,202 1,234,601 176,652,918 165,700,881 Bonds USA 2023 10.01.2013 — 365,000,000 US$ 5.0 % 10-01-2023 Semiannually 3,853,898 3,243,709 308,311,850 259,496,750 Bonds USA 2050 01.01.2020 — 300,000,000 US$ 3.95 % 01-21-2050 Semiannually 4,420,896 3,731,618 253,407,000 213,285,000 Total 26,103,215 19,347,033 1,027,864,462 925,968,913 Accrued interest included in the current portion of bonds payable as of December 31, 2021 and 2020 amounts to CLP 13,333,338 thousand and CLP 11,841,892 thousand, respectively. 17.2.2 Non-current maturities Year of maturity Total Non- More than 1 More than 2 More than 3 current Series up to 2 up to 3 up to 4 More than 5 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 9,098,047 9,689,420 10,319,232 5,408,489 34,515,188 CMF Registration 641 08.23.2010 C 4,226,146 4,226,147 4,226,146 25,356,878 38,035,317 CMF Registration 760 08.20.2013 D — — — 123,966,960 123,966,960 CMF Registration 760 04.02.2014 E — — — 92,975,229 92,975,229 CMF Registration 912 10.10.2018 F — — — 176,652,918 176,652,918 Bonds USA — — 308,311,850 — — 308,311,850 Bonds USA 2 — — — — 253,407,000 253,407,000 Total 13,324,193 322,227,417 14,545,378 677,767,474 1,027,864,462 17.2.3 Market rating The bonds issued on the Chilean market had the following rating: AA : ICR Compañía Clasificadora de Riesgo Ltda. rating AA : Fitch Chile Clasificadora de Riesgo Limitada rating The rating of bonds issued on the international market had the following rating: BBB : Standard&Poors Global Ratings BBB+ : Fitch Ratings Inc. 17.2.4 Restrictions 17.2.4.1 Restrictions regarding bonds placed abroad. Obligations with bonds placed abroad are not affected by financial restrictions for the periods reported. 17.2.4.2 Restrictions regarding bonds placed in the local market. The following financial information was used for calculating restrictions: 12.31.2021 ThCh$ Total Equity 1,101,413,559 Net financial debt 307,692,116 Unencumbered assets 2,638,120,437 Total unsecured liabilities 1,562,394,258 EBITDA LTM 382,001,096 Net financial expenses LTM 48,510,695 Restrictions on the issuance of bonds for a fixed amount registered under number 254, series B1 and B2. In October 2020, the Consolidated Financial Liabilities/Consolidated Equity no more than 1.20 times covenant was amended as follows: ● Maintain an indebtedness level where Net Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Net Consolidated Financial Liabilities shall be regarded as (i) “Other Current Financial Liabilities,” plus (ii) “Other Non-Current Financial Liabilities,” less (iii) the addition of “Cash and Cash Equivalents” plus “Other Current Financial Assets;” plus “Other Non-Current Financial Assets) (to the extent they correspond to asset balances of derivative financial instruments, taken to cover exchange rate and/or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest. As of the date of these financial statements, this ratio is 0.28 times. ● Maintain, and in no manner lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” (Región Metropolitana) as a territory in Chile in which we have been authorized by The Coca-Cola Company for the development, production, sale and distribution of products and brands of the licensor, in accordance to the respective bottler or license agreement, renewable from time to time. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of this date is franchised by TCCC to the Company for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer's Adjusted Consolidated Operating Cash Flow. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities. Unsecured consolidated liabilities payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under "Other Current Financial Assets" and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial Position. Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. As of the date of these financial statements, this ratio is 1.69 times. Restrictions to bond lines registered in the Securities Registered under number 641, series C ● 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 the date of these financial statements, net financial debt level was 0.28 times. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities. Unencumbered assets refer to the assets that are the property of the issuer; classified under Total Assets of the Issuer’s Financial Statements; and that are free of any pledge, mortgage or other liens constituted in favor of third parties, less “Other Current Financial Assets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities). Unsecured total liabilities correspond to liabilities from Total Current Liabilities and Total Non-Current Liabilities of Issuer’s Financial Statement which do not benefit from preferences or privileges, less “Other Current Financial Assets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities). As of the date of these financial statements, this ratio was 1.69 times. ● Maintain a level of “Net Financial Coverage” greater than 3 times in its quarterly financial statements. Net financial coverage means the ratio between the issuer's Ebitda of the last 12 months and the issuer’s Net Financial Expenses in the last 12 months. Net Financial Expenses will be regarded as the difference between the absolute value of interest expense associated with the issuer’s financial debt account accounted for under “Financial Costs”; and interest income associated with the issuer’s cash accounted for under the Financial Income account. However, this restriction shall be deemed to have been breached where the mentioned level of net financial coverage is lower than the level previously indicated during two consecutive quarters. As of the date of these financial statements, Net Financial Coverage was 7.87 times. Restrictions to bond lines registered in the Securities Registrar under number 760, series D and E. ● Maintain an indebtedness level where Net Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Net Consolidated Financial Liabilities shall be regarded as (i) “Other Current Financial Liabilities,” plus (ii) “Other Non-Current Financial Liabilities,” less (iii) the addition of “Cash and Cash Equivalents” plus “Other Current Financial Assets;” plus “Other Non-Current Financial Assets) (to the extent they correspond to asset balances of derivative financial instruments, taken to cover exchange rate and/or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest. As of the date of these financial statements, Indebtedness Level is 0.28 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 the date of these financial statements, this ratio was 1.69 times. ● Maintain, and in no manner, lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” as a territory franchised to the Issuer in Chile by The Coca-Cola Company, hereinafter also referred to as “TCCC” or the “Licensor” for the development, production, sale and distribution of products and brands of said licensor, in accordance to the respective bottler or license agreement, renewable from time to time. Losing said territory, means the non-renewal, early termination or cancellation of this license agreement by TCCC, for the geographical area today called “Metropolitan Region”. This reason shall not apply if, as a result of the loss, sale, transfer or disposition, of that licensed territory is purchased or acquired by a subsidiary or an entity that consolidates in terms of accounting with the Issuer. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of these instruments is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equity method”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”. Restrictions to bond lines registered in the Securities Registrar under number 912, series F. ● Maintain an indebtedness level where Net Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Net Consolidated Financial Liabilities shall be regarded as (i) “Other Current Financial Liabilities,” plus (ii) “Other Non-Current Financial Liabilities,” less (iii) the addition of “Cash and Cash Equivalents” plus “Other Current Financial Assets;” plus “Other Non-Current Financial Assets) (to the extent they correspond to asset balances of derivative financial instruments, taken to cover exchange rate and/or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest. As of the date of these financial statements, this ratio was 0.28 times. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable. Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets" and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial Position. As of the date of these financial statements, this ratio was 1.69 times. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of local bonds Series C, D and E is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equity method”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”. As of December 31, 2021 and 2020, the Company complies with all financial collaterals. It should be noted that on November 11, 2021, bondholders’ meetings were held for the series C, D, E and F bonds issued in the local market under the lines registered in the Securities Registry of the CMF under No. 641 (Series C), No. 760 (Series D and E) and No. 912 (Series F), and for the series B bonds corresponding to the fixed amount issue registered in the Securities Registry of the CMF under No. 254. As a result of the aforementioned bondholders' meetings, by means of public deeds dated November 19, 2021 granted at the Santiago Notary Office of Mr. Iván Torrealba Acevedo, the issuance contracts of the aforementioned bond issues were amended. Additionally, by means of public deeds granted on the same date and at the same Notary’s office, the issuance contracts of the bond lines registered in the Securities Registry of the CMF under No. 911, No. 971 and No. 972 were also amended, in respect of which there were no bonds outstanding at the date of said deeds. In this regard, amendments were made to the financial indebtedness covenant that existed in the aforementioned issuance contracts, to be replaced by a new indebtedness level obligation defined as follows: Indebtedness Level: To maintain an Indebtedness Level, measured and calculated quarterly on the Issuer's Consolidated Financial Statements, presented in the form and terms determined by the Financial Market Commission, no greater than three point five times. The following terms shall be understood as: - "Indebtedness Level" shall mean the ratio between /a/ the average of the Consolidated Net Financial Liabilities, calculated on the last four "Consolidated Financial Statements of Financial Position" contained in the Issuer's Consolidated Financial Statements submitted by the Issuer as of the calculation date to the Financial Market Commission; and /b/ the accumulated EBITDA in the twelve consecutive month period ending at the close of the last of the "Consolidated Financial Statements of Results by Function" contained in the Consolidated Financial Statements that the Issuer has filed as of the calculation date with the Financial Market Commission. - "Consolidated Net Financial Liabilities" the result of the following operations on the accounting items of the "Consolidated Financial Statements of Financial Position" contained in the Issuer's Consolidated Financial Statements indicated below: /i/ "Other Financial Liabilities, Current", which include short-term obligations with banks and financial institutions, obligations with the public at face rate, issuance expenses and discounts associated with the placement and other minor items that according to IFRS regulations must be included in this category; plus /ii/ “Other Non-Current Financial Liabilities”, which include long-term obligations with banks and financial institutions, obligations with the public at face rate, issuance costs and discounts associated with the placement and other minor items that according to IFRS standards should be included in this category; minus /iii/ the sum of "Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current" /to the extent that they correspond to asset balances for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities/; - EBITDA” the aggregate of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, "Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of "Depreciation" and "Amortization for the Year" presented in the Notes to the Issuer's Consolidated Financial Statements. It should be noted that the modification of the financial covenant was ratified by Chile’s Financial Market Commission (CMF) on February 3, 2022 for bond lines No. 254, No. 641, on February 7, 2022 for bond line No. 760 and on February 11 for bond line No. 912. The calculation of the index at December 31, 2021 was 0.89 times, complying with the limit of not exceeding 3.50 times. 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 Amortization Nominal Up to 90 days up to Al al Name Country Taxpayer ID Name Country Currency Type Rate 90 days 1 year 12.31.2021 12.31.2020 M$ M$ M$ M$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 208,428 664,893 873,321 698,526 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.39 % 46,545 133,591 180,136 208,738 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real estate Brazil BRL Monthly 8.10 % 86,365 181,387 267,752 183,694 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Brazil BRL Monthly 3.50 % 72,497 216,912 289,409 269,310 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % 37,087 111,260 148,347 83,469 Embotelladora del Atlántico S.A. Argentina Foreign Banco Comafi Argentina USD Monthly 12.00 % 24,779 - 24,779 124,927 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % 94,094 392,699 486,793 213,905 Embotelladora del Atlántico S.A. Argentina Foreign Systems Argentina USD Monthly 12.00 % 34,526 103,577 138,103 82,227 VJ S.A. Chile 93.899.000-k De Lage Landen Chile S.A Chile USD Linear 12.16 % 137,601 421,271 558,872 - Vital Aguas S.A Chile 76.389.720-6 Coca-Cola del Valle New Ventures S.A Chile CLP Linear 7.50 % 298,788 808,351 1,107,139 1,171,464 Envases Central S.A Chile 96.705.990-0 Coca-Cola del Valle New Ventures S.A Chile CLP Linear 5.56 % 584,259 1,780,718 2,364,977 2,290,464 Paraguay Refrescos SA Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay PGY Monthly 1.00 % 66,479 118,866 185,345 215,632 Transportes Polar S.A. Chile 96.928.520-7 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % 25,212 76,738 101,950 92,778 Embotelladora Andina S.A Chile 91.144.000-8 Central de Restaurante Aramark Ltda. Chile CLP Monthly 1.30 % 13,997 - 13,997 83,350 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % 68,732 205,331 274,063 - Transportes Andina Refrescos Ltda Chile 78.861.790-9 Comercializadora Novaverde Limitada Chile UF Monthly 0.08 % 94,083 282,363 376,446 - Transportes Andina Refrescos Ltda Chile 78.861.790-9 Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % 197,874 602,232 800,106 - Total 8,191,535 5,718,484 The Company maintains leases on forklifts, vehicles, real estate and machinery. These leases have an average lifespan of between one and eight years without including a renewal option in the contracts. 17.4.2 Non-current liabilities for leasing agreements Maturity Indebted entity Creditor entity Amortization Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than at Name Country Taxpayer ID Name Country Currency Type Rate 2 years 3 years 4 years 5 years 5 years 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brasil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 986,852 1,115,143 1,260,112 1,423,926 3,917,596 8,703,629 Rio de Janeiro Refrescos Ltda. Brasil Foreign Tetra Pack| Brazil BRL Monthly 7.39 % 64,906 69,872 75,217 80,971 256,055 547,021 Rio de Janeiro Refrescos Ltda. Brasil Foreign Real estate Brazil BRL Monthly 8.10 % 115,321 28,670 - - - 143,991 Rio de Janeiro Refrescos Ltda. Brasil Foreign Leao Alimentos e Bebidas Ltda. Brazil BRL Monthly 3.50 % 276,248 269,864 249,693 29,102 27,331 852,238 Embotelladora del Atlántico S.A. Argentina Foreign Banco |
TRADE AND OTHER ACCOUNTS PAYABL
TRADE AND OTHER ACCOUNTS PAYABLE | 12 Months Ended |
Dec. 31, 2021 | |
TRADE AND OTHER ACCOUNTS PAYABLE | |
TRADE AND OTHER ACCOUNTS PAYABLE | 18 – Trade and other current accounts payable are detailed as follows: Classification 12.31.2021 12.31.2020 ThCh$ ThCh$ Current 327,409,207 230,445,809 Non-current 256,273 295,279 Total 327,665,480 230,741,088 Item ThCh$ ThCh$ Trade accounts payable 248,163,428 163,361,078 Withholding tax 54,812,365 48,566,443 Others 24,689,687 18,813,567 Total 327,665,480 230,741,088 |
OTHER PROVISIONS, CURRENT AND N
OTHER PROVISIONS, CURRENT AND NON-CURRENT | 12 Months Ended |
Dec. 31, 2021 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | 19 – 19.1 Balances The composition of provisions is as follows: Description 12.31.2021 12.31.2020 ThCh$ ThCh$ Litigation (1) 57,412,406 50,070,273 Total 57,412,406 50,070,273 Current 1,528,879 1,335,337 Non-current 55,883,527 48,734,936 Total 57,412,406 50,070,273 (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: Description (see note 23.1) 12.31.2021 12.31.2020 ThCh$ ThCh$ Tax contingencies 28,673,105 25,543,101 Labor contingencies 9,502,630 8,688,551 Civil contingencies 19,236,671 15,838,621 Total 57,412,406 50,070,273 19.2 Movements The movement of principal provisions over litigation is detailed as follows: Description 12.31.2021 12.31.2020 ThCh$ ThCh$ Opening balance at January 1 st 50,070,273 69,107,550 Additional provisions 948,632 172,801 Increase (decrease) in existing provisions 5,903,714 4,624,789 Used provision (payments made charged to the provision) (3,717,687) (5,799,209) Reversal of unused provision (788,215) — Increase (decrease) due to foreign exchange rate differences 4,995,689 (18,035,658) Total 57,412,406 50,070,273 |
OTHER NON-FINANCIAL LIABILITIES
OTHER NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
OTHER NON-FINANCIAL LIABILITIES | |
OTHER NON-FINANCIAL LIABILITIES | 20 – Other current and non-current liabilities at each reporting period end are detailed as follows: Current Non-current Description 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Dividends payable 29,020,899 25,999,055 — — Others(1) 2,216,935 2,267,675 23,784,817 21,472,048 Total 31,237,834 28,266,730 23,784,817 21,472,048 (1) Other non-current corresponds mainly to accounts payable to former shareholders of Companhia de Bebidas Ipiranga (“CBI”). See Note 6 for further information. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY | |
EQUITY | 21 – 21.1 Number of shares: Number of subscribed, paid-in and voting shares Series 2021 2020 A 473,289,301 473,289,301 B 473,281,303 473,281,303 21.1.1 Capital: Paid-in and subscribed capital Series 2021 2020 ThCh$ ThCh$ A 135,379,504 135,379,504 B 135,358,070 135,358,070 Total 270,737,574 270,737,574 21.1.2 Rights of each series: ● Series A: 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 Under Chilean law, we must distribute cash dividends equivalent to at least 30% of our annual net profit, barring a unanimous vote by shareholders to the contrary. If there is no net profit in a given year, the Company shall not be legally obligated to distribute dividends from accumulated earnings, unless approved by the General Shareholders Meeting. At the General Shareholders’ Meeting held in April 2021, shareholders agreed to pay out of the 2020 earnings a final dividend and an additional dividend to the 30% required by Chille’s Law on Corporations, which were paid in May 2021 and August 2021, respectively. In accordance with the provisions of Circular No. 1.945 of the Commission for the Financial Market (CMF) dated September 29, 2009, the Company’s Board of Directors decided to maintain the initial adjustments of adopting IFRS as cumulative gains whose distribution is conditional on their future realization. The dividends declared and/or paid per share are presented below: Dividend Profits imputable CLP CLP Periods approved - paid type to dividends Series A Series B 04.17.2019 05.30.2019 Final 2018 Results 21.50 23.65 04.17.2019 08.29.2019 Additional Accumulated Earnings 21.50 23.65 09.24.2019 10.24.2019 Interim 2019 Results 21.50 23.65 12.20.2019 01.23.2020 Interim 2019 Results 22.60 24.86 02-25-2020 05-29-2020 Final 2019 Earnings 26.00 28.60 02-25-2020 08-28-2020 Additional Accumulated Earnings 26.60 28.60 10-27-2020 11-24-2020 Interim 2020 Earnings 26.60 28.60 12-22-2020 01-29-2021 Interim 2020 Earnings 26.00 28.60 04-15-2021 05-28-2021 Final 2020 Earnings 26.00 28.60 04-15-2021 08-27-2021 Additional 2020 Earnings 26.00 28.60 09-28-2021 10-29-2021 Interim 2021 Earnings 29.00 31.90 12-21-2021 01-28-2022 Interim 2021 Earnings 29.00 31.90 21.3 Other reserves The balance of other reserves includes the following: Concept 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (441,580,088) (517,496,486) (339,076,340) Cash flow hedge reserve 50,603,698 (24,719,533) (14,850,683) Reserve for employee benefit actuarial gains or losses (4,885,926) (4,663,193) (2,230,752) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 6,014,568 6,014,568 Total 37,289,310 (113,727,586) 76,993,851 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: Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Brazil (167,447,389) (203,657,392) (98,794,118) Argentina (294,696,228) (291,332,402) (246,415,922) Paraguay 20,563,529 (22,506,692) 6,133,700 Total (441,580,088) (517,496,486) (339,076,340) The movement of this reserve for the periods ended on the dates indicated below, is detailed as follows: Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Brazil 36,210,003 (104,863,274) 15,386,079 Argentina (3,363,826) (44,916,480) (45,297,742) Paraguay 43,070,221 (28,640,392) (2,490,149) Total 75,916,398 (178,420,146) (32,401,812) 21.3.6 Consolidated statements of comprehensive income The detail of the comprehensive income and expense for the periods ended on the dates indicated below, is detailed as follows: Gross Balance Tax Net Balance Cash Flow for hedge (1) 104,232,055 (28,944,992) 75,287,063 Exchange rate translation differences (1) 98,973,862 (22,103,267) 76,870,595 Benefit related to defined benefit plans (357,840) 96,617 (261,223) Total Comprehensive income as of December 31, 2021 202,848,077 (50,951,642) 151,896,435 Gross Balance Tax Net Balance Cash Flow for hedge (1) (12,203,755) 2,334,037 (9,869,718) Exchange rate translation differences (1) (264,119,093) 84,571,922 (179,547,171) Benefit related to defined benefit plans (3,146,362) 849,518 (2,296,844) Total Comprehensive income as of December 31, 2020 (279,469,210) 87,755,477 (191,713,733) 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 related to defined benefit plans (379,007) 102,332 (276,675) Total Comprehensive income as of December 31, 2019 (44,088,824) 10,081,360 (34,007,464) (1) The movement of comprehensive income and expense is as follows: Benefit related Cash Flow Exchange rate to defines As of December 31, 2021: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) 102,529,128 98,973,862 3,026,996 Deferred taxes (28,469,748) (22,103,267) (817,289) Reclassification to the result by function 1,227,683 — (2,470,930) Reclassification of deferred taxes related to other reserves — — — Total Changes in Equity 75,287,063 76,870,595 (261,223) Majority Equity holders 75,323,231 75,916,398 (222,733) Non-Controlling interests (36,168) 954,197 (38,490) Total Changes in equity as of December 31, 2021 75,287,063 76,870,595 (261,223) Benefit related Cash Flow Exchange rate to defines As of December 31, 2020: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (11,029,171) (264,119,093) (3,338,354) Deferred taxes 2,029,363 84,571,923 901,356 Reclassification to the result by function (869,910) — 140,153 Reclassification of deferred taxes related to other reserves — — — Total Changes in Equity (9,869,718) (179,547,170) (2,296,845) Majority Equity holders (9,686,850) (178,420,146) (2,432,441) Non-Controlling interests (868) (1,127,024) 135,596 Total Changes in equity as of December 31, 2020 (9,869,718) (179,547,170) (2,296,845) 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) Major Equity holders (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) 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 2021 2020 2019 2021 2020 2019 2021 2020 2019 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 33,794 23,662 26,342 3,463 2,312 4,183 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 3,761 2,349 2,290 326 244 409 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 6,331,726 5,037,332 5,368,470 885,010 791,576 622,188 Vital S.A. 35.0000 35.0000 35.0000 8,056,551 8,176,999 7,904,741 499,923 285,269 263,442 Vital Aguas S.A. 33.5000 33.5000 33.5000 2,041,837 1,912,023 1,803,884 130,522 109,110 105,870 Envases Central S.A. 40.7300 40.7300 40.7300 5,738,008 5,227,112 5,148,531 750,192 (70,996) 528,205 Re-Ciclar S.A.* 40.0000 — — 3,064,078 — — 64,082 — — Total 25,269,755 20,379,477 20,254,258 2,333,518 1,117,515 1,524,297 (*) Re-Ciclar is a company, whose purpose is to produce recycled resin for the Coca-Cola system and third parties. Non-controlling interest reaches 40.0%. The following tables presents summarized information regarding the Company´s subsidiaries owned by third parties: Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2021 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 107,589,399 13,197,912 64,121,536 25,441,586 5,575,990 17,976,170 Total non-current assets 209,051,488 11,865,984 279,148,198 16,832,859 5,789,335 20,945,892 Total current liabilities 98,942,717 6,210,788 34,207,817 17,498,997 4,934,841 20,091,524 Total non-current liabilities 19,520,634 868,253 17,242,154 1,756,730 335,449 4,742,707 Net sales 517,466,510 30,750,914 169,216,180 64,513,412 16,005,176 77,475,816 Net Income 20,307,709 1,558,476 40,788,801 1,428,350 389,619 1,841,867 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2020 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 65,077,621 6,212,726 44,658,550 21,175,722 3,798,228 15,600,566 Total non-current assets 140,891,069 8,247,288 226,241,150 14,306,662 7,297,306 18,205,899 Total current liabilities 56,982,545 2,733,092 24,337,015 11,812,384 3,897,100 13,908,411 Total non-current liabilities 10,226,241 491,364 14,399,594 307,146 1,490,904 7,064,568 Net sales 309,936,060 15,148,572 157,152,584 42,955,659 12,929,160 62,267,424 Net Income 13,386,097 1,168,507 36,482,572 815,053 325,700 (174,313) 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 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 12.31.2021 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 73,666,409 81,031,741 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 155.65 171.21 Earnings per share 12.31.2020 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 58,095,636 63,904,169 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 122.75 135.02 Earnings per share 12.31.2019 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 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 |
DERIVATIVE ASSETS AND LIABILITI
DERIVATIVE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
DERIVATIVE ASSETS AND LIABILITIES | |
DERIVATIVE ASSETS AND LIABILITIES | 22 – Embotelladora Andina currently maintains “Cross Currency Swaps” and “Currency Forward” agreements as derivative financial instruments. Cross Currency Swaps (“CCS”), also known as interest rate and currency swaps are valued by the method of discounted future cash flows at a market rate corresponding to the currencies and rates of the transaction. On the other hand, the fair value of forward currency contracts is calculated in reference to current forward exchange rates for contracts with similar maturity profiles. As of the date of these financial statements, the Company holds the following derivative instruments: 22.1 Accounting recognition of cross currency swaps Cross Currency Swaps, associated with local Bonds (Chile) At the closing date of these financial statements, the Company maintains derivative contracts to secure some of its bond debt issued in Unidades de Fomento totaling UF 9,752,973 in 2021 (UF 10,148,159 in 2020), to convert those obligations to CLP. These contracts were valued at fair value, yielding a net asset at the closing date of the financial statements of CLP 34,239,224 thousand (CLP 6,229,116 thousand in 2020) which is presented in Other non-current financial assets. Maturity dates of derivative contracts are distributed throughout 2026, 2031, 2034 and 2035. Cross Currency Swaps, associated with international Bonds (U.S.A.) At the closing date of these financial statements, the Company maintains derivative contracts to secure US Dollar public bond obligations of USD 360 million due in 2023, to convert such obligations into Brazilian Real. In addition, derivative contracts amounting to USD 300 million are held to convert such obligation into Unidades de Fomento (UF - CLP re-adjustable by the Consumer Price Index) due in 2050. The valuation of the first contract at its fair values generates an asset of CLP 192,844,908 thousand as of the closing date of these financial statements(CLP 144,684,179 thousand as of December 31, 2020), while the valuation of the second contract at its fair value generates an asset of CLP 54,252,995 thousand at the closing date of these financial statements (CLP 51,568,854 thousand liability at December 31, 2020). The amount of exchange differences recognized in the statement of income related to financial liabilities in U.S. dollars are absorbed by the amounts recognized under comprehensive income. 22.2 Forward currency transactions expected to be very likely During 2021 and 2020, Embotelladora Andina entered into forward contracts to ensure the exchange rate on future commodity purchasing needs for its 4 operations, i.e., closing forward instruments in USD/ARS, USD/BRL, USD/CLP and USD/GYP. As of December 31, 2021, outstanding contracts amount to USD 70.2 million (USD 54.0 million as of December 31, 2020). Futures contracts that ensure prices of future raw materials have not been designated as hedge agreements, since they do not fulfill IFRS documentation requirements, whereby its effects on variations in fair value are accounted for directly under other comprehensive income. Fair value hierarchy At the closing date of these financial statements, the Company held assets for derivative contracts for CLP 282,298,832 thousand (CLP 150,983,295 thousand as of December 31, 2020) and held liabilities for derivative contracts for CLP 758,663 thousand (CLP 52,786,176 thousand as of December 31, 2020). Those contracts covering existing items have been classified in the same category of hedged, the net amount of derivative contracts by concepts covering forecasted items have been classified in current and non-current financial assets and financial liabilities. All the derivative contracts are carried at fair value in the consolidated statement of financial position. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2: Inputs other than quoted prices included in level 1 that are observable for the assets and liabilities, either directly (that is, as prices) or indirectly (that is, derived from prices) Level 3: Inputs for assets and liabilities that are not based on observable market data. During the reporting period, there were no transfers of items between fair value measurement categories; all of which were valued during the period using level 2. Fair Value Measurement at December 31, 2021 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 and non-current assets Other current financial assets — 961,705 — 961,705 Other non-current financial assets — 281,337,127 — 281,337,127 Total assets — 282,298,832 — 282,298,832 Liabilities Current and non-current liabilities Other current financial liabilities — 758,663 — 758,663 Other non-current financial liabilities — — — — Total liabilities — 758,663 — 758,663 Fair Value Measurement at December 31, 2020 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 — — — — Other non-current financial assets — 150,983,295 — 150,983,295 Total assets — 150,983,295 — 150,983,295 Liabilities Current liabilities Other current financial liabilities — 1,217,322 — 1,217,322 Other non-current financial liabilities — 51,568,854 — 51,568,854 Total liabilities — 52,786,176 — 52,786,176 |
LITIGATION AND CONTINGENCIES
LITIGATION AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
LITIGATION AND CONTINGENCIES | |
LITIGATION AND CONTINGENCIES | 23 – 23.1 Lawsuits and other legal actions: In the opinion of the Company’s legal counsel, the Parent Company and its subsidiaries do not face legal or extrajudicial contingencies that might result in material or significant losses or gains, except for the following: 1) Embotelladora del Atlántico S.A. and Andina Empaques Argentina S.A. face labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling CLP 1,917,657 thousand (CLP 778,065 thousand in 2020). Management considers it unlikely that non-provisioned contingencies will affect the Company’s income and equity, based on the opinion of its legal counsel. Additionally, Embotelladora del Atlántico S.A. maintains time deposits for an amount of CLP 276,971 thousand to guaranty judicial liabilities. 2) Rio de Janeiro Refrescos Ltda. faces labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling CLP 53,965,870 thousand (CLP 47,945,921 thousand in 2020). 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, 2021, amounted to CLP 23,502,962 thousand (CLP 21,054,433 thousand as of December 31, 2020). 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 1,530,835,558, with different Financial Institutions and Insurance Companies in Brazil, these entities receive an annual commission fee of 0.61%. 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 The Company does not share the position of the Brazilian tax authority in these procedures and considers that it was entitled to claim IPI tax credits in connection with purchases of certain exempt raw materials from suppliers located in the Manaus free trade zone. Based on the opinion of its advisers, and legal outcomes to date, Management estimates that these procedures do not represent probable losses and has not recorded a provision on these matters. Notwithstanding the above, the IFRS related to business combination in terms of distribution of the purchase price establish that contingencies must be measured one by one according to their probability of occurrence and discounted at fair value from the date on which it is deemed the loss can be generated. As a result of the acquisition of Companhia de Bebidas Ipiranga in 2013 and pursuant to this criterion and although there are contingencies listed only as possible for BRL 708,345,690 (amount includes adjustments for current lawsuits) a start provision has been generated in the accounting of the business combination for BRL 141,639,007. b) Other tax contingencies. They refer to ICMS-SP tax administrative processes that challenge the credits derived from the acquisition of tax-exempt products acquired by the Company from a supplier located in the Manaus Free Zone. The total amount is BRL 415,170,501 being assessed by external attorneys as a remote loss, so it has no accounting provision. The company was challenged by the federal tax authority for tax deductibility of a portion of goodwill in the 2014-2016 period arising from the acquisition of Companhia de Bebidas Ipiranga. The tax authority understands that the entity that acquired Companhia de Bebidas Ipiranga is Embotelladora Andina and not Rio de Janeiro Refrescos Ltda. In the view of external lawyers, such a statement is erroneous, classifying it as a possible loss. The value of this process is BRL 488,331,303, as of the date of these financial statements. 3) Embotelladora Andina S.A. and its Chilean subsidiaries face labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling CLP 1,487,509 thousand (CLP 1,300,587 thousand as of December 31, 2020). Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors. 4) Paraguay Refrescos S.A. faces tax, trade, labor and other lawsuits. Accounting provisions have been made for the contingency of any loss because of these lawsuits amounting to CLP 41,370 thousand (CLP 34,747 thousand as of December 31, 2020). Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors. 23.2 Direct guarantees and restricted assets: Guarantees and restricted assets are detailed as follows: Guarantees that commit assets recognized in the financial statements: Committed assets Accounting value Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2021 12.31.2020 ThCh$ ThCh$ Transportes San Martin Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable — 2,907 Administradora Plaza Vespucio S.A. Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 86,416 — Cooperativa Agricola Pisquera Elqui Limitada Embotelladora Andina S.A. Parent company Cash Otros activos financieros no corrientes 1,216,865 1,216,865 Mall Plaza Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 290,890 — Serv. Nacional Aduanas Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 18,583 — Metro S.A. Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 24,335 — Parque Arauco S.A. Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 126,136 — Several Retail Vending Subsidiary Cash Trade Accounts and Other Accounts Receivable 63,792 — Several Retail Transportes Refrescos Subsidiary Cash Trade Accounts and Other Accounts Receivable 628 — Several Retail Transportes Polar Subsidiary Cash Trade Accounts and Other Accounts Receivable 69,745 15,751 Labor claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 6,057,282 5,329,947 Civil and tax claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 6,562,747 5,882,379 Governmental entities Rio de Janeiro Refrescos Ltda. Subsidiary Plant and Equipment Property, Plant and Equipment 10,882,933 9,842,108 Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 164 169 Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 247 253 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 176 181 Labarda Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 3 3 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,230 — Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 18,153 18,650 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 734 754 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 113,530 116,641 Others Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 35 36 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,480 1,521 Cicsa Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets — 2,114 Several stores Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets — 13,140 Aduana de EZEIZA Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets — 286 Municipalidad de Junin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 237 243 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,009 2,064 Mirgoni Marano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 50 51 Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 922 947 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 103,110 — DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 18,502 19,009 Coto Cicsa Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 3,289 3,379 Cencosud Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,056 2,112 Mariano Mirgoni Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets — 105,936 Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 8,143 — Causa Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,902 — Marcus A.Peña Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 5,692 4,011 Mauricio J Cordero C Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 987 814 José Ruoti Maltese Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 712 655 Alejandro Galeano Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 1,365 1,132 Ana Maria Mazó Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 1,300 1,077 Guarantees that do not commit assets recognized in the Financial Statements: Committed assets Amounts involved Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2021 12.31.2020 ThCh$ ThCh$ Labor procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 1,593,498 1,527,347 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 4,717,824 8,860,598 Federal Government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 153,491,717 147,841,989 State Government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 64,725,638 46,031,398 Sorocaba Refrescos Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Guarantor 3,027,291 2,736,159 Others Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 3,390,177 1,715,099 Aduana de EZEIZA Embotelladora del Atlántico S.A. Subsidiary Surety insurance Faithful compliance of contract — 3,150 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 637,631 143,615 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL RISK MANAGEMENT | |
FINANCIAL RISK MANAGEMENT | 24 – 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 the closing date of these financial statements, 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 six contracts for own issued Chilean local bonds at a fixed rate, which currently have an outstanding balance of UF 15.45 million denominated in UF (“UF”), debt indexed to inflation in Chile (Company sales are correlated with the UF variation), of which five of these Local Bonds have been redenominated through Cross Currency Swaps to Chilean Pesos (CLP). On the other hand, there is also the Company’s indebtedness on the international market through two 144A/RegS Bonds at a fixed rate, one for USD 365 million, denominated in dollars, and practically 100% of which has been re-denominated to BRL through Cross Currency Swaps, and another one for USD 300 million denominated in USD, and practically 100% of which has been re-denominated to Unidades de Fomento (UF) 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 283 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 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. USD/CLP BRL/CLP ARS/CLP PGY/CLP Currency variation at closing +18.8% +9.4% -2.7% +19.1% Brazil Argentina Paraguay ThCh$ ThCh$ ThCh$ Total assets 903,369,847 334,076,764 343,269,734 Total liabilities 644,077,808 122,221,435 51,449,972 Net investment 259,292,039 211,855,329 291,819,762 Share on income 24.3 % 24.0 % 7.6 % - 5 % variation impact on currency translation Impact on results for the period (2,171,576) (980,976) (1,942,324) Impact on equity at closing (12,076,796) (6,738,919) (13,162,380) Net exposure of assets and liabilities in foreign currency This risk stems mostly from carrying liabilities in US dollar, so the volatility of the US dollar with respect to the functional currency of each country generates a variation in the valuation of these obligations, with consequent effect on results. In order to protect the Company from the effects on income resulting from the volatility of the Brazilian Real and the Chilean Peso against the U.S. dollar, the Company maintains derivative contracts (cross currency swaps) to cover almost 100% of US dollar-denominated financial liabilities. By designating such contracts as hedging derivatives, the effects on income for variations in the Chilean Peso and the Brazilian Real against the US dollar, are mitigated annulling its exposure to exchange rates. b) Exposure of assets purchased or indexed to foreign currency This risk originates from purchases of raw materials and investments in Property, plant and equipment, whose values are expressed in a currency other than the functional currency of the subsidiary. Changes in the value of costs or investments can be generated through time, depending on the volatility of the exchange rate. In order to minimize this risk, the Company maintains a currency hedging policy stipulating that it is necessary to enter into foreign currency derivatives contracts to lessen the effect of the exchange rate over cash expenditures expressed in US dollars, corresponding mainly to payment to suppliers of raw materials in each of the operations. This policy stipulates up to 12-month forward horizon. Commodities risk The Company is subject to 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, with interest calculated for each period: Payments on the year of maturity More than 1 More than 2 More than 3 Item 1 year up to 2 up to 3 up to 4 More than 5 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 26,617 — — 4,000,000 — Bonds payable 25,383,339 321,636,043 13,915,567 14,545,378 670,564,954 Lease obligations 8,191,535 4,949,066 2,975,353 2,641,096 5,821,515 Contractual obligations (1) 85,354,594 31,678,743 9,036,380 8,992,060 4,950,895 Total 118,956,085 358,263,852 25,927,300 30,178,534 681,337,364 (1) Agreements that the Andina Group has with collaborating entities for its operation, which are mainly related to contracts entered into to supply products and/or support services in information technology services, commitments of the company with its franchisor to make investments or expenses related to the development of the franchise, support services to personnel, security services, maintenance services of fixed assets, purchase of inputs for production, among others. COVID-19-Related Risk As a result of the impact that COVID-19 is having in different countries around the world, including its recent outbreak in the region where we operate, Coca-Cola Andina is adopting measures necessary to protect its employees and to ensure the continuity of the Company’s operations. Among the measures it has adopted to protect its employees are the following: • campaign to educate our employees on actions to be taken to avoid the spread of COVID-19; • 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, keeping customer service: - home office has been implemented for those positions where work can be performed remotely - domestic and international traveling has been canceled • providing personal protective equipment to all our employees who need to keep working at plants and distribution centers, as well as to truck drivers and assistants, including face masks and sanitizers. • We developed a plan to promote and encourage voluntary vaccination of our own employees and direct third parties, with weekly monitoring of the evolution of the vaccination status at the regional level. • In our plants and distribution centers, we established a preventive protocol for the application of COVID-19 PCR and antigen tests to detect and isolate infected people and identify close contacts. Since mid-March 2020, governments of the countries where the Company operates, have adopted several measures to reduce infection rates of COVID-19. Among these measures are, 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 restriction on workforce reductions. To date, none of our plants has had to suspend their operations. As a result of the COVID-19 pandemic and the restrictions imposed by the authorities in the four countries where we operate, we have seen a great volatility in our sales across channels. During this fiscal year, at a consolidated level, we have observed an improvement in the relative share of our sales channels. Because the pandemic and the actions taken by governments are changing very rapidly, we believe it is too early to draw conclusions regarding changes in the long-term consumption pattern, and how these may affect our operating and financial results in the future. Due to uncertainties regarding the COVID-19 pandemic and the above-mentioned government restrictions, including how long these conditions may persist, and the effects they will have on our sales volumes and our business in general, we cannot accurately predict the ultimate financial impact from these new trends. In any event, we estimate that the Company 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. |
EXPENSES BY NATURE
EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2021 | |
EXPENSES BY NATURE | |
EXPENSES BY NATURE | 25 – Other expenses by nature are: 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Direct production costs 1,192,363,804 862,383,664 877,716,948 Payroll and employee benefits 301,522,420 252,337,262 273,123,010 Transportation and distribution 174,253,526 126,683,586 138,486,337 Advertisement 28,475,957 6,917,300 27,113,322 Depreciation y amortization 104,775,303 110,920,517 111,087,284 Repairs and maintenance 38,631,914 25,971,485 30,528,180 Other expenses 84,272,085 73,455,798 83,188,784 Total (1) 1,924,295,009 1,458,669,612 1,541,243,865 (1) Corresponds to the addition of cost of sales, administrative expenses and distribution costs |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2021 | |
OTHER INCOME | |
OTHER INCOME | 26 – Other income by function is detailed as follows: 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Gain on disposal of Property, plant and equipment 480,401 16,005 265,514 Recovery of PIS credit and COFINS (1) — 6,744,341 40,281,550 Others 857,477 1,595,952 400,094 Total 1,337,878 8,356,298 40,947,158 (1) See Note 6 for more information on recovery. |
OTHER EXPENSES BY FUNCTION
OTHER EXPENSES BY FUNCTION | 12 Months Ended |
Dec. 31, 2021 | |
OTHER EXPENSES BY FUNCTION | |
OTHER EXPENSES BY FUNCTION | 27 – Other expenses by function are detailed as follows: 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Contingencies and associated non-operating fees 7,950,093 1,081,812 17,690,171 Tax on bank debts and other bank expenses 5,270,040 3,367,615 4,356,973 Write-offs and disposal of Property, plant and equipment 417,623 7,972,976 2,978,194 Others 1,574,034 5,007,853 1,157,509 Total 15,211,790 17,430,256 26,182,847 |
FINANCIAL INCOME AND COSTS
FINANCIAL INCOME AND COSTS | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL INCOME AND COSTS | |
FINANCIAL INCOME AND COSTS | 28 – Financial income and costs are detailed as follows: a) Financial income 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Interest income 2,196,886 7,931,055 3,249,550 Ipiranga purchase warranty restatement 11,290 7,674 27,219 Recovery of PIS credit and COFINS (1) 1,312,930 5,124,810 39,780,620 Other financial income 4,270,763 1,882,340 2,098,402 Total 7,791,869 14,945,879 45,155,791 (1) See Note 6 for more information on recovery. b) Financial costs 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Bond interest 48,624,062 45,927,500 38,153,036 Bank loan interest 267,012 1,186,731 1,337,670 Lease interest 1,816,506 1,873,571 2,229,442 Other financial costs 2,284,876 5,785,035 4,488,872 Total 52,992,456 54,772,837 46,209,020 |
OTHER (LOSSES) GAINS
OTHER (LOSSES) GAINS | 12 Months Ended |
Dec. 31, 2021 | |
OTHER (LOSSES) GAINS | |
OTHER (LOSSES) GAINS | 29 – Other (losses) gains are detailed as follows: 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Other gains (losses) — 287 2,876 Total — 287 2,876 |
LOCAL AND FOREIGN CURRENCY
LOCAL AND FOREIGN CURRENCY | 12 Months Ended |
Dec. 31, 2021 | |
LOCAL AND FOREIGN CURRENCY | |
LOCAL AND FOREIGN CURRENCY | 30 – Local and foreign currency balances are the following: CURRENT ASSETS 12.31.2021 12.31.2020 ThCh$ ThCh$ Cash and cash equivalent 304,312,020 309,530,699 USD 13,640,823 21,332,268 EUR 2,838,102 223,449 CLP 176,278,025 201,936,140 BRL 56,272,827 49,528,425 ARS 22,425,407 14,821,502 PGY 32,856,836 21,688,915 Other current financial assets 195,470,749 140,304,853 CLP 194,834,125 139,449,882 BRL 140,544 10,171 ARS 481,148 844,800 PGY 14,932 — Other non-current financial assets 14,719,104 13,374,381 USD 1,141,780 1,723,989 EUR 77,526 621,516 UF 256,912 493,546 CLP 6,282,535 1,900,762 BRL 1,183,076 1,300,995 ARS 3,831,513 6,052,294 PGY 1,945,762 1,281,279 Trade debtors and other accounts payable 265,490,626 194,021,253 USD 2,347,439 901,930 UF 69,142 65,250 CLP 147,478,959 105,340,179 BRL 76,173,944 67,423,832 ARS 32,330,010 14,928,954 PGY 7,091,132 5,361,108 Accounts receivable related entities 9,419,050 11,875,408 CLP 6,674,178 6,965,894 BRL 87,865 41,878 ARS 2,657,007 4,867,636 Inventory 191,350,206 127,972,650 CLP 77,225,374 54,112,760 BRL 44,848,239 31,446,180 ARS 54,376,217 32,214,119 PGY 14,900,376 10,199,591 Current tax assets 10,224,368 218,472 CLP 5,574,826 218,472 BRL 4,649,542 — Total current assets 990,986,123 797,297,716 USD 17,130,042 23,958,187 EUR 2,915,628 844,965 UF 326,054 558,796 CLP 614,348,022 509,924,089 BRL 183,356,037 149,751,481 ARS 116,101,302 73,729,305 PGY 56,809,038 38,530,893 NON-CURRENT ASSETS 12.31.2021 12.31.2020 ThCh$ ThCh$ Other non-current assets 296,632,012 162,013,278 UF 34,239,224 7,515,981 CLP 55,469,858 — BRL 192,844,909 144,684,180 ARS 14,078,021 9,813,117 Other non-current, non-financial assets 70,861,616 90,242,672 USD 673,524 — UF — 338,014 CLP 419,910 47,530 BRL 66,621,741 88,001,852 ARS 1,836,280 1,825,631 PGY 1,310,161 29,645 Non-current accounts receivable 126,464 73,862 UF 7,089 32,219 CLP 76,649 — ARS — 1,211 PGY 42,726 40,432 Non-current accounts receivable related entities 98,941 138,346 CLP 98,941 138,346 Investments accounted for using the equity method 91,489,194 87,956,354 CLP 52,519,699 50,628,307 BRL 38,969,495 37,328,047 Intangible assets other than goodwill 659,631,543 604,514,165 USD — 3,959,421 CLP 311,086,862 306,202,181 BRL 159,307,806 139,166,117 ARS 7,560,882 2,591,026 PGY 181,675,993 152,595,420 Goodwill 118,042,900 98,325,593 CLP 9,523,767 9,523,767 BRL 60,830,705 54,980,669 ARS 39,976,392 27,343,642 PGY 7,712,036 6,477,515 Property, plant and equipment 716,379,127 605,576,545 EUR 404,450 — CLP 273,812,253 255,963,912 BRL 201,527,151 179,286,945 ARS 152,227,991 103,227,548 PGY 88,407,282 67,098,140 Deferred tax assets 1,858,727 1,925,869 CLP 1,858,727 1,925,869 Total non-current assets 1,955,120,524 1,650,766,684 USD 673,524 3,959,421 EUR 404,450 — UF 34,246,313 7,886,214 CLP 704,866,666 624,429,912 BRL 720,101,807 643,447,810 ARS 215,679,566 144,802,175 PGY 279,148,198 226,241,152 12.31.2021 12.31.2020 CURRENT LIABILITIES Up to 90 days 90 days up to 1 year Total Up to 90 days 90 days up to 1 year Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other current financial liabilities 10,887,752 36,875,287 47,763,039 9,270,838 29,295,886 38,566,724 USD 233,993 8,329,598 8,563,591 72,655 6,704,245 6,776,900 UF 9,155,688 10,086,725 19,242,413 7,799,637 5,272,547 13,072,184 CLP 923,663 13,491,768 14,415,431 908,790 13,489,310 14,398,100 BRL 413,835 1,381,397 1,795,232 362,854 1,245,940 1,608,794 ARS 94,094 2,272,643 2,366,737 70,950 1,578,082 1,649,032 PGY 66,479 1,313,156 1,379,635 55,952 1,005,762 1,061,714 Current trade accounts and other accounts payable 312,643,627 14,765,580 327,409,207 227,503,270 2,942,539 230,445,809 USD 20,438,936 1,309,678 21,748,614 8,972,065 — 8,972,065 EUR 6,093,006 — 6,093,006 1,622,411 — 1,622,411 UF 2,359,381 — 2,359,381 — — — CLP 142,370,837 13,455,902 155,826,739 108,670,085 2,942,539 111,612,624 BRL 74,142,872 — 74,142,872 58,136,480 — 58,136,480 ARS 52,030,144 — 52,030,144 33,511,747 — 33,511,747 PGY 15,208,451 — 15,208,451 15,878,527 — 15,878,527 Other Currencies — — — 711,955 — 711,955 Current accounts payable to related entities 56,103,461 — 56,103,461 39,541,968 — 39,541,968 CLP 29,349,401 — 29,349,401 23,884,687 — 23,884,687 BRL 16,799,532 — 16,799,532 10,809,085 — 10,809,085 ARS 9,893,495 — 9,893,495 4,848,196 — 4,848,196 PGY 61,033 — 61,033 — — — Other current provisions 1,082,929 445,950 1,528,879 805,842 529,495 1,335,337 CLP 1,082,929 404,580 1,487,509 805,842 494,748 1,300,590 PGY — 41,370 41,370 — 34,747 34,747 Current tax liabilities 20,733,623 9,779,164 30,512,787 4,590,876 4,237,723 8,828,599 CLP 20,038,643 8,452 20,047,095 173,771 3,414,859 3,588,630 BRL — — — 4,249,909 — 4,249,909 ARS 694,980 8,524,083 9,219,063 167,196 439,641 606,837 PGY — 1,246,629 1,246,629 — 383,223 383,223 Current employee benefit provisions 13,434,697 21,577,375 35,012,072 17,027,427 14,043,592 31,071,019 CLP 1,181,717 7,327,637 8,509,354 1,168,973 5,799,389 6,968,362 BRL 11,649,154 — 11,649,154 15,325,256 — 15,325,256 ARS 603,826 12,529,323 13,133,149 533,198 6,701,756 7,234,954 PGY — 1,720,415 1,720,415 — 1,542,447 1,542,447 Other current non-financial liabilities 612,391 30,625,443 31,237,834 620,609 27,646,121 28,266,730 CLP 612,391 30,472,381 31,084,772 598,769 27,551,000 28,149,769 ARS — 18,234 18,234 21,840 — 21,840 PGY — 134,828 134,828 — 95,121 95,121 Total current liabilities 415,498,480 114,068,799 529,567,279 299,360,830 78,695,356 378,056,186 USD 20,672,929 9,639,276 30,312,205 9,044,720 6,704,245 15,748,965 EUR 6,093,006 — 6,093,006 1,622,411 — 1,622,411 UF 11,515,069 10,086,725 21,601,794 7,799,637 5,272,547 13,072,184 CLP 195,559,581 65,160,720 260,720,301 136,210,917 53,691,845 189,902,762 BRL 103,005,393 1,381,397 104,386,790 88,883,584 1,245,940 90,129,524 ARS 63,316,539 23,344,283 86,660,822 39,153,127 8,719,479 47,872,606 PGY 15,335,963 4,456,398 19,792,361 15,934,479 3,061,300 18,995,779 Other Currencies — — — 711,955 — 711,955 12.31.2021 12.31.2020 More than 1 year More than 3 and up to More than 1 year More than 3 and up to NON-CURRENT LIABILITIES up to 3 years 5 years More than 5 years Total up to 3 years 5 years More than 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other non-current financial liabilities 35,164,178 331,118,858 674,765,936 1,041,048,972 31,811,687 279,600,958 678,416,924 989,829,569 USD 1,726,426 308,546,732 247,094,136 557,367,294 366,652 259,746,604 207,280,189 467,393,445 UF 29,821,850 15,453,105 423,470,818 468,745,773 24,669,188 13,214,387 414,689,041 452,572,616 CLP 602,887 4,000,000 — 4,602,887 4,089,001 4,000,000 51,568,854 59,657,855 BRL 2,926,876 3,119,021 4,200,982 10,246,879 2,394,281 2,639,967 4,878,840 9,913,088 ARS 86,139 — — 86,139 128,930 — — 128,930 PGY — — — — 163,635 — — 163,635 Non-current accounts payable 256,273 — — 256,273 295,279 — — 295,279 CLP 256,273 — — 256,273 293,176 — — 293,176 ARS — — — — 2,103 — — 2,103 Accounts payable related companies 11,557,723 — — 11,557,723 10,790,089 — — 10,790,089 BRL 11,557,723 — — 11,557,723 10,790,089 — — 10,790,089 Other non-current provisions 1,917,655 53,965,872 — 55,883,527 789,016 47,945,920 — 48,734,936 BRL — 53,965,872 — 53,965,872 — 47,945,920 — 47,945,920 ARS 1,917,655 — — 1,917,655 789,016 — — 789,016 Deferred tax liabilities 21,365,277 35,470,702 111,618,848 168,454,827 10,677,151 38,508,424 104,483,972 153,669,547 CLP 3,619,149 1,845,868 95,076,888 100,541,905 1,604,289 1,070,325 90,781,152 93,455,766 BRL — 33,624,834 — 33,624,834 — 37,438,099 — 37,438,099 ARS 17,746,128 — — 17,746,128 9,072,862 — — 9,072,862 PGY — — 16,541,960 16,541,960 — — 13,702,820 13,702,820 — — — — Non-current employee benefit provisions 1.329.992 62,456 12,747,222 14,139,670 911,873 145,165 12,578,520 13,635,558 CLP 629,798 62,456 12,747,222 13,439,476 378,733 145,165 12,578,520 13,102,418 PGY 700,194 — — 700,194 533,140 — — 533,140 Other non-financial liabilities 21,113 23,763,704 — 23,784,817 35,315 21,436,733 — 21,472,048 BRL — 23,763,704 — 23,763,704 — 21,436,733 — 21,436,733 ARS 21,113 — — 21,113 35,315 — — 35,315 Income taxes payable, non-current — — — — 20,597 — — 20,597 CLP — — — — 20,597 — — 20,597 — Total non-current liabilities 71,612,211 444,381,592 799,132,006 1,315,125,809 55,331,007 387,637,200 795,479,416 1,238,447,623 USD 1,726,426 308,546,732 247,094,136 557,367,294 366,652 259,746,604 207,280,189 467,393,445 UF 29,821,850 15,453,105 423,470,818 468,745,773 24,669,188 13,214,387 414,689,041 452,572,616 CLP 5,108,107 5,908,324 107,824,110 118,840,541 6,385,796 5,215,490 154,928,526 166,529,812 BRL 14,484,599 114,473,431 4,200,982 133,159,012 13,184,370 109,460,719 4,878,840 127,523,929 ARS 19,771,035 — — 19,771,035 10,028,226 — — 10,028,226 PGY 700,194 — 16,541,960 17,242,154 696,775 — 13,702,820 14,399,595 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 31 – In February 2022, Chile's Financial Market Commission (CMF) ratified the financial covenant for bond lines No. 254, No. 641, bond line No. 760 and bond line No. 912. For further information see Note 17.2 In a shareholders meeting held on April 13, 2022 was approved the distribution of a Dividend No. 221, payable in Chilean pesos, amounting to $189 for each share Series A and $207.9 for each Series B share. This dividend will be paid on April 26, 2022, in favor of the shareholders who are registered in the Shareholders’ Registry at midnight on April 20, 2022. No other events have occurred after December 31, 2021, 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, 2021 | |
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 fiscal years ended December 31, 2021 and 2020, 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, 2021 and 2020 and the results of operations for the periods between January 1 and December 31, 2021 and 2020, together with the statements of changes in equity and cash flows for the three periods years in the period ended December 31, 2021, 2020 and 2019 and the related notes. The Company’s 2021 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors on February 22, 2022, 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, 2021 and 2020 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 13, 2022 meeting. Included in this 2021 consolidated financial statements are consolidated statement of financial position as of December 31, 2021 and 2020, 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, 2021, 2020 and 2019. 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 26, 2022, 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 12.31.2021 12.31.2020 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 59.144.140-K Abisa Corp S.A. (1) — — — — 99.99 99.99 Foreign Aconcagua Investing Ltda. (1) — — — 0.70 99.28 99.98 96.842.970-1 Andina Bottling Investments S.A. 99.9 0.09 99.99 99.9 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.9 0.09 99.99 99.9 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 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. 99.9 0.09 99.99 99.9 0.09 99.99 77.427.659-9 Re-Ciclar S.A. (2) 60.00 — 60.00 — — — Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.09 99.99 99.9 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 VJ S.A. 15.00 50.00 65.00 15.00 50.00 65.00 (1) These companies were merged into Andina Bottling Investments Dos S.A. (2) Re-Ciclar S.A. is a company, whose purpose is to produce recycled resin for the Coca-Cola system and third parties |
Investments in associates | 2.3 Investments in associates Ownership interest held by the Group in associates are recorded following the equity method. According to the equity method, the investment in an associate is initially recorded at cost. As of the date of acquisition, the investment in the statement of financial position is recorded by the proportion of its total assets, which represents the Group's participation in its capital, once adjusted, where appropriate, the effect of the transactions made with the Group, plus capital gains that have been generated in the acquisition of the company. Dividends received from these companies are recorded by reducing the value of the investment and the results obtained by them, which correspond to the Group according to its ownership, are recorded under the item “Participation in profit (loss) of associates accounted for by the equity method.” Associates are all entities over which the Group exercises significant influence but does not have control. Significant influence is the power to intervene in the financial and operating policy decisions of the associate, without having control or joint control over it. The results of these associates are accounted for using the equity method. Accounting policies of the associates are changed, where necessary, to ensure conformity with the policies adopted by the Company and unrealized gains are eliminated. For associates located in Brazil, the financial statements accounted for using the equity method have a one-month lag because their reporting dates are different from those of Embotelladora Andina. |
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 under other comprehensive income until the disposal of the net investment, at which point they are reclassified to the income statement. Tax adjustments attributable to exchange differences in these monetary items are also recognized under other comprehensive income. Non-monetary items that are valued at historical cost in a foreign currency are converted using the exchange rate in effect at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect at the date on which fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value are recorded in accordance with the recognition of losses or gains arising from the change in the fair value of the respective item (e.g., exchange differences arising from items whose fair value gains or losses are recognized in another overall result or in results are also recognized under comprehensive income ). Functional currency in hyperinflationary economies Beginning July 2018, Argentina's economy is considered as hyperinflationary, according to the criteria established in the International Accounting Standard No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out based on a series of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have been retrospectively restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power of the Argentine peso, as of the closing date of these financial statements. Non-monetary assets and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accounting purposes in Argentina. In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying the attributed cost exemption for Property, plant and equipment. For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial situation of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) at December 31, 2021, in accordance with IAS 21 "Effects of foreign currency exchange rate variations", when dealing with a hyperinflationary economy. The comparative amounts in the consolidated financial statements are those that were presented as current year amounts in the relevant financial statements of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results in differences between the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policy option, these changes are presented as follows: (a) the re-measurement of Opening balances under IAS 29 as an adjustment to equity and (b) subsequent effects, including re-expression under IAS 21 , as "Exchange rate differences in the conversion of foreign operations" under other comprehensive income. Inflation for the periods from January to December 2021 and 2020 was 50.21% and 36.01%, respectively. 2.5.2 Presentation currency The presentation currency is the Chilean peso, which is the functional currency of the parent company, for such purposes, the financial statements of subsidiaries are translated from the functional currency to the presentation currency as indicated below: a. Translation of financial statements whose functional currency does not correspond to hyperinflationary economies (Brazil and Paraguay) Financial statements measured as indicated are translated to the presentation currency as follows: ● The statement of financial position is translated to the closing exchange rate at the financial statement date and the income statement is translated at the average monthly exchange rates, the differences that result are recognized in equity under other comprehensive income. ● Cash flow income statement are also translated at average exchange rates for each transaction. ● In the case of the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement. b. Translation of financial statements whose functional currency corresponds to hyperinflationary economies (Argentina) Financial statements of economies with a hyperinflationary economic environment, are recognized according to IAS 29 Financial Information in Hyperinflationary Economies, ● The statement of financial position sheet is translated at the closing exchange rate at the financial statements date. ● The income statement is translated at the closing exchange rate at the financial statements date. ● The statement of cash flows is converted to the closing exchange rate at the date of the financial statements. ● For the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement. 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 PYG 12.31.2021 844.69 151.36 8.22 0.123 12.31.2020 710.95 136.80 8.44 0.103 |
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. Repairs and maintenance are charged to expense in the reporting period in which they are incurred. Land is not depreciated since it has an indefinite useful life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. The estimated useful lives by asset category are: Assets Range in years Buildings 15 - 80 Plant and equipment 5 - 20 Warehouse installations and accessories 10 - 50 Furniture and supplies 4 - 5 Motor vehicles 4 - 10 Other Property, plant and equipment 3 - 10 Bottles and containers 2 - 5 The residual value and useful lives of Property, plant and equipment are reviewed and adjusted at the end of each fiscal year, if appropriate. The Company assesses on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverable amount of the asset, if there is evidence, or when an annual impairment test is required for an asset. Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other expenses by function or other gains, as appropriate in the statement of comprehensive income. |
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 Coca-Cola brand products and other brands in certain territories in Argentina, Brazil, Chile and Paraguay. Distribution rights are born from the process of valuation at fair value of the assets and liabilities of companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, (as they are historically permanently renewed by The Coca-Cola Company) and therefore are subject to impairment tests on an annual basis. 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 |
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 capital gains 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; ● Operation in Argentina; ● 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 2021 was estimated using the CAPM (Capital Asset Pricing Model) methodology, which allows estimating a discount rate according to the level of risk of the CGU in the country where it operates. A nominal discount rate in local currency before tax is used according to the following table: 2021 Discount 2020 Discount rates rates Argentina 27.2 % 28.1 % Chile 7.1 % 7.2 % Brazil 9.0 % 9.9 % Paraguay 8.1 % 9.3 % 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 4% for the carbonated beverage category and up to 5% for less developed categories such as juices and waters. Beyond the fifth year of projection, growth perpetuity rates are established per operation ranging from a real 0.4% to 0.9% 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 impairment test, variations were made to the main variables used in the model. Ranges used for each of the modified variables are: - Discount Rate : Increase / Decrease of up to 200 bps as a value in the rate at which future cash flows are discounted to bring them to present value - Perpetuity : Increase / Decrease of up to 30 bps in the rate to calculate the perpetual growth of future cash flows - EBITDA margin : Increase / Decrease of 150 bps of EBITDA margin of operations, which is applied per year for the projected periods, that is, for the years 2022-2026 In each sensitization scenario of the of the 3 variables mentioned above, no signs of impairment were observed for the Company's CGUs. The Company performs the impairment analysis on an annual basis. As a result of the tests conducted as of December 31, 2021 and 2020, no evidence of impairment was identified in any of the CGUs listed above, assuming conservative EBITDA margin projections and in line with market history. Despite the deterioration in macroeconomic conditions experienced by the economies of the countries in which operations are carried out and as a result of the pandemic, the impairment test yielded recovery values higher than the book values of assets, including those for the sensitivity calculations in the stress test conducted on the model. It should be noted that although no impairment indicators were identified for the CGUs described above, the annual review of other investments identified that for the Verde Campo brand (a dairy producer owned by Trop Frutas do Brasil Ltda.), in which Andina Brazil has a minority interest, the recoverable amount would be BRL 21.8 million, an amount below the carrying amount recorded in the financial statements of BRL 34.6 million, in which Andina Brazil includes its proportional interest. Given the difference, the BRL 12.8 million loss was reduced from its book value as of December 2021, leaving a recoverable amount of BRL 21.8 million. The impairment effects were included in the consolidated results under "Share of profit (loss) of associates accounted for under the equity method". The main reasons for the impairment of the investment are due to the lower flows expected for the dairy products segment for the local Brazilian market. |
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. The classification is based on two criteria: (a) the Group’s business model for the purpose of managing financial assets to obtain contractual cash flows; and (b) if the contractual cash flows of financial instruments represent “solely payments of principal and interest” on the outstanding principal amount (the “SPPI criterion”). According to IFRS 9, financial assets are subsequently measured at (i) fair value with changes in P&L (FVPL), (ii) amortized cost or (iii) fair value through other comprehensive income (FVOCI). The subsequent classification and measurement of the Group’s financial assets are as follows: ● Financial asset at amortized cost for financial instruments that are maintained within a business model with the objective of maintaining the financial assets to collect contractual cash flows that meet the SPPI criterion. This category includes the Group’s trade and other accounts receivable. Financial assets measured at fair value with changes in other comprehensive income (FVOCI), with gains or losses recognized in P&L at the time of liquidation. Financial assets in this category correspond to the Group’s instruments that meet the SPPI criterion and are kept within a business model both to collect cash flows and to sell. Other financial assets are classified and subsequently measures as follows: Equity instruments at fair value with changes in other comprehensive income (FVOCI) without recognizing earnings or losses in P&L at the time of liquidation. This category only includes equity instruments that the Group intends to keep in the foreseeable future and that the Group has irrevocably chosen to classify in this category in the initial recognition or transition. Financial assets at fair value with changes in P&L (FVPL) include derivative instruments and equity instruments quoted that the Group had not irrevocably chosen to classify at FVOCI in the initial recognition or transition. This category also includes debt instruments whose cash flow characteristics do not comply with the SPPI criterion or are not kept within a business model whose objective is to recognize contractual cash flows or sale. A financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is initially disposed (for example, canceled in the Group’s consolidated financial statements) when: ● The rights to receive cash flows from the asset have expired, ● The Group has transferred the rights to receive the cash flows of the asset or has assumed the obligation to pay all cash flows received without delay to a third party under a transfer agreement; and the Group (a) has substantially transferred all risks and benefits of the asset, or (b) has not substantially transferred or retained all risks and benefits of the asset but has transferred control of the asset. 2.9.2 Financial Liabilities Financial liabilities are classified as a fair value financial liability at the date of their initial recognition, as appropriate, with changes in results, loans and credits, accounts payable or derivatives designated as hedging instruments in an effective coverage. All financial liabilities are initially recognized at fair value and transaction costs directly attributable are netted from loans and credits and accounts payable. The Group’s financial liabilities include trade and other accounts payable, loans and credits, including those discovered in current accounts, and derivative financial instruments. The classification and subsequent measurement of the Group’s financial liabilities are as follows: ● Fair value financial liabilities with changes in results include financial liabilities held for trading and financial liabilities designated in their initial recognition at fair value with changes in results. The losses or gains of liabilities held for trading are recognized in the income statement. ● Loans and credits are valued at cost or amortized using the effective interest rate method. Gains and losses are recognized in the income statement when liabilities are disposed, as well as interest accrued in accordance with the effective interest rate method. A financial liability is disposed of when the obligation is extinguished, cancelled or expires. Where an existing financial liability is replaced by another of the same lender under substantially different conditions, or where the conditions of an existing liability are substantially modified, such exchange or modification is treated as a disposal of the original liability and the recognition of the new obligation. The difference in the values in the respective books is recognized in the statement of income. 2.9.3 Offsetting financial instruments Financial assets and financial liabilities are offset with the corresponding net amount presenting the corresponding net amount in the statement of financial position, if: ● There is currently a legally enforceable right to offset the amounts recognized, and ● It is intended to liquidate them for the net amount or to realize the assets and liquidate the liabilities simultaneously. |
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 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, 2021, 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 items fair measurement 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, 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 accounts receivable and other accounts receivable | 2.12 Trade accounts receivable and other accounts receivable Trade accounts receivable and other accounts receivable are measured and recognized at the transaction price at the time they are generated less the provision for expected credit losses, pursuant to the requirements of IFRS 15, since they do not have a significant financial component, less the provision of expected credit losses. The provision for expected credit losses is made applying a value impairment model based on expected credit losses for the following 12 months. The Group applies a simplified focus for trade receivables, thereby impairment is always recorded referring to expected losses during the whole life of the asset. The carrying amount of the asset is reduced by the provision of expected credit losses, and the loss is recognized in administrative expenses in the consolidated income statement by function. |
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. |
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. The Group offsets deferred tax assets and liabilities if and only if it has legally recognized a right to offset against the tax authority the amounts recognized in those items; and intends to settle the resulting net debts, or to realize the assets and simultaneously settle the debts that have been offset by them. |
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 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 would be reimbursed when the customer or distributor returns the bottles and containers in good condition, together with the original invoice. This liability is presented under Other current financial liabilities since the Company does not have legal rights to defer settlement for a period in excess of one year. However, the Company does not anticipate any material cash settlements for such amounts during the upcoming year. |
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 distribution | 2.22 Dividend distribution 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 In preparing the consolidated financial statements, the Company has used certain judgments and estimates made to quantify some of the assets, liabilities, income, expenses and commitments. Following is an explanation of the estimates and judgments that might have a material impact on future financial statements. 2.23.1 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 lowest discounted cash flows analysis. On an annual basis and close to each fiscal year end discounted cash flows in the Company's cash generating units in Chile, Brazil, Argentina and Paraguay generated a higher value than the carrying values of the respective net assets, including goodwill of the Brazilian, Argentinian and Paraguayan subsidiaries. 2.23.2 Fair Value of Assets and Liabilities IFRS require in certain cases that assets and liabilities be recorded at their fair value. Fair value is the price that would be received for selling an asset or paid to transfer a liability in a transaction ordered between market participants at the date of measurement. The basis for measuring assets and liabilities at fair value are their current prices in an active market. For those that are not traded in an active market, the Company determines fair value based on the best information available by using valuation techniques. In the case of the valuation of intangibles recognized as a result of acquisitions from business combinations, the Company estimates the fair value based on the “multi-period excess earning method”, which involves the estimation of future cash flows generated by the intangible assets, adjusted by cash flows that do not come from these, but from other assets. The Company also applies estimations over the period during which the intangible assets will generate cash flows, cash flows from other assets, and a discount rate. Other assets acquired, and liabilities assumed in a business combination are carried at fair value using valuation methods that are considered appropriate under the circumstances. Assumptions include the depreciated cost of recovery and recent transaction values for comparable assets, among others. These valuation techniques require certain inputs to be estimated, including the estimation of future cash flows. 2.23.3 Allowances for doubtful accounts The Group uses a provision matrix to calculate expected credit losses for trade receivables. Provisions are based on due days for various groups of customer segments that have similar loss patterns (i.e., by geography region, product type, customer type and rating, and credit letter coverage and other forms of credit insurance). The provision matrix is initially based on the historically observed non-compliance rates for the Group. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For example, if expected economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year, which can lead to more non-compliances in the industry, historical default rates are adjusted. At each closing date, the observed historical default rates are updated and changes in prospective estimates are analyzed. The assessment of the correlation between observed historical default rates, expected economic conditions and expected credit losses are significant estimates. 2.23.4 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. At the closing of December 2021, based on the best estimate according to the most recent reliable, reasonable and available information, Management performed a review of its accounting estimates of useful lives in the Operations in Argentina, Brazil and Paraguay. The review of the estimates resulted in slight changes mainly in fixed assets related to Furniture and Fixtures: Previous range New range Assets of years of years Buildings 15 - 80 15 - 80 Plant and equipment 5 - 20 5 - 20 Fixed and ancillary equipment 10 - 50 10 - 50 Furniture and fixtures 4 - 5 5 Vehicles 4 - 10 4 - 10 Other property, plant and equipment 3 - 10 5 - 10 Containers and cases 2 - 5 1 - 8 The impact of the change in the useful life of the Company's foreign operations is not significant in the current and future years. 2.23.5 Contingent liabilities Provisions for litigation and other contingencies are recognized when the Company has a current obligation (legal or implied) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the current obligation at the date of issuance of the financial statements, considering the risks and uncertainties surrounding the obligation. When a provision is measured using estimated cash flows to settle the current obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The accrual of the discount is recognized as a finance cost. Incremental legal costs expected to be incurred in settling the legal claim are included in the measurement of the provision. Provisions are reviewed at the end of each reporting period and are adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic benefits will be required to settle the obligation, the provision is reversed. A contingent liability does not imply the recognition of a provision. Legal costs expected to be incurred in defending the legal claim are recognized in profit or loss when incurred. |
New Standards, Interpretations and Amendments for annual periods | 2.24.1 New Standards, Interpretations and Amendments for annual periods beginning on or after January 1, 2021. Amendments to IFRS which have been issued and are effective from January 1, 2021, are detailed below. Amendments Application date IFRS 9, IAS 39, IFRS 7,IFRS 4 and IFRS 16 Interest Rate Benchmark Reform—Phase 2 January 1, 2021 IFRS 16 COVID-19-Related Rent Concessions April 1, 2021 IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform—Phase 2 In August 2020, the IASB published the second phase of the Interest Rate Benchmark Reform containing amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. With this publication, the IASB completes its work to respond to the effects of Interbank Offer Rate Reform (IBOR) on financial information. The amendments provide temporary exceptions that address the effects on financial information when a benchmark interest rate (IBOR) is replaced by an almost risk-free alternative interest rate. Amendments are required and early application is permitted. A hedging ratio must be resumed if the hedging ratio were discontinued solely due to the changes required by the reform of the benchmark interest rate and would therefore not have been discontinued if the second phase of amendments had been implemented at that time. While application is retrospective, an entity is not required to restate previous periods. The amendment is applicable for the first time in 2021, however, it has no impact on Andina’s financial statements. IFRS 16 COVID-19-Related Rent Concessions In May 2020, the IASB issued an amendment to IFRS 16 Leases As a practical solution, a lessee may choose not to assess whether the Covid-19-related rent reduction granted by a lessor is a modification of the lease. A lessee making this choice will recognize changes in lease payments from Covid-19-related rent reductions in the same way as it would recognize the change under IFRS 16 as if such a change was not a modification of the lease. A lessee shall apply this practical solution retroactively, recognizing the cumulative effect of the initial application of the amendment as an adjustment in the Opening balance of accumulated results (or another component of equity, as appropriate) at the beginning of the annual reporting period in which the lessee first applies the amendment. A lessee will apply this amendment for annual periods beginning on April 1, 2021. Company management has not implemented this amendment because it has no Covid-19-related lease modifications. 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 IFRS 17 Insurance Contracts January 1, 2023 IFRS 17 - Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts Insurance Contracts IFRS 17 will be effective for periods starting on or after January 1, 2023, with comparative figures required. Early application is permitted, provided that the entity applies IFRS 9 Financial Instruments, on or before the date on which IFRS 17 is first applied. Amendments to IFRS that have been issued to become effective in the near future are detailed below. Amendments Date of application IAS 1 Disclosure of Accounting Policies January 1, 2023 IAS 1 Classification of liabilities as current or non-current January 1, 2023 IFRS 3 Reference to the Conceptual Framework January 1, 2022 IAS 16 Property, Plant and Equipment — Proceeds before Intended Use January 1, 2022 IAS 37 Onerous Contracts—Cost of Fulfilling a Contract January 1, 2022 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 IAS 12 Deferred taxes regarding assets and liabilities that arise from a single transaction January 1, 2023 IAS 8 Definition of Accounting estimate January 1, 2023 IAS 1 Presentation of Financial Statements – Disclosure of Accounting Policies In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making materiality judgements, providing guidance and examples to help entities apply relative importance judgements to accounting policy disclosures. Amendments have the purpose of helping entities provide disclosure on accounting policies that are more useful by: ● Replacing the requirement for entities to disclose “significant” accounting policies with the requirement to disclose its “material” accounting policies. ● Include guidance on how entities apply the concept of materiality indecision-making on the disclosure of accounting policies. On assessing the relative importance of the accounting policy information, entities should consider both the size of the transaction as well as other events and conditions and the nature of these transaction. The amendment is effective for annual periods beginning on January 1, 2023. Early application of IAS 1 amendments is allowed as long as it is disclosed. IAS 1 Presentation of Financial Statements - Classification of liabilities as current or non-current In June 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify requirements for the classification of liabilities as current or non-current. The amendments are effective for periods beginning on or after January 1, 2022. Entities should carefully consider whether there are any aspects of the amendments suggesting that the terms of their existing loan agreements should be renegotiated. In this context, it is important to stress that amendments must be implemented retrospectively. IFRS 3 Reference to the Conceptual Framework In May 2020, the IASB issued amendments to IFRS 3 Business Combinations – Reference to the Conceptual Framework. These amendments are intended to replace the reference to an earlier version of the IASB Conceptual Framework (1989 Framework) with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments shall be effective for periods beginning on or after January 1, 2022 and should be applied retrospectively. Early application is permitted if, at the same time or before, an entity also applies all amendments contained in the amendments to the Conceptual Framework References of the IFRS Standards issued in March 2018. The amendments will provide consistency in financial information and avoid potential confusion by having more than one version of the Conceptual Framework in use. IAS 16 Property, Plant and Equipment — Proceeds before Intended Use The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss for the period, pursuant to applicable standards. The amendment shall be effective for periods beginning on or after January 1, 2022. IAS 37 Onerous Contracts—Cost of Fulfilling a Contract In May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities, and Contingent Assets The amendment shall be effective for periods beginning on or after January 1, 2022. The amendment should be applied retrospectively to existing contracts at the beginning of the annual reporting period in which the entity first applies the amendment (date of initial application). Early application is permitted and must be disclosed. The amendments are intended to provide clarity and help ensure consistent implementation of the standard. Entities that previously applied the incremental cost approach will see an increase in provisions to reflect the inclusion of costs directly related to contract activities, while entities that previously recognized contractual loss provisions using the guidance to the previous standard, IAS 11 Construction Contracts 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 Investments in Associates and Joint Ventures (2011) IAS 12 Deferred tax related to assets and liabilities arising from a single transaction In May 2021, the IASB issued amendments to IAS 12, narrowing the scope of the initial recognition exception pursuant to IAS 12, so that it is no longer applied to transactions giving rise to equal amounts of taxable and deductible temporary differences. The amendments clarify that when liability settlement payments are deductible for tax purposes, it is a judgement call (having considered the applicable tax legislation) if those deductions are attributable to tax effects on liabilities recognized in the financial statements (and interest expenses) or to the related asset component (and interest expenses). This judgment is important in determining if temporary differences exist in the initial recognition of the asset and liability. Likewise, pursuant to the issued amendments, the exception in the initial recognition does not apply to transactions that, upon initial recognition, give rise to equal taxable and deductible temporary differences. It only applies when recognizing a lease asset and a lease liability (or a dismantling liability and a dismantling asset component) give rise to taxable and deductible temporary differences that are not equal. However, it is possible that the resulting deferred tax assets and liabilities may not be the same (e.g., if the entity cannot benefit from the tax deductions or if the tax rates applied are different from the taxable and deductible temporary differences). In those cases, an entity would need to account for the difference between the deferred tax asset and liability in the P&L. The amendment will be effective for annual periods beginning on January 1, 2023. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Accounting Estimates In February 2021, the IASB issued amendments to IAS 8, incorporating a new definition for “accounting estimates”. The amendments clarify the distinction between changes to accounting estimates and changes to accounting policies and error correction. Also, they clarify how entities use input and measurement techniques to develop accounting estimates. The amended standard clarifies that the effects of accounting estimates, resulting from a change in the input or a change in the measurement technique are considered as changes in accounting estimates, as long as these did not result from error corrections of previous periods. The previous definition of a change in accounting estimate specified that the changes in accounting estimates could result from new information or new developments. Therefore, said changes are not considered error corrections. The amendment will be effective for annual periods beginning on January 1, 2023. The Company will perform an impact assessment of the above described amendments once they become effective. |
BASIS OF PREPARATION OF CONSO_3
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |
Schedule of the list of subsidiaries included in the consolidation | Ownership interest 12.31.2021 12.31.2020 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 59.144.140-K Abisa Corp S.A. (1) — — — — 99.99 99.99 Foreign Aconcagua Investing Ltda. (1) — — — 0.70 99.28 99.98 96.842.970-1 Andina Bottling Investments S.A. 99.9 0.09 99.99 99.9 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.9 0.09 99.99 99.9 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 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. 99.9 0.09 99.99 99.9 0.09 99.99 77.427.659-9 Re-Ciclar S.A. (2) 60.00 — 60.00 — — — Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.09 99.99 99.9 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 VJ S.A. 15.00 50.00 65.00 15.00 50.00 65.00 (1) These companies were merged into Andina Bottling Investments Dos S.A. (2) Re-Ciclar S.A. is a company, whose purpose is to produce recycled resin for the Coca-Cola system and third parties |
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 PYG 12.31.2021 844.69 151.36 8.22 0.123 12.31.2020 710.95 136.80 8.44 0.103 |
Schedule of estimated useful lives by asset category | Assets Range in years Buildings 15 - 80 Plant and equipment 5 - 20 Warehouse installations and accessories 10 - 50 Furniture and supplies 4 - 5 Motor vehicles 4 - 10 Other Property, plant and equipment 3 - 10 Bottles and containers 2 - 5 |
Schedule of discount rates applied in annual test to the level of risk of the CGU | 2021 Discount 2020 Discount rates rates Argentina 27.2 % 28.1 % Chile 7.1 % 7.2 % Brazil 9.0 % 9.9 % Paraguay 8.1 % 9.3 % |
Schedule of changes in estimated useful lives | Previous range New range Assets of years of years Buildings 15 - 80 15 - 80 Plant and equipment 5 - 20 5 - 20 Fixed and ancillary equipment 10 - 50 10 - 50 Furniture and fixtures 4 - 5 5 Vehicles 4 - 10 4 - 10 Other property, plant and equipment 3 - 10 5 - 10 Containers and cases 2 - 5 1 - 8 |
Schedule of amendments to IFRS that have been issued effective as of the date of these financial statements | Amendments Application date IFRS 9, IAS 39, IFRS 7,IFRS 4 and IFRS 16 Interest Rate Benchmark Reform—Phase 2 January 1, 2021 IFRS 16 COVID-19-Related Rent Concessions April 1, 2021 |
Schedule of New Standards, Interpretations and Amendments for annual periods | Standards and Interpretations Mandatory application date IFRS 17 Insurance Contracts January 1, 2023 |
Summary of Amendments to IFRS which have been issued and will become in effect on January 1, 2023 | Amendments Date of application IAS 1 Disclosure of Accounting Policies January 1, 2023 IAS 1 Classification of liabilities as current or non-current January 1, 2023 IFRS 3 Reference to the Conceptual Framework January 1, 2022 IAS 16 Property, Plant and Equipment — Proceeds before Intended Use January 1, 2022 IAS 37 Onerous Contracts—Cost of Fulfilling a Contract January 1, 2022 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 IAS 12 Deferred taxes regarding assets and liabilities that arise from a single transaction January 1, 2023 IAS 8 Definition of Accounting estimate January 1, 2023 |
FINANCIAL REPORTING BY SEGMENT
FINANCIAL REPORTING BY SEGMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL REPORTING BY SEGMENT | |
Schedule of company's operating segments | Inter- Operation in Operation in Operation in Operation country Consolidated, For the period ended December 31, 2021 Chile Argentina Brazil in Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 480,157,607 419,724,122 313,147,740 134,284,020 (904,603) 1,346,408,886 Other beverages 495,138,445 97,742,388 226,109,683 34,932,160 (587) 853,922,089 Packaging — 19,488,958 — — (3,087,340) 16,401,618 Revenues from ordinary activities 975,296,052 536,955,468 539,257,423 169,216,180 (3,992,530) 2,216,732,593 Cost of sales (630,862,197) (296,090,157) (361,323,450) (91,109,499) 3,992,530 (1,375,392,773) Distribution expenses (78,995,679) (78,019,531) (33,458,924) (9,478,239) — (199,952,373) Administrative expenses (142,762,661) (110,329,089) (71,995,712) (23,862,401) — (348,949,863) Financial income (2,936,819) 5,011,888 5,327,527 389,273 — 7,791,869 Financial costs (27,669,541) (577,941) (24,744,974) - — (52,992,456) Net financial costs (30,606,360) 4,433,947 (19,417,447) 389,273 — (45,200,587) Share of entity in income of associates accounted for using the equity method, total 2,799,437 — 293,665 - — 3,093,102 Income tax expense (15,756,620) (25,697,558) 82,395 (4,805,537) — (46,177,320) Oher income (expenses) (29,072,689) (10,652,582) (7,834,863) 439,023 — (47,121,111) Net income of the segment reported 50,039,283 20,600,498 45,603,087 40,788,800 — 157,031,668 Depreciation and amortization 38,189,190 32,863,821 23,647,789 10,074,503 — 104,775,303 Current assets 626,277,188 117,319,226 183,268,173 64,121,536 — 990,986,123 Non-current assets 739,113,114 216,757,538 720,101,674 279,148,198 — 1,955,120,524 Segment assets, total 1,365,390,302 334,076,764 903,369,847 343,269,734 — 2,946,106,647 Carrying amount in associates accounted for using the equity method, total 52,519,831 — 38,969,363 — — 91,489,194 Segment disbursements of non-monetary assets 53,513,835 33,789,235 30,171,387 21,381,700 — 138,856,157 Current liabilities 283,835,866 101,832,549 109,691,047 34,207,817 — 529,567,279 Non-current liabilities 743,108,008 20,388,886 534,386,761 17,242,154 — 1,315,125,809 Segment liabilities, total 1,026,943,874 122,221,435 644,077,808 51,449,971 — 1,844,693,088 Cash flows (used in) provided by in Operating Activities 181,679,320 55,490,096 36,121,074 31,764,493 — 305,054,983 Cash flows (used in) provided by Investing Activities (108,283,362) (33,789,408) (32,875,359) (23,304,551) — (198,252,680) Cash flows (used in) provided by Financing Activities (111,533,388) (940,318) (2,455,073) (390,735) — (115,319,514) Inter- Operation in Operation in Operation in Operation country Consolidated, For the period ended December 31, 2020 Chile Argentina Brazil Paraguay in eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 407,191,500 260,118,269 317,712,571 126,057,797 (578,764) 1,110,501,373 Other beverages 237,570,385 49,817,791 262,350,736 31,094,787 (359,666) 580,474,033 Packaging — 8,891,560 — — (1,585,729) 7,305,831 Revenues from ordinary activities 644,761,885 318,827,620 580,063,307 157,152,584 (2,524,159) 1,698,281,237 Cost of sales (392,720,439) (172,065,726) (373,444,835) (86,791,818) 2,524,159 (1,022,498,659) Distribution expenses (59,897,972) (49,112,014) (34,784,528) (8,737,504) — (152,532,018) Administrative expenses (112,306,460) (69,668,104) (79,674,089) (21,990,282) — (283,638,935) Financial income 6,437,945 1,169,193 7,068,396 270,345 — 14,945,879 Financial costs (23,938,992) (729,164) (30,104,681) — — (54,772,837) Net financial costs (17,501,047) 440,029 (23,036,285) 270,345 — (39,826,958) Share of entity in income of associates accounted for using the equity method, total 1,248,478 — 980,285 — — 2,228,763 Income tax expense (23,057,195) (7,668,059) (20,536,914) (3,643,231) — (54,905,399) Oher income (expenses) (21,231,223) (6,046,069) 3,064,104 222,477 — (23,990,711) Net income of the segment reported 19,296,027 14,707,677 52,631,045 36,482,571 — 123,117,320 Depreciation and amortization 50,271,626 22,895,329 27,339,714 10,413,848 — 110,920,517 Current assets 532,713,969 70,215,594 149,709,603 44,658,550 — 797,297,716 Non-current assets 636,275,547 144,802,176 643,447,811 226,241,150 — 1,650,766,684 Segment assets, total 1,168,989,516 215,017,770 793,157,414 270,899,700 — 2,448,064,400 Carrying amount in associates accounted for using the equity method, total 50,628,307 — 37,328,047 — — 87,956,354 Segment disbursements of non-monetary assets 41,114,189 15,803,061 17,075,672 11,882,036 — 85,874,958 Current liabilities 198,669,957 58,904,281 96,144,933 24,337,015 — 378,056,186 Non-current liabilities 748,105,248 10,717,606 465,225,175 14,399,594 — 1,238,447,623 Segment liabilities, total 946,775,205 69,621,887 561,370,108 38,736,609 — 1,616,503,809 Cash flows (used in) provided by in Operating Activities 191,911,595 24,603,123 36,409,227 25,845,053 — 278,768,998 Cash flows (used in) provided by Investing Activities (178,910,100) (16,010,950) (17,075,672) (11,882,036) — (223,878,758) Cash flows (used in) provided by Financing Activities 117,081,470 (167,606) (3,443,826) (429,077) — 113,040,961 Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2019 Chile 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 Revenues from ordinary activities 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) |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
CASH AND CASH EQUIVALENTS. | |
Schedule of cash and cash equivalents | By item 12.31.2021 12.31.2020 ThCh$ ThCh$ Cash 503,687 339,628 Bank balances 94,472,637 82,997,449 Othe fixed rate instruments 209,335,696 226,193,622 Cash and cash equivalents 304,312,020 309,530,699 By currency 12.31.2021 12.31.2020 ThCh$ ThCh$ USD 13,640,823 21,332,268 EUR 2,838,102 223,449 ARS 22,425,407 14,821,502 CLP 176,278,025 201,936,140 PYG 32,856,836 21,688,915 BRL 56,272,827 49,528,425 Cash and cash equivalents 304,312,020 309,530,699 |
OTHER CURRENT AND NON-CURRENT_3
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | |
Schedule of other current and non-current financial assets | Balance Current Non-current Other financial assets 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets measured at amortized cost (1) 194,509,044 140,304,853 1,216,865 1,216,865 Financial assets at fair value (2) 961,705 — 281,337,127 150,983,295 Other financial assets measured at amortized cost (3) — — 14,078,020 9,813,118 Total 195,470,749 140,304,853 296,632,012 162,013,278 (1) Financial instrument that does not meet the definition of cash equivalents as defined in Note 2.13. (2) Market value of hedging instruments. See details in Note 22. (3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., manufacturing company of “AdeS” products and its distribution rights, 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, 2021 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |
Schedule of composition of non-financial assets | Balance Current Non-current Other non-financial assets 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Prepaid expenses 7,860,112 7,932,770 1,254,775 527,110 Tax credit remainder (1) 2,022,493 234,124 (a) 52,746,937 (a) 76,262,417 Guaranty deposit — 286 — — Judicial deposits — — 15,259,876 11,492,642 Others (2) 4,836,499 5,207,201 1,600,028 1,960,503 Total 14,719,104 13,374,381 70,861,616 90,242,672 (1) (a) 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. |
TRADE ACCOUNTS AND OTHER ACCO_2
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE | |
Schedule of composition of trade and other receivables | Balance Current Non-current Trade debtors and other accounts receivable, Net 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 205,466,469 151,017,754 42,726 40,432 Other debtors 55,281,501 41,688,151 83,738 32,219 Other accounts receivable 4,742,656 1,315,348 — 1,211 Total 265,490,626 194,021,253 126,464 73,862 Balance Current Non-current Trade debtors and other accounts receivable, Gross 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 210,175,775 154,591,684 42,726 40,432 Other debtors 55,281,501 44,691,925 83,738 32,219 Other accounts receivable 4,744,721 1,533,307 — 1,211 Total 270,201,997 200,816,916 126,464 73,862 |
Schedule of stratification of the portfolio | Balance Current trade debtors without impairment impact 12.31.2021 12.31.2020 ThCh$ ThCh$ Less than one month 195,325,587 147,177,119 Between one and three months 6,843,836 2,230,594 Between three and six months 1,808,425 1,708,015 Between six and eight months 2,235,866 509,855 Older than eight months 4,004,787 3,006,533 Total 210,218,501 154,632,116 |
Schedule of movement in the allowance for expected credit losses | 12.31.2021 12.31.2020 ThCh$ ThCh$ Opening balance 6,795,663 6,492,987 Increase (decrease) 1,697,887 2,321,958 Provision reversal (3,832,220) (1,595,521) Increase (decrease) for changes of foreign currency 50,041 (423,761) Sub – total movements (2,084,292) 302,676 Ending balance 4,711,371 6,795,663 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVENTORIES | |
Schedule of composition of inventories | Details 12.31.2021 12.31.2020 ThCh$ ThCh$ Raw materials (1) 134,153,673 80,902,721 Finished goods 34,222,429 27,556,884 Spare parts and supplies 23,063,797 19,592,377 Work in progress 109,467 76,577 Other inventories 3,358,474 3,101,016 Obsolescence provision (2) (3,557,634) (3,256,925) Total 191,350,206 127,972,650 The cost of inventory recognized as cost of sales amounts to CLP 1,375,392,773 thousand and CLP 1,022,498,659 thousand as of December 31, 2021 and 2020, 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 (Tab
TAX ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
TAX ASSETS AND LIABILITIES | |
Schedule of composition of current tax accounts receivable | Tax assets 12.31.2021 12.31.2020 ThCh$ ThCh$ Tax credits (1) 10,224,368 218,472 Total 10,224,368 218,472 |
Schedule of composition of current tax accounts payable | Current Non-current Tax liabilities 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Income tax expense 30,512,787 8,828,599 — 20,597 Total 30,512,787 8,828,599 — 20,597 |
INCOME TAX EXPENSE AND DEFERR_2
INCOME TAX EXPENSE AND DEFERRED TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |
Schedule of current and deferred income tax expenses | Details 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Current income tax expense 45,614,890 55,522,189 35,439,707 Current tax adjustment previous period (2,284,477) (735,907) 713,992 Foreign dividends tax withholding expense 2,877,817 6,987,142 4,534,145 Other current tax expense (income) (114,130) (47,569) (425,958) Current income tax expense 46,094,100 61,725,855 40,261,886 Expense (income) for the creation and reversal of temporary differences of deferred tax and others 83,220 (6,820,456) 20,905,005 Expense (income) for deferred taxes 83,220 (6,820,456) 20,905,005 Total income tax expense 46,177,320 54,905,399 61,166,891 |
Schedule of distribution of national and foreign tax expenditure | Income taxes 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Current taxes Foreign (37,363,624) (39,128,690) (24,315,576) National (8,730,476) (22,597,165) (15,946,310) Current tax expense (46,094,100) (61,725,855) (40,261,886) Deferred taxes Foreign 6,942,925 7,280,487 (24,012,798) National (7,026,145) (460,031) 3,107,793 Deferred tax expense (83,220) 6,820,456 (20,905,005) Income tax expense (46,177,320) (54,905,399) (61,166,891) |
Schedule of reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate | Reconciliation of effective rate 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Net income before taxes 203,208,988 178,022,719 236,413,116 Tax expense at legal rate (27.0%) (54,866,427) (48,066,134) (63,831,541) Effect of tax rate in other jurisdictions 860,745 1,032,950 (3,471,705) Permanent differences: Non-taxable revenues (10,868,055) (2,417,582) 9,507,807 Non-deductible expenses (2,935,310) (6,007,898) (4,664,045) Tax effect on excess tax provision in previous periods 13,250,594 113,747 (3,316,278) Tax effect of price-level restatement for Chilean companies (15,794,098) (5,936,464) 5,199,589 Subsidiaries tax withholding expense and other legal tax debits and credits 24,175,231 6,375,982 (590,718) Adjustments to tax expense 7,828,362 (7,872,215) 6,136,355 Tax expense at effective rate (46,177,320) (54,905,399) (61,166,891) Effective rate 22.7 % 30.8 % 25.9 % |
Schedule of income tax rates applicable in each jurisdiction | Rate Country 2021 2020 2019 Chile 27.0 % 27.0 % 27.0 % Brazil 34.0 % 34.0 % 34.0 % Argentina 35.0 % 30.0 % 30.0 % 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 | 12.31.2021 12.31.2020 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,944,185 52,435,301 5,421,466 39,544,960 Obsolescence provision 1,696,051 — 1,340,235 — ICMS exclusion credit 4,925,230 — — 17,679,221 Employee benefits 3,163,172 115,828 4,475,497 18,300 Provision for severance indemnity 271,789 271,367 150,027 101,339 Tax loss carry forwards (1) 4,292,863 698 6,423,820 — Tax goodwill Brazil — 3,126,125 2,080,987 — Contingency provision 30,216,275 — 24,103,234 — Foreign Exchange differences (2) 7,165,844 — 8,116,713 — Allowance for doubtful accounts 638,484 — 915,562 — Assets and liabilities for placement of bonds — 2,081,271 378,901 2,377,870 Lease liabilities 1,781,922 — 1,528,990 — Inventories 652,669 — 469,416 — Distribution rights — 151,228,739 — 144,151,661 Hedge derivatives — — — — Spare parts — 3,374,376 — — Intangibles 130 5,440,229 — — Others 5,906,158 5,326,478 3,785,655 7,060,830 Subtotal 61,729,542 228,325,642 59,190,503 210,934,181 Total assets and liabilities net 1,858,727 168,454,827 1,925,869 153,669,547 (1) Tax losses mainly associated with the subsidiary Embotelladora Andina Chile S.A. Tax losses have no expiration date in Chile. (2) Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency that for tax purposes are recognized when incurred. |
Schedule of movement in deferred income tax accounts | Movement 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Opening balance 151,743,678 168,085,407 145,245,948 Increase (decrease) in deferred tax 4,507,688 4,411,619 20,905,005 Increase (decrease) due to foreign currency translation* 10,344,734 (20,753,348) 1,934,454 Total movements 14,852,422 (16,341,729) 22,839,459 Ending balance 166,596,100 151,743,678 168,085,407 * Includes IAS 29 effect, due to inflation in Argentina |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
PROPERTY PLANT AND EQUIPMENT | |
Schedule of property, plant and equipment, net | Property, plant and equipment, gross 12.31.2021 12.31.2020 ThCh$ ThCh$ Construction in progress 56,280,594 34,194,083 Land 101,286,107 94,321,726 Buildings 306,300,748 266,921,167 Plant and equipment 613,537,377 515,395,328 Information technology equipment 29,470,242 24,323,557 Fixed installations and accessories 61,264,172 45,558,495 Vehicles 56,346,552 45,808,748 Leasehold improvements 322,036 203,164 Rights of use (1) 69,616,828 56,726,206 Other properties, plant and equipment (2) 383,403,363 314,602,940 Total Property, plant and equipment, gross 1,677,828,019 1,398,055,414 Accumulated depreciation of Property, plant and equipment 12.31.2021 12.31.2020 ThCh$ ThCh$ Buildings (102,957,623) (86,004,289) Plant and equipment (443,885,822) (369,605,125) Information technology equipment (23,857,025) (19,445,250) Fixed installations and accessories (38,165,051) (27,910,603) Vehicles (37,161,952) (29,397,964) Leasehold improvements (208,747) (144,022) Rights of use (1) (45,962,853) (35,388,929) Other properties, plant and equipment (2) (269,249,819) (224,582,687) Total accumulated depreciation (961,448,892) (792,478,869) Total Property, plant and equipment, net 716,379,127 605,576,545 (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 12.31.2021 12.31.2020 ThCh$ ThCh$ Bottles 36,546,377 30,275,255 Marketing and promotional assets (market assets) 55,210,620 44,106,959 Other Property, plant and equipment 22,396,547 15,638,039 Total 114,153,544 90,020,253 |
Schedule of movements in property, plant and equipment | Fixed IT facilities and Leasehold Property, plant Construction in Plant and equipment accessories, improvements, Rights-of-use, & equipment, progress Land Buildings, net equipment, net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2021 34,194,083 94,321,726 180,916,878 145,790,203 4,878,307 17,647,892 16,410,784 59,142 90,020,253 21,337,277 605,576,545 Additions 61,100,226 — 3,708,881 19,025,057 1,428,080 12,068 171,420 8,738 47,426,736 — 132,881,206 Right-of use additions — — — — — — — — — 9,070,997 9,070,997 Disposals (74,476) — (276,312) (277,845) (3,896) (11) (9,573) — (3,156,795) — (3,798,908) Transfers between items of Property, plant and equipment (39,845,790) — 4,370,826 21,182,049 751,603 606,279 4,771,885 88,345 8,074,803 — — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (7,862,888) (32,058,439) (2,219,235) (3,700,948) (4,054,092) (51,774) (43,651,397) — (93,598,773) Amortization — — — — — — — — — (8,386,063) (8,386,063) Increase (decrease) due to foreign currency translation differences 6,513,216 6,964,382 21,941,520 23,364,406 658,167 3,080,061 2,264,353 8,840 16,399,966 1,759,346 82,954,257 Other increase (decrease) (2) (5,606,665) (1) 544,220 (7,373,876) 120,191 5,453,780 (370,177) (2) (960,022) (127,582) (8,320,134) Total movements 22,086,511 6,964,381 22,426,247 23,861,352 734,910 5,451,229 2,773,816 54,147 24,133,291 2,316,698 110,802,582 Ending balance al 12.31.2021 56,280,594 101,286,107 203,343,125 169,651,555 5,613,217 23,099,121 19,184,600 113,289 114,153,544 23,653,975 716,379,127 Fixed IT facilities and Leasehold Property, plant Construction in Plant and equipment, accessories, improvements, Rights-of-use, & equipment, progress Land Buildings, net equipment, net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2020 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 Additions 37,726,227 — 1,520,363 8,963,015 809,348 (1,313) 1,323,740 — 30,536,408 — 80,877,788 Right-of use additions — — — — — — — — — 1,775,457 1,775,457 Disposals — — (164,113) (2,485,145) (2,426) — (22,823) — (6,046,468) (87,043) (8,808,018) Transfers between items of Property, plant and equipment (23,336,382) — 2,177,344 8,858,066 1,151,754 1,175,520 906,624 50,356 9,016,718 — — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (7,240,230) (33,465,104) (2,058,555) (2,803,621) (4,963,835) (44,630) (48,830,152) (99,406,127) Amortization (7,851,901) (7,851,901) Increase (decrease) due to foreign currency translation differences (3,086,288) (9,936,257) (29,231,570) (19,859,576) (829,268) (628,317) (3,124,155) (16,605) (11,400,730) (4,728,542) (82,841,308) Other increase (decrease) (2) (4,400,055) 61,229 1,881,309 (1,574,277) 805,609 62,342 330,086 — 1,960,074 (14,526) (888,209) Total movements 6,903,502 (9,875,028) (31,056,897) (39,563,021) (123,538) (2,195,389) (5,550,363) (10,879) (24,764,150) (10,906,555) (117,142,318) Ending balance al 12.31.2020 34,194,083 94,321,726 180,916,878 145,790,203 4,878,307 17,647,892 16,410,784 59,142 90,020,253 21,337,277 605,576,545 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 Rights-of-use equipment, net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2019 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 12.31. 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 8,254,568 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 adoptio n |
Schedule of Right-of-use assets | Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 4,042,921 (2,140,590) 1,902,331 Plant and Equipment 43,450,544 (27,325,328) 16,125,216 IT Equipment 997,458 (750,993) 246,465 Motor vehicles 12,171,762 (7,065,299) 5,106,463 Others 8,954,143 (8,680,643) 273,500 Total 69,616,828 (45,962,853) 23,653,975 Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 2,740,852 (1,326,250) 1,414,602 Plant and Equipment 37,671,980 (19,802,307) 17,869,673 IT Equipment 451,313 (449,249) 2,064 Motor vehicles 7,298,422 (5,966,204) 1,332,218 Others 8,563,639 (7,844,919) 718,720 Total 56,726,206 (35,388,929) 21,337,277 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTIES | |
Schedule of current accounts receivable between related parties | 12.31.2021 12.31.2020 Taxpayer ID Company Relationship Country Currency Current Non-current Taxpayer ID ThCh$ ThCh$ ThCh$ ThCh$ 96.891.720-K Embonor S.A. Shareholder related Chile CLP 3,870,800 — 3,643,603 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 62,756 98,941 16,024 138,346 Foreign Coca-Cola de Argentina Director related Argentina ARS 2,490,194 — 4,558,753 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 166,813 — 308,882 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile CLP 155,264 — 292,801 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 1,266,871 — 773,732 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 934,350 — 837,837 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 371,907 — 1,401,898 — 76.140.057-6 Monster Associate Chile CLP 87,865 — 41,878 — 79.826.410-9 Guallarauco Associate Chile CLP 12,230 — — — Total 9,419,050 98,941 11,875,408 138,346 |
Schedule of current accounts payable between related parties | 12.31.2021 12.31.2020 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 19,134,864 — 18,897,093 — Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil BRL 13,770,200 11,557,723 7,926,109 10,790,089 86.881.400-4 Envases CMF S.A. Associate Chile CLP 7,609,951 — 3,856,973 — Foreign Ser. y Prod. para Bebidas Refrescantes S.R.L. Shareholder Argentina ARS 9,893,495 — 4,848,196 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil BRL 577,723 — 1,323,609 — Foreign Monster Energy Brasil Com de Bebidas Ltda. Shareholder related Brazil BRL 2,173,901 — 1,156,786 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 367,186 — 490,758 — 89.996.200-1 Envases del Pacífico S.A. Director related Chile CLP — — 3,414 — 96.891.720-K Embonor S.A. Shareholder related Chile CLP 378,718 — 118,314 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 277,708 — 402,581 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 1,858,682 — 518,135 — Foreign Coca-Cola Panamá Shareholder related Panama USD — — — — Foreign Monster Energy Argentina S.A. Shareholder related Argentina PYG 2,365 — — — Foreign Monster Energy Company – Shareholder related Argentina PYG 58,668 — — — Foreign Sorocaba Refrescos S.A. Associate Brazil BRL — — — — Total 56,103,461 11,557,723 39,541,968 10,790,089 |
Schedule of transactions between related parties | Accumulated Accumulated Taxpayer ID Company Relationship Country Transaction description Currency 12.31.2021 12.31.2020 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Concentrate purchase CLP 174,892,744 139,193,479 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Advertising services purchase CLP 3,290,184 2,890,638 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Water source lease CLP 4,727,676 3,847,817 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Sale of raw materials and others CLP 1,720,061 1,169,944 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Minimum dividend CLP 35,474 — 86.881.400-4 Envases CMF S.A. Associate Chile Bottle purchase CLP 17,713,063 12,210,449 86.881.400-4 Envases CMF S.A. Associate Chile Raw material purchase CLP 24,883,194 16,055,991 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps CLP 153,142 91,778 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of services and others CLP 1,325,941 520,221 86.881.400-4 Envases CMF S.A. Associate Chile Sale of services and others CLP 1,430 1,578 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 7,625,273 5,992,443 86.881.400-4 Envases CMF S.A. Associate Chile Sale of finished products CLP — 2,380,574 86.881.400-4 Envases CMF S.A. Associate Chile Sale of containers/raw materials CLP 11,939,711 6,344,834 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of finished products CLP 59,018,653 44,982,749 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of services and others CLP 359,739 447,092 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of raw materials and materials CLP 523,958 197,288 96.891.720-K Embonor S.A. Shareholder related Chile Minimum dividend CLP 339,562 118,314 96.891.720-K Embonor S.A. Shareholder related Chile Sale of fixed asset CLP 357,000 — 96.891.720-K Embonor S.A. Shareholder related Chile Dividend distribution CLP 541,188 — 96.517.310-2 Embotelladora Iquique S.A. Shareholder related Chile Sale of finished products CLP 4,220,323 167,430 89.996.200-1 Envases del Pac í Director related Chile Purchase of raw materials and materials CLP 265,503 427 94.627.000-8 Parque Arauco S.A Director related Chile Lease of space CLP 69,151 — Foreign Recofarma do Ind ú Shareholder related Brazil Concentrate purchase BRL 69,785,833 71,959,416 Foreign Recofarma do Ind ú Shareholder related Brazil Reimbursement and other purchases BRL 100,072 220,708 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Concentrate purchase ARS 129,275,444 81,198,463 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising rights, prizes and others ARS 3,230,351 — Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising participation ARS 5,201,881 6,395,881 Foreign KAIK Participa çõ Associate Brazil Reimbursement and other purchases BRL 21,180 14,162 Foreign Leao Alimentos e Bebidas Ltda. Associate Brazil Product purchases BRL 293,677 — Foreign Sorocaba Refrescos S.A. Associate Brazil Product purchases BRL 2,667,326 3,671,472 89.862.200-2 Latam Airlines Group S.A. Director related Chile Sale of products CLP 269,688 — 89.862.200-2 Latam Airlines Group S.A. Director related Chile Product purchase CLP 18,695 85,140 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Sale of services and others CLP 442,566 397,659 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Purchase of services and others CLP 4,436,600 4,410,223 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Commission payments and services ARS 2,973,907 1,373,594 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Product purchases ARS 11,658 80,761 Foreign Trop Frutas do Brasil Ltda. Associate Brazil Product purchases BRL 2,736,529 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of raw materials CLP 6,210 10,914 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of finished products CLP 8,937,506 2,050,156 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of services and others CLP 11,183 459,707 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Raw material purchase CLP 4,519,948 1,009,547 96.633.550-5 Sinea S.A. Director related Chile Raw material purchase CLP 2,294,594 — 97.036.000-K Banco Santander Chile Director/Manager/Executive Chile Purchase of services-bank expenses CLP 1,852,076 — |
Schedule of Key management compensation | Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Executive wages, salaries and benefits 7,253,863 7,464,071 6,267,936 Director allowances 1,512,500 1,479,420 1,512,000 Benefits accrued in the last five years and payments during the fiscal year 254,240 297,072 305,674 Benefit from termination of contracts — 115,341 54,819 Total 9,020,603 9,355,904 8,140,429 |
CURRENT AND NON-CURRENT EMPLO_2
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee benefits | |
Schedule of employee benefits | Description 12.31.2021 12.31.2020 ThCh$ ThCh$ Accrued vacation 18,630,043 14,650,267 Participation in profits and bonuses 15,538,771 15,969,735 Severance indemnity 14,982,928 14,086,575 Total 49,151,742 44,706,577 ThCh$ ThCh$ Current 35,012,072 31,071,019 Non-current 14,139,670 13,635,558 Total 49,151,742 44,706,577 |
Schedule of movements of employee benefits | Movements 12.31.2021 12.31.2020 ThCh$ ThCh$ Opening balance 14,086,575 10,085,264 Service costs (8,917) 1,675,492 Interest costs 1,672,491 369,332 Actuarial variations 1,216,808 3,127,398 Benefits paid (1,984,029) (1,170,911) Total 14,982,928 14,086,575 |
Schedule of actuarial assumptions | Assumptions 12.31.2021 12.31.2020 Discount rate 2.30 % (0.05) % Expected salary increase rate 2.0 % 2.0 % Turnover rate 7.68 % 7.68 % Mortality rate RV-2014 RV-2014 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years |
Schedule of personnel expenses | Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Wages and salaries 225,883,645 187,600,163 194,740,646 Employee benefits 53,340,673 48,504,899 58,005,213 Severance benefits 4,163,608 3,238,966 6,987,184 Other personnel expenses 18,134,494 12,993,234 13,389,967 Total 301,522,420 252,337,262 273,123,010 |
Severance indemnity | |
Employee benefits | |
Schedule of actuarial assumptions | Discount rate sensitivity ThCh$ Change in provision by an increase of up to 100 bps (781,222) Change in provision by a decrease of up to 100 bps 794,316 Salary growth sensitivity ThCh$ Change in provision by an increase of up to 100 bps 869,297 Change in provision by a decrease of up to 100 bps (8,590,434) |
INVESTMENTS IN ASSOCIATES ACC_2
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |
Schedule of investments in associates using equity method of accounting | Investments in associates are accounted for using the equity method. Investments in associates are detailed as follows: Ownership Functional Investment value interest TAXPAYER ID Name Country currency 12.31.2021 12.31.2020 12.31.2021 12.31.2020 86.881.400-4 Envases CMF S.A. (1) Chile CLP 21,863,790 20,185,148 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil BRL 11,359,597 10,628,035 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil BRL 1,107,007 979,978 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil BRL 51,615 48,032 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil BRL 24,258,224 20,976,662 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil BRL 2,192,920 4,695,228 7.52 % 7.52 % 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Chile CLP 30,656,041 30,443,271 35.00 % 35.00 % Total 91,489,194 87,956,354 (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 ownership interest, it has been defined that the Company has significant influence, given that it has the right to appoint directors. |
Schedule of movement of investments in associates accounted for using the equity method | Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Opening balance 87,956,354 99,866,733 102,410,945 Dividends received (3,236,541) (1,215,126) (1,076,491) Share in operating income 4,041,118 3,248,680 (2,495,621) Amortization unrealized income in associates (435,884) (566,422) (919,462) Other increase (decrease) in investments in associates* 3,164,147 (13,377,511) 1,947,362 Ending balance 91,489,194 87,956,354 99,866,733 *Mainly due to foreign exchange rates |
Schedule of reconciliation of share of profit in investments in associates | Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Equity value on income of associates 4,041,118 3,248,680 (2,495,621) 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) (512,131) (528,122) (394,490) Amortization goodwill in the sale of fixed assets of Envases CMF S.A. 42,633 85,266 85,266 Amortization goodwill preferred rights CCDV S.A. (478,518) (523,061) (610,238) Income statement balance 3,093,102 2,228,763 (3,415,083) |
Summary of financial information by associates | At December 31, 2021: 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$ Short term assets 72,400,404 19,468,334 — 20,648 68,192,154 16,765,435 29,227,758 Long term assets 42,875,230 92,639,217 9,779,486 294,662 50,034,496 33,021,014 75,706,352 Total assets 115,275,634 112,107,551 9,779,486 315,310 118,226,650 49,786,449 104,934,110 Short term liabilities 57,080,891 21,255,565 — 186,266 12,991,480 10,009,915 10,181,664 Long term liabilities 14,467,165 34,960,269 28 — 6,489,944 18,294,787 7,164,058 Total liabilities 71,548,056 56,215,835 28 186,266 19,481,424 28,304,702 17,345,722 Total Equity 43,727,578 55,891,716 9,779,458 129,044 98,745,226 21,481,747 87,588,388 Total revenue from ordinary activities 77,805,312 (25,164,499) 204,624 126,016 94,169,579 35,224,230 46,509,329 Earnings before taxes 7,347,219 4,518,371 204,624 126,016 2,876,850 (31,042,731) 2,306,620 Earnings after taxes 5,509,658 2,573,415 204,624 126,016 1,556,223 (37,324,877) 2,869,945 Other comprehensive income — 2,363,061 — — 49,784 30,547,925 — Total comprehensive income — 4,936,476 — — 1,606,007 (6,776,952) — Reporting date (See Note 2.3) 12.31.2021 11.30.2021 11.30.2021 11.30.2021 11.30.2021 11.30.2021 12.31.2021 At December 31, 2020: 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$ Short term assets 31,354,324 17,959,344 — 20,314 70,192,521 12,293,489 37,284,398 Long term assets 43,735,099 73,675,946 8,657,291 268,126 73,918,788 63,719,245 68,450,919 Total assets 75,089,423 91,635,290 8,657,291 288,440 144,111,309 76,012,734 105,735,317 Short term liabilities 17,929,088 16,295,336 — 168,354 28,383,151 5,000,314 9,116,608 Long term liabilities 16,704,773 28,180,230 26 — 9,251,314 16,235,813 10,883,589 Total liabilities 34,633,861 44,475,566 26 168,354 37,634,465 21,236,127 20,000,197 Total Equity 40,455,562 47,159,724 8,657,265 120,086 106,476,844 54,776,607 85,735,120 Total revenue from ordinary activities 60,067,879 52,345,526 96,980 117,350 84,813,829 31,483,800 30,329,646 Earnings before taxes 5,587,691 4,028,010 96,980 117,350 (38,601,167) (1,391,494) (1,226,517) Earnings after taxes 4,717,515 3,004,352 96,980 117,350 (39,244,393) (890,021) (475,467) Other comprehensive income — (1,899,548) — — 472,160 — — Total comprehensive income — 1,104,804 — — (38,772,233) — — Reporting date (See Note 2.3) 12.31.2020 11.30.2020 11.30.2020 11.30.2020 11.30.2020 11.30.2020 12.31.2020 |
INTANGIBLE ASSETS OTHER THAN _2
INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |
Schedule of intangible assets other than goodwill | December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Description Value Amortization Value Value Amortization Value ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) 650,411,156 (3,896,827) 646,514,329 598,371,081 (2,005,344) 596,365,737 Software 44,084,900 (31,019,938) 13,064,962 35,030,003 (26,882,550) 8,147,453 Others 509,957 (457,705) 52,252 417,957 (416,982) 975 Total 695,006,013 (35,374,470) 659,631,543 633,819,041 (29,304,876) 604,514,165 (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 | 12.31.2021 12.31.2020 Distribution rights ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 303,973,971 303,702,092 Brazil (Rio de Janeiro, Espírito Santo, Ribeirão Preto and investments in Sorocaba and Leão Alimentos e Bebidas Ltda.) * 158,175,979 138,176,054 Paraguay 181,675,993 152,595,420 Argentina (North and South) 2,688,386 1,892,171 Total 646,514,329 596,365,737 * On September 21, 2021 Coca-Cola Andina together with Coca-Cola Femsa, acquired the Brazilian beer brand Therezópolis for BRL 70 million. Each bottler bought 50% of the brand. This transaction is part of the company’s long-term strategy to complement its beer portfolio in Brazil. The transaction was completed and approved by CADE (Brazilian Administrative Council of Economic Defense). In September, 2021 Andina recorded an intangible asset under the Therezópolis brand for BRL 35 million with an indefinite useful life. |
Schedule of the movement and balances of identifiable intangible assets | January 1 to December 31, 2021 January 1 to December 31, 2020 Distribution Distribution Description rights Others Software Total rights Others Software Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 596,365,737 975 8,147,453 604,514,165 666,755,196 456,763 7,863,416 675,075,375 Additions 5,773,560 — 6,998,593 12,772,153 94,661 — 2,575,125 2,669,786 Amortization (152,644) — (2,637,823) (2,790,467) (1,573,878) — (2,088,612) (3,662,490) Other increases (decreases) (1) 44.527.676 51,277 556,739 45,135,692 (68,910,242) (455,788) (202,476) (69,568,506) Saldo final 646,514,329 52,252 13,064,962 659,631,543 596,365,737 975 8,147,453 604,514,165 (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, 2021 | |
GOODWILL | |
Schedule of movement in goodwill | Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2021 presentation currency 12.31.2021 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 56,001,413 5,850,036 61,851,449 Argentine operation 27,343,642 12,632,750 39,976,392 Paraguayan operation 6,477,515 1,234,521 7,712,036 Total 98,325,593 19,717,307 118,042,900 Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2020 presentation currency 12.31.2020 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 75,674,072 (19,672,659) 56,001,413 Argentine operation 29,750,238 (2,406,596) 27,343,642 Paraguayan operation 7,294,328 (816,813) 6,477,515 Total 121,221,661 (22,896,068) 98,325,593 Foreign currency translation differences where functional currency is different from Operating segment 01.01.2019 presentation currency 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 |
OTHER CURRENT AND NON-CURRENT_5
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
Schedule of financial liabilities | Balance Current Non-current 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Bank loans (Note 17.1.1 - 2) 26,617 799,072 4,000,000 4,000,000 Bonds payable, net 1 25,383,339 18,705,015 1,020,661,942 918,921,342 Bottle guaranty deposits 13,402,885 12,126,831 — — Derivative contract liabilities (Note 17.3) 758,663 1,217,322 — 51,568,854 Lease liabilities (Note 17.4.1 - 2) 8,191,535 5,718,484 16,387,030 15,339,373 Total 47,763,039 38,566,724 1,041,048,972 989,829,569 1 Amounts net of issuance expenses and discounts related to issuance. |
Schedule of the fair value of financial assets and liabilities | Book Value Fair Value Book Value Fair Value Current 12.31.2021 12.31.2021 12.31.2020 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Cash and cash equivalent (2) 304,312,020 304,312,020 309,530,699 309,530,699 Other financial assets (1) 961,705 961,705 — — Trade debtors and other accounts receivable (2) 265,490,626 265,490,626 194,021,253 194,021,253 Accounts receivable related companies (2) 9,419,050 9,419,050 11,875,408 11,875,408 Bank liabilities (2) 26,617 111,992 799,072 896,307 Bonds payable (2) 25,383,339 26,774,799 18,705,015 22,471,852 Bottle guaranty deposits (2) 13,402,885 13,402,885 12,126,831 12,126,831 Forward contracts liabilities (see Note 22) (1) 758,663 758,663 1,217,322 1,217,322 Leasing agreements (2) 8,191,535 8,191,535 5,718,484 5,718,484 Accounts payable (2) 327,710,552 327,710,552 230,438,133 230,438,133 Accounts payable related companies (2) 56,103,461 56,103,461 39,541,968 39,541,968 Non-current 12.31.2021 12.31.2021 12.31.2020 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Other financial assets (1) 281,337,127 281,337,127 150,983,295 150,983,295 Non-current accounts receivable (2) 126,464 126,464 73,862 73,862 Accounts receivable related companies (2) 98,940 98,940 138,346 138,346 Bank liabilities (2) 4,000,000 4,056,753 4,000,000 4,056,753 Bonds payable (2) 1,020,661,942 1,041,841,338 918,921,342 1,088,617,557 Leasing agreements (2) 16,387,030 16,387,030 15,339,373 15,339,373 Non-current accounts payable (2) 256,273 256,273 295,279 295,279 Derivative contracts liabilities (see Note 22) (1) — — 51,568,854 51,568,854 (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 Tipo de Nominal Up to 90 days to At At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 90 days 1 year 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.13 % — — 760,667 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile CLP Semiannually 2.00 % 26,617 — 26,617 33,111 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco Galicia y Buenos Aires S.A. Argentina ARS Monthly 22.00 % — — — 5,294 Total 26,617 799,072 |
Schedule of bank obligations, non-current | Maturity Indebted entity Creditor entity Type of Nominal 1 year up to More than 2 More than 3 More than 4 More than 5 At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years Up to 3 years Up to 4 years Up to 5 years years 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 Total 4,000,000 17.1.3 Bank liabilities, non-current previous year Maturity Indebted entity Creditor entity Type of Nominal 1 year up to more than 2 more than 3 more than 4 more than 5 At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years up to 3 years up to 4 years up to 5 years years 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 Total 4,000,000 |
Schedule of bonds payable | Current Non-current Total Composition of bonds payable 12.31.2021 12.31.2020 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds face value 1 26,103,215 19,347,033 1,027,864,462 925,968,913 1,053,967,677 945,315,946 1 Gross amounts do not consider discounts related to issuance. |
Schedule of current and noncurrent balances | Current nominal Adjustment Interest Final Interest Current Non-current Bonds Series amount unit rate maturity payment 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 1,389,336 UF 6.5 % 12-01-2026 Semiannually 8,769,787 7,776,693 34,515,188 40,388,468 CMF Registration 641 08.23.2010 C 1,363,636 UF 4.0 % 08-15-2031 Semiannually 4,853,856 647,672 38,035,317 43,605,495 CMF Registration 760 08.20.2013 D 4,000,000 UF 3.8 % 08-16-2034 Semiannually 1,737,109 1,629,677 123,966,960 116,281,320 CMF Registration 760 04.02.2014 E 3,000,000 UF 3.75 % 03-01-2035 Semiannually 1,151,467 1,083,063 92,975,229 87,210,999 CMF Registration 912 10.10.2018 F 5,700,000 UF 2.83 % 09-25-2039 Semiannually 1,316,202 1,234,601 176,652,918 165,700,881 Bonds USA 2023 10.01.2013 — 365,000,000 US$ 5.0 % 10-01-2023 Semiannually 3,853,898 3,243,709 308,311,850 259,496,750 Bonds USA 2050 01.01.2020 — 300,000,000 US$ 3.95 % 01-21-2050 Semiannually 4,420,896 3,731,618 253,407,000 213,285,000 Total 26,103,215 19,347,033 1,027,864,462 925,968,913 |
Schedule of non-current maturities | Year of maturity Total Non- More than 1 More than 2 More than 3 current Series up to 2 up to 3 up to 4 More than 5 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 9,098,047 9,689,420 10,319,232 5,408,489 34,515,188 CMF Registration 641 08.23.2010 C 4,226,146 4,226,147 4,226,146 25,356,878 38,035,317 CMF Registration 760 08.20.2013 D — — — 123,966,960 123,966,960 CMF Registration 760 04.02.2014 E — — — 92,975,229 92,975,229 CMF Registration 912 10.10.2018 F — — — 176,652,918 176,652,918 Bonds USA — — 308,311,850 — — 308,311,850 Bonds USA 2 — — — — 253,407,000 253,407,000 Total 13,324,193 322,227,417 14,545,378 677,767,474 1,027,864,462 |
Schedule of restrictions regarding bonds placed in the local market | 12.31.2021 ThCh$ Total Equity 1,101,413,559 Net financial debt 307,692,116 Unencumbered assets 2,638,120,437 Total unsecured liabilities 1,562,394,258 EBITDA LTM 382,001,096 Net financial expenses LTM 48,510,695 |
Schedule of current liabilities for leasing agreements | Maturity Total Indebted entity Creditor entity Amortization Nominal Up to 90 days up to Al al Name Country Taxpayer ID Name Country Currency Type Rate 90 days 1 year 12.31.2021 12.31.2020 M$ M$ M$ M$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 208,428 664,893 873,321 698,526 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.39 % 46,545 133,591 180,136 208,738 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real estate Brazil BRL Monthly 8.10 % 86,365 181,387 267,752 183,694 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Brazil BRL Monthly 3.50 % 72,497 216,912 289,409 269,310 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % 37,087 111,260 148,347 83,469 Embotelladora del Atlántico S.A. Argentina Foreign Banco Comafi Argentina USD Monthly 12.00 % 24,779 - 24,779 124,927 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % 94,094 392,699 486,793 213,905 Embotelladora del Atlántico S.A. Argentina Foreign Systems Argentina USD Monthly 12.00 % 34,526 103,577 138,103 82,227 VJ S.A. Chile 93.899.000-k De Lage Landen Chile S.A Chile USD Linear 12.16 % 137,601 421,271 558,872 - Vital Aguas S.A Chile 76.389.720-6 Coca-Cola del Valle New Ventures S.A Chile CLP Linear 7.50 % 298,788 808,351 1,107,139 1,171,464 Envases Central S.A Chile 96.705.990-0 Coca-Cola del Valle New Ventures S.A Chile CLP Linear 5.56 % 584,259 1,780,718 2,364,977 2,290,464 Paraguay Refrescos SA Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay PGY Monthly 1.00 % 66,479 118,866 185,345 215,632 Transportes Polar S.A. Chile 96.928.520-7 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % 25,212 76,738 101,950 92,778 Embotelladora Andina S.A Chile 91.144.000-8 Central de Restaurante Aramark Ltda. Chile CLP Monthly 1.30 % 13,997 - 13,997 83,350 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % 68,732 205,331 274,063 - Transportes Andina Refrescos Ltda Chile 78.861.790-9 Comercializadora Novaverde Limitada Chile UF Monthly 0.08 % 94,083 282,363 376,446 - Transportes Andina Refrescos Ltda Chile 78.861.790-9 Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % 197,874 602,232 800,106 - Total 8,191,535 5,718,484 |
Schedule of noncurrent liabilities for leasing agreements | 17.4.2 Non-current liabilities for leasing agreements Maturity Indebted entity Creditor entity Amortization Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than at Name Country Taxpayer ID Name Country Currency Type Rate 2 years 3 years 4 years 5 years 5 years 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brasil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 986,852 1,115,143 1,260,112 1,423,926 3,917,596 8,703,629 Rio de Janeiro Refrescos Ltda. Brasil Foreign Tetra Pack| Brazil BRL Monthly 7.39 % 64,906 69,872 75,217 80,971 256,055 547,021 Rio de Janeiro Refrescos Ltda. Brasil Foreign Real estate Brazil BRL Monthly 8.10 % 115,321 28,670 - - - 143,991 Rio de Janeiro Refrescos Ltda. Brasil Foreign Leao Alimentos e Bebidas Ltda. Brazil BRL Monthly 3.50 % 276,248 269,864 249,693 29,102 27,331 852,238 Embotelladora del Atlántico S.A. Argentina Foreign Banco Comafi Argentina USD Monthly 12.00 % - 86,276 - - - 86,276 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % - 296,693 - 234,882 - 531,575 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % - 86,139 - - - 86,139 VJ S.A. Chile Foreign De Lage Landen Chile S.A Chile USD Monthly 12.16 % 1,343,457 - - - - 1,343,457 Envases Central S.A Chile 76.572.588-7 Coca-Cola del Valle New Ventures S.A Chile CLP Monthly 5.56 % 602,887 - - - - 602,887 Transportes Andina Refrescos Ltda Chile 85.275.700-0 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % - 541,264 - 44,696 - 585,960 Transportes Polar S.A. Chile 76.413.243-2 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % - 212,945 - 64,460 - 277,405 Transportes Andina Refrescos Ltda Chile 77.526.480-2 Comercializadora Novaverde Limitada Chile UF Monthly 0.08 % - 156,942 - - - 156,942 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % - 1,670,939 - 798,571 - 2,469,510 Total 16,387,030 17.4.3 Non-current liabilities for leasing agreements (previous year) Maturity Indebted entity Creditor entity Amortization Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than at Name Country Taxpayer ID Name Country Currency Type Rate 2 years 3 years 4 years 5 years 5 years 12.31.2020 THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ Rio de Janeiro Refrescos Ltda. Brasil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 789,334 891,946 1,007,901 1,138,928 4,827,833 8,655,942 Rio de Janeiro Refrescos Ltda. Brasil Foreign Tetra Pack| Brazil BRL Monthly 7.39 % 95,856 — — — — 95,856 Rio de Janeiro Refrescos Ltda. Brasil Foreign Real estate Brazil BRL Monthly 8.20 % 72,906 32,980 23,547 — — 129,433 Rio de Janeiro Refrescos Ltda. Brasil Foreign Leao Alimentos e Bebidas Ltda. Brazil BRL Monthly 6.56 % 261,577 249,681 243,911 225,680 51,007 1,031,856 Embotelladora del Atlántico S.A. Argentina Foreign Banco Comafi Argentina USD Monthly 12.00 % — 20,867 — - — 20,867 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % — 249,854 — 249,854 72,874 572,582 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % — 128,930 — — — 128,930 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % — 95,931 — — — 95,931 Vital Aguas S.A Chile 76.572.588-7 Coca-Cola del Valle New Ventures S.A Chile CLP Monthly 8.20 % 1,107,140 — — — — 1,107,140 Envases Central S.A Chile 76.572.588-7 Coca-Cola del Valle New Ventures S.A Chile CLP Monthly 9.00 % 2,967,864 — — — — 2,967,864 Paraguay Refrescos SA Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay Guaraní Monthly 1.00 % — 163,635 — — — 163,635 Transportes Polar S.A. Chile 76.413.243-2 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % — 193,789 — 161,551 — 355,340 Embotelladora Andina S.A Chile 76.178.360-2 Central de Restaurante Aramark Ltda. Chile CLP Monthly 1.30 % — 13,997 — — — 13,997 Total 15,339,373 |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
TRADE AND OTHER ACCOUNTS PAYABLE | |
Schedule of trade and other current accounts payable | Classification 12.31.2021 12.31.2020 ThCh$ ThCh$ Current 327,409,207 230,445,809 Non-current 256,273 295,279 Total 327,665,480 230,741,088 Item ThCh$ ThCh$ Trade accounts payable 248,163,428 163,361,078 Withholding tax 54,812,365 48,566,443 Others 24,689,687 18,813,567 Total 327,665,480 230,741,088 |
OTHER PROVISIONS, CURRENT AND_2
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
Schedule of composition of provisions | Description 12.31.2021 12.31.2020 ThCh$ ThCh$ Litigation (1) 57,412,406 50,070,273 Total 57,412,406 50,070,273 Current 1,528,879 1,335,337 Non-current 55,883,527 48,734,936 Total 57,412,406 50,070,273 (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: Description (see note 23.1) 12.31.2021 12.31.2020 ThCh$ ThCh$ Tax contingencies 28,673,105 25,543,101 Labor contingencies 9,502,630 8,688,551 Civil contingencies 19,236,671 15,838,621 Total 57,412,406 50,070,273 |
Schedule of movement of provisions | Description 12.31.2021 12.31.2020 ThCh$ ThCh$ Opening balance at January 1 st 50,070,273 69,107,550 Additional provisions 948,632 172,801 Increase (decrease) in existing provisions 5,903,714 4,624,789 Used provision (payments made charged to the provision) (3,717,687) (5,799,209) Reversal of unused provision (788,215) — Increase (decrease) due to foreign exchange rate differences 4,995,689 (18,035,658) Total 57,412,406 50,070,273 |
OTHER NON-FINANCIAL LIABILITI_2
OTHER NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER NON-FINANCIAL LIABILITIES | |
Schedule of other current and non-current liabilities | Current Non-current Description 12.31.2021 12.31.2020 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ ThCh$ Dividends payable 29,020,899 25,999,055 — — Others(1) 2,216,935 2,267,675 23,784,817 21,472,048 Total 31,237,834 28,266,730 23,784,817 21,472,048 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY | |
Schedule of number of shares | Number of subscribed, paid-in and voting shares Series 2021 2020 A 473,289,301 473,289,301 B 473,281,303 473,281,303 |
Schedule of equity | Paid-in and subscribed capital Series 2021 2020 ThCh$ ThCh$ A 135,379,504 135,379,504 B 135,358,070 135,358,070 Total 270,737,574 270,737,574 |
Schedule of dividends declared and paid | Dividend Profits imputable CLP CLP Periods approved - paid type to dividends Series A Series B 04.17.2019 05.30.2019 Final 2018 Results 21.50 23.65 04.17.2019 08.29.2019 Additional Accumulated Earnings 21.50 23.65 09.24.2019 10.24.2019 Interim 2019 Results 21.50 23.65 12.20.2019 01.23.2020 Interim 2019 Results 22.60 24.86 02-25-2020 05-29-2020 Final 2019 Earnings 26.00 28.60 02-25-2020 08-28-2020 Additional Accumulated Earnings 26.60 28.60 10-27-2020 11-24-2020 Interim 2020 Earnings 26.60 28.60 12-22-2020 01-29-2021 Interim 2020 Earnings 26.00 28.60 04-15-2021 05-28-2021 Final 2020 Earnings 26.00 28.60 04-15-2021 08-27-2021 Additional 2020 Earnings 26.00 28.60 09-28-2021 10-29-2021 Interim 2021 Earnings 29.00 31.90 12-21-2021 01-28-2022 Interim 2021 Earnings 29.00 31.90 |
Schedule of other reserves | Concept 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (441,580,088) (517,496,486) (339,076,340) Cash flow hedge reserve 50,603,698 (24,719,533) (14,850,683) Reserve for employee benefit actuarial gains or losses (4,885,926) (4,663,193) (2,230,752) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 6,014,568 6,014,568 Total 37,289,310 (113,727,586) 76,993,851 |
Schedule of foreign currency translation reserves | Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Brazil (167,447,389) (203,657,392) (98,794,118) Argentina (294,696,228) (291,332,402) (246,415,922) Paraguay 20,563,529 (22,506,692) 6,133,700 Total (441,580,088) (517,496,486) (339,076,340) |
Schedule of movement in foreign currency translation reserves | Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Brazil 36,210,003 (104,863,274) 15,386,079 Argentina (3,363,826) (44,916,480) (45,297,742) Paraguay 43,070,221 (28,640,392) (2,490,149) Total 75,916,398 (178,420,146) (32,401,812) |
Schedule of consolidated statements of comprehensive income | Gross Balance Tax Net Balance Cash Flow for hedge (1) 104,232,055 (28,944,992) 75,287,063 Exchange rate translation differences (1) 98,973,862 (22,103,267) 76,870,595 Benefit related to defined benefit plans (357,840) 96,617 (261,223) Total Comprehensive income as of December 31, 2021 202,848,077 (50,951,642) 151,896,435 Gross Balance Tax Net Balance Cash Flow for hedge (1) (12,203,755) 2,334,037 (9,869,718) Exchange rate translation differences (1) (264,119,093) 84,571,922 (179,547,171) Benefit related to defined benefit plans (3,146,362) 849,518 (2,296,844) Total Comprehensive income as of December 31, 2020 (279,469,210) 87,755,477 (191,713,733) 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 related to defined benefit plans (379,007) 102,332 (276,675) Total Comprehensive income as of December 31, 2019 (44,088,824) 10,081,360 (34,007,464) (1) |
Schedule of movement in comprehensive income | Benefit related Cash Flow Exchange rate to defines As of December 31, 2021: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) 102,529,128 98,973,862 3,026,996 Deferred taxes (28,469,748) (22,103,267) (817,289) Reclassification to the result by function 1,227,683 — (2,470,930) Reclassification of deferred taxes related to other reserves — — — Total Changes in Equity 75,287,063 76,870,595 (261,223) Majority Equity holders 75,323,231 75,916,398 (222,733) Non-Controlling interests (36,168) 954,197 (38,490) Total Changes in equity as of December 31, 2021 75,287,063 76,870,595 (261,223) Benefit related Cash Flow Exchange rate to defines As of December 31, 2020: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (11,029,171) (264,119,093) (3,338,354) Deferred taxes 2,029,363 84,571,923 901,356 Reclassification to the result by function (869,910) — 140,153 Reclassification of deferred taxes related to other reserves — — — Total Changes in Equity (9,869,718) (179,547,170) (2,296,845) Majority Equity holders (9,686,850) (178,420,146) (2,432,441) Non-Controlling interests (868) (1,127,024) 135,596 Total Changes in equity as of December 31, 2020 (9,869,718) (179,547,170) (2,296,845) 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) Major Equity holders (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) |
Schedule of non-controlling interests | Non-controlling Interests Ownership % Shareholders’ Equity Income December December December December December December Details 2021 2020 2019 2021 2020 2019 2021 2020 2019 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 33,794 23,662 26,342 3,463 2,312 4,183 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 3,761 2,349 2,290 326 244 409 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 6,331,726 5,037,332 5,368,470 885,010 791,576 622,188 Vital S.A. 35.0000 35.0000 35.0000 8,056,551 8,176,999 7,904,741 499,923 285,269 263,442 Vital Aguas S.A. 33.5000 33.5000 33.5000 2,041,837 1,912,023 1,803,884 130,522 109,110 105,870 Envases Central S.A. 40.7300 40.7300 40.7300 5,738,008 5,227,112 5,148,531 750,192 (70,996) 528,205 Re-Ciclar S.A.* 40.0000 — — 3,064,078 — — 64,082 — — Total 25,269,755 20,379,477 20,254,258 2,333,518 1,117,515 1,524,297 (*) Re-Ciclar is a company, whose purpose is to produce recycled resin for the Coca-Cola system and third parties. Non-controlling interest reaches 40.0%. |
Schedule of subsidiaries financial information | Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2021 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 107,589,399 13,197,912 64,121,536 25,441,586 5,575,990 17,976,170 Total non-current assets 209,051,488 11,865,984 279,148,198 16,832,859 5,789,335 20,945,892 Total current liabilities 98,942,717 6,210,788 34,207,817 17,498,997 4,934,841 20,091,524 Total non-current liabilities 19,520,634 868,253 17,242,154 1,756,730 335,449 4,742,707 Net sales 517,466,510 30,750,914 169,216,180 64,513,412 16,005,176 77,475,816 Net Income 20,307,709 1,558,476 40,788,801 1,428,350 389,619 1,841,867 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2020 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 65,077,621 6,212,726 44,658,550 21,175,722 3,798,228 15,600,566 Total non-current assets 140,891,069 8,247,288 226,241,150 14,306,662 7,297,306 18,205,899 Total current liabilities 56,982,545 2,733,092 24,337,015 11,812,384 3,897,100 13,908,411 Total non-current liabilities 10,226,241 491,364 14,399,594 307,146 1,490,904 7,064,568 Net sales 309,936,060 15,148,572 157,152,584 42,955,659 12,929,160 62,267,424 Net Income 13,386,097 1,168,507 36,482,572 815,053 325,700 (174,313) 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 |
Schedule of earnings per share | Earnings per share 12.31.2021 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 73,666,409 81,031,741 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 155.65 171.21 Earnings per share 12.31.2020 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 58,095,636 63,904,169 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 122.75 135.02 Earnings per share 12.31.2019 SERIES A SERIES B Earnings attributable to shareholders (ThCh$) 82,725,427 90,996,501 Average weighted number of shares 473,289,301 473,281,303 Earnings per share (in CLP) 174.79 192.27 |
DERIVATIVE ASSETS AND LIABILI_2
DERIVATIVE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
DERIVATIVE ASSETS AND LIABILITIES | |
Schedule of fair value of assets and liabilities | Fair Value Measurement at December 31, 2021 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current and non-current assets Other current financial assets — 961,705 — 961,705 Other non-current financial assets — 281,337,127 — 281,337,127 Total assets — 282,298,832 — 282,298,832 Liabilities Current and non-current liabilities Other current financial liabilities — 758,663 — 758,663 Other non-current financial liabilities — — — — Total liabilities — 758,663 — 758,663 Fair Value Measurement at December 31, 2020 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 — — — — Other non-current financial assets — 150,983,295 — 150,983,295 Total assets — 150,983,295 — 150,983,295 Liabilities Current liabilities Other current financial liabilities — 1,217,322 — 1,217,322 Other non-current financial liabilities — 51,568,854 — 51,568,854 Total liabilities — 52,786,176 — 52,786,176 |
LITIGATION AND CONTINGENCIES (T
LITIGATION AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LITIGATION AND CONTINGENCIES | |
Schedule of guarantees and restricted assets | Guarantees that commit assets recognized in the financial statements: Committed assets Accounting value Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2021 12.31.2020 ThCh$ ThCh$ Transportes San Martin Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable — 2,907 Administradora Plaza Vespucio S.A. Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 86,416 — Cooperativa Agricola Pisquera Elqui Limitada Embotelladora Andina S.A. Parent company Cash Otros activos financieros no corrientes 1,216,865 1,216,865 Mall Plaza Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 290,890 — Serv. Nacional Aduanas Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 18,583 — Metro S.A. Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 24,335 — Parque Arauco S.A. Embotelladora Andina S.A. Parent company Cash Trade Accounts and Other Accounts Receivable 126,136 — Several Retail Vending Subsidiary Cash Trade Accounts and Other Accounts Receivable 63,792 — Several Retail Transportes Refrescos Subsidiary Cash Trade Accounts and Other Accounts Receivable 628 — Several Retail Transportes Polar Subsidiary Cash Trade Accounts and Other Accounts Receivable 69,745 15,751 Labor claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 6,057,282 5,329,947 Civil and tax claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 6,562,747 5,882,379 Governmental entities Rio de Janeiro Refrescos Ltda. Subsidiary Plant and Equipment Property, Plant and Equipment 10,882,933 9,842,108 Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 164 169 Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 247 253 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 176 181 Labarda Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 3 3 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,230 — Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 18,153 18,650 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 734 754 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 113,530 116,641 Others Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 35 36 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,480 1,521 Cicsa Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets — 2,114 Several stores Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets — 13,140 Aduana de EZEIZA Embotelladora del Atlántico S.A. Subsidiary Cash deposit Other current non-financial assets — 286 Municipalidad de Junin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 237 243 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,009 2,064 Mirgoni Marano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 50 51 Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 922 947 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 103,110 — DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 18,502 19,009 Coto Cicsa Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 3,289 3,379 Cencosud Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,056 2,112 Mariano Mirgoni Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets — 105,936 Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 8,143 — Causa Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,902 — Marcus A.Peña Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 5,692 4,011 Mauricio J Cordero C Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 987 814 José Ruoti Maltese Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 712 655 Alejandro Galeano Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 1,365 1,132 Ana Maria Mazó Paraguay Refrescos Subsidiary Real estate Property, Plant and Equipment 1,300 1,077 Guarantees that do not commit assets recognized in the Financial Statements: Committed assets Amounts involved Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2021 12.31.2020 ThCh$ ThCh$ Labor procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 1,593,498 1,527,347 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 4,717,824 8,860,598 Federal Government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 153,491,717 147,841,989 State Government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 64,725,638 46,031,398 Sorocaba Refrescos Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Guarantor 3,027,291 2,736,159 Others Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 3,390,177 1,715,099 Aduana de EZEIZA Embotelladora del Atlántico S.A. Subsidiary Surety insurance Faithful compliance of contract — 3,150 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 637,631 143,615 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL RISK MANAGEMENT | |
Schedule of foreign investment | USD/CLP BRL/CLP ARS/CLP PGY/CLP Currency variation at closing +18.8% +9.4% -2.7% +19.1% Brazil Argentina Paraguay ThCh$ ThCh$ ThCh$ Total assets 903,369,847 334,076,764 343,269,734 Total liabilities 644,077,808 122,221,435 51,449,972 Net investment 259,292,039 211,855,329 291,819,762 Share on income 24.3 % 24.0 % 7.6 % - 5 % variation impact on currency translation Impact on results for the period (2,171,576) (980,976) (1,942,324) Impact on equity at closing (12,076,796) (6,738,919) (13,162,380) |
Schedule of committed maturities for liability payments | Payments on the year of maturity More than 1 More than 2 More than 3 Item 1 year up to 2 up to 3 up to 4 More than 5 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 26,617 — — 4,000,000 — Bonds payable 25,383,339 321,636,043 13,915,567 14,545,378 670,564,954 Lease obligations 8,191,535 4,949,066 2,975,353 2,641,096 5,821,515 Contractual obligations (1) 85,354,594 31,678,743 9,036,380 8,992,060 4,950,895 Total 118,956,085 358,263,852 25,927,300 30,178,534 681,337,364 |
EXPENSES BY NATURE (Tables)
EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EXPENSES BY NATURE | |
Schedule of expenses by nature | 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Direct production costs 1,192,363,804 862,383,664 877,716,948 Payroll and employee benefits 301,522,420 252,337,262 273,123,010 Transportation and distribution 174,253,526 126,683,586 138,486,337 Advertisement 28,475,957 6,917,300 27,113,322 Depreciation y amortization 104,775,303 110,920,517 111,087,284 Repairs and maintenance 38,631,914 25,971,485 30,528,180 Other expenses 84,272,085 73,455,798 83,188,784 Total (1) 1,924,295,009 1,458,669,612 1,541,243,865 (1) Corresponds to the addition of cost of sales, administrative expenses and distribution costs |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER INCOME | |
Schedule of other income | 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Gain on disposal of Property, plant and equipment 480,401 16,005 265,514 Recovery of PIS credit and COFINS (1) — 6,744,341 40,281,550 Others 857,477 1,595,952 400,094 Total 1,337,878 8,356,298 40,947,158 (1) See Note 6 for more information on recovery. |
OTHER EXPENSES BY FUNCTION (Tab
OTHER EXPENSES BY FUNCTION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER EXPENSES BY FUNCTION | |
Schedule of other expenses by function | 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Contingencies and associated non-operating fees 7,950,093 1,081,812 17,690,171 Tax on bank debts and other bank expenses 5,270,040 3,367,615 4,356,973 Write-offs and disposal of Property, plant and equipment 417,623 7,972,976 2,978,194 Others 1,574,034 5,007,853 1,157,509 Total 15,211,790 17,430,256 26,182,847 |
FINANCIAL INCOME AND COSTS (Tab
FINANCIAL INCOME AND COSTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL INCOME AND COSTS | |
Schedule of financial income and costs | a) Financial income 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Interest income 2,196,886 7,931,055 3,249,550 Ipiranga purchase warranty restatement 11,290 7,674 27,219 Recovery of PIS credit and COFINS (1) 1,312,930 5,124,810 39,780,620 Other financial income 4,270,763 1,882,340 2,098,402 Total 7,791,869 14,945,879 45,155,791 (1) See Note 6 for more information on recovery. b) Financial costs 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Bond interest 48,624,062 45,927,500 38,153,036 Bank loan interest 267,012 1,186,731 1,337,670 Lease interest 1,816,506 1,873,571 2,229,442 Other financial costs 2,284,876 5,785,035 4,488,872 Total 52,992,456 54,772,837 46,209,020 |
OTHER (LOSSES) GAINS (Tables)
OTHER (LOSSES) GAINS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER (LOSSES) GAINS | |
Schedule of other (losses) and gains | 01.01.2021 01.01.2020 01.01.2019 Description 12.31.2021 12.31.2020 12.31.2019 ThCh$ ThCh$ ThCh$ Other gains (losses) — 287 2,876 Total — 287 2,876 |
LOCAL AND FOREIGN CURRENCY (Tab
LOCAL AND FOREIGN CURRENCY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LOCAL AND FOREIGN CURRENCY | |
Schedule of local and foreign currency - Current Assets | CURRENT ASSETS 12.31.2021 12.31.2020 ThCh$ ThCh$ Cash and cash equivalent 304,312,020 309,530,699 USD 13,640,823 21,332,268 EUR 2,838,102 223,449 CLP 176,278,025 201,936,140 BRL 56,272,827 49,528,425 ARS 22,425,407 14,821,502 PGY 32,856,836 21,688,915 Other current financial assets 195,470,749 140,304,853 CLP 194,834,125 139,449,882 BRL 140,544 10,171 ARS 481,148 844,800 PGY 14,932 — Other non-current financial assets 14,719,104 13,374,381 USD 1,141,780 1,723,989 EUR 77,526 621,516 UF 256,912 493,546 CLP 6,282,535 1,900,762 BRL 1,183,076 1,300,995 ARS 3,831,513 6,052,294 PGY 1,945,762 1,281,279 Trade debtors and other accounts payable 265,490,626 194,021,253 USD 2,347,439 901,930 UF 69,142 65,250 CLP 147,478,959 105,340,179 BRL 76,173,944 67,423,832 ARS 32,330,010 14,928,954 PGY 7,091,132 5,361,108 Accounts receivable related entities 9,419,050 11,875,408 CLP 6,674,178 6,965,894 BRL 87,865 41,878 ARS 2,657,007 4,867,636 Inventory 191,350,206 127,972,650 CLP 77,225,374 54,112,760 BRL 44,848,239 31,446,180 ARS 54,376,217 32,214,119 PGY 14,900,376 10,199,591 Current tax assets 10,224,368 218,472 CLP 5,574,826 218,472 BRL 4,649,542 — Total current assets 990,986,123 797,297,716 USD 17,130,042 23,958,187 EUR 2,915,628 844,965 UF 326,054 558,796 CLP 614,348,022 509,924,089 BRL 183,356,037 149,751,481 ARS 116,101,302 73,729,305 PGY 56,809,038 38,530,893 |
Schedule of local and foreign currency - Non-Current Assets | NON-CURRENT ASSETS 12.31.2021 12.31.2020 ThCh$ ThCh$ Other non-current assets 296,632,012 162,013,278 UF 34,239,224 7,515,981 CLP 55,469,858 — BRL 192,844,909 144,684,180 ARS 14,078,021 9,813,117 Other non-current, non-financial assets 70,861,616 90,242,672 USD 673,524 — UF — 338,014 CLP 419,910 47,530 BRL 66,621,741 88,001,852 ARS 1,836,280 1,825,631 PGY 1,310,161 29,645 Non-current accounts receivable 126,464 73,862 UF 7,089 32,219 CLP 76,649 — ARS — 1,211 PGY 42,726 40,432 Non-current accounts receivable related entities 98,941 138,346 CLP 98,941 138,346 Investments accounted for using the equity method 91,489,194 87,956,354 CLP 52,519,699 50,628,307 BRL 38,969,495 37,328,047 Intangible assets other than goodwill 659,631,543 604,514,165 USD — 3,959,421 CLP 311,086,862 306,202,181 BRL 159,307,806 139,166,117 ARS 7,560,882 2,591,026 PGY 181,675,993 152,595,420 Goodwill 118,042,900 98,325,593 CLP 9,523,767 9,523,767 BRL 60,830,705 54,980,669 ARS 39,976,392 27,343,642 PGY 7,712,036 6,477,515 Property, plant and equipment 716,379,127 605,576,545 EUR 404,450 — CLP 273,812,253 255,963,912 BRL 201,527,151 179,286,945 ARS 152,227,991 103,227,548 PGY 88,407,282 67,098,140 Deferred tax assets 1,858,727 1,925,869 CLP 1,858,727 1,925,869 Total non-current assets 1,955,120,524 1,650,766,684 USD 673,524 3,959,421 EUR 404,450 — UF 34,246,313 7,886,214 CLP 704,866,666 624,429,912 BRL 720,101,807 643,447,810 ARS 215,679,566 144,802,175 PGY 279,148,198 226,241,152 |
Schedule of local and foreign currency - Current Liabilities | 12.31.2021 12.31.2020 CURRENT LIABILITIES Up to 90 days 90 days up to 1 year Total Up to 90 days 90 days up to 1 year Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other current financial liabilities 10,887,752 36,875,287 47,763,039 9,270,838 29,295,886 38,566,724 USD 233,993 8,329,598 8,563,591 72,655 6,704,245 6,776,900 UF 9,155,688 10,086,725 19,242,413 7,799,637 5,272,547 13,072,184 CLP 923,663 13,491,768 14,415,431 908,790 13,489,310 14,398,100 BRL 413,835 1,381,397 1,795,232 362,854 1,245,940 1,608,794 ARS 94,094 2,272,643 2,366,737 70,950 1,578,082 1,649,032 PGY 66,479 1,313,156 1,379,635 55,952 1,005,762 1,061,714 Current trade accounts and other accounts payable 312,643,627 14,765,580 327,409,207 227,503,270 2,942,539 230,445,809 USD 20,438,936 1,309,678 21,748,614 8,972,065 — 8,972,065 EUR 6,093,006 — 6,093,006 1,622,411 — 1,622,411 UF 2,359,381 — 2,359,381 — — — CLP 142,370,837 13,455,902 155,826,739 108,670,085 2,942,539 111,612,624 BRL 74,142,872 — 74,142,872 58,136,480 — 58,136,480 ARS 52,030,144 — 52,030,144 33,511,747 — 33,511,747 PGY 15,208,451 — 15,208,451 15,878,527 — 15,878,527 Other Currencies — — — 711,955 — 711,955 Current accounts payable to related entities 56,103,461 — 56,103,461 39,541,968 — 39,541,968 CLP 29,349,401 — 29,349,401 23,884,687 — 23,884,687 BRL 16,799,532 — 16,799,532 10,809,085 — 10,809,085 ARS 9,893,495 — 9,893,495 4,848,196 — 4,848,196 PGY 61,033 — 61,033 — — — Other current provisions 1,082,929 445,950 1,528,879 805,842 529,495 1,335,337 CLP 1,082,929 404,580 1,487,509 805,842 494,748 1,300,590 PGY — 41,370 41,370 — 34,747 34,747 Current tax liabilities 20,733,623 9,779,164 30,512,787 4,590,876 4,237,723 8,828,599 CLP 20,038,643 8,452 20,047,095 173,771 3,414,859 3,588,630 BRL — — — 4,249,909 — 4,249,909 ARS 694,980 8,524,083 9,219,063 167,196 439,641 606,837 PGY — 1,246,629 1,246,629 — 383,223 383,223 Current employee benefit provisions 13,434,697 21,577,375 35,012,072 17,027,427 14,043,592 31,071,019 CLP 1,181,717 7,327,637 8,509,354 1,168,973 5,799,389 6,968,362 BRL 11,649,154 — 11,649,154 15,325,256 — 15,325,256 ARS 603,826 12,529,323 13,133,149 533,198 6,701,756 7,234,954 PGY — 1,720,415 1,720,415 — 1,542,447 1,542,447 Other current non-financial liabilities 612,391 30,625,443 31,237,834 620,609 27,646,121 28,266,730 CLP 612,391 30,472,381 31,084,772 598,769 27,551,000 28,149,769 ARS — 18,234 18,234 21,840 — 21,840 PGY — 134,828 134,828 — 95,121 95,121 Total current liabilities 415,498,480 114,068,799 529,567,279 299,360,830 78,695,356 378,056,186 USD 20,672,929 9,639,276 30,312,205 9,044,720 6,704,245 15,748,965 EUR 6,093,006 — 6,093,006 1,622,411 — 1,622,411 UF 11,515,069 10,086,725 21,601,794 7,799,637 5,272,547 13,072,184 CLP 195,559,581 65,160,720 260,720,301 136,210,917 53,691,845 189,902,762 BRL 103,005,393 1,381,397 104,386,790 88,883,584 1,245,940 90,129,524 ARS 63,316,539 23,344,283 86,660,822 39,153,127 8,719,479 47,872,606 PGY 15,335,963 4,456,398 19,792,361 15,934,479 3,061,300 18,995,779 Other Currencies — — — 711,955 — 711,955 |
Schedule of local and foreign currency - Non-Current Liabilities | 12.31.2021 12.31.2020 More than 1 year More than 3 and up to More than 1 year More than 3 and up to NON-CURRENT LIABILITIES up to 3 years 5 years More than 5 years Total up to 3 years 5 years More than 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other non-current financial liabilities 35,164,178 331,118,858 674,765,936 1,041,048,972 31,811,687 279,600,958 678,416,924 989,829,569 USD 1,726,426 308,546,732 247,094,136 557,367,294 366,652 259,746,604 207,280,189 467,393,445 UF 29,821,850 15,453,105 423,470,818 468,745,773 24,669,188 13,214,387 414,689,041 452,572,616 CLP 602,887 4,000,000 — 4,602,887 4,089,001 4,000,000 51,568,854 59,657,855 BRL 2,926,876 3,119,021 4,200,982 10,246,879 2,394,281 2,639,967 4,878,840 9,913,088 ARS 86,139 — — 86,139 128,930 — — 128,930 PGY — — — — 163,635 — — 163,635 Non-current accounts payable 256,273 — — 256,273 295,279 — — 295,279 CLP 256,273 — — 256,273 293,176 — — 293,176 ARS — — — — 2,103 — — 2,103 Accounts payable related companies 11,557,723 — — 11,557,723 10,790,089 — — 10,790,089 BRL 11,557,723 — — 11,557,723 10,790,089 — — 10,790,089 Other non-current provisions 1,917,655 53,965,872 — 55,883,527 789,016 47,945,920 — 48,734,936 BRL — 53,965,872 — 53,965,872 — 47,945,920 — 47,945,920 ARS 1,917,655 — — 1,917,655 789,016 — — 789,016 Deferred tax liabilities 21,365,277 35,470,702 111,618,848 168,454,827 10,677,151 38,508,424 104,483,972 153,669,547 CLP 3,619,149 1,845,868 95,076,888 100,541,905 1,604,289 1,070,325 90,781,152 93,455,766 BRL — 33,624,834 — 33,624,834 — 37,438,099 — 37,438,099 ARS 17,746,128 — — 17,746,128 9,072,862 — — 9,072,862 PGY — — 16,541,960 16,541,960 — — 13,702,820 13,702,820 — — — — Non-current employee benefit provisions 1.329.992 62,456 12,747,222 14,139,670 911,873 145,165 12,578,520 13,635,558 CLP 629,798 62,456 12,747,222 13,439,476 378,733 145,165 12,578,520 13,102,418 PGY 700,194 — — 700,194 533,140 — — 533,140 Other non-financial liabilities 21,113 23,763,704 — 23,784,817 35,315 21,436,733 — 21,472,048 BRL — 23,763,704 — 23,763,704 — 21,436,733 — 21,436,733 ARS 21,113 — — 21,113 35,315 — — 35,315 Income taxes payable, non-current — — — — 20,597 — — 20,597 CLP — — — — 20,597 — — 20,597 — Total non-current liabilities 71,612,211 444,381,592 799,132,006 1,315,125,809 55,331,007 387,637,200 795,479,416 1,238,447,623 USD 1,726,426 308,546,732 247,094,136 557,367,294 366,652 259,746,604 207,280,189 467,393,445 UF 29,821,850 15,453,105 423,470,818 468,745,773 24,669,188 13,214,387 414,689,041 452,572,616 CLP 5,108,107 5,908,324 107,824,110 118,840,541 6,385,796 5,215,490 154,928,526 166,529,812 BRL 14,484,599 114,473,431 4,200,982 133,159,012 13,184,370 109,460,719 4,878,840 127,523,929 ARS 19,771,035 — — 19,771,035 10,028,226 — — 10,028,226 PGY 700,194 — 16,541,960 17,242,154 696,775 — 13,702,820 14,399,595 |
CORPORATE INFORMATION (Details)
CORPORATE INFORMATION (Details) | Dec. 31, 2021 |
Series A | Chadwick Claro And Garces Silva And Said Handal and Said Somava Families [Member] | |
Disclosure of transactions between related parties [line items] | |
Ownership percentage with voting right | 55.25% |
BASIS OF PREPARATION OF CONSO_4
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Subsidiaries (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Abisa Corp S.A | ||
List of subsidiaries | ||
Indirect holding control percentage | 99.99% | |
Holding control percentage | 99.99% | |
Aconcagua Investing Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 0.70% | |
Indirect holding control percentage | 99.28% | |
Holding control percentage | 99.98% | |
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% |
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% |
Re-Ciclar S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 60.00% | |
Holding control percentage | 60.00% | |
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) | 12 Months Ended | |||||||
Dec. 31, 2021$ / $ | Dec. 31, 2020$ / $ | Dec. 31, 2021$ / R$ | Dec. 31, 2021$ / $ | Dec. 31, 2021$ / CLF | Dec. 31, 2020$ / R$ | Dec. 31, 2020$ / $ | Dec. 31, 2020$ / CLF | |
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) | 50.21% | 36.01% | ||||||
Exchange rates and value of the UF at the close | 844.69 | 710.95 | 151.36 | 8.22 | 0.123 | 136.80 | 8.44 | 0.103 |
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, 2021 | |
Constructions and buildings | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 15 years |
Constructions and buildings | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 80 years |
Plant and Equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 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 | 50 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 | 4 years |
Motor vehicles | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 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 | 10 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 | 5 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) R$ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021BRL (R$) | Dec. 31, 2019CLP ($) | Dec. 31, 2020 | |
Impairment of non-financial assets | |||
Impairment loss | $ | $ 4,671 | ||
Andina Brazil | |||
Impairment of non-financial assets | |||
Minority interest recoverable amount | R$ 21.8 | ||
Carrying amount of minority interest | 34.6 | ||
Impairment loss | R$ 12.8 | ||
Argentina | |||
Impairment of non-financial assets | |||
Discount rates | 27.20% | 28.10% | |
Chile | |||
Impairment of non-financial assets | |||
Discount rates | 7.10% | 7.20% | |
Brazil | |||
Impairment of non-financial assets | |||
Discount rates | 9.00% | 9.90% | |
Paraguay | |||
Impairment of non-financial assets | |||
Discount rates | 8.10% | 9.30% | |
Maximum | |||
Impairment of non-financial assets | |||
Growth rate used to extrapolate cash flow projections | 5.00% | ||
Maximum | More than 5 years | |||
Impairment of non-financial assets | |||
Growth rate used to extrapolate cash flow projections | 0.90% | ||
Minimum | |||
Impairment of non-financial assets | |||
Growth rate used to extrapolate cash flow projections | 4.00% | ||
Minimum | More than 5 years | |||
Impairment of non-financial assets | |||
Growth rate used to extrapolate cash flow projections | 0.40% |
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, 2021 | Dec. 31, 2020 | |
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 of 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 - Changes in estimates (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Software | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 4 years | |
Minimum | Constructions and buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 15 years | |
Minimum | Plant and Equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | |
Minimum | Warehouse installations and accessories | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 10 years | |
Minimum | Furniture and supplies | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 4 years | |
Minimum | Motor vehicles | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 4 years | |
Minimum | Other Property Plant And Equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 3 years | |
Minimum | Bottles and containers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 2 years | |
Maximum | Constructions and buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 80 years | |
Maximum | Plant and Equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 20 years | |
Maximum | Warehouse installations and accessories | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 50 years | |
Maximum | Furniture and supplies | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | |
Maximum | Motor vehicles | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 10 years | |
Maximum | Other Property Plant And Equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 10 years | |
Maximum | Bottles and containers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | |
Chile | Furniture and supplies | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | |
Chile | Minimum | Constructions and buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 15 years | 15 years |
Chile | Minimum | Plant and Equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | 5 years |
Chile | Minimum | Warehouse installations and accessories | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 10 years | 10 years |
Chile | Minimum | Furniture and supplies | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 4 years | |
Chile | Minimum | Motor vehicles | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 4 years | 4 years |
Chile | Minimum | Other Property Plant And Equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | 3 years |
Chile | Minimum | Bottles and containers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 1 year | 2 years |
Chile | Maximum | Constructions and buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 80 years | 80 years |
Chile | Maximum | Plant and Equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 20 years | 20 years |
Chile | Maximum | Warehouse installations and accessories | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 50 years | 50 years |
Chile | Maximum | Furniture and supplies | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | |
Chile | Maximum | Motor vehicles | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 10 years | 10 years |
Chile | Maximum | Other Property Plant And Equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 10 years | 10 years |
Chile | Maximum | Bottles and containers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 8 years | 5 years |
FINANCIAL REPORTING BY SEGMEN_2
FINANCIAL REPORTING BY SEGMENT (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CLP ($)segment | Dec. 31, 2020CLP ($) | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) | |
Operating segment | ||||
Number of operating segments | segment | 4 | |||
Softdrinks | $ 1,346,408,886 | $ 1,110,501,373 | $ 1,207,614,924 | |
Other beverages | 853,922,089 | 580,474,033 | 563,589,810 | |
Packaging | 16,401,618 | 7,305,831 | 7,820,381 | |
Total revenue from ordinary activities | 2,216,732,593 | 1,698,281,237 | 1,779,025,115 | |
Cost of sales | (1,375,392,773) | (1,022,498,659) | (1,048,343,767) | |
Distribution expenses | (199,952,373) | (152,532,018) | (166,996,289) | |
Administrative expenses | (348,949,863) | (283,638,935) | (325,903,809) | |
Financial income | 7,791,869 | 14,945,879 | 45,155,791 | |
Financial costs / expense | (52,992,456) | (54,772,837) | (46,209,020) | |
Net financial costs | (45,200,587) | (39,826,958) | ||
Interest expense, net(1) | (1,053,229) | |||
Share of the entity in income of associates | 3,093,102 | 2,228,763 | (3,415,083) | |
Income tax expense | (46,177,320) | (54,905,399) | (61,166,891) | |
Other income (expenses) | (47,121,111) | (23,990,711) | 3,100,178 | |
Net income | 157,031,668 | 123,117,320 | 175,246,225 | |
Depreciation y amortization | 104,775,303 | 110,920,517 | 111,087,284 | |
Short term assets | 990,986,123 | 797,297,716 | 533,474,103 | |
Long term assets | 1,955,120,524 | 1,650,766,684 | 1,857,474,320 | |
Total Assets | 2,946,106,647 | 2,448,064,400 | 2,390,948,423 | |
Carrying amount in associates and joint ventures accounted for using the equity method, total | 91,489,194 | 87,956,354 | 99,866,733 | $ 102,410,945 |
Segment disbursements of non-monetary assets | 138,856,157 | 85,874,958 | 110,683,258 | |
Short term liabilities | 529,567,279 | 378,056,186 | 411,658,352 | |
Long term liabilities | 1,315,125,809 | 1,238,447,623 | 1,010,386,123 | |
Segment liabilities, total | 1,844,693,088 | 1,616,503,809 | 1,422,044,475 | |
Cash flows (used in) provided by in Operating Activities | 305,054,983 | 278,768,998 | 255,148,474 | |
Cash flows (used in) provided by Investing Activities | (198,252,680) | (223,878,758) | (110,048,000) | |
Cash flows (used in) provided by Financing Activities | (115,319,514) | 113,040,961 | (127,112,637) | |
Geography Eliminations | ||||
Operating segment | ||||
Softdrinks | (904,603) | (578,764) | (366,490) | |
Other beverages | (587) | (359,666) | (450,559) | |
Packaging | (3,087,340) | (1,585,729) | (1,959,091) | |
Total revenue from ordinary activities | (3,992,530) | (2,524,159) | (2,776,140) | |
Cost of sales | 3,992,530 | 2,524,159 | 2,776,140 | |
Chile operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 480,157,607 | 407,191,500 | 408,467,731 | |
Other beverages | 495,138,445 | 237,570,385 | 200,484,390 | |
Total revenue from ordinary activities | 975,296,052 | 644,761,885 | 608,952,121 | |
Cost of sales | (630,862,197) | (392,720,439) | (359,465,664) | |
Distribution expenses | (78,995,679) | (59,897,972) | (59,076,433) | |
Administrative expenses | (142,762,661) | (112,306,460) | (114,250,801) | |
Financial income | (2,936,819) | 6,437,945 | 1,286,021 | |
Financial costs / expense | (27,669,541) | (23,938,992) | (13,151,176) | |
Net financial costs | (30,606,360) | (17,501,047) | ||
Interest expense, net(1) | (11,865,155) | |||
Share of the entity in income of associates | 2,799,437 | 1,248,478 | 381,255 | |
Income tax expense | (15,756,620) | (23,057,195) | (12,838,517) | |
Other income (expenses) | (29,072,689) | (21,231,223) | (15,109,823) | |
Net income | 50,039,283 | 19,296,027 | 36,726,983 | |
Depreciation y amortization | 38,189,190 | 50,271,626 | 46,105,063 | |
Short term assets | 626,277,188 | 532,713,969 | 244,504,165 | |
Long term assets | 739,113,114 | 636,275,547 | 657,069,423 | |
Total Assets | 1,365,390,302 | 1,168,989,516 | 901,573,588 | |
Carrying amount in associates and joint ventures accounted for using the equity method, total | 52,519,831 | 50,628,307 | 49,703,673 | |
Segment disbursements of non-monetary assets | 53,513,835 | 41,114,189 | 51,542,820 | |
Short term liabilities | 283,835,866 | 198,669,957 | 193,298,799 | |
Long term liabilities | 743,108,008 | 748,105,248 | 474,576,722 | |
Segment liabilities, total | 1,026,943,874 | 946,775,205 | 667,875,521 | |
Cash flows (used in) provided by in Operating Activities | 181,679,320 | 191,911,595 | 145,551,360 | |
Cash flows (used in) provided by Investing Activities | (108,283,362) | (178,910,100) | (50,706,748) | |
Cash flows (used in) provided by Financing Activities | (111,533,388) | 117,081,470 | (100,352,068) | |
Argentina operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 419,724,122 | 260,118,269 | 313,866,082 | |
Other beverages | 97,742,388 | 49,817,791 | 70,990,286 | |
Packaging | 19,488,958 | 8,891,560 | 9,779,472 | |
Total revenue from ordinary activities | 536,955,468 | 318,827,620 | 394,635,840 | |
Cost of sales | (296,090,157) | (172,065,726) | (214,447,259) | |
Distribution expenses | (78,019,531) | (49,112,014) | (56,421,024) | |
Administrative expenses | (110,329,089) | (69,668,104) | (89,276,114) | |
Financial income | 5,011,888 | 1,169,193 | 1,346,501 | |
Financial costs / expense | (577,941) | (729,164) | 999,370 | |
Net financial costs | 4,433,947 | 440,029 | ||
Interest expense, net(1) | 2,345,871 | |||
Income tax expense | (25,697,558) | (7,668,059) | (6,902,265) | |
Other income (expenses) | (10,652,582) | (6,046,069) | (3,235,926) | |
Net income | 20,600,498 | 14,707,677 | 26,699,123 | |
Depreciation y amortization | 32,863,821 | 22,895,329 | 25,369,034 | |
Short term assets | 117,319,226 | 70,215,594 | 76,354,086 | |
Long term assets | 216,757,538 | 144,802,176 | 165,116,212 | |
Total Assets | 334,076,764 | 215,017,770 | 241,470,298 | |
Segment disbursements of non-monetary assets | 33,789,235 | 15,803,061 | 24,343,002 | |
Short term liabilities | 101,832,549 | 58,904,281 | ||
Long term liabilities | 20,388,886 | 10,717,606 | 13,350,651 | |
Non current liabilities allocated | 68,120,885 | |||
Segment liabilities, total | 122,221,435 | 69,621,887 | 81,471,536 | |
Cash flows (used in) provided by in Operating Activities | 55,490,096 | 24,603,123 | 30,440,761 | |
Cash flows (used in) provided by Investing Activities | (33,789,408) | (16,010,950) | (24,790,752) | |
Cash flows (used in) provided by Financing Activities | (940,318) | (167,606) | (616,475) | |
Brazil operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 313,147,740 | 317,712,571 | 360,791,744 | |
Other beverages | 226,109,683 | 262,350,736 | 258,529,540 | |
Total revenue from ordinary activities | 539,257,423 | 580,063,307 | 619,321,284 | |
Cost of sales | (361,323,450) | (373,444,835) | (384,838,875) | |
Distribution expenses | (33,458,924) | (34,784,528) | (42,673,570) | |
Administrative expenses | (71,995,712) | (79,674,089) | (98,071,441) | |
Financial income | 5,327,527 | 7,068,396 | 42,327,682 | |
Financial costs / expense | (24,744,974) | (30,104,681) | (34,057,214) | |
Net financial costs | (19,417,447) | (23,036,285) | ||
Interest expense, net(1) | 8,270,468 | |||
Share of the entity in income of associates | 293,665 | 980,285 | (3,796,338) | |
Income tax expense | 82,395 | (20,536,914) | (36,821,377) | |
Other income (expenses) | (7,834,863) | 3,064,104 | 21,754,242 | |
Net income | 45,603,087 | 52,631,045 | 83,144,393 | |
Depreciation y amortization | 23,647,789 | 27,339,714 | 29,945,887 | |
Short term assets | 183,268,173 | 149,709,603 | 171,349,293 | |
Long term assets | 720,101,674 | 643,447,811 | 786,979,234 | |
Total Assets | 903,369,847 | 793,157,414 | 958,328,527 | |
Carrying amount in associates and joint ventures accounted for using the equity method, total | 38,969,363 | 37,328,047 | 50,163,060 | |
Segment disbursements of non-monetary assets | 30,171,387 | 17,075,672 | 21,343,312 | |
Short term liabilities | 109,691,047 | 96,144,933 | 124,248,587 | |
Long term liabilities | 534,386,761 | 465,225,175 | 506,297,573 | |
Segment liabilities, total | 644,077,808 | 561,370,108 | 630,546,160 | |
Cash flows (used in) provided by in Operating Activities | 36,121,074 | 36,409,227 | 63,145,540 | |
Cash flows (used in) provided by Investing Activities | (32,875,359) | (17,075,672) | (21,096,376) | |
Cash flows (used in) provided by Financing Activities | (2,455,073) | (3,443,826) | (25,654,792) | |
Paraguay operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 134,284,020 | 126,057,797 | 124,855,857 | |
Other beverages | 34,932,160 | 31,094,787 | 34,036,153 | |
Total revenue from ordinary activities | 169,216,180 | 157,152,584 | 158,892,010 | |
Cost of sales | (91,109,499) | (86,791,818) | (92,368,109) | |
Distribution expenses | (9,478,239) | (8,737,504) | (8,825,262) | |
Administrative expenses | (23,862,401) | (21,990,282) | (24,305,453) | |
Financial income | 389,273 | 270,345 | 195,587 | |
Net financial costs | 389,273 | 270,345 | ||
Interest expense, net(1) | 195,587 | |||
Income tax expense | (4,805,537) | (3,643,231) | (4,604,732) | |
Other income (expenses) | 439,023 | 222,477 | (308,315) | |
Net income | 40,788,800 | 36,482,571 | 28,675,726 | |
Depreciation y amortization | 10,074,503 | 10,413,848 | 9,667,300 | |
Short term assets | 64,121,536 | 44,658,550 | 41,266,559 | |
Long term assets | 279,148,198 | 226,241,150 | 248,309,451 | |
Total Assets | 343,269,734 | 270,899,700 | 289,576,010 | |
Segment disbursements of non-monetary assets | 21,381,700 | 11,882,036 | 13,454,124 | |
Short term liabilities | 34,207,817 | 24,337,015 | 25,990,081 | |
Long term liabilities | 17,242,154 | 14,399,594 | 16,161,177 | |
Segment liabilities, total | 51,449,971 | 38,736,609 | 42,151,258 | |
Cash flows (used in) provided by in Operating Activities | 31,764,493 | 25,845,053 | 16,010,813 | |
Cash flows (used in) provided by Investing Activities | (23,304,551) | (11,882,036) | (13,454,124) | |
Cash flows (used in) provided by Financing Activities | $ (390,735) | $ (429,077) | $ (489,302) |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | ||||
Cash | $ 503,687 | $ 339,628 | ||
Bank balances | 94,472,637 | 82,997,449 | ||
Other fixed rate instruments | 209,335,696 | 226,193,622 | ||
Total cash and cash equivalents | 304,312,020 | 309,530,699 | $ 157,567,986 | $ 137,538,613 |
USD. | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 13,640,823 | 21,332,268 | ||
EUR | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 2,838,102 | 223,449 | ||
ARS | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 22,425,407 | 14,821,502 | ||
CLP | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 176,278,025 | 201,936,140 | ||
PGY | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 32,856,836 | 21,688,915 | ||
BRL | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | $ 56,272,827 | $ 49,528,425 |
OTHER CURRENT AND NON-CURRENT_6
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | $ 195,470,749 | $ 140,304,853 |
Other non-current financial assets | 296,632,012 | 162,013,278 |
Financial assets measured at amortized cost | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | 194,509,044 | 140,304,853 |
Other non-current financial assets | 1,216,865 | 1,216,865 |
Financial assets at fair value | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | 961,705 | |
Other non-current financial assets | 281,337,127 | 150,983,295 |
Other financial assets measured at amortized cost | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other non-current financial assets | $ 14,078,020 | $ 9,813,118 |
OTHER CURRENT AND NON-CURRENT_7
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS - (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other current non-financial assets | ||
Prepaid expenses | $ 7,860,112 | $ 7,932,770 |
Tax credit remainder | 2,022,493 | 234,124 |
Guaranty deposit | 286 | |
Others | 4,836,499 | 5,207,201 |
Total | 14,719,104 | 13,374,381 |
Other non-current non-financial assets | ||
Prepaid expenses | 1,254,775 | 527,110 |
Tax credit remainder | 52,746,937 | 76,262,417 |
Judicial deposits | 15,259,876 | 11,492,642 |
Others | 1,600,028 | 1,960,503 |
Total | $ 70,861,616 | $ 90,242,672 |
OTHER CURRENT AND NON-CURRENT_8
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS - Tax credit remainder (Details) R$ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021CLP ($) | Dec. 31, 2021BRL (R$) | Dec. 31, 2020CLP ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2019CLP ($) | Dec. 31, 2021BRL (R$) | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||||||
Unduly collection of taxes | $ | $ 92,783 | |||||
Increase (decrease) in deferred tax liability (asset) | $ | 14,852,422 | $ (16,341,729) | $ 22,839,459 | |||
Deduction from unduly collection of taxes | 1,059,000 | R$ 7000 | ||||
Account payable to former shareholders | 23,612 | 21,204 | R$ 156000000 | |||
Sorocaba | ||||||
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||||||
Increase (decrease) in deferred tax liability (asset) | 684,000 | 5,000 | ||||
Rio De Janeiro Refrescos Ltda | ||||||
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||||||
Unduly collection of taxes | 613,000 | 103,540,000 | ||||
Unduly collection of taxes related to capital | 370,000 | |||||
Unduly collection of taxes related to interest and monetary restatement | 243,000 | |||||
Indirect cost on recognition of right acquired in court | 175,000 | |||||
Deferred tax liability recorded | 20,246,000 | R$ 148000 | ||||
Increase (decrease) in deferred tax liability (asset) | 49,040 | 234 | 16,142,000 | R$ 118000 | ||
Rio De Janeiro Refrescos Ltda | Sorocaba | ||||||
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||||||
Unduly collection of taxes | 6,703,000 | 49,000 | ||||
Unduly collection of taxes related to capital | 28,000 | |||||
Unduly collection of taxes related to interest and monetary restatement | 21,000 | |||||
Indirect cost on recognition of right acquired in court | 1,513,000 | R$ 10000 | 1,368,000 | |||
Deferred tax liability recorded | $ 1,967,000 | $ 1,778,000 | R$ 13000 | |||
Proportion of ownership interest in associate (as a percentage) | 40.00% | 40.00% | ||||
ex-Companhia De Bebidas Ipiranga | ||||||
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||||||
Unduly collection of taxes | $ 24,823,000 | R$ 164000 | ||||
Unduly collection of taxes related to capital | 80,000 | |||||
Unduly collection of taxes related to interest and monetary restatement | R$ 84000 |
TRADE ACCOUNTS AND OTHER ACCO_3
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current | ||
Trade debtors, Net | $ 205,466,469 | $ 151,017,754 |
Other debtors, Net | 55,281,501 | 41,688,151 |
Other accounts receivable, Net | 4,742,656 | 1,315,348 |
Total trade debtors and other accounts receivable, Net | 265,490,626 | 194,021,253 |
Trade debtors, Gross | 210,175,775 | 154,591,684 |
Other debtors, Gross | 55,281,501 | 44,691,925 |
Other accounts receivable, Gross | 4,744,721 | 1,533,307 |
Total trade debtors and other accounts receivable, Gross | 270,201,997 | 200,816,916 |
Non-current | ||
Trade debtors, Net | 42,726 | 40,432 |
Other debtors, Net | 83,738 | 32,219 |
Other accounts receivable, Net | 1,211 | |
Total trade debtors and other accounts receivable, Net | 126,464 | 73,862 |
Trade debtors, Gross | 42,726 | 40,432 |
Other debtors, Gross | 83,738 | 32,219 |
Other accounts receivable, Gross | 1,211 | |
Total trade debtors and other accounts receivable, Gross | $ 126,464 | $ 73,862 |
TRADE ACCOUNTS AND OTHER ACCO_4
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Stratification of the portfolio (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | $ 210,218,501 | $ 154,632,116 |
Less than one month | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | 195,325,587 | 147,177,119 |
Between one and three months | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | 6,843,836 | 2,230,594 |
Between three and six months | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | 1,808,425 | 1,708,015 |
Between six and eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | 2,235,866 | 509,855 |
Older than eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Current trade debtors without impairment impact | $ 4,004,787 | $ 3,006,533 |
TRADE ACCOUNTS AND OTHER ACCO_5
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021client | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 282,200 |
Chile | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 67,100 |
Brazil | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 87,400 |
Argentina | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 65,800 |
Paraguay | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 61,900 |
TRADE ACCOUNTS AND OTHER ACCO_6
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Movement in allowance for expected credit losses (Details) - Trade Receivables - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in the allowance for expected credit losses | ||
Opening balance | $ 6,795,663 | $ 6,492,987 |
Increase (decrease) | 1,697,887 | 2,321,958 |
Provision reversal | (3,832,220) | (1,595,521) |
Increases (decrease) for changes of foreign currency | 50,041 | (423,761) |
Sub - total movements | (2,084,292) | 302,676 |
Ending balance | $ 4,711,371 | $ 6,795,663 |
INVENTORIES (Details)
INVENTORIES (Details) - CLP ($) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
INVENTORIES | ||||
Total | $ 191,350,206,000 | $ 127,972,650,000 | $ 191,350,206,000 | |
Cost of inventory recognized as cost of sales | 1,375,392,773,000 | 1,022,498,659,000 | $ 1,048,343,767,000 | |
Percentage raw materials composed of concentrate and sweeteners as well as caps and other supplies | 80 | |||
Gross asset | ||||
INVENTORIES | ||||
Raw materials (1) | 134,153,673,000 | 80,902,721,000 | 134,153,673,000 | |
Finished goods | 34,222,429,000 | 27,556,884,000 | 34,222,429,000 | |
Spare parts and supplies | 23,063,797,000 | 19,592,377,000 | 23,063,797,000 | |
Work in progress | 109,467,000 | 76,577,000 | 109,467,000 | |
Other inventories | 3,358,474,000 | 3,101,016,000 | 3,358,474,000 | |
Obsolescence provision | ||||
INVENTORIES | ||||
Inventory | $ (3,557,634,000) | $ (3,256,925,000) | $ (3,557,634,000) |
TAX ASSETS AND LIABILITIES - Cu
TAX ASSETS AND LIABILITIES - Current tax accounts receivable and payable (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
TAX ASSETS AND LIABILITIES | ||
Tax credits (1) | $ 10,224,368 | $ 218,472 |
Total | 10,224,368 | 218,472 |
Income tax expense, current | 30,512,787 | 8,828,599 |
Total, current | 30,512,787 | 8,828,599 |
Income tax expense, non-current | 0 | 20,597 |
Total, non-current | $ 0 | $ 20,597 |
INCOME TAX EXPENSE AND DEFERR_3
INCOME TAX EXPENSE AND DEFERRED TAXES - Income tax expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current income tax expense | $ 45,614,890 | $ 55,522,189 | $ 35,439,707 |
Current tax adjustment previous period | (2,284,477) | (735,907) | 713,992 |
Foreign dividends tax withholding expense | 2,877,817 | 6,987,142 | 4,534,145 |
Other current tax expense (income) | (114,130) | (47,569) | (425,958) |
Current income tax expense | 46,094,100 | 61,725,855 | 40,261,886 |
Expense (income) for the creation and reversal of temporary differences of deferred tax and others | 83,220 | (6,820,456) | 20,905,005 |
Expense (income) for deferred taxes | 83,220 | (6,820,456) | 20,905,005 |
Total income tax expense | $ 46,177,320 | $ 54,905,399 | $ 61,166,891 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Distribution of domestic and foreign tax expense | |||
Current tax expense | $ (46,094,100) | $ (61,725,855) | $ (40,261,886) |
Deferred tax expense | (83,220) | 6,820,456 | (20,905,005) |
Tax expense at effective rate | (46,177,320) | (54,905,399) | (61,166,891) |
National | |||
Distribution of domestic and foreign tax expense | |||
Current tax expense | (8,730,476) | (22,597,165) | (15,946,310) |
Deferred tax expense | (7,026,145) | (460,031) | 3,107,793 |
Foreign | |||
Distribution of domestic and foreign tax expense | |||
Current tax expense | (37,363,624) | (39,128,690) | (24,315,576) |
Deferred tax expense | $ 6,942,925 | $ 7,280,487 | $ (24,012,798) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate | |||
Net income before taxes | $ 203,208,988 | $ 178,022,719 | $ 236,413,116 |
Tax expense at legal rate (27.0%) | (54,866,427) | (48,066,134) | (63,831,541) |
Effect of a different tax rate in other jurisdictions | 860,745 | 1,032,950 | (3,471,705) |
Non-taxable revenues | 10,868,055 | 2,417,582 | 9,507,807 |
Non-deductible expenses | (2,935,310) | (6,007,898) | (4,664,045) |
Tax effect of excess tax provision in previous periods | 13,250,594 | 113,747 | (3,316,278) |
Tax effect of price-level restatement for Chilean companies | (15,794,098) | (5,936,464) | 5,199,589 |
Subsidiaries tax withholding expense and other legal tax debits and credits | 24,175,231 | 6,375,982 | (590,718) |
Adjustments to tax expense | 7,828,362 | (7,872,215) | 6,136,355 |
Tax expense at effective rate | $ (46,177,320) | $ (54,905,399) | $ (61,166,891) |
Effective rate | 22.70% | 30.80% | 25.90% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income tax rates | ||||
Applicable rate | 25.00% | 30.00% | ||
Chile | ||||
Income tax rates | ||||
Applicable rate | 27.00% | 27.00% | 27.00% | |
Brazil | ||||
Income tax rates | ||||
Applicable rate | 34.00% | 34.00% | 34.00% | |
Argentina | ||||
Income tax rates | ||||
Applicable rate | 35.00% | 30.00% | 30.00% | |
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, 2021 | Dec. 31, 2020 |
Deferred income taxes | ||
Deferred tax assets | $ 61,729,542 | $ 59,190,503 |
Deferred tax liabilities | 228,325,642 | 210,934,181 |
Total assets net | 1,858,727 | 1,925,869 |
Total liabilities net | 168,454,827 | 153,669,547 |
Property, plant and equipment | ||
Deferred income taxes | ||
Deferred tax assets | 5,944,185 | 5,421,466 |
Deferred tax liabilities | 52,435,301 | 39,544,960 |
Obsolescence provisions | ||
Deferred income taxes | ||
Deferred tax assets | 1,696,051 | 1,340,235 |
ICMS exclusion credit | ||
Deferred income taxes | ||
Deferred tax assets | 4,925,230 | |
Deferred tax liabilities | 17,679,221 | |
Employee benefits | ||
Deferred income taxes | ||
Deferred tax assets | 3,163,172 | 4,475,497 |
Deferred tax liabilities | 115,828 | 18,300 |
Provision for severance indemnity | ||
Deferred income taxes | ||
Deferred tax assets | 271,789 | 150,027 |
Deferred tax liabilities | 271,367 | 101,339 |
Tax loss carry forwards | ||
Deferred income taxes | ||
Deferred tax assets | 4,292,863 | 6,423,820 |
Deferred tax liabilities | 698 | |
Tax goodwill Brazil | ||
Deferred income taxes | ||
Deferred tax assets | 2,080,987 | |
Deferred tax liabilities | 3,126,125 | |
Contingency provision | ||
Deferred income taxes | ||
Deferred tax assets | 30,216,275 | 24,103,234 |
Foreign Exchange differences | ||
Deferred income taxes | ||
Deferred tax assets | 7,165,844 | 8,116,713 |
Allowance for doubtful accounts | ||
Deferred income taxes | ||
Deferred tax assets | 638,484 | 915,562 |
Assets and liabilities for placement of bonds | ||
Deferred income taxes | ||
Deferred tax assets | 378,901 | |
Deferred tax liabilities | 2,081,271 | 2,377,870 |
Lease liabilities | ||
Deferred income taxes | ||
Deferred tax assets | 1,781,922 | 1,528,990 |
Inventories | ||
Deferred income taxes | ||
Deferred tax assets | 652,669 | 469,416 |
Distribution rights | ||
Deferred income taxes | ||
Deferred tax liabilities | 151,228,739 | 144,151,661 |
Spare parts | ||
Deferred income taxes | ||
Deferred tax liabilities | 3,374,376 | |
Intangibles | ||
Deferred income taxes | ||
Deferred tax assets | 130 | |
Deferred tax liabilities | 5,440,229 | |
Other Temporary Differences | ||
Deferred income taxes | ||
Deferred tax assets | 5,906,158 | 3,785,655 |
Deferred tax liabilities | $ 5,326,478 | $ 7,060,830 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in deferred income tax accounts | |||
Opening Balance | $ 151,743,678 | $ 168,085,407 | $ 145,245,948 |
Increase (decrease) in deferred tax | 4,507,688 | 4,411,619 | 20,905,005 |
Increase (decrease) due to foreign currency translation | 10,344,734 | (20,753,348) | 1,934,454 |
Total movements | 14,852,422 | (16,341,729) | 22,839,459 |
Ending balance | $ 166,596,100 | $ 151,743,678 | $ 168,085,407 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Balances (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | $ 716,379,127 | $ 605,576,545 | $ 722,718,863 | $ 710,770,968 |
Construction in progress | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 56,280,594 | 34,194,083 | 27,290,581 | 26,048,670 |
Land | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 101,286,107 | 94,321,726 | 104,196,754 | 100,479,196 |
Constructions and buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 203,343,125 | 180,916,878 | 211,973,775 | 214,160,351 |
Plant and Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 169,651,555 | 145,790,203 | 185,353,224 | 207,403,985 |
IT Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 5,613,217 | 4,878,307 | 5,001,845 | 5,184,721 |
Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 113,289 | 59,142 | 70,021 | 32,177 |
Rights of use | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 23,653,975 | 21,337,277 | 32,243,832 | |
Other Property Plant And Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 114,153,544 | 90,020,253 | $ 114,784,403 | $ 114,606,098 |
Bottles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 36,546,377 | 30,275,255 | ||
Marketing and promotional assets (market assets) | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 55,210,620 | 44,106,959 | ||
Other Property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 22,396,547 | 15,638,039 | ||
Gross asset | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 1,677,828,019 | 1,398,055,414 | ||
Gross asset | Construction in progress | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 56,280,594 | 34,194,083 | ||
Gross asset | Land | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 101,286,107 | 94,321,726 | ||
Gross asset | Constructions and buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 306,300,748 | 266,921,167 | ||
Gross asset | Plant and Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 613,537,377 | 515,395,328 | ||
Gross asset | IT Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 29,470,242 | 24,323,557 | ||
Gross asset | Fixed installations and accessories | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 61,264,172 | 45,558,495 | ||
Gross asset | Vehicles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 56,346,552 | 45,808,748 | ||
Gross asset | Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 322,036 | 203,164 | ||
Gross asset | Rights of use | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 69,616,828 | 56,726,206 | ||
Gross asset | Other Property Plant And Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 383,403,363 | 314,602,940 | ||
Accumulated depreciation | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (961,448,892) | (792,478,869) | ||
Accumulated depreciation | Constructions and buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (102,957,623) | (86,004,289) | ||
Accumulated depreciation | Plant and Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (443,885,822) | (369,605,125) | ||
Accumulated depreciation | IT Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (23,857,025) | (19,445,250) | ||
Accumulated depreciation | Fixed installations and accessories | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (38,165,051) | (27,910,603) | ||
Accumulated depreciation | Vehicles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (37,161,952) | (29,397,964) | ||
Accumulated depreciation | Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (208,747) | (144,022) | ||
Accumulated depreciation | Rights of use | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (45,962,853) | (35,388,929) | ||
Accumulated depreciation | Other Property Plant And Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | $ (269,249,819) | $ (224,582,687) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
PROPERTY, PLANT AND EQUIPMENT | |||
Additions | $ 132,881,206 | $ 80,877,788 | $ 94,449,283 |
Right-of use additions | 9,070,997 | 1,775,457 | 21,721,728 |
Disposals | (3,798,908) | (8,808,018) | (1,564,309) |
Depreciation expense | (93,598,773) | (99,406,127) | (98,889,546) |
Amortization | (8,386,063) | (7,851,901) | (8,254,568) |
Increase (decrease) due to foreign currency translation differences | 82,954,257 | (82,841,308) | 14,309,271 |
Other increase (decrease) | (8,320,134) | (888,209) | (9,823,964) |
Total movements | 110,802,582 | (117,142,318) | 11,947,895 |
Ending balance | 716,379,127 | 605,576,545 | 722,718,863 |
Opening balance | 605,576,545 | 722,718,863 | 710,770,968 |
Right-of-asset amortization | 5,994,037 | ||
Depreciation (today amortization) of goods acquired under the finance lease method | 2,260,531 | ||
Construction in progress | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Additions | 61,100,226 | 37,726,227 | 49,134,461 |
Disposals | (74,476) | (8,761) | |
Transfers between items of Property, plant and equipment | (39,845,790) | (23,336,382) | (48,358,902) |
Right-of-use transfers | (25,991) | ||
Increase (decrease) due to foreign currency translation differences | 6,513,216 | (3,086,288) | 688,063 |
Other increase (decrease) | (5,606,665) | (4,400,055) | (186,959) |
Total movements | 22,086,511 | 6,903,502 | 1,241,911 |
Ending balance | 56,280,594 | 34,194,083 | 27,290,581 |
Opening balance | 34,194,083 | 27,290,581 | 26,048,670 |
Land | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Transfers between items of Property, plant and equipment | 2,268,316 | ||
Increase (decrease) due to foreign currency translation differences | 6,964,382 | (9,936,257) | 1,529,526 |
Other increase (decrease) | (1) | 61,229 | (80,284) |
Total movements | 6,964,381 | (9,875,028) | 3,717,558 |
Ending balance | 101,286,107 | 94,321,726 | 104,196,754 |
Opening balance | 94,321,726 | 104,196,754 | 100,479,196 |
Constructions and buildings | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Additions | 3,708,881 | 1,520,363 | 749,800 |
Disposals | (276,312) | (164,113) | (5,902) |
Transfers between items of Property, plant and equipment | 4,370,826 | 2,177,344 | 430,971 |
Right-of-use transfers | (266,007) | ||
Depreciation expense | (7,862,888) | (7,240,230) | (7,681,481) |
Increase (decrease) due to foreign currency translation differences | 21,941,520 | (29,231,570) | 4,685,319 |
Other increase (decrease) | 544,220 | 1,881,309 | (99,276) |
Total movements | 22,426,247 | (31,056,897) | (2,186,576) |
Ending balance | 203,343,125 | 180,916,878 | 211,973,775 |
Opening balance | 180,916,878 | 211,973,775 | 214,160,351 |
Plant and Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Additions | 19,025,057 | 8,963,015 | 11,582,259 |
Disposals | (277,845) | (2,485,145) | (352,204) |
Transfers between items of Property, plant and equipment | 21,182,049 | 8,858,066 | 20,735,065 |
Right-of-use transfers | (13,788,120) | ||
Depreciation expense | (32,058,439) | (33,465,104) | (37,572,910) |
Increase (decrease) due to foreign currency translation differences | 23,364,406 | (19,859,576) | 3,228,519 |
Other increase (decrease) | (7,373,876) | (1,574,277) | (5,883,370) |
Total movements | 23,861,352 | (39,563,021) | (22,050,761) |
Ending balance | 169,651,555 | 145,790,203 | 185,353,224 |
Opening balance | 145,790,203 | 185,353,224 | 207,403,985 |
IT Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Additions | 1,428,080 | 809,348 | 675,974 |
Disposals | (3,896) | (2,426) | (977) |
Transfers between items of Property, plant and equipment | 751,603 | 1,151,754 | 1,019,048 |
Right-of-use transfers | (23,712) | ||
Depreciation expense | (2,219,235) | (2,058,555) | (1,949,851) |
Increase (decrease) due to foreign currency translation differences | 658,167 | (829,268) | 83,757 |
Other increase (decrease) | 120,191 | 805,609 | 12,885 |
Total movements | 734,910 | (123,538) | (182,876) |
Ending balance | 5,613,217 | 4,878,307 | 5,001,845 |
Opening balance | 4,878,307 | 5,001,845 | 5,184,721 |
Fixed facilities and accessories | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Additions | 12,068 | 1,313 | 7,271 |
Disposals | (11) | (8,911) | |
Transfers between items of Property, plant and equipment | 606,279 | 1,175,520 | 1,379,012 |
Depreciation expense | (3,700,948) | (2,803,621) | (2,977,512) |
Increase (decrease) due to foreign currency translation differences | 3,080,061 | (628,317) | 386,253 |
Other increase (decrease) | 5,453,780 | 62,342 | (1) |
Total movements | 5,451,229 | (2,195,389) | (1,213,888) |
Ending balance | 23,099,121 | 17,647,892 | 19,843,281 |
Opening balance | 17,647,892 | 19,843,281 | 21,057,169 |
Vehicles. net | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Additions | 171,420 | 1,323,740 | (342,001) |
Disposals | (9,573) | (22,823) | (52,095) |
Transfers between items of Property, plant and equipment | 4,771,885 | 906,624 | 7,650,847 |
Right-of-use transfers | (1,181,465) | ||
Depreciation expense | (4,054,092) | (4,963,835) | (6,267,039) |
Increase (decrease) due to foreign currency translation differences | 2,264,353 | (3,124,155) | 464,563 |
Other increase (decrease) | (370,177) | 330,086 | (110,264) |
Total movements | 2,773,816 | (5,550,363) | 162,546 |
Ending balance | 19,184,600 | 16,410,784 | 21,961,147 |
Opening balance | 16,410,784 | 21,961,147 | 21,798,601 |
Leasehold improvements | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Additions | 8,738 | 1,309 | |
Disposals | (155) | ||
Transfers between items of Property, plant and equipment | 88,345 | 50,356 | 65,250 |
Depreciation expense | (51,774) | (44,630) | (30,737) |
Increase (decrease) due to foreign currency translation differences | 8,840 | (16,605) | 2,177 |
Other increase (decrease) | (2) | ||
Total movements | 54,147 | (10,879) | 37,844 |
Ending balance | 113,289 | 59,142 | 70,021 |
Opening balance | 59,142 | 70,021 | 32,177 |
Other Property Plant And Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Additions | 47,426,736 | 30,536,408 | 32,640,210 |
Disposals | (3,156,795) | (6,046,468) | (1,135,304) |
Transfers between items of Property, plant and equipment | 8,074,803 | 9,016,718 | 14,810,393 |
Right-of-use transfers | (2,520,405) | ||
Depreciation expense | (43,651,397) | (48,830,152) | (42,410,016) |
Increase (decrease) due to foreign currency translation differences | 16,399,966 | (11,400,730) | 2,216,555 |
Other increase (decrease) | (960,022) | 1,960,074 | (3,423,128) |
Total movements | 24,133,291 | (24,764,150) | 178,305 |
Ending balance | 114,153,544 | 90,020,253 | 114,784,403 |
Opening balance | 90,020,253 | 114,784,403 | 114,606,098 |
Rights of use | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Right-of use additions | 9,070,997 | 1,775,457 | 21,721,728 |
Disposals | (87,043) | ||
Right-of-use transfers | 17,805,700 | ||
Amortization | (8,386,063) | (7,851,901) | (8,254,568) |
Increase (decrease) due to foreign currency translation differences | 1,759,346 | (4,728,542) | 1,024,539 |
Other increase (decrease) | (127,582) | (14,526) | (53,567) |
Total movements | 2,316,698 | (10,906,555) | 32,243,832 |
Ending balance | 23,653,975 | 21,337,277 | $ 32,243,832 |
Opening balance | $ 21,337,277 | $ 32,243,832 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Right-of-use asset (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Right-of-use asset | |||
Right of use | $ 23,653,975 | $ 21,337,277 | |
Interest expense for lease liabilities | 1,816,506 | 1,873,571 | $ 2,229,442 |
Constructions and buildings | |||
Right-of-use asset | |||
Right of use | 1,902,331 | 1,414,602 | |
Plant and Equipment | |||
Right-of-use asset | |||
Right of use | 16,125,216 | 17,869,673 | |
IT Equipment | |||
Right-of-use asset | |||
Right of use | 246,465 | 2,064 | |
Motor vehicles | |||
Right-of-use asset | |||
Right of use | 5,106,463 | 1,332,218 | |
Other Property Plant And Equipment | |||
Right-of-use asset | |||
Right of use | 273,500 | 718,720 | |
Gross asset | |||
Right-of-use asset | |||
Right of use | 69,616,828 | 56,726,206 | |
Gross asset | Constructions and buildings | |||
Right-of-use asset | |||
Right of use | 4,042,921 | 2,740,852 | |
Gross asset | Plant and Equipment | |||
Right-of-use asset | |||
Right of use | 43,450,544 | 37,671,980 | |
Gross asset | IT Equipment | |||
Right-of-use asset | |||
Right of use | 997,458 | 451,313 | |
Gross asset | Motor vehicles | |||
Right-of-use asset | |||
Right of use | 12,171,762 | 7,298,422 | |
Gross asset | Other Property Plant And Equipment | |||
Right-of-use asset | |||
Right of use | 8,954,143 | 8,563,639 | |
Accumulated depreciation | |||
Right-of-use asset | |||
Right of use | (45,962,853) | (35,388,929) | |
Accumulated depreciation | Constructions and buildings | |||
Right-of-use asset | |||
Right of use | (2,140,590) | (1,326,250) | |
Accumulated depreciation | Plant and Equipment | |||
Right-of-use asset | |||
Right of use | (27,325,328) | (19,802,307) | |
Accumulated depreciation | IT Equipment | |||
Right-of-use asset | |||
Right of use | (750,993) | (449,249) | |
Accumulated depreciation | Motor vehicles | |||
Right-of-use asset | |||
Right of use | (7,065,299) | (5,966,204) | |
Accumulated depreciation | Other Property Plant And Equipment | |||
Right-of-use asset | |||
Right of use | $ (8,680,643) | $ (7,844,919) |
RELATED PARTIES (Details)
RELATED PARTIES (Details) CLF in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CLP ($) | Dec. 31, 2020CLP ($) | Dec. 31, 2019CLP ($) | Dec. 31, 2021CLF | Dec. 31, 2020CLF | |
Related parties | |||||
Current receivables due from related parties | $ 9,419,050 | $ 11,875,408 | |||
Non-current receivables due from related parties | 98,941 | 138,346 | |||
Current accounts payable to related entities | 56,103,461 | 39,541,968 | CLF 56,103,461 | CLF 39,541,968 | |
Non-current payables to related parties | 11,557,723 | 10,790,089 | 11,557,723 | 10,790,089 | |
Transactions | |||||
Purchase of services | 1,852,076 | ||||
Sale of fixed assets | 3,798,908 | 8,808,018 | $ 1,564,309 | ||
Shareholder related | |||||
Related parties | |||||
Current accounts payable to related entities | 58,668 | ||||
Shareholder | |||||
Related parties | |||||
Current accounts payable to related entities | CLF | 2,365 | ||||
Shareholder | Sale of raw materials and other | |||||
Transactions | |||||
Sale of goods | 523,958 | 197,288 | |||
Shareholder | Sale of services and others | |||||
Transactions | |||||
Sale of services | 359,739 | 447,092 | |||
Shareholder | Sale of Finished Products | |||||
Transactions | |||||
Sale of goods | 59,018,653 | 44,982,749 | |||
Embonor S.A. | Shareholder | |||||
Related parties | |||||
Current receivables due from related parties | 3,870,800 | 3,643,603 | |||
Current accounts payable to related entities | CLF | 378,718 | 118,314 | |||
Transactions | |||||
Sale of fixed assets | 357,000 | ||||
Dividend distribution | 541,188 | ||||
Coca-Cola de Chile S.A. | Shareholder | |||||
Related parties | |||||
Current receivables due from related parties | 62,756 | 16,024 | |||
Non-current receivables due from related parties | 98,941 | 138,346 | |||
Current accounts payable to related entities | CLF | 19,134,864 | 18,897,093 | |||
Transactions | |||||
Minimum dividend | 35,474 | ||||
Coca-Cola de Chile S.A. | Shareholder | Purchase of concentrates | |||||
Transactions | |||||
Purchase of goods | 174,892,744 | 139,193,479 | |||
Coca-Cola de Chile S.A. | Shareholder | Purchase of advertising services | |||||
Transactions | |||||
Purchase of services | 3,290,184 | 2,890,638 | |||
Coca-Cola de Chile S.A. | Shareholder | Water source lease | |||||
Transactions | |||||
Leases as lessee | 4,727,676 | 3,847,817 | |||
Coca-Cola de Chile S.A. | Shareholder | Sale of raw materials and other | |||||
Transactions | |||||
Sale of goods | 1,720,061 | 1,169,944 | |||
Coca-Cola de Argentina | Director related | |||||
Related parties | |||||
Current receivables due from related parties | 2,490,194 | 4,558,753 | |||
Alimentos de Soja S.A.U. | Shareholder | |||||
Related parties | |||||
Current receivables due from related parties | 166,813 | 308,882 | |||
Current accounts payable to related entities | CLF | 277,708 | 402,581 | |||
Alimentos de Soja S.A.U. | Shareholder | Purchase of Products | |||||
Transactions | |||||
Purchase of goods | 11,658 | 80,761 | |||
Alimentos de Soja S.A.U. | Shareholder | Payment of fees and services | |||||
Transactions | |||||
Payment of fees and services | 2,973,907 | 1,373,594 | |||
Embotelladora Iquique S.A. | Shareholder | |||||
Related parties | |||||
Current receivables due from related parties | 155,264 | 292,801 | |||
Transactions | |||||
Minimum dividend | 339,562 | 118,314 | |||
Embotelladora Iquique S.A. | Shareholder | Sale of Finished Products | |||||
Transactions | |||||
Sale of goods | 4,220,323 | 167,430 | |||
Envases CMF S.A. | Shareholder | |||||
Transactions | |||||
Sale of goods | 11,939,711 | 6,344,834 | |||
Envases CMF S.A. | Associate | |||||
Related parties | |||||
Current receivables due from related parties | 1,266,871 | 773,732 | |||
Current accounts payable to related entities | CLF | 7,609,951 | 3,856,973 | |||
Envases CMF S.A. | Associate | Purchase of containers | |||||
Transactions | |||||
Purchase of goods | 7,625,273 | 5,992,443 | |||
Envases CMF S.A. | Associate | Purchase of bottles | |||||
Transactions | |||||
Purchase of goods | 17,713,063 | 12,210,449 | |||
Envases CMF S.A. | Associate | Purchase of raw materials | |||||
Transactions | |||||
Purchase of goods | 24,883,194 | 16,055,991 | |||
Envases CMF S.A. | Associate | Purchase of caps | |||||
Transactions | |||||
Purchase of goods | 153,142 | 91,778 | |||
Envases CMF S.A. | Associate | Purchase services and others | |||||
Transactions | |||||
Purchase of services | 1,325,941 | 520,221 | |||
Envases CMF S.A. | Associate | Sale of services and others | |||||
Transactions | |||||
Sale of services | 1,430 | 1,578 | |||
Envases CMF S.A. | Associate | Sale of Finished Products | |||||
Transactions | |||||
Sale of goods | 2,380,574 | ||||
Guallarauco | Associate | |||||
Related parties | |||||
Current receivables due from related parties | 12,230 | ||||
Monster | Shareholder | |||||
Related parties | |||||
Current accounts payable to related entities | CLF | 2,173,901 | 1,156,786 | |||
Monster | Associate | |||||
Related parties | |||||
Current receivables due from related parties | 87,865 | 41,878 | |||
Serv. y Prod. para Bebidas Refrescantes S.R.L. | Shareholder | |||||
Related parties | |||||
Current accounts payable to related entities | CLF | 9,893,495 | 4,848,196 | |||
Transactions | |||||
Advertising participation payment | 3,230,351 | ||||
Serv. y Prod. para Bebidas Refrescantes S.R.L. | Shareholder | Purchase of concentrates | |||||
Transactions | |||||
Purchase of goods | 129,275,444 | 81,198,463 | |||
Serv. y Prod. para Bebidas Refrescantes S.R.L. | Shareholder | Advertising participation payment | |||||
Transactions | |||||
Advertising participation payment | 5,201,881 | 6,395,881 | |||
Coca-Cola del Valle New Ventures S.A. | Associate | |||||
Related parties | |||||
Current receivables due from related parties | 371,907 | 1,401,898 | |||
Current accounts payable to related entities | CLF | 367,186 | 490,758 | |||
Coca-Cola del Valle New Ventures S.A. | Associate | Purchase services and others | |||||
Transactions | |||||
Purchase of services | 4,436,600 | 4,410,223 | |||
Coca-Cola del Valle New Ventures S.A. | Associate | Sale of services and others | |||||
Transactions | |||||
Sale of services | 442,566 | 397,659 | |||
Recofarma do Industrias Amazonas Ltda. | Shareholder | |||||
Related parties | |||||
Current accounts payable to related entities | CLF | 13,770,200 | 7,926,109 | |||
Non-current payables to related parties | CLF | 11,557,723 | 10,790,089 | |||
Recofarma do Industrias Amazonas Ltda. | Shareholder | Purchase of concentrates | |||||
Transactions | |||||
Purchase of goods | 69,785,833 | 71,959,416 | |||
Recofarma do Industrias Amazonas Ltda. | Shareholder | Reimbursement and other purchases | |||||
Transactions | |||||
Reimbursement and other purchases | 100,072 | 220,708 | |||
Leao Alimentos e Bebidas Ltda. | Associate | |||||
Related parties | |||||
Current accounts payable to related entities | CLF | 577,723 | 1,323,609 | |||
Leao Alimentos e Bebidas Ltda. | Associate | Purchase of Products | |||||
Transactions | |||||
Purchase of goods | 293,677 | ||||
Envases del Pacfico S.A. | Director related | |||||
Related parties | |||||
Current accounts payable to related entities | CLF | 3,414 | ||||
Envases del Pacfico S.A. | Director related | Purchase of raw materials and materials | |||||
Transactions | |||||
Purchase of goods | 265,503 | 427 | |||
Comercializadora Nova Verde | Shareholder | |||||
Related parties | |||||
Current receivables due from related parties | 934,350 | 837,837 | |||
Current accounts payable to related entities | CLF | CLF 1,858,682 | CLF 518,135 | |||
Comercializadora Nova Verde | Shareholder | Purchase of raw materials | |||||
Transactions | |||||
Purchase of goods | 4,519,948 | 1,009,547 | |||
Comercializadora Nova Verde | Shareholder | Sale of services and others | |||||
Transactions | |||||
Sale of services | 11,183 | 459,707 | |||
Comercializadora Nova Verde | Shareholder | Sale of packaging and raw materials | |||||
Transactions | |||||
Sale of goods | 6,210 | 10,914 | |||
Comercializadora Nova Verde | Shareholder | Sale of Finished Products | |||||
Transactions | |||||
Sale of goods | 8,937,506 | 2,050,156 | |||
Parque Arauco S.A. | Director related | Space lease | |||||
Transactions | |||||
Leases as lessee | 69,151 | ||||
Sorocaba Refrescos S. A. | Associate | Purchase of Products | |||||
Transactions | |||||
Purchase of goods | 2,667,326 | 3,671,472 | |||
KAIK Participacoes | Associate | Reimbursement and other purchases | |||||
Transactions | |||||
Reimbursement and other purchases | 21,180 | 14,162 | |||
Latam Airlines Group S.A. | Director related | Purchase of Products | |||||
Transactions | |||||
Purchase of goods | 18,695 | $ 85,140 | |||
Latam Airlines Group S.A. | Director related | Sale of products | |||||
Transactions | |||||
Sale of goods | 269,688 | ||||
Trop Frutas do Brasil Ltda. | Associate | Purchase of Products | |||||
Transactions | |||||
Purchase of goods | 2,736,529 | ||||
Sinea S.A. | Director related | Purchase of raw materials | |||||
Transactions | |||||
Purchase of goods | $ 2,294,594 |
RELATED PARTY - Key management
RELATED PARTY - Key management compensation (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
RELATED PARTIES | |||
Executive wages, salaries and benefits | $ 7,253,863 | $ 7,464,071 | $ 6,267,936 |
Director allowances | 1,512,500 | 1,479,420 | 1,512,000 |
Benefit accrued in the last five years and paid during the fiscal year | 254,240 | 297,072 | 305,674 |
Benefit from termination of contracts | 115,341 | 54,819 | |
Total | $ 9,020,603 | $ 9,355,904 | $ 8,140,429 |
CURRENT AND NON-CURRENT EMPLO_3
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Employee benefits (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Employee benefits | ||
Current | $ 35,012,072 | $ 31,071,019 |
Non-current | 14,139,670 | 13,635,558 |
Total | 49,151,742 | 44,706,577 |
Accrued vacation | ||
Employee benefits | ||
Total | 18,630,043 | 14,650,267 |
Participation in profits and bonuses | ||
Employee benefits | ||
Total | 15,538,771 | 15,969,735 |
Severance indemnity | ||
Employee benefits | ||
Total | $ 14,982,928 | $ 14,086,575 |
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, 2021 | Dec. 31, 2020 | |
Movements of post-employment benefits | ||
Opening balance | $ 14,086,575 | $ 10,085,264 |
Service costs | 8,917 | 1,675,492 |
Interest costs | 1,672,491 | 369,332 |
Actuarial variations | 1,216,808 | 3,127,398 |
Benefits paid | (1,984,029) | (1,170,911) |
Total | $ 14,982,928 | $ 14,086,575 |
CURRENT AND NON-CURRENT EMPLO_5
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | ||
Discount rate | 2.30% | 0.05% |
Expected salary increase rate | 2.00% | 2.00% |
Turnover rate | 7.68% | 7.68% |
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 - Changes in severance indemnities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021CLP ($) | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | |
Change in provision by an increase of up to 100 bps in discount rate sensitivity | $ 794,316 |
Change in provision by a decrease of up to 100 bps in discount rate sensitivity | (781,222) |
Change in provision by an increase of up to 100 bps in salary growth sensitivity | (8,590,434) |
Change in provision by a decrease of up to 100 bps in salary growth sensitivity | $ 869,297 |
Percentage of increase in maximum basis points in discount rate | 100.00% |
Percentage of decrease in maximum basis points in discount rate | 100.00% |
Percentage of increase in maximum basis points in salary growth rate | 100.00% |
Percentage of decrease in maximum basis points in salary growth rate | 100.00% |
CURRENT AND NON-CURRENT EMPLO_7
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Personnel expenses (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Personnel expenses | |||
Wages and salaries | $ 225,883,645 | $ 187,600,163 | $ 194,740,646 |
Employee benefits | 53,340,673 | 48,504,899 | 58,005,213 |
Severance benefits | 4,163,608 | 3,238,966 | 6,987,184 |
Other personnel expenses | 18,134,494 | 12,993,234 | 13,389,967 |
Total | $ 301,522,420 | $ 252,337,262 | $ 273,123,010 |
INVESTMENTS IN ASSOCIATES ACC_3
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD- Balances (Details) - CLP ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for under the equity method | $ 91,489,194 | $ 87,956,354 | $ 99,866,733 | $ 102,410,945 |
Envases CMF S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for under the equity method | $ 21,863,790 | $ 20,185,148 | ||
Ownership interest | 50.00% | 50.00% | ||
Leao Alimentos e Bebidas Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for under the equity method | $ 11,359,597 | $ 10,628,035 | ||
Ownership interest | 10.26% | 10.26% | ||
Kaik Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for under the equity method | $ 1,107,007 | $ 979,978 | ||
Ownership interest | 11.32% | 11.32% | ||
SRSA Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for under the equity method | $ 51,615 | $ 48,032 | ||
Ownership interest | 40.00% | 40.00% | ||
Sorocaba Refrescos S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for under the equity method | $ 24,258,224 | $ 20,976,662 | ||
Ownership interest | 40.00% | 40.00% | ||
Trop Frutas do Brasil Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Investments accounted for under the equity method | $ 2,192,920 | $ 4,695,228 | ||
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 under the equity method | $ 30,656,041 | $ 30,443,271 | ||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Opening balance | $ 87,956,354 | $ 99,866,733 | $ 102,410,945 |
Dividends received | (3,236,541) | (1,215,126) | (1,076,491) |
Share in operating income | 4,041,118 | 3,248,680 | (2,495,621) |
Amortization unrealized income in associates | (435,884) | (566,422) | (919,462) |
Other increase (decrease) in investments in associates | 3,164,147 | (13,377,511) | 1,947,362 |
Ending balance | $ 91,489,194 | $ 87,956,354 | $ 99,866,733 |
INVESTMENTS IN ASSOCIATES ACC_5
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Movement by Associate (Details) R$ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021CLP ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2019CLP ($) | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
interest Recoverable amount | $ 21.8 | ||
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 | ||
Impairment loss recognized in profit or loss | 2,931 | ||
Sorocaba Refrescos S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Impairment loss recognized in profit or loss | $ 2,134 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Equity value on income of associates | $ 4,041,118 | $ 3,248,680 | $ (2,495,621) |
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) | (512,131) | (528,122) | (394,490) |
Amortization goodwill in the sale of fixed assets of Envases CMF S.A. | 42,633 | 85,266 | 85,266 |
Amortization goodwill preferred rights CCDV S.A. | (478,518) | (523,061) | (610,238) |
Income statement balance | $ 3,093,102 | $ 2,228,763 | $ (3,415,083) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Short term assets | $ 990,986,123 | $ 797,297,716 | $ 533,474,103 | |
Long term assets | 1,955,120,524 | 1,650,766,684 | 1,857,474,320 | |
Total assets | 2,946,106,647 | 2,448,064,400 | 2,390,948,423 | |
Short term liabilities | 529,567,279 | 378,056,186 | 411,658,352 | |
Long term liabilities | 1,315,125,809 | 1,238,447,623 | 1,010,386,123 | |
Total liabilities | 1,844,693,088 | 1,616,503,809 | 1,422,044,475 | |
Total Equity | 1,101,413,559 | 831,560,591 | 968,903,948 | $ 863,714,743 |
Total revenue from ordinary activities | 2,216,732,593 | 1,698,281,237 | 1,779,025,115 | |
Share of profit (loss) of investments in associates accounted for using the equity method | 3,093,102 | 2,228,763 | (3,415,083) | |
Other comprehensive income | 151,896,435 | (191,713,733) | (34,007,464) | |
Comprehensive income | 308,928,103 | (68,596,413) | $ 141,238,761 | |
Envases CMF S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Short term assets | 72,400,404 | 31,354,324 | ||
Long term assets | 42,875,230 | 43,735,099 | ||
Total assets | 115,275,634 | 75,089,423 | ||
Short term liabilities | 57,080,891 | 17,929,088 | ||
Long term liabilities | 14,467,165 | 16,704,773 | ||
Total liabilities | 71,548,056 | 34,633,861 | ||
Total Equity | 43,727,578 | 40,455,562 | ||
Total revenue from ordinary activities | 77,805,312 | 60,067,879 | ||
Earnings before taxes | 7,347,219 | 5,587,691 | ||
Earnings after taxes | $ 5,509,658 | $ 4,717,515 | ||
Reporting date | Dec. 31, 2021 | Dec. 31, 2020 | ||
Sorocaba Refrescos S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Short term assets | $ 19,468,334 | $ 17,959,344 | ||
Long term assets | 92,639,217 | 73,675,946 | ||
Total assets | 112,107,551 | 91,635,290 | ||
Short term liabilities | 21,255,565 | 16,295,336 | ||
Long term liabilities | 34,960,269 | 28,180,230 | ||
Total liabilities | 56,215,835 | 44,475,566 | ||
Total Equity | 55,891,716 | 47,159,724 | ||
Total revenue from ordinary activities | (25,164,499) | 52,345,526 | ||
Earnings before taxes | 4,518,371 | 4,028,010 | ||
Earnings after taxes | 2,573,415 | 3,004,352 | ||
Other comprehensive income | 2,363,061 | (1,899,548) | ||
Comprehensive income | $ 4,936,476 | $ 1,104,804 | ||
Reporting date | Nov. 30, 2021 | Nov. 30, 2020 | ||
Kaik Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Long term assets | $ 9,779,486 | $ 8,657,291 | ||
Total assets | 9,779,486 | 8,657,291 | ||
Long term liabilities | 28 | 26 | ||
Total liabilities | 28 | 26 | ||
Total Equity | 9,779,458 | 8,657,265 | ||
Total revenue from ordinary activities | 204,624 | 96,980 | ||
Earnings before taxes | 204,624 | 96,980 | ||
Earnings after taxes | $ 204,624 | $ 96,980 | ||
Reporting date | Nov. 30, 2021 | Nov. 30, 2020 | ||
SRSA Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Short term assets | $ 20,648 | $ 20,314 | ||
Long term assets | 294,662 | 268,126 | ||
Total assets | 315,310 | 288,440 | ||
Short term liabilities | 186,266 | 168,354 | ||
Total liabilities | 186,266 | 168,354 | ||
Total Equity | 129,044 | 120,086 | ||
Total revenue from ordinary activities | 126,016 | 117,350 | ||
Earnings before taxes | 126,016 | 117,350 | ||
Earnings after taxes | $ 126,016 | $ 117,350 | ||
Reporting date | Nov. 30, 2021 | Nov. 30, 2020 | ||
Leao Alimentos e Bebidas Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Short term assets | $ 68,192,154 | $ 70,192,521 | ||
Long term assets | 50,034,496 | 73,918,788 | ||
Total assets | 118,226,650 | 144,111,309 | ||
Short term liabilities | 12,991,480 | 28,383,151 | ||
Long term liabilities | 6,489,944 | 9,251,314 | ||
Total liabilities | 19,481,424 | 37,634,465 | ||
Total Equity | 98,745,226 | 106,476,844 | ||
Total revenue from ordinary activities | 94,169,579 | 84,813,829 | ||
Earnings before taxes | 2,876,850 | (38,601,167) | ||
Earnings after taxes | 1,556,223 | (39,244,393) | ||
Other comprehensive income | 49,784 | 472,160 | ||
Comprehensive income | $ 1,606,007 | $ (38,772,233) | ||
Reporting date | Nov. 30, 2021 | Nov. 30, 2020 | ||
Trop Frutas do Brasil Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Short term assets | $ 16,765,435 | $ 12,293,489 | ||
Long term assets | 33,021,014 | 63,719,245 | ||
Total assets | 49,786,449 | 76,012,734 | ||
Short term liabilities | 10,009,915 | 5,000,314 | ||
Long term liabilities | 18,294,787 | 16,235,813 | ||
Total liabilities | 28,304,702 | 21,236,127 | ||
Total Equity | 21,481,747 | 54,776,607 | ||
Total revenue from ordinary activities | 35,224,230 | 31,483,800 | ||
Earnings before taxes | (31,042,731) | (1,391,494) | ||
Earnings after taxes | (37,324,877) | $ (890,021) | ||
Other comprehensive income | 30,547,925 | |||
Comprehensive income | $ (6,776,952) | |||
Reporting date | Nov. 30, 2021 | Nov. 30, 2020 | ||
Coca-Cola del Valle New Ventures S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Short term assets | $ 29,227,758 | $ 37,284,398 | ||
Long term assets | 75,706,352 | 68,450,919 | ||
Total assets | 104,934,110 | 105,735,317 | ||
Short term liabilities | 10,181,664 | 9,116,608 | ||
Long term liabilities | 7,164,058 | 10,883,589 | ||
Total liabilities | 17,345,722 | 20,000,197 | ||
Total Equity | 87,588,388 | 85,735,120 | ||
Total revenue from ordinary activities | 46,509,329 | 30,329,646 | ||
Earnings before taxes | 2,306,620 | (1,226,517) | ||
Earnings after taxes | $ 2,869,945 | $ (475,467) | ||
Reporting date | Dec. 31, 2021 | Dec. 31, 2020 |
INTANGIBLE ASSETS OTHER THAN _3
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ 659,631,543 | $ 604,514,165 | $ 675,075,375 |
Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 695,006,013 | 633,819,041 | |
Cumulative amortization | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (35,374,470) | (29,304,876) | |
Distribution rights | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 646,514,329 | 596,365,737 | 666,755,196 |
Distribution rights | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 650,411,156 | 598,371,081 | |
Distribution rights | Cumulative amortization | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (3,896,827) | (2,005,344) | |
Computer Software | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 13,064,962 | 8,147,453 | $ 7,863,416 |
Computer Software | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 44,084,900 | 35,030,003 | |
Computer Software | Cumulative amortization | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (31,019,938) | (26,882,550) | |
Others | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 52,252 | 975 | |
Others | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 509,957 | 417,957 | |
Others | Cumulative amortization | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ (457,705) | $ (416,982) |
INTANGIBLE ASSETS OTHER THAN _4
INTANGIBLE ASSETS OTHER THAN GOODWILL - Distribution Rights (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Renewal period for production and distribution contracts | 5 years | ||
Intangible assets other than goodwill | $ 659,631,543 | $ 604,514,165 | $ 675,075,375 |
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 | $ 646,514,329 | 596,365,737 | $ 666,755,196 |
Distribution rights | Chile operation | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 303,973,971 | 303,702,092 | |
Distribution rights | Brazil operation | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 158,175,979 | 138,176,054 | |
Distribution rights | Paraguay operation | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 181,675,993 | 152,595,420 | |
Distribution rights | Argentina operation | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 2,688,386 | $ 1,892,171 | |
Brazilian Beer Brand Therezopolis | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 35,000 | ||
Purchase of intangible assets | $ 70,000 | ||
Percentage of each bottler bought | 50.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||||
Opening balance | $ 604,514,165 | $ 675,075,375 | |||
Additions | $ 12,772,153 | $ 2,669,786 | |||
Amortization | (2,790,467) | (3,662,490) | |||
Other increases (decreases) | (45,135,692) | 69,568,506 | |||
Ending balance | 659,631,543 | 604,514,165 | 675,075,375 | ||
Distribution rights | |||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||||
Opening balance | 596,365,737 | 666,755,196 | |||
Additions | 5,773,560 | $ 94,661 | |||
Amortization | (152,644) | (1,573,878) | |||
Other increases (decreases) | 68,910,242 | ||||
Ending balance | 646,514,329 | 596,365,737 | 666,755,196 | ||
Other | |||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||||
Opening balance | 975 | 456,763 | |||
Other increases (decreases) | (51,277) | 455,788 | |||
Ending balance | 52,252 | 975 | 456,763 | ||
Computer Software | |||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||||
Opening balance | 8,147,453 | 7,863,416 | |||
Additions | 6,998,593 | $ 2,575,125 | |||
Amortization | (2,637,823) | (2,088,612) | |||
Other increases (decreases) | (556,739) | 202,476 | |||
Ending balance | $ 13,064,962 | $ 8,147,453 | $ 7,863,416 |
GOODWILL - Goodwill by business
GOODWILL - Goodwill by business segment and country (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill by business segment and country | |||
Goodwill at beginning of period | $ 98,325,593 | $ 121,221,661 | $ 117,229,173 |
Foreign currency translation differences where functional currency is different from presentation currency | 19,717,307 | (22,896,068) | 3,992,488 |
Goodwill at end of period | 118,042,900 | 98,325,593 | 121,221,661 |
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 | 56,001,413 | 75,674,072 | 73,080,100 |
Foreign currency translation differences where functional currency is different from presentation currency | 5,850,036 | (19,672,659) | 2,593,972 |
Goodwill at end of period | 61,851,449 | 56,001,413 | 75,674,072 |
Argentina operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 27,343,642 | 29,750,238 | 28,318,129 |
Foreign currency translation differences where functional currency is different from presentation currency | 12,632,750 | (2,406,596) | 1,432,109 |
Goodwill at end of period | 39,976,392 | 27,343,642 | 29,750,238 |
Paraguay operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 6,477,515 | 7,294,328 | 7,327,921 |
Foreign currency translation differences where functional currency is different from presentation currency | 1,234,521 | (816,813) | (33,593) |
Goodwill at end of period | $ 7,712,036 | $ 6,477,515 | $ 7,294,328 |
OTHER CURRENT AND NON-CURRENT_9
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Liabilities (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Other current financial liabilities | $ 47,763,039 | $ 38,566,724 | |
Non-current | |||
Other non-current financial liabilities | 1,041,048,972 | 989,829,569 | |
Bank loans | |||
Current | |||
Other current financial liabilities | [1] | 26,617 | 799,072 |
Non-current | |||
Other non-current financial liabilities | [1] | 4,000,000 | 4,000,000 |
Bonds payable, net | |||
Current | |||
Other current financial liabilities | [1],[2] | 25,383,339 | 18,705,015 |
Non-current | |||
Other non-current financial liabilities | [1],[2] | 1,020,661,942 | 918,921,342 |
Deposits in guarantee | |||
Current | |||
Other current financial liabilities | [1] | 13,402,885 | 12,126,831 |
Derivative contract liabilities | |||
Current | |||
Other current financial liabilities | [3] | 758,663 | 1,217,322 |
Non-current | |||
Other non-current financial liabilities | [1] | 51,568,854 | |
Leasing agreements | |||
Current | |||
Other current financial liabilities | [1] | 8,191,535 | 5,718,484 |
Non-current | |||
Other non-current financial liabilities | [1] | $ 16,387,030 | $ 15,339,373 |
[1] | 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. | ||
[2] | Amounts net of issuance expenses and discounts related to issuance. | ||
[3] | 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. |
OTHER CURRENT AND NON-CURREN_10
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Fair value (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | ||||
Other current financial assets | $ 195,470,749 | $ 140,304,853 | ||
Other current financial liabilities | 47,763,039 | 38,566,724 | ||
Non-current | ||||
Other financial assets | 296,632,012 | 162,013,278 | ||
Other non-current financial liabilities | 1,041,048,972 | 989,829,569 | ||
Bank loans | ||||
Current | ||||
Other current financial liabilities | [1] | 26,617 | 799,072 | |
Current financial liabilities at fair value | [1] | 111,992 | 896,307 | |
Non-current | ||||
Other non-current financial liabilities | [1] | 4,000,000 | 4,000,000 | |
Noncurrent financial liabilities at fair value | [1] | 4,056,753 | 4,056,753 | |
Bonds payable, net | ||||
Current | ||||
Other current financial liabilities | [1],[2] | 25,383,339 | 18,705,015 | |
Current financial liabilities at fair value | [1] | 26,774,799 | 22,471,852 | |
Non-current | ||||
Other non-current financial liabilities | [1],[2] | 1,020,661,942 | 918,921,342 | |
Noncurrent financial liabilities at fair value | [1] | 1,041,841,338 | 1,088,617,557 | |
Deposits in guarantee | ||||
Current | ||||
Other current financial liabilities | [1] | 13,402,885 | 12,126,831 | |
Current financial liabilities at fair value | [1] | 13,402,885 | 12,126,831 | |
Non-current accounts payable | ||||
Non-current | ||||
Other non-current financial liabilities | [1] | 256,273 | 295,279 | |
Noncurrent financial liabilities at fair value | [1] | 256,273 | 295,279 | |
Derivative contract liabilities | ||||
Current | ||||
Other current financial liabilities | [3] | 758,663 | 1,217,322 | |
Current financial liabilities at fair value | [3] | 758,663 | $ 1,217,322 | |
Non-current | ||||
Other non-current financial liabilities | [1] | 51,568,854 | ||
Noncurrent financial liabilities at fair value | [1] | 51,568,854 | ||
Leasing agreements | ||||
Current | ||||
Other current financial liabilities | [1] | 8,191,535 | 5,718,484 | |
Current financial liabilities at fair value | [1] | 8,191,535 | 5,718,484 | |
Non-current | ||||
Other non-current financial liabilities | [1] | 16,387,030 | 15,339,373 | |
Noncurrent financial liabilities at fair value | [1] | 16,387,030 | 15,339,373 | |
Accounts payable | ||||
Current | ||||
Other current financial liabilities | [1] | 327,710,552 | 230,438,133 | |
Current financial liabilities at fair value | [1] | 327,710,552 | 230,438,133 | |
Accounts payable related companies | ||||
Current | ||||
Other current financial liabilities | [1] | 56,103,461 | 39,541,968 | |
Current financial liabilities at fair value | [1] | 56,103,461 | 39,541,968 | |
Cash and cash equivalents | ||||
Current | ||||
Other current financial assets | [1] | 304,312,020 | 309,530,699 | |
Current financial assets at fair value | [1] | 304,312,020 | 309,530,699 | |
Financial Assets Other Current | ||||
Current | ||||
Other current financial assets | [3] | 961,705 | ||
Current financial assets at fair value | [3] | 961,705 | ||
Other non current financial assets | ||||
Non-current | ||||
Other financial assets | [3] | 281,337,127 | 150,983,295 | |
Noncurrent financial assets at fair value | [3] | 281,337,127 | 150,983,295 | |
Non-current accounts receivable | ||||
Non-current | ||||
Other financial assets | [1] | 126,464 | 73,862 | |
Noncurrent financial assets at fair value | [1] | 126,464 | 73,862 | |
Trade debtors and other accounts receivable | ||||
Current | ||||
Other current financial assets | [1] | 265,490,626 | 194,021,253 | |
Current financial assets at fair value | [1] | 265,490,626 | 194,021,253 | |
Accounts receivable related companies | ||||
Current | ||||
Other current financial assets | [1] | 9,419,050 | 11,875,408 | |
Current financial assets at fair value | [1] | 9,419,050 | 11,875,408 | |
Non-current | ||||
Other financial assets | [1] | 98,940 | 138,346 | |
Noncurrent financial assets at fair value | [1] | $ 98,940 | $ 138,346 | |
[1] | 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. | |||
[2] | Amounts net of issuance expenses and discounts related to issuance. | |||
[3] | 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. |
OTHER CURRENT AND NON-CURREN_11
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bank obligations current (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 47,763,039 | $ 38,566,724 | |
Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | [1] | $ 26,617 | 799,072 |
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 | 760,667 | ||
Nominal interest rate | 2.13% | ||
Envases Central S.A. | Banco BCI 2.00% Effective Rate Semiannual Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 26,617 | $ 33,111 | |
Nominal interest rate | 2.00% | ||
Effective interest rate percentage | 2.00% | 2.00% | |
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 | $ 5,294 | ||
Nominal interest rate | 22.00% | ||
Up to 90 days | Envases Central S.A. | Banco BCI 2.00% Effective Rate Semiannual Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 26,617 | ||
[1] | 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. |
OTHER CURRENT AND NON-CURREN_12
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bank obligations non-current (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 1,041,048,972 | $ 989,829,569 | |
Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | [1] | 4,000,000 | 4,000,000 |
Envases Central S.A. | Bank loans | Banco BCI 2.00% Effective Rate Semiannual Amortization obligation | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 4,000,000 | $ 4,000,000 | |
Nominal interest rate | 2.00% | ||
Effective interest rate percentage | 2.00% | 2.00% | |
Envases Central S.A. | Bank loans | Banco BCI 2.13% Effective Rate Semiannual Amortization obligation | |||
Disclosure of detailed information about borrowings | |||
Nominal interest rate | 2.13% | ||
Envases Central S.A. | Bank loans | More than 3 years up to 4 years | Banco BCI 2.00% Effective Rate Semiannual Amortization obligation | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 4,000,000 | $ 4,000,000 | |
[1] | 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. |
OTHER CURRENT AND NON-CURREN_13
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bonds Payable (Details) $ in Thousands, $ in Millions | Jan. 21, 2020USD ($) | Dec. 31, 2021CLP ($) | Dec. 31, 2020CLP ($) | |
Composition of bonds payable | ||||
Other current financial liabilities | $ 47,763,039 | $ 38,566,724 | ||
Other non-current financial liabilities | $ 1,041,048,972 | 989,829,569 | ||
CMF Registration N912 10.10.2018 Series F | ||||
Bonds payable | ||||
Annual interest rate | 2.83% | |||
Composition of bonds payable | ||||
Bonds (face value) | $ 5,700,000 | |||
Bonds payable (current) | ||||
Composition of bonds payable | ||||
Bonds (face value) | [1] | 26,103,215 | 19,347,033 | |
Bonds payable (non-current ) | ||||
Composition of bonds payable | ||||
Bonds (face value) | [1] | 1,027,864,462 | 925,968,913 | |
Bonds payable, net | ||||
Composition of bonds payable | ||||
Bonds (face value) | [1] | 1,053,967,677 | 945,315,946 | |
Other current financial liabilities | [2],[3] | 25,383,339 | 18,705,015 | |
Other non-current financial liabilities | [2],[3] | $ 1,020,661,942 | $ 918,921,342 | |
Issuance of corporate bonds on international markets | Corporate bonds | ||||
Bonds payable | ||||
Bonds issued | $ 300 | |||
Term of bonds | 30 years | |||
Annual interest rate | 3.95% | |||
[1] | Gross amounts do not consider discounts related to issuance. | |||
[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. | |||
[3] | Amounts net of issuance expenses and discounts related to issuance. |
OTHER CURRENT AND NON-CURREN_14
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Current and non-current balances (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Current and non-current balances | |||
Current bonds issued and current portion of non-current bonds issued | $ 26,103,215 | $ 19,347,033 | |
Non-current portion of non-current bonds issued | 1,027,864,462 | 925,968,913 | |
CMF Registration N254 06.13.2001 Series B | |||
Current and non-current balances | |||
Notional amount | $ 1,389,336 | ||
Borrowings, interest rate | 6.50% | ||
Current bonds issued and current portion of non-current bonds issued | $ 8,769,787 | 7,776,693 | |
Non-current portion of non-current bonds issued | 34,515,188 | 40,388,468 | |
CMF Registration N641 08.23.2010 Series C | |||
Current and non-current balances | |||
Notional amount | $ 1,363,636 | ||
Borrowings, interest rate | 4.00% | ||
Current bonds issued and current portion of non-current bonds issued | $ 4,853,856 | 647,672 | |
Non-current portion of non-current bonds issued | 38,035,317 | 43,605,495 | |
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 | $ 1,737,109 | 1,629,677 | |
Non-current portion of non-current bonds issued | 123,966,960 | 116,281,320 | |
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 | $ 1,151,467 | 1,083,063 | |
Non-current portion of non-current bonds issued | 92,975,229 | 87,210,999 | |
CMF Registration N912 10.10.2018 Series F | |||
Current and non-current balances | |||
Notional amount | $ 5,700,000 | ||
Borrowings, interest rate | 2.83% | ||
Current bonds issued and current portion of non-current bonds issued | $ 1,316,202 | 1,234,601 | |
Non-current portion of non-current bonds issued | 176,652,918 | 165,700,881 | |
Bonds USA 2023 | |||
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 | $ 3,853,898 | 3,243,709 | |
Non-current portion of non-current bonds issued | 308,311,850 | 259,496,750 | |
Bonds USA 2050 | |||
Current and non-current balances | |||
Notional amount | $ 300,000,000 | ||
Borrowings, interest rate | 3.95% | ||
Current bonds issued and current portion of non-current bonds issued | $ 4,420,896 | 3,731,618 | |
Non-current portion of non-current bonds issued | 253,407,000 | 213,285,000 | |
Bonds payable (current) | |||
Current and non-current balances | |||
Notional amount | [1] | 26,103,215 | 19,347,033 |
Current interest payable | $ 13,333,338 | $ 11,841,892 | |
[1] | Gross amounts do not consider discounts related to issuance. |
OTHER CURRENT AND NON-CURREN_15
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Non-current maturities (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 1,027,864,462 | $ 925,968,913 |
CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 34,515,188 | 40,388,468 |
CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 38,035,317 | 43,605,495 |
CMF Registration N760 08.20.2013 Series D | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 123,966,960 | 116,281,320 |
CMF Registration N760 04.02.2014 Series E | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 92,975,229 | 87,210,999 |
CMF Registration N912 10.10.2018 Series F | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 176,652,918 | $ 165,700,881 |
Bonds USA | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 308,311,850 | |
USA 2 Bonds | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 253,407,000 | |
More than 1 year up to 2 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 13,324,193 | |
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 | 9,098,047 | |
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 | 4,226,146 | |
More than 2 years up to 3 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 322,227,417 | |
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 | 9,689,420 | |
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 | 4,226,147 | |
More than 2 years up to 3 years | Bonds USA | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 308,311,850 | |
More than 3 years up to 4 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 14,545,378 | |
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 | 10,319,232 | |
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 | 4,226,146 | |
More than 5 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 677,767,474 | |
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 | 5,408,489 | |
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 | 25,356,878 | |
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 | 123,966,960 | |
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 | 92,975,229 | |
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 | 176,652,918 | |
More than 5 years | USA 2 Bonds | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 253,407,000 |
OTHER CURRENT AND NON-CURREN_16
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bond restrictions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2020 | Dec. 31, 2021CLP ($)item | Dec. 31, 2020CLP ($) | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) | |
Disclosure of detailed information about borrowings | |||||
Total Equity | $ 1,101,413,559 | $ 831,560,591 | $ 968,903,948 | $ 863,714,743 | |
Net financial debt | 307,692,116 | ||||
Unencumbered assets | 2,638,120,437 | ||||
Total unsecured liabilities | 1,562,394,258 | ||||
EBITDA LTM | 382,001,096 | ||||
Net financial expenses LTM | 48,510,695 | ||||
Consolidated Ebitda between January 1 and December 31, 2016 | $ 382,001,096 | ||||
CMF Registration N254 06.13.2001 Series B | |||||
Disclosure of detailed information about borrowings | |||||
Indebtedness level | 0.28 | ||||
Percentage threshold adjusted consolidated operating cash flow | 40.00% | ||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.69 | ||||
CMF Registration N254 06.13.2001 Series B | Maximum | |||||
Disclosure of detailed information about borrowings | |||||
Indebtedness level | 1.20 | 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 | 1.69 | ||||
Net financial debt ratio | 0.28 | ||||
Net Financial Coverage | 7.87 | ||||
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 N912 10.10.2018 Series F | |||||
Disclosure of detailed information about borrowings | |||||
Indebtedness level | 0.28 | ||||
Percentage threshold adjusted consolidated operating cash flow | 40.00% | ||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.69 | ||||
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 | ||||
CMF Registration N760 08202013 Series D and CMF Registration N760 04022014 Series E | |||||
Disclosure of detailed information about borrowings | |||||
Indebtedness level | 0.28 | ||||
Percentage threshold adjusted consolidated operating cash flow | 40.00% | ||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.69 | ||||
CMF Registration N760 08202013 Series D and CMF Registration N760 04022014 Series E | Maximum | |||||
Disclosure of detailed information about borrowings | |||||
Indebtedness level | 1.20 | ||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 |
OTHER CURRENT AND NON-CURREN_17
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Leasing (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 47,763,039 | $ 38,566,724 | |
Other non-current financial liabilities | 1,041,048,972 | 989,829,569 | |
Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | [1] | 26,617 | 799,072 |
Other non-current financial liabilities | [1] | 4,000,000 | 4,000,000 |
Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | [1] | 8,191,535 | 5,718,484 |
Other non-current financial liabilities | [1] | 16,387,030 | 15,339,373 |
Rio De Janeiro Refrescos Ltda | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 873,321 | 698,526 | |
Other non-current financial liabilities | $ 8,703,629 | $ 8,655,942 | |
Nominal interest rate | 12.28% | 12.28% | |
Rio De Janeiro Refrescos Ltda | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 180,136 | $ 208,738 | |
Other non-current financial liabilities | $ 547,021 | $ 95,856 | |
Nominal interest rate | 7.39% | 7.39% | |
Rio De Janeiro Refrescos Ltda | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 267,752 | $ 183,694 | |
Other non-current financial liabilities | $ 143,991 | ||
Nominal interest rate | 8.10% | ||
Rio De Janeiro Refrescos Ltda | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 289,409 | 269,310 | |
Other non-current financial liabilities | $ 852,238 | ||
Nominal interest rate | 3.50% | ||
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 | $ 129,433 | ||
Nominal interest rate | 8.20% | ||
Rio De Janeiro Refrescos Ltda | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 1,031,856 | ||
Nominal interest rate | 6.56% | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 208,428 | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 46,545 | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 86,365 | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 72,497 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 664,893 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 133,591 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 181,387 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 216,912 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 789,334 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 95,856 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Real Estate 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 72,906 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 261,577 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 986,852 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 64,906 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 115,321 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 276,248 | ||
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,115,143 | 891,946 | |
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 69,872 | ||
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 28,670 | ||
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 269,864 | ||
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 | 32,980 | ||
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 | 249,681 | ||
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,260,112 | 1,007,901 | |
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 75,217 | ||
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 249,693 | ||
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Real Estate 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 23,547 | ||
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 | 243,911 | ||
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,423,926 | 1,138,928 | |
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 80,971 | ||
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 29,102 | ||
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 | 225,680 | ||
Rio De Janeiro Refrescos Ltda | More than 5 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 3,917,596 | 4,827,833 | |
Rio De Janeiro Refrescos Ltda | More than 5 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 256,055 | ||
Rio De Janeiro Refrescos Ltda | More than 5 years | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 27,331 | ||
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 | 51,007 | ||
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 | 148,347 | 83,469 | |
Other non-current financial liabilities | $ 531,575 | $ 572,582 | |
Nominal interest rate | 12.00% | 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 | $ 24,779 | $ 124,927 | |
Other non-current financial liabilities | $ 86,276 | $ 20,867 | |
Nominal interest rate | 12.00% | 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 | $ 486,793 | $ 213,905 | |
Other non-current financial liabilities | $ 86,139 | $ 128,930 | |
Nominal interest rate | 50.00% | 50.00% | |
Embotelladora del Atlantico S.A. | Real Estate 50.00 Effective Rate Monthly Amortization Obligation 2 | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 95,931 | ||
Nominal interest rate | 50.00% | ||
Embotelladora del Atlantico S.A. | Systems 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 138,103 | $ 82,227 | |
Nominal interest rate | 12.00% | ||
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 | $ 37,087 | ||
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 | 24,779 | ||
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 | 94,094 | ||
Embotelladora del Atlantico S.A. | Up to 90 days | Systems 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 34,526 | ||
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 | 111,260 | ||
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 | 392,699 | ||
Embotelladora del Atlantico S.A. | 90 days to 1 year | Systems 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 103,577 | ||
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 | 296,693 | 249,854 | |
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 | 86,276 | 20,867 | |
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 | 86,139 | 128,930 | |
Embotelladora del Atlantico S.A. | More than 2 years up to 3 years | Real Estate 50.00 Effective Rate Monthly Amortization Obligation 2 | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 95,931 | ||
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 | 234,882 | 249,854 | |
Embotelladora del Atlantico S.A. | More than 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 | 72,874 | ||
VJ S.A. | De Lage Landen Chile S.A 12.16% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 558,872 | ||
Other non-current financial liabilities | $ 1,343,457 | ||
Nominal interest rate | 12.16% | ||
VJ S.A. | Up to 90 days | De Lage Landen Chile S.A 12.16% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 137,601 | ||
VJ S.A. | 90 days to 1 year | De Lage Landen Chile S.A 12.16% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 421,271 | ||
VJ S.A. | More than 1 year up to 2 years | De Lage Landen Chile S.A 12.16% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,343,457 | ||
Vital Aguas S.A. | Coca Cola del Valle New Ventures S.A 7.50% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 1,107,139 | 1,171,464 | |
Nominal interest rate | 7.50% | ||
Vital Aguas S.A. | Coca Cola del Valle New Ventures S.A 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 1,107,140 | ||
Nominal interest rate | 8.20% | ||
Vital Aguas S.A. | Up to 90 days | Coca Cola del Valle New Ventures S.A 7.50% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 298,788 | ||
Vital Aguas S.A. | 90 days to 1 year | Coca Cola del Valle New Ventures S.A 7.50% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 808,351 | ||
Vital Aguas S.A. | Maturity within one year | Coca Cola del Valle New Ventures S.A 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 1,107,140 | ||
Envases Central S.A. | Coca Cola del Valle New Ventures S.A 5.56% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 2,364,977 | 2,290,464 | |
Other non-current financial liabilities | $ 602,887 | ||
Nominal interest rate | 5.56% | ||
Envases Central S.A. | Coca Cola del Valle New Ventures S.A 9.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 2,967,864 | ||
Nominal interest rate | 9.00% | ||
Envases Central S.A. | Up to 90 days | Coca Cola del Valle New Ventures S.A 5.56% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 584,259 | ||
Envases Central S.A. | 90 days to 1 year | Coca Cola del Valle New Ventures S.A 5.56% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 1,780,718 | ||
Envases Central S.A. | Maturity within one year | Coca Cola del Valle New Ventures S.A 9.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 2,967,864 | ||
Envases Central S.A. | More than 1 year up to 2 years | Coca Cola del Valle New Ventures S.A 5.56% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 602,887 | ||
Paraguay Refrescos S.A. | Tetra Pak Ltda. Suc. Py 1.00% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 185,345 | 215,632 | |
Other non-current financial liabilities | $ 163,635 | ||
Nominal interest rate | 1.00% | 1.00% | |
Paraguay Refrescos S.A. | Up to 90 days | Tetra Pak Ltda. Suc. Py 1.00% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 66,479 | ||
Paraguay Refrescos S.A. | 90 days to 1 year | Tetra Pak Ltda. Suc. Py 1.00% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 118,866 | ||
Paraguay Refrescos S.A. | More than 2 years up to 3 years | Tetra Pak Ltda. Suc. Py 1.00% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 163,635 | ||
Transportes Polar S.A. | Cons. Inmob. e Inversiones Limitada 2.89% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 101,950 | 92,778 | |
Other non-current financial liabilities | $ 277,405 | $ 355,340 | |
Nominal interest rate | 2.89% | 2.89% | |
Transportes Polar S.A. | Up to 90 days | Cons. Inmob. e Inversiones Limitada 2.89% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 25,212 | ||
Transportes Polar S.A. | 90 days to 1 year | Cons. Inmob. e Inversiones Limitada 2.89% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 76,738 | ||
Transportes Polar S.A. | More than 2 years up to 3 years | Cons. Inmob. e Inversiones Limitada 2.89% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 212,945 | $ 193,789 | |
Transportes Polar S.A. | More than 4 years up to 5 years | Cons. Inmob. e Inversiones Limitada 2.89% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 64,460 | 161,551 | |
Embotelladora Andina S.A. | Central de Restaurante Aramark Ltda. 1.30% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 13,997 | 83,350 | |
Other non-current financial liabilities | $ 13,997 | ||
Nominal interest rate | 1.30% | 1.30% | |
Embotelladora Andina S.A. | Up to 90 days | Central de Restaurante Aramark Ltda. 1.30% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 13,997 | ||
Embotelladora Andina S.A. | More than 2 years up to 3 years | Central de Restaurante Aramark Ltda. 1.30% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 13,997 | ||
Transportes Andina Refrescos Ltda. | Arrendamiento De Maquinaria SPAS 1.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 274,063 | ||
Other non-current financial liabilities | $ 585,960 | ||
Nominal interest rate | 1.00% | ||
Transportes Andina Refrescos Ltda. | Comercializadora Novaverde Limitada 0.08% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 376,446 | ||
Other non-current financial liabilities | $ 156,942 | ||
Nominal interest rate | 0.08% | ||
Transportes Andina Refrescos Ltda. | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 800,106 | ||
Other non-current financial liabilities | $ 2,469,510 | ||
Nominal interest rate | 0.24% | ||
Transportes Andina Refrescos Ltda. | Up to 90 days | Arrendamiento De Maquinaria SPAS 1.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 68,732 | ||
Transportes Andina Refrescos Ltda. | Up to 90 days | Comercializadora Novaverde Limitada 0.08% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 94,083 | ||
Transportes Andina Refrescos Ltda. | Up to 90 days | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 197,874 | ||
Transportes Andina Refrescos Ltda. | 90 days to 1 year | Arrendamiento De Maquinaria SPAS 1.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 205,331 | ||
Transportes Andina Refrescos Ltda. | 90 days to 1 year | Comercializadora Novaverde Limitada 0.08% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 282,363 | ||
Transportes Andina Refrescos Ltda. | 90 days to 1 year | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 602,232 | ||
Transportes Andina Refrescos Ltda. | More than 2 years up to 3 years | Arrendamiento De Maquinaria SPAS 1.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 541,264 | ||
Transportes Andina Refrescos Ltda. | More than 2 years up to 3 years | Comercializadora Novaverde Limitada 0.08% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 156,942 | ||
Transportes Andina Refrescos Ltda. | More than 2 years up to 3 years | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,670,939 | ||
Transportes Andina Refrescos Ltda. | More than 4 years up to 5 years | Arrendamiento De Maquinaria SPAS 1.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 44,696 | ||
Transportes Andina Refrescos Ltda. | More than 4 years up to 5 years | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 798,571 | ||
Minimum | |||
Disclosure of detailed information about borrowings | |||
Average life | 1 year | ||
Maximum | |||
Disclosure of detailed information about borrowings | |||
Average life | 8 years | ||
[1] | 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. |
TRADE AND OTHER ACCOUNTS PAYA_3
TRADE AND OTHER ACCOUNTS PAYABLE (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
TRADE AND OTHER ACCOUNTS PAYABLE | ||
Current | $ 327,409,207 | $ 230,445,809 |
Non-current | 256,273 | 295,279 |
Trade accounts payable | 248,163,428 | 163,361,078 |
Withholdings tax | 54,812,365 | 48,566,443 |
Others | 24,689,687 | 18,813,567 |
Total | $ 327,665,480 | $ 230,741,088 |
OTHER PROVISIONS, CURRENT AND_3
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other provisions, Current and Non current | |||
Other provisions, current | $ 1,528,879 | $ 1,335,337 | |
Other provisions | 55,883,527 | 48,734,936 | |
Total | 57,412,406 | 50,070,273 | $ 69,107,550 |
Litigation | |||
Other provisions, Current and Non current | |||
Total | $ 57,412,406 | $ 50,070,273 |
OTHER PROVISIONS, CURRENT AND_4
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Details of Contingencies provisions (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other provisions, Current and Non current | |||
Balances | $ 57,412,406 | $ 50,070,273 | $ 69,107,550 |
Litigation | |||
Other provisions, Current and Non current | |||
Balances | 57,412,406 | 50,070,273 | |
Tax contingencies | |||
Other provisions, Current and Non current | |||
Balances | 28,673,105 | 25,543,101 | |
Labor contingencies | |||
Other provisions, Current and Non current | |||
Balances | 9,502,630 | 8,688,551 | |
Civil contingencies | |||
Other provisions, Current and Non current | |||
Balances | $ 19,236,671 | $ 15,838,621 |
OTHER PROVISIONS, CURRENT AND_5
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movements | ||
Balance at the beginning of the year | $ 50,070,273 | $ 69,107,550 |
Additional provisions | 948,632 | 172,801 |
Increase (decrease) in existing provisions | 5,903,714 | 4,624,789 |
Used provision (payments made charged to the provision) | (3,717,687) | (5,799,209) |
Reversal of unused provision | 788,215 | |
Increase (decrease) due to foreign exchange rate differences | 4,995,689 | (18,035,658) |
Balance at the end of the year | $ 57,412,406 | $ 50,070,273 |
OTHER NON-FINANCIAL LIABILITI_3
OTHER NON-FINANCIAL LIABILITIES (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER NON-FINANCIAL LIABILITIES | ||
Dividends payable, Current | $ 29,020,899 | $ 25,999,055 |
Others, Current | 2,216,935 | 2,267,675 |
Total, Current | 31,237,834 | 28,266,730 |
Others, Non-Current | 23,784,817 | 21,472,048 |
Total, Non-Current | $ 23,784,817 | $ 21,472,048 |
EQUITY - Series of shares (Deta
EQUITY - Series of shares (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021CLP ($)directorshares | Dec. 31, 2020CLP ($)shares | |
EQUITY | ||
Paid-in and subscribed capital | $ | $ 270,737,574 | $ 270,737,574 |
Number of directors | director | 14 | |
Series A | ||
EQUITY | ||
Number of shares subscribed, paid-in and voting shares | shares | 473,289,301 | 473,289,301 |
Paid-in and subscribed capital | $ | $ 135,379,504 | $ 135,379,504 |
Number of directors elected | director | 12 | |
Series B Share | ||
EQUITY | ||
Number of shares subscribed, paid-in and voting shares | shares | 473,281,303 | 473,281,303 |
Paid-in and subscribed 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 | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||||||||
Jan. 28, 2022 | Oct. 29, 2021 | May 28, 2021 | Jan. 29, 2021 | Nov. 24, 2020 | Jan. 23, 2020 | Oct. 24, 2019 | May 30, 2019 | May 29, 2020 | Aug. 27, 2021 | Aug. 29, 2019 | Aug. 28, 2020 | |
Series A | ||||||||||||
EQUITY | ||||||||||||
Interim dividend per share | $ 29 | $ 26 | $ 26 | $ 26.60 | $ 22.60 | $ 21.50 | ||||||
Final dividend per share | $ 21.50 | $ 26 | $ 26 | |||||||||
Additional dividend paid per share | $ 29 | $ 21.50 | $ 26.60 | |||||||||
Series B Share | ||||||||||||
EQUITY | ||||||||||||
Interim dividend per share | $ 31.90 | $ 28.60 | $ 28.60 | $ 28.60 | $ 24.86 | $ 23.65 | ||||||
Final dividend per share | $ 23.65 | $ 28.60 | $ 28.60 | |||||||||
Additional dividend paid per share | $ 31.90 | $ 23.65 | $ 28.60 |
EQUITY - Reserves (Details)
EQUITY - Reserves (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2009 |
EQUITY | ||||
Polar acquisition | $ 421,701,520 | $ 421,701,520 | $ 421,701,520 | |
Foreign currency translation reserves | (441,580,088) | (517,496,486) | (339,076,340) | |
Cash flow hedge reserve | 50,603,698 | (24,719,533) | (14,850,683) | |
Reserve for employee benefit actuarial gains or losses | (4,885,926) | (4,663,193) | (2,230,752) | |
Legal and statutory reserves | 5,435,538 | 5,435,538 | 5,435,538 | $ 5,435,538 |
Other | 6,014,568 | 6,014,568 | 6,014,568 | |
Total | $ 37,289,310 | $ (113,727,586) | $ 76,993,851 |
EQUITY - Foreign currency trans
EQUITY - Foreign currency translation reserves (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EQUITY | |||
Reserve of exchange differences on translation | $ (441,580,088) | $ (517,496,486) | $ (339,076,340) |
Movement in foreign currency translation reserve | 75,916,398 | (178,420,146) | (32,401,812) |
Brazil | |||
EQUITY | |||
Reserve of exchange differences on translation | (167,447,389) | (203,657,392) | (98,794,118) |
Movement in foreign currency translation reserve | 36,210,003 | (104,863,274) | 15,386,079 |
Argentina | |||
EQUITY | |||
Reserve of exchange differences on translation | (294,696,228) | (291,332,402) | (246,415,922) |
Movement in foreign currency translation reserve | (3,363,826) | (44,916,480) | (45,297,742) |
Paraguay | |||
EQUITY | |||
Reserve of exchange differences on translation | 20,563,529 | (22,506,692) | 6,133,700 |
Movement in foreign currency translation reserve | $ 43,070,221 | $ (28,640,392) | $ (2,490,149) |
EQUITY - Consolidated statement
EQUITY - Consolidated statements of comprehensive income (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow for hedge | |||
Gross Balance | $ 104,232,055 | $ (12,203,755) | $ (1,865,233) |
Tax | (28,944,992) | 2,334,037 | 683,482 |
Net Balance | 75,287,063 | (9,869,718) | (1,181,751) |
Exchange rate translation differences | |||
Gross Balance | 98,973,862 | (264,119,093) | (41,844,584) |
Tax | (22,103,267) | 84,571,922 | 9,295,546 |
Net Balance | 76,870,595 | (179,547,171) | (32,549,038) |
Benefit relate to defined benefit plans | |||
Gross Balance | (357,840) | (3,146,362) | (379,007) |
Tax | 96,617 | 849,518 | 102,332 |
Net Balance | (261,223) | (2,296,844) | (276,675) |
Total Comprehensive income | |||
Gross Balance | 202,848,077 | (279,469,210) | (44,088,824) |
Tax | (50,951,642) | 87,755,477 | 10,081,360 |
Other comprehensive income, total | $ 151,896,435 | $ (191,713,733) | $ (34,007,464) |
EQUITY - Movement of comprehens
EQUITY - Movement of comprehensive income and expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement of comprehensive income and loss | |||
Other comprehensive income, total | $ 151,896,435 | $ (191,713,733) | $ (34,007,464) |
Cash Flow hedge reserve | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | 102,529,128 | (11,029,171) | (1,724,004) |
Deferred taxes | (28,469,748) | 2,029,363 | 340,835 |
Reclassification to the result by function | 1,227,683 | (869,910) | 118,779 |
Reclassification of deferred taxes related to other reserves | 82,639 | ||
Other comprehensive income, total | 75,287,063 | (9,869,718) | (1,181,751) |
Majority Equity holders | 75,323,231 | (9,686,850) | (1,181,751) |
Non-Controlling interests | (36,168) | (868) | |
Reserves for exchange rate differences | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | 98,973,862 | (264,119,093) | (41,844,584) |
Deferred taxes | (22,103,267) | 84,571,923 | 9,295,546 |
Other comprehensive income, total | 76,870,595 | (179,547,170) | (32,549,038) |
Majority Equity holders | 75,916,398 | (178,420,146) | (32,401,812) |
Non-Controlling interests | 954,197 | (1,127,024) | (147,226) |
Benefit related to defines benefit plans | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | 3,026,996 | (3,338,354) | 53,511 |
Deferred taxes | (817,289) | 901,356 | (14,448) |
Reclassification to the result by function | (2,470,930) | 140,153 | (432,518) |
Reclassification of deferred taxes related to other reserves | 116,780 | ||
Other comprehensive income, total | (261,223) | (2,296,845) | (276,675) |
Majority Equity holders | (222,733) | (2,432,441) | $ (276,675) |
Non-Controlling interests | $ (38,490) | $ 135,596 |
EQUITY - Non-controlling intere
EQUITY - Non-controlling interests (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-controlling interests | |||
Non controlling interest percentage | 40.00% | ||
Shareholders equity attributable to non controlling interests | $ 25,269,755 | $ 20,379,477 | $ 20,254,258 |
Income attributable to non controlling interests | 2,333,518 | 1,117,515 | 1,524,297 |
Total current assets | 990,986,123 | 797,297,716 | 533,474,103 |
Total non-current assets | 1,955,120,524 | 1,650,766,684 | 1,857,474,320 |
Total current liabilities | 529,567,279 | 378,056,186 | 411,658,352 |
Total non-current liabilities | 1,315,125,809 | 1,238,447,623 | 1,010,386,123 |
Net sales | 2,216,732,593 | 1,698,281,237 | 1,779,025,115 |
Net Income | $ 157,031,668 | $ 123,117,320 | $ 175,246,225 |
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 | $ 33,794 | $ 23,662 | $ 26,342 |
Income attributable to non controlling interests | 3,463 | 2,312 | 4,183 |
Total current assets | 107,589,399 | 65,077,621 | 73,309,861 |
Total non-current assets | 209,051,488 | 140,891,069 | 160,885,628 |
Total current liabilities | 98,942,717 | 56,982,545 | 66,987,371 |
Total non-current liabilities | 19,520,634 | 10,226,241 | 12,732,620 |
Net sales | 517,466,510 | 309,936,060 | 384,856,368 |
Net Income | $ 20,307,709 | $ 13,386,097 | $ 24,531,815 |
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 | $ 3,761 | $ 2,349 | $ 2,290 |
Income attributable to non controlling interests | 326 | 244 | 409 |
Total current assets | 13,197,912 | 6,212,726 | 4,350,074 |
Total non-current assets | 11,865,984 | 8,247,288 | 9,433,294 |
Total current liabilities | 6,210,788 | 2,733,092 | 2,212,255 |
Total non-current liabilities | 868,253 | 491,364 | 618,031 |
Net sales | 30,750,914 | 15,148,572 | 18,509,124 |
Net Income | $ 1,558,476 | $ 1,168,507 | $ 1,954,024 |
Paraguay Refrescos S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 2.1697% | 2.1697% | 2.1697% |
Shareholders equity attributable to non controlling interests | $ 6,331,726 | $ 5,037,332 | $ 5,368,470 |
Income attributable to non controlling interests | 885,010 | 791,576 | 622,188 |
Total current assets | 64,121,536 | 44,658,550 | 41,266,559 |
Total non-current assets | 279,148,198 | 226,241,150 | 248,309,451 |
Total current liabilities | 34,207,817 | 24,337,015 | 25,990,081 |
Total non-current liabilities | 17,242,154 | 14,399,594 | 16,161,177 |
Net sales | 169,216,180 | 157,152,584 | 158,892,010 |
Net Income | $ 40,788,801 | $ 36,482,572 | $ 28,675,727 |
Vital S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 35.00% | 35.00% | 35.00% |
Shareholders equity attributable to non controlling interests | $ 8,056,551 | $ 8,176,999 | $ 7,904,741 |
Income attributable to non controlling interests | 499,923 | 285,269 | 263,442 |
Vital Jugos S.A. | |||
Non-controlling interests | |||
Total current assets | 25,441,586 | 21,175,722 | 18,534,272 |
Total non-current assets | 16,832,859 | 14,306,662 | 15,475,979 |
Total current liabilities | 17,498,997 | 11,812,384 | 11,150,695 |
Total non-current liabilities | 1,756,730 | 307,146 | 274,583 |
Net sales | 64,513,412 | 42,955,659 | 46,818,385 |
Net Income | $ 1,428,350 | $ 815,053 | $ 752,692 |
Vital Aguas S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 33.50% | 33.50% | 33.50% |
Shareholders equity attributable to non controlling interests | $ 2,041,837 | $ 1,912,023 | $ 1,803,884 |
Income attributable to non controlling interests | 130,522 | 109,110 | 105,870 |
Total current assets | 5,575,990 | 3,798,228 | 5,266,575 |
Total non-current assets | 5,789,335 | 7,297,306 | 8,527,624 |
Total current liabilities | 4,934,841 | 3,897,100 | 5,794,282 |
Total non-current liabilities | 335,449 | 1,490,904 | 2,615,188 |
Net sales | 16,005,176 | 12,929,160 | 18,201,656 |
Net Income | $ 389,619 | $ 325,700 | $ 316,031 |
Envases Central S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 40.73% | 40.73% | 40.73% |
Shareholders equity attributable to non controlling interests | $ 5,738,008 | $ 5,227,112 | $ 5,148,531 |
Income attributable to non controlling interests | 750,192 | (70,996) | 528,205 |
Total current assets | 17,976,170 | 15,600,566 | 16,265,862 |
Total non-current assets | 20,945,892 | 18,205,899 | 20,903,184 |
Total current liabilities | 20,091,524 | 13,908,411 | 18,732,369 |
Total non-current liabilities | 4,742,707 | 7,064,568 | 5,796,119 |
Net sales | 77,475,816 | 62,267,424 | 70,633,817 |
Net Income | $ 1,841,867 | $ (174,313) | $ 1,296,840 |
Re-Ciclar S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 40.00% | ||
Shareholders equity attributable to non controlling interests | $ 3,064,078 | ||
Income attributable to non controlling interests | $ 64,082 |
EQUITY - Earnings per share (De
EQUITY - Earnings per share (Details) - CLP ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Series A | |||
Earnings per share | |||
Earnings attributable to shareholders | $ 73,666,409 | $ 58,095,636 | $ 82,725,427 |
Average weighted number of shares | 473,289,301 | 473,289,301 | 473,289,301 |
Earnings per share (in CLP) | $ 155.65 | $ 122.75 | $ 174.79 |
Series B Share | |||
Earnings per share | |||
Earnings attributable to shareholders | $ 81,031,741 | $ 63,904,169 | $ 90,996,501 |
Average weighted number of shares | 473,281,303 | 473,281,303 | 473,281,303 |
Earnings per share (in CLP) | $ 171.21 | $ 135.02 | $ 192.27 |
DERIVATIVE ASSETS AND LIABILI_3
DERIVATIVE ASSETS AND LIABILITIES (Details) $ in Thousands, $ in Millions | Dec. 31, 2021CLP ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020CLP ($) | Dec. 31, 2020USD ($) |
Derivative Instrument US Bond Obligations | Cash flow hedges | UF | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Derivative financial liabilities held for hedging | $ 9,752,973 | $ 10,148,159 | ||
Derivative Instrument US Bond Obligations | Cash flow hedges | CLP | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Derivative financial assets held for hedging | 34,239,224 | 6,229,116 | ||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Derivative financial assets held for hedging | 192,844,908 | 144,684,179 | ||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | Second Contract | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Derivative financial liabilities held for hedging | $ 54,252,995 | $ 51,568,854 | ||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | BRL | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Hedged item, liabilities | $ 360 | |||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | UF | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Hedged item, liabilities | 300 | |||
Derivative Instrument Raw Material Purchases | Forward agreements | Fair value hedges | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Notional amount | $ 70.2 | $ 54 |
DERIVATIVE ASSETS AND LIABILI_4
DERIVATIVE ASSETS AND LIABILITIES - Fair Value (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | 282,298,832 | 150,983,295 |
Financial liabilities, at fair value | 758,663 | 52,786,176 |
Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 282,298,832 | 150,983,295 |
Financial liabilities, at fair value | 758,663 | 52,786,176 |
Financial Liabilities Other Current | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 758,663 | 1,217,322 |
Financial Liabilities Other Current | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 758,663 | 1,217,322 |
Financial Liabilities Other Non Current | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 51,568,854 | |
Financial Liabilities Other Non Current | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 51,568,854 | |
Financial Assets Other Current | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 961,705 | |
Financial Assets Other Current | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 961,705 | |
Financial Assets Other Noncurrent | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 281,337,127 | 150,983,295 |
Financial Assets Other Noncurrent | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | $ 281,337,127 | $ 150,983,295 |
LITIGATION AND CONTINGENCIES -
LITIGATION AND CONTINGENCIES - Lawsuits and other legal actions (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021BRL (R$) | Dec. 31, 2021CLP ($) | Dec. 31, 2021BRL (R$) | Dec. 31, 2020CLP ($) | |
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | R$ | R$ 141639007 | |||
Estimated amount of loss | R$ | 415,170,501 | |||
Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | $ 1,487,509 | $ 1,300,587 | ||
Tax contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Loss contingency damages sought | R$ | R$ 2774605147 | |||
Embotelladora del Atlantico S.A. | Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | 1,917,657 | 778,065 | ||
Time deposits to guaranty judicial liabilities | $ | 276,971 | |||
Rio De Janeiro Refrescos Ltda | Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | 53,965,870 | 47,945,921 | ||
Time deposits to guaranty judicial liabilities | $ | 23,502,962 | 21,054,433 | ||
Warranty insurance and bail letters | R$ | 1,530,835,558 | |||
Warranty insurance and bail letters commission percentage | 0.61% | |||
Rio De Janeiro Refrescos Ltda | Tax contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | R$ | R$ 488331303 | |||
ex-Companhia De Bebidas Ipiranga | Tax contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Loss contingency damages sought | R$ | R$ 708345690 | |||
Paraguay Refrescos S.A. | Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | $ 41,370 | $ 34,747 |
LITIGATION AND CONTINGENCIES _2
LITIGATION AND CONTINGENCIES - Guarantees (Details) $ in Thousands | Dec. 31, 2021CLP ($) | Dec. 31, 2021BRL (R$) | Dec. 31, 2020CLP ($) |
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | R$ | R$ 141639007 | ||
Transportes San Martin | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | $ 2,907 | ||
Administradora Plaza Vespucio S.A. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | $ 86,416 | ||
Cooperativa Agrcola Pisquera Elqui Limitada | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,216,865 | 1,216,865 | |
Mall Plaza | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 290,890 | ||
Serv. Nacional Aduanas | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 18,583 | ||
Metro S.A. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 24,335 | ||
Parque Arauco | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 126,136 | ||
Several Retail one | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 63,792 | ||
Several Retail two | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 628 | ||
Several Retail three | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 69,745 | 15,751 | |
Labor claims | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 6,057,282 | 5,329,947 | |
Civil and tax claims | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 6,562,747 | 5,882,379 | |
Governmental entities | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 10,882,933 | 9,842,108 | |
Distribuidora Baraldo S.H. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 164 | 169 | |
Acuna Gomez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 247 | 253 | |
Nicanor Lopez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 176 | 181 | |
Labarda | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3 | 3 | |
Municipalidad Bariloche | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,230 | ||
Municipalidad San Antonio Oeste | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 18,153 | 18,650 | |
Municipalidad Carlos Casares | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 734 | 754 | |
Municipalidad Chivilcoy | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 113,530 | 116,641 | |
Guarantees Other | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 35 | 36 | |
Granada Maximiliano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,480 | 1,521 | |
Cicsa | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,114 | ||
Several stores | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 13,140 | ||
Aduana De EZEIZA | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 286 | ||
Municipalidad De Junin | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 237 | 243 | |
Almada Jorge | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,009 | 2,064 | |
Migoni Marano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 50 | 51 | |
Farias Matias Luis | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 922 | 947 | |
Temas Industriales SA - Embargo General de Fondos | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 103,110 | ||
DBC SA C CERVECERIA ARGENTINA SA ISEMBECK | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 18,502 | 19,009 | |
Coto Cicsa | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,289 | 3,379 | |
Cencosud | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,056 | 2,112 | |
Mariano Mirgoni | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 105,936 | ||
Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 8,143 | ||
Causa Bariloche | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,902 | ||
Marcus A. Pena | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 5,692 | 4,011 | |
Mauricio J Cordero C | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 987 | 814 | |
Jose Ruoti Maltese | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 712 | 655 | |
Alejandro Galeano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,365 | 1,132 | |
Ana Maria Mazo | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,300 | 1,077 | |
Labor procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,593,498 | 1,527,347 | |
Administrative procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,717,824 | 8,860,598 | |
Federal Government | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 153,491,717 | 147,841,989 | |
State Government | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 64,725,638 | 46,031,398 | |
Sorocaba Refrescos | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,027,291 | 2,736,159 | |
Others Procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,390,177 | 1,715,099 | |
Aduana De Ezeiza One | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,150 | ||
Aduana De Ezeiza Two | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | $ 637,631 | $ 143,615 |
FINANCIAL RISK MANAGEMENT - Int
FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) - 12 months ended Dec. 31, 2021 CLF in Thousands, $ in Millions | USD ($)itemcontract | CLFcontractitem |
Interest Rate Risk | ||
Number of contracts | contract | 6 | 6 |
Number of local bonds | item | 5 | 5 |
Interest rate risk | Fixed interest rate | National | ||
Interest Rate Risk | ||
Financial Liabilities | CLF | CLF 15,450 | |
Interest rate risk | Fixed Rate Bond One [Member] | Fixed interest rate | Foreign | ||
Interest Rate Risk | ||
Principal | $ 365 | |
Percentage of foreign bonds re-denominated to domestic currencies | 100.00% | |
Interest rate risk | Fixed Rate Bond Two [Member] | Fixed interest rate | Foreign | ||
Interest Rate Risk | ||
Principal | $ 300 | |
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, 2021USD ($)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 | 283 |
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, 2021CLP ($)item | Dec. 31, 2021USD ($) | Dec. 31, 2020CLP ($) | Dec. 31, 2019CLP ($) | |
Credit risk | ||||
Trade Receivables | $ 210,218,501 | $ 154,632,116 | ||
Other Provisions | $ 57,412,406 | $ 50,070,273 | $ 69,107,550 | |
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) $ in Thousands | 12 Months Ended | ||||||||||||
Dec. 31, 2021CLP ($) | Dec. 31, 2021CLP ($) | Dec. 31, 2021$ / $ | Dec. 31, 2021$ / R$ | Dec. 31, 2021$ / $ | Dec. 31, 2021$ / CLF | Dec. 31, 2020CLP ($) | Dec. 31, 2020$ / $ | Dec. 31, 2020$ / R$ | Dec. 31, 2020$ / $ | Dec. 31, 2020$ / CLF | Dec. 31, 2019CLP ($) | Dec. 31, 2018CLP ($) | |
Exchange Rate Risk | |||||||||||||
Currency variation at closing | 844.69 | 151.36 | 8.22 | 0.123 | 710.95 | 136.80 | 8.44 | 0.103 | |||||
Total assets | $ 2,946,106,647 | $ 2,448,064,400 | $ 2,390,948,423 | ||||||||||
Total liabilities | 1,844,693,088 | 1,616,503,809 | 1,422,044,475 | ||||||||||
Net investment | 1,101,413,559 | $ 831,560,591 | $ 968,903,948 | $ 863,714,743 | |||||||||
Currency risk | USD | |||||||||||||
Exchange Rate Risk | |||||||||||||
Currency variation at closing | 18.8 | ||||||||||||
Percentage of reasonably possible risk increase | (5.00%) | ||||||||||||
Currency risk | Brazil | |||||||||||||
Exchange Rate Risk | |||||||||||||
Currency variation at closing | 9.4 | ||||||||||||
Total assets | 903,369,847 | ||||||||||||
Total liabilities | 644,077,808 | ||||||||||||
Net investment | 259,292,039 | ||||||||||||
Share on income | 24.30% | ||||||||||||
Impact on results for the period | $ (2,171,576) | ||||||||||||
Impact on equity at closing | (12,076,796) | ||||||||||||
Currency risk | Argentina | |||||||||||||
Exchange Rate Risk | |||||||||||||
Currency variation at closing | 2.7 | ||||||||||||
Total assets | 334,076,764 | ||||||||||||
Total liabilities | 122,221,435 | ||||||||||||
Net investment | 211,855,329 | ||||||||||||
Share on income | 24.00% | ||||||||||||
Impact on results for the period | $ (980,976) | ||||||||||||
Impact on equity at closing | (6,738,919) | ||||||||||||
Percentage of reasonably possible risk increase | (5.00%) | ||||||||||||
Currency risk | Paraguay | |||||||||||||
Exchange Rate Risk | |||||||||||||
Currency variation at closing | 19.1 | ||||||||||||
Total assets | 343,269,734 | ||||||||||||
Total liabilities | 51,449,972 | ||||||||||||
Net investment | 291,819,762 | ||||||||||||
Share on income | 7.60% | ||||||||||||
Impact on results for the period | $ (1,942,324) | ||||||||||||
Impact on equity at closing | $ (13,162,380) |
FINANCIAL RISK MANAGEMENT - For
FINANCIAL RISK MANAGEMENT - Foreign Currency Risk (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Currency risk | USD. | |
Net exposure of assets and liabilities in foreign currency | |
Percentage of US denominated financial liabilities with derivative cross currency swaps | 100.00% |
FINANCIAL RISK MANAGEMENT - F_2
FINANCIAL RISK MANAGEMENT - Foreign Currency Exposure (Details) - Commodity price risk | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021CLP ($) |
Maturity within one year | |
Committed maturities for liability payments | |
Bank debt | $ 26,617 |
Bonds payable | 25,383,339 |
Lease obligations | 8,191,535 |
Contractual obligations (1) | 85,354,594 |
Total | 118,956,085 |
More than 1 year up to 2 years | |
Committed maturities for liability payments | |
Bonds payable | 321,636,043 |
Lease obligations | 4,949,066 |
Contractual obligations (1) | 31,678,743 |
Total | 358,263,852 |
More than 2 years up to 3 years | |
Committed maturities for liability payments | |
Bonds payable | 13,915,567 |
Lease obligations | 2,975,353 |
Contractual obligations (1) | 9,036,380 |
Total | 25,927,300 |
More than 3 years up to 4 years | |
Committed maturities for liability payments | |
Bank debt | 4,000,000 |
Bonds payable | 14,545,378 |
Lease obligations | 2,641,096 |
Contractual obligations (1) | 8,992,060 |
Total | 30,178,534 |
More than 5 years | |
Committed maturities for liability payments | |
Bonds payable | 670,564,954 |
Lease obligations | 5,821,515 |
Contractual obligations (1) | 4,950,895 |
Total | $ 681,337,364 |
EXPENSES BY NATURE (Details)
EXPENSES BY NATURE (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EXPENSES BY NATURE | |||
Direct production costs | $ 1,192,363,804 | $ 862,383,664 | $ 877,716,948 |
Payroll and employee benefits | 301,522,420 | 252,337,262 | 273,123,010 |
Transportation and distribution | 174,253,526 | 126,683,586 | 138,486,337 |
Advertisement | 28,475,957 | 6,917,300 | 27,113,322 |
Depreciation y amortization | 104,775,303 | 110,920,517 | 111,087,284 |
Repairs and maintenance | 38,631,914 | 25,971,485 | 30,528,180 |
Other expenses | 84,272,085 | 73,455,798 | 83,188,784 |
Total (1) | $ 1,924,295,009 | $ 1,458,669,612 | $ 1,541,243,865 |
OTHER INCOME (Details)
OTHER INCOME (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OTHER INCOME | |||
Gain on disposal of Property, plant and equipment | $ 480,401 | $ 16,005 | $ 265,514 |
Recovery of PIS credit and COFINS (1) | 6,744,341 | 40,281,550 | |
Others | 857,477 | 1,595,952 | 400,094 |
Total | $ 1,337,878 | $ 8,356,298 | $ 40,947,158 |
OTHER EXPENSES BY FUNCTION (Det
OTHER EXPENSES BY FUNCTION (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OTHER EXPENSES BY FUNCTION | |||
Contingencies and associated non-operating fees | $ 7,950,093 | $ 1,081,812 | $ 17,690,171 |
Tax on bank debts and other bank expenses | 5,270,040 | 3,367,615 | 4,356,973 |
Write-offs and disposal of Property, plant and equipment | 417,623 | 7,972,976 | 2,978,194 |
Others | 1,574,034 | 5,007,853 | 1,157,509 |
Total | $ 15,211,790 | $ 17,430,256 | $ 26,182,847 |
FINANCIAL INCOME AND COSTS (Det
FINANCIAL INCOME AND COSTS (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial income | |||
Interest income | $ 2,196,886 | $ 7,931,055 | $ 3,249,550 |
Ipiranga purchase warranty restatement | 11,290 | 7,674 | 27,219 |
Recovery of PIS credit and COFINS (1) | 1,312,930 | 5,124,810 | 39,780,620 |
Other financial income | 4,270,763 | 1,882,340 | 2,098,402 |
Total | 7,791,869 | 14,945,879 | 45,155,791 |
Financial costs | |||
Bond interest | 48,624,062 | 45,927,500 | 38,153,036 |
Bank loan interest | 267,012 | 1,186,731 | 1,337,670 |
Lease interest | 1,816,506 | 1,873,571 | 2,229,442 |
Other financial costs | 2,284,876 | 5,785,035 | 4,488,872 |
Total | $ 52,992,456 | $ 54,772,837 | $ 46,209,020 |
OTHER (LOSSES) GAINS (Details)
OTHER (LOSSES) GAINS (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OTHER (LOSSES) GAINS | ||
Other gains (losses) | $ 287 | $ 2,876 |
Total | $ 287 | $ 2,876 |
LOCAL AND FOREIGN CURRENCY - Cu
LOCAL AND FOREIGN CURRENCY - Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 304,312,020 | $ 309,530,699 | $ 157,567,986 | $ 137,538,613 |
Other current financial assets | 195,470,749 | 140,304,853 | ||
Other current non-financial assets | 14,719,104 | 13,374,381 | ||
Trade accounts and other accounts receivable | 265,490,626 | 194,021,253 | ||
Accounts receivable related entities | 9,419,050 | 11,875,408 | ||
Inventory | 191,350,206 | 127,972,650 | ||
Current tax assets | 10,224,368 | 218,472 | ||
Total Current Assets | 990,986,123 | 797,297,716 | $ 533,474,103 | |
USD. | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 13,640,823 | 21,332,268 | ||
Other current non-financial assets | 1,141,780 | 1,723,989 | ||
Trade accounts and other accounts receivable | 2,347,439 | 901,930 | ||
Total Current Assets | 17,130,042 | 23,958,187 | ||
EUR | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 2,838,102 | 223,449 | ||
Other current non-financial assets | 77,526 | 621,516 | ||
Total Current Assets | 2,915,628 | 844,965 | ||
UF | ||||
CURRENT ASSETS | ||||
Other current non-financial assets | 256,912 | 493,546 | ||
Trade accounts and other accounts receivable | 69,142 | 65,250 | ||
Total Current Assets | 326,054 | 558,796 | ||
CLP | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 176,278,025 | 201,936,140 | ||
Other current financial assets | 194,834,125 | 139,449,882 | ||
Other current non-financial assets | 6,282,535 | 1,900,762 | ||
Trade accounts and other accounts receivable | 147,478,959 | 105,340,179 | ||
Accounts receivable related entities | 6,674,178 | 6,965,894 | ||
Inventory | 77,225,374 | 54,112,760 | ||
Current tax assets | 5,574,826 | 218,472 | ||
Total Current Assets | 614,348,022 | 509,924,089 | ||
BRL | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 56,272,827 | 49,528,425 | ||
Other current financial assets | 140,544 | 10,171 | ||
Other current non-financial assets | 1,183,076 | 1,300,995 | ||
Trade accounts and other accounts receivable | 76,173,944 | 67,423,832 | ||
Accounts receivable related entities | 87,865 | 41,878 | ||
Inventory | 44,848,239 | 31,446,180 | ||
Current tax assets | 4,649,542 | |||
Total Current Assets | 183,356,037 | 149,751,481 | ||
ARS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 22,425,407 | 14,821,502 | ||
Other current financial assets | 481,148 | 844,800 | ||
Other current non-financial assets | 3,831,513 | 6,052,294 | ||
Trade accounts and other accounts receivable | 32,330,010 | 14,928,954 | ||
Accounts receivable related entities | 2,657,007 | 4,867,636 | ||
Inventory | 54,376,217 | 32,214,119 | ||
Total Current Assets | 116,101,302 | 73,729,305 | ||
PGY | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 32,856,836 | 21,688,915 | ||
Other current financial assets | 14,932 | |||
Other current non-financial assets | 1,945,762 | 1,281,279 | ||
Trade accounts and other accounts receivable | 7,091,132 | 5,361,108 | ||
Inventory | 14,900,376 | 10,199,591 | ||
Total Current Assets | $ 56,809,038 | $ 38,530,893 |
LOCAL AND FOREIGN CURRENCY - No
LOCAL AND FOREIGN CURRENCY - Non-Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
NON-CURRENT ASSETS | ||||
Other non-current assets | $ 296,632,012 | $ 162,013,278 | ||
Other non-current, non-financial assets | 70,861,616 | 90,242,672 | ||
Non-current accounts receivable | 126,464 | 73,862 | ||
Non-current accounts receivable related entities | 98,941 | 138,346 | ||
Investments accounted for under the equity method | 91,489,194 | 87,956,354 | $ 99,866,733 | $ 102,410,945 |
Intangible assets other than goodwill | 659,631,543 | 604,514,165 | 675,075,375 | |
Goodwill | 118,042,900 | 98,325,593 | 121,221,661 | 117,229,173 |
Property, plant and equipment | 716,379,127 | 605,576,545 | 722,718,863 | $ 710,770,968 |
Deferred tax assets | 1,858,727 | 1,925,869 | ||
Total Non-Current Assets | 1,955,120,524 | 1,650,766,684 | $ 1,857,474,320 | |
USD. | ||||
NON-CURRENT ASSETS | ||||
Other non-current, non-financial assets | 673,524 | |||
Intangible assets other than goodwill | 3,959,421 | |||
Total Non-Current Assets | 673,524 | 3,959,421 | ||
EUR | ||||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 404,450 | |||
Total Non-Current Assets | 404,450 | |||
UF | ||||
NON-CURRENT ASSETS | ||||
Other non-current assets | 34,239,224 | 7,515,981 | ||
Other non-current, non-financial assets | 338,014 | |||
Non-current accounts receivable | 7,089 | 32,219 | ||
Total Non-Current Assets | 34,246,313 | 7,886,214 | ||
CLP | ||||
NON-CURRENT ASSETS | ||||
Other non-current assets | 55,469,858 | |||
Other non-current, non-financial assets | 419,910 | 47,530 | ||
Non-current accounts receivable | 76,649 | |||
Non-current accounts receivable related entities | 98,941 | 138,346 | ||
Investments accounted for under the equity method | 52,519,699 | 50,628,307 | ||
Intangible assets other than goodwill | 311,086,862 | 306,202,181 | ||
Goodwill | 9,523,767 | 9,523,767 | ||
Property, plant and equipment | 273,812,253 | 255,963,912 | ||
Deferred tax assets | 1,858,727 | 1,925,869 | ||
Total Non-Current Assets | 704,866,666 | 624,429,912 | ||
BRL | ||||
NON-CURRENT ASSETS | ||||
Other non-current assets | 192,844,909 | 144,684,180 | ||
Other non-current, non-financial assets | 66,621,741 | 88,001,852 | ||
Investments accounted for under the equity method | 38,969,495 | 37,328,047 | ||
Intangible assets other than goodwill | 159,307,806 | 139,166,117 | ||
Goodwill | 60,830,705 | 54,980,669 | ||
Property, plant and equipment | 201,527,151 | 179,286,945 | ||
Total Non-Current Assets | 720,101,807 | 643,447,810 | ||
ARS | ||||
NON-CURRENT ASSETS | ||||
Other non-current assets | 14,078,021 | 9,813,117 | ||
Other non-current, non-financial assets | 1,836,280 | 1,825,631 | ||
Non-current accounts receivable | 1,211 | |||
Intangible assets other than goodwill | 7,560,882 | 2,591,026 | ||
Goodwill | 39,976,392 | 27,343,642 | ||
Property, plant and equipment | 152,227,991 | 103,227,548 | ||
Total Non-Current Assets | 215,679,566 | 144,802,175 | ||
PGY | ||||
NON-CURRENT ASSETS | ||||
Other non-current, non-financial assets | 1,310,161 | 29,645 | ||
Non-current accounts receivable | 42,726 | 40,432 | ||
Intangible assets other than goodwill | 181,675,993 | 152,595,420 | ||
Goodwill | 7,712,036 | 6,477,515 | ||
Property, plant and equipment | 88,407,282 | 67,098,140 | ||
Total Non-Current Assets | $ 279,148,198 | $ 226,241,152 |
LOCAL AND FOREIGN CURRENCY - _2
LOCAL AND FOREIGN CURRENCY - Current Liabilities (Details) CLF in Thousands, $ in Thousands | Dec. 31, 2021CLP ($) | Dec. 31, 2021CLF | Dec. 31, 2020CLP ($) | Dec. 31, 2020CLF | Dec. 31, 2019CLP ($) |
Current Liabilities | |||||
Other current financial liabilities | $ 47,763,039 | $ 38,566,724 | |||
Trade and other accounts payable | 327,409,207 | 230,445,809 | |||
Current accounts payable to related entities | 56,103,461 | CLF 56,103,461 | 39,541,968 | CLF 39,541,968 | |
Other provisions | 1,528,879 | 1,335,337 | |||
Current tax liabilities | 30,512,787 | 8,828,599 | |||
Employee benefits current provisions | 35,012,072 | 31,071,019 | |||
Other non-financial liabilities | 31,237,834 | 28,266,730 | |||
Total Current Liabilities | 529,567,279 | 378,056,186 | $ 411,658,352 | ||
Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 10,887,752 | 9,270,838 | |||
Trade and other accounts payable | 312,643,627 | 227,503,270 | |||
Current accounts payable to related entities | 56,103,461 | 39,541,968 | |||
Other provisions | 1,082,929 | 805,842 | |||
Current tax liabilities | 20,733,623 | 4,590,876 | |||
Employee benefits current provisions | 13,434,697 | 17,027,427 | |||
Other non-financial liabilities | 612,391 | 620,609 | |||
Total Current Liabilities | 415,498,480 | 299,360,830 | |||
More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 36,875,287 | 29,295,886 | |||
Trade and other accounts payable | 14,765,580 | 2,942,539 | |||
Other provisions | 445,950 | 529,495 | |||
Current tax liabilities | 9,779,164 | 4,237,723 | |||
Employee benefits current provisions | 21,577,375 | 14,043,592 | |||
Other non-financial liabilities | 30,625,443 | 27,646,121 | |||
Total Current Liabilities | 114,068,799 | 78,695,356 | |||
USD. | |||||
Current Liabilities | |||||
Other current financial liabilities | 8,563,591 | 6,776,900 | |||
Trade and other accounts payable | 21,748,614 | 8,972,065 | |||
Total Current Liabilities | 30,312,205 | 15,748,965 | |||
USD. | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 233,993 | 72,655 | |||
Trade and other accounts payable | 20,438,936 | 8,972,065 | |||
Total Current Liabilities | 20,672,929 | 9,044,720 | |||
USD. | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 8,329,598 | 6,704,245 | |||
Trade and other accounts payable | 1,309,678 | ||||
Total Current Liabilities | 9,639,276 | 6,704,245 | |||
EUR | |||||
Current Liabilities | |||||
Trade and other accounts payable | 6,093,006 | 1,622,411 | |||
Total Current Liabilities | 6,093,006 | 1,622,411 | |||
EUR | Until 90 days | |||||
Current Liabilities | |||||
Trade and other accounts payable | 6,093,006 | 1,622,411 | |||
Total Current Liabilities | 6,093,006 | 1,622,411 | |||
UF | |||||
Current Liabilities | |||||
Other current financial liabilities | 19,242,413 | 13,072,184 | |||
Trade and other accounts payable | 2,359,381 | ||||
Total Current Liabilities | 21,601,794 | 13,072,184 | |||
UF | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 9,155,688 | 7,799,637 | |||
Trade and other accounts payable | 2,359,381 | ||||
Total Current Liabilities | 11,515,069 | 7,799,637 | |||
UF | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 10,086,725 | 5,272,547 | |||
Total Current Liabilities | 10,086,725 | 5,272,547 | |||
CLP | |||||
Current Liabilities | |||||
Other current financial liabilities | 14,415,431 | 14,398,100 | |||
Trade and other accounts payable | 155,826,739 | 111,612,624 | |||
Current accounts payable to related entities | 29,349,401 | 23,884,687 | |||
Other provisions | 1,487,509 | 1,300,590 | |||
Current tax liabilities | 20,047,095 | 3,588,630 | |||
Employee benefits current provisions | 8,509,354 | 6,968,362 | |||
Other non-financial liabilities | 31,084,772 | 28,149,769 | |||
Total Current Liabilities | 260,720,301 | 189,902,762 | |||
CLP | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 923,663 | 908,790 | |||
Trade and other accounts payable | 142,370,837 | 108,670,085 | |||
Current accounts payable to related entities | 29,349,401 | 23,884,687 | |||
Other provisions | 1,082,929 | 805,842 | |||
Current tax liabilities | 20,038,643 | 173,771 | |||
Employee benefits current provisions | 1,181,717 | 1,168,973 | |||
Other non-financial liabilities | 612,391 | 598,769 | |||
Total Current Liabilities | 195,559,581 | 136,210,917 | |||
CLP | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 13,491,768 | 13,489,310 | |||
Trade and other accounts payable | 13,455,902 | 2,942,539 | |||
Other provisions | 404,580 | 494,748 | |||
Current tax liabilities | 8,452 | 3,414,859 | |||
Employee benefits current provisions | 7,327,637 | 5,799,389 | |||
Other non-financial liabilities | 30,472,381 | 27,551,000 | |||
Total Current Liabilities | 65,160,720 | 53,691,845 | |||
BRL | |||||
Current Liabilities | |||||
Other current financial liabilities | 1,795,232 | 1,608,794 | |||
Trade and other accounts payable | 74,142,872 | 58,136,480 | |||
Current accounts payable to related entities | 16,799,532 | 10,809,085 | |||
Current tax liabilities | 4,249,909 | ||||
Employee benefits current provisions | 11,649,154 | 15,325,256 | |||
Total Current Liabilities | 104,386,790 | 90,129,524 | |||
BRL | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 413,835 | 362,854 | |||
Trade and other accounts payable | 74,142,872 | 58,136,480 | |||
Current accounts payable to related entities | 16,799,532 | 10,809,085 | |||
Current tax liabilities | 4,249,909 | ||||
Employee benefits current provisions | 11,649,154 | 15,325,256 | |||
Total Current Liabilities | 103,005,393 | 88,883,584 | |||
BRL | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 1,381,397 | 1,245,940 | |||
Total Current Liabilities | 1,381,397 | 1,245,940 | |||
ARS | |||||
Current Liabilities | |||||
Other current financial liabilities | 2,366,737 | 1,649,032 | |||
Trade and other accounts payable | 52,030,144 | 33,511,747 | |||
Current accounts payable to related entities | 9,893,495 | 4,848,196 | |||
Current tax liabilities | 9,219,063 | 606,837 | |||
Employee benefits current provisions | 13,133,149 | 7,234,954 | |||
Other non-financial liabilities | 18,234 | 21,840 | |||
Total Current Liabilities | 86,660,822 | 47,872,606 | |||
ARS | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 94,094 | 70,950 | |||
Trade and other accounts payable | 52,030,144 | 33,511,747 | |||
Current accounts payable to related entities | 9,893,495 | 4,848,196 | |||
Current tax liabilities | 694,980 | 167,196 | |||
Employee benefits current provisions | 603,826 | 533,198 | |||
Other non-financial liabilities | 21,840 | ||||
Total Current Liabilities | 63,316,539 | 39,153,127 | |||
ARS | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 2,272,643 | 1,578,082 | |||
Current tax liabilities | 8,524,083 | 439,641 | |||
Employee benefits current provisions | 12,529,323 | 6,701,756 | |||
Other non-financial liabilities | 18,234 | ||||
Total Current Liabilities | 23,344,283 | 8,719,479 | |||
PGY | |||||
Current Liabilities | |||||
Other current financial liabilities | 1,379,635 | 1,061,714 | |||
Trade and other accounts payable | 15,208,451 | 15,878,527 | |||
Current accounts payable to related entities | 61,033 | ||||
Other provisions | 41,370 | 34,747 | |||
Current tax liabilities | 1,246,629 | 383,223 | |||
Employee benefits current provisions | 1,720,415 | 1,542,447 | |||
Other non-financial liabilities | 134,828 | 95,121 | |||
Total Current Liabilities | 19,792,361 | 18,995,779 | |||
PGY | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 66,479 | 55,952 | |||
Trade and other accounts payable | 15,208,451 | 15,878,527 | |||
Current accounts payable to related entities | 61,033 | ||||
Total Current Liabilities | 15,335,963 | 15,934,479 | |||
PGY | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 1,313,156 | 1,005,762 | |||
Other provisions | 41,370 | 34,747 | |||
Current tax liabilities | 1,246,629 | 383,223 | |||
Employee benefits current provisions | 1,720,415 | 1,542,447 | |||
Other non-financial liabilities | 134,828 | 95,121 | |||
Total Current Liabilities | $ 4,456,398 | 3,061,300 | |||
Other Currencies | |||||
Current Liabilities | |||||
Trade and other accounts payable | 711,955 | ||||
Total Current Liabilities | 711,955 | ||||
Other Currencies | Until 90 days | |||||
Current Liabilities | |||||
Trade and other accounts payable | 711,955 | ||||
Total Current Liabilities | $ 711,955 |
LOCAL AND FOREIGN CURRENCY - _3
LOCAL AND FOREIGN CURRENCY - Non-Current Liabilities (Details) CLF in Thousands, $ in Thousands | Dec. 31, 2021CLP ($) | Dec. 31, 2021CLF | Dec. 31, 2020CLP ($) | Dec. 31, 2020CLF | Dec. 31, 2019CLP ($) |
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | $ 1,041,048,972 | $ 989,829,569 | |||
Accounts payable | 256,273 | 295,279 | |||
Accounts payable related companies | 11,557,723 | CLF 11,557,723 | 10,790,089 | CLF 10,790,089 | |
Other non-current provisions | 55,883,527 | 48,734,936 | |||
Deferred tax liabilities | 168,454,827 | 153,669,547 | |||
Employee benefits non-current provisions | 14,139,670 | 13,635,558 | |||
Other non-financial liabilities | 23,784,817 | 21,472,048 | |||
Tax liabilities | 20,597 | ||||
Total Non-current liabilities | 1,315,125,809 | 1,238,447,623 | $ 1,010,386,123 | ||
More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 35,164,178 | 31,811,687 | |||
Accounts payable | 256,273 | 295,279 | |||
Accounts payable related companies | 11,557,723 | 10,790,089 | |||
Other non-current provisions | 1,917,655 | 789,016 | |||
Deferred tax liabilities | 21,365,277 | 10,677,151 | |||
Employee benefits non-current provisions | 911,873 | ||||
Other non-financial liabilities | 21,113 | 35,315 | |||
Tax liabilities | 20,597 | ||||
Total Non-current liabilities | 71,612,211 | 55,331,007 | |||
More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 331,118,858 | 279,600,958 | |||
Other non-current provisions | 53,965,872 | 47,945,920 | |||
Deferred tax liabilities | 35,470,702 | 38,508,424 | |||
Employee benefits non-current provisions | 62,456 | 145,165 | |||
Other non-financial liabilities | 23,763,704 | 21,436,733 | |||
Total Non-current liabilities | 444,381,592 | 387,637,200 | |||
Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 674,765,936 | 678,416,924 | |||
Deferred tax liabilities | 111,618,848 | 104,483,972 | |||
Employee benefits non-current provisions | 12,747,222 | 12,578,520 | |||
Total Non-current liabilities | 799,132,006 | 795,479,416 | |||
USD. | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 557,367,294 | 467,393,445 | |||
Total Non-current liabilities | 557,367,294 | 467,393,445 | |||
USD. | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 1,726,426 | 366,652 | |||
Total Non-current liabilities | 1,726,426 | 366,652 | |||
USD. | More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 308,546,732 | 259,746,604 | |||
Total Non-current liabilities | 308,546,732 | 259,746,604 | |||
USD. | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 247,094,136 | 207,280,189 | |||
Total Non-current liabilities | 247,094,136 | 207,280,189 | |||
UF | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 468,745,773 | 452,572,616 | |||
Total Non-current liabilities | 468,745,773 | 452,572,616 | |||
UF | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 29,821,850 | 24,669,188 | |||
Total Non-current liabilities | 29,821,850 | 24,669,188 | |||
UF | More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 15,453,105 | 13,214,387 | |||
Total Non-current liabilities | 15,453,105 | 13,214,387 | |||
UF | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 423,470,818 | 414,689,041 | |||
Total Non-current liabilities | 423,470,818 | 414,689,041 | |||
CLP | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 4,602,887 | 59,657,855 | |||
Accounts payable | 256,273 | 293,176 | |||
Deferred tax liabilities | 100,541,905 | 93,455,766 | |||
Employee benefits non-current provisions | 13,439,476 | 13,102,418 | |||
Other non-financial liabilities | 20,597 | ||||
Total Non-current liabilities | 118,840,541 | 166,529,812 | |||
CLP | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 602,887 | 4,089,001 | |||
Accounts payable | 256,273 | 293,176 | |||
Deferred tax liabilities | 3,619,149 | 1,604,289 | |||
Employee benefits non-current provisions | 629,798 | 378,733 | |||
Other non-financial liabilities | 20,597 | ||||
Total Non-current liabilities | 5,108,107 | 6,385,796 | |||
CLP | More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 4,000,000 | 4,000,000 | |||
Deferred tax liabilities | 1,845,868 | 1,070,325 | |||
Employee benefits non-current provisions | 62,456 | 145,165 | |||
Total Non-current liabilities | 5,908,324 | 5,215,490 | |||
CLP | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 51,568,854 | ||||
Deferred tax liabilities | 95,076,888 | 90,781,152 | |||
Employee benefits non-current provisions | 12,747,222 | 12,578,520 | |||
Total Non-current liabilities | 107,824,110 | 154,928,526 | |||
BRL | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 10,246,879 | 9,913,088 | |||
Accounts payable related companies | 11,557,723 | 10,790,089 | |||
Other non-current provisions | 53,965,872 | 47,945,920 | |||
Deferred tax liabilities | 33,624,834 | 37,438,099 | |||
Other non-financial liabilities | 23,763,704 | 21,436,733 | |||
Total Non-current liabilities | 133,159,012 | 127,523,929 | |||
BRL | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 2,926,876 | 2,394,281 | |||
Accounts payable related companies | 11,557,723 | 10,790,089 | |||
Total Non-current liabilities | 14,484,599 | 13,184,370 | |||
BRL | More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 3,119,021 | 2,639,967 | |||
Other non-current provisions | 53,965,872 | 47,945,920 | |||
Deferred tax liabilities | 33,624,834 | 37,438,099 | |||
Other non-financial liabilities | 23,763,704 | 21,436,733 | |||
Total Non-current liabilities | 114,473,431 | 109,460,719 | |||
BRL | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 4,200,982 | 4,878,840 | |||
Total Non-current liabilities | 4,200,982 | 4,878,840 | |||
ARS | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 86,139 | 128,930 | |||
Accounts payable | 2,103 | ||||
Other non-current provisions | 1,917,655 | 789,016 | |||
Deferred tax liabilities | 17,746,128 | 9,072,862 | |||
Other non-financial liabilities | 21,113 | 35,315 | |||
Total Non-current liabilities | 19,771,035 | 10,028,226 | |||
ARS | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 86,139 | 128,930 | |||
Accounts payable | 2,103 | ||||
Other non-current provisions | 1,917,655 | 789,016 | |||
Deferred tax liabilities | 17,746,128 | 9,072,862 | |||
Other non-financial liabilities | 21,113 | 35,315 | |||
Total Non-current liabilities | 19,771,035 | 10,028,226 | |||
PGY | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 163,635 | ||||
Deferred tax liabilities | 16,541,960 | 13,702,820 | |||
Employee benefits non-current provisions | 700,194 | 533,140 | |||
Total Non-current liabilities | 17,242,154 | 14,399,595 | |||
PGY | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 163,635 | ||||
Employee benefits non-current provisions | 700,194 | 533,140 | |||
Total Non-current liabilities | 700,194 | 696,775 | |||
PGY | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Deferred tax liabilities | 16,541,960 | 13,702,820 | |||
Total Non-current liabilities | $ 16,541,960 | $ 13,702,820 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | Apr. 13, 2022CLP ($) |
Series A Shares | |
SUBSEQUENT EVENTS | |
Dividend payables | $ 189 |
Series B Shares | |
SUBSEQUENT EVENTS | |
Dividend payables | $ 207,900 |