Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
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, 2023 |
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 Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0000925261 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Auditor Name | PricewaterhouseCoopers Consultores, Auditores y Compañía Limitada |
Auditor Firm ID | 1364 |
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 - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 303,683,683 | $ 291,681,987 |
Other financial assets | 67,285,793 | 263,044,869 |
Other non-financial assets | 19,311,851 | 26,957,000 |
Trade and other accounts receivable, net | 298,892,164 | 279,770,286 |
Accounts receivable related entities | 16,161,318 | 15,062,167 |
Inventory | 233,053,160 | 245,886,656 |
Current tax assets | 43,383,058 | 39,326,427 |
Total Current Assets | 981,771,027 | 1,161,729,392 |
Non-Current Assets: | ||
Other financial assets | 93,316,339 | 94,852,711 |
Other non-financial assets | 59,412,482 | 59,672,266 |
Trade and other receivables | 371,401 | 539,920 |
Accounts receivable from related parties | 108,021 | 109,318 |
Investments accounted for under the equity method | 91,799,267 | 92,344,598 |
Intangible assets other than goodwill | 695,926,565 | 671,778,888 |
Goodwill | 122,103,802 | 129,023,922 |
Property, plant and equipment | 872,388,811 | 798,221,259 |
Deferred tax assets | 4,323,174 | 2,428,333 |
Total Non-Current Assets | 1,939,749,862 | 1,848,971,215 |
Total Assets | 2,921,520,889 | 3,010,700,607 |
Current Liabilities | ||
Other financial liabilities | 52,997,001 | 367,302,080 |
Trade debtors and other accounts payable | 428,911,984 | 384,801,630 |
Accounts payable to related parties | 96,045,624 | 90,248,067 |
Other provisions | 1,314,106 | 1,591,644 |
Tax liabilities | 13,411,621 | 14,615,447 |
Employee benefits current provisions | 57,817,800 | 48,391,806 |
Other non-financial liabilities | 42,373,160 | 42,294,460 |
Total Current Liabilities | 692,871,296 | 949,245,134 |
Other financial liabilities | 1,044,325,833 | 904,802,058 |
Trade accounts and other accounts payable | 2,392,555 | 3,015,284 |
Accounts payable to related companies | 6,007,041 | 10,354,296 |
Other provisions | 53,487,790 | 47,103,783 |
Deferred tax liabilities | 180,470,219 | 165,778,556 |
Employee benefits non-current provisions | 18,473,946 | 17,409,793 |
Other non-financial liabilities | 2,506,795 | 29,589,051 |
Total Non-current liabilities | 1,307,664,179 | 1,178,052,821 |
EQUITY | ||
Issued capital | 270,737,574 | 270,737,574 |
Retained earnings | 769,311,795 | 716,975,127 |
Other reserves | (153,758,842) | (132,452,557) |
Equity attributable to owners of the parent | 886,290,527 | 855,260,144 |
Non-controlling interests | 34,694,887 | 28,142,508 |
Total Equity | 920,985,414 | 883,402,652 |
Total Liabilities and Equity | $ 2,921,520,889 | $ 3,010,700,607 |
Consolidated Statements of Inco
Consolidated Statements of Income by Function - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Income by Function | |||
Net sales | $ 2,618,437,052 | $ 2,656,878,395 | $ 2,216,732,593 |
Cost of sales | (1,601,997,255) | (1,628,701,823) | (1,375,392,773) |
Gross Profit | 1,016,439,797 | 1,028,176,572 | 841,339,820 |
Other income | 1,310,489 | 2,497,520 | 1,337,878 |
Distribution expenses | (227,807,179) | (253,514,676) | (199,952,373) |
Administrative expenses | (431,295,515) | (429,517,716) | (348,949,863) |
Other expenses | (26,441,583) | (886,331) | (15,211,790) |
Other (loss) gains | (15,909,117) | (24,983,899) | |
Financial income | 31,396,167 | 39,722,410 | 7,791,869 |
Financial expenses | (65,288,352) | (59,547,953) | (52,992,456) |
Share of profit of investments in associates and joint ventures accounted for using the equity method | 2,716,169 | 1,409,069 | 3,093,102 |
Foreign exchange differences | (17,216,130) | (11,607,728) | (5,508,311) |
Income by indexation units | (7,398,952) | (58,943,643) | (27,738,888) |
Net income before income taxes | 260,505,794 | 232,803,625 | 203,208,988 |
Income tax expense | (85,994,307) | (104,344,638) | (46,177,320) |
Net income | 174,511,487 | 128,458,987 | 157,031,668 |
Net income attributable to | |||
Owners of the parent | 171,441,410 | 125,497,642 | 154,698,150 |
Non-controlling interests | 3,070,077 | 2,961,345 | 2,333,518 |
Net income | $ 174,511,487 | $ 128,458,987 | $ 157,031,668 |
Earnings per Share, basic and diluted in ongoing operations | |||
Earnings per share, basic | $ 181.12 | $ 132.58 | $ 163.43 |
Earnings per share, diluted | 181.12 | 132.58 | 163.43 |
Series A Share | |||
Earnings per Share, basic and diluted in ongoing operations | |||
Earnings per share, basic | 172.49 | 126.27 | 155.65 |
Earnings per share, diluted | 172.49 | 126.27 | 155.65 |
Series B Share | |||
Earnings per Share, basic and diluted in ongoing operations | |||
Earnings per share, basic | 189.74 | 138.89 | 171.21 |
Earnings per share, diluted | $ 189.74 | $ 138.89 | $ 171.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 174,511,487 | $ 128,458,987 | $ 157,031,668 |
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 | 2,381,650 | (3,960,084) | (357,840) |
Components of other comprehensive income that will be reclassified to net income for the period, before taxes | |||
Gain (losses) from exchange rate translation differences | (98,844,581) | (78,009,918) | 98,973,862 |
Gain (losses) from cash flow hedges | 52,472,352 | (155,206,655) | 104,232,055 |
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 | (643,045) | 1,069,223 | 96,617 |
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 | 37,650,601 | 23,777,899 | (22,103,267) |
Income tax related to cash flow hedges | (14,183,004) | 42,276,806 | (28,944,992) |
Other comprehensive income, total | (21,166,027) | (170,052,729) | 151,896,435 |
Total comprehensive income | 153,345,460 | (41,593,742) | 308,928,103 |
Total comprehensive income attributable to: | |||
Equity holders of the parent | 150,135,125 | (44,244,225) | 305,715,046 |
Non-controlling interests | 3,210,335 | 2,650,483 | 3,213,057 |
Total comprehensive income | $ 153,345,460 | $ (41,593,742) | $ 308,928,103 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CLP ($) $ in Thousands | Issued Capital | Total other reserves | Reserves for exchange rate differences | Cash Flow hedge reserve | Actuarial gains or losses in employee benefits | Other reserves | Retained earnings | Equity attributable to owners of the parent | Non-Controlling interests | Total | |
Opening 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 | |||||||||||
Net income | 154,698,150 | 154,698,150 | 2,333,518 | 157,031,668 | |||||||
Other comprehensive (loss) 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 | [1] | 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 | |
Comprehensive income | |||||||||||
Net income | 125,497,642 | 125,497,642 | 2,961,345 | 128,458,987 | |||||||
Other comprehensive (loss) income | (169,741,867) | (53,903,278) | (112,948,199) | (2,890,390) | (169,741,867) | (310,862) | (170,052,729) | ||||
Total comprehensive income | (169,741,867) | (53,903,278) | (112,948,199) | (2,890,390) | 125,497,642 | (44,244,225) | 2,650,483 | (41,593,742) | |||
Dividends | (274,316,049) | (274,316,049) | (1,057,730) | (275,373,779) | |||||||
Increase (decrease) from other changes | [1] | 97,676,614 | 97,676,614 | 1,280,000 | 98,956,614 | ||||||
Total changes in equity | (169,741,867) | (53,903,278) | (112,948,199) | (2,890,390) | (51,141,793) | (220,883,660) | 2,872,753 | (218,010,907) | |||
Ending balance at Dec. 31, 2022 | 270,737,574 | (132,452,557) | (495,483,366) | (62,344,501) | (7,776,316) | 433,151,626 | 716,975,127 | 855,260,144 | 28,142,508 | 883,402,652 | |
Comprehensive income | |||||||||||
Net income | 171,441,410 | 171,441,410 | 3,070,077 | 174,511,487 | |||||||
Other comprehensive (loss) income | (21,306,285) | (61,349,533) | 38,280,115 | 1,763,133 | (21,306,285) | 140,258 | (21,166,027) | ||||
Total comprehensive income | (21,306,285) | (61,349,533) | 38,280,115 | 1,763,133 | 171,441,410 | 150,135,125 | 3,210,335 | 153,345,460 | |||
Dividends | (167,968,886) | (167,968,886) | (777,956) | (168,746,842) | |||||||
Increase (decrease) from other changes | [1] | 48,864,144 | 48,864,144 | 4,120,000 | 52,984,144 | ||||||
Total changes in equity | (21,306,285) | (61,349,533) | 38,280,115 | 1,763,133 | 52,336,668 | 31,030,383 | 6,552,379 | 37,582,762 | |||
Ending balance at Dec. 31, 2023 | $ 270,737,574 | $ (153,758,842) | $ (556,832,899) | $ (24,064,386) | $ (6,013,183) | $ 433,151,626 | $ 769,311,795 | $ 886,290,527 | $ 34,694,887 | $ 920,985,414 | |
[1]Corresponds mainly to inflation effects on the equity of our Subsidiaries in Argentina (see Note 2.5.1) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Direct Method $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CLP ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2021 CLP ($) | |
Cash flows provided by Operating Activities | |||
Receipts from the sale of goods and the rendering of services (including taxes) | $ 3,716,722,747 | $ 3,682,470,527 | $ 2,953,813,799 |
Payments for Operating Activities | |||
Payments to suppliers for goods and services (including taxes) | (2,577,032,215) | (2,551,652,407) | (2,048,185,735) |
Payments to and on behalf of employees | (260,336,901) | (258,202,599) | (216,192,088) |
Other payments for operating activities (value-added taxes on purchases, sales and others) | (394,507,399) | (363,740,268) | (278,367,683) |
Dividends received | 8,013,426 | 4,079,309 | 1,441,355 |
Interest payments | (67,010,058) | (44,822,402) | (55,497,167) |
Interest received | 14,354,013 | 24,649,593 | 5,373,494 |
Income tax payments | (71,269,988) | (87,757,706) | (46,100,050) |
Other cash movements (tax on bank debits Argentina and others) | (2,103,389) | (7,571,623) | (11,230,942) |
Cash flows provided by (used in) Operating Activities | 366,830,236 | 397,452,424 | 305,054,983 |
Cash flows provided by (used in) Investing Activities | |||
Proceeds from sale of Property, plant and equipment | 142,208 | 92,253 | 39,919 |
Purchase of Property, plant and equipment | (192,707,498) | (186,702,179) | (138,856,157) |
Purchase of intangible assets | (5,171,139) | ||
Payment on forward, term option and financial exchange agreements | (375,579) | ||
Collection on forward, term, option and financial exchange agreements | 156,738 | 146,070 | 678,274 |
Redemption (purchase) of other current financial assets | 32,000,000 | 101,191,506 | (54,567,998) |
Other cash inflows (outflows) | 2,119,674 | 103,879 | |
Net cash flows used in Investing Activities | (158,288,878) | (85,168,471) | (198,252,680) |
Cash Flows generated from (used in) Financing Activities | |||
Collection from changes in ownership interest in subsidiaries | 4,119,966 | 3,000,000 | |
Proceeds from short term loans | 31,850,233 | 23,625,853 | |
Loan payments | (26,378,491) | (13,934,477) | (797,428) |
Lease liability payments | (6,299,217) | (5,385,167) | (4,008,924) |
Dividend payments by the reporting entity | (165,877,422) | (274,316,050) | (106,347,165) |
Placement of public debt | 167,739,096 | ||
Other cash outflows - Payment of public debt | (330,996,600) | (16,953,541) | (7,165,997) |
Collection (payments) of derivative financial instruments related to public debt | 138,715,637 | ||
Net cash flows (used in) generated by Financing Activities | (187,126,798) | (286,963,382) | (115,319,514) |
Net increase in cash and cash equivalents before exchange differences | 21,414,560 | 25,320,571 | (8,517,211) |
Effects of exchange differences on cash and cash equivalents | 4,547,790 | (21,352,255) | 9,501,803 |
Effects of inflation in cash and cash equivalents in Argentina | (13,960,654) | (16,598,349) | (6,203,271) |
Net increase (decrease) in cash and cash equivalents | 12,001,696 | (12,630,033) | (5,218,679) |
Cash and cash equivalents - beginning of period | 291,681,987 | 304,312,020 | 309,530,699 |
Cash and cash equivalents - end of period | $ 303,683,683 | $ 291,681,987 | $ 304,312,020 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
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 in the Securities Registry of the Chilean Financial Market Commission (hereinafter “CMF”), and pursuant to Chile’s Law 18,046 is subject to the supervision of this entity. It is also registered with the U.S. Securities and Exchange Commission (hereinafter “SEC”) and its stock is traded on the New York Stock Exchange since 1994. The principal activity of Embotelladora Andina S.A. is to produce, bottle, commercialize and distribute the products under registered trademarks of The Coca-Cola Company (TCCC), as well as commercialize and distribute some brands of other companies such as Monster, AB InBev, Diageo and Capel, among others. The Company maintains operations and is licensed to produce, commercialize and distribute such products in certain territories in Chile, Brazil, Argentina and Paraguay In Chile, the territories in which it has such a franchise are the Metropolitan Region; the province of San Antonio, the V Region; the province of Cachapoal including the commune of San Vicente de Tagua-Tagua, the VI Region; the II Region of Antofagasta; the III Region of Atacama, the IV Region of Coquimbo XI Region de Aysén del General Carlos Ibáñez del Campo; XII Region of Magallanes and Chilean Antarctic. In Brazil, the aforementioned franchise covers much of the state of Rio de Janeiro, the entire state of Espirito Santo, and part of the states of São Paulo and Minas Gerais. In Argentina it includes the provinces of Córdoba, Mendoza, San Juan, San Luis, Entre Ríos, as well as part of the provinces of Santa Fe and Buenos Aires, Chubut, Santa Cruz, Neuquén, Río Negro, La Pampa, Tierra del Fuego, Antarctica and South Atlantic Islands. Finally, in Paraguay the territory comprises the whole country. The bottling agreement for the territories in Argentina expires in September 2027; for the territories in Brazil, it expires in October 2027; for the territories in Chile it expires in December 2023 and is currently under the process of renewal, and for the territory in Paraguay it expires on March 1, 2028. Said agreements are renewable upon the request of Embotelladora Andina S.A. and at the sole discretion of The Coca-Cola Company. As of the date of these consolidated financial statements, regarding Andina’s principal shareholders, the Controlling Group holds 53.58% of the outstanding shares with voting rights, corresponding to the Series A shares. 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 March 26, 2024. |
BASIS OF PREPARATION OF CONSOLI
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | 12 Months Ended |
Dec. 31, 2023 | |
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 year ended December 31, 2023, 2022 and 2021, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS" Accounting Standards) and the Interpretations issued by the International Financial Reporting Standards Interpretations Committee (IFRIC) applicable to companies reporting under IFRS. 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, 2023 and 2022 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the periods between January 1 and December 31, 2023, 2022 and 2021 and the related notes. The Company’s 2023 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors on January 30, 2024, 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, 2023 and 2022 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. Included in this 2023 consolidated financial statements are consolidated statement of financial position as of December 31, 2023 and 2022, along with consolidated income statement, consolidated statement of comprehensive (loss) 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, 2023, 2022 and 2021. 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, except for the disaggregated disclosure of the line “Other cash inflows (outflows) (placement and payment of public debt)” within the cash flows from financing activities in the consolidated Statement of Cash Flows, as follows: 01.01.2023 01.01.2023 12.31.2023 12.31.2023 As reported As revised Placement of public debt — 167,739,096 Collection (payments) of derivative financial instruments related to public debt — 138,715,637 Other cash outflows - Payment of public debt (24,541,867) (330,996,600) Net cash flows (used in) generated by Financing Activities (187,126,798) (187,126,798) The Company has evaluated the effect of this modification, both qualitatively and quantitatively, and concluded that the correction did not have a material impact on, nor require amendment of, any previously filed 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 March 26, 2024, 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 statements of income by function from the effective date of acquisition through the effective date of disposal, as applicable. The acquisition method is used to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of the subsidiary is the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control is obtained. Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted for initially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated. When necessary, the accounting policies of the subsidiaries are modified to ensure uniformity with the policies adopted by the Group. The interest of non-controlling shareholders is presented in the consolidated statement of changes in equity and the consolidated statement of income by function under “Non-Controlling Interest” and “Earnings attributable to non-controlling interests”, respectively. The consolidated financial statements include all assets, liabilities, income, expenses, and cash flows of the Company and its subsidiaries after eliminating balances and transaction among the Group’s entities, the subsidiary companies included in the consolidation are the following: Ownership interest 12.31.2023 12.31.2022 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 96.842.970-1 Andina Bottling Investments S.A. 99.94 0.06 100.0 99.9 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 64.42 35.58 100.0 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 SpA. 100.0 — 100.0 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 0.01 100.0 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. 99.85 0.15 100.0 99.9 0.09 99.99 77.427.659-9 Re-Ciclar S.A. 60.00 — 60.00 60.00 — 60.00 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.9 0.10 100.0 99.9 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.01 100.0 99.9 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.9 0.01 100.0 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.5 — 66.5 66.50 — 66.50 93.899.000-k VJ S.A. 15.0 50.00 65.0 15.00 50.00 65.00 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 observed exchange rate of each central bank, in effect on the closing date. All differences arising from the liquidation or conversion of monetary items are recorded in the income statement, with the exception of the monetary items designated as part of the hedging of the Group’s net investment in a business abroad. These differences are recorded under other comprehensive income until the disposal of the net investment, at which point they are reclassified to the income statement. Tax adjustments attributable to exchange differences in these monetary items are also recognized under other comprehensive income. Non-monetary items that are valued at historical cost in a foreign currency are converted using the exchange rate in effect at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect at the date on which fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value are recorded in accordance with the recognition of losses or gains arising from the change in the fair value of the respective item (e.g., exchange differences arising from items whose fair value gains or losses are recognized in another overall result or in results are also recognized under comprehensive income ). Functional currency in hyperinflationary economies Beginning July 2018, Argentina’s economy is considered as hyperinflationary, according to the criteria established in the International Accounting Standard No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out based on a series of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have been retrospectively restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power of the Argentine peso, as of the closing date of these financial statements. Non-monetary assets and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accounting purposes in Argentina. In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying the attributed cost exemption for Property, plant and equipment. For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial position of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) at the date of presentation of these financial statements, in accordance with IAS 21 “Effects of foreign currency exchange rate variations”, when dealing with a hyperinflationary economy. The comparative amounts in the consolidated financial statements are those that were presented as current year amounts in the relevant financial statements of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results in differences between the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policy option, these changes are presented as follows: (a) the re-measurement of Opening balances under IAS 29 as an adjustment to equity and (b) subsequent effects, including re-expression under IAS 21 , as “Exchange rate differences in the conversion of foreign operations” under other comprehensive income. The adjustment factor is derived from the National Consumer Price Index (CPI), which is published by the National Institute of Statistics and Census of the Argentine Republic (INDEC). Inflation for the periods January to December 2023 and 2022 amounted to 209.91% and 96.95%, 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. In accordance with IAS 21 "Effects of Changes in Foreign Exchange Rates," we use the closing exchange rate to translate financial information into presentation currency. The official U.S. dollar whose value is determined by the Central Bank of Argentina (BCRA) is used to calculate the exchange rate for the presentation and preparation of the consolidated financial statements. In the course of Argentine market transactions, there are a number of other types of U.S. dollar rates that may differ from the BCRA-calculated official rate. In the event that financial information is translated into the presentation currency using a non-official exchange rate, the consolidated figures of our Operation in Argentina may be affected. 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 12.31.2023 877.12 181.17 1.08 0.120 12.31.2022 855.86 164.03 4.83 0.116 Exchange rates regarding the Chilean peso, calculated using average rates, used in the preparation of the Consolidated Financial Statements, are as follows: Date USD BRL PYG 12.31.2023 839.92 168.31 0.115 12.31.2022 873.28 169.16 0.125 For the translation of Argentine figures, closing rates (not average) are used, as described in Note 2.5.2 b. 2.6 Property, plant, and equipment The elements of Property, plant and equipment, are valued for their acquisition cost, net of their corresponding accumulated depreciation, and of the impairment losses they have experienced. The cost of the items of Property, plant and equipment include in addition to the price paid for the acquisition: i) the financial expenses accrued during the construction period that are directly attributable to the acquisition, construction or production of qualified assets, which are those that require a substantial period of time before being ready for use, such as production facilities. The Group defines a substantial period as one that exceeds twelve months. The interest rate used is that corresponding to specific financing or, if it does not exist, the weighted average financing rate of the Company making the investment; and ii) personnel expenses directly related to the construction in progress. Construction in progress is transferred to operating assets after the end of the trial period when they are available for use, from which moment depreciation begins. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can be measured reliably. Repairs and maintenance are charged to expense in the reporting period in which they are incurred. Land is not depreciated since it has an indefinite useful life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. The estimated useful lives by asset category are: Assets Range in years Buildings 15-80 Plant and equipment 5-20 Warehouse installations and accessories 10-50 Furniture and supplies 4-5 Motor vehicles 4-10 IT equipment 3-5 Other Property, plant and equipment 3-10 Bottles and containers 1-8 The residual value and useful lives of Property, plant and equipment are reviewed and adjusted at the end of each fiscal year, if appropriate. The Company assesses on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverable amount of the asset, if there is evidence, or when an annual impairment test is required for an asset. Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other expenses by function or other gains, as appropriate in the statement of comprehensive income. 2.7 Intangible assets and Goodwill 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 or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not subsequently reversed. Goodwill is carried at cost less accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity. Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from the synergies arising from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at which goodwill is monitored for internal management purposes. 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, have been met. Their accounting recognition is initially realized for their acquisition or production cost and, subsequently, they are valued at their net cost of their corresponding accumulated amortization and of the impairment losses that, if applicable, they have experienced. The aforementioned software is amortized within four years 2.8 Impairment of non-financial assets Assets that have an indefinite useful life, such as intangibles related to distribution rights and goodwill, are not amortized and are tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are tested for impairment whenever there is an event or change in circumstances indicating that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying value of the asset exceeds its recoverable amount. The recoverable amount is the greater of an asset’s fair value less costs to sell or its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units – CGU). Cash-generating unit’s recoverable amount has been determined on the basis of its value in use. Regardless of what was stated in the previous paragraph, in the case of CGUs to which goodwill or intangible assets with an indefinite useful life have been assigned, the analysis of their recoverability is carried out systematically at the end of each fiscal year. These indications may include new legal provisions, change in the economic environment that affects business performance indicators, competition movements, or the disposal of an important part of a CGU. Management reviews business performance based on geographic segments. Goodwill is monitored at the operating segment level that includes the different cash generating units in operations in Chile, Brazil, Argentina and Paraguay. The impairment of distribution rights is monitored geographically in the CGU or group of cash generating units, which correspond to specific territories for which distribution rights have been acquired for products owned by The Coca-Cola Company, as well as other minor investments.These cash generating units or groups of cash generating units are composed of the following segments: - Operation in Chile; (North Zone Antofagasta, Atacama and Coquimbo, Metropolitan Area, Central Zone San Antonio and Cachapoal and Extreme South Zone of Aysen and Magallanes); - Operation in Argentina; (San Juan, Mendoza, San Luis, Córdoba, Santa Fé, Entre Ríos, La Pampa, Neuquén, Rio Negro, Chubut, Santa Cruz, Tierra del Fuego and western area of the Province of Buenos Aires); - Operation in Brazil (State of Rio de Janeiro and Espirito Santo, Ipiranga territories, investment in the Sorocaba associate and investment in the Leão Alimentos e Bebidas Ltda. associate); - 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 impairment test are: a) Discount rate The discount rate applied in the annual impairment test carried out in 2023 was estimated using the CAPM (Capital Asset Pricing Model) methodology, which allows estimating a discount rate according to the level of risk of the CGU in the country where it operates. A nominal discount rate in local currency before tax is used according to the following table: 2023 Discount 2022 Discount rates rates Argentina 38.7 % 33.1 % Chile 10.3 % 9.3 % Brazil 11.2 % 10.5 % Paraguay 12.0 % 11.3 % b) Other assumptions The financial projections to determine the net present value of future cash flows of the CGUs are modeled based on the main historical variables and the respective approved budgets for each CGU. In this regard, a conservative growth rate is used, taking into account the differences that exist in categories with high growth such as carbonated beverages, categories with medium growth such as waters and juices, and categories that are less developed and have lower margins such as alcohols. Additionally, the valuation model considers projections over 5 years based on perpetuity growth rates per operation, which follow a real growth according to long-term population growth expectations. In this sense, the variables with greatest sensitivity in these projections are the discount rates applied in the determination of the net present value of projected cash flows, growth perpetuities and EBITDA margins considered in each CGU. In order to sensitize the impairment test, variations were made to the main variables used in the model. Ranges used for each of the modified variables are: - Discount Rate : Increase / Decrease of up to 200 bps as a value in the rate at which future cash flows are discounted to bring them to present value - Perpetuity : Increase / Decrease of up to 25 bps in the rate to calculate the perpetual growth of future cash flows - EBITDA margin : Increase / Decrease of 150 bps of EBITDA margin of operations, which is applied per year for the projected periods, that is, for the years 2024-2028 After modeling and valuing the different CGUs as a result of the tests performed as of December 31, 2023, no impairment were identified in any of the CGUs listed above, assuming conservative projections aligned with the history of the current markets. Thus, despite the deterioration of the macroeconomic conditions experienced by the economic conditions of the countries in which we operate, the impairment test yielded recovery values higher than the book values of assets, including those for the sensitivity calculations in the stress test conducted on the model for the 3 previously mentioned variables. The yearly review of other investments revealed that, for the AdeS brand, specifically in the Chilean operation, the recoverable value was CLP 1,627 million less than the book value recorded in the Financial Statements, which were reduced from their book value as of December 2023. This is noteworthy even though no impairment indicators were found for the CGUs mentioned above. The negative trend in the seeds segment's sales and the brand's overall decline in relevance in the local vegetable market are the primary causes of the lower valuation of AdeS in Chile. In the 2021 annual review of other investments, it was identified that for the Verde Campo brand (producer of which is owned by Trop Frutas do Brasil Ltda.), the recoverable amount would be R$21.8 million, amount below the book value recorded in the financial statements of R$34.6 million in which Andina Brasil includes its participation proportionally. Given the difference, the losses of R$12.8 million were written down from their book value as of December 31, 2021, leaving a recoverable amount of R$21.8 million. The effects of impairment were included in the consolidated results under “Share of profit of investments in associates and joint ventures accounted for using the equity method”. The main reasons for the impairment are due to the lower cash 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 f |
FINANCIAL REPORTING BY SEGMENT
FINANCIAL REPORTING BY SEGMENT | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL REPORTING BY SEGMENT | |
FINANCIAL REPORTING BY SEGMENT | 3 – FINANCIAL REPORTING BY SEGMENT The Company provides financial information by segments according to IFRS 8 “Operating Segments,” which establishes standards for reporting by operating segment and related disclosures for products and services, and geographic areas. The Company’s Board of Directors and Management measures and assesses performance of operating segments based on the operating income of each of the countries where there are Coca-Cola franchises. The operating segments are determined based on the presentation of internal reports to the Company´s chief strategic decision-maker. The chief operating decision-maker has been identified as the Company´s Board of Directors who makes the Company’s strategic decisions. The following operating segments have been determined for strategic decision making based on geographic location: ● Operation in Chile ● Operation in Brazil ● Operation in Argentina ● Operation in Paraguay The four operating segments conduct their businesses through the production and sale of soft drinks and other beverages, as well as packaging materials. Expenses and revenue associated with the Corporate Officer were assigned to the operation in Chile in the soft drinks segment because Chile is the country that manages and pays the corporate expenses, which would also be substantially incurred, regardless of the existence of subsidiaries abroad. Total revenues by segment include sales to unrelated customers and inter-segments, as indicated in the consolidated statement of income of the Company. A summary of the Company’s operations by segment according to IFRS is as follows: Operation in Operation in Operation in Operation in Inter-country Consolidated, Chile Argentina Brazil Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Net sales 1,191,974,011 460,337,955 745,382,614 223,840,649 (3,098,177) 2,618,437,052 Cost of sales (785,163,742) (234,814,106) (460,648,667) (124,798,917) 3,428,177 (1,601,997,255) Distribution expenses (98,940,612) (60,925,828) (55,074,448) (12,866,291) — (227,807,179) Administrative expenses (185,062,364) (98,996,057) (116,836,812) (30,400,282) — (431,295,515) Financial income 12,892,543 8,497,135 9,251,681 754,808 — 31,396,167 Financial costs (31,413,255) (6,174,445) (27,700,652) — — (65,288,352) Share of entity in income of associates accounted for using the equity method, total 320,225 — 2,395,944 — — 2,716,169 Income tax expense (27,867,269) (25,000,923) (27,122,886) (6,003,229) — (85,994,307) Oher income (expenses) (40,422,909) (20,238,217) (1,651,128) (3,343,039) — (65,655,293) Net income of the segment reported 36,316,628 22,685,514 67,995,646 47,183,699 330,000 174,511,487 Depreciation and amortization 44,930,478 23,055,893 31,384,619 13,730,334 (330,000) 112,771,324 Current assets 537,875,316 86,006,922 276,111,516 81,777,273 — 981,771,027 Non-current assets 818,222,777 192,749,170 651,665,020 277,112,895 — 1,939,749,862 Segment assets, total 1,356,098,093 278,756,092 927,776,536 358,890,168 — 2,921,520,889 Carrying amount in associates and joint ventures accounted for using the equity method, total 49,790,788 — 42,008,479 — — 91,799,267 Segment disbursements in non-monetary assets 98,330,718 24,421,786 50,018,391 19,936,603 — 192,707,498 Current liabilities 256,032,001 107,654,447 284,887,152 44,297,696 — 692,871,296 Non-current liabilities 965,276,582 23,188,614 300,646,803 18,552,180 — 1,307,664,179 Segment liabilities, total 1,221,308,583 130,843,061 585,533,955 62,849,876 — 2,000,535,475 Cash flows (used in) provided by in Operating Activities 196,897,114 32,330,115 118,389,616 19,213,391 — 366,830,236 Cash flows (used in) provided by Investing Activities (224,464,143) (24,421,513) 110,533,381 (19,936,603) — (158,288,878) Cash flows (used in) provided by Financing Activities 19,739,413 3,911,735 (209,887,714) (890,232) — (187,126,798) Operation in Operation in Operation in Operation in Inter-country Consolidated, For the period ended December 31, 2022 Chile Argentina Brazil Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Net sales 1,123,665,196 688,704,911 636,859,882 212,339,131 (4,690,725) 2,656,878,395 Cost of sales (743,226,587) (367,879,756) (403,695,516) (118,590,689) 4,690,725 (1,628,701,823) Distribution expenses (94,155,809) (98,238,512) (48,572,718) (12,547,637) — (253,514,676) Administrative expenses (165,139,607) (133,696,312) (100,060,355) (30,621,442) — (429,517,716) Financial income 18,783,930 9,853,565 10,307,344 777,571 — 39,722,410 Financial costs (28,065,600) (1,628,221) (29,854,132) — — (59,547,953) Share of entity in income of associates accounted for using the equity method, total 1,743,656 — (334,587) — — 1,409,069 Income tax expense (38,497,541) (38,651,371) (21,342,331) (5,853,395) — (104,344,638) Oher income (expenses) (83,536,145) (20,652,710) 10,213,711 51,063 — (93,924,081) Net income of the segment reported (8,428,507) 37,811,594 53,521,298 45,554,602 — 128,458,987 Depreciation and amortization 40,714,017 33,442,921 31,888,435 13,320,058 — 119,365,431 Current assets 564,695,230 141,715,280 383,021,238 72,297,644 — 1,161,729,392 Non-current assets 762,292,569 251,248,261 566,116,288 269,314,097 — 1,848,971,215 Segment assets, total 1,326,987,799 392,963,541 949,137,526 341,611,741 — 3,010,700,607 Carrying amount in associates and joint ventures accounted for using the equity method, total 53,869,983 — 38,474,615 — — 92,344,598 — Segment disbursements of non-monetary assets 85,998,605 40,479,269 42,173,211 18,051,094 — 186,702,179 Current liabilities 629,575,497 138,572,190 140,642,493 40,454,954 — 949,245,134 Non-current liabilities 600,735,999 24,584,021 536,281,288 16,451,513 — 1,178,052,821 Segment liabilities, total 1,230,311,496 163,156,211 676,923,781 56,906,467 — 2,127,297,955 Cash flows (used in) provided by in Operating Activities 255,357,664 59,379,474 58,391,224 24,324,062 — 397,452,424 Cash flows (used in) provided by Investing Activities 15,619,565 (40,479,269) (42,173,211) (18,135,556) — (85,168,471) Cash flows (used in) provided by Financing Activities (283,394,600) (41,768) (3,064,412) (462,602) — (286,963,382) Operation in Operation in Operation in Operation in Inter-country Consolidated, For the period ended December 31, 2021 Chile Argentina Brazil Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Revenue on 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) 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 and joint ventures accounted for using the equity method, total 52,519,831 — 38,969,363 — — 91,489,194 Segment disbursements of non-monetary assets 18,636,178 33,789,235 30,171,387 21,381,700 — 103,978,500 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) |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 12.31.2022 ThCh$ ThCh$ Cash 552,062 203,931 Bank balances 119,335,228 108,486,568 Other fixed rate instruments 183,796,393 182,991,488 Cash and cash equivalents 303,683,683 291,681,987 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 12.31.2023 12.31.2022 ThCh$ ThCh$ USD 9,462,829 14,266,343 EUR 437,604 870,613 ARS 18,340,987 29,215,288 CLP 140,758,085 138,205,025 PYG 38,469,449 39,201,097 BRL 96,214,729 69,923,621 Cash and cash equivalents 303,683,683 291,681,987 |
OTHER CURRENT AND NON-CURRENT F
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets measured at amortized cost (1) 66,190,949 92,838,315 3,027,052 3,317,778 Financial assets at fair value (2) 1,094,844 170,206,554 78,988,715 75,297,737 Other financial assets (3) — — 11,300,572 16,237,196 Total 67,285,793 263,044,869 93,316,339 94,852,711 (1) Financial instrument that does not meet the definition of cash equivalents pursuant to Note 2.13. (2) Market value of hedging instruments. See details in Note 22. (3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., manufacturing company of “AdeS” products, which are framed in the purchase of the “AdeS” brand managed by The Coca-Cola Company at the end of 2016 . |
OTHER CURRENT AND NON-CURRENT N
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Prepaid expenses 11,435,334 6,059,201 1,700,462 1,074,940 Tax credit remainder (1) 933,282 905,826 39,373,807 40,922,425 Judicial deposits — — 14,649,339 15,723,829 Others (2) 6,943,235 19,991,973 3,688,874 1,951,072 Total 19,311,851 26,957,000 59,412,482 59,672,266 (1) In November 2006, Rio de Janeiro Refrescos Ltda. (“RJR”) filed a court order No. 0021799-23.2006.4.02.5101 seeking recognition of the right to exclude ICMS (Tax on Commerce and Services) from the PIS (Program of Social Integration) and COFINS (Contribution for the Financing of Social Security) calculation base, as well as recognition of the right to obtain reimbursement of amounts unduly collected since November 14, 2001, duly restated using the Selic interest rate. On May 20, 2019, the ruling favoring RJR became final, allowing the recovery of amounts overpaid from November 14, 2001 to August 2017. It is worth noting that in September 2017, RJR had already obtained a Security Mandate, which granted it the right to exclude, from that date, the ICMS from the PIS and COFINS calculation base. The company took steps to assess the total amount of the credit at issue for the period of unduly collection of taxes from November 2001 to August 2017, totaling approximately CLP 100,550 million (CLP 92,783 million at December 2021) (BRL 613 million, of which BRL 370 million corresponds to capital and BRL 243 million to interest and monetary restatement. These amounts were recorded as of December 31, 2019 and recovered as of December 31, 2021. Companhia de Bebidas Ipiranga, acquired in September 2013, also filed a court order n. 0005018-15.2002.4.03.6110 to recognize the same issue as the one previously descibed for RJR. On September 12, 2019, the ruling favoring Ipiranga became final, allowing the recovery of the amounts overpaid from September 12, 1990 to December 12, 2013 (date on which Ipiranga was acquired by RJR). The Ipiranga credit will be generated in the name of RJR, however pursuant to a contractual clause (“Subscription Agreement for Shares and Exhibits”), which requireds RJR to transfer any gain resulting from this action to the former shareholders of Ipiranga. The Company performed procedures to assess the total amount of the credit in question for the tax period expired, totaling BRL 162,588, of which BRL 80,177 correspond to principal and BRL 82,411 correspond to interest and monetary restatement. These amounts were recorded in the year ended December 31, 2020. The payment of income tax is made at the time of liquidation of the credit, with which the respective deferred tax liability of BRL 55,280 was recorded. The value of PIS and Cofins recorded was BRL 7,623 thousand. At the closing of these financial statements the value to be transferred to the former shareholders of Ipiranga is CLP 30,830,785 or BRL 170,176 (CLP 27,309,519 at December 31, 2022 or BRL 166,491). The liability is recorded in other non-financial liabilities (Note 18). (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, 2023 | |
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: Current Non-current Trade debtors and other accounts receivable, Net 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 251,169,538 238,146,331 94,190 56,781 Other debtors 41,973,516 39,798,245 277,077 483,139 Other accounts receivable 5,749,110 1,825,710 134 — Total 298,892,164 279,770,286 371,401 539,920 Current Non-current Trade debtors and other accounts receivable, Gross 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 255,616,735 242,638,974 94,190 56,781 Other debtors 42,135,933 40,206,431 277,077 483,139 Other accounts receivable 5,834,787 1,921,211 134 — Total 303,587,455 284,766,616 371,401 539,920 The stratification of the portfolio for current and non-current trade accounts receivable, without impairment impact, is as follows: 12.31.2023 12.31.2022 ThCh$ ThCh$ Less than one month 239,907,074 229,587,868 Between one and three months 7,467,587 4,577,833 Between three and six months 1,276,211 2,418,252 Between six and eight months 5,142,341 5,392,862 Older than eight months 1,917,712 718,940 Total 255,710,925 242,695,755 The Company has approximately 292,153 clients, which may have balances in the different sections of the stratification. The number of clients is distributed geographically with 70,000 in Chile, 84,153 in Brazil, 67,580 in Argentina and 70,420 in Paraguay. The provision for expected credit losses associated with each tranche of the portfolio for current and non-current trade receivables is as follows: 12.31.2023 Impairment Credit amount provision Percentage ThCh$ ThCh$ % Less than one month 239,907,074 (700,137) 0.16 % Between one and three months 7,467,587 (294,510) 10.88 % Between three and six months 1,276,211 (138,648) 21.60 % Between six and eight months 5,142,341 (2,397,365) 68.09 % Older than eight months 1,917,712 (916,537) 40.99 % Total 255,710,925 (4,447,197) 12.31.2022 Impairment Credit amount provision Percentage ThCh$ ThCh$ % Less than one month 229,587,868 (701,701) 0.31 % Between one and three months 4,577,833 (431,630) 9.43 % Between three and six months 2,418,252 (786,856) 32.54 % Between six and eight months 5,392,862 (2,402,146) 44.54 % Older than eight months 718,940 (170,310) 23.69 % Total 242,695,755 (4,492,643) The movement in the allowance for expected credit losses is presented below: 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Opening balance 4,492,643 4,711,371 6,795,663 Increase (decrease) 1,319,216 (150,671) 1,697,887 Provision reversal (1,110,743) (654,381) (3,832,220) Increase (decrease) for changes of foreign currency (253,919) 586,324 50,041 Sub – total movements (45,446) (218,728) (2,084,292) Ending balance 4,447,197 4,492,643 4,711,371 The provision for expected credit losses is recorded as an administrative expense in the statements of income by function. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
INVENTORIES | 8 – INVENTORIES The composition of inventories is detailed as follows: Details 12.31.2023 12.31.2022 ThCh$ ThCh$ Raw materials (1) 90,992,931 104,833,902 Finished goods 115,591,443 114,164,680 Spare parts and supplies 26,527,656 27,109,494 Work in progress 194,686 216,164 Other inventories 6,012,077 4,020,372 Obsolescence provision (2) (6,265,633) (4,457,956) Total 233,053,160 245,886,656 The cost of inventory recognized as cost of sales amounts to CLP 1,346,516,486 thousand and CLP 1,388,536,599 thousand as of December 31, 2023 and 2022, 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, 2023 | |
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 12.31.2023 12.31.2022 ThCh$ ThCh$ Monthly provisional payments 4,691,320 25,428,344 Tax credits 32,125,597 6,640,888 Recoverable taxes from prior years 27,247 473,424 Surplus Tax Credit 6,265,971 6,387,530 Other Recoverable Taxes 272,923 396,241 Total 43,383,058 39,326,427 The composition of current tax accounts payable is the following: Current Tax liabilities 12.31.2023 12.31.2022 ThCh$ ThCh$ Income tax expense 13,411,621 14,615,447 Tax credit — — Others — — Total 13,411,621 14,615,447 |
INCOME TAX EXPENSE AND DEFERRED
INCOME TAX EXPENSE AND DEFERRED TAXES | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Current income tax expense (58,334,583) (63,245,293) (45,614,890) Current tax adjustment previous period (152,481) 311,931 2,284,477 Foreign dividends tax withholding expense (11,803,842) (11,129,734) (2,877,817) Other current tax expense (income) (688,765) — 114,130 Current income tax expense (70,979,671) (74,063,096) (46,094,100) Expense (income) for the creation and reversal of temporary differences of deferred tax and others (15,014,636) (30,281,542) (83,220) Expense (income) for deferred taxes (15,014,636) (30,281,542) (83,220) Total income tax expense (85,994,307) (104,344,638) (46,177,320) The distribution of national and foreign tax expenditure is as follows: Income taxes 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Current taxes Foreign (44,507,433) (61,250,403) (37,363,624) National (26,472,238) (12,812,693) (8,730,476) Current tax expense (70,979,671) (74,063,096) (46,094,100) Deferred taxes Foreign (13,619,606) (4,596,695) 6,942,925 National (1,395,030) (25,684,847) (7,026,145) Deferred tax expense (15,014,636) (30,281,542) (83,220) Income tax expense (85,994,307) (104,344,638) (46,177,320) 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 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Net income before taxes 260,505,794 232,803,625 203,208,988 Tax expense at legal rate (27.0%) (70,336,564) (62,856,979) (54,866,427) Effect of tax rate in other jurisdictions (854,686) (2,820,546) 860,745 Permanent differences: Foreign dividend tax withholding expense and other non-taxable income (15,253,682) (11,536,654) (10,868,055) Non-deductible expenses (2,585,111) (3,622,958) (2,935,310) Tax effect on excess tax provision in previous periods (188,988) (81,258) 13,250,594 Tax effect of price-level restatement for Chilean companies (9,929,818) (33,196,408) (15,794,098) Subsidiaries tax withholding expense and other legal tax debits and credits 13,154,542 9,770,165 24,175,231 Adjustments to tax expense (14,803,057) (38,667,113) 7,828,362 Tax expense at effective rate (85,994,307) (104,344,638) (46,177,320) Effective rate 33.0 % 44.8 % 22.7 % The applicable income tax rates in each of the jurisdictions where the Company operates are the following: Rates Country 2023 2022 2021 Chile 27.00 % 27.00 % 27.00 % Brazil 34.00 % 34.00 % 34.00 % Argentina 35.00 % 35.00 % 35.00 % Paraguay 10.00 % 10.00 % 10.00 % 10.2 Deferred taxes The net cumulative balances of temporary differences resulted in deferred tax assets and liabilities, which are detailed as follows: 12.31.2023 12.31.2022 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,970,424 (54,058,525) 5,351,293 (58,230,728) Obsolescence provision 2,231,501 — 1,871,168 — ICMS exclusion credit 3,241,530 — 2,686,693 — Employee benefits 8,212,311 (14,382) 5,033,868 (3,348) Provision for severance indemnity 2,546,033 (94,659) 2,789,893 (42,264) Tax loss carry forwards (1) 2,142,747 — 5,569,124 — Tax goodwill Brazil (2) — (15,782,005) — (9,081,512) Contingency provision 27,144,927 — 27,145,591 — Foreign Exchange differences (3) 4,640,723 — 11,478,538 — Allowance for doubtful accounts 799,274 — 803,608 — Coca-Cola incentives (Argentina) — — 633,919 — Assets and liabilities for placement of bonds — (561,994) — (610,594) Financial expense — (2,363,384) — (1,894,010) Lease liabilities 3,665,695 — 1,874,166 — Inventories 1,706,518 — 1,312,833 — Distribution rights (4) — (161,155,669) — (154,669,995) Prepaid income 4,481,352 — 5,339,265 (8,287) Spare parts — (4,816,189) — (4,142,782) Intangibles 77,752 (5,497,812) 69,395 (7,388,202) Others 4,301,875 (2,965,088) 5,282,818 (4,520,673) Subtotal 71,162,662 (247,309,707) 77,242,172 (240,592,395) Offsetting of deferred tax assets/(liabilities) (66,839,488) 66,839,488 (74,813,839) 74,813,839 Total assets and liabilities net 4,323,174 (180,470,219) 2,428,333 (165,778,556) (1) Tax losses mainly associated with entities in Chile. Tax losses have no expiration date in Chile. (2) Difference for tax amortization of Goodwill in Brazil. (3) Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency in the subsidiary Rio de Janeiro Refrescos Ltda., that for tax purposes are recognized when paid. (4) Distribution rights arising from business combinations. See Note 15. Deferred tax account movements are as follows: Movement 12.31.2023 12.31.2022 ThCh$ ThCh$ Opening balance (163,350,223) (166,596,100) Increase (decrease) in deferred tax (31,400,047) 8,090,171 Increase (decrease) due to foreign currency translation(*) 18,603,225 (4,844,294) Total movements (12,796,822) 3,245,877 Ending balance (176,147,045) (163,350,223) (*) Includes IAS 29 effects due to inflation in Argentina |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 12.31.2022 ThCh$ ThCh$ Construction in progress 96,126,388 49,169,567 Land 115,737,432 104,906,878 Buildings 356,340,587 337,689,681 Plant and equipment 709,047,901 693,153,093 Information technology equipment 35,069,078 34,992,575 Fixed installations and accessories 43,914,423 69,798,556 Vehicles 81,294,395 75,759,020 Leasehold improvements 420,586 362,243 Rights of use 100,265,151 73,946,435 Other properties, plant and equipment (1) 425,204,655 448,561,681 Total Property, plant and equipment, gross 1,963,420,596 1,888,339,729 Accumulated depreciation of Property, plant and equipment 12.31.2023 12.31.2022 ThCh$ ThCh$ Buildings (130,708,389) (117,237,092) Plant and equipment (494,072,229) (499,070,234) Information technology equipment (25,646,570) (27,257,028) Fixed installations and accessories (28,383,356) (44,057,493) Vehicles (48,042,781) (44,600,066) Leasehold improvements (351,552) (282,057) Rights of use (66,973,796) (53,350,442) Other properties, plant and equipment (1) (296,853,112) (304,264,058) Total accumulated depreciation (1,091,031,785) (1,090,118,470) Total Property, plant and equipment, net 872,388,811 798,221,259 (1) The net balance of each of these categories is presented below: Other Property, plant and equipment, net 12.31.2023 12.31.2022 ThCh$ ThCh$ Bottles 43,683,655 46,351,209 Marketing and promotional assets (market assets) 72,164,433 70,149,875 Other Property, plant and equipment 12,503,455 27,796,539 Total 128,351,543 144,297,623 11.1 Movements Movements in Property, plant and equipment are detailed as follows: Fixed facilities IT and Leasehold Property, plant Construction in Plant and equipment accessories, improvements, Rights-of-use, and 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 01.01.2023 49,169,567 104,906,878 220,452,589 194,082,859 7,735,547 25,741,063 31,158,954 80,186 144,297,623 20,595,993 798,221,259 Additions 100,905,107 11,316,009 1,266,472 37,341,985 1,081,074 6,248 3,804,000 22,935 41,756,709 — 197,500,539 Right-of use additions — — — — — — — — — 25,119,021 25,119,021 Disposals — — (6,707) (292,766) (1,365) — (42,333) — (1,431,798) (174,444) (1,949,413) Transfers between items of Property, plant and equipment (57,285,699) — 9,985,619 21,285,201 2,279,728 2,148,709 2,511,373 — 18,399,131 675,938 — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (9,175,999) (29,999,476) (3,048,237) (1,903,192) (5,692,021) (46,176) (46,855,960) — (96,721,061) Amortization — — — — — — — — — (11,005,033) (11,005,033) Increase (decrease) due to foreign currency translation differences 95,202 (485,959) (4,295,531) (2,173,388) 311,883 (3,243,921) 898,032 4,474 (16,326,501) 56,926 (25,158,783) Other increase (decrease) (2) 3,242,211 504 7,405,755 (5,268,743) 1,063,878 (7,217,840) 613,609 7,615 (11,487,661) (1,977,046) (13,617,718) Total movements 46,956,821 10,830,554 5,179,609 20,892,813 1,686,961 (10,209,996) 2,092,660 (11,152) (15,946,080) 12,695,362 74,167,552 Ending balance al 12.31.2023 96,126,388 115,737,432 225,632,198 214,975,672 9,422,508 15,531,067 33,251,614 69,034 128,351,543 33,291,355 872,388,811 (1) Right of use assets is composed as follows: Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 16,246,384 (6,883,481) 9,362,903 Plant and Equipment 52,431,352 (35,679,624) 16,751,728 IT equipment 1,155,261 (1,030,250) 125,011 Motor vehicles 22,051,973 (15,132,557) 6,919,416 Others 8,380,181 (8,247,884) 132,297 Total 100,265,151 (66,973,796) 33,291,355 Lease liabilities interest expenses at the closing of the period reached ThCh$ 2,616,945 (2) Corresponds mainly to the effect of adopting IAS 29 in Argentina. Fixed Plant and IT facilities and Leasehold Property, plant Construction equipment, equipment, accessories, improvements, Rights-of-use, and equipment, in progress Land Buildings, net net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2022 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 Additions 75,269,957 — 867,990 21,280,010 922,233 74,995 636,420 10,275 68,730,337 — 167,792,217 Right-of use additions — — — — — — — — — 5,883,061 5,883,061 Disposals (32,456) — (16,174) (538,429) (15,105) — (4,522) — (2,249,837) (67,398) (2,923,921) Transfers between items of Property, plant and equipment (84,598,804) 159,232 10,014,587 33,485,897 3,487,406 3,384,472 16,037,695 51,403 17,940,342 37,770 — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (8,477,029) (35,372,214) (2,641,086) (3,365,827) (5,524,208) (68,741) (49,526,391) — (104,975,496) Amortization — — — — — — — — — (9,993,249) (9,993,249) Increase (decrease) due to foreign currency translation differences 4,263,117 3,461,539 11,105,445 7,324,221 43,790 1,282,713 852,241 10,324 6,450,271 1,235,657 36,029,318 Other increase (decrease) (2) (2,012,841) — 3,614,645 (1,748,181) 325,092 1,265,589 (23,272) (36,364) (11,200,643) (153,823) (9,969,798) Total movements (7,111,027) 3,620,771 17,109,464 24,431,304 2,122,330 2,641,942 11,974,354 (33,103) 30,144,079 (3,057,982) 81,842,132 Ending balance al 12.31.2022 49,169,567 104,906,878 220,452,589 194,082,859 7,735,547 25,741,063 31,158,954 80,186 144,297,623 20,595,993 798,221,259 (1) Right of use assets is composed as follows: Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 6,694,251 (3,452,700) 3,241,551 Plant and Equipment 47,377,683 (33,624,676) 13,753,007 IT Equipment 1,214,851 (1,081,741) 133,110 Motor vehicles 9,395,320 (6,066,615) 3,328,705 Others 9,264,330 (9,124,710) 139,620 Total 73,946,435 (53,350,442) 20,595,993 Lease liabilities interest expenses at the closing of the period reached ThCh$ 2,092,868. (2) Corresponds mainly to the effect of adopting IAS 29 in Argentina. Fixed facilities Plant and IT and Leasehold Property, plant Construction equipment, Equipment, accessories, improvements, Rights-of-use, and equipment, in progress Land Buildings, net net net net Vehicles, net net Other, 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 at 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 expense for the year ended December 31, 2021reached CLP 1,816,506 thousand. (2) Corresponds mainly to the effect of adopting IAS 29 in Argentina. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTIES | |
RELATED PARTIES | 12 – RELATED PARTIES Balances and main transactions with related parties are detailed as follows: 12. 12.31.2023 12.31.2022 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ 96.891.720-K Embonor S.A. Shareholder related Chile CLP 7,371,731 — 10,852,709 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 5,071,655 — 2,048,054 — Foreign Sorocaba Refrescos Shareholder related Brazil BRL 1,223,699 — — — 76.140.057-6 Monster Associate Chile CLP 837,713 — 86,492 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 713,006 — 925,189 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile CLP 403,061 — 745,048 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 349,914 108,021 15,444 109,318 76.572.588-7 Coca Cola del Valle New Ventures S.A. Associate Chile CLP 149,820 — 143,002 — Foreign Embotelladoras Bolivianas Unidas S.A. Shareholder related Bolivia USD 40,719 — — — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS — — 237,439 — 79.826.410-9 Guallarauco Associate Chile CLP — — 8,790 — Total 16,161,318 108,021 15,062,167 109,318 12.2 Accounts payable: 12.31.2023 12.31.2022 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil BRL 40,159,177 6,007,041 30,998,682 10,354,296 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 25,770,189 — 32,205,880 — Foreign Ser. y Prod. para Bebidas Refrescantes S.R.L. Shareholder Argentina ARS 9,431,483 — 8,587,487 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 6,883,553 — 8,186,248 — Foreign Coca-Cola Company Shareholder Paraguay PYG 4,877,061 — 1,690,858 — Foreign Monster Energy Company – EEUU Shareholder related Argentina PYG 2,389,283 — 28,910 — 77.526.480-2 Comercializadora Nova Verde S.A. Common shareholder Chile CLP 2,831,752 — 2,198,317 — Foreign Monster Energy Brasil Com de Bebidas Ltda. Shareholder related Brazil BRL 1,985,330 — 3,811,908 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 602,113 — 1,089,592 — 96.891.720-K Embonor S.A. Shareholder related Chile CLP 416,073 — 589,127 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil BRL 307,967 — 232,216 — Foreign The Coca-Cola Export Corporation Shareholder related Panama USD 288,001 — — — Foreign Monster Energy Company – EEUU Shareholder related Argentina PYG 61,155 — — — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 38,797 — 628,842 — 89.996.200-1 Envases del Pacifico S.A. Shareholder related Chile CLP 3,690 — — — Total 96,045,624 6,007,041 90,248,067 10,354,296 12.3 Transactions: Accumulated Accumulated Taxpayer ID Company Relationship Country Transaction description Currency at 12.31.23 at 12.31.22 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of concentrate CLP 207,040,438 198,045,624 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of advertising services and others CLP 9,057,004 7,241,918 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Lease of water source CLP 6,424,479 5,958,076 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Sale of raw materials and others CLP 1,025,290 2,738,472 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Minimum dividend CLP 35,855 47,262 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 21,103,185 24,441,192 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials CLP 32,085,055 33,637,921 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of services and others CLP 496,196 2,270,006 86.881.400-4 Envases CMF S.A. Associate Chile Sale of services and others CLP - 13,914 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 10,830,682 9,391,000 86.881.400-4 Envases CMF S.A. Associate Chile Sale of containers/raw materials CLP 10,981,598 13,360,534 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of finished products CLP 74,933,722 79,205,926 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of services and others CLP 360,722 585,448 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of raw materials and inputs CLP 261,983 956,036 96.891.720-K Embonor S.A. Shareholder related Chile Minimum dividend CLP 416,073 589,127 96.517.310-2 Embotelladora Iquique S.A. Shareholder related Chile Sale of finished products CLP 6,912,134 5,807,466 89.996.200-1 Envases del Pacífico S.A. Director related Chile Purchase of raw materials and inputs CLP 3,690 204,933 94.627.000-8 Parque Arauco S.A Director related Chile Space lease CLP 143,308 101,981 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Purchase of concentrate BRL 125,212,630 100,199,500 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Sale of water source BRL 9,750,769 - Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Lease of water source BRL 624,871 - Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Purchase of concentrate ARS 109,232,990 159,807,006 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising rights awards and others ARS 124,203 3,002,061 Foreign KAIK Participações Associate Brazil Reimbursement and other purchases BRL 114,147 96,511 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Purchase of products BRL 130,042 636,938 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products BRL 2,799,927 419,515 89.862.200-2 Latam Airlines Group S.A. Director related Chile Sale of products CLP - 93,320 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Sale of services and others CLP 555,666 288,264 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Purchase of services and others CLP 4,296,982 4,306,419 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Payment of fees and services ARS 565,355 4,128,865 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Purchase of products ARS 674,311 2,107,354 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Marketing services ARS 49,114 286,488 Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products BRL 190,060 368,127 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of raw materials CLP 61,184 781,901 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of finished products CLP 12,827,332 12,867,822 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of services and others CLP 1,689,356 4,512,714 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Purchase of finished products CLP 21,192,591 25,440,668 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Advertising services and others CLP 924,924 2,367,626 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Cold equipment maintenance CLP 594,640 619,419 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Purchase of raw materials CLP 401,498 952,699 97.036.000-K Banco Santander Chile. Director/Manager/Executive Chile Purchase of services CLP 4,396,965 6,776,225 Foreign Monster Energy Brasil Comercio de Bebidas Ltda. Equity investee Brazil Purchase of products BRL 3,466,645 2,352,550 33-0520613 Monster Energy Company - USA Equity investee U.S.A. Purchase of advertising material CLP 175,705 — 76140057-6 Monster Energy Company - CHILE Subsidiary Chile Sale of advertising services and others CLP 3,561,747 — 76140057-6 Monster Energy Company - CHILE Subsidiary Chile Purchase of advertising services and others CLP 439,520 — 76140057-6 Monster Energy Company - CHILE Subsidiary Chile Purchase of finished products CLP 35,904,599 — Foreign The Coca-Cola Export Corporation Panama Shareholder related Chile Purchase of products and others CLP 230,619 — Foreign The Coca-Cola Export Corporation Atlanta Shareholder related Chile Purchase of products and others CLP 361,873 — 12.4 Salaries and benefits received by key management Salaries and benefits paid to the Company’s key management personnel including directors and managers are detailed as follows: Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Executive wages, salaries and benefits 10,036,315 8,536,107 7,253,863 Director allowances 1,690,400 1,560,000 1,512,500 Benefits accrued in the last five years and payments during the fiscal year 355,680 269,952 254,240 Total 12,082,395 10,366,059 9,020,603 |
CURRENT AND NON-CURRENT EMPLOYE
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 12.31.2022 ThCh$ ThCh$ Accrued vacation 23,546,649 25,773,244 Participation in profits and bonuses 36,455,454 22,618,562 Severance indemnity 16,289,643 17,409,793 Total 76,291,746 65,801,599 ThCh$ ThCh$ Current 57,817,800 48,391,806 Non-current 18,473,946 17,409,793 Total 76,291,746 65,801,599 13.1 Severance indemnities The movements of employee benefits, valued pursuant to Note 2 are detailed as follows: Movements 12.31.2023 12.31.2022 ThCh$ ThCh$ Opening balance 17,409,793 14,982,928 Service costs 1,202,371 1,018,080 Interest costs 1,000,018 737,566 Actuarial variations (1,678,013) 2,905,020 Benefits paid (1,644,526) (2,233,801) Total 16,289,643 17,409,793 13.1.1 Assumptions The actuarial assumptions used are detailed as follows: Assumptions 12.31.2023 12.31.2022 Discount rate 2.26 % 1.71 % Expected salary increase rate 2.0 % 2.0 % Turnover rate 7.62 % 7.68 % Mortality rate RV-2020 RV-2020 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years The result of the changes in the severance indemnities resulting from the sensitization of the actuarial assumptions at the valuation date is presented below: Discount rate sensitivity ThCh$ Variation in the provision resulting from an increase of up to 100 basis points (869,321) Variation in the provision resulting from a decrease of up to 100 basis points 990,697 Salary increase sensitivity ThCh$ Variation in the provision resulting from an increase of up to 100 basis points 991,833 Variation in the provision resulting from a decrease of up to 100 basis points (878,906) 13.2 Personnel expenses Personnel expenses included in the consolidated statement of income are as follows: Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Wages and salaries 266,893,173 277,271,540 225,883,645 Employee benefits 83,260,379 71,566,763 53,340,673 Severance benefits 6,290,886 6,052,239 4,163,608 Other personnel expenses 22,037,675 21,305,979 18,134,494 Total 378,482,113 376,196,521 301,522,420 |
INVESTMENTS IN ASSOCIATES ACCOU
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 12.31.2022 12.31.2023 12.31.2022 86.881.400-4 Envases CMF S.A. (1) Chile CLP 21,025,975 23,519,277 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil BRL 10,636,778 8,460,307 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil BRL 1,551,253 1,293,219 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil BRL 59,875 55,072 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil BRL 28,875,351 26,694,836 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil BRL 885,062 1,971,055 7.52 % 7.52 % 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Chile CLP 28,764,973 30,350,832 35.00 % 35.00 % Total 91,799,267 92,344,598 (1) In Envases CMF S.A., regardless of the ownership interest, it was determined that no controlling interest was held, only a significant influence, given that there was not a majority vote of the Board of Directors to make strategic business decisions. (2) In these companies, regardless of the ownership interest, it has been defined that the Company has significant influence, given that it has the right to appoint directors. Envases CMF S.A. Chilean entity whose corporate purpose is to manufacture and sell plastic material products and beverage bottling and packaging services. The business relationship is to supply plastic bottles, preforms and caps to Coca-Cola bottlers in Chile. Leão Alimentos e Bebidas Ltda. Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates. Invest in other companies. The business relationship is to produce non-carbonated products for Coca-Cola bottlers in Brazil. Kaik Participações Ltda. Brazilian entity whose corporate purpose is to invest in other companies with its own resources. SRSA Participações Ltda. Brazilian entity whose corporate purpose is the purchase and sale of real estate investments and property management, supporting the business of Rio De Janeiro Refrescos Ltda. (Andina Brazil). Sorocaba Refrescos S.A. Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates, in addition to investing in other companies. It has commercial relationship with Rio de Janeiro Refrescos Ltda. (Andina Brazil). Trop Frutas do Brasil Ltda. Brazilian entity whose corporate purpose is to manufacture, commercialize and export natural fruit pulp and coconut water. The business relationship is to produce products for Coca-Cola bottlers in Brazil. Coca-Cola del Valle New Ventures S.A. Chilean entity whose corporate purpose is to manufacture, distribute and commercialize all kinds of juices, waters and beverages in general. The business relationship is to produce waters and juices for Coca-Cola bottlers in Chile. 14.2 Movements The movement of investments in other entities accounted for using the equity method is shown below: Description 12.31.2023 12.31.2022 ThCh$ ThCh$ Opening balance 92,344,598 91,489,194 Dividends declared (6,232,958) (4,383,645) Share in operating income 3,145,106 2,118,728 Other increase (decrease) in investments in associated companies (Impairment in Trop Frutas do Brasil Ltda.) (1,615,050) - Other increase (decrease) in investments in associates* 4,157,571 3,120,321 Ending balance 91,799,267 92,344,598 *Mainly due to foreign exchange rates The main movement is explained by dividends declared in 2023 and 2022 corresponding to Envases CMF S.A. and Sorocaba Refrescos S.A. 14.3 Reconciliation of share of profit in investments in associates: Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Share in operating income 3,145,106 2,118,728 4,041,118 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) (428,937) (568,767) (512,131) Amortization goodwill in the sale of fixed assets of Envases CMF S.A. 42,633 Amortization goodwill preferred rights CCDV S.A. - (140,892) (478,518) Income statement balance 2,716,169 1,409,069 3,093,102 14.4 Summary financial information of associates: The tables below reflect the amounts presented in the financial statements of the relevant associates and not the Company’s share of those amounts. At December 31, 2023 Envases CMF Sorocaba Refrescos Kaik Participaçōes SRSA Participaçōes Leão Alimentos e Trop Frutas do Brasil Coca Cola del Valle New S.A. S.A. Ltda. Ltda. Bebidas Ltda. Ltda. Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Short term assets 50,693,046 39,392,459 — 24,715 92,747,488 21,186,620 24,548,167 Long term assets 54,127,400 101,420,184 13,704,046 347,922 62,843,154 28,404,343 70,825,265 Total assets 104,820,446 140,812,643 13,704,046 372,637 155,590,642 49,590,963 95,373,432 Short term liabilities 35,045,849 22,951,428 — 222,950 22,924,938 14,104,874 13,188,225 Long term liabilities 27,722,647 46,453,440 34 — 16,678,828 13,212,410 — Total liabilities 62,768,496 69,404,868 34 222,950 39,603,766 27,317,284 13,188,225 Total Equity 42,051,950 71,407,775 13,704,012 149,687 115,986,876 22,273,679 82,185,207 Total revenue from ordinary activities 92,308,940 — 983,452 146,063 84,624,940 55,434,136 29,385,365 Net income before taxes 5,923,727 58,931,149 983,452 146,063 5,657,251 (2,548,671) (7,822,534) Net income after taxes 4,755,373 (1,206,475) — 146,063 2,529,341 (2,349,151) (5,101,497) Other comprehensive income 29,516 9,690,233 — — (93,593,890) (58,242) — Total comprehensive income 4,784,889 8,483,758 983,452 146,063 (91,064,549) (2,407,393) (5,101,497) Reporting date (See Note 2.3) 12.31.2023 11.30.2023 11.30.2023 11.302023 11.30.2023 11.30.2023 11.30.2023 At December 31, 2022 Envases CMF Sorocaba Refrescos Kaik Participaçōes SRSA Participaçōes Leão Alimentos e Trop Frutas do Brasil Coca Cola del Valle New S.A. S.A. Ltda. Ltda. Bebidas Ltda. Ltda. Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Short term assets 63,615,517 41,997,646 — 22,376 77,547,906 22,235,713 26,927,496 Long term assets 52,964,004 89,524,823 11,424,515 317,159 54,195,351 27,128,282 75,247,746 Total assets 116,579,521 131,522,469 11,424,515 339,535 131,743,257 49,363,995 102,175,242 Short term liabilities 45,222,022 21,366,336 — 201,853 16,269,385 14,693,964 9,038,769 Long term liabilities 24,318,944 45,013,681 31 — 11,698,126 12,270,207 5,480,067 Total liabilities 69,540,966 66,380,017 31 201,853 27,967,511 26,964,171 14,518,836 Total Equity 47,038,555 65,142,452 11,424,484 137,682 103,775,746 22,399,824 87,656,406 Total revenue from ordinary activities 97,834,148 (741) 782,772 134,401 65,797,238 45,104,125 25,249,336 Net income before taxes 6,640,224 478,458 782,772 134,401 3,804,172 (5,105,685) (896,914) Net income after taxes 5,517,062 243,170 782,772 134,401 1,427,601 (5,067,707) 163,561 Other comprehensive income — 9,680,320 — — 1,522 275,534 — Total comprehensive income 5,517,062 9,923,490 782,772 134,401 1,429,123 (4,792,173) 163,561 Reporting date (See Note 2.3) 12.31.2022 11.30.2022 11.30.2022 11.30.2022 11.30.2022 11.30.2022 12.31.2022 |
INTANGIBLE ASSETS OTHER THAN GO
INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | 15 – Intangible assets other than goodwill are detailed as follows: December 31, 2023 December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Description value /Impairment value value /Impairment value ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) 667,955,100 (3,078,000) 664,877,100 645,684,416 (1,451,000) 644,233,416 Software 63,828,408 (40,121,558) 23,706,850 56,968,738 (36,205,387) 20,763,351 Water rights 587,432 — 587,432 479,825 (40,723) 439,102 Trademarks indefinite useful life (2) 6,341,107 — 6,341,107 5,741,054 — 5,741,054 Trademarks definite useful life (3) 1,297,378 (891,277) 406,101 1,297,378 (703,388) 593,990 Others 560,183 (552,208) 7,975 507,928 (499,953) 7,975 Total 740,569,608 (44,643,043) 695,926,565 710,679,339 (38,900,451) 671,778,888 (1) Correspond to brands, water rights and distribution rights. Distribution rights are contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights result from the valuation process at fair value of the assets and liabilities of the companies acquired in business combinations. Production and distribution contracts are renewable for periods of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently done on these rights, allow qualifying them as indefinite contracts. Distribution rights together with the assets that are part of the cash-generating units, are annually subjected to the impairment test. Such distribution rights have an indefinite useful life, are not subject to amortization. Rights in Chile related to AdeS were provisioned for impairment pursuant to the annual tests performed. See Note 2.8. (2) On September 21, 2021 Coca-Cola Andina together with Coca-Cola Femsa, acquired the Brazilian beer brand Therezópolis for BRL 70 million. Each bottler bought 50% of the brand. This transaction is part of the company’s long-term strategy to complement its beer portfolio in Brazil. The transaction was completed and approved by CADE (Brazilian Administrative Council of Economic Defense). In September of that same year, Andina recorded an intangible asset under the Therezópolis brand for BRL 35 million with an indefinite useful life. (3) Correspond to distribution rights that did not arise from business combinations. These rights are subject to amortization. Distribution rights 12.31.2023 12.31.2022 ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 301,187,149 302,814,149 Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto and the investments in Sorocaba and Leão Alimentos y Bebidas Ltda.) 182,986,222 165,670,430 Paraguay 178,475,561 172,548,023 Argentina (North and South) 2,228,168 3,200,814 Total 664,877,100 644,233,416 The movement and balances of identifiable intangible assets are detailed as follows: December 31, 2023 Trademarks Trademarks Distribution indefinite definite rights Software Water rights useful life useful life Others Description Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 644,233,416 20,763,351 439,102 5,741,054 593,990 7,975 671,778,888 Additions — 8,984,225 148,330 — — — 9,132,555 Amortization — (4,857,341) — — (187,889) — (5,045,230) Impairment (2) (1,627,000) — — — — — (1,627,000) Other increases (decreases) (1) 22,270,684 (1,183,385) — 600,053 — — 21,687,352 Ending balance 664,877,100 23,706,850 587,432 6,341,107 406,101 7,975 695,926,565 December 31, 2022 Trademarks Trademarks Distribution indefinite definite rights Software Water rights useful life useful life Others Description Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 640,056,747 13,064,962 422,221 5,297,760 781,878 7,975 659,631,543 Additions — 12,020,412 16,881 — — — 12,037,293 Amortization — (4,208,798) — — (187,888) — (4,396,686) Impairment — — — — — — — Other increases (decreases) (1) 4,176,669 (113,225) — 443,294 — — 4,506,738 Ending balance 644,233,416 20,763,351 439,102 5,741,054 593,990 7,975 671,778,888 (1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries. (2) The rights in Chile related to AdeS were provisioned for impairment according to the annual tests performed. See Note 2.8. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2023 | |
GOODWILL | |
GOODWILL | 16 – Movement in Goodwill is detailed as follows: Foreign currency Cash Generating Unit 01.01.2023 translation differences 12.31.2023 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 66,941,508 6,890,007 73,831,515 Argentine operation 46,254,831 (14,061,746) 32,193,085 Paraguayan operation 7,324,560 251,619 7,576,179 Total 129,023,922 (6,920,120) 122,103,802 Foreign currency Cash Generating Unit 01.01.2022 translation differences 12.31.2022 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 61,851,449 5,090,059 66,941,508 Argentine operation 39,976,392 6,278,439 46,254,831 Paraguayan operation 7,712,036 (387,476) 7,324,560 Total 118,042,900 10,981,022 129,023,922 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 |
OTHER CURRENT AND NON-CURRENT_2
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | 17 – Liabilities are detailed as follows: Balance Current Non-current 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Bank loans (Note 17.1.1 - 3) 1,500,909 688,800 13,403,691 13,366,211 Bonds payable, net (1) 27,479,415 340,767,980 953,660,440 763,368,160 Bottle guaranty deposits 12,632,184 16,427,144 — — Derivative contract liabilities (Note 17.3) 1,458,210 2,317,577 52,449,925 112,175,058 Lease liabilities (Note 17.4.1 - 2) 9,926,283 7,100,579 24,811,777 15,892,629 Total 52,997,001 367,302,080 1,044,325,833 904,802,058 (1) The fair value of financial assets and liabilities is presented below: Book value Fair value Book value Fair value Current 12.31.2023 12.31.2023 12.31.2022 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Cash and cash equivalent (2) 303,683,683 303,683,683 291,681,987 291,681,987 Financial assets at fair value (1) 842,906 842,906 170,206,554 170,206,554 Trade debtors and other accounts receivable (2) 296,883,937 296,883,937 279,770,286 279,770,286 Accounts receivable related companies (2) 13,192,740 13,192,740 15,062,167 15,062,167 Bank liabilities (2) 1,500,909 1,465,732 688,800 767,468 Bonds payable (2) 27,479,415 26,931,768 340,767,980 339,666,507 Bottle guaranty deposits (2) 12,632,186 12,632,186 16,427,144 16,427,144 Forward contracts liabilities (see Note 22) (1) 1,458,210 1,458,210 2,317,577 2,317,577 Leasing agreements (2) 9,926,283 9,926,283 7,100,579 7,100,579 Accounts payable (2) 428,911,984 428,911,984 384,801,630 384,801,630 Accounts payable related companies (2) 94,821,925 94,821,925 90,248,067 90,248,067 Book value Fair value Book value Fair value Non-Current 12.31.2023 12.31.2023 12.31.2022 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets at fair value (1) 78,988,714 78,988,714 75,297,737 75,297,737 Non-current accounts receivable (2) 371,401 371,401 539,920 539,920 Accounts receivable related companies (2) 108,021 108,021 109,318 109,318 Bank liabilities (2) 13,403,691 13,403,691 13,366,211 13,921,569 Bonds payable (2) 953,660,440 894,107,588 763,368,160 729,602,210 Leasing agreements (2) 24,811,777 24,811,777 15,892,629 15,892,629 Non-current accounts payable (2) 2,392,555 2,392,555 3,015,284 3,015,284 Derivative contracts liabilities (see Note 22) (1) 52,449,925 52,449,925 112,175,058 112,175,058 Accounts payable related companies (2) 6,007,041 6,007,041 10,354,296 10,354,296 (1) Fair values are based on discounted cash flows using market discount rates at the close of the six-month and one-year period and are classified as Level 2 of the fair value measurement hierarchies. (2) Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. 17.1 Bank liabilities 17.1.1 Bank liabilities, current Maturity Total Indebted Entity Creditor Entity Type of Nominal Up to 90 days to At At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 90 days 1 year 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % 34,460 — 34,460 28,683 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 186,233 186,233 53,350 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile UF Semiannually 3.32 % — 56,529 56,529 — 91.144.000-8 Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile UF At maturity 0.18 % 657,036 — 657,036 — 91.144.000-8 Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile UF At maturity 0.18 % 535,951 — 535,951 585,560 Foreign Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile USD At maturity 0.18 % 30,700 — 30,700 21,207 Total 1,500,909 688,800 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 12.31.2023 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 4,500,000 — — — 4,500,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile UF Semiannually 3.32 % — 4,903,691 — — — 4,903,691 Total 13,403,691 17.1.3 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 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 4,500,000 — — — 4,500,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile UF Semiannually 3.32 % — 4,866,211 — — — 4,866,211 Total 13,366,211 17.1.4 Current and non-current bank obligations “Restrictions” Bank obligations are not subject to restrictions for the reported periods. 17.2 Bond obligations On September 20, 2023, the Company issued corporate bonds in the Swiss public market for CHF 170 million. The bond consisted of a 5 - year issue with bullet structure and an annual coupon of 2.7175%. Simultaneously, derivatives (Cross Currency Swaps) have been contracted through our subsidiary in Brazil (Rio de Janeiro Refrescos) to hedge 100% of the financial obligations of the bond that are denominated in Swiss francs by redenominating such liabilities to Brazilian reais. At the end of September 2023, Andina made the principal payment of US$365 million of Senior Notes format 144A/RegS, corresponding to 100% of the debt originally placed on January 1, 2013. Current Non-current Total Composition of bonds payable 12.31.2023 12.31.2022 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds face value 1 28,170,013 341,478,129 961,723,115 769,765,783 989,893,128 1,111,243,912 1 Gross amounts do not include issuance expenses and 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, bonds in U.S. dollars issued by the Parent Company on the U.S. market and the Swiss public market . A detail of these instruments is presented below: Current nominal Adjustment Interest Final Interest Current Non-current Bonds Series amount unit rate maturity payment 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 969,219 UF 6.50 % 12.01.2026 Semiannually 11,660,222 10,513,470 18,669,905 28,795,438 CMF Registration 641 08.23.2010 C 1,090,909 UF 4.00 % 08.15.2031 Semiannually 5,612,839 5,427,888 35,117,116 38,302,888 CMF Registration 760 08.20.2013 D 4,000,000 UF 3.80 % 08.16.2034 Semiannually 2,062,069 1,967,995 147,157,440 140,443,920 CMF Registration 760 04.02.2014 E 3,000,000 UF 3.75 % 03.01.2035 Semiannually 1,366,861 1,304,513 110,368,102 105,332,951 CMF Registration 912 10.10.2018 F 5,700,000 UF 2.83 % 09.25.2039 Semiannually 1,536,949 1,491,144 209,699,352 200,132,586 U.S. Bonds 2023 10.01.2013 — 365,000,000 USD 5.00 % 10.01.2023 Semiannually — 316,293,761 — — U.S. Bonds 2050 01.01.2020 — 300,000,000 USD 3.95 % 01.21.2050 Semiannually 4,590,627 4,479,358 263,136,000 256,758,000 Swiss Bond 2023 — 170,000,000 CHF 2.7175 % 09.20.2028 Annual 1,340,446 — 177,575,200 — Total 28,170,013 341,478,129 961,723,115 769,765,783 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 12.31.2023 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 12,249,648 6,420,257 — — 18,669,905 CMF Registration 641 08.23.2010 C 5,016,730 5,016,731 5,016,731 20,066,924 35,117,116 CMF Registration 760 08.20.2013 D — — — 147,157,440 147,157,440 CMF Registration 760 04.02.2014 E — — — 110,368,102 110,368,102 CMF Registration 912 10.10.2018 F — — — 209,699,352 209,699,352 U.S. Bonds 2050 01.21.2020 — — — — 263,136,000 263,136,000 Swiss Bond 2023 09.20.2023 — — — — 177,575,200 177,575,200 Total — 17,266,378 11,436,988 5,016,731 928,003,018 961,723,115 17.2.3 Market rating The bonds issued on the Chilean market had the following rating: AA+ : ICR Compañía Clasificadora de Riesgo Ltda. rating AA+ : Fitch Chile Clasificadora de Riesgo Limitada rating The rating of bonds issued on the international market had the following rating: BBB : S&P Global Ratings BBB+ : Fitch Ratings Inc. 17.2.4 Restrictions 17.2.4.1 Restrictions regarding bonds placed abroad. Obligations with bonds placed abroad are not affected by financial restrictions for the periods reported. 17.2.4.2 Restrictions regarding bonds placed in the local market. The following financial information was used for calculating restrictions: 12.31.2023 ThCh$ Average net financial debt last 4 quarters 671,538,372 Net financial debt 647,364,644 Unencumbered assets 2,813,063,535 Total unsecured liabilities 1,920,451,919 EBITDA LTM 443,666,843 Net financial expenses LTM 34,513,707 Restrictions on the issuance of bonds for a fixed amount registered under number 254, series B1 and B2. ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Income by Function”. “Consolidated Net Financial Liabilities” will be considered as the result of : /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); "EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2023 , this ratio was 1.51 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 Metro politana) as a territory in Chile in which we have been authorized by The Coca-Cola Company for the development, production, sale and distribution of products and brands of the licensor, in accordance to the respective bottler or license agreement, renewable from time to time. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of this date is franchised by TCCC to the Company for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities. Unsecured consolidated liabilities payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. As of December 31, 2023, this ratio was 1.46 times. Restrictions to bond lines registered in the Securities Registered under number 641, series C ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Income by Function”. “Consolidated Net Financial Liabilities” will be considered as the result of: /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); “EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2023, this ratio was 1.51 times. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities. Unencumbered assets refer to the assets that are the property of the issuer; classified under Total Assets of the Issuer’s Financial Statements; and that are free of any pledge, mortgage or other liens constituted in favor of third parties, less "Other Current Financial Assets" and "Other Non-Current Financial Assets" of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities). Unsecured total liabilities correspond to liabilities from Total Current Liabilities and Total Non-Current Liabilities of Issuer’s Financial Statement which do not benefit from preferences or privileges, less "Other Current Financial Assets" and "Other Non-Current Financial Assets" of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities). As of December 31, 2023, this ratio was 1.46 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 December 31, 2023, Net Financial Coverage was 12.85 times. Restrictions to bond lines registered in the Securities Registrar under number 760, series D and E. ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Results by Function”. "Consolidated Net Financial Liabilities” will be considered as the result of : /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); "EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2023, this ratio was 1.51 times. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable. Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. As of December 31, 2023, this ratio was 1.46 times. ● Maintain, and in no manner, lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” as a territory franchised to the Issuer in Chile by The Coca-Cola Company, hereinafter also referred to as “TCCC” or the “Licensor” for the development, production, sale and distribution of products and brands of said licensor, in accordance to the respective bottler or license agreement, renewable from time to time. Losing said territory means the non-renewal, early termination or cancellation of this license agreement by TCCC, for the geographical area today called “Metropolitan Region”. This reason shall not apply if, as a result of the loss, sale, transfer or disposition, of that licensed territory is purchased or acquired by a subsidiary or an entity that consolidates in terms of accounting with the Issuer. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of these instruments is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equity method”; plus (v) ”Depreciation”; plus (vi) ”Intangibles Amortization”. Restrictions to bond lines registered in the Securities Registrar under number 912, series F. ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Results by Function”. “Consolidated Net Financial Liabilities” will be considered as the result of : /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); “EBITDA” will be considered as the sum of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2023, this ratio was 1.51 times. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable. Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. As of December 31, 2023, this ratio was 1.46 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, 2023, the Company complies with all financial covenants. 17.3 Derivative contract obligations Please see details in Note 22. 17.4 Liabilities for leasing agreements 17.4.1 Current liabilities for leasing agreements Maturity Total Indebted entity Creditor entity Type of Nominal Up to 90 days and up to At At Name Country Taxpayer ID Name Country Currency Amortization Rate 90 days 1 year 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 318,556 1,016,205 1,334,761 1,069,428 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.39 % 124,735 393,518 518,253 121,291 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real Estate Brazil BRL Monthly 8.10 % 160,994 380,117 541,111 155,613 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Brazil BRL Monthly 3.50 % 80,753 242,258 323,011 299,362 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % 88,718 266,155 354,873 497,308 Embotelladora del Atlántico S.A. Argentina Foreign Real Estate Argentina ARS Monthly 50.00 % 349,588 455,536 805,124 622,574 Embotelladora del Atlántico S.A. Argentina Foreign Systems Argentina USD Monthly 12.00 % 19,369 57,400 76,769 123,253 Embotelladora del Atlántico S.A. Argentina Foreign Real Estate Argentina ARS Monthly 12.00 % 78,364 175,671 254,035 — Vital Jugos S.A. Chile 76.080.198-4 De Lage Landen Chile S.A Chile USD Monthly 5.49 % 155,549 471,198 626,747 588,820 Vital Jugos S.A. Chile 77.951.700-4 Sig Combibloc Chile SPA. Chile EUR Monthly 39.22 % 32,709 90,988 123,697 — Vital Aguas S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 7.50 % — — — 998,501 Vital Aguas S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 11.24 % 262,042 736,459 998,501 — Envases Central S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 3.86 % 603,428 — 603,428 — Envases Central S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 5.56 % — — — 602,887 Transportes Polar S.A. Chile 76.413.243-2 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % — 128,214 128,214 118,883 Transportes Polar S.A. Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 4.11 % 82,787 242,318 325,105 — Transportes Polar S.A. Chile 93.075.000-k Importadora Técnica Vignola SAIC Chile UF Monthly 3.67 % 20,389 55,293 75,682 — Transporte Andina Refrescos Ltda Chile 78.861.790-9 Comercializadora Novaverde Limitada Chile UF Monthly 0.08 % — — — 177,802 Transporte Andina Refrescos Ltda Chile 78.861.790-9 Comercializadora Novaverde Limitada Chile UF Monthly 0.45 % 118,598 79,957 198,555 — Transporte Andina Refrescos Ltda Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % 248,800 757,225 1,006,025 932,903 Transporte Andina Refrescos Ltda Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 0.34 % 187,889 575,368 763,257 — Transporte Andina Refrescos Ltda Chile 85.275.700-0 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % — - 309,440 Transporte Andina Refrescos Ltda Chile 85.275.700-0 Arrendamiento De Maquinaria SPA Chile UF Monthly 0.45 % 85,954 264,920 350,874 — Red de Transportes Comerciales Ltda Chile 76.930.501-7 Inmobiliaria Ilog Avanza Park Chile UF Monthly 2.48 % 125,260 393,001 518,261 — Red de Transportes Comerciales Ltda Chile 76.930.501-7 Inmobiliaria Ilog Avanza Park Chile UF Monthly 0.21 % — — — 482,514 Total 9,926,283 7,100,579 The Company maintains leases on forklifts, vehicles, real estate and machinery. These leases have an average lifespan of between one 17.4.2 Non-current liabilities for leasing agreements |
TRADE AND OTHER ACCOUNTS PAYABL
TRADE AND OTHER ACCOUNTS PAYABLE | 12 Months Ended |
Dec. 31, 2023 | |
TRADE AND OTHER ACCOUNTS PAYABLE | |
TRADE AND OTHER ACCOUNTS PAYABLE | 18 – Trade and other accounts payable are detailed as follows: Classification 12.31.2023 12.31.2022 ThCh$ ThCh$ Current 428,911,984 384,801,630 Non-current 2,392,555 3,015,284 Total 431,304,539 387,816,914 Item 12.31.2023 12.31.2022 ThCh$ ThCh$ Trade accounts payable 296,701,188 298,298,731 Withholding tax 74,435,775 60,738,656 Others (1) 60,167,576 (1) 28,779,527 Total 431,304,539 387,816,914 (1) Other current considers the account payable to former shareholders of Companhia de Bebidas Ipiranga ("CBI"). See Note 6 for further information. |
OTHER PROVISIONS, CURRENT AND N
OTHER PROVISIONS, CURRENT AND NON-CURRENT | 12 Months Ended |
Dec. 31, 2023 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | 19 – 19.1 Balances The composition of provisions is as follows: Description 12.31.2023 12.31.2022 ThCh$ ThCh$ Litigation (1) 54,801,896 48,695,427 Total 54,801,896 48,695,427 Current 1,314,106 1,591,644 Non-current 53,487,790 47,103,783 Total 54,801,896 48,695,427 (1) Correspond to the provision made for the probable losses of tax, labor and commercial contingencies, according to the following detail: Description (see note 23.1) 12.31.2023 12.31.2022 ThCh$ ThCh$ Tax contingencies 29,637,064 27,339,444 Labor contingencies 13,200,665 11,374,753 Civil contingencies 11,964,167 9,981,230 Total 54,801,896 48,695,427 19.2 Movements The movement of principal provisions over litigation is detailed as follows: Description 12.31.2023 12.31.2022 ThCh$ ThCh$ Opening balance at January 1 st 48,695,427 57,412,406 Additional provisions — 48,639 Increase (decrease) in existing provisions 6,635,882 6,359,467 Used provision (payments made charged to the provision) (4,139,270) (3,108,988) Reversal of unused provision* — (15,654,522) Increase (decrease) due to foreign exchange rate differences 3,609,857 3,638,425 Total 54,801,896 48,695,427 (*) During 2022, the provision constituted by a defendant of the Government of the State of Rio de Janeiro related to the Advertising Contract was reversed. This is due to a review of the balances involved where the amounts claimed are reduced in favor of Rio de Janeiro Refrescos Ltda. |
OTHER NON-FINANCIAL LIABILITIES
OTHER NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER NON-FINANCIAL LIABILITIES | |
OTHER NON-FINANCIAL LIABILITIES | 20 – Other current and non-current non-financial liabilities at each reporting period end are detailed as follows: Current Non-current Description 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Dividends payable 32,081,207 29,042,469 — — Other 10,291,953 (1) 13,251,991 2,506,795 29,589,051 Total 42,373,160 42,294,460 2,506,795 29,589,051 (1) Corresponds to prepayment from Coca-Cola de Chile S.A. for a marketing co-participation plan for the penetration of market equipment, which will be developed in the short term. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
EQUITY | |
EQUITY | 21 – 21.1 Number of shares: Number of subscribed, paid-in and voting shares Series 2023 2022 A 473,289,301 473,289,301 B 473,281,303 473,281,303 21.1.1 Capital: Paid-in and subscribed capital Series 2023 2022 ThCh$ ThCh$ A 135,379,504 135,379,504 B 135,358,070 135,358,070 Total 270,737,574 270,737,574 21.1.2 Rights of each series: ● Series A: Elect 12 of the 14 Directors. ● Series B: Receive an additional 10% of dividends distributed to Series A and elects 2 of the 14 Directors. 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 2023, shareholders agreed to pay out of the 2022 earnings a final dividend additional to the 30% required by Chile’s Law on Corporations and an eventual final dividend, which were paid on May 9, 2023 and May 26, 2023, respectively. The dividends declared and/or paid per share are presented below: Approval-Payment Dividend Profits imputable CLP CLP Periods type to dividends Series A Series B 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 04.13.2022 04.26.2022 Final Accumulated Earnings 189.00 207.9 07.27.2022 08.26.2022 Interim 2022 Earnings 29.00 31.90 09.28.2022 10.28.2022 Interim 2022 Earnings 29.00 31.90 12.27.2022 01.27.2023 Interim 2022 Earnings 29.00 31.90 04.20.2023 05.09.2023 Final 2022 Earnings 29.00 31.90 04.20.2023 05.26.2023 Final Accumulated earnings 50.00 55.00 07.25.2023 08.25.2023 Interim 2023 Earnings 29.00 31.90 09.27.2023 10.26.2023 Interim 2023 Earnings 29.00 31.90 12.28.2023 01.25.2024 Interim 2023 Earnings 32.00 35.20 21.3 Other reserves The balance of other reserves includes the following: Concept 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (556,832,899) (495,483,366) (441,580,088) Cash flow hedge reserve (24,064,386) (62,344,501) 50,603,698 Reserve for employee benefit actuarial gains or losses (6,013,183) (7,776,316) (4,885,926) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 6,014,568 6,014,568 Total (153,758,842) (132,452,557) 37,289,310 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 gains or losses that according to IAS 19 amendments must be carried to other comprehensive income. 21.3.4 Legal and statutory reserves In accordance with Official Circular N° 456 issued by the Chilean Financial Market Commission (CMF), the legally required price-level restatement of paid-in capital for 2009 is presented as part of other equity reserves and is accounted for as a capitalization from Other Reserves with no impact on net income or retained earnings under IFRS. This amount totaled CLP 5,435,538 thousand as of December 31, 2009. 21.3.5 Foreign currency translation reserves This corresponds to the conversion of the financial statements of foreign subsidiaries whose functional currency is different from the presentation currency of the Consolidated Financial Statements. Additionally, exchange differences between accounts receivable kept by the companies in Chile with foreign subsidiaries are presented in this account, which have been treated as investment accounted for using the equity method, Translation reserves are detailed as follows: Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Brazil (106,141,988) (140,762,397) (167,447,389) Argentina (464,946,783) (360,988,849) (294,696,228) Paraguay 14,255,872 6,267,880 20,563,529 Total (556,832,899) (495,483,366) (441,580,088) The movement of this reserve for the periods ended on the dates indicated below, is detailed as follows: Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Brazil 34,620,409 26,684,992 36,210,003 Argentina (103,957,934) (66,292,621) (3,363,826) Paraguay 7,987,992 (14,295,649) 43,070,221 Total (61,349,533) (53,903,278) 75,916,398 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 as of 2023 Balance Tax Net Balance ThCh$ ThCh$ ThCh$ Cash Flow for hedge (1) 52,472,352 (14,183,004) 38,289,348 Exchange rate translation differences (1) (98,844,581) 37,650,601 (61,193,980) Benefit related to defined benefit plans 2,381,650 (643,045) 1,738,605 Total Comprehensive income as of December 31, 2022 (43,990,579) 22,824,552 (21,166,027) Gross Balance as of 2022 Balance Tax Net Balance ThCh$ ThCh$ ThCh$ Cash Flow for hedge (1) (155,206,655) 42,276,806 (112,929,849) Exchange rate translation differences (1) (78,009,918) 23,777,899 (54,232,019) Benefit related to defined benefit plans (3,960,084) 1,069,223 (2,890,861) Total Comprehensive income as of December 31, 2022 (237,176,657) 67,123,928 (170,052,729) Gross Balance as of 2021 Balance Tax Net Balance ThCh$ ThCh$ ThCh$ 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 (1) The movement of comprehensive income and expense is as follows: Benefit related Cash Flow Exchange rate to defines As of December 31, 2023: Hedge Differences benefit plans ThCh$ ThCh$ ThCh$ Increase (decrease) 52,393,210 (98,844,581) 6,374,693 Deferred taxes (14,113,095) 37,650,601 (1,721,167) Reclassification to the result by function 9,233 — — Remeasurement of defined benefit plan — — (2,914,921) Total Changes in Equity 38,289,348 (61,193,980) 1,738,605 Equity attributable to owners of the parent 38,280,115 (61,349,533) 1,763,133 Non-Controlling interests 9,233 155,553 (24,528) Total Changes in equity as of December 31, 2023 38,289,348 (61,193,980) 1,738,605 Benefit related Cash Flow Exchange rate to defines As of December 31, 2022: Hedge Differences benefit plans ThCh$ ThCh$ ThCh$ Increase (decrease) (155,007,121) (78,009,918) (3,617,931) Deferred taxes 43,070,637 23,777,899 976,841 Reclassification to the result by function (993,365) — — Remeasurement of defined benefit plan — — (249,771) Total Changes in Equity (112,929,849) (54,232,019) (2,890,861) Equity attributable to owners of the parent (112,948,199) (53,903,278) (2,890,390) Non-Controlling interests 18,350 (328,741) (471) Total Changes in equity as of December 31, 2022 (112,929,849) (54,232,019) (2,890,861) Benefit related Cash Flow Exchange rate to defines As of December 31, 2021: Hedge Differences benefit plans ThCh$ ThCh$ ThCh$ 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 — — Remeasurement of defined benefit plan — — (2,470,930) Total Changes in Equity 75,287,063 76,870,595 (261,223) Equity attributable to owners of the parent 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) 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 23,516 36,451 33,794 4,067 6,410 3,463 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 2,735 4,346 3,761 (243) (5) 326 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 6,421,855 6,177,360 6,331,726 1,023,763 988,416 885,010 Vital S.A. 35.0000 35.0000 35.0000 9,518,527 8,848,927 8,056,551 579,391 923,228 499,923 Vital Aguas S.A. 33.5000 33.5000 33.5000 2,391,066 2,216,115 2,041,837 168,407 198,195 130,522 Envases Central S.A. 40.7300 40.7300 40.7300 7,491,638 6,669,936 5,738,008 758,514 999,807 750,192 Re-Ciclar S.A.* 40.0000 40.0000 40.0000 8,845,550 4,189,373 3,064,078 536,178 (154,706) 64,082 Total 34,694,887 28,142,508 25,269,755 3,070,077 2,961,345 2,333,518 The following tables presents summarized information regarding the Company´s subsidiaries that have non-controlling interest: Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar S.A. S.A. S.A. S.A S.A. Central S.A. S.A. December 31,2023 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total current assets 79,240,262 9,149,013 81,710,657 29,670,457 7,064,594 20,446,648 6,613,813 Total non-current assets 186,371,255 9,397,856 277,112,895 19,914,658 5,272,662 21,015,727 26,500,107 Total current liabilities 105,077,757 4,907,443 44,297,696 20,549,744 5,061,919 16,775,490 1,596,354 Total non-current liabilities 22,626,937 561,677 18,552,180 1,839,580 137,827 6,293,557 9,403,691 Net sales 445,970,004 22,146,635 223,840,648 80,683,367 22,338,380 92,778,313 — Net Income 23,848,440 (1,388,032) 47,183,699 1,655,403 502,706 1,862,293 1,340,445 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar S.A. S.A. S.A. S.A S.A. Central S.A. S.A. December 31,2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total current assets 132,214,927 16,481,794 72,297,644 27,190,771 7,326,742 22,918,372 14,595,558 Total non-current assets 243,866,619 11,897,459 269,314,097 19,346,711 5,516,881 22,057,335 5,626,492 Total current liabilities 138,653,369 6,679,478 40,454,954 20,026,609 6,073,685 21,712,326 382,408 Total non-current liabilities 23,668,595 915,427 16,451,513 1,228,226 154,669 6,887,495 9,366,211 Net sales 664,003,032 37,915,166 212,339,131 85,067,864 22,026,721 100,227,739 — Net Income 37,589,788 (25,095) 45,554,603 2,637,795 591,626 2,454,710 (386,764) Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar S.A. S.A. S.A. S.A S.A. Central S.A. S.A. December 31,2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total current assets 107,589,399 13,197,912 64,121,536 25,441,586 5,575,990 17,976,170 4,135,677 Total non-current assets 209,051,488 11,865,984 279,148,198 16,832,859 5,789,335 20,945,892 3,560,269 Total current liabilities 98,942,717 6,210,788 34,207,817 17,498,997 4,934,841 20,091,524 35,751 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 1,841,867 160,195 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 weighted average number of shares outstanding during the same period. Earnings per share used to calculate basic and diluted earnings per share is detailed as follows: Earnings per share 12.31.2023 SERIES A SERIES B TOTAL Net income attributable to owners of the parent (CLP 000’s) 81,639,457 89,801,954 171,441,410 Weighted average number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (CLP) 172.49 189.74 181.12 Earnings per share 12.31.2022 SERIES A SERIES B TOTAL Net income attributable to owners of the parent (CLP 000’s) 59,761,287 65,736,355 125,497,642 Weighted average number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (CLP) 126.27 138.89 132.58 Earnings per share 12.31.2021 SERIES A SERIES B TOTAL Net income attributable to owners of the parent (CLP 000’s) 73,666,409 81,031,741 154,698,150 Weighted average number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (CLP) 155.65 171.21 163.43 |
DERIVATIVE ASSETS AND LIABILITI
DERIVATIVE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023, the Company holds the following derivative instruments: 22.1 Accounting recognition of cross currency and rate swaps Cross Currency Swaps, associated with local Bonds (Chile) As of December 31, 2023, the Company maintains derivative contracts to secure some of its bond debt issued in Unidades de Fomento totaling UF 8,911,035 (UF 9,340,963 as of December 31, 2022), to convert those obligations to CLP. These contracts were valued at fair value, yielding a net asset as of December 31, 2023 of CLP 71,053,190 thousand (CLP 75,297,737 thousand as of December 31, 2022) which is presented in Other non-current financial assets. Maturity dates of derivative contracts are distributed throughout 2026, 2031, 2034 and 2035. Cross Currency Swaps, associated with international Bonds (U.S.A. and Switzerland) As of December 31, 2023, the Company has derivative contracts to secure obligations with the public issued in U.S. dollars for USD 300 million, to convert these obligations into Chilean pesos indexed by the Consumer Price Index (UF) maturing in 2050. Additionally, there are derivative contracts to secure obligations with the public issued in Swiss francs for an amount of CHF 170 million to convert this obligation into Brazilian reais maturing in 2028. The valuation of the first contract at fair value results in a non-current liability of ThCh$ 52,449,925, as of December 31, 2023 (non-current liability of ThCh$ 112,175,058 as of December 31, 2022), while the valuation of the second contract at fair value results in a non-current asset of ThCh$ 7,935,525, as of the closing date of the financial statements. In September, given that the international bond for USD 365 million matured, the corresponding derivatives used to redenominate the conditions from dollars to reais also matured and the contract was extinguished. 22.2 Forward currency transactions expected to be very likely During 2023 and 2022, Embotelladora Andina entered into forward contracts to ensure the exchange rate on future commodity purchasing needs for its 4 operations, i.e., closing forward instruments in USD/ARS, USD/BRL, USD/CLP, EUR/CLP and USD/PYG. As of December 31, 2023, outstanding contracts amount to USD 87.4 million (USD 80.2 million as of December 31, 2022). 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. 22.3 Fair value hierarchy As of December 31, 2023, the Company held assets for derivative contracts for CLP 80,083,558 thousand (CLP 245,504,291 thousand as of December 31, 2022) - the decrease is explained by the liquidation of the Cross Currency Swaps related to the international bond for USD 365 million that matured in September 2023 - and held liabilities for derivative contracts for CLP 53,908,135 thousand (CLP 114,492,635 thousand as of December 31, 2022). 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, 2023 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 Other current financial assets — 1,094,844 — 1,094,844 Other non-current financial assets — 78,988,714 — 78,988,714 Total assets — 80,083,558 — 80,083,558 Liabilities Other current financial liabilities — 1,458,210 — 1,458,210 Other non-current financial liabilities — 52,449,925 — 52,449,925 Total Liabilities — 53,908,135 — 53,908,135 Fair Value Measurement at December 31, 2022 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 Other current financial assets — 170,206,554 — 170,206,554 Other non-current financial assets — 75,297,737 — 75,297,737 Total assets — 245,504,291 — 245,504,291 Liabilities Other current financial liabilities — 2,317,577 — 2,317,577 Other non-current financial liabilities — 112,175,058 — 112,175,058 Total Liabilities — 114,492,635 — 114,492,635 |
LITIGATION AND CONTINGENCIES
LITIGATION AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
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 490,108 thousand (CLP 1,397,149 thousand as of December 31, 2022). 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 163,056 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 52,997,682 thousand (CLP 45,706,634 thousand as of December 31, 2022). Management considers it unlikely that non-provisioned contingencies will affect the Company’s income and equity, based on the opinion of its legal counsel. As it is customary in Brazil, Rio de Janeiro Refrescos Ltda. maintains Deposit in courts and assets given in pledge to secure the compliance of certain processes, irrespective of whether these have been classified as a possible, probable or remote. The amounts deposited or pledged as legal guarantees amounted to CLP 25,845,561 thousand (CLP 23,260,412 thousand as of December 31, 2022). Part of the assets held under warranty by Rio de Janeiro Refrescos Ltda. are in the process of being released and others have already been released in exchange for guarantee insurance and bond letters for BRL 1,935,447,459, with different Financial Institutions and Insurance Companies in Brazil, these entities receive an annual commission fee of 0.19%. and become responsible of fulfilling obligations with the Brazilian tax authorities should any trial result against Rio de Janeiro Refrescos Ltda. Additionally, if the warranty and bond letters are executed, Rio de Janeiro Refrescos Ltda. promises to reimburse to the financial institutions and Insurance Companies any amounts disbursed by them to the Brazilian government. Main contingencies faced by Rio de Janeiro Refrescos are as follows: a) Tax contingencies resulting from credits on tax on industrialized products (IPI). Rio de Janeiro Refrescos is a party to a series of proceedings under way, in which the Brazilian federal tax authorities demand payment of value-added tax on industrialized products (Imposto sobre Produtos Industrializados, or IPI) totaling BRL 3,445,482,207 as of December 31, 2023. 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 576,058,893 (amount includes adjustments for current lawsuits) a start provision has been generated in the accounting of the business combination for BRL 124,076,338. b) Other tax contingencies. They refer to ICMS-SP tax administrative processes that challenge the credits derived from the acquisition of tax-exempt products acquired by the Company from a supplier located in the Manaus Free Zone. The total amount is BRL 539,864,314 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 960,575,248, 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 1,267,215 thousand (CLP 1,552,353 thousand as of December 31, 2022). 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 46,891 thousand (CLP 39,291, thousand as of December 31, 2022). 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 12.31.2023 12.31.2022 ThCh$ ThCh$ Administradora Plaza Vespucio S.A. Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 169,150 98,170 Cooperativa Agrícola Pisquera Elqui Limitada Embotelladora Andina S.A. Parent company Guarantee receipt Other non-current financial assets 1,125,595 1,056,320 Mall Plaza Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 666,024 330,298 Metro S.A. Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 22,222 21,207 Parque Arauco S.A. Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 299,464 142,901 Lease agreement Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 96,299 103,711 Others Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 59,468 14,183 Several retail Vending Subsidiary Guarantee receipt Trade accounts and other accounts receivable — 61,395 Several retail Transportes Refrescos Subsidiary Guarantee receipt Trade accounts and other accounts receivable — 693 Several retail Transportes Polar Subsidiary Guarantee receipt Trade accounts and other accounts receivable 17,656 22,235 Workers’ claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 7,100,709 6,605,781 Civil and tax claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 7,485,574 6,457,702 Governmental entities Rio de Janeiro Refrescos Ltda. Subsidiary Plant and equipment Property, plant & equipment 11,259,278 10,196,929 Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 22 97 Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 33 145 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 23 104 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 434 2,428 Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,395 10,664 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 97 431 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 14,979 66,697 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 195 870 Municipalidad de Junin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 94 139 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 265 1,180 Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets — 541 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 13,604 60,575 DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,441 10,870 Coto Cicsa Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,139 1,932 Cencosud Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 271 1,208 Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 25,920 4,784 Vicentin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,074 125,683 Marcus A.Peña Paraguay Refrescos Subsidiary Real estate Property, plant & equipment 5,332 4,965 Ana Maria Mazó Paraguay Refrescos Subsidiary Real estate Property, plant & equipment 1,077 1,113 Stefano Szwao Giacomelli Paraguay Refrescos Subsidiary Real estate Property, plant & equipment 2,892 — Guarantees that do not commit assets recognized in the Financial Statements: Committed assets Amounts involved Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2023 12.31.2022 ThCh$ ThCh$ Labor procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 2,681,242 1,936,493 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 11,245,798 7,616,498 Federal government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 223,415,663 186,607,491 State government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 108,317,724 117,027,313 Sorocaba Refrescos Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Guarantor 3,623,490 3,280,603 Others Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 1,369,766 3,423,715 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 658,369 3,791 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 3,886 880,984 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023, the Company maintains all of its debt obligations denominated in fixed rates in order to avoid fluctuations in financial expenses resulting from an increase in interest rates. The Company's indebtedness corresponds to six bonds in the Chilean local market at fixed rates, which currently have an outstanding balance of UF14.61 million denominated in Unidades de Fomento ("UF"), a debt indexed to inflation in Chile (the Company's sales are correlated to the variation of the UF). Of the total bonds, five are redenominated through derivatives to Chilean Pesos (CLP) in their rate and notional value, maintaining the structure of the bond. On the other hand, the Company has indebtedness in the international market through a USD 300 million fixed-rate 144A/RegS bond issued in the US, which has been redenominated through derivatives to Unidades de Fomento ("UF", Chilean pesos indexed to inflation) in its rate and nominal value, maintaining the structure of the bond. Additionally, in September 2023 a bond was issued in the Swiss market for an amount of CHF 170 million at a fixed rate [CHF], which has been redenominated, through derivatives, to Brazilian reais (BRL) in its rate and notional value, maintaining the structure of the bond. Credit risk The credit risk to which the Company is exposed comes mainly from trade accounts receivable maintained with retailers, wholesalers and supermarket chains in domestic markets; and the financial investments held with banks and financial institutions, such as time deposits, mutual funds and derivative financial instruments. a) Trade accounts receivable and other current accounts receivable Credit risk related to trade accounts receivable is managed and monitored by the area of Finance and Administration of each business unit. The Company has a 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 investment. The Company has a Policy that is applicable to all the companies of the group in order to cover credit risks for financial investments, restricting both the types of instruments as well as the institutions and degree of concentration. The companies of the group can invest in: i. Time deposits: only in banks or financial institutions that have a risk rating equal to or higher than Level 1 (Fitch) or equivalent for deposits of less than 1 year and rated A or higher (S&P) or equivalent for deposits of more than 1 year . ii. Mutual funds: investments with immediate liquidity and no risk of capital (funds composed of investments at a fixed-term, current account, fixed rate Tit BCRA, negotiable obligations, Over Night, etc.,) in all those counter-parties that have a rating greater than or equal to AA-(S&P) or equivalent, Type 1 Pacts and Mutual Funds, with a rating greater than or equal to AA+ (S&P) or equivalent. iii. Other investment alternatives must be evaluated and authorized by the office of the Chief Financial Officer. Exchange Rate Risk The Company is exposed to three types of risk caused by exchange rate volatility in the countries where it operates: a) Exposure of foreign investment This risk originates from the translation of net investment from the functional currency of each country (Brazilian Real, Paraguayan Guaraní, and Argentine Peso) to the Parent Company’s reporting currency (Chilean Peso). Appreciation or devaluation of the Chilean Peso with respect to the functional currencies of each country, originates decreases and increases in equity, respectively. The Company does not hedge this risk. The Company evaluates the fluctuations of the currencies used in the Operations (local currencies) with respect to the presentation currency of the financial statements through a sensitivity analysis on total assets, total liabilities and net equity in local currency. USD/CLP BRL/CLP ARS/CLP PGY/CLP Exchange rate variation at reporting date 2.5% 10.4% -77.5% 3.4% Brazil Argentina Paraguay ThCh$ ThCh$ ThCh$ Total assets 927,776,536 278,756,092 358,890,168 Total liabilities 585,533,955 130,843,061 62,849,876 Net investment 342,242,581 147,913,031 296,040,292 Share on income 28.5 % 17.5 % 8.5 % BRL/CLP ARS/CLP PGY/CLP -10% variation impact on currency translation -1.0% -79.6% -6.9% Variation impact on results (6,181,422) (716,469) (4,289,427) Variation impact on equity (35,380,729) (13,446,639) (29,690,059) The above scenario represents the exchange rate sensitivity of minus 10% over the actual exchange rates at the reporting date, impacting the translation of local currencies to the presentation currency of the Group's financial statements, and how it would impact the results and equity of the different Operations. Net exposure of assets and liabilities in foreign currency This risk stems mostly from carrying liabilities in US dollar, so the volatility of the US dollar with respect to the functional currency of each country generates a variation in the valuation of these obligations, with consequent effect on results. In order to protect the Company from the effects on income resulting from the volatility of the Brazilian Real and the Chilean Peso against the U,S, dollar, the Company maintains derivative contracts (cross currency swaps) to cover almost 100% of US dollar-denominated financial liabilities. By designating such contracts as hedging derivatives, the effects on income for variations in the Chilean Peso and the Brazilian Real against the US dollar, are mitigated annulling its exposure to exchange rates. b) Exposure of assets purchased or indexed to foreign currency This risk originates from purchases of raw materials and investments in Property, plant and equipment, whose values are expressed in a currency other than the functional currency of the subsidiary. Changes in the value of costs or investments can be generated through time, depending on the volatility of the exchange rate. In order to minimize this risk, the Company maintains a currency hedging policy stipulating that it is necessary to enter into foreign currency derivatives contracts to lessen the effect of the exchange rate over cash expenditures expressed in US dollars, corresponding mainly to payment to suppliers of raw materials in each of the operations. This policy stipulates up to 12-month forward horizon. Commodities risk The Company is subject to the risk of price fluctuations in the international markets mainly for sugar, PET resin and aluminum, which are inputs used to produce beverages and containers, which together account for 35% to 40% of operating costs. Procurement and anticipated purchase contracts are made frequently to minimize and/or stabilize this risk. To minimize this risk or stabilize often supply contracts and anticipated purchases are made when market conditions warrant. Liquidity risk The products we sell are mainly paid for in cash and short-term credit; therefore, the Company´s main source of financing comes from the cash flow of our operations. This cash flow has historically been sufficient to cover the investments necessary for the normal course of our business, as well as the distribution of dividends approved by the General Shareholders’ Meeting. Should additional funding be required for future geographic expansion or other needs, the main sources of financing to consider are: (i) debt offerings in the Chilean and foreign capital markets (ii) borrowings from commercial banks, both internationally and in the local markets where the Company operates; and (iii) public equity offerings. The following table presents an analysis of the Company’s committed maturities for liability payments throughout the coming years: As of December 31, 2023 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 1,500,909 — 13,485,024 — — Bonds payable 50,498,809 50,300,105 43,475,786 36,651,452 1,348,382,985 Lease obligations 9,322,855 4,988,159 4,759,010 2,689,598 6,891,131 Contractual obligations (1) 37,520,505 112,608,432 18,110,929 18,094,401 3,491,360 Total 98,843,078 167,896,696 79,830,749 57,435,451 1,358,765,476 As of December 31, 2022 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 741,228 - 4,081,333 - - Bonds payable 340,767,980 15,765,142 16,478,664 10,915,215 720,209,139 Lease obligations 7,100,579 2,854,106 5,615,704 6,887,353 535,465 Contractual obligations (1) 127,611,501 39,242,308 5,973,129 5,339,005 4,950,895 Total 476,221,288 57,861,556 32,148,830 23,141,573 725,695,499 (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. |
EXPENSES BY NATURE
EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2023 | |
EXPENSES BY NATURE | |
EXPENSES BY NATURE | 25 – Other expenses by nature are: 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Direct production costs (1,346,516,486) (1,388,536,599) (1,192,363,804) Payroll and employee benefits (378,482,113) (376,196,521) (301,522,420) Transportation and distribution (211,998,332) (224,190,549) (174,253,526) Advertisement (35,831,757) (26,575,951) (28,475,957) Depreciation and amortization (112,771,324) (119,365,431) (104,775,303) Repairs and maintenance (46,021,127) (43,847,581) (38,631,914) Other expenses (129,478,810) (133,021,583) (84,272,085) Total (1) (2,261,099,949) (2,311,734,215) (1,924,295,009) (1) Corresponds to the addition of cost of sales, administrative expenses and distribution costs. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME | |
OTHER INCOME | 26 – Other income by function is detailed as follows: 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Gain due to disposal of Property, plant and equipment 754,338 79,650 480,401 Credit recovery in Brazil (1) - 1,856,762 - Others 556,151 561,108 857,477 Total 1,310,489 2,497,520 1,337,878 (1) Restitution of credits for the payment of coffee quota ( cota café ) |
OTHER EXPENSES BY FUNCTION
OTHER EXPENSES BY FUNCTION | 12 Months Ended |
Dec. 31, 2023 | |
OTHER EXPENSES BY FUNCTION | |
OTHER EXPENSES BY FUNCTION | 27 – Other expenses by function are detailed as follows: 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Contingencies and non-operating fees (11,145,708) 6,316,102 (1) (7,950,093) Tax on bank debits (4,403,347) (7,150,739) (5,270,040) Write-offs, disposals and loss (gain) on sale of property, plant and equipment (8,072,422) (2) — (417,623) Others (2,820,106) (3) (51,694) (1,574,034) Total (26,441,583) (886,331) (15,211,790) (1) During 2022 the provision made by a claim of the Government of the State of Rio de Janeiro related to the Advertising Agreement was reversed. This is due to a review of the balances involved where the amounts claimed are reduced in favor of Rio de Janeiro Refrescos Ltda. (2) Expenses for the write-off of the container yard in Operation Paraguay and Operation Chile. (3) Mainly due to restructuring in Operations for the year 2023. |
FINANCIAL INCOME AND EXPENSES
FINANCIAL INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL INCOME AND EXPENSES | |
FINANCIAL INCOME AND EXPENSES | 28 – Financial income and costs are detailed as follows: a) Financial income 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Interest income 25,791,172 32,388,801 2,196,886 Ipiranga purchase warranty restatement 47,032 39,509 11,290 From PIS credit and COFINS (1) — 2,054,586 1,312,930 Other financial income 5,557,963 5,239,514 4,270,763 Total 31,396,167 39,722,410 7,791,869 (1) See Note 6 for more information on recovery. b) Financial expenses 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Bond interest (53,148,503) (51,863,601) (48,624,062) Bank loan interest (4,510,379) (1,782,972) (267,012) Lease interest (2,616,945) (2,092,868) (1,816,506) Other financial costs (5,012,525) (3,808,512) (2,284,876) Total (65,288,352) (59,547,953) (52,992,456) |
OTHER (LOSSES) GAINS
OTHER (LOSSES) GAINS | 12 Months Ended |
Dec. 31, 2023 | |
OTHER (LOSSES) GAINS | |
OTHER (LOSSES) GAINS | 29 – Other (losses) gains are detailed as follows: 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Other gains and losses* (15,909,117) (1) (24,983,899) (2) — Total (15,909,117) (24,983,899) — (1) (2) |
EXCHANGE DIFFERENCE
EXCHANGE DIFFERENCE | 12 Months Ended |
Dec. 31, 2023 | |
EXCHANGE DIFFERENCE | |
EXCHANGE DIFFERENCE | 30 – Exchange differences are detailed as follows: 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Generated by suppliers (26,366,916) (11,285,363) (2,531,489) Generated by financial assets 12,348,172 5,404,210 (2,083,399) Generated by financial liabilities (3,310,906) (5,132,722) (1,084,654) Other 113,520 (593,853) 191,231 Total (17,216,130) (11,607,728) (5,508,311) |
LOCAL AND FOREIGN CURRENCY
LOCAL AND FOREIGN CURRENCY | 12 Months Ended |
Dec. 31, 2023 | |
LOCAL AND FOREIGN CURRENCY | |
LOCAL AND FOREIGN CURRENCY | 31 – Local and foreign currency balances are the following: CURRENT ASSETS 12.31.2023 12.31.2022 ThCh$ ThCh$ Cash and cash equivalent 303,683,683 291,681,987 USD 9,462,829 14,266,343 EUR 437,604 870,613 CLP 140,758,085 138,205,025 BRL 96,214,729 69,923,621 ARS 18,340,987 29,215,288 PGY 38,469,449 39,201,097 Other current financial assets 67,285,793 263,044,869 CLP 66,587,339 92,826,375 BRL 13,897 170,154,995 ARS 684,557 — PGY — 63,499 Other non-current financial assets 19,311,851 26,957,000 USD 174,579 847,149 EUR 615,636 329,535 UF 1,196,729 517,748 CLP 6,353,138 12,478,839 BRL 3,213,978 2,382,575 ARS 3,531,840 8,596,540 PGY 4,225,951 1,804,614 Trade debtors and other accounts payable 298,892,164 279,770,286 USD 3,511,802 1,467,851 EUR 1,233 6,770 UF 1,030,138 49,469 CLP 182,395,110 155,443,395 BRL 79,993,377 74,851,690 ARS 23,712,111 39,795,968 PGY 8,248,393 8,155,143 Accounts receivable related entities 16,161,318 15,062,167 CLP 14,736,546 14,738,236 BRL 1,223,699 86,492 ARS — 237,439 PGY 201,073 Inventory 233,053,160 245,886,656 CLP 106,204,544 103,719,764 BRL 64,808,180 60,074,387 ARS 38,277,180 62,655,300 PGY 23,763,256 19,437,205 Current tax assets 43,383,058 39,326,427 USD 6,253,451 CLP 6,213,032 33,296,214 BRL 30,643,656 5,633,971 ARS 272,919 396,242 Total current assets 981,771,027 1,161,729,392 USD 19,402,661 16,581,343 EUR 1,054,473 1,206,918 UF 2,226,867 567,217 CLP 523,247,794 550,707,848 BRL 276,111,516 383,107,731 ARS 84,819,594 140,896,777 PGY 74,908,122 68,661,558 NON-CURRENT ASSETS 12.31.2023 12.31.2022 CLP (000’s) ThCh$ Other non-current assets 93,316,339 94,852,711 USD 19,030,656 — UF 1,216,865 75,297,737 CLP 53,832,722 3,317,778 BRL 7,935,524 ARS 11,300,572 16,237,196 Other non-current, non-financial assets 59,412,482 59,672,266 USD 609,042 91,220 UF 17,154 — CLP 55,397 483,530 BRL 55,660,553 55,060,849 ARS 1,338,592 2,367,042 PGY 1,731,744 1,669,625 Non-current accounts receivable 371,401 539,920 UF 225,323 249,366 CLP 51,752 233,773 ARS 136 56,781 PGY 94,190 — Non-current accounts receivable related entities 108,021 109,318 CLP 108,021 109,318 Investments accounted for using the equity method 91,799,267 92,344,598 CLP 49,790,788 53,869,966 BRL 42,008,479 38,474,632 Intangible assets other than goodwill 695,926,565 671,778,888 USD 3,959,421 — CLP 312,908,478 312,981,971 BRL 195,313,156 177,173,694 ARS 5,269,949 9,075,200 PGY 178,475,561 172,548,023 Goodwill 122,103,802 129,023,922 CLP 9,523,767 9,523,768 BRL 72,810,771 65,920,764 ARS 32,193,085 46,254,831 PGY 7,576,179 7,324,559 Property, plant and equipment 872,388,811 798,221,259 EUR 2,429,848 3,146 UF 11,316,009 — CLP 353,146,598 303,797,013 BRL 277,936,537 229,486,365 ARS 140,055,748 177,219,624 PGY 87,504,071 87,715,111 Deferred tax assets 4,323,174 2,428,333 CLP 2,592,024 2,428,333 PGY 1,731,150 — Total non-current assets 1,939,749,862 1,848,971,215 USD 23,599,119 91,220 EUR 2,429,848 3,146 UF 12,775,351 75,547,103 CLP 782,009,547 686,745,450 BRL 651,665,020 566,116,304 ARS 190,158,082 251,153,893 PGY 277,112,895 269,314,099 12.31.2023 12.31.2022 CURRENT LIABILITIES Up to 90 days 90 days to 1 year Total Up to 90 days 90 days to 1 year Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other current financial liabilities 16,062,851 36,934,150 52,997,001 13,431,339 353,870,741 367,302,080 USD 342,000 5,444,143 5,786,143 249,660 321,143,849 321,393,509 EUR 32,709 90,988 123,697 UF 13,753,586 13,044,881 26,798,467 11,047,586 11,557,808 22,605,394 CLP 899,930 11,384,709 12,284,639 893,612 14,216,358 15,109,970 BRL 685,038 2,829,430 3,514,468 427,270 1,703,193 2,130,463 ARS 349,588 1,804,522 2,154,110 813,211 3,910,926 4,724,137 PGY — 1,482,060 1,482,060 — 1,338,607 1,338,607 CHF — 853,417 853,417 Trade accounts payable and other accounts payable, current 404,557,957 24,354,027 428,911,984 369,548,991 15,252,639 384,801,630 USD 37,085,189 2,156,901 39,242,090 34,223,389 33,046 34,256,435 EUR 5,285,606 297,386 5,582,992 3,148,088 899,198 4,047,286 UF 3,430,102 302,021 3,732,123 2,263,175 — 2,263,175 CLP 166,250,228 21,597,719 187,847,947 166,847,281 14,320,395 181,167,676 BRL 129,596,874 — 129,596,874 78,514,701 — 78,514,701 ARS 45,129,973 — 45,129,973 69,945,679 — 69,945,679 PGY 17,779,985 — 17,779,985 14,606,678 — 14,606,678 Other currencies — — — Accounts payable to related companies, current 96,045,624 — 96,045,624 90,248,067 — 90,248,067 CLP 39,175,392 — 39,175,392 44,298,074 — 44,298,074 BRL 40,225,863 — 40,225,863 35,671,648 — 35,671,648 ARS 8,031,621 — 8,031,621 8,587,487 — 8,587,487 PGY 8,612,748 — 8,612,748 1,690,858 — 1,690,858 Other current provisions 127,229 1,186,877 1,314,106 1,319,935 271,709 1,591,644 CLP 127,229 1,139,985 1,267,214 1,319,935 232,418 1,552,353 PGY — 46,892 46,892 — 39,291 39,291 Current tax liabilities 7,700,127 5,711,494 13,411,621 627,257 13,988,190 14,615,447 CLP 2,440,280 23,458 2,463,738 627,257 7,301 634,558 BRL 5,259,847 — 5,259,847 — — — ARS — 4,143,057 4,143,057 — 13,479,571 13,479,571 PGY — 1,544,979 1,544,979 — 501,318 501,318 Current employee Benefit provisions 47,674,090 10,143,710 57,817,800 45,482,776 2,909,030 48,391,806 CLP 5,769,075 8,867,752 14,636,827 8,115,837 1,052,395 9,168,232 BRL 28,791,559 — 28,791,559 19,586,150 — 19,586,150 ARS 13,113,456 — 13,113,456 17,780,789 — 17,780,789 PGY — 1,275,958 1,275,958 — 1,856,635 1,856,635 Other current non-financial liabilities 2,364,699 40,008,461 42,373,160 1,054,187 41,240,273 42,294,460 CLP 2,360,088 39,785,560 42,145,648 1,043,048 41,072,576 42,115,624 ARS 4,611 — 4,611 11,139 — 11,139 PGY — 222,901 222,901 — 167,697 167,697 Total current liabilities 574,532,577 118,338,719 692,871,296 521,712,552 427,532,582 949,245,134 USD 37,427,189 7,601,044 45,028,233 34,473,049 321,176,895 355,649,944 EUR 5,318,315 388,374 5,706,689 3,148,088 899,198 4,047,286 UF 17,183,688 13,346,902 30,530,590 13,310,761 11,557,808 24,868,569 CLP 217,022,222 82,799,183 299,821,405 223,145,044 70,901,442 294,046,486 BRL 204,559,181 2,829,430 207,388,611 134,199,769 1,703,193 135,902,962 ARS 66,629,249 5,947,579 72,576,828 97,138,305 17,390,497 114,528,802 PGY 26,392,733 4,572,790 30,965,523 16,297,536 3,903,548 20,201,084 CHF — 853,417 853,417 — — — 12.31.2023 12.31.2022 More than 1 year More than 3 and More than 1 year More than 3 and More than NON-CURRENT LIABILITIES up to 3 up to 5 More than 5 years Total up to 3 up to 5 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other non-current financial liabilities 39,864,902 203,951,623 800,509,308 1,044,325,833 40,713,614 28,457,265 835,631,179 904,802,058 USD 1,509,143 1,203,965 259,130,959 261,844,067 1,612,279 513,738 251,617,079 253,743,096 EUR 323,054 357,058 446,054 1,126,166 UF 32,606,024 12,349,672 486,381,343 531,337,039 35,491,226 15,781,426 468,927,353 520,200,005 CLP — 8,500,000 52,449,925 60,949,925 — 8,500,000 112,175,058 120,675,058 BRL 5,421,424 5,778,555 2,101,027 13,301,006 3,473,970 3,662,101 2,911,689 10,047,760 ARS 5,257 — — 5,257 136,139 — — 136,139 CHF — 175,762,373 — 175,762,373 Accounts payable, non-current 2,392,555 — — 2,392,555 3,015,284 — — 3,015,284 CLP 2,392,555 — — 2,392,555 3,015,284 — — 3,015,284 Accounts payable related companies 6,007,041 — — 6,007,041 10,354,296 — — 10,354,296 BRL 6,007,041 — — 6,007,041 10,354,296 — — 10,354,296 Other provisions, non-current 490,107 52,997,683 — 53,487,790 1,397,148 45,706,635 — 47,103,783 BRL — 52,997,683 — 52,997,683 — 45,706,635 45,706,635 ARS 490,107 — — 490,107 1,397,148 — — 1,397,148 Deferred tax liabilities 113,608,651 47,772,196 19,089,372 180,470,219 26,966,210 34,088,989 104,723,357 165,778,556 CLP 94,801,758 — 1,231,565 96,033,323 5,617,287 38,945 88,895,598 94,551,830 BRL — 47,772,196 — 47,772,196 — 34,050,044 — 34,050,044 ARS 18,806,893 — — 18,806,893 21,348,923 — — 21,348,923 PGY — — 17,857,807 17,857,807 — — 15,827,759 15,827,759 Non-current employee benefit provisions 15.499.538 249,254 2,725,154 18,473,946 1,299,511 60,560 16,049,722 17,409,793 CLP 14,799,923 249,254 2,725,154 17,774,331 665,274 60,560 16,049,722 16,775,556 ARS 5,242 — — 5,242 10,484 — — 10,484 PGY 694,373 — — 694,373 623,753 — — 623,753 Other non-financial liabilities — 2,506,795 — 2,506,795 — 29,589,051 — 29,589,051 BRL — 2,506,795 — 2,506,795 — 29,589,051 — 29,589,051 ARS — — — — Total non-current liabilities 171,855,753 307,477,551 828,330,875 1,307,664,179 83,746,063 137,902,500 956,404,258 1,178,052,821 USD 1,509,143 1,203,965 259,130,959 261,844,067 1,612,279 513,738 251,617,079 253,743,096 EUR 323,054 357,058 446,054 1,126,166 UF 32,606,024 12,349,672 486,381,343 531,337,039 35,491,226 15,781,426 468,927,353 520,200,005 CLP 111,994,236 8,749,254 56,406,644 177,150,134 9,297,845 8,599,505 217,120,378 235,017,728 BRL 11,428,465 109,055,229 2,101,027 122,584,721 13,828,266 113,007,831 2,911,689 129,747,786 ARS 19,307,499 — — 19,307,499 22,892,694 — — 22,892,694 PGY 694,373 — 17,857,807 18,552,180 623,753 — 15,827,759 16,451,512 CHF — 175,762,373 — 175,762,373 — — — — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 32 – No events have occurred subsequent to December 31, 2023, that may significantly affect the Company’s consolidated financial position. |
BASIS OF PREPARATION OF CONSO_2
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 year ended December 31, 2023, 2022 and 2021, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS" Accounting Standards) and the Interpretations issued by the International Financial Reporting Standards Interpretations Committee (IFRIC) applicable to companies reporting under IFRS. 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, 2023 and 2022 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the periods between January 1 and December 31, 2023, 2022 and 2021 and the related notes. The Company’s 2023 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors on January 30, 2024, 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, 2023 and 2022 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. Included in this 2023 consolidated financial statements are consolidated statement of financial position as of December 31, 2023 and 2022, along with consolidated income statement, consolidated statement of comprehensive (loss) 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, 2023, 2022 and 2021. 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, except for the disaggregated disclosure of the line “Other cash inflows (outflows) (placement and payment of public debt)” within the cash flows from financing activities in the consolidated Statement of Cash Flows, as follows: 01.01.2023 01.01.2023 12.31.2023 12.31.2023 As reported As revised Placement of public debt — 167,739,096 Collection (payments) of derivative financial instruments related to public debt — 138,715,637 Other cash outflows - Payment of public debt (24,541,867) (330,996,600) Net cash flows (used in) generated by Financing Activities (187,126,798) (187,126,798) The Company has evaluated the effect of this modification, both qualitatively and quantitatively, and concluded that the correction did not have a material impact on, nor require amendment of, any previously filed 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 March 26, 2024, 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 statements of income by function from the effective date of acquisition through the effective date of disposal, as applicable. The acquisition method is used to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of the subsidiary is the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control is obtained. Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted for initially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated. When necessary, the accounting policies of the subsidiaries are modified to ensure uniformity with the policies adopted by the Group. The interest of non-controlling shareholders is presented in the consolidated statement of changes in equity and the consolidated statement of income by function under “Non-Controlling Interest” and “Earnings attributable to non-controlling interests”, respectively. The consolidated financial statements include all assets, liabilities, income, expenses, and cash flows of the Company and its subsidiaries after eliminating balances and transaction among the Group’s entities, the subsidiary companies included in the consolidation are the following: Ownership interest 12.31.2023 12.31.2022 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 96.842.970-1 Andina Bottling Investments S.A. 99.94 0.06 100.0 99.9 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 64.42 35.58 100.0 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 SpA. 100.0 — 100.0 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 0.01 100.0 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. 99.85 0.15 100.0 99.9 0.09 99.99 77.427.659-9 Re-Ciclar S.A. 60.00 — 60.00 60.00 — 60.00 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.9 0.10 100.0 99.9 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.01 100.0 99.9 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.9 0.01 100.0 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.5 — 66.5 66.50 — 66.50 93.899.000-k VJ S.A. 15.0 50.00 65.0 15.00 50.00 65.00 |
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 observed exchange rate of each central bank, in effect on the closing date. All differences arising from the liquidation or conversion of monetary items are recorded in the income statement, with the exception of the monetary items designated as part of the hedging of the Group’s net investment in a business abroad. These differences are recorded under other comprehensive income until the disposal of the net investment, at which point they are reclassified to the income statement. Tax adjustments attributable to exchange differences in these monetary items are also recognized under other comprehensive income. Non-monetary items that are valued at historical cost in a foreign currency are converted using the exchange rate in effect at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect at the date on which fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value are recorded in accordance with the recognition of losses or gains arising from the change in the fair value of the respective item (e.g., exchange differences arising from items whose fair value gains or losses are recognized in another overall result or in results are also recognized under comprehensive income ). Functional currency in hyperinflationary economies Beginning July 2018, Argentina’s economy is considered as hyperinflationary, according to the criteria established in the International Accounting Standard No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out based on a series of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have been retrospectively restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power of the Argentine peso, as of the closing date of these financial statements. Non-monetary assets and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accounting purposes in Argentina. In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying the attributed cost exemption for Property, plant and equipment. For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial position of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) at the date of presentation of these financial statements, in accordance with IAS 21 “Effects of foreign currency exchange rate variations”, when dealing with a hyperinflationary economy. The comparative amounts in the consolidated financial statements are those that were presented as current year amounts in the relevant financial statements of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results in differences between the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policy option, these changes are presented as follows: (a) the re-measurement of Opening balances under IAS 29 as an adjustment to equity and (b) subsequent effects, including re-expression under IAS 21 , as “Exchange rate differences in the conversion of foreign operations” under other comprehensive income. The adjustment factor is derived from the National Consumer Price Index (CPI), which is published by the National Institute of Statistics and Census of the Argentine Republic (INDEC). Inflation for the periods January to December 2023 and 2022 amounted to 209.91% and 96.95%, 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. In accordance with IAS 21 "Effects of Changes in Foreign Exchange Rates," we use the closing exchange rate to translate financial information into presentation currency. The official U.S. dollar whose value is determined by the Central Bank of Argentina (BCRA) is used to calculate the exchange rate for the presentation and preparation of the consolidated financial statements. In the course of Argentine market transactions, there are a number of other types of U.S. dollar rates that may differ from the BCRA-calculated official rate. In the event that financial information is translated into the presentation currency using a non-official exchange rate, the consolidated figures of our Operation in Argentina may be affected. 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 12.31.2023 877.12 181.17 1.08 0.120 12.31.2022 855.86 164.03 4.83 0.116 Exchange rates regarding the Chilean peso, calculated using average rates, used in the preparation of the Consolidated Financial Statements, are as follows: Date USD BRL PYG 12.31.2023 839.92 168.31 0.115 12.31.2022 873.28 169.16 0.125 For the translation of Argentine figures, closing rates (not average) are used, as described in Note 2.5.2 b. |
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 IT equipment 3-5 Other Property, plant and equipment 3-10 Bottles and containers 1-8 The residual value and useful lives of Property, plant and equipment are reviewed and adjusted at the end of each fiscal year, if appropriate. The Company assesses on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverable amount of the asset, if there is evidence, or when an annual impairment test is required for an asset. Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other expenses by function or other gains, as appropriate in the statement of comprehensive income. |
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 or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not subsequently reversed. Goodwill is carried at cost less accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity. Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from the synergies arising from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at which goodwill is monitored for internal management purposes. 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, have been met. Their accounting recognition is initially realized for their acquisition or production cost and, subsequently, they are valued at their net cost of their corresponding accumulated amortization and of the impairment losses that, if applicable, they have experienced. The aforementioned software is amortized within four years |
Impairment of non-financial assets | 2.8 Impairment of non-financial assets Assets that have an indefinite useful life, such as intangibles related to distribution rights and goodwill, are not amortized and are tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are tested for impairment whenever there is an event or change in circumstances indicating that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying value of the asset exceeds its recoverable amount. The recoverable amount is the greater of an asset’s fair value less costs to sell or its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units – CGU). Cash-generating unit’s recoverable amount has been determined on the basis of its value in use. Regardless of what was stated in the previous paragraph, in the case of CGUs to which goodwill or intangible assets with an indefinite useful life have been assigned, the analysis of their recoverability is carried out systematically at the end of each fiscal year. These indications may include new legal provisions, change in the economic environment that affects business performance indicators, competition movements, or the disposal of an important part of a CGU. Management reviews business performance based on geographic segments. Goodwill is monitored at the operating segment level that includes the different cash generating units in operations in Chile, Brazil, Argentina and Paraguay. The impairment of distribution rights is monitored geographically in the CGU or group of cash generating units, which correspond to specific territories for which distribution rights have been acquired for products owned by The Coca-Cola Company, as well as other minor investments.These cash generating units or groups of cash generating units are composed of the following segments: - Operation in Chile; (North Zone Antofagasta, Atacama and Coquimbo, Metropolitan Area, Central Zone San Antonio and Cachapoal and Extreme South Zone of Aysen and Magallanes); - Operation in Argentina; (San Juan, Mendoza, San Luis, Córdoba, Santa Fé, Entre Ríos, La Pampa, Neuquén, Rio Negro, Chubut, Santa Cruz, Tierra del Fuego and western area of the Province of Buenos Aires); - Operation in Brazil (State of Rio de Janeiro and Espirito Santo, Ipiranga territories, investment in the Sorocaba associate and investment in the Leão Alimentos e Bebidas Ltda. associate); - 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 impairment test are: a) Discount rate The discount rate applied in the annual impairment test carried out in 2023 was estimated using the CAPM (Capital Asset Pricing Model) methodology, which allows estimating a discount rate according to the level of risk of the CGU in the country where it operates. A nominal discount rate in local currency before tax is used according to the following table: 2023 Discount 2022 Discount rates rates Argentina 38.7 % 33.1 % Chile 10.3 % 9.3 % Brazil 11.2 % 10.5 % Paraguay 12.0 % 11.3 % b) Other assumptions The financial projections to determine the net present value of future cash flows of the CGUs are modeled based on the main historical variables and the respective approved budgets for each CGU. In this regard, a conservative growth rate is used, taking into account the differences that exist in categories with high growth such as carbonated beverages, categories with medium growth such as waters and juices, and categories that are less developed and have lower margins such as alcohols. Additionally, the valuation model considers projections over 5 years based on perpetuity growth rates per operation, which follow a real growth according to long-term population growth expectations. In this sense, the variables with greatest sensitivity in these projections are the discount rates applied in the determination of the net present value of projected cash flows, growth perpetuities and EBITDA margins considered in each CGU. In order to sensitize the impairment test, variations were made to the main variables used in the model. Ranges used for each of the modified variables are: - Discount Rate : Increase / Decrease of up to 200 bps as a value in the rate at which future cash flows are discounted to bring them to present value - Perpetuity : Increase / Decrease of up to 25 bps in the rate to calculate the perpetual growth of future cash flows - EBITDA margin : Increase / Decrease of 150 bps of EBITDA margin of operations, which is applied per year for the projected periods, that is, for the years 2024-2028 After modeling and valuing the different CGUs as a result of the tests performed as of December 31, 2023, no impairment were identified in any of the CGUs listed above, assuming conservative projections aligned with the history of the current markets. Thus, despite the deterioration of the macroeconomic conditions experienced by the economic conditions of the countries in which we operate, the impairment test yielded recovery values higher than the book values of assets, including those for the sensitivity calculations in the stress test conducted on the model for the 3 previously mentioned variables. The yearly review of other investments revealed that, for the AdeS brand, specifically in the Chilean operation, the recoverable value was CLP 1,627 million less than the book value recorded in the Financial Statements, which were reduced from their book value as of December 2023. This is noteworthy even though no impairment indicators were found for the CGUs mentioned above. The negative trend in the seeds segment's sales and the brand's overall decline in relevance in the local vegetable market are the primary causes of the lower valuation of AdeS in Chile. In the 2021 annual review of other investments, it was identified that for the Verde Campo brand (producer of which is owned by Trop Frutas do Brasil Ltda.), the recoverable amount would be R$21.8 million, amount below the book value recorded in the financial statements of R$34.6 million in which Andina Brasil includes its participation proportionally. Given the difference, the losses of R$12.8 million were written down from their book value as of December 31, 2021, leaving a recoverable amount of R$21.8 million. The effects of impairment were included in the consolidated results under “Share of profit of investments in associates and joint ventures accounted for using the equity method”. The main reasons for the impairment are due to the lower cash 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 embedded derivatives in contracts and financial instruments as stipulated by IFRS 9 and classifies them pursuant to their contractual terms and the business model of the group. As of December 31, 2023 and 2022, the Company had no embedded derivatives. 2.10.3 Fair value hierarchy Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the date of the transaction. Fair value is based on the presumption that the transaction to sell the asset or to transfer the liability takes place; - In the asset or liability main market, or - In the absence of a main market, in the most advantageous market for the transaction of those assets or liabilities. The Company maintains assets related to foreign currency derivative contracts which were classified as Other current and non-current financial assets and Other current and non-current financial liabilities, respectively, and are accounted at fair value within the statement of financial position. The Company uses the following hierarchy to determine and disclose the fair value of financial instruments with assessment techniques: Level 1: Quote values (unadjusted) in active markets for identical assets or liabilities Level 2: Valuation techniques for which the lowest level variable used, which is significant for the calculation, is directly or indirectly observable Level 3: Valuation techniques for which the lowest level variable used, which is significant for the calculation, is not observable. During the reporting periods there were no transfers of items between fair value measurement categories. All of which were valued during the periods using Level 2. |
Inventories | 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. |
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 | 2.17 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, nor does it have variable payments as lessee. |
Deposits for returnable containers | 2.18 Deposits for returnable containers This liability comprises cash collateral, or deposit, received from customers for bottles and other returnable containers made available to them. This liability pertains to the deposit amount that will be reimbursed when the customer or distributor returns the bottles and containers in good condition, together with the original invoice. This liability is presented under Other current financial liabilities since the Company does not have legal rights to defer settlement for a period in excess of one year. However, the Company does not anticipate any material cash settlements for such amounts during the upcoming year. |
Revenue recognition | 2.19 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 goods 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 | 2.20 Contributions from The Coca-Cola Company The Company receives certain discretionary contributions from The Coca-Cola Company (TCCC) mainly related to the financing of advertising and promotional programs for its products in the territories where the Company has distribution licenses. The contribution received from TCCC are recognized in net income after the conditions agreed with TCCC in order to become a creditor to such incentive have been fulfilled, they are recorded as a reduction in the marketing expenses included in the Administration Expenses account. Given its discretionary nature, the portion of contributions received in one period does not imply it will be repeated in the following period. |
Dividend distribution | 2.21 Dividend distribution The minimum mandatory dividend established by the Chilean Corporations Law is 30% of net income for the year, which must be ratified unanimously by the General Shareholders’ Meeting. Net income is determined as of December 31 of each year, at which time the liability is recognized in the Company’s consolidated financial statements. Interim and final dividends are recorded at the time of their approval by the competent body, which in the first case is normally the Board of Directors of the Company, while in the second case it is the responsibility of the General Shareholders’ Meeting. |
Critical accounting estimates and judgments | 2.22 Critical accounting estimates and judgments In preparing the Consolidated Financial Statements, the Company has used certain judgments and estimates made to quantify some of the assets, liabilities, income, expenses and commitments. Following is an explanation of the estimates and judgments that might have a material impact on future financial statements. 2.22.1 Impairment of goodwill and intangible assets with indefinite useful lives The Company tests annually whether goodwill and intangible assets with indefinite useful life (such as distribution rights) have suffered any impairment. The recoverable amounts of cash generating units are determined based on value in use calculations. The significant judgments and assumptions used in the calculations include sales volumes and prices, discount rates, marketing expenses and other economic factors. The estimation of these variables requires a use of estimates and judgments as they are subject to inherent uncertainties; however, the assumptions are consistent with the Company’s internal planning and past results. Therefore, management evaluates, and updates estimates according to the conditions affecting the variables. If these assets are considered to have been impaired, they will be written off at their estimated fair value or future recovery value according to the lowest discounted cash flows analysis. On an annual basis and close to each fiscal year end discounted cash flows in the Company’s cash generating units in Chile, Brazil, Argentina and Paraguay generated a higher value than the carrying values of the respective net assets, including goodwill of the Brazilian, Argentinian and Paraguayan subsidiaries. 2.22.2 Fair Value of Assets and Liabilities IFRS require in certain cases that assets and liabilities be recorded at their fair value. Fair value is the price that would be received for selling an asset or paid to transfer a liability in a transaction ordered between market participants at the date of measurement. The basis for measuring assets and liabilities at fair value are their current prices in an active market. For those that are not traded in an active market, the Company determines fair value based on the best information available by using valuation techniques. In the case of the valuation of intangibles recognized as a result of acquisitions from business combinations, the Company estimates the fair value based on the “multi-period excess earning method”, which involves the estimation of future cash flows generated by the intangible assets, adjusted by cash flows that do not come from these, but from other assets. The Company also applies estimations over the period during which the intangible assets will generate cash flows, cash flows from other assets, and a discount rate. Other assets acquired, and liabilities assumed in a business combination are carried at fair value using valuation methods that are considered appropriate under the circumstances. Assumptions include the depreciated cost of recovery and recent transaction values for comparable assets, among others. These valuation techniques require certain inputs to be estimated, including the estimation of future cash flows. 2.22.3 Allowances for doubtful accounts The Group uses a provision matrix to calculate expected credit losses for trade receivables. Provisions are based on due days for various groups of customer segments that have similar loss patterns (i.e., by geography region, product type, customer type and rating, and credit letter coverage and other forms of credit insurance). The provision matrix is initially based on the historically observed non-compliance rates for the Group. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For example, if expected economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year, which can lead to more non-compliances in the industry, historical default rates are adjusted. At each closing date, the observed historical default rates are updated and changes in prospective estimates are analyzed. The assessment of the correlation between observed historical default rates, expected economic conditions and expected credit losses are significant estimates. 2.22.4 Useful life, residual value and impairment of property, plant, and equipment Property, plant, and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of those assets. Changes in circumstances, such as technological advances, changes to the Company’s business model, or changes in its capital strategy might modify the effective useful lives as compared to our estimates. Whenever the Company determines that the useful life of Property, plant and equipment might be shortened, it depreciates the excess between the net book value and the estimated recoverable amount according to the revised remaining useful life. Factors such as changes in the planned usage of manufacturing equipment, dispensers, transportation equipment and computer software could make the useful lives of assets shorter. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of any of those assets may not be recovered. The estimate of future cash flows is based, among other factors, on certain assumptions about the expected operating profits in the future. The Company’s estimation of discounted cash flows may differ from actual cash flows because of, among other reasons, technological changes, economic conditions, changes in the business model, or changes in operating profit. If the sum of the projected discounted cash flows (excluding interest) is less than the carrying amount of the asset, the asset shall be written-off to its estimated recoverable value. 2.22.5 Contingent liabilities Provisions for litigation and other contingencies are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the current obligation at the date of issuance of the financial statements, considering the risks and uncertainties surrounding the obligation. When a provision is measured using estimated cash flows to settle the current obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The accrual of the discount is recognized as a finance cost. Incremental legal costs expected to be incurred in settling the legal claim are included in the measurement of the provision. If management is unable to reliably estimate the obligation or conclude no loss is probable but is reasonably possible that a loss may be incurred, no provision is recorded but contingency is disclosed in the notes to the consolidated financial statements. 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. 2.22.6. 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”. At year-end there were no modifications to the agreements. Results from updated actuarial variables are recorded within other comprehensive income in accordance with IAS 19. Additionally, the Company has retention plans for some officers, which have a provision pursuant to the guidelines of each plan. These plans grant the right to certain officers to receive a cash payment on a certain date once they have fulfilled the required years of service. The Company and its subsidiaries have recorded a provision to account for the cost of vacations and other employee benefits on an accrual basis. These liabilities are recorded under current non-financial liabilities. |
New Standards, Interpretations and Amendments to IFRS | 2.23 New Standards, Interpretations and Amendments to IFRS 2.23.1 New Standards, Interpretations and Amendments for annual periods beginning on January 1, 2023 IFRS 17 “Insurance Contracts”. Issued in May 2017, it replaces the current IFRS 4. IFRS 17 will primarily change the accounting for all entities that issue insurance contracts and investment contracts with discretionary participation features. The standard applies to annual periods beginning on or after January 1, 2023. Amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors", issued in February 2021. The amendments are intended to improve disclosures of accounting policies and help users of financial statements to distinguish between changes in accounting estimates and changes in accounting policies. This standard should be applied to annual periods beginning on or after January 1, 2023. Amendment to IAS 12 - Deferred Taxes Relating to Assets and Liabilities Arising from a Single Transaction. Issued in May 2021, this amendment requires companies to recognize deferred taxes on transactions that, on initial recognition, result in equal amounts of taxable and deductible temporary differences. This amendment should be applied to annual periods beginning on or after January 1, 2023. Amendment to IAS 12 "Income taxes" on international tax reform - Pillar two model rules. Issued in May 2023, this amendment provides companies with a temporary exemption from accounting for deferred taxes arising from the international tax reform of the Organization for Economic Cooperation and Development (OECD). The amendments also introduce specific disclosure requirements for affected companies. This standard should be applied to annual periods beginning on or after January 1, 2023. Amendment to IAS 1 "Presentation of Financial Statements" on classification of liabilities. This amendment clarifies that liabilities are classified as current or non-current depending on the rights that exist at the end of the reporting period. The classification is not affected by the entity's expectations or events after the reporting date (e.g., receipt of a waiver or covenant breach). The amendment also clarifies what IAS 1 means when it refers to the "settlement" of a liability. The amendment should be applied retrospectively in accordance with IAS 8. Effective date of initial application January 1, 2023. Amendment to IFRS 17 - Initial Application of IFRS 17 and IFRS 9 Comparative Information. This amendment is an amendment of limited scope to the transition requirements of IFRS 17, Insurance Contracts, which provides insurers with an option aimed at improving the usefulness of the information for investors on the initial application of the new Standard. The amendment relates only to the transition of insurers to the new Standard, it does not affect any other requirements of IFRS 17. The adoption of the standards, amendments and interpretations described above do not have a significant impact on the consolidated financial statements of the Company. 2.23.2 New Standards, Interpretations and Amendments for annual periods beginning on or after January 1, 2024 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: Amendment to IAS 1 "Non-current liabilities with covenants". Issued in January 2022, the amendment aims to improve the information that an entity provides when the payment terms of its liabilities may be deferred depending on compliance with covenants within twelve months after the date of issuance of the financial statements. Amendment to IFRS 16 "Leases" on sale and leaseback. Issued in September 2022, this amendment explains how an entity should recognize the rights to use the asset and how the gains or losses arising from the sale and leaseback should be recognized in the financial statements. Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments: Disclosures" on supplier financing arrangements. Published in May 2023, these amendments require disclosures to improve the transparency of supplier financing arrangements and their effects on a company's liabilities, cash flows and exposure to liquidity risk. Amendments to IAS 21 - Lack of Exchangeability. Issued in August 2023, this amendment affects an entity that has a transaction or operation in a foreign currency that is not exchangeable into another currency for a specific purpose at the measurement date. A currency is exchangeable into another currency when it is possible to obtain the other currency (with a normal administrative delay), and the transaction is carried out through a market or exchange mechanism that creates enforceable rights and obligations. This amendment establishes the guidelines to be followed to determine the exchange rate to be used in situations of absence of exchangeability as mentioned above. Early adoption is allowed. Management estimates that the amendments to IAS 1, IFRS 16, and IAS 7 will have no significant impact on the Group. Management has decided to apply the amendment to IAS 21 as of the date specified in the amendment, which is January 1, 2025. Given the volatility of Argentina's exchange markets and the announcements of amendments, it is currently impossible to estimate the impact of this amendment. |
BASIS OF PREPARATION OF CONSO_3
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |
Schedule of cash flows from financing activities | 01.01.2023 01.01.2023 12.31.2023 12.31.2023 As reported As revised Placement of public debt — 167,739,096 Collection (payments) of derivative financial instruments related to public debt — 138,715,637 Other cash outflows - Payment of public debt (24,541,867) (330,996,600) Net cash flows (used in) generated by Financing Activities (187,126,798) (187,126,798) |
Schedule of the list of subsidiaries included in the consolidation | Ownership interest 12.31.2023 12.31.2022 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 96.842.970-1 Andina Bottling Investments S.A. 99.94 0.06 100.0 99.9 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 64.42 35.58 100.0 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 SpA. 100.0 — 100.0 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 0.01 100.0 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. 99.85 0.15 100.0 99.9 0.09 99.99 77.427.659-9 Re-Ciclar S.A. 60.00 — 60.00 60.00 — 60.00 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.9 0.10 100.0 99.9 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.01 100.0 99.9 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.9 0.01 100.0 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.5 — 66.5 66.50 — 66.50 93.899.000-k VJ S.A. 15.0 50.00 65.0 15.00 50.00 65.00 |
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 12.31.2023 877.12 181.17 1.08 0.120 12.31.2022 855.86 164.03 4.83 0.116 Exchange rates regarding the Chilean peso, calculated using average rates, used in the preparation of the Consolidated Financial Statements, are as follows: Date USD BRL PYG 12.31.2023 839.92 168.31 0.115 12.31.2022 873.28 169.16 0.125 |
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 IT equipment 3-5 Other Property, plant and equipment 3-10 Bottles and containers 1-8 |
Schedule of discount rates applied in annual test to the level of risk of the CGU | 2023 Discount 2022 Discount rates rates Argentina 38.7 % 33.1 % Chile 10.3 % 9.3 % Brazil 11.2 % 10.5 % Paraguay 12.0 % 11.3 % |
the Schedule of Exchange Rates Calculated Using Average Rates | Date USD BRL PYG 12.31.2023 839.92 168.31 0.115 12.31.2022 873.28 169.16 0.125 |
FINANCIAL REPORTING BY SEGMENT
FINANCIAL REPORTING BY SEGMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL REPORTING BY SEGMENT | |
Summary of company's operating segments | Operation in Operation in Operation in Operation in Inter-country Consolidated, Chile Argentina Brazil Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Net sales 1,191,974,011 460,337,955 745,382,614 223,840,649 (3,098,177) 2,618,437,052 Cost of sales (785,163,742) (234,814,106) (460,648,667) (124,798,917) 3,428,177 (1,601,997,255) Distribution expenses (98,940,612) (60,925,828) (55,074,448) (12,866,291) — (227,807,179) Administrative expenses (185,062,364) (98,996,057) (116,836,812) (30,400,282) — (431,295,515) Financial income 12,892,543 8,497,135 9,251,681 754,808 — 31,396,167 Financial costs (31,413,255) (6,174,445) (27,700,652) — — (65,288,352) Share of entity in income of associates accounted for using the equity method, total 320,225 — 2,395,944 — — 2,716,169 Income tax expense (27,867,269) (25,000,923) (27,122,886) (6,003,229) — (85,994,307) Oher income (expenses) (40,422,909) (20,238,217) (1,651,128) (3,343,039) — (65,655,293) Net income of the segment reported 36,316,628 22,685,514 67,995,646 47,183,699 330,000 174,511,487 Depreciation and amortization 44,930,478 23,055,893 31,384,619 13,730,334 (330,000) 112,771,324 Current assets 537,875,316 86,006,922 276,111,516 81,777,273 — 981,771,027 Non-current assets 818,222,777 192,749,170 651,665,020 277,112,895 — 1,939,749,862 Segment assets, total 1,356,098,093 278,756,092 927,776,536 358,890,168 — 2,921,520,889 Carrying amount in associates and joint ventures accounted for using the equity method, total 49,790,788 — 42,008,479 — — 91,799,267 Segment disbursements in non-monetary assets 98,330,718 24,421,786 50,018,391 19,936,603 — 192,707,498 Current liabilities 256,032,001 107,654,447 284,887,152 44,297,696 — 692,871,296 Non-current liabilities 965,276,582 23,188,614 300,646,803 18,552,180 — 1,307,664,179 Segment liabilities, total 1,221,308,583 130,843,061 585,533,955 62,849,876 — 2,000,535,475 Cash flows (used in) provided by in Operating Activities 196,897,114 32,330,115 118,389,616 19,213,391 — 366,830,236 Cash flows (used in) provided by Investing Activities (224,464,143) (24,421,513) 110,533,381 (19,936,603) — (158,288,878) Cash flows (used in) provided by Financing Activities 19,739,413 3,911,735 (209,887,714) (890,232) — (187,126,798) Operation in Operation in Operation in Operation in Inter-country Consolidated, For the period ended December 31, 2022 Chile Argentina Brazil Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Net sales 1,123,665,196 688,704,911 636,859,882 212,339,131 (4,690,725) 2,656,878,395 Cost of sales (743,226,587) (367,879,756) (403,695,516) (118,590,689) 4,690,725 (1,628,701,823) Distribution expenses (94,155,809) (98,238,512) (48,572,718) (12,547,637) — (253,514,676) Administrative expenses (165,139,607) (133,696,312) (100,060,355) (30,621,442) — (429,517,716) Financial income 18,783,930 9,853,565 10,307,344 777,571 — 39,722,410 Financial costs (28,065,600) (1,628,221) (29,854,132) — — (59,547,953) Share of entity in income of associates accounted for using the equity method, total 1,743,656 — (334,587) — — 1,409,069 Income tax expense (38,497,541) (38,651,371) (21,342,331) (5,853,395) — (104,344,638) Oher income (expenses) (83,536,145) (20,652,710) 10,213,711 51,063 — (93,924,081) Net income of the segment reported (8,428,507) 37,811,594 53,521,298 45,554,602 — 128,458,987 Depreciation and amortization 40,714,017 33,442,921 31,888,435 13,320,058 — 119,365,431 Current assets 564,695,230 141,715,280 383,021,238 72,297,644 — 1,161,729,392 Non-current assets 762,292,569 251,248,261 566,116,288 269,314,097 — 1,848,971,215 Segment assets, total 1,326,987,799 392,963,541 949,137,526 341,611,741 — 3,010,700,607 Carrying amount in associates and joint ventures accounted for using the equity method, total 53,869,983 — 38,474,615 — — 92,344,598 — Segment disbursements of non-monetary assets 85,998,605 40,479,269 42,173,211 18,051,094 — 186,702,179 Current liabilities 629,575,497 138,572,190 140,642,493 40,454,954 — 949,245,134 Non-current liabilities 600,735,999 24,584,021 536,281,288 16,451,513 — 1,178,052,821 Segment liabilities, total 1,230,311,496 163,156,211 676,923,781 56,906,467 — 2,127,297,955 Cash flows (used in) provided by in Operating Activities 255,357,664 59,379,474 58,391,224 24,324,062 — 397,452,424 Cash flows (used in) provided by Investing Activities 15,619,565 (40,479,269) (42,173,211) (18,135,556) — (85,168,471) Cash flows (used in) provided by Financing Activities (283,394,600) (41,768) (3,064,412) (462,602) — (286,963,382) Operation in Operation in Operation in Operation in Inter-country Consolidated, For the period ended December 31, 2021 Chile Argentina Brazil Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Revenue on 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) 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 and joint ventures accounted for using the equity method, total 52,519,831 — 38,969,363 — — 91,489,194 Segment disbursements of non-monetary assets 18,636,178 33,789,235 30,171,387 21,381,700 — 103,978,500 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) |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CASH AND CASH EQUIVALENTS. | |
Schedule of cash and cash equivalents | By item 12.31.2023 12.31.2022 ThCh$ ThCh$ Cash 552,062 203,931 Bank balances 119,335,228 108,486,568 Other fixed rate instruments 183,796,393 182,991,488 Cash and cash equivalents 303,683,683 291,681,987 By currency 12.31.2023 12.31.2022 ThCh$ ThCh$ USD 9,462,829 14,266,343 EUR 437,604 870,613 ARS 18,340,987 29,215,288 CLP 140,758,085 138,205,025 PYG 38,469,449 39,201,097 BRL 96,214,729 69,923,621 Cash and cash equivalents 303,683,683 291,681,987 |
OTHER CURRENT AND NON-CURRENT_3
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | |
Schedule of other current and non-current financial assets | Balance Current Non-current Other financial assets 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets measured at amortized cost (1) 66,190,949 92,838,315 3,027,052 3,317,778 Financial assets at fair value (2) 1,094,844 170,206,554 78,988,715 75,297,737 Other financial assets (3) — — 11,300,572 16,237,196 Total 67,285,793 263,044,869 93,316,339 94,852,711 (1) Financial instrument that does not meet the definition of cash equivalents pursuant to Note 2.13. (2) Market value of hedging instruments. See details in Note 22. (3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., manufacturing company of “AdeS” products, which are framed in the purchase of the “AdeS” brand managed by The Coca-Cola Company at the end of 2016 . |
OTHER CURRENT AND NON-CURRENT_4
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |
Schedule of composition of non-financial assets | Balance Current Non-current Other non-financial assets 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Prepaid expenses 11,435,334 6,059,201 1,700,462 1,074,940 Tax credit remainder (1) 933,282 905,826 39,373,807 40,922,425 Judicial deposits — — 14,649,339 15,723,829 Others (2) 6,943,235 19,991,973 3,688,874 1,951,072 Total 19,311,851 26,957,000 59,412,482 59,672,266 (1) In November 2006, Rio de Janeiro Refrescos Ltda. (“RJR”) filed a court order No. 0021799-23.2006.4.02.5101 seeking recognition of the right to exclude ICMS (Tax on Commerce and Services) from the PIS (Program of Social Integration) and COFINS (Contribution for the Financing of Social Security) calculation base, as well as recognition of the right to obtain reimbursement of amounts unduly collected since November 14, 2001, duly restated using the Selic interest rate. On May 20, 2019, the ruling favoring RJR became final, allowing the recovery of amounts overpaid from November 14, 2001 to August 2017. It is worth noting that in September 2017, RJR had already obtained a Security Mandate, which granted it the right to exclude, from that date, the ICMS from the PIS and COFINS calculation base. The company took steps to assess the total amount of the credit at issue for the period of unduly collection of taxes from November 2001 to August 2017, totaling approximately CLP 100,550 million (CLP 92,783 million at December 2021) (BRL 613 million, of which BRL 370 million corresponds to capital and BRL 243 million to interest and monetary restatement. These amounts were recorded as of December 31, 2019 and recovered as of December 31, 2021. Companhia de Bebidas Ipiranga, acquired in September 2013, also filed a court order n. 0005018-15.2002.4.03.6110 to recognize the same issue as the one previously descibed for RJR. On September 12, 2019, the ruling favoring Ipiranga became final, allowing the recovery of the amounts overpaid from September 12, 1990 to December 12, 2013 (date on which Ipiranga was acquired by RJR). The Ipiranga credit will be generated in the name of RJR, however pursuant to a contractual clause (“Subscription Agreement for Shares and Exhibits”), which requireds RJR to transfer any gain resulting from this action to the former shareholders of Ipiranga. The Company performed procedures to assess the total amount of the credit in question for the tax period expired, totaling BRL 162,588, of which BRL 80,177 correspond to principal and BRL 82,411 correspond to interest and monetary restatement. These amounts were recorded in the year ended December 31, 2020. The payment of income tax is made at the time of liquidation of the credit, with which the respective deferred tax liability of BRL 55,280 was recorded. The value of PIS and Cofins recorded was BRL 7,623 thousand. At the closing of these financial statements the value to be transferred to the former shareholders of Ipiranga is CLP 30,830,785 or BRL 170,176 (CLP 27,309,519 at December 31, 2022 or BRL 166,491). The liability is recorded in other non-financial liabilities (Note 18). (2) Other non-financial assets are mainly composed of advances to suppliers. |
TRADE ACCOUNTS AND OTHER ACCO_2
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE | |
Schedule of composition of trade and other receivables | Current Non-current Trade debtors and other accounts receivable, Net 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 251,169,538 238,146,331 94,190 56,781 Other debtors 41,973,516 39,798,245 277,077 483,139 Other accounts receivable 5,749,110 1,825,710 134 — Total 298,892,164 279,770,286 371,401 539,920 Current Non-current Trade debtors and other accounts receivable, Gross 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 255,616,735 242,638,974 94,190 56,781 Other debtors 42,135,933 40,206,431 277,077 483,139 Other accounts receivable 5,834,787 1,921,211 134 — Total 303,587,455 284,766,616 371,401 539,920 |
Schedule of stratification of the portfolio | 12.31.2023 12.31.2022 ThCh$ ThCh$ Less than one month 239,907,074 229,587,868 Between one and three months 7,467,587 4,577,833 Between three and six months 1,276,211 2,418,252 Between six and eight months 5,142,341 5,392,862 Older than eight months 1,917,712 718,940 Total 255,710,925 242,695,755 |
Schedule of provision for expected credit losses | The provision for expected credit losses associated with each tranche of the portfolio for current and non-current trade receivables is as follows: 12.31.2023 Impairment Credit amount provision Percentage ThCh$ ThCh$ % Less than one month 239,907,074 (700,137) 0.16 % Between one and three months 7,467,587 (294,510) 10.88 % Between three and six months 1,276,211 (138,648) 21.60 % Between six and eight months 5,142,341 (2,397,365) 68.09 % Older than eight months 1,917,712 (916,537) 40.99 % Total 255,710,925 (4,447,197) 12.31.2022 Impairment Credit amount provision Percentage ThCh$ ThCh$ % Less than one month 229,587,868 (701,701) 0.31 % Between one and three months 4,577,833 (431,630) 9.43 % Between three and six months 2,418,252 (786,856) 32.54 % Between six and eight months 5,392,862 (2,402,146) 44.54 % Older than eight months 718,940 (170,310) 23.69 % Total 242,695,755 (4,492,643) |
Schedule of movement in the allowance for expected credit losses | 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Opening balance 4,492,643 4,711,371 6,795,663 Increase (decrease) 1,319,216 (150,671) 1,697,887 Provision reversal (1,110,743) (654,381) (3,832,220) Increase (decrease) for changes of foreign currency (253,919) 586,324 50,041 Sub – total movements (45,446) (218,728) (2,084,292) Ending balance 4,447,197 4,492,643 4,711,371 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
Schedule of composition of inventories | Details 12.31.2023 12.31.2022 ThCh$ ThCh$ Raw materials (1) 90,992,931 104,833,902 Finished goods 115,591,443 114,164,680 Spare parts and supplies 26,527,656 27,109,494 Work in progress 194,686 216,164 Other inventories 6,012,077 4,020,372 Obsolescence provision (2) (6,265,633) (4,457,956) Total 233,053,160 245,886,656 The cost of inventory recognized as cost of sales amounts to CLP 1,346,516,486 thousand and CLP 1,388,536,599 thousand as of December 31, 2023 and 2022, 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, 2023 | |
TAX ASSETS AND LIABILITIES | |
Schedule of composition of current tax accounts receivable | Tax assets 12.31.2023 12.31.2022 ThCh$ ThCh$ Monthly provisional payments 4,691,320 25,428,344 Tax credits 32,125,597 6,640,888 Recoverable taxes from prior years 27,247 473,424 Surplus Tax Credit 6,265,971 6,387,530 Other Recoverable Taxes 272,923 396,241 Total 43,383,058 39,326,427 |
Schedule of composition of current tax accounts payable | Current Tax liabilities 12.31.2023 12.31.2022 ThCh$ ThCh$ Income tax expense 13,411,621 14,615,447 Tax credit — — Others — — Total 13,411,621 14,615,447 |
INCOME TAX EXPENSE AND DEFERR_2
INCOME TAX EXPENSE AND DEFERRED TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |
Schedule of current and deferred income tax expenses | Details 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Current income tax expense (58,334,583) (63,245,293) (45,614,890) Current tax adjustment previous period (152,481) 311,931 2,284,477 Foreign dividends tax withholding expense (11,803,842) (11,129,734) (2,877,817) Other current tax expense (income) (688,765) — 114,130 Current income tax expense (70,979,671) (74,063,096) (46,094,100) Expense (income) for the creation and reversal of temporary differences of deferred tax and others (15,014,636) (30,281,542) (83,220) Expense (income) for deferred taxes (15,014,636) (30,281,542) (83,220) Total income tax expense (85,994,307) (104,344,638) (46,177,320) |
Schedule of distribution of national and foreign tax expenditure | Income taxes 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Current taxes Foreign (44,507,433) (61,250,403) (37,363,624) National (26,472,238) (12,812,693) (8,730,476) Current tax expense (70,979,671) (74,063,096) (46,094,100) Deferred taxes Foreign (13,619,606) (4,596,695) 6,942,925 National (1,395,030) (25,684,847) (7,026,145) Deferred tax expense (15,014,636) (30,281,542) (83,220) Income tax expense (85,994,307) (104,344,638) (46,177,320) |
Schedule of reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate | Reconciliation of effective rate 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Net income before taxes 260,505,794 232,803,625 203,208,988 Tax expense at legal rate (27.0%) (70,336,564) (62,856,979) (54,866,427) Effect of tax rate in other jurisdictions (854,686) (2,820,546) 860,745 Permanent differences: Foreign dividend tax withholding expense and other non-taxable income (15,253,682) (11,536,654) (10,868,055) Non-deductible expenses (2,585,111) (3,622,958) (2,935,310) Tax effect on excess tax provision in previous periods (188,988) (81,258) 13,250,594 Tax effect of price-level restatement for Chilean companies (9,929,818) (33,196,408) (15,794,098) Subsidiaries tax withholding expense and other legal tax debits and credits 13,154,542 9,770,165 24,175,231 Adjustments to tax expense (14,803,057) (38,667,113) 7,828,362 Tax expense at effective rate (85,994,307) (104,344,638) (46,177,320) Effective rate 33.0 % 44.8 % 22.7 % |
Schedule of income tax rates applicable in each jurisdiction | Rates Country 2023 2022 2021 Chile 27.00 % 27.00 % 27.00 % Brazil 34.00 % 34.00 % 34.00 % Argentina 35.00 % 35.00 % 35.00 % Paraguay 10.00 % 10.00 % 10.00 % |
Schedule of the net cumulative balances of temporary differences that give rise to deferred tax assets and liabilities | 12.31.2023 12.31.2022 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,970,424 (54,058,525) 5,351,293 (58,230,728) Obsolescence provision 2,231,501 — 1,871,168 — ICMS exclusion credit 3,241,530 — 2,686,693 — Employee benefits 8,212,311 (14,382) 5,033,868 (3,348) Provision for severance indemnity 2,546,033 (94,659) 2,789,893 (42,264) Tax loss carry forwards (1) 2,142,747 — 5,569,124 — Tax goodwill Brazil (2) — (15,782,005) — (9,081,512) Contingency provision 27,144,927 — 27,145,591 — Foreign Exchange differences (3) 4,640,723 — 11,478,538 — Allowance for doubtful accounts 799,274 — 803,608 — Coca-Cola incentives (Argentina) — — 633,919 — Assets and liabilities for placement of bonds — (561,994) — (610,594) Financial expense — (2,363,384) — (1,894,010) Lease liabilities 3,665,695 — 1,874,166 — Inventories 1,706,518 — 1,312,833 — Distribution rights (4) — (161,155,669) — (154,669,995) Prepaid income 4,481,352 — 5,339,265 (8,287) Spare parts — (4,816,189) — (4,142,782) Intangibles 77,752 (5,497,812) 69,395 (7,388,202) Others 4,301,875 (2,965,088) 5,282,818 (4,520,673) Subtotal 71,162,662 (247,309,707) 77,242,172 (240,592,395) Offsetting of deferred tax assets/(liabilities) (66,839,488) 66,839,488 (74,813,839) 74,813,839 Total assets and liabilities net 4,323,174 (180,470,219) 2,428,333 (165,778,556) (1) Tax losses mainly associated with entities in Chile. Tax losses have no expiration date in Chile. (2) Difference for tax amortization of Goodwill in Brazil. (3) Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency in the subsidiary Rio de Janeiro Refrescos Ltda., that for tax purposes are recognized when paid. (4) Distribution rights arising from business combinations. See Note 15. |
Schedule of movement in deferred income tax accounts | Movement 12.31.2023 12.31.2022 ThCh$ ThCh$ Opening balance (163,350,223) (166,596,100) Increase (decrease) in deferred tax (31,400,047) 8,090,171 Increase (decrease) due to foreign currency translation(*) 18,603,225 (4,844,294) Total movements (12,796,822) 3,245,877 Ending balance (176,147,045) (163,350,223) (*) Includes IAS 29 effects due to inflation in Argentina |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY PLANT AND EQUIPMENT | |
Schedule of property, plant and equipment, net | Property, plant and equipment, gross 12.31.2023 12.31.2022 ThCh$ ThCh$ Construction in progress 96,126,388 49,169,567 Land 115,737,432 104,906,878 Buildings 356,340,587 337,689,681 Plant and equipment 709,047,901 693,153,093 Information technology equipment 35,069,078 34,992,575 Fixed installations and accessories 43,914,423 69,798,556 Vehicles 81,294,395 75,759,020 Leasehold improvements 420,586 362,243 Rights of use 100,265,151 73,946,435 Other properties, plant and equipment (1) 425,204,655 448,561,681 Total Property, plant and equipment, gross 1,963,420,596 1,888,339,729 Accumulated depreciation of Property, plant and equipment 12.31.2023 12.31.2022 ThCh$ ThCh$ Buildings (130,708,389) (117,237,092) Plant and equipment (494,072,229) (499,070,234) Information technology equipment (25,646,570) (27,257,028) Fixed installations and accessories (28,383,356) (44,057,493) Vehicles (48,042,781) (44,600,066) Leasehold improvements (351,552) (282,057) Rights of use (66,973,796) (53,350,442) Other properties, plant and equipment (1) (296,853,112) (304,264,058) Total accumulated depreciation (1,091,031,785) (1,090,118,470) Total Property, plant and equipment, net 872,388,811 798,221,259 (1) 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 12.31.2023 12.31.2022 ThCh$ ThCh$ Bottles 43,683,655 46,351,209 Marketing and promotional assets (market assets) 72,164,433 70,149,875 Other Property, plant and equipment 12,503,455 27,796,539 Total 128,351,543 144,297,623 |
Schedule of movements in property, plant and equipment | Fixed facilities IT and Leasehold Property, plant Construction in Plant and equipment accessories, improvements, Rights-of-use, and 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 01.01.2023 49,169,567 104,906,878 220,452,589 194,082,859 7,735,547 25,741,063 31,158,954 80,186 144,297,623 20,595,993 798,221,259 Additions 100,905,107 11,316,009 1,266,472 37,341,985 1,081,074 6,248 3,804,000 22,935 41,756,709 — 197,500,539 Right-of use additions — — — — — — — — — 25,119,021 25,119,021 Disposals — — (6,707) (292,766) (1,365) — (42,333) — (1,431,798) (174,444) (1,949,413) Transfers between items of Property, plant and equipment (57,285,699) — 9,985,619 21,285,201 2,279,728 2,148,709 2,511,373 — 18,399,131 675,938 — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (9,175,999) (29,999,476) (3,048,237) (1,903,192) (5,692,021) (46,176) (46,855,960) — (96,721,061) Amortization — — — — — — — — — (11,005,033) (11,005,033) Increase (decrease) due to foreign currency translation differences 95,202 (485,959) (4,295,531) (2,173,388) 311,883 (3,243,921) 898,032 4,474 (16,326,501) 56,926 (25,158,783) Other increase (decrease) (2) 3,242,211 504 7,405,755 (5,268,743) 1,063,878 (7,217,840) 613,609 7,615 (11,487,661) (1,977,046) (13,617,718) Total movements 46,956,821 10,830,554 5,179,609 20,892,813 1,686,961 (10,209,996) 2,092,660 (11,152) (15,946,080) 12,695,362 74,167,552 Ending balance al 12.31.2023 96,126,388 115,737,432 225,632,198 214,975,672 9,422,508 15,531,067 33,251,614 69,034 128,351,543 33,291,355 872,388,811 Fixed Plant and IT facilities and Leasehold Property, plant Construction equipment, equipment, accessories, improvements, Rights-of-use, and equipment, in progress Land Buildings, net net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2022 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 Additions 75,269,957 — 867,990 21,280,010 922,233 74,995 636,420 10,275 68,730,337 — 167,792,217 Right-of use additions — — — — — — — — — 5,883,061 5,883,061 Disposals (32,456) — (16,174) (538,429) (15,105) — (4,522) — (2,249,837) (67,398) (2,923,921) Transfers between items of Property, plant and equipment (84,598,804) 159,232 10,014,587 33,485,897 3,487,406 3,384,472 16,037,695 51,403 17,940,342 37,770 — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (8,477,029) (35,372,214) (2,641,086) (3,365,827) (5,524,208) (68,741) (49,526,391) — (104,975,496) Amortization — — — — — — — — — (9,993,249) (9,993,249) Increase (decrease) due to foreign currency translation differences 4,263,117 3,461,539 11,105,445 7,324,221 43,790 1,282,713 852,241 10,324 6,450,271 1,235,657 36,029,318 Other increase (decrease) (2) (2,012,841) — 3,614,645 (1,748,181) 325,092 1,265,589 (23,272) (36,364) (11,200,643) (153,823) (9,969,798) Total movements (7,111,027) 3,620,771 17,109,464 24,431,304 2,122,330 2,641,942 11,974,354 (33,103) 30,144,079 (3,057,982) 81,842,132 Ending balance al 12.31.2022 49,169,567 104,906,878 220,452,589 194,082,859 7,735,547 25,741,063 31,158,954 80,186 144,297,623 20,595,993 798,221,259 Fixed facilities Plant and IT and Leasehold Property, plant Construction equipment, Equipment, accessories, improvements, Rights-of-use, and equipment, in progress Land Buildings, net net net net Vehicles, net net Other, 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 at 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 |
Schedule of Right-of-use assets | Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 16,246,384 (6,883,481) 9,362,903 Plant and Equipment 52,431,352 (35,679,624) 16,751,728 IT equipment 1,155,261 (1,030,250) 125,011 Motor vehicles 22,051,973 (15,132,557) 6,919,416 Others 8,380,181 (8,247,884) 132,297 Total 100,265,151 (66,973,796) 33,291,355 Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 6,694,251 (3,452,700) 3,241,551 Plant and Equipment 47,377,683 (33,624,676) 13,753,007 IT Equipment 1,214,851 (1,081,741) 133,110 Motor vehicles 9,395,320 (6,066,615) 3,328,705 Others 9,264,330 (9,124,710) 139,620 Total 73,946,435 (53,350,442) 20,595,993 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 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTIES | |
Schedule of current accounts receivable between related parties | 12.31.2023 12.31.2022 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ 96.891.720-K Embonor S.A. Shareholder related Chile CLP 7,371,731 — 10,852,709 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 5,071,655 — 2,048,054 — Foreign Sorocaba Refrescos Shareholder related Brazil BRL 1,223,699 — — — 76.140.057-6 Monster Associate Chile CLP 837,713 — 86,492 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 713,006 — 925,189 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile CLP 403,061 — 745,048 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 349,914 108,021 15,444 109,318 76.572.588-7 Coca Cola del Valle New Ventures S.A. Associate Chile CLP 149,820 — 143,002 — Foreign Embotelladoras Bolivianas Unidas S.A. Shareholder related Bolivia USD 40,719 — — — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS — — 237,439 — 79.826.410-9 Guallarauco Associate Chile CLP — — 8,790 — Total 16,161,318 108,021 15,062,167 109,318 |
Schedule of current accounts payable between related parties | 12.31.2023 12.31.2022 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil BRL 40,159,177 6,007,041 30,998,682 10,354,296 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 25,770,189 — 32,205,880 — Foreign Ser. y Prod. para Bebidas Refrescantes S.R.L. Shareholder Argentina ARS 9,431,483 — 8,587,487 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 6,883,553 — 8,186,248 — Foreign Coca-Cola Company Shareholder Paraguay PYG 4,877,061 — 1,690,858 — Foreign Monster Energy Company – EEUU Shareholder related Argentina PYG 2,389,283 — 28,910 — 77.526.480-2 Comercializadora Nova Verde S.A. Common shareholder Chile CLP 2,831,752 — 2,198,317 — Foreign Monster Energy Brasil Com de Bebidas Ltda. Shareholder related Brazil BRL 1,985,330 — 3,811,908 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 602,113 — 1,089,592 — 96.891.720-K Embonor S.A. Shareholder related Chile CLP 416,073 — 589,127 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil BRL 307,967 — 232,216 — Foreign The Coca-Cola Export Corporation Shareholder related Panama USD 288,001 — — — Foreign Monster Energy Company – EEUU Shareholder related Argentina PYG 61,155 — — — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 38,797 — 628,842 — 89.996.200-1 Envases del Pacifico S.A. Shareholder related Chile CLP 3,690 — — — Total 96,045,624 6,007,041 90,248,067 10,354,296 |
Schedule of transactions between related parties | Accumulated Accumulated Taxpayer ID Company Relationship Country Transaction description Currency at 12.31.23 at 12.31.22 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of concentrate CLP 207,040,438 198,045,624 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of advertising services and others CLP 9,057,004 7,241,918 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Lease of water source CLP 6,424,479 5,958,076 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Sale of raw materials and others CLP 1,025,290 2,738,472 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Minimum dividend CLP 35,855 47,262 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 21,103,185 24,441,192 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials CLP 32,085,055 33,637,921 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of services and others CLP 496,196 2,270,006 86.881.400-4 Envases CMF S.A. Associate Chile Sale of services and others CLP - 13,914 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 10,830,682 9,391,000 86.881.400-4 Envases CMF S.A. Associate Chile Sale of containers/raw materials CLP 10,981,598 13,360,534 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of finished products CLP 74,933,722 79,205,926 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of services and others CLP 360,722 585,448 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of raw materials and inputs CLP 261,983 956,036 96.891.720-K Embonor S.A. Shareholder related Chile Minimum dividend CLP 416,073 589,127 96.517.310-2 Embotelladora Iquique S.A. Shareholder related Chile Sale of finished products CLP 6,912,134 5,807,466 89.996.200-1 Envases del Pacífico S.A. Director related Chile Purchase of raw materials and inputs CLP 3,690 204,933 94.627.000-8 Parque Arauco S.A Director related Chile Space lease CLP 143,308 101,981 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Purchase of concentrate BRL 125,212,630 100,199,500 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Sale of water source BRL 9,750,769 - Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Lease of water source BRL 624,871 - Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Purchase of concentrate ARS 109,232,990 159,807,006 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising rights awards and others ARS 124,203 3,002,061 Foreign KAIK Participações Associate Brazil Reimbursement and other purchases BRL 114,147 96,511 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Purchase of products BRL 130,042 636,938 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products BRL 2,799,927 419,515 89.862.200-2 Latam Airlines Group S.A. Director related Chile Sale of products CLP - 93,320 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Sale of services and others CLP 555,666 288,264 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Purchase of services and others CLP 4,296,982 4,306,419 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Payment of fees and services ARS 565,355 4,128,865 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Purchase of products ARS 674,311 2,107,354 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Marketing services ARS 49,114 286,488 Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products BRL 190,060 368,127 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of raw materials CLP 61,184 781,901 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of finished products CLP 12,827,332 12,867,822 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of services and others CLP 1,689,356 4,512,714 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Purchase of finished products CLP 21,192,591 25,440,668 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Advertising services and others CLP 924,924 2,367,626 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Cold equipment maintenance CLP 594,640 619,419 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Purchase of raw materials CLP 401,498 952,699 97.036.000-K Banco Santander Chile. Director/Manager/Executive Chile Purchase of services CLP 4,396,965 6,776,225 Foreign Monster Energy Brasil Comercio de Bebidas Ltda. Equity investee Brazil Purchase of products BRL 3,466,645 2,352,550 33-0520613 Monster Energy Company - USA Equity investee U.S.A. Purchase of advertising material CLP 175,705 — 76140057-6 Monster Energy Company - CHILE Subsidiary Chile Sale of advertising services and others CLP 3,561,747 — 76140057-6 Monster Energy Company - CHILE Subsidiary Chile Purchase of advertising services and others CLP 439,520 — 76140057-6 Monster Energy Company - CHILE Subsidiary Chile Purchase of finished products CLP 35,904,599 — Foreign The Coca-Cola Export Corporation Panama Shareholder related Chile Purchase of products and others CLP 230,619 — Foreign The Coca-Cola Export Corporation Atlanta Shareholder related Chile Purchase of products and others CLP 361,873 — |
Schedule of Key management compensation | Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Executive wages, salaries and benefits 10,036,315 8,536,107 7,253,863 Director allowances 1,690,400 1,560,000 1,512,500 Benefits accrued in the last five years and payments during the fiscal year 355,680 269,952 254,240 Total 12,082,395 10,366,059 9,020,603 |
CURRENT AND NON-CURRENT EMPLO_2
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee benefits | |
Schedule of employee benefits | Description 12.31.2023 12.31.2022 ThCh$ ThCh$ Accrued vacation 23,546,649 25,773,244 Participation in profits and bonuses 36,455,454 22,618,562 Severance indemnity 16,289,643 17,409,793 Total 76,291,746 65,801,599 ThCh$ ThCh$ Current 57,817,800 48,391,806 Non-current 18,473,946 17,409,793 Total 76,291,746 65,801,599 |
Schedule of movements of employee benefits | Movements 12.31.2023 12.31.2022 ThCh$ ThCh$ Opening balance 17,409,793 14,982,928 Service costs 1,202,371 1,018,080 Interest costs 1,000,018 737,566 Actuarial variations (1,678,013) 2,905,020 Benefits paid (1,644,526) (2,233,801) Total 16,289,643 17,409,793 |
Schedule of actuarial assumptions | Assumptions 12.31.2023 12.31.2022 Discount rate 2.26 % 1.71 % Expected salary increase rate 2.0 % 2.0 % Turnover rate 7.62 % 7.68 % Mortality rate RV-2020 RV-2020 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years |
Schedule of personnel expenses | Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Wages and salaries 266,893,173 277,271,540 225,883,645 Employee benefits 83,260,379 71,566,763 53,340,673 Severance benefits 6,290,886 6,052,239 4,163,608 Other personnel expenses 22,037,675 21,305,979 18,134,494 Total 378,482,113 376,196,521 301,522,420 |
Severance indemnity | |
Employee benefits | |
Schedule of actuarial assumptions | Discount rate sensitivity ThCh$ Variation in the provision resulting from an increase of up to 100 basis points (869,321) Variation in the provision resulting from a decrease of up to 100 basis points 990,697 Salary increase sensitivity ThCh$ Variation in the provision resulting from an increase of up to 100 basis points 991,833 Variation in the provision resulting from a decrease of up to 100 basis points (878,906) |
INVESTMENTS IN ASSOCIATES ACC_2
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 12.31.2022 12.31.2023 12.31.2022 86.881.400-4 Envases CMF S.A. (1) Chile CLP 21,025,975 23,519,277 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil BRL 10,636,778 8,460,307 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil BRL 1,551,253 1,293,219 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil BRL 59,875 55,072 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil BRL 28,875,351 26,694,836 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil BRL 885,062 1,971,055 7.52 % 7.52 % 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Chile CLP 28,764,973 30,350,832 35.00 % 35.00 % Total 91,799,267 92,344,598 (1) In Envases CMF S.A., regardless of the ownership interest, it was determined that no controlling interest was held, only a significant influence, given that there was not a majority vote of the Board of Directors to make strategic business decisions. (2) In these companies, regardless of the ownership interest, it has been defined that the Company has significant influence, given that it has the right to appoint directors. |
Schedule of movement of investments in associates accounted for using the equity method | Description 12.31.2023 12.31.2022 ThCh$ ThCh$ Opening balance 92,344,598 91,489,194 Dividends declared (6,232,958) (4,383,645) Share in operating income 3,145,106 2,118,728 Other increase (decrease) in investments in associated companies (Impairment in Trop Frutas do Brasil Ltda.) (1,615,050) - Other increase (decrease) in investments in associates* 4,157,571 3,120,321 Ending balance 91,799,267 92,344,598 *Mainly due to foreign exchange rates |
Schedule of reconciliation of share of profit in investments in associates | Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Share in operating income 3,145,106 2,118,728 4,041,118 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) (428,937) (568,767) (512,131) Amortization goodwill in the sale of fixed assets of Envases CMF S.A. 42,633 Amortization goodwill preferred rights CCDV S.A. - (140,892) (478,518) Income statement balance 2,716,169 1,409,069 3,093,102 |
Summary of financial information by associates | At December 31, 2023 Envases CMF Sorocaba Refrescos Kaik Participaçōes SRSA Participaçōes Leão Alimentos e Trop Frutas do Brasil Coca Cola del Valle New S.A. S.A. Ltda. Ltda. Bebidas Ltda. Ltda. Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Short term assets 50,693,046 39,392,459 — 24,715 92,747,488 21,186,620 24,548,167 Long term assets 54,127,400 101,420,184 13,704,046 347,922 62,843,154 28,404,343 70,825,265 Total assets 104,820,446 140,812,643 13,704,046 372,637 155,590,642 49,590,963 95,373,432 Short term liabilities 35,045,849 22,951,428 — 222,950 22,924,938 14,104,874 13,188,225 Long term liabilities 27,722,647 46,453,440 34 — 16,678,828 13,212,410 — Total liabilities 62,768,496 69,404,868 34 222,950 39,603,766 27,317,284 13,188,225 Total Equity 42,051,950 71,407,775 13,704,012 149,687 115,986,876 22,273,679 82,185,207 Total revenue from ordinary activities 92,308,940 — 983,452 146,063 84,624,940 55,434,136 29,385,365 Net income before taxes 5,923,727 58,931,149 983,452 146,063 5,657,251 (2,548,671) (7,822,534) Net income after taxes 4,755,373 (1,206,475) — 146,063 2,529,341 (2,349,151) (5,101,497) Other comprehensive income 29,516 9,690,233 — — (93,593,890) (58,242) — Total comprehensive income 4,784,889 8,483,758 983,452 146,063 (91,064,549) (2,407,393) (5,101,497) Reporting date (See Note 2.3) 12.31.2023 11.30.2023 11.30.2023 11.302023 11.30.2023 11.30.2023 11.30.2023 At December 31, 2022 Envases CMF Sorocaba Refrescos Kaik Participaçōes SRSA Participaçōes Leão Alimentos e Trop Frutas do Brasil Coca Cola del Valle New S.A. S.A. Ltda. Ltda. Bebidas Ltda. Ltda. Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Short term assets 63,615,517 41,997,646 — 22,376 77,547,906 22,235,713 26,927,496 Long term assets 52,964,004 89,524,823 11,424,515 317,159 54,195,351 27,128,282 75,247,746 Total assets 116,579,521 131,522,469 11,424,515 339,535 131,743,257 49,363,995 102,175,242 Short term liabilities 45,222,022 21,366,336 — 201,853 16,269,385 14,693,964 9,038,769 Long term liabilities 24,318,944 45,013,681 31 — 11,698,126 12,270,207 5,480,067 Total liabilities 69,540,966 66,380,017 31 201,853 27,967,511 26,964,171 14,518,836 Total Equity 47,038,555 65,142,452 11,424,484 137,682 103,775,746 22,399,824 87,656,406 Total revenue from ordinary activities 97,834,148 (741) 782,772 134,401 65,797,238 45,104,125 25,249,336 Net income before taxes 6,640,224 478,458 782,772 134,401 3,804,172 (5,105,685) (896,914) Net income after taxes 5,517,062 243,170 782,772 134,401 1,427,601 (5,067,707) 163,561 Other comprehensive income — 9,680,320 — — 1,522 275,534 — Total comprehensive income 5,517,062 9,923,490 782,772 134,401 1,429,123 (4,792,173) 163,561 Reporting date (See Note 2.3) 12.31.2022 11.30.2022 11.30.2022 11.30.2022 11.30.2022 11.30.2022 12.31.2022 |
INTANGIBLE ASSETS OTHER THAN _2
INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |
Schedule of intangible assets other than goodwill | December 31, 2023 December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Description value /Impairment value value /Impairment value ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) 667,955,100 (3,078,000) 664,877,100 645,684,416 (1,451,000) 644,233,416 Software 63,828,408 (40,121,558) 23,706,850 56,968,738 (36,205,387) 20,763,351 Water rights 587,432 — 587,432 479,825 (40,723) 439,102 Trademarks indefinite useful life (2) 6,341,107 — 6,341,107 5,741,054 — 5,741,054 Trademarks definite useful life (3) 1,297,378 (891,277) 406,101 1,297,378 (703,388) 593,990 Others 560,183 (552,208) 7,975 507,928 (499,953) 7,975 Total 740,569,608 (44,643,043) 695,926,565 710,679,339 (38,900,451) 671,778,888 (1) Correspond to brands, water rights and distribution rights. Distribution rights are contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights result from the valuation process at fair value of the assets and liabilities of the companies acquired in business combinations. Production and distribution contracts are renewable for periods of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently done on these rights, allow qualifying them as indefinite contracts. Distribution rights together with the assets that are part of the cash-generating units, are annually subjected to the impairment test. Such distribution rights have an indefinite useful life, are not subject to amortization. Rights in Chile related to AdeS were provisioned for impairment pursuant to the annual tests performed. See Note 2.8. (2) On September 21, 2021 Coca-Cola Andina together with Coca-Cola Femsa, acquired the Brazilian beer brand Therezópolis for BRL 70 million. Each bottler bought 50% of the brand. This transaction is part of the company’s long-term strategy to complement its beer portfolio in Brazil. The transaction was completed and approved by CADE (Brazilian Administrative Council of Economic Defense). In September of that same year, Andina recorded an intangible asset under the Therezópolis brand for BRL 35 million with an indefinite useful life. (3) Correspond to distribution rights that did not arise from business combinations. These rights are subject to amortization. |
Schedule of distribution rights | Distribution rights 12.31.2023 12.31.2022 ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 301,187,149 302,814,149 Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto and the investments in Sorocaba and Leão Alimentos y Bebidas Ltda.) 182,986,222 165,670,430 Paraguay 178,475,561 172,548,023 Argentina (North and South) 2,228,168 3,200,814 Total 664,877,100 644,233,416 |
Schedule of the movement and balances of identifiable intangible assets | The movement and balances of identifiable intangible assets are detailed as follows: December 31, 2023 Trademarks Trademarks Distribution indefinite definite rights Software Water rights useful life useful life Others Description Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 644,233,416 20,763,351 439,102 5,741,054 593,990 7,975 671,778,888 Additions — 8,984,225 148,330 — — — 9,132,555 Amortization — (4,857,341) — — (187,889) — (5,045,230) Impairment (2) (1,627,000) — — — — — (1,627,000) Other increases (decreases) (1) 22,270,684 (1,183,385) — 600,053 — — 21,687,352 Ending balance 664,877,100 23,706,850 587,432 6,341,107 406,101 7,975 695,926,565 December 31, 2022 Trademarks Trademarks Distribution indefinite definite rights Software Water rights useful life useful life Others Description Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 640,056,747 13,064,962 422,221 5,297,760 781,878 7,975 659,631,543 Additions — 12,020,412 16,881 — — — 12,037,293 Amortization — (4,208,798) — — (187,888) — (4,396,686) Impairment — — — — — — — Other increases (decreases) (1) 4,176,669 (113,225) — 443,294 — — 4,506,738 Ending balance 644,233,416 20,763,351 439,102 5,741,054 593,990 7,975 671,778,888 (1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries. (2) The rights in Chile related to AdeS were provisioned for impairment according to the annual tests performed. See Note 2.8. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
GOODWILL | |
Schedule of movement in goodwill | Foreign currency Cash Generating Unit 01.01.2023 translation differences 12.31.2023 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 66,941,508 6,890,007 73,831,515 Argentine operation 46,254,831 (14,061,746) 32,193,085 Paraguayan operation 7,324,560 251,619 7,576,179 Total 129,023,922 (6,920,120) 122,103,802 Foreign currency Cash Generating Unit 01.01.2022 translation differences 12.31.2022 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 61,851,449 5,090,059 66,941,508 Argentine operation 39,976,392 6,278,439 46,254,831 Paraguayan operation 7,712,036 (387,476) 7,324,560 Total 118,042,900 10,981,022 129,023,922 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 |
OTHER CURRENT AND NON-CURRENT_5
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
Schedule of financial liabilities | Balance Current Non-current 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Bank loans (Note 17.1.1 - 3) 1,500,909 688,800 13,403,691 13,366,211 Bonds payable, net (1) 27,479,415 340,767,980 953,660,440 763,368,160 Bottle guaranty deposits 12,632,184 16,427,144 — — Derivative contract liabilities (Note 17.3) 1,458,210 2,317,577 52,449,925 112,175,058 Lease liabilities (Note 17.4.1 - 2) 9,926,283 7,100,579 24,811,777 15,892,629 Total 52,997,001 367,302,080 1,044,325,833 904,802,058 (1) |
Schedule of the fair value of financial assets and liabilities | Book value Fair value Book value Fair value Current 12.31.2023 12.31.2023 12.31.2022 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Cash and cash equivalent (2) 303,683,683 303,683,683 291,681,987 291,681,987 Financial assets at fair value (1) 842,906 842,906 170,206,554 170,206,554 Trade debtors and other accounts receivable (2) 296,883,937 296,883,937 279,770,286 279,770,286 Accounts receivable related companies (2) 13,192,740 13,192,740 15,062,167 15,062,167 Bank liabilities (2) 1,500,909 1,465,732 688,800 767,468 Bonds payable (2) 27,479,415 26,931,768 340,767,980 339,666,507 Bottle guaranty deposits (2) 12,632,186 12,632,186 16,427,144 16,427,144 Forward contracts liabilities (see Note 22) (1) 1,458,210 1,458,210 2,317,577 2,317,577 Leasing agreements (2) 9,926,283 9,926,283 7,100,579 7,100,579 Accounts payable (2) 428,911,984 428,911,984 384,801,630 384,801,630 Accounts payable related companies (2) 94,821,925 94,821,925 90,248,067 90,248,067 Book value Fair value Book value Fair value Non-Current 12.31.2023 12.31.2023 12.31.2022 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets at fair value (1) 78,988,714 78,988,714 75,297,737 75,297,737 Non-current accounts receivable (2) 371,401 371,401 539,920 539,920 Accounts receivable related companies (2) 108,021 108,021 109,318 109,318 Bank liabilities (2) 13,403,691 13,403,691 13,366,211 13,921,569 Bonds payable (2) 953,660,440 894,107,588 763,368,160 729,602,210 Leasing agreements (2) 24,811,777 24,811,777 15,892,629 15,892,629 Non-current accounts payable (2) 2,392,555 2,392,555 3,015,284 3,015,284 Derivative contracts liabilities (see Note 22) (1) 52,449,925 52,449,925 112,175,058 112,175,058 Accounts payable related companies (2) 6,007,041 6,007,041 10,354,296 10,354,296 (1) Fair values are based on discounted cash flows using market discount rates at the close of the six-month and one-year period and are classified as Level 2 of the fair value measurement hierarchies. (2) Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
Schedule of bank obligations, current | Maturity Total Indebted Entity Creditor Entity Type of Nominal Up to 90 days to At At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 90 days 1 year 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % 34,460 — 34,460 28,683 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 186,233 186,233 53,350 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile UF Semiannually 3.32 % — 56,529 56,529 — 91.144.000-8 Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile UF At maturity 0.18 % 657,036 — 657,036 — 91.144.000-8 Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile UF At maturity 0.18 % 535,951 — 535,951 585,560 Foreign Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile USD At maturity 0.18 % 30,700 — 30,700 21,207 Total 1,500,909 688,800 |
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 12.31.2023 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 4,500,000 — — — 4,500,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile UF Semiannually 3.32 % — 4,903,691 — — — 4,903,691 Total 13,403,691 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 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 4,500,000 — — — 4,500,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile UF Semiannually 3.32 % — 4,866,211 — — — 4,866,211 Total 13,366,211 |
Schedule of bonds payable | Current Non-current Total Composition of bonds payable 12.31.2023 12.31.2022 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds face value 1 28,170,013 341,478,129 961,723,115 769,765,783 989,893,128 1,111,243,912 |
Schedule of current and noncurrent balances | Current nominal Adjustment Interest Final Interest Current Non-current Bonds Series amount unit rate maturity payment 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 969,219 UF 6.50 % 12.01.2026 Semiannually 11,660,222 10,513,470 18,669,905 28,795,438 CMF Registration 641 08.23.2010 C 1,090,909 UF 4.00 % 08.15.2031 Semiannually 5,612,839 5,427,888 35,117,116 38,302,888 CMF Registration 760 08.20.2013 D 4,000,000 UF 3.80 % 08.16.2034 Semiannually 2,062,069 1,967,995 147,157,440 140,443,920 CMF Registration 760 04.02.2014 E 3,000,000 UF 3.75 % 03.01.2035 Semiannually 1,366,861 1,304,513 110,368,102 105,332,951 CMF Registration 912 10.10.2018 F 5,700,000 UF 2.83 % 09.25.2039 Semiannually 1,536,949 1,491,144 209,699,352 200,132,586 U.S. Bonds 2023 10.01.2013 — 365,000,000 USD 5.00 % 10.01.2023 Semiannually — 316,293,761 — — U.S. Bonds 2050 01.01.2020 — 300,000,000 USD 3.95 % 01.21.2050 Semiannually 4,590,627 4,479,358 263,136,000 256,758,000 Swiss Bond 2023 — 170,000,000 CHF 2.7175 % 09.20.2028 Annual 1,340,446 — 177,575,200 — Total 28,170,013 341,478,129 961,723,115 769,765,783 |
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 12.31.2023 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 12,249,648 6,420,257 — — 18,669,905 CMF Registration 641 08.23.2010 C 5,016,730 5,016,731 5,016,731 20,066,924 35,117,116 CMF Registration 760 08.20.2013 D — — — 147,157,440 147,157,440 CMF Registration 760 04.02.2014 E — — — 110,368,102 110,368,102 CMF Registration 912 10.10.2018 F — — — 209,699,352 209,699,352 U.S. Bonds 2050 01.21.2020 — — — — 263,136,000 263,136,000 Swiss Bond 2023 09.20.2023 — — — — 177,575,200 177,575,200 Total — 17,266,378 11,436,988 5,016,731 928,003,018 961,723,115 |
Schedule of restrictions regarding bonds placed in the local market | 12.31.2023 ThCh$ Average net financial debt last 4 quarters 671,538,372 Net financial debt 647,364,644 Unencumbered assets 2,813,063,535 Total unsecured liabilities 1,920,451,919 EBITDA LTM 443,666,843 Net financial expenses LTM 34,513,707 |
Schedule of current liabilities for leasing agreements | Maturity Total Indebted entity Creditor entity Type of Nominal Up to 90 days and up to At At Name Country Taxpayer ID Name Country Currency Amortization Rate 90 days 1 year 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 318,556 1,016,205 1,334,761 1,069,428 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.39 % 124,735 393,518 518,253 121,291 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real Estate Brazil BRL Monthly 8.10 % 160,994 380,117 541,111 155,613 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Brazil BRL Monthly 3.50 % 80,753 242,258 323,011 299,362 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % 88,718 266,155 354,873 497,308 Embotelladora del Atlántico S.A. Argentina Foreign Real Estate Argentina ARS Monthly 50.00 % 349,588 455,536 805,124 622,574 Embotelladora del Atlántico S.A. Argentina Foreign Systems Argentina USD Monthly 12.00 % 19,369 57,400 76,769 123,253 Embotelladora del Atlántico S.A. Argentina Foreign Real Estate Argentina ARS Monthly 12.00 % 78,364 175,671 254,035 — Vital Jugos S.A. Chile 76.080.198-4 De Lage Landen Chile S.A Chile USD Monthly 5.49 % 155,549 471,198 626,747 588,820 Vital Jugos S.A. Chile 77.951.700-4 Sig Combibloc Chile SPA. Chile EUR Monthly 39.22 % 32,709 90,988 123,697 — Vital Aguas S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 7.50 % — — — 998,501 Vital Aguas S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 11.24 % 262,042 736,459 998,501 — Envases Central S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 3.86 % 603,428 — 603,428 — Envases Central S.A Chile 76.572.588-7 Coca Cola del Valle New Ventures S.A Chile CLP Monthly 5.56 % — — — 602,887 Transportes Polar S.A. Chile 76.413.243-2 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % — 128,214 128,214 118,883 Transportes Polar S.A. Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 4.11 % 82,787 242,318 325,105 — Transportes Polar S.A. Chile 93.075.000-k Importadora Técnica Vignola SAIC Chile UF Monthly 3.67 % 20,389 55,293 75,682 — Transporte Andina Refrescos Ltda Chile 78.861.790-9 Comercializadora Novaverde Limitada Chile UF Monthly 0.08 % — — — 177,802 Transporte Andina Refrescos Ltda Chile 78.861.790-9 Comercializadora Novaverde Limitada Chile UF Monthly 0.45 % 118,598 79,957 198,555 — Transporte Andina Refrescos Ltda Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % 248,800 757,225 1,006,025 932,903 Transporte Andina Refrescos Ltda Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 0.34 % 187,889 575,368 763,257 — Transporte Andina Refrescos Ltda Chile 85.275.700-0 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % — - 309,440 Transporte Andina Refrescos Ltda Chile 85.275.700-0 Arrendamiento De Maquinaria SPA Chile UF Monthly 0.45 % 85,954 264,920 350,874 — Red de Transportes Comerciales Ltda Chile 76.930.501-7 Inmobiliaria Ilog Avanza Park Chile UF Monthly 2.48 % 125,260 393,001 518,261 — Red de Transportes Comerciales Ltda Chile 76.930.501-7 Inmobiliaria Ilog Avanza Park Chile UF Monthly 0.21 % — — — 482,514 Total 9,926,283 7,100,579 |
Schedule of noncurrent 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 2 years 2 years 3 years 4 years 5 years 5 years 12.31.2023 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 1,508,279 1,704,356 1,925,922 2,176,292 586,918 7,901,767 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.39 % 572,983 633,670 700,981 775,654 1,514,109 4,197,397 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real Estate Brazil BRL Monthly 8.10 % 351,697 316,738 166,992 — — 835,427 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Alimentos e Bebidas Ltda. Brazil BRL Monthly 3.50 % 298,867 34,834 32,714 — — 366,415 Embotelladora del Atlántico S.A. Argentina O-E Tetra Pak SRL Argentina USD Monthly 12.00 % 473,164 236,582 473,164 236,582 325,300 1,744,792 Embotelladora del Atlántico S.A. Argentina O-E Real Estate Argentina ARS Monthly 50.00 % 3,505 1,752 — — — 5,257 Embotelladora del Atlántico S.A. Argentina O-E Real Estate Argentina USD Monthly 12.00 % 391,171 195,586 329,479 164,740 1,009,031 2,090,007 Embotelladora del Atlántico S.A. Argentina O-E Systems Argentina USD Monthly 12.00 % 30,877 15,438 — — — 46,315 Vital Jugos S.A. Chile O-E De Lage Landen Chile S.A Chile USD Monthly 5.49 % 166,326 — — — — 166,326 Vital Jugos S.A. Chile 77.951.198-4 Sig Combibloc Chile SPA. Chile EUR Monthly 39.22 % 215,369 107,685 238,039 119,019 446,054 1,126,166 Transportes Andina Refrescos Ltda. Chile 85.275.700-0 Arrendamiento De Maquinaria SPA Chile UF Monthly 0.45 % 40,226 20,113 — — — 60,339 Transportes Andina Refrescos Ltda. Chile 76.536.499-k Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % 631,973 315,986 — — — 947,959 Transportes Andina Refrescos Ltda. Chile 76.536.499-k Jungheinrich Rentalift SPA Chile UF Monthly 0.34 % 1,082,507 541,253 1,124,173 562,085 — 3,310,018 Red de Transportes Comerciales Ltda. Chile 76.930.501-7 Inmobiliaria Ilog Avanza Park Chile UF Monthly 2.48 % 235,140 117,569 — — — 352,709 Transportes Polar S.A. Chile 76.413.243-2 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % 51,013 25,506 — — — 76,519 Transportes Polar S.A. Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 4.11 % 484,434 242,217 495,328 247,664 — 1,469,643 Transportes Polar S.A. Chile 93.075.000-k Importadora Técnica Vignola SAIC Chile UF Monthly 3.67 % 76,480 38,241 — — — 114,721 Total 24,811,777 Maturity Indebted entity Creditor entity Type of 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 Amortization Rate 2 years 3 years 4 years 5 years 5 years 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 1,208,453 1,365,552 1,543,074 1,743,674 2,501,730 8,362,483 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack| Brazil BRL Monthly 7.39 % 130,569 140,558 151,311 162,886 409,959 995,283 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real estate Brazil BRL Monthly 8.10 % 57,105 8,702 — — — 65,807 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Alimentos e Bebidas Ltda. Brazil BRL Monthly 3.50 % 292,445 270,586 31,538 29,618 — 624,187 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % — 842,297 — 513,737 335,293 1,691,327 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % — 136,139 — — — 136,139 VJ S.A. Chile Foreign De Lage Landen Chile S.A Chile USD Monthly 12.16 % 769,982 — — — — 769,982 Transportes Andina Refrescos Ltda. Chile 85.275.700-0 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % — 355,952 — — — 355,952 Transportes Polar S.A. Chile 76.413.243-2 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % — 195,393 — — — 195,393 Red de Transportes Comerciales Ltda. Chile 76.390.501-7 Inmobiliaria Ilog Avanza Park Chile UF Monthly 0.21 % — 831,235 — — — 831,235 Transportes Andina Refrescos Ltda. Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % — 1,864,841 — — — 1,864,841 Total 15,892,629 |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TRADE AND OTHER ACCOUNTS PAYABLE | |
Schedule of trade and other current accounts payable | Classification 12.31.2023 12.31.2022 ThCh$ ThCh$ Current 428,911,984 384,801,630 Non-current 2,392,555 3,015,284 Total 431,304,539 387,816,914 Item 12.31.2023 12.31.2022 ThCh$ ThCh$ Trade accounts payable 296,701,188 298,298,731 Withholding tax 74,435,775 60,738,656 Others (1) 60,167,576 (1) 28,779,527 Total 431,304,539 387,816,914 (1) Other current considers the account payable to former shareholders of Companhia de Bebidas Ipiranga ("CBI"). See Note 6 for further information. |
OTHER PROVISIONS, CURRENT AND_2
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
Schedule of composition of provisions | Description 12.31.2023 12.31.2022 ThCh$ ThCh$ Litigation (1) 54,801,896 48,695,427 Total 54,801,896 48,695,427 Current 1,314,106 1,591,644 Non-current 53,487,790 47,103,783 Total 54,801,896 48,695,427 (1) Correspond to the provision made for the probable losses of tax, labor and commercial contingencies, according to the following detail: Description (see note 23.1) 12.31.2023 12.31.2022 ThCh$ ThCh$ Tax contingencies 29,637,064 27,339,444 Labor contingencies 13,200,665 11,374,753 Civil contingencies 11,964,167 9,981,230 Total 54,801,896 48,695,427 |
Schedule of movement of provisions | Description 12.31.2023 12.31.2022 ThCh$ ThCh$ Opening balance at January 1 st 48,695,427 57,412,406 Additional provisions — 48,639 Increase (decrease) in existing provisions 6,635,882 6,359,467 Used provision (payments made charged to the provision) (4,139,270) (3,108,988) Reversal of unused provision* — (15,654,522) Increase (decrease) due to foreign exchange rate differences 3,609,857 3,638,425 Total 54,801,896 48,695,427 (*) During 2022, the provision constituted by a defendant of the Government of the State of Rio de Janeiro related to the Advertising Contract was reversed. This is due to a review of the balances involved where the amounts claimed are reduced in favor of Rio de Janeiro Refrescos Ltda. |
OTHER NON-FINANCIAL LIABILITI_2
OTHER NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER NON-FINANCIAL LIABILITIES | |
Schedule of other current and non-current liabilities | Current Non-current Description 12.31.2023 12.31.2022 12.31.2023 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ Dividends payable 32,081,207 29,042,469 — — Other 10,291,953 (1) 13,251,991 2,506,795 29,589,051 Total 42,373,160 42,294,460 2,506,795 29,589,051 (1) Corresponds to prepayment from Coca-Cola de Chile S.A. for a marketing co-participation plan for the penetration of market equipment, which will be developed in the short term. |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EQUITY | |
Schedule of number of shares | Number of subscribed, paid-in and voting shares Series 2023 2022 A 473,289,301 473,289,301 B 473,281,303 473,281,303 |
Schedule of equity | Paid-in and subscribed capital Series 2023 2022 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 | Approval-Payment Dividend Profits imputable CLP CLP Periods type to dividends Series A Series B 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 04.13.2022 04.26.2022 Final Accumulated Earnings 189.00 207.9 07.27.2022 08.26.2022 Interim 2022 Earnings 29.00 31.90 09.28.2022 10.28.2022 Interim 2022 Earnings 29.00 31.90 12.27.2022 01.27.2023 Interim 2022 Earnings 29.00 31.90 04.20.2023 05.09.2023 Final 2022 Earnings 29.00 31.90 04.20.2023 05.26.2023 Final Accumulated earnings 50.00 55.00 07.25.2023 08.25.2023 Interim 2023 Earnings 29.00 31.90 09.27.2023 10.26.2023 Interim 2023 Earnings 29.00 31.90 12.28.2023 01.25.2024 Interim 2023 Earnings 32.00 35.20 |
Schedule of other reserves | Concept 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (556,832,899) (495,483,366) (441,580,088) Cash flow hedge reserve (24,064,386) (62,344,501) 50,603,698 Reserve for employee benefit actuarial gains or losses (6,013,183) (7,776,316) (4,885,926) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 6,014,568 6,014,568 Total (153,758,842) (132,452,557) 37,289,310 |
Schedule of foreign currency translation reserves | Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Brazil (106,141,988) (140,762,397) (167,447,389) Argentina (464,946,783) (360,988,849) (294,696,228) Paraguay 14,255,872 6,267,880 20,563,529 Total (556,832,899) (495,483,366) (441,580,088) |
Schedule of movement in foreign currency translation reserves | Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Brazil 34,620,409 26,684,992 36,210,003 Argentina (103,957,934) (66,292,621) (3,363,826) Paraguay 7,987,992 (14,295,649) 43,070,221 Total (61,349,533) (53,903,278) 75,916,398 |
Schedule of consolidated statements of comprehensive income | Gross Balance as of 2023 Balance Tax Net Balance ThCh$ ThCh$ ThCh$ Cash Flow for hedge (1) 52,472,352 (14,183,004) 38,289,348 Exchange rate translation differences (1) (98,844,581) 37,650,601 (61,193,980) Benefit related to defined benefit plans 2,381,650 (643,045) 1,738,605 Total Comprehensive income as of December 31, 2022 (43,990,579) 22,824,552 (21,166,027) Gross Balance as of 2022 Balance Tax Net Balance ThCh$ ThCh$ ThCh$ Cash Flow for hedge (1) (155,206,655) 42,276,806 (112,929,849) Exchange rate translation differences (1) (78,009,918) 23,777,899 (54,232,019) Benefit related to defined benefit plans (3,960,084) 1,069,223 (2,890,861) Total Comprehensive income as of December 31, 2022 (237,176,657) 67,123,928 (170,052,729) Gross Balance as of 2021 Balance Tax Net Balance ThCh$ ThCh$ ThCh$ 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 (1) |
Schedule of movement in comprehensive income | Benefit related Cash Flow Exchange rate to defines As of December 31, 2023: Hedge Differences benefit plans ThCh$ ThCh$ ThCh$ Increase (decrease) 52,393,210 (98,844,581) 6,374,693 Deferred taxes (14,113,095) 37,650,601 (1,721,167) Reclassification to the result by function 9,233 — — Remeasurement of defined benefit plan — — (2,914,921) Total Changes in Equity 38,289,348 (61,193,980) 1,738,605 Equity attributable to owners of the parent 38,280,115 (61,349,533) 1,763,133 Non-Controlling interests 9,233 155,553 (24,528) Total Changes in equity as of December 31, 2023 38,289,348 (61,193,980) 1,738,605 Benefit related Cash Flow Exchange rate to defines As of December 31, 2022: Hedge Differences benefit plans ThCh$ ThCh$ ThCh$ Increase (decrease) (155,007,121) (78,009,918) (3,617,931) Deferred taxes 43,070,637 23,777,899 976,841 Reclassification to the result by function (993,365) — — Remeasurement of defined benefit plan — — (249,771) Total Changes in Equity (112,929,849) (54,232,019) (2,890,861) Equity attributable to owners of the parent (112,948,199) (53,903,278) (2,890,390) Non-Controlling interests 18,350 (328,741) (471) Total Changes in equity as of December 31, 2022 (112,929,849) (54,232,019) (2,890,861) Benefit related Cash Flow Exchange rate to defines As of December 31, 2021: Hedge Differences benefit plans ThCh$ ThCh$ ThCh$ 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 — — Remeasurement of defined benefit plan — — (2,470,930) Total Changes in Equity 75,287,063 76,870,595 (261,223) Equity attributable to owners of the parent 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) |
Schedule of non-controlling interests | Non-controlling Interests Ownership % Shareholders’ Equity Income December December December December December December Details 2023 2022 2021 2023 2022 2021 2023 2022 2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 23,516 36,451 33,794 4,067 6,410 3,463 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 2,735 4,346 3,761 (243) (5) 326 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 6,421,855 6,177,360 6,331,726 1,023,763 988,416 885,010 Vital S.A. 35.0000 35.0000 35.0000 9,518,527 8,848,927 8,056,551 579,391 923,228 499,923 Vital Aguas S.A. 33.5000 33.5000 33.5000 2,391,066 2,216,115 2,041,837 168,407 198,195 130,522 Envases Central S.A. 40.7300 40.7300 40.7300 7,491,638 6,669,936 5,738,008 758,514 999,807 750,192 Re-Ciclar S.A.* 40.0000 40.0000 40.0000 8,845,550 4,189,373 3,064,078 536,178 (154,706) 64,082 Total 34,694,887 28,142,508 25,269,755 3,070,077 2,961,345 2,333,518 |
Schedule of subsidiaries financial information | Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar S.A. S.A. S.A. S.A S.A. Central S.A. S.A. December 31,2023 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total current assets 79,240,262 9,149,013 81,710,657 29,670,457 7,064,594 20,446,648 6,613,813 Total non-current assets 186,371,255 9,397,856 277,112,895 19,914,658 5,272,662 21,015,727 26,500,107 Total current liabilities 105,077,757 4,907,443 44,297,696 20,549,744 5,061,919 16,775,490 1,596,354 Total non-current liabilities 22,626,937 561,677 18,552,180 1,839,580 137,827 6,293,557 9,403,691 Net sales 445,970,004 22,146,635 223,840,648 80,683,367 22,338,380 92,778,313 — Net Income 23,848,440 (1,388,032) 47,183,699 1,655,403 502,706 1,862,293 1,340,445 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar S.A. S.A. S.A. S.A S.A. Central S.A. S.A. December 31,2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total current assets 132,214,927 16,481,794 72,297,644 27,190,771 7,326,742 22,918,372 14,595,558 Total non-current assets 243,866,619 11,897,459 269,314,097 19,346,711 5,516,881 22,057,335 5,626,492 Total current liabilities 138,653,369 6,679,478 40,454,954 20,026,609 6,073,685 21,712,326 382,408 Total non-current liabilities 23,668,595 915,427 16,451,513 1,228,226 154,669 6,887,495 9,366,211 Net sales 664,003,032 37,915,166 212,339,131 85,067,864 22,026,721 100,227,739 — Net Income 37,589,788 (25,095) 45,554,603 2,637,795 591,626 2,454,710 (386,764) Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar S.A. S.A. S.A. S.A S.A. Central S.A. S.A. December 31,2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total current assets 107,589,399 13,197,912 64,121,536 25,441,586 5,575,990 17,976,170 4,135,677 Total non-current assets 209,051,488 11,865,984 279,148,198 16,832,859 5,789,335 20,945,892 3,560,269 Total current liabilities 98,942,717 6,210,788 34,207,817 17,498,997 4,934,841 20,091,524 35,751 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 1,841,867 160,195 |
Schedule of earnings per share | Earnings per share 12.31.2023 SERIES A SERIES B TOTAL Net income attributable to owners of the parent (CLP 000’s) 81,639,457 89,801,954 171,441,410 Weighted average number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (CLP) 172.49 189.74 181.12 Earnings per share 12.31.2022 SERIES A SERIES B TOTAL Net income attributable to owners of the parent (CLP 000’s) 59,761,287 65,736,355 125,497,642 Weighted average number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (CLP) 126.27 138.89 132.58 Earnings per share 12.31.2021 SERIES A SERIES B TOTAL Net income attributable to owners of the parent (CLP 000’s) 73,666,409 81,031,741 154,698,150 Weighted average number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (CLP) 155.65 171.21 163.43 |
DERIVATIVE ASSETS AND LIABILI_2
DERIVATIVE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DERIVATIVE ASSETS AND LIABILITIES | |
Schedule of fair value of assets and liabilities | Fair Value Measurement at December 31, 2023 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 Other current financial assets — 1,094,844 — 1,094,844 Other non-current financial assets — 78,988,714 — 78,988,714 Total assets — 80,083,558 — 80,083,558 Liabilities Other current financial liabilities — 1,458,210 — 1,458,210 Other non-current financial liabilities — 52,449,925 — 52,449,925 Total Liabilities — 53,908,135 — 53,908,135 Fair Value Measurement at December 31, 2022 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 Other current financial assets — 170,206,554 — 170,206,554 Other non-current financial assets — 75,297,737 — 75,297,737 Total assets — 245,504,291 — 245,504,291 Liabilities Other current financial liabilities — 2,317,577 — 2,317,577 Other non-current financial liabilities — 112,175,058 — 112,175,058 Total Liabilities — 114,492,635 — 114,492,635 |
LITIGATION AND CONTINGENCIES (T
LITIGATION AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 12.31.2022 ThCh$ ThCh$ Administradora Plaza Vespucio S.A. Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 169,150 98,170 Cooperativa Agrícola Pisquera Elqui Limitada Embotelladora Andina S.A. Parent company Guarantee receipt Other non-current financial assets 1,125,595 1,056,320 Mall Plaza Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 666,024 330,298 Metro S.A. Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 22,222 21,207 Parque Arauco S.A. Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 299,464 142,901 Lease agreement Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 96,299 103,711 Others Embotelladora Andina S.A. Parent company Guarantee receipt Trade accounts and other accounts receivable 59,468 14,183 Several retail Vending Subsidiary Guarantee receipt Trade accounts and other accounts receivable — 61,395 Several retail Transportes Refrescos Subsidiary Guarantee receipt Trade accounts and other accounts receivable — 693 Several retail Transportes Polar Subsidiary Guarantee receipt Trade accounts and other accounts receivable 17,656 22,235 Workers’ claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 7,100,709 6,605,781 Civil and tax claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 7,485,574 6,457,702 Governmental entities Rio de Janeiro Refrescos Ltda. Subsidiary Plant and equipment Property, plant & equipment 11,259,278 10,196,929 Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 22 97 Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 33 145 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 23 104 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 434 2,428 Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,395 10,664 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 97 431 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 14,979 66,697 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 195 870 Municipalidad de Junin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 94 139 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 265 1,180 Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets — 541 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 13,604 60,575 DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,441 10,870 Coto Cicsa Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,139 1,932 Cencosud Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 271 1,208 Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 25,920 4,784 Vicentin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,074 125,683 Marcus A.Peña Paraguay Refrescos Subsidiary Real estate Property, plant & equipment 5,332 4,965 Ana Maria Mazó Paraguay Refrescos Subsidiary Real estate Property, plant & equipment 1,077 1,113 Stefano Szwao Giacomelli Paraguay Refrescos Subsidiary Real estate Property, plant & equipment 2,892 — Guarantees that do not commit assets recognized in the Financial Statements: Committed assets Amounts involved Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2023 12.31.2022 ThCh$ ThCh$ Labor procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 2,681,242 1,936,493 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 11,245,798 7,616,498 Federal government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 223,415,663 186,607,491 State government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 108,317,724 117,027,313 Sorocaba Refrescos Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Guarantor 3,623,490 3,280,603 Others Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 1,369,766 3,423,715 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 658,369 3,791 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 3,886 880,984 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL RISK MANAGEMENT | |
Schedule of foreign investment | USD/CLP BRL/CLP ARS/CLP PGY/CLP Exchange rate variation at reporting date 2.5% 10.4% -77.5% 3.4% Brazil Argentina Paraguay ThCh$ ThCh$ ThCh$ Total assets 927,776,536 278,756,092 358,890,168 Total liabilities 585,533,955 130,843,061 62,849,876 Net investment 342,242,581 147,913,031 296,040,292 Share on income 28.5 % 17.5 % 8.5 % BRL/CLP ARS/CLP PGY/CLP -10% variation impact on currency translation -1.0% -79.6% -6.9% Variation impact on results (6,181,422) (716,469) (4,289,427) Variation impact on equity (35,380,729) (13,446,639) (29,690,059) |
Schedule of committed maturities for liability payments | As of December 31, 2023 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 1,500,909 — 13,485,024 — — Bonds payable 50,498,809 50,300,105 43,475,786 36,651,452 1,348,382,985 Lease obligations 9,322,855 4,988,159 4,759,010 2,689,598 6,891,131 Contractual obligations (1) 37,520,505 112,608,432 18,110,929 18,094,401 3,491,360 Total 98,843,078 167,896,696 79,830,749 57,435,451 1,358,765,476 As of December 31, 2022 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 741,228 - 4,081,333 - - Bonds payable 340,767,980 15,765,142 16,478,664 10,915,215 720,209,139 Lease obligations 7,100,579 2,854,106 5,615,704 6,887,353 535,465 Contractual obligations (1) 127,611,501 39,242,308 5,973,129 5,339,005 4,950,895 Total 476,221,288 57,861,556 32,148,830 23,141,573 725,695,499 (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. |
EXPENSES BY NATURE (Tables)
EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EXPENSES BY NATURE | |
Schedule of other expenses by nature | 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Direct production costs (1,346,516,486) (1,388,536,599) (1,192,363,804) Payroll and employee benefits (378,482,113) (376,196,521) (301,522,420) Transportation and distribution (211,998,332) (224,190,549) (174,253,526) Advertisement (35,831,757) (26,575,951) (28,475,957) Depreciation and amortization (112,771,324) (119,365,431) (104,775,303) Repairs and maintenance (46,021,127) (43,847,581) (38,631,914) Other expenses (129,478,810) (133,021,583) (84,272,085) Total (1) (2,261,099,949) (2,311,734,215) (1,924,295,009) (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, 2023 | |
OTHER INCOME | |
Schedule of other income by function | 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Gain due to disposal of Property, plant and equipment 754,338 79,650 480,401 Credit recovery in Brazil (1) - 1,856,762 - Others 556,151 561,108 857,477 Total 1,310,489 2,497,520 1,337,878 (1) Restitution of credits for the payment of coffee quota ( cota café ) |
OTHER EXPENSES BY FUNCTION (Tab
OTHER EXPENSES BY FUNCTION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER EXPENSES BY FUNCTION | |
Schedule of other expenses by function | 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Contingencies and non-operating fees (11,145,708) 6,316,102 (1) (7,950,093) Tax on bank debits (4,403,347) (7,150,739) (5,270,040) Write-offs, disposals and loss (gain) on sale of property, plant and equipment (8,072,422) (2) — (417,623) Others (2,820,106) (3) (51,694) (1,574,034) Total (26,441,583) (886,331) (15,211,790) (1) During 2022 the provision made by a claim of the Government of the State of Rio de Janeiro related to the Advertising Agreement was reversed. This is due to a review of the balances involved where the amounts claimed are reduced in favor of Rio de Janeiro Refrescos Ltda. (2) Expenses for the write-off of the container yard in Operation Paraguay and Operation Chile. (3) Mainly due to restructuring in Operations for the year 2023. |
FINANCIAL INCOME AND EXPENSES (
FINANCIAL INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL INCOME AND EXPENSES | |
Schedule of financial income and costs | a) Financial income 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Interest income 25,791,172 32,388,801 2,196,886 Ipiranga purchase warranty restatement 47,032 39,509 11,290 From PIS credit and COFINS (1) — 2,054,586 1,312,930 Other financial income 5,557,963 5,239,514 4,270,763 Total 31,396,167 39,722,410 7,791,869 (1) See Note 6 for more information on recovery. b) Financial expenses 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Bond interest (53,148,503) (51,863,601) (48,624,062) Bank loan interest (4,510,379) (1,782,972) (267,012) Lease interest (2,616,945) (2,092,868) (1,816,506) Other financial costs (5,012,525) (3,808,512) (2,284,876) Total (65,288,352) (59,547,953) (52,992,456) |
OTHER (LOSSES) GAINS (Tables)
OTHER (LOSSES) GAINS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER (LOSSES) GAINS | |
Schedule of other (losses) and gains | 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Other gains and losses* (15,909,117) (1) (24,983,899) (2) — Total (15,909,117) (24,983,899) — (1) (2) |
EXCHANGE DIFFERENCE (Tables)
EXCHANGE DIFFERENCE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EXCHANGE DIFFERENCE | |
Schedule of exchange differences | 01.01.2023 01.01.2022 01.01.2021 Description 12.31.2023 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ Generated by suppliers (26,366,916) (11,285,363) (2,531,489) Generated by financial assets 12,348,172 5,404,210 (2,083,399) Generated by financial liabilities (3,310,906) (5,132,722) (1,084,654) Other 113,520 (593,853) 191,231 Total (17,216,130) (11,607,728) (5,508,311) |
LOCAL AND FOREIGN CURRENCY (Tab
LOCAL AND FOREIGN CURRENCY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LOCAL AND FOREIGN CURRENCY | |
Schedule of local and foreign currency - Current Assets | CURRENT ASSETS 12.31.2023 12.31.2022 ThCh$ ThCh$ Cash and cash equivalent 303,683,683 291,681,987 USD 9,462,829 14,266,343 EUR 437,604 870,613 CLP 140,758,085 138,205,025 BRL 96,214,729 69,923,621 ARS 18,340,987 29,215,288 PGY 38,469,449 39,201,097 Other current financial assets 67,285,793 263,044,869 CLP 66,587,339 92,826,375 BRL 13,897 170,154,995 ARS 684,557 — PGY — 63,499 Other non-current financial assets 19,311,851 26,957,000 USD 174,579 847,149 EUR 615,636 329,535 UF 1,196,729 517,748 CLP 6,353,138 12,478,839 BRL 3,213,978 2,382,575 ARS 3,531,840 8,596,540 PGY 4,225,951 1,804,614 Trade debtors and other accounts payable 298,892,164 279,770,286 USD 3,511,802 1,467,851 EUR 1,233 6,770 UF 1,030,138 49,469 CLP 182,395,110 155,443,395 BRL 79,993,377 74,851,690 ARS 23,712,111 39,795,968 PGY 8,248,393 8,155,143 Accounts receivable related entities 16,161,318 15,062,167 CLP 14,736,546 14,738,236 BRL 1,223,699 86,492 ARS — 237,439 PGY 201,073 Inventory 233,053,160 245,886,656 CLP 106,204,544 103,719,764 BRL 64,808,180 60,074,387 ARS 38,277,180 62,655,300 PGY 23,763,256 19,437,205 Current tax assets 43,383,058 39,326,427 USD 6,253,451 CLP 6,213,032 33,296,214 BRL 30,643,656 5,633,971 ARS 272,919 396,242 Total current assets 981,771,027 1,161,729,392 USD 19,402,661 16,581,343 EUR 1,054,473 1,206,918 UF 2,226,867 567,217 CLP 523,247,794 550,707,848 BRL 276,111,516 383,107,731 ARS 84,819,594 140,896,777 PGY 74,908,122 68,661,558 |
Schedule of local and foreign currency - Non-Current Assets | NON-CURRENT ASSETS 12.31.2023 12.31.2022 CLP (000’s) ThCh$ Other non-current assets 93,316,339 94,852,711 USD 19,030,656 — UF 1,216,865 75,297,737 CLP 53,832,722 3,317,778 BRL 7,935,524 ARS 11,300,572 16,237,196 Other non-current, non-financial assets 59,412,482 59,672,266 USD 609,042 91,220 UF 17,154 — CLP 55,397 483,530 BRL 55,660,553 55,060,849 ARS 1,338,592 2,367,042 PGY 1,731,744 1,669,625 Non-current accounts receivable 371,401 539,920 UF 225,323 249,366 CLP 51,752 233,773 ARS 136 56,781 PGY 94,190 — Non-current accounts receivable related entities 108,021 109,318 CLP 108,021 109,318 Investments accounted for using the equity method 91,799,267 92,344,598 CLP 49,790,788 53,869,966 BRL 42,008,479 38,474,632 Intangible assets other than goodwill 695,926,565 671,778,888 USD 3,959,421 — CLP 312,908,478 312,981,971 BRL 195,313,156 177,173,694 ARS 5,269,949 9,075,200 PGY 178,475,561 172,548,023 Goodwill 122,103,802 129,023,922 CLP 9,523,767 9,523,768 BRL 72,810,771 65,920,764 ARS 32,193,085 46,254,831 PGY 7,576,179 7,324,559 Property, plant and equipment 872,388,811 798,221,259 EUR 2,429,848 3,146 UF 11,316,009 — CLP 353,146,598 303,797,013 BRL 277,936,537 229,486,365 ARS 140,055,748 177,219,624 PGY 87,504,071 87,715,111 Deferred tax assets 4,323,174 2,428,333 CLP 2,592,024 2,428,333 PGY 1,731,150 — Total non-current assets 1,939,749,862 1,848,971,215 USD 23,599,119 91,220 EUR 2,429,848 3,146 UF 12,775,351 75,547,103 CLP 782,009,547 686,745,450 BRL 651,665,020 566,116,304 ARS 190,158,082 251,153,893 PGY 277,112,895 269,314,099 |
Schedule of local and foreign currency - Current Liabilities | 12.31.2023 12.31.2022 CURRENT LIABILITIES Up to 90 days 90 days to 1 year Total Up to 90 days 90 days to 1 year Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other current financial liabilities 16,062,851 36,934,150 52,997,001 13,431,339 353,870,741 367,302,080 USD 342,000 5,444,143 5,786,143 249,660 321,143,849 321,393,509 EUR 32,709 90,988 123,697 UF 13,753,586 13,044,881 26,798,467 11,047,586 11,557,808 22,605,394 CLP 899,930 11,384,709 12,284,639 893,612 14,216,358 15,109,970 BRL 685,038 2,829,430 3,514,468 427,270 1,703,193 2,130,463 ARS 349,588 1,804,522 2,154,110 813,211 3,910,926 4,724,137 PGY — 1,482,060 1,482,060 — 1,338,607 1,338,607 CHF — 853,417 853,417 Trade accounts payable and other accounts payable, current 404,557,957 24,354,027 428,911,984 369,548,991 15,252,639 384,801,630 USD 37,085,189 2,156,901 39,242,090 34,223,389 33,046 34,256,435 EUR 5,285,606 297,386 5,582,992 3,148,088 899,198 4,047,286 UF 3,430,102 302,021 3,732,123 2,263,175 — 2,263,175 CLP 166,250,228 21,597,719 187,847,947 166,847,281 14,320,395 181,167,676 BRL 129,596,874 — 129,596,874 78,514,701 — 78,514,701 ARS 45,129,973 — 45,129,973 69,945,679 — 69,945,679 PGY 17,779,985 — 17,779,985 14,606,678 — 14,606,678 Other currencies — — — Accounts payable to related companies, current 96,045,624 — 96,045,624 90,248,067 — 90,248,067 CLP 39,175,392 — 39,175,392 44,298,074 — 44,298,074 BRL 40,225,863 — 40,225,863 35,671,648 — 35,671,648 ARS 8,031,621 — 8,031,621 8,587,487 — 8,587,487 PGY 8,612,748 — 8,612,748 1,690,858 — 1,690,858 Other current provisions 127,229 1,186,877 1,314,106 1,319,935 271,709 1,591,644 CLP 127,229 1,139,985 1,267,214 1,319,935 232,418 1,552,353 PGY — 46,892 46,892 — 39,291 39,291 Current tax liabilities 7,700,127 5,711,494 13,411,621 627,257 13,988,190 14,615,447 CLP 2,440,280 23,458 2,463,738 627,257 7,301 634,558 BRL 5,259,847 — 5,259,847 — — — ARS — 4,143,057 4,143,057 — 13,479,571 13,479,571 PGY — 1,544,979 1,544,979 — 501,318 501,318 Current employee Benefit provisions 47,674,090 10,143,710 57,817,800 45,482,776 2,909,030 48,391,806 CLP 5,769,075 8,867,752 14,636,827 8,115,837 1,052,395 9,168,232 BRL 28,791,559 — 28,791,559 19,586,150 — 19,586,150 ARS 13,113,456 — 13,113,456 17,780,789 — 17,780,789 PGY — 1,275,958 1,275,958 — 1,856,635 1,856,635 Other current non-financial liabilities 2,364,699 40,008,461 42,373,160 1,054,187 41,240,273 42,294,460 CLP 2,360,088 39,785,560 42,145,648 1,043,048 41,072,576 42,115,624 ARS 4,611 — 4,611 11,139 — 11,139 PGY — 222,901 222,901 — 167,697 167,697 Total current liabilities 574,532,577 118,338,719 692,871,296 521,712,552 427,532,582 949,245,134 USD 37,427,189 7,601,044 45,028,233 34,473,049 321,176,895 355,649,944 EUR 5,318,315 388,374 5,706,689 3,148,088 899,198 4,047,286 UF 17,183,688 13,346,902 30,530,590 13,310,761 11,557,808 24,868,569 CLP 217,022,222 82,799,183 299,821,405 223,145,044 70,901,442 294,046,486 BRL 204,559,181 2,829,430 207,388,611 134,199,769 1,703,193 135,902,962 ARS 66,629,249 5,947,579 72,576,828 97,138,305 17,390,497 114,528,802 PGY 26,392,733 4,572,790 30,965,523 16,297,536 3,903,548 20,201,084 CHF — 853,417 853,417 — — — |
Schedule of local and foreign currency - Non-Current Liabilities | 12.31.2023 12.31.2022 More than 1 year More than 3 and More than 1 year More than 3 and More than NON-CURRENT LIABILITIES up to 3 up to 5 More than 5 years Total up to 3 up to 5 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other non-current financial liabilities 39,864,902 203,951,623 800,509,308 1,044,325,833 40,713,614 28,457,265 835,631,179 904,802,058 USD 1,509,143 1,203,965 259,130,959 261,844,067 1,612,279 513,738 251,617,079 253,743,096 EUR 323,054 357,058 446,054 1,126,166 UF 32,606,024 12,349,672 486,381,343 531,337,039 35,491,226 15,781,426 468,927,353 520,200,005 CLP — 8,500,000 52,449,925 60,949,925 — 8,500,000 112,175,058 120,675,058 BRL 5,421,424 5,778,555 2,101,027 13,301,006 3,473,970 3,662,101 2,911,689 10,047,760 ARS 5,257 — — 5,257 136,139 — — 136,139 CHF — 175,762,373 — 175,762,373 Accounts payable, non-current 2,392,555 — — 2,392,555 3,015,284 — — 3,015,284 CLP 2,392,555 — — 2,392,555 3,015,284 — — 3,015,284 Accounts payable related companies 6,007,041 — — 6,007,041 10,354,296 — — 10,354,296 BRL 6,007,041 — — 6,007,041 10,354,296 — — 10,354,296 Other provisions, non-current 490,107 52,997,683 — 53,487,790 1,397,148 45,706,635 — 47,103,783 BRL — 52,997,683 — 52,997,683 — 45,706,635 45,706,635 ARS 490,107 — — 490,107 1,397,148 — — 1,397,148 Deferred tax liabilities 113,608,651 47,772,196 19,089,372 180,470,219 26,966,210 34,088,989 104,723,357 165,778,556 CLP 94,801,758 — 1,231,565 96,033,323 5,617,287 38,945 88,895,598 94,551,830 BRL — 47,772,196 — 47,772,196 — 34,050,044 — 34,050,044 ARS 18,806,893 — — 18,806,893 21,348,923 — — 21,348,923 PGY — — 17,857,807 17,857,807 — — 15,827,759 15,827,759 Non-current employee benefit provisions 15.499.538 249,254 2,725,154 18,473,946 1,299,511 60,560 16,049,722 17,409,793 CLP 14,799,923 249,254 2,725,154 17,774,331 665,274 60,560 16,049,722 16,775,556 ARS 5,242 — — 5,242 10,484 — — 10,484 PGY 694,373 — — 694,373 623,753 — — 623,753 Other non-financial liabilities — 2,506,795 — 2,506,795 — 29,589,051 — 29,589,051 BRL — 2,506,795 — 2,506,795 — 29,589,051 — 29,589,051 ARS — — — — Total non-current liabilities 171,855,753 307,477,551 828,330,875 1,307,664,179 83,746,063 137,902,500 956,404,258 1,178,052,821 USD 1,509,143 1,203,965 259,130,959 261,844,067 1,612,279 513,738 251,617,079 253,743,096 EUR 323,054 357,058 446,054 1,126,166 UF 32,606,024 12,349,672 486,381,343 531,337,039 35,491,226 15,781,426 468,927,353 520,200,005 CLP 111,994,236 8,749,254 56,406,644 177,150,134 9,297,845 8,599,505 217,120,378 235,017,728 BRL 11,428,465 109,055,229 2,101,027 122,584,721 13,828,266 113,007,831 2,911,689 129,747,786 ARS 19,307,499 — — 19,307,499 22,892,694 — — 22,892,694 PGY 694,373 — 17,857,807 18,552,180 623,753 — 15,827,759 16,451,512 CHF — 175,762,373 — 175,762,373 — — — — |
CORPORATE INFORMATION (Details)
CORPORATE INFORMATION (Details) | Dec. 31, 2023 |
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 | 53.58% |
BASIS OF PREPARATION OF CONSO_4
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Accounting Principles (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CLP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2021 CLP ($) | |
Placement of public debt | $ 167,739,096 | $ 167,739,096 | ||
Collection (payments) of derivative financial instruments related to public debt | 138,715,637 | 138,715,637 | ||
Other cash outflows - Payment of public debt | (330,996,600) | (330,996,600) | $ (16,953,541) | $ (7,165,997) |
Net cash flows (used in) generated by Financing Activities | $ (187,126,798) | (187,126,798) | $ (286,963,382) | $ (115,319,514) |
Reported | ||||
Other cash outflows - Payment of public debt | $ (24,541,867) |
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, 2023 $ / $ | Dec. 31, 2023 $ / $ USD ($) | Dec. 31, 2023 $ / $ BRL (R$) | Dec. 31, 2023 $ / $ PYG (₲) | Dec. 31, 2022 $ / $ USD ($) | Dec. 31, 2022 BRL (R$) $ / $ | Dec. 31, 2022 PYG (₲) $ / $ | Dec. 31, 2023 $ / R$ | Dec. 31, 2023 $ / $ | Dec. 31, 2023 $ / CLF | Dec. 31, 2022 $ / R$ | Dec. 31, 2022 $ / $ | Dec. 31, 2022 $ / CLF | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |||||||||||||
Minimum accumulated inflation rate for three year stands out | 100% | ||||||||||||
Exchange rates and value of the UF at the close | 877.12 | 877.12 | 877.12 | 877.12 | 855.86 | 855.86 | 855.86 | 181.17 | 1.08 | 0.120 | 164.03 | 4.83 | 0.116 |
Average foreign exchange rate | 839.92 | 168.31 | 0.115 | 873.28 | 169.16 | 0.125 |
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, 2023 | |
Buildings | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 15 years |
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 |
IT Equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
IT Equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 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 | 1 year |
Bottles and containers | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 8 years |
Software | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
BASIS OF PREPARATION OF CONSO_7
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Impairment of non-financial assets (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Impairment of non-financial assets | |||
Investments accounted for under the equity method | $ 91,489,194 | $ 91,799,267 | $ 92,344,598 |
AdeS Brand Investments | |||
Impairment of non-financial assets | |||
Recoverable amount | $ 1,627,000 | ||
Verde Campo brand | |||
Impairment of non-financial assets | |||
Recoverable amount | 21,800 | ||
Investments accounted for under the equity method | 34,600 | ||
Book value of investments | 12,800 | ||
Investments written down | $ 21,800 | ||
Argentina | |||
Impairment of non-financial assets | |||
Discount rates | 38.70% | 33.10% | |
Chile | |||
Impairment of non-financial assets | |||
Discount rates | 10.30% | 9.30% | |
Brazil | |||
Impairment of non-financial assets | |||
Discount rates | 11.20% | 10.50% | |
Paraguay | |||
Impairment of non-financial assets | |||
Discount rates | 12% | 11.30% |
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, 2023 | Dec. 31, 2022 | |
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 |
BASIS OF PREPARATION OF CONSO_9
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Subsidiaries (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Andina Bottling Investments S.A | ||
List of subsidiaries | ||
Direct holding control percentage | 99.94% | 99.90% |
Indirect holding control percentage | 0.06% | 0.09% |
Holding control percentage | 100% | 99.99% |
Andina Bottling Investments Dos S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 64.42% | 99.90% |
Indirect holding control percentage | 35.58% | 0.09% |
Holding control percentage | 100% | 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 | 100% | 99.98% |
Indirect holding control percentage | 0.01% | |
Holding control percentage | 100% | 99.99% |
Embotelladora Andina Chile S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.99% | 99.99% |
Indirect holding control percentage | 0.01% | |
Holding control percentage | 100% | 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 | 99.85% | 99.90% |
Indirect holding control percentage | 0.15% | 0.09% |
Holding control percentage | 100% | 99.99% |
Re-Ciclar S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 60% | 60% |
Holding control percentage | 60% | 60% |
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 | 0.10% | 0.09% |
Holding control percentage | 100% | 99.99% |
Transportes Andina Refrescos Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.01% | 0.09% |
Holding control percentage | 100% | 99.99% |
Transportes Polar S.A | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.99% |
Indirect holding control percentage | 0.01% | |
Holding control percentage | 100% | 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% | 15% |
Indirect holding control percentage | 50% | 50% |
Holding control percentage | 65% | 65% |
FINANCIAL REPORTING BY SEGMEN_2
FINANCIAL REPORTING BY SEGMENT (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CLP ($) segment | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 CLP ($) | Dec. 31, 2021 CLP ($) | |
Operating segment | ||||
Number of operating segments | segment | 4 | 4 | ||
Net sales | $ 2,618,437,052 | $ 2,656,878,395 | $ 2,216,732,593 | |
Cost of sales | (1,601,997,255) | (1,628,701,823) | (1,375,392,773) | |
Distribution expenses | (227,807,179) | (253,514,676) | (199,952,373) | |
Administrative expenses | (431,295,515) | (429,517,716) | (348,949,863) | |
Financial income | 31,396,167 | 39,722,410 | 7,791,869 | |
Financial expenses | (65,288,352) | (59,547,953) | (52,992,456) | |
Share of entity in income of associates accounted for using the equity method, total | 2,716,169 | 1,409,069 | 3,093,102 | |
Income tax expense | (85,994,307) | (104,344,638) | (46,177,320) | |
Oher income (expenses) | (65,655,293) | (93,924,081) | (47,121,111) | |
Net income | 174,511,487 | 128,458,987 | 157,031,668 | |
Depreciation and amortization | 112,771,324 | 119,365,431 | 104,775,303 | |
Current assets | 981,771,027 | 1,161,729,392 | 990,986,123 | |
Non-current assets | 1,939,749,862 | 1,848,971,215 | 1,955,120,524 | |
Segment assets, total | 2,921,520,889 | 3,010,700,607 | 2,946,106,647 | |
Carrying amount in associates accounted for using the equity method, total | 91,799,267 | 92,344,598 | 91,489,194 | |
Segment disbursements of non-monetary assets | 192,707,498 | 186,702,179 | 103,978,500 | |
Current liabilities | 692,871,296 | 949,245,134 | 529,567,279 | |
Non-current liabilities | 1,307,664,179 | 1,178,052,821 | 1,315,125,809 | |
Segment liabilities, total | 2,000,535,475 | 2,127,297,955 | 1,844,693,088 | |
Cash flows (used in) provided by in Operating Activities | 366,830,236 | 397,452,424 | 305,054,983 | |
Cash flows (used in) provided by Investing Activities | (158,288,878) | (85,168,471) | (198,252,680) | |
Cash flows (used in) provided by Financing Activities | (187,126,798) | $ (187,126,798) | (286,963,382) | (115,319,514) |
Geography Eliminations | ||||
Operating segment | ||||
Net sales | (3,098,177) | (4,690,725) | (3,992,530) | |
Cost of sales | 3,428,177 | 4,690,725 | 3,992,530 | |
Net income | 330,000 | |||
Depreciation and amortization | (330,000) | |||
Chile operation | Operating segments | ||||
Operating segment | ||||
Net sales | 1,191,974,011 | 1,123,665,196 | 975,296,052 | |
Cost of sales | (785,163,742) | (743,226,587) | (630,862,197) | |
Distribution expenses | (98,940,612) | (94,155,809) | (78,995,679) | |
Administrative expenses | (185,062,364) | (165,139,607) | (142,762,661) | |
Financial income | 12,892,543 | 18,783,930 | (2,936,819) | |
Financial expenses | (31,413,255) | (28,065,600) | (27,669,541) | |
Share of entity in income of associates accounted for using the equity method, total | 320,225 | 1,743,656 | 2,799,437 | |
Income tax expense | (27,867,269) | (38,497,541) | (15,756,620) | |
Oher income (expenses) | (40,422,909) | (83,536,145) | (29,072,689) | |
Net income | 36,316,628 | (8,428,507) | 50,039,283 | |
Depreciation and amortization | 44,930,478 | 40,714,017 | 38,189,190 | |
Current assets | 537,875,316 | 564,695,230 | 626,277,188 | |
Non-current assets | 818,222,777 | 762,292,569 | 739,113,114 | |
Segment assets, total | 1,356,098,093 | 1,326,987,799 | 1,365,390,302 | |
Carrying amount in associates accounted for using the equity method, total | 49,790,788 | 53,869,983 | 52,519,831 | |
Segment disbursements of non-monetary assets | 98,330,718 | 85,998,605 | 18,636,178 | |
Current liabilities | 256,032,001 | 629,575,497 | 283,835,866 | |
Non-current liabilities | 965,276,582 | 600,735,999 | 743,108,008 | |
Segment liabilities, total | 1,221,308,583 | 1,230,311,496 | 1,026,943,874 | |
Cash flows (used in) provided by in Operating Activities | 196,897,114 | 255,357,664 | 181,679,320 | |
Cash flows (used in) provided by Investing Activities | (224,464,143) | 15,619,565 | (108,283,362) | |
Cash flows (used in) provided by Financing Activities | 19,739,413 | (283,394,600) | (111,533,388) | |
Argentina operation | Operating segments | ||||
Operating segment | ||||
Net sales | 460,337,955 | 688,704,911 | 536,955,468 | |
Cost of sales | (234,814,106) | (367,879,756) | (296,090,157) | |
Distribution expenses | (60,925,828) | (98,238,512) | (78,019,531) | |
Administrative expenses | (98,996,057) | (133,696,312) | (110,329,089) | |
Financial income | 8,497,135 | 9,853,565 | 5,011,888 | |
Financial expenses | (6,174,445) | (1,628,221) | (577,941) | |
Income tax expense | (25,000,923) | (38,651,371) | (25,697,558) | |
Oher income (expenses) | (20,238,217) | (20,652,710) | (10,652,582) | |
Net income | 22,685,514 | 37,811,594 | 20,600,498 | |
Depreciation and amortization | 23,055,893 | 33,442,921 | 32,863,821 | |
Current assets | 86,006,922 | 141,715,280 | 117,319,226 | |
Non-current assets | 192,749,170 | 251,248,261 | 216,757,538 | |
Segment assets, total | 278,756,092 | 392,963,541 | 334,076,764 | |
Segment disbursements of non-monetary assets | 24,421,786 | 40,479,269 | 33,789,235 | |
Current liabilities | 107,654,447 | 138,572,190 | 101,832,549 | |
Non-current liabilities | 23,188,614 | 24,584,021 | 20,388,886 | |
Segment liabilities, total | 130,843,061 | 163,156,211 | 122,221,435 | |
Cash flows (used in) provided by in Operating Activities | 32,330,115 | 59,379,474 | 55,490,096 | |
Cash flows (used in) provided by Investing Activities | (24,421,513) | (40,479,269) | (33,789,408) | |
Cash flows (used in) provided by Financing Activities | 3,911,735 | (41,768) | (940,318) | |
Brazil operation | Operating segments | ||||
Operating segment | ||||
Net sales | 745,382,614 | 636,859,882 | 539,257,423 | |
Cost of sales | (460,648,667) | (403,695,516) | (361,323,450) | |
Distribution expenses | (55,074,448) | (48,572,718) | (33,458,924) | |
Administrative expenses | (116,836,812) | (100,060,355) | (71,995,712) | |
Financial income | 9,251,681 | 10,307,344 | 5,327,527 | |
Financial expenses | (27,700,652) | (29,854,132) | (24,744,974) | |
Share of entity in income of associates accounted for using the equity method, total | 2,395,944 | (334,587) | 293,665 | |
Income tax expense | (27,122,886) | (21,342,331) | 82,395 | |
Oher income (expenses) | (1,651,128) | 10,213,711 | (7,834,863) | |
Net income | 67,995,646 | 53,521,298 | 45,603,087 | |
Depreciation and amortization | 31,384,619 | 31,888,435 | 23,647,789 | |
Current assets | 276,111,516 | 383,021,238 | 183,268,173 | |
Non-current assets | 651,665,020 | 566,116,288 | 720,101,674 | |
Segment assets, total | 927,776,536 | 949,137,526 | 903,369,847 | |
Carrying amount in associates accounted for using the equity method, total | 42,008,479 | 38,474,615 | 38,969,363 | |
Segment disbursements of non-monetary assets | 50,018,391 | 42,173,211 | 30,171,387 | |
Current liabilities | 284,887,152 | 140,642,493 | 109,691,047 | |
Non-current liabilities | 300,646,803 | 536,281,288 | 534,386,761 | |
Segment liabilities, total | 585,533,955 | 676,923,781 | 644,077,808 | |
Cash flows (used in) provided by in Operating Activities | 118,389,616 | 58,391,224 | 36,121,074 | |
Cash flows (used in) provided by Investing Activities | 110,533,381 | (42,173,211) | (32,875,359) | |
Cash flows (used in) provided by Financing Activities | (209,887,714) | (3,064,412) | (2,455,073) | |
Paraguay operation | Operating segments | ||||
Operating segment | ||||
Net sales | 223,840,649 | 212,339,131 | 169,216,180 | |
Cost of sales | (124,798,917) | (118,590,689) | (91,109,499) | |
Distribution expenses | (12,866,291) | (12,547,637) | (9,478,239) | |
Administrative expenses | (30,400,282) | (30,621,442) | (23,862,401) | |
Financial income | 754,808 | 777,571 | 389,273 | |
Income tax expense | (6,003,229) | (5,853,395) | (4,805,537) | |
Oher income (expenses) | (3,343,039) | 51,063 | 439,023 | |
Net income | 47,183,699 | 45,554,602 | 40,788,800 | |
Depreciation and amortization | 13,730,334 | 13,320,058 | 10,074,503 | |
Current assets | 81,777,273 | 72,297,644 | 64,121,536 | |
Non-current assets | 277,112,895 | 269,314,097 | 279,148,198 | |
Segment assets, total | 358,890,168 | 341,611,741 | 343,269,734 | |
Segment disbursements of non-monetary assets | 19,936,603 | 18,051,094 | 21,381,700 | |
Current liabilities | 44,297,696 | 40,454,954 | 34,207,817 | |
Non-current liabilities | 18,552,180 | 16,451,513 | 17,242,154 | |
Segment liabilities, total | 62,849,876 | 56,906,467 | 51,449,971 | |
Cash flows (used in) provided by in Operating Activities | 19,213,391 | 24,324,062 | 31,764,493 | |
Cash flows (used in) provided by Investing Activities | (19,936,603) | (18,135,556) | (23,304,551) | |
Cash flows (used in) provided by Financing Activities | $ (890,232) | $ (462,602) | $ (390,735) |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
CASH AND CASH EQUIVALENTS | ||||
Cash | $ 552,062 | $ 203,931 | ||
Bank balances | 119,335,228 | 108,486,568 | ||
Other fixed rate instruments | 183,796,393 | 182,991,488 | ||
Cash and cash equivalents | 303,683,683 | 291,681,987 | $ 304,312,020 | $ 309,530,699 |
USD | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 9,462,829 | 14,266,343 | ||
EUR | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 437,604 | 870,613 | ||
ARS | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 18,340,987 | 29,215,288 | ||
CLP | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 140,758,085 | 138,205,025 | ||
PYG | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 38,469,449 | 39,201,097 | ||
BRL | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | $ 96,214,729 | $ 69,923,621 |
OTHER CURRENT AND NON-CURRENT_6
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | $ 67,285,793 | $ 263,044,869 |
Other non-current financial assets | 93,316,339 | 94,852,711 |
Financial assets measured at amortized cost | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | 66,190,949 | 92,838,315 |
Other non-current financial assets | 3,027,052 | 3,317,778 |
Financial assets at fair value | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | 1,094,844 | 170,206,554 |
Other non-current financial assets | 78,988,715 | 75,297,737 |
Other financial assets | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other non-current financial assets | $ 11,300,572 | $ 16,237,196 |
OTHER CURRENT AND NON-CURRENT_7
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS - (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other current non-financial assets | ||
Prepaid expenses | $ 11,435,334 | $ 6,059,201 |
Tax credit remainder | 933,282 | 905,826 |
Others | 6,943,235 | 19,991,973 |
Total | 19,311,851 | 26,957,000 |
Other non-current non-financial assets | ||
Prepaid expenses | 1,700,462 | 1,074,940 |
Tax credit remainder | 39,373,807 | 40,922,425 |
Judicial deposits | 14,649,339 | 15,723,829 |
Others | 3,688,874 | 1,951,072 |
Total | $ 59,412,482 | $ 59,672,266 |
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, 2023 CLP ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2021 CLP ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 BRL (R$) | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||||||
Value of PIS and Cofins | R$ 7623 | |||||
Value of PIS and Cofins transferred to shareholders | $ 30,830,785 | R$ 170176 | $ 27,309,519 | R$ 166491 | ||
Rio De Janeiro Refrescos Ltda | ||||||
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||||||
Unduly collection of taxes | $ 100,550,000 | 613,000 | $ 92,783,000 | |||
Unduly collection of taxes related to capital | 370,000 | |||||
Unduly collection of taxes related to interest and monetary restatement | 243,000 | |||||
Ex-Companhia De Bebidas Ipiranga | ||||||
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||||||
Unduly collection of taxes | 162,588 | |||||
Unduly collection of taxes related to capital | 80,177 | |||||
Unduly collection of taxes related to interest and monetary restatement | R$ 82411 | |||||
Deferred tax liability recorded | R$ 55280 |
TRADE ACCOUNTS AND OTHER ACCO_3
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Trade debtors, Net | $ 251,169,538 | $ 238,146,331 |
Other debtors, Net | 41,973,516 | 39,798,245 |
Other accounts receivable, Net | 5,749,110 | 1,825,710 |
Total trade debtors and other accounts receivable, Net | 298,892,164 | 279,770,286 |
Trade debtors, Gross | 255,616,735 | 242,638,974 |
Other debtors, Gross | 42,135,933 | 40,206,431 |
Other accounts receivable, Gross | 5,834,787 | 1,921,211 |
Total trade debtors and other accounts receivable, Gross | 303,587,455 | 284,766,616 |
Non-current | ||
Trade debtors, Net | 94,190 | 56,781 |
Other debtors, Net | 277,077 | 483,139 |
Other accounts receivable, Net | 134 | |
Total trade debtors and other accounts receivable, Net | 371,401 | 539,920 |
Trade debtors, Gross | 94,190 | 56,781 |
Other debtors, Gross | 277,077 | 483,139 |
Other accounts receivable, Gross | 134 | |
Total trade debtors and other accounts receivable, Gross | $ 371,401 | $ 539,920 |
TRADE ACCOUNTS AND OTHER ACCO_4
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Stratification of the portfolio (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | $ 255,710,925 | $ 242,695,755 |
Less than one month | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | 239,907,074 | 229,587,868 |
Between one and three months | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | 7,467,587 | 4,577,833 |
Between three and six months | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | 1,276,211 | 2,418,252 |
Between six and eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | 5,142,341 | 5,392,862 |
Older than eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | $ 1,917,712 | $ 718,940 |
- TRADE ACCOUNTS AND OTHER ACCO
- TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Provision for expected credit losses (Details) $ in Thousands, $ in Thousands | Dec. 31, 2023 CLP ($) | Dec. 31, 2023 COP ($) | Dec. 31, 2022 CLP ($) |
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | $ 255,710,925 | $ 242,695,755 | |
Less than one month | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | $ 239,907,074 | $ 229,587,868 | |
Percentage of provision for expected credit losses | 0.16% | 0.16% | 0.31% |
Between one and three months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | $ 7,467,587 | $ 4,577,833 | |
Percentage of provision for expected credit losses | 10.88% | 10.88% | 9.43% |
Between three and six months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | $ 1,276,211 | $ 2,418,252 | |
Percentage of provision for expected credit losses | 21.60% | 21.60% | 32.54% |
Between six and eight months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | $ 5,142,341 | $ 5,392,862 | |
Percentage of provision for expected credit losses | 68.09% | 68.09% | 44.54% |
Older than eight months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | $ 1,917,712 | $ 718,940 | |
Percentage of provision for expected credit losses | 40.99% | 40.99% | 23.69% |
Credit amount | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | $ 255,710,925 | $ 242,695,755 | |
Credit amount | Less than one month | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | 239,907,074 | 229,587,868 | |
Credit amount | Between one and three months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | 7,467,587 | 4,577,833 | |
Credit amount | Between three and six months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | 1,276,211 | 2,418,252 | |
Credit amount | Between six and eight months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | 5,142,341 | 5,392,862 | |
Credit amount | Older than eight months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | 1,917,712 | 718,940 | |
Impairment provision | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | (4,447,197) | (4,492,643) | |
Impairment provision | Less than one month | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | (700,137) | (701,701) | |
Impairment provision | Between one and three months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | (294,510) | (431,630) | |
Impairment provision | Between three and six months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | (138,648) | (786,856) | |
Impairment provision | Between six and eight months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | (2,397,365) | (2,402,146) | |
Impairment provision | Older than eight months | |||
TRADE AND OTHER RECEIVABLES | |||
Trade receivables | $ (916,537) | $ (170,310) |
TRADE ACCOUNTS AND OTHER ACCO_5
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 client | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 292,153 |
Chile | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 70,000 |
Brazil | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 84,153 |
Argentina | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 67,580 |
Paraguay | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 70,420 |
TRADE ACCOUNTS AND OTHER ACCO_6
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Movement in allowance for expected credit losses (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in the allowance for expected credit losses | |||
Opening balance | $ 4,492,643 | $ 4,711,371 | $ 6,795,663 |
Increase (decrease) | 1,319,216 | 150,671 | 1,697,887 |
Provision reversal | (1,110,743) | (654,381) | (3,832,220) |
Increases (decrease) for changes of foreign currency | (253,919) | 586,324 | 50,041 |
Sub - total movements | (45,446) | (218,728) | (2,084,292) |
Ending balance | $ 4,447,197 | $ 4,492,643 | $ 4,711,371 |
INVENTORIES - Composition of in
INVENTORIES - Composition of inventories (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INVENTORIES | |||
Total | $ 233,053,160 | $ 245,886,656 | |
Cost of inventory recognized as cost of sales | $ 1,601,997,255 | $ 1,628,701,823 | $ 1,375,392,773 |
Percentage raw materials composed of concentrate and sweeteners as well as caps and other supplies | 80% | 80% | |
Gross asset | |||
INVENTORIES | |||
Raw materials | $ 90,992,931 | $ 104,833,902 | |
Finished goods | 115,591,443 | 114,164,680 | |
Spare parts and supplies | 26,527,656 | 27,109,494 | |
Work in progress | 194,686 | 216,164 | |
Other inventories | 6,012,077 | 4,020,372 | |
Cost of inventory recognized as cost of sales | 1,346,516,486 | 1,388,536,599 | |
Obsolescence provision | |||
INVENTORIES | |||
Obsolescence provision | $ (6,265,633) | $ (4,457,956) |
TAX ASSETS AND LIABILITIES - Cu
TAX ASSETS AND LIABILITIES - Current tax accounts receivable and payable (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
TAX ASSETS AND LIABILITIES | ||
Monthly provisional payments | $ 4,691,320 | $ 25,428,344 |
Tax credits | 32,125,597 | 6,640,888 |
Recoverable taxes from prior years | 27,247 | 473,424 |
Surplus Tax Credit | 6,265,971 | 6,387,530 |
Other Recoverable Taxes | 272,923 | 396,241 |
Total | 43,383,058 | 39,326,427 |
Income tax expense | 13,411,621 | 14,615,447 |
Total | $ 13,411,621 | $ 14,615,447 |
INCOME TAX EXPENSE AND DEFERR_3
INCOME TAX EXPENSE AND DEFERRED TAXES - Income tax expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current income tax expense | $ (58,334,583) | $ (63,245,293) | $ (45,614,890) |
Current tax adjustment previous period | (152,481) | 311,931 | 2,284,477 |
Foreign dividends tax withholding expense | (11,803,842) | (11,129,734) | (2,877,817) |
Other current tax expense (income) | (688,765) | 114,130 | |
Current income tax expense | (70,979,671) | (74,063,096) | (46,094,100) |
Expense (income) for the creation and reversal of temporary differences of deferred tax and others | (15,014,636) | (30,281,542) | (83,220) |
Expense (income) for deferred taxes | (15,014,636) | (30,281,542) | (83,220) |
Total income tax expense | $ (85,994,307) | $ (104,344,638) | $ (46,177,320) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current tax expense | $ (70,979,671) | $ (74,063,096) | $ (46,094,100) |
Deferred tax expense | (15,014,636) | (30,281,542) | (83,220) |
Total income tax expense | (85,994,307) | (104,344,638) | (46,177,320) |
National | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current tax expense | (26,472,238) | (12,812,693) | (8,730,476) |
Deferred tax expense | (1,395,030) | (25,684,847) | (7,026,145) |
Foreign | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current tax expense | (44,507,433) | (61,250,403) | (37,363,624) |
Deferred tax expense | $ (13,619,606) | $ (4,596,695) | $ 6,942,925 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate | |||
Net income before taxes | $ 260,505,794 | $ 232,803,625 | $ 203,208,988 |
Tax expense at legal rate (27.0%) | (70,336,564) | (62,856,979) | (54,866,427) |
Effect of tax rate in other jurisdictions | (854,686) | (2,820,546) | 860,745 |
Foreign dividend tax withholding expense and other non-taxable income | (15,253,682) | (11,536,654) | (10,868,055) |
Non-deductible expenses | (2,585,111) | (3,622,958) | (2,935,310) |
Tax effect on excess tax provision in previous periods | (188,988) | (81,258) | 13,250,594 |
Tax effect of price-level restatement for Chilean companies | (9,929,818) | (33,196,408) | (15,794,098) |
Subsidiaries tax withholding expense and other legal tax debits and credits | 13,154,542 | 9,770,165 | 24,175,231 |
Adjustments to tax expense | (14,803,057) | (38,667,113) | 7,828,362 |
Total income tax expense | $ (85,994,307) | $ (104,344,638) | $ (46,177,320) |
Effective rate | 33% | 44.80% | 22.70% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Chile | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Applicable rate | 27% | 27% | 27% |
Brazil | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Applicable rate | 34% | 34% | 34% |
Argentina | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Applicable rate | 35% | 35% | 35% |
Paraguay | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Applicable rate | 10% | 10% | 10% |
INCOME TAX EXPENSE AND DEFERR_7
INCOME TAX EXPENSE AND DEFERRED TAXES - Deferred income taxes (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | $ 71,162,662 | $ 77,242,172 |
Deferred tax liabilities | (247,309,707) | (240,592,395) |
Total assets net | 4,323,174 | 2,428,333 |
Total liabilities net | (180,470,219) | (165,778,556) |
Property, plant and equipment | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 5,970,424 | 5,351,293 |
Deferred tax liabilities | (54,058,525) | (58,230,728) |
Obsolescence provisions | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 2,231,501 | 1,871,168 |
ICMS exclusion credit | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 3,241,530 | 2,686,693 |
Employee benefits | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 8,212,311 | 5,033,868 |
Deferred tax liabilities | (14,382) | (3,348) |
Provision for severance indemnity | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 2,546,033 | 2,789,893 |
Deferred tax liabilities | (94,659) | (42,264) |
Tax loss carry forwards | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 2,142,747 | 5,569,124 |
Tax goodwill Brazil | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (15,782,005) | (9,081,512) |
Contingency provision | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 27,144,927 | 27,145,591 |
Foreign Exchange differences | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 4,640,723 | 11,478,538 |
Allowance for doubtful accounts | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 799,274 | 803,608 |
Coca-Cola incentives (Argentina) | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 633,919 | |
Assets and liabilities for placement of bonds | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (561,994) | (610,594) |
Financial expense | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (2,363,384) | (1,894,010) |
Lease liabilities | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 3,665,695 | 1,874,166 |
Inventories | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 1,706,518 | 1,312,833 |
Distribution rights | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (161,155,669) | (154,669,995) |
Prepaid income | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 4,481,352 | 5,339,265 |
Deferred tax liabilities | (8,287) | |
Spare parts | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (4,816,189) | (4,142,782) |
Intangibles | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 77,752 | 69,395 |
Deferred tax liabilities | (5,497,812) | (7,388,202) |
Others | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 4,301,875 | 5,282,818 |
Deferred tax liabilities | (2,965,088) | (4,520,673) |
Offsetting of deferred tax assets/(liabilities) | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Offsetting of deferred tax assets | (66,839,488) | (74,813,839) |
Offsetting of deferred tax liabilities | $ 66,839,488 | $ 74,813,839 |
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, 2023 | Dec. 31, 2022 | |
Movement in deferred income tax accounts | ||
Opening Balance | $ (163,350,223) | $ (166,596,100) |
Increase (decrease) in deferred tax | (31,400,047) | 8,090,171 |
Increase (decrease) due to foreign currency translation | 18,603,225 | (4,844,294) |
Total movements | (12,796,822) | 3,245,877 |
Ending balance | $ (176,147,045) | $ (163,350,223) |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Balances (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | $ 872,388,811 | $ 798,221,259 | $ 716,379,127 | $ 605,576,545 |
Construction in progress | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 96,126,388 | 49,169,567 | 56,280,594 | 34,194,083 |
Land | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 115,737,432 | 104,906,878 | 101,286,107 | 94,321,726 |
Buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 225,632,198 | 220,452,589 | 203,343,125 | 180,916,878 |
Plant and Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 214,975,672 | 194,082,859 | 169,651,555 | 145,790,203 |
IT Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 9,422,508 | 7,735,547 | 5,613,217 | 4,878,307 |
Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 69,034 | 80,186 | 113,289 | 59,142 |
Rights of use | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 33,291,355 | 20,595,993 | 23,653,975 | 21,337,277 |
Other Property Plant And Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 128,351,543 | 144,297,623 | $ 114,153,544 | $ 90,020,253 |
Bottles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 43,683,655 | 46,351,209 | ||
Marketing and promotional assets (market assets) | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 72,164,433 | 70,149,875 | ||
Other Property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 12,503,455 | 27,796,539 | ||
Gross asset | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 1,963,420,596 | 1,888,339,729 | ||
Gross asset | Construction in progress | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 96,126,388 | 49,169,567 | ||
Gross asset | Land | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 115,737,432 | 104,906,878 | ||
Gross asset | Buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 356,340,587 | 337,689,681 | ||
Gross asset | Plant and Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 709,047,901 | 693,153,093 | ||
Gross asset | IT Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 35,069,078 | 34,992,575 | ||
Gross asset | Fixed installations and accessories | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 43,914,423 | 69,798,556 | ||
Gross asset | Vehicles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 81,294,395 | 75,759,020 | ||
Gross asset | Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 420,586 | 362,243 | ||
Gross asset | Rights of use | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 100,265,151 | 73,946,435 | ||
Gross asset | Other Property Plant And Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 425,204,655 | 448,561,681 | ||
Accumulated depreciation | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (1,091,031,785) | (1,090,118,470) | ||
Accumulated depreciation | Buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (130,708,389) | (117,237,092) | ||
Accumulated depreciation | Plant and Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (494,072,229) | (499,070,234) | ||
Accumulated depreciation | IT Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (25,646,570) | (27,257,028) | ||
Accumulated depreciation | Fixed installations and accessories | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (28,383,356) | (44,057,493) | ||
Accumulated depreciation | Vehicles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (48,042,781) | (44,600,066) | ||
Accumulated depreciation | Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (351,552) | (282,057) | ||
Accumulated depreciation | Rights of use | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (66,973,796) | (53,350,442) | ||
Accumulated depreciation | Other Property Plant And Equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | $ (296,853,112) | $ (304,264,058) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | $ 798,221,259 | $ 716,379,127 | $ 605,576,545 |
Additions | 197,500,539 | 167,792,217 | 132,881,206 |
Right-of use additions | 25,119,021 | 5,883,061 | 9,070,997 |
Disposals | (1,949,413) | (2,923,921) | (3,798,908) |
Depreciation expense | (96,721,061) | (104,975,496) | (93,598,773) |
Amortization | (11,005,033) | (9,993,249) | (8,386,063) |
Increase (decrease) due to foreign currency translation differences | (25,158,783) | 36,029,318 | 82,954,257 |
Other increase (decrease) | (13,617,718) | (9,969,798) | (8,320,134) |
Total movements | 74,167,552 | 81,842,132 | 110,802,582 |
Ending balance | 872,388,811 | 798,221,259 | 716,379,127 |
Construction in progress | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 49,169,567 | 56,280,594 | 34,194,083 |
Additions | 100,905,107 | 75,269,957 | 61,100,226 |
Disposals | (32,456) | (74,476) | |
Transfers between items of Property, plant and equipment | (57,285,699) | (84,598,804) | (39,845,790) |
Increase (decrease) due to foreign currency translation differences | 95,202 | 4,263,117 | 6,513,216 |
Other increase (decrease) | 3,242,211 | (2,012,841) | (5,606,665) |
Total movements | 46,956,821 | (7,111,027) | 22,086,511 |
Ending balance | 96,126,388 | 49,169,567 | 56,280,594 |
Land | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 104,906,878 | 101,286,107 | 94,321,726 |
Additions | 11,316,009 | ||
Transfers between items of Property, plant and equipment | 159,232 | ||
Increase (decrease) due to foreign currency translation differences | (485,959) | 3,461,539 | 6,964,382 |
Other increase (decrease) | 504 | (1) | |
Total movements | 10,830,554 | 3,620,771 | 6,964,381 |
Ending balance | 115,737,432 | 104,906,878 | 101,286,107 |
Buildings | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 220,452,589 | 203,343,125 | 180,916,878 |
Additions | 1,266,472 | 867,990 | 3,708,881 |
Disposals | (6,707) | (16,174) | (276,312) |
Transfers between items of Property, plant and equipment | 9,985,619 | 10,014,587 | 4,370,826 |
Depreciation expense | (9,175,999) | (8,477,029) | (7,862,888) |
Increase (decrease) due to foreign currency translation differences | (4,295,531) | 11,105,445 | 21,941,520 |
Other increase (decrease) | 7,405,755 | 3,614,645 | 544,220 |
Total movements | 5,179,609 | 17,109,464 | 22,426,247 |
Ending balance | 225,632,198 | 220,452,589 | 203,343,125 |
Plant and equipment, net | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 194,082,859 | 169,651,555 | 145,790,203 |
Additions | 37,341,985 | 21,280,010 | 19,025,057 |
Disposals | (292,766) | (538,429) | (277,845) |
Transfers between items of Property, plant and equipment | 21,285,201 | 33,485,897 | 21,182,049 |
Depreciation expense | (29,999,476) | (35,372,214) | (32,058,439) |
Increase (decrease) due to foreign currency translation differences | (2,173,388) | 7,324,221 | 23,364,406 |
Other increase (decrease) | (5,268,743) | (1,748,181) | (7,373,876) |
Total movements | 20,892,813 | 24,431,304 | 23,861,352 |
Ending balance | 214,975,672 | 194,082,859 | 169,651,555 |
IT Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 7,735,547 | 5,613,217 | 4,878,307 |
Additions | 1,081,074 | 922,233 | 1,428,080 |
Disposals | (1,365) | (15,105) | (3,896) |
Transfers between items of Property, plant and equipment | 2,279,728 | 3,487,406 | 751,603 |
Depreciation expense | (3,048,237) | (2,641,086) | (2,219,235) |
Increase (decrease) due to foreign currency translation differences | 311,883 | 43,790 | 658,167 |
Other increase (decrease) | 1,063,878 | 325,092 | 120,191 |
Total movements | 1,686,961 | 2,122,330 | 734,910 |
Ending balance | 9,422,508 | 7,735,547 | 5,613,217 |
Fixed facilities and accessories | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 25,741,063 | 23,099,121 | 17,647,892 |
Additions | 6,248 | 74,995 | 12,068 |
Disposals | (11) | ||
Transfers between items of Property, plant and equipment | 2,148,709 | 3,384,472 | 606,279 |
Depreciation expense | (1,903,192) | (3,365,827) | (3,700,948) |
Increase (decrease) due to foreign currency translation differences | (3,243,921) | 1,282,713 | 3,080,061 |
Other increase (decrease) | (7,217,840) | 1,265,589 | 5,453,780 |
Total movements | (10,209,996) | 2,641,942 | 5,451,229 |
Ending balance | 15,531,067 | 25,741,063 | 23,099,121 |
Vehicles. net | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 31,158,954 | 19,184,600 | 16,410,784 |
Additions | 3,804,000 | 636,420 | 171,420 |
Disposals | (42,333) | (4,522) | (9,573) |
Transfers between items of Property, plant and equipment | 2,511,373 | 16,037,695 | 4,771,885 |
Depreciation expense | (5,692,021) | (5,524,208) | (4,054,092) |
Increase (decrease) due to foreign currency translation differences | 898,032 | 852,241 | 2,264,353 |
Other increase (decrease) | 613,609 | (23,272) | (370,177) |
Total movements | 2,092,660 | 11,974,354 | 2,773,816 |
Ending balance | 33,251,614 | 31,158,954 | 19,184,600 |
Leasehold improvements, net | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 80,186 | 113,289 | 59,142 |
Additions | 22,935 | 10,275 | 8,738 |
Transfers between items of Property, plant and equipment | 51,403 | 88,345 | |
Depreciation expense | (46,176) | (68,741) | (51,774) |
Increase (decrease) due to foreign currency translation differences | 4,474 | 10,324 | 8,840 |
Other increase (decrease) | 7,615 | (36,364) | (2) |
Total movements | (11,152) | (33,103) | 54,147 |
Ending balance | 69,034 | 80,186 | 113,289 |
Others | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 144,297,623 | 114,153,544 | 90,020,253 |
Additions | 41,756,709 | 68,730,337 | 47,426,736 |
Disposals | (1,431,798) | (2,249,837) | (3,156,795) |
Transfers between items of Property, plant and equipment | 18,399,131 | 17,940,342 | 8,074,803 |
Depreciation expense | (46,855,960) | (49,526,391) | (43,651,397) |
Increase (decrease) due to foreign currency translation differences | (16,326,501) | 6,450,271 | 16,399,966 |
Other increase (decrease) | (11,487,661) | (11,200,643) | (960,022) |
Total movements | (15,946,080) | 30,144,079 | 24,133,291 |
Ending balance | 128,351,543 | 144,297,623 | 114,153,544 |
Rights-of-use, net | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 20,595,993 | 23,653,975 | 21,337,277 |
Right-of use additions | 25,119,021 | 5,883,061 | 9,070,997 |
Disposals | (174,444) | (67,398) | |
Transfers between items of Property, plant and equipment | 675,938 | 37,770 | |
Amortization | (11,005,033) | (9,993,249) | (8,386,063) |
Increase (decrease) due to foreign currency translation differences | 56,926 | 1,235,657 | 1,759,346 |
Other increase (decrease) | (1,977,046) | (153,823) | (127,582) |
Total movements | 12,695,362 | (3,057,982) | 2,316,698 |
Ending balance | $ 33,291,355 | $ 20,595,993 | $ 23,653,975 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Right-of-use asset (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Right-of-use | |||
Right of use | $ 33,291,355 | $ 20,595,993 | $ 23,653,975 |
Lease interest | 2,616,945 | 2,092,868 | 1,816,506 |
Constructions and buildings | |||
Right-of-use | |||
Right of use | 9,362,903 | 3,241,551 | 1,902,331 |
Plant and Equipment | |||
Right-of-use | |||
Right of use | 16,751,728 | 13,753,007 | 16,125,216 |
IT Equipment | |||
Right-of-use | |||
Right of use | 125,011 | 133,110 | 246,465 |
Motor vehicles | |||
Right-of-use | |||
Right of use | 6,919,416 | 3,328,705 | 5,106,463 |
Others | |||
Right-of-use | |||
Right of use | 132,297 | 139,620 | 273,500 |
Gross asset | |||
Right-of-use | |||
Right of use | 100,265,151 | 73,946,435 | 69,616,828 |
Gross asset | Constructions and buildings | |||
Right-of-use | |||
Right of use | 16,246,384 | 6,694,251 | 4,042,921 |
Gross asset | Plant and Equipment | |||
Right-of-use | |||
Right of use | 52,431,352 | 47,377,683 | 43,450,544 |
Gross asset | IT Equipment | |||
Right-of-use | |||
Right of use | 1,155,261 | 1,214,851 | 997,458 |
Gross asset | Motor vehicles | |||
Right-of-use | |||
Right of use | 22,051,973 | 9,395,320 | 12,171,762 |
Gross asset | Others | |||
Right-of-use | |||
Right of use | 8,380,181 | 9,264,330 | 8,954,143 |
Accumulated depreciation | |||
Right-of-use | |||
Right of use | (66,973,796) | (53,350,442) | (45,962,853) |
Accumulated depreciation | Constructions and buildings | |||
Right-of-use | |||
Right of use | (6,883,481) | (3,452,700) | (2,140,590) |
Accumulated depreciation | Plant and Equipment | |||
Right-of-use | |||
Right of use | (35,679,624) | (33,624,676) | (27,325,328) |
Accumulated depreciation | IT Equipment | |||
Right-of-use | |||
Right of use | (1,030,250) | (1,081,741) | (750,993) |
Accumulated depreciation | Motor vehicles | |||
Right-of-use | |||
Right of use | (15,132,557) | (6,066,615) | (7,065,299) |
Accumulated depreciation | Others | |||
Right-of-use | |||
Right of use | $ (8,247,884) | $ (9,124,710) | $ (8,680,643) |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related parties | |||
Current account receivables | $ 16,161,318 | $ 15,062,167 | |
Non-current account receivables | 108,021 | 109,318 | |
Current accounts payable to related entities | 96,045,624 | 90,248,067 | |
Non-current accounts payable related companies | 6,007,041 | 10,354,296 | |
Transactions | |||
Sale of fixed assets | 1,949,413 | 2,923,921 | $ 3,798,908 |
Shareholder related | |||
Related parties | |||
Current accounts payable to related entities | 288,001 | ||
Equity investee | Purchase of Products | |||
Transactions | |||
Purchase of goods | 3,466,645 | 2,352,550 | |
Embonor S.A. | Shareholder related | |||
Related parties | |||
Current account receivables | 7,371,731 | 10,852,709 | |
Current accounts payable to related entities | 416,073 | 589,127 | |
Transactions | |||
Minimum dividend | 416,073 | 589,127 | |
Coca-Cola de Chile S.A. | Shareholder | |||
Related parties | |||
Current account receivables | 349,914 | 15,444 | |
Non-current account receivables | 108,021 | 109,318 | |
Current accounts payable to related entities | 25,770,189 | 32,205,880 | |
Transactions | |||
Minimum dividend | 35,855 | 47,262 | |
Coca-Cola de Chile S.A. | Shareholder | Purchase of concentrates | |||
Transactions | |||
Purchase of goods | 207,040,438 | 198,045,624 | |
Coca-Cola de Chile S.A. | Shareholder | Purchase of advertising services | |||
Transactions | |||
Purchase of services | 9,057,004 | 7,241,918 | |
Coca-Cola de Chile S.A. | Shareholder | Water source lease | |||
Transactions | |||
Leases as lessee | 6,424,479 | 5,958,076 | |
Coca-Cola de Chile S.A. | Shareholder | Sale of raw materials and other | |||
Transactions | |||
Sale of goods | 1,025,290 | 2,738,472 | |
Coca-Cola Embonor S.a | Common shareholder | Sale of raw materials and other | |||
Transactions | |||
Sale of goods | 261,983 | 956,036 | |
Coca-Cola Embonor S.a | Common shareholder | Sale of services and others | |||
Transactions | |||
Sale of services | 360,722 | 585,448 | |
Coca-Cola Embonor S.a | Common shareholder | Sale of Finished Products | |||
Transactions | |||
Sale of goods | 74,933,722 | 79,205,926 | |
Embotelladoras Bolivianas Unidas S.A. | Shareholder related | |||
Related parties | |||
Current account receivables | 40,719 | ||
Alimentos de Soja S.A.U. | Shareholder related | |||
Related parties | |||
Current account receivables | 237,439 | ||
Current accounts payable to related entities | 38,797 | 628,842 | |
Alimentos de Soja S.A.U. | Shareholder related | Purchase of Products | |||
Transactions | |||
Purchase of goods | 674,311 | 2,107,354 | |
Alimentos de Soja S.A.U. | Shareholder related | Payment of commissions and services | |||
Transactions | |||
Payment of fees and services | 565,355 | 4,128,865 | |
Alimentos de Soja S.A.U. | Shareholder related | Marketing Services | |||
Transactions | |||
Purchase of services | 49,114 | 286,488 | |
Embotelladora Iquique S.A. | Shareholder related | |||
Related parties | |||
Current account receivables | 403,061 | 745,048 | |
Embotelladora Iquique S.A. | Shareholder related | Sale of Finished Products | |||
Transactions | |||
Sale of goods | 6,912,134 | 5,807,466 | |
Envases CMF S.A. | Associate | |||
Related parties | |||
Current account receivables | 713,006 | 925,189 | |
Current accounts payable to related entities | 6,883,553 | 8,186,248 | |
Envases CMF S.A. | Associate | Purchase of containers | |||
Transactions | |||
Purchase of goods | 21,103,185 | 24,441,192 | |
Envases CMF S.A. | Associate | Sale of containers/raw materials | |||
Transactions | |||
Sale of goods | 10,981,598 | 13,360,534 | |
Envases CMF S.A. | Associate | Purchase of raw materials | |||
Transactions | |||
Purchase of goods | 32,085,055 | 33,637,921 | |
Envases CMF S.A. | Associate | Purchase services and others | |||
Transactions | |||
Purchase of services | 496,196 | 2,270,006 | |
Envases CMF S.A. | Associate | Sale of services and others | |||
Transactions | |||
Sale of services | 13,914 | ||
Envases CMF S.A. | Associate | Purchase of packaging | |||
Transactions | |||
Purchase of goods | 10,830,682 | 9,391,000 | |
Guallarauco | Associate | |||
Related parties | |||
Current account receivables | 8,790 | ||
Monster | Shareholder related | |||
Related parties | |||
Current accounts payable to related entities | 1,985,330 | 3,811,908 | |
Monster | Associate | |||
Related parties | |||
Current account receivables | 837,713 | 86,492 | |
Serv. y Prod. para Bebidas Refrescantes S.R.L. | Shareholder related | |||
Transactions | |||
Purchase of services | 3,002,061 | ||
Advertising participation payment | 124,203 | ||
Serv. y Prod. para Bebidas Refrescantes S.R.L. | Shareholder related | Purchase of concentrates | |||
Transactions | |||
Advertising participation payment | 109,232,990 | 159,807,006 | |
Serv. y Prod. para Bebidas Refrescantes S.R.L. | Shareholder | |||
Related parties | |||
Current accounts payable to related entities | 9,431,483 | 8,587,487 | |
Coca-Cola del Valle New Ventures S.A. | Associate | |||
Related parties | |||
Current account receivables | 149,820 | 143,002 | |
Current accounts payable to related entities | 602,113 | 1,089,592 | |
Coca-Cola del Valle New Ventures S.A. | Associate | Purchase services and others | |||
Transactions | |||
Purchase of services | 4,296,982 | 4,306,419 | |
Coca-Cola del Valle New Ventures S.A. | Associate | Sale of services and others | |||
Transactions | |||
Sale of services | 555,666 | 288,264 | |
Recofarma do Industrias Amazonas Ltda. | Shareholder related | |||
Related parties | |||
Current accounts payable to related entities | 40,159,177 | 30,998,682 | |
Non-current accounts payable related companies | 6,007,041 | 10,354,296 | |
Recofarma do Industrias Amazonas Ltda. | Shareholder related | Purchase of concentrates | |||
Transactions | |||
Purchase of goods | 125,212,630 | 100,199,500 | |
Recofarma do Industrias Amazonas Ltda. | Shareholder related | Water source lease | |||
Transactions | |||
Purchase of goods | 624,871 | ||
Recofarma do Industrias Amazonas Ltda. | Shareholder related | Reimbursement and other purchases | |||
Transactions | |||
Reimbursement and other purchases | 9,750,769 | ||
Leao Alimentos e Bebidas Ltda. | Associate | |||
Related parties | |||
Current accounts payable to related entities | 307,967 | 232,216 | |
Leao Alimentos e Bebidas Ltda. | Associate | Purchase of Products | |||
Transactions | |||
Purchase of goods | 130,042 | 636,938 | |
Envases del Pacfico S.A. | Shareholder related | |||
Related parties | |||
Current accounts payable to related entities | 3,690 | ||
Envases del Pacfico S.A. | Director related | Purchase of raw materials and materials | |||
Transactions | |||
Purchase of goods | 3,690 | 204,933 | |
Comercializadora Nova Verde | Common shareholder | |||
Related parties | |||
Current account receivables | 5,071,655 | 2,048,054 | |
Current accounts payable to related entities | 2,831,752 | 2,198,317 | |
Comercializadora Nova Verde | Common shareholder | Purchase of raw materials | |||
Transactions | |||
Purchase of goods | 401,498 | 952,699 | |
Comercializadora Nova Verde | Common shareholder | Sale of services and others | |||
Transactions | |||
Sale of fixed assets | 1,689,356 | 4,512,714 | |
Comercializadora Nova Verde | Common shareholder | Sale of packaging and raw materials | |||
Transactions | |||
Sale of goods | 61,184 | 781,901 | |
Comercializadora Nova Verde | Common shareholder | Sale of Finished Products | |||
Transactions | |||
Sale of services | 12,827,332 | 12,867,822 | |
Comercializadora Nova Verde | Common shareholder | Purchase of Finished Products | |||
Transactions | |||
Purchase of goods | 21,192,591 | 25,440,668 | |
Comercializadora Nova Verde | Common shareholder | Advertising | |||
Transactions | |||
Advertising participation payment | 924,924 | 2,367,626 | |
Comercializadora Nova Verde | Common shareholder | Cold Equipment Maintenance | |||
Transactions | |||
Purchase of goods and advertising participation payment | 594,640 | 619,419 | |
Parque Arauco S.A. | Director related | Space lease | |||
Transactions | |||
Leases as lessee | 143,308 | 101,981 | |
Sorocaba Refrescos S. A. | Shareholder related | |||
Related parties | |||
Current account receivables | 1,223,699 | ||
Sorocaba Refrescos S. A. | Associate | Purchase of Products | |||
Transactions | |||
Purchase of goods | 2,799,927 | 419,515 | |
KAIK Participacoes | Associate | Reimbursement and other purchases | |||
Transactions | |||
Reimbursement and other purchases | 114,147 | 96,511 | |
Latam Airlines Group S.A. | Director related | Sale of products | |||
Transactions | |||
Sale of goods | 93,320 | ||
Trop Frutas do Brasil Ltda. | Associate | Purchase of Products | |||
Transactions | |||
Purchase of goods | 190,060 | 368,127 | |
Monster Energy Company - USA | Equity investee | Purchase of advertising services | |||
Transactions | |||
Purchase of goods and advertising participation payment | 175,705 | ||
Coca-Cola Company | Shareholder | |||
Related parties | |||
Current accounts payable to related entities | 4,877,061 | 1,690,858 | |
Monster Energy Company - EEUU | Shareholder related | |||
Related parties | |||
Current accounts payable to related entities | 2,389,283 | 28,910 | |
Monster Energy Company EEUU | Shareholder related | |||
Related parties | |||
Current accounts payable to related entities | 61,155 | ||
Monster Energy Company - CHILE | Subsidiary | Purchase of advertising services | |||
Transactions | |||
Purchase of services | 439,520 | ||
Monster Energy Company - CHILE | Subsidiary | Sale of services and others | |||
Transactions | |||
Sale of services | 3,561,747 | ||
Monster Energy Company - CHILE | Subsidiary | Purchase of Finished Products | |||
Transactions | |||
Purchase of goods | 35,904,599 | ||
Banco Santander Chile. | Director/Manager/Executive | Purchase services and others | |||
Transactions | |||
Purchase of services | 4,396,965 | $ 6,776,225 | |
Coca-Cola Export Corporation, Panama [Member] | Shareholder related | Purchase of products and others | |||
Transactions | |||
Purchase of goods | 230,619 | ||
Coca-Cola Export Corporation, Atlanta [Member] | Shareholder related | Purchase of products and others | |||
Transactions | |||
Purchase of goods | $ 361,873 |
RELATED PARTY - Key management
RELATED PARTY - Key management compensation (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTIES | |||
Executive wages, salaries and benefits | $ 10,036,315 | $ 8,536,107 | $ 7,253,863 |
Director allowances | 1,690,400 | 1,560,000 | 1,512,500 |
Benefits accrued in the last five years and payments during the fiscal year | 355,680 | 269,952 | 254,240 |
Total | $ 12,082,395 | $ 10,366,059 | $ 9,020,603 |
CURRENT AND NON-CURRENT EMPLO_3
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Employee benefits (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Employee benefits | ||
Current | $ 57,817,800 | $ 48,391,806 |
Non-current | 18,473,946 | 17,409,793 |
Total | 76,291,746 | 65,801,599 |
Accrued vacation | ||
Employee benefits | ||
Total | 23,546,649 | 25,773,244 |
Participation in profits and bonuses | ||
Employee benefits | ||
Total | 36,455,454 | 22,618,562 |
Severance indemnity | ||
Employee benefits | ||
Total | $ 16,289,643 | $ 17,409,793 |
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, 2023 | Dec. 31, 2022 | |
Movements of post-employment benefits | ||
Opening balance | $ 17,409,793 | $ 14,982,928 |
Service costs | 1,202,371 | 1,018,080 |
Interest costs | 1,000,018 | 737,566 |
Actuarial variations | (1,678,013) | 2,905,020 |
Benefits paid | (1,644,526) | (2,233,801) |
Total | $ 16,289,643 | $ 17,409,793 |
CURRENT AND NON-CURRENT EMPLO_5
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | ||
Discount rate | 2.26% | 1.71% |
Expected salary increase rate | 2% | 2% |
Turnover rate | 7.62% | 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, 2023 CLP ($) | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | |
Variation in the provision for an increase of up to 100 bps in sensitivity to discount rate | $ (869,321) |
Variation in the provision for a decrease of up to 100 bps in sensitivity to discount rate | 990,697 |
Variation in the provision for an increase of up to 100 bps in sensitivity to salary increase | 991,833 |
Variation in the provision for a decrease of up to 100 bps in sensitivity to salary increase | $ (878,906) |
Percentage of increase in maximum basis points in discount rate | 100% |
Percentage of decrease in maximum basis points in discount rate | 100% |
Percentage of increase in maximum basis points in salary growth rate | 100% |
Percentage of decrease in maximum basis points in salary growth rate | 100% |
CURRENT AND NON-CURRENT EMPLO_7
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Personnel expenses (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Personnel expenses | |||
Wages and salaries | $ 266,893,173 | $ 277,271,540 | $ 225,883,645 |
Employee benefits | 83,260,379 | 71,566,763 | 53,340,673 |
Severance benefits | 6,290,886 | 6,052,239 | 4,163,608 |
Other personnel expenses | 22,037,675 | 21,305,979 | 18,134,494 |
Total | $ 378,482,113 | $ 376,196,521 | $ 301,522,420 |
INVESTMENTS IN ASSOCIATES ACC_3
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD- Balances (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 91,799,267 | $ 92,344,598 | $ 91,489,194 |
Envases CMF S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 21,025,975 | $ 23,519,277 | |
Ownership interest | 50% | 50% | |
Leao Alimentos e Bebidas Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 10,636,778 | $ 8,460,307 | |
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 | $ 1,551,253 | $ 1,293,219 | |
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 | $ 59,875 | $ 55,072 | |
Ownership interest | 40% | 40% | |
Sorocaba Refrescos S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 28,875,351 | $ 26,694,836 | |
Ownership interest | 40% | 40% | |
Trop Frutas do Brasil Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 885,062 | $ 1,971,055 | |
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 | $ 28,764,973 | $ 30,350,832 | |
Ownership interest | 35% | 35% |
INVESTMENTS IN ASSOCIATES ACC_4
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Movement (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||
Opening balance | $ 92,344,598 | $ 91,489,194 |
Dividends declared | (6,232,958) | (4,383,645) |
Share in operating income | 3,145,106 | 2,118,728 |
Other increase (decrease) in investments in associated companies (Impairment in Trop Frutas do Brasil Ltda.) | (1,615,050) | |
Other increase (decrease) in investments in associates | 4,157,571 | 3,120,321 |
Ending balance | $ 91,799,267 | $ 92,344,598 |
INVESTMENTS IN ASSOCIATES ACC_5
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Share in operating income | $ 3,145,106 | $ 2,118,728 | $ 4,041,118 |
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) | (428,937) | (568,767) | (512,131) |
Amortization goodwill in the sale of fixed assets of Envases CMF S.A. | 42,633 | ||
Amortization goodwill preferred rights CCDV S.A. | (140,892) | (478,518) | |
Income statement balance | $ 2,716,169 | $ 1,409,069 | $ 3,093,102 |
INVESTMENTS IN ASSOCIATES ACC_6
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Summary financial information of associates (Details) - CLP ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | $ 981,771,027 | $ 1,161,729,392 | $ 990,986,123 | |
Non-current assets | 1,939,749,862 | 1,848,971,215 | 1,955,120,524 | |
Total assets | 2,921,520,889 | 3,010,700,607 | 2,946,106,647 | |
Current liabilities | 692,871,296 | 949,245,134 | 529,567,279 | |
Non-current liabilities | 1,307,664,179 | 1,178,052,821 | 1,315,125,809 | |
Total liabilities | 2,000,535,475 | 2,127,297,955 | 1,844,693,088 | |
Average net financial debt last 4 quarters | 920,985,414 | 883,402,652 | 1,101,413,559 | $ 831,560,591 |
Revenues from ordinary activities | 2,618,437,052 | 2,656,878,395 | 2,216,732,593 | |
Share of profit of investments in associates and joint ventures accounted for using the equity method | 2,716,169 | 1,409,069 | 3,093,102 | |
Other comprehensive income | (21,166,027) | (170,052,729) | 151,896,435 | |
Comprehensive income | 153,345,460 | (41,593,742) | $ 308,928,103 | |
Envases CMF S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 50,693,046 | 63,615,517 | ||
Non-current assets | 54,127,400 | 52,964,004 | ||
Total assets | 104,820,446 | 116,579,521 | ||
Current liabilities | 35,045,849 | 45,222,022 | ||
Non-current liabilities | 27,722,647 | 24,318,944 | ||
Total liabilities | 62,768,496 | 69,540,966 | ||
Average net financial debt last 4 quarters | 42,051,950 | 47,038,555 | ||
Revenues from ordinary activities | 92,308,940 | 97,834,148 | ||
Earnings/Net income before taxes | 5,923,727 | 6,640,224 | ||
Earnings/Net income after taxes | 4,755,373 | 5,517,062 | ||
Other comprehensive income | 29,516 | |||
Comprehensive income | 4,784,889 | 5,517,062 | ||
Sorocaba Refrescos S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 39,392,459 | 41,997,646 | ||
Non-current assets | 101,420,184 | 89,524,823 | ||
Total assets | 140,812,643 | 131,522,469 | ||
Current liabilities | 22,951,428 | 21,366,336 | ||
Non-current liabilities | 46,453,440 | 45,013,681 | ||
Total liabilities | 69,404,868 | 66,380,017 | ||
Average net financial debt last 4 quarters | 71,407,775 | 65,142,452 | ||
Revenues from ordinary activities | (741) | |||
Earnings/Net income before taxes | 58,931,149 | 478,458 | ||
Earnings/Net income after taxes | (1,206,475) | 243,170 | ||
Other comprehensive income | 9,690,233 | 9,680,320 | ||
Comprehensive income | 8,483,758 | 9,923,490 | ||
Kaik Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Non-current assets | 13,704,046 | 11,424,515 | ||
Total assets | 13,704,046 | 11,424,515 | ||
Non-current liabilities | 34 | 31 | ||
Total liabilities | 34 | 31 | ||
Average net financial debt last 4 quarters | 13,704,012 | 11,424,484 | ||
Revenues from ordinary activities | 983,452 | 782,772 | ||
Earnings/Net income before taxes | 983,452 | 782,772 | ||
Earnings/Net income after taxes | 782,772 | |||
Comprehensive income | 983,452 | 782,772 | ||
SRSA Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 24,715 | 22,376 | ||
Non-current assets | 347,922 | 317,159 | ||
Total assets | 372,637 | 339,535 | ||
Current liabilities | 222,950 | 201,853 | ||
Total liabilities | 222,950 | 201,853 | ||
Average net financial debt last 4 quarters | 149,687 | 137,682 | ||
Revenues from ordinary activities | 146,063 | 134,401 | ||
Earnings/Net income before taxes | 146,063 | 134,401 | ||
Earnings/Net income after taxes | 146,063 | 134,401 | ||
Comprehensive income | 146,063 | 134,401 | ||
Leao Alimentos e Bebidas Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 92,747,488 | 77,547,906 | ||
Non-current assets | 62,843,154 | 54,195,351 | ||
Total assets | 155,590,642 | 131,743,257 | ||
Current liabilities | 22,924,938 | 16,269,385 | ||
Non-current liabilities | 16,678,828 | 11,698,126 | ||
Total liabilities | 39,603,766 | 27,967,511 | ||
Average net financial debt last 4 quarters | 115,986,876 | 103,775,746 | ||
Revenues from ordinary activities | 84,624,940 | 65,797,238 | ||
Earnings/Net income before taxes | 5,657,251 | 3,804,172 | ||
Earnings/Net income after taxes | 2,529,341 | 1,427,601 | ||
Other comprehensive income | (93,593,890) | 1,522 | ||
Comprehensive income | (91,064,549) | 1,429,123 | ||
Trop Frutas do Brasil Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 21,186,620 | 22,235,713 | ||
Non-current assets | 28,404,343 | 27,128,282 | ||
Total assets | 49,590,963 | 49,363,995 | ||
Current liabilities | 14,104,874 | 14,693,964 | ||
Non-current liabilities | 13,212,410 | 12,270,207 | ||
Total liabilities | 27,317,284 | 26,964,171 | ||
Average net financial debt last 4 quarters | 22,273,679 | 22,399,824 | ||
Revenues from ordinary activities | 55,434,136 | 45,104,125 | ||
Earnings/Net income before taxes | (2,548,671) | (5,105,685) | ||
Earnings/Net income after taxes | (2,349,151) | (5,067,707) | ||
Other comprehensive income | (58,242) | 275,534 | ||
Comprehensive income | (2,407,393) | (4,792,173) | ||
Coca-Cola del Valle New Ventures S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 24,548,167 | 26,927,496 | ||
Non-current assets | 70,825,265 | 75,247,746 | ||
Total assets | 95,373,432 | 102,175,242 | ||
Current liabilities | 13,188,225 | 9,038,769 | ||
Non-current liabilities | 5,480,067 | |||
Total liabilities | 13,188,225 | 14,518,836 | ||
Average net financial debt last 4 quarters | 82,185,207 | 87,656,406 | ||
Revenues from ordinary activities | 29,385,365 | 25,249,336 | ||
Earnings/Net income before taxes | (7,822,534) | (896,914) | ||
Earnings/Net income after taxes | (5,101,497) | 163,561 | ||
Comprehensive income | $ (5,101,497) | $ 163,561 |
INTANGIBLE ASSETS OTHER THAN _3
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ 695,926,565 | $ 671,778,888 | $ 659,631,543 |
Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 740,569,608 | 710,679,339 | |
Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (44,643,043) | (38,900,451) | |
Distribution rights | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 664,877,100 | 644,233,416 | 640,056,747 |
Distribution rights | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 667,955,100 | 645,684,416 | |
Distribution rights | Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (3,078,000) | (1,451,000) | |
Software | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 23,706,850 | 20,763,351 | 13,064,962 |
Software | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 63,828,408 | 56,968,738 | |
Software | Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (40,121,558) | (36,205,387) | |
Water rights | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 587,432 | 439,102 | 422,221 |
Water rights | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 587,432 | 479,825 | |
Water rights | Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (40,723) | ||
Trademarks indefinite useful life (2) | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 6,341,107 | 5,741,054 | 5,297,760 |
Trademarks indefinite useful life (2) | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 6,341,107 | 5,741,054 | |
Trademarks definite useful life (3) | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 406,101 | 593,990 | $ 781,878 |
Trademarks definite useful life (3) | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 1,297,378 | 1,297,378 | |
Trademarks definite useful life (3) | Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (891,277) | (703,388) | |
Others | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 7,975 | 7,975 | |
Others | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 560,183 | 507,928 | |
Others | Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ (552,208) | $ (499,953) |
INTANGIBLE ASSETS OTHER THAN _4
INTANGIBLE ASSETS OTHER THAN GOODWILL - Distribution Rights (Details) $ in Thousands, R$ in Millions | 12 Months Ended | |||
Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 CLP ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2021 CLP ($) | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Renewal period for production and distribution contracts | 5 years | |||
Intangible assets other than goodwill | $ 695,926,565 | $ 671,778,888 | $ 659,631,543 | |
Distribution rights | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 664,877,100 | 644,233,416 | $ 640,056,747 | |
Distribution rights | Chile operation | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 301,187,149 | 302,814,149 | ||
Distribution rights | Brazil operation | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 182,986,222 | 165,670,430 | ||
Distribution rights | Paraguay operation | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 178,475,561 | 172,548,023 | ||
Distribution rights | Argentina operation | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 2,228,168 | $ 3,200,814 | ||
Brazilian Beer Brand Therezopolis | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | $ 35,000 | |||
Purchase of intangible assets | R$ | R$ 70 | |||
Percentage of each bottler bought | 50% |
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, 2023 | Dec. 31, 2022 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | $ 671,778,888 | $ 659,631,543 |
Additions | 9,132,555 | 12,037,293 |
Amortization | (5,045,230) | (4,396,686) |
Impairment | (1,627,000) | |
Other increases (decreases) | 21,687,352 | (4,506,738) |
Ending balance | 695,926,565 | 671,778,888 |
Distribution rights | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | 644,233,416 | 640,056,747 |
Impairment | (1,627,000) | |
Other increases (decreases) | 22,270,684 | (4,176,669) |
Ending balance | 664,877,100 | 644,233,416 |
Software | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | 20,763,351 | 13,064,962 |
Additions | 8,984,225 | 12,020,412 |
Amortization | (4,857,341) | (4,208,798) |
Other increases (decreases) | (1,183,385) | 113,225 |
Ending balance | 23,706,850 | 20,763,351 |
Water rights | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | 439,102 | 422,221 |
Additions | 148,330 | 16,881 |
Ending balance | 587,432 | 439,102 |
Trademarks indefinite useful life (2) | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | 5,741,054 | 5,297,760 |
Other increases (decreases) | 600,053 | (443,294) |
Ending balance | 6,341,107 | 5,741,054 |
Trademarks definite useful life (3) | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | 593,990 | 781,878 |
Amortization | (187,889) | (187,888) |
Ending balance | 406,101 | 593,990 |
Others. | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | 7,975 | 7,975 |
Ending balance | $ 7,975 | $ 7,975 |
GOODWILL - Goodwill by business
GOODWILL - Goodwill by business segment and country (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill by business segment and country | |||
Goodwill at beginning of period | $ 129,023,922 | $ 118,042,900 | $ 98,325,593 |
Foreign currency translation differences where functional currency is different from presentation currency | (6,920,120) | 10,981,022 | 19,717,307 |
Goodwill at end of period | 122,103,802 | 129,023,922 | 118,042,900 |
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 | 66,941,508 | 61,851,449 | 56,001,413 |
Foreign currency translation differences where functional currency is different from presentation currency | 6,890,007 | 5,090,059 | 5,850,036 |
Goodwill at end of period | 73,831,515 | 66,941,508 | 61,851,449 |
Argentina operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 46,254,831 | 39,976,392 | 27,343,642 |
Foreign currency translation differences where functional currency is different from presentation currency | (14,061,746) | 6,278,439 | 12,632,750 |
Goodwill at end of period | 32,193,085 | 46,254,831 | 39,976,392 |
Paraguay operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 7,324,560 | 7,712,036 | 6,477,515 |
Foreign currency translation differences where functional currency is different from presentation currency | 251,619 | (387,476) | 1,234,521 |
Goodwill at end of period | $ 7,576,179 | $ 7,324,560 | $ 7,712,036 |
OTHER CURRENT AND NON-CURRENT_9
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Liabilities (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Current | |||
Other current financial liabilities | $ 52,997,001 | $ 367,302,080 | |
Non-current | |||
Other non-current financial liabilities | 1,044,325,833 | 904,802,058 | |
Bank liabilities | |||
Current | |||
Other current financial liabilities | [1] | 1,500,909 | 688,800 |
Non-current | |||
Other non-current financial liabilities | [1] | 13,403,691 | 13,366,211 |
Bonds payable | |||
Current | |||
Other current financial liabilities | [1],[2] | 27,479,415 | 340,767,980 |
Non-current | |||
Other non-current financial liabilities | [1],[2] | 953,660,440 | 763,368,160 |
Deposits in guarantee | |||
Current | |||
Other current financial liabilities | 12,632,184 | 16,427,144 | |
Derivative contract liabilities | |||
Current | |||
Other current financial liabilities | 1,458,210 | 2,317,577 | |
Non-current | |||
Other non-current financial liabilities | 52,449,925 | 112,175,058 | |
Leasing agreements | |||
Current | |||
Other current financial liabilities | [1] | 9,926,283 | 7,100,579 |
Non-current | |||
Other non-current financial liabilities | [1] | $ 24,811,777 | $ 15,892,629 |
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
OTHER CURRENT AND NON-CURREN_10
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Fair value (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | ||||
Other current financial assets | $ 67,285,793 | $ 263,044,869 | ||
Other current financial liabilities | 52,997,001 | 367,302,080 | ||
Non-current | ||||
Other financial assets | 93,316,339 | 94,852,711 | ||
Other non-current financial liabilities | 1,044,325,833 | 904,802,058 | ||
Bank liabilities | ||||
Current | ||||
Other current financial liabilities | [1] | 1,500,909 | 688,800 | |
Current financial liabilities at fair value | [1] | 1,465,732 | 767,468 | |
Non-current | ||||
Other non-current financial liabilities | [1] | 13,403,691 | 13,366,211 | |
Noncurrent financial liabilities at fair value | [1] | 13,403,691 | 13,921,569 | |
Bonds payable | ||||
Current | ||||
Other current financial liabilities | [1],[2] | 27,479,415 | 340,767,980 | |
Current financial liabilities at fair value | [1] | 26,931,768 | 339,666,507 | |
Non-current | ||||
Other non-current financial liabilities | [1],[2] | 953,660,440 | 763,368,160 | |
Noncurrent financial liabilities at fair value | [1] | 894,107,588 | 729,602,210 | |
Bottle guaranty deposits | ||||
Current | ||||
Other current financial liabilities | [1] | 12,632,186 | 16,427,144 | |
Current financial liabilities at fair value | [1] | 12,632,186 | 16,427,144 | |
Non-current accounts payable | ||||
Non-current | ||||
Other non-current financial liabilities | [1] | 2,392,555 | 3,015,284 | |
Noncurrent financial liabilities at fair value | [1] | 2,392,555 | 3,015,284 | |
Forward contracts liabilities | ||||
Current | ||||
Other current financial liabilities | [3] | 1,458,210 | 2,317,577 | |
Current financial liabilities at fair value | [3] | 1,458,210 | $ 2,317,577 | |
Derivative contract liabilities | ||||
Current | ||||
Other current financial liabilities | 1,458,210 | 2,317,577 | ||
Non-current | ||||
Other non-current financial liabilities | 52,449,925 | 112,175,058 | ||
Leasing agreements | ||||
Current | ||||
Other current financial liabilities | [1] | 9,926,283 | 7,100,579 | |
Current financial liabilities at fair value | [1] | 9,926,283 | 7,100,579 | |
Non-current | ||||
Other non-current financial liabilities | [1] | 24,811,777 | 15,892,629 | |
Noncurrent financial liabilities at fair value | [1] | 24,811,777 | 15,892,629 | |
Accounts payable | ||||
Current | ||||
Other current financial liabilities | [1] | 428,911,984 | 384,801,630 | |
Current financial liabilities at fair value | [1] | 428,911,984 | 384,801,630 | |
Accounts payable related companies | ||||
Current | ||||
Other current financial liabilities | [1] | 94,821,925 | 90,248,067 | |
Current financial liabilities at fair value | [1] | 94,821,925 | 90,248,067 | |
Non-current | ||||
Other non-current financial liabilities | [1] | 6,007,041 | 10,354,296 | |
Noncurrent financial liabilities at fair value | [1] | 6,007,041 | 10,354,296 | |
Cash and cash equivalents | ||||
Current | ||||
Other current financial assets | [1] | 303,683,683 | 291,681,987 | |
Current financial assets at fair value | [1] | 303,683,683 | 291,681,987 | |
Financial assets | ||||
Current | ||||
Other current financial assets | [3] | 842,906 | 170,206,554 | |
Current financial assets at fair value | [3] | 842,906 | 170,206,554 | |
Non-current | ||||
Other financial assets | [3] | 78,988,714 | 75,297,737 | |
Noncurrent financial assets at fair value | [3] | 78,988,714 | 75,297,737 | |
Non-current accounts receivable | ||||
Non-current | ||||
Other financial assets | [1] | 371,401 | 539,920 | |
Noncurrent financial assets at fair value | [1] | 371,401 | 539,920 | |
Trade debtors and other accounts receivable | ||||
Current | ||||
Other current financial assets | [1] | 296,883,937 | 279,770,286 | |
Current financial assets at fair value | [1] | 296,883,937 | 279,770,286 | |
Accounts receivable related companies | ||||
Current | ||||
Other current financial assets | [1] | 13,192,740 | 15,062,167 | |
Current financial assets at fair value | [1] | 13,192,740 | 15,062,167 | |
Non-current | ||||
Other financial assets | [1] | 108,021 | 109,318 | |
Noncurrent financial assets at fair value | [1] | $ 108,021 | $ 109,318 | |
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. 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, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 52,997,001 | $ 367,302,080 | |
Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | [1] | $ 1,500,909 | 688,800 |
Bonds USA 2050 | |||
Disclosure of detailed information about borrowings | |||
Nominal interest rate | 3.95% | ||
Envases Central S.A. | Banco Estado 2.00% Effective Rate Semiannual Amortization obligation [Member] | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 34,460 | $ 28,683 | |
Nominal interest rate | 2% | ||
Envases Central S.A. | Banco Estado 2.00% Effective Rate Semiannually Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Effective interest rate percentage | 2% | 2% | |
Re-Ciclar S.A. | Scotiabank Chile S.A. 9.49% Effective Rate Semiannually Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 186,233 | $ 53,350 | |
Nominal interest rate | 9.49% | ||
Effective interest rate percentage | 9.49% | 9.49% | |
Re-Ciclar S.A. | Scotiabank Chile S.A. 3.32% Effective Rate Semiannually Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 56,529 | ||
Nominal interest rate | 3.32% | ||
Effective interest rate percentage | 3.32% | 3.32% | |
Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate One At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 657,036 | ||
Nominal interest rate | 0.18% | ||
Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate Two At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 535,951 | $ 585,560 | |
Nominal interest rate | 0.18% | ||
Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate Three At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 30,700 | $ 21,207 | |
Nominal interest rate | 0.18% | ||
Up to 90 days | Envases Central S.A. | Banco Estado 2.00% Effective Rate Semiannual Amortization obligation [Member] | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 34,460 | ||
Up to 90 days | Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate One At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | 657,036 | ||
Up to 90 days | Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate Two At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | 535,951 | ||
Up to 90 days | Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate Three At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | 30,700 | ||
90 days to 1 year | Re-Ciclar S.A. | Scotiabank Chile S.A. 9.49% Effective Rate Semiannually Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | 186,233 | ||
90 days to 1 year | Re-Ciclar S.A. | Scotiabank Chile S.A. 3.32% Effective Rate Semiannually Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 56,529 | ||
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
OTHER CURRENT AND NON-CURREN_12
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bank obligations non-current (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 1,044,325,833 | $ 904,802,058 | |
Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | [1] | 13,403,691 | 13,366,211 |
Envases Central S.A. | Bank liabilities | Banco Estado 2.00% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,000,000 | $ 4,000,000 | |
Effective interest rate percentage | 2% | 2% | |
Envases Central S.A. | Bank liabilities | More than 3 years up to 4 years | Banco Estado 2.00% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,000,000 | $ 4,000,000 | |
Re-Ciclar S.A. | Bank liabilities | Scotiabank Chile S.A. 9.49% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,500,000 | $ 4,500,000 | |
Nominal interest rate | 9.49% | ||
Effective interest rate percentage | 9.49% | 9.49% | |
Re-Ciclar S.A. | Bank liabilities | Scotiabank Chile S.A. 3.32% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,903,691 | $ 4,866,211 | |
Nominal interest rate | 3.32% | ||
Effective interest rate percentage | 3.32% | 3.32% | |
Re-Ciclar S.A. | Bank liabilities | More than 2 years up to 3 years | Scotiabank Chile S.A. 9.49% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,500,000 | $ 4,500,000 | |
Re-Ciclar S.A. | Bank liabilities | More than 2 years up to 3 years | Scotiabank Chile S.A. 3.32% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,903,691 | $ 4,866,211 | |
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
OTHER CURRENT AND NON-CURREN_13
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bonds Payable (Details) $ in Thousands, SFr in Millions, $ in Millions | 9 Months Ended | ||||
Sep. 20, 2023 CHF (SFr) | Sep. 30, 2023 USD ($) | Dec. 31, 2023 CLP ($) | Dec. 31, 2022 CLP ($) | ||
Composition of bonds payable | |||||
Other current financial liabilities | $ 52,997,001 | $ 367,302,080 | |||
Other Non-Current Financial Liabilities | $ 1,044,325,833 | 904,802,058 | |||
Corporate bonds | |||||
Bonds payable | |||||
Bonds issued | SFr | SFr 170 | ||||
Term of bonds | 5 years | ||||
Annual interest rate | 2.7175% | ||||
Percentage of hedge of financial obligations | 100% | ||||
Senior notes | |||||
Bonds payable | |||||
Principal payment | $ 365 | ||||
Percentage of debt repaid to the notional amount | 100% | ||||
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) | 28,170,013 | 341,478,129 | |||
Bonds payable (non-current ) | |||||
Composition of bonds payable | |||||
Bonds (face value) | 961,723,115 | 769,765,783 | |||
Bonds payable | |||||
Composition of bonds payable | |||||
Bonds (face value) | 989,893,128 | 1,111,243,912 | |||
Other current financial liabilities | [1],[2] | 27,479,415 | 340,767,980 | ||
Other Non-Current Financial Liabilities | [1],[2] | $ 953,660,440 | $ 763,368,160 | ||
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
OTHER CURRENT AND NON-CURREN_14
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Current and non-current balances (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current and non-current balances | ||
Current | $ 28,170,013 | $ 341,478,129 |
Non-current portion of non-current bonds issued | 961,723,115 | 769,765,783 |
CMF Registration N254 06.13.2001 Series B | ||
Current and non-current balances | ||
Current nominal amount | $ 969,219 | |
Nominal interest rate | 6.50% | |
Current | $ 11,660,222 | 10,513,470 |
Non-current portion of non-current bonds issued | 18,669,905 | 28,795,438 |
CMF Registration N641 08.23.2010 Series C | ||
Current and non-current balances | ||
Current nominal amount | $ 1,090,909 | |
Nominal interest rate | 4% | |
Current | $ 5,612,839 | 5,427,888 |
Non-current portion of non-current bonds issued | 35,117,116 | 38,302,888 |
CMF Registration N760 08.20.2013 Series D | ||
Current and non-current balances | ||
Current nominal amount | $ 4,000,000 | |
Nominal interest rate | 3.80% | |
Current | $ 2,062,069 | 1,967,995 |
Non-current portion of non-current bonds issued | 147,157,440 | 140,443,920 |
CMF Registration N760 04.02.2014 Series E | ||
Current and non-current balances | ||
Current nominal amount | $ 3,000,000 | |
Nominal interest rate | 3.75% | |
Current | $ 1,366,861 | 1,304,513 |
Non-current portion of non-current bonds issued | 110,368,102 | 105,332,951 |
CMF Registration N912 10.10.2018 Series F | ||
Current and non-current balances | ||
Current nominal amount | $ 5,700,000 | |
Nominal interest rate | 2.83% | |
Current | $ 1,536,949 | 1,491,144 |
Non-current portion of non-current bonds issued | 209,699,352 | 200,132,586 |
Bonds USA 2023 | ||
Current and non-current balances | ||
Current nominal amount | $ 365,000,000 | |
Nominal interest rate | 5% | |
Current | 316,293,761 | |
Bonds USA 2050 | ||
Current and non-current balances | ||
Current nominal amount | $ 300,000,000 | |
Nominal interest rate | 3.95% | |
Current | $ 4,590,627 | 4,479,358 |
Non-current portion of non-current bonds issued | 263,136,000 | 256,758,000 |
Swiss Bonds 2023 | ||
Current and non-current balances | ||
Current nominal amount | $ 170,000,000 | |
Nominal interest rate | 2.7175% | |
Current | $ 1,340,446 | |
Non-current portion of non-current bonds issued | 177,575,200 | |
Bonds payable (current) | ||
Current and non-current balances | ||
Current nominal amount | $ 28,170,013 | $ 341,478,129 |
OTHER CURRENT AND NON-CURREN_15
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Non-current maturities (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 961,723,115 | $ 769,765,783 |
CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 18,669,905 | 28,795,438 |
CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 35,117,116 | 38,302,888 |
CMF Registration N760 08.20.2013 Series D | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 147,157,440 | 140,443,920 |
CMF Registration N760 04.02.2014 Series E | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 110,368,102 | 105,332,951 |
CMF Registration N912 10.10.2018 Series F | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 209,699,352 | $ 200,132,586 |
USA 2 Bonds | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 263,136,000 | |
Swiss Bonds 2023 | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 177,575,200 | |
More than 1 year up to 2 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 17,266,378 | |
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 | 12,249,648 | |
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 | 5,016,730 | |
More than 2 years up to 3 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 11,436,988 | |
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 | 6,420,257 | |
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 | 5,016,731 | |
More than 3 years up to 4 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 5,016,731 | |
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 | 5,016,731 | |
More than 5 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 928,003,018 | |
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 | 20,066,924 | |
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 | 147,157,440 | |
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 | 110,368,102 | |
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 | 209,699,352 | |
More than 5 years | USA 2 Bonds | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 263,136,000 | |
More than 5 years | Swiss Bonds 2023 | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 177,575,200 |
OTHER CURRENT AND NON-CURREN_16
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bond restrictions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 CLP ($) item | |
Disclosure of detailed information about borrowings | |
Average net financial debt last 4 quarters | $ 671,538,372 |
Net financial debt | 647,364,644 |
Unencumbered assets | 2,813,063,535 |
Total unsecured liabilities | 1,920,451,919 |
EBITDA LTM | 443,666,843 |
Net financial expenses LTM | 34,513,707 |
Consolidated Ebitda between January 1 and December 31, 2016 | $ 443,666,843 |
CMF Registration N254 06.13.2001 Series B | |
Disclosure of detailed information about borrowings | |
Percentage threshold adjusted consolidated operating cash flow | 40% |
Consolidated assets to unsecured consolidated liabilities ratio | 1.46 |
CMF Registration N254 06.13.2001 Series B | Maximum | |
Disclosure of detailed information about borrowings | |
Indebtedness level | 1.51 |
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 | 1.46 |
Net financial debt ratio | 1.51 |
Net Financial Coverage | 12.85 |
Number of consecutive quarters | item | 2 |
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 | 1.51 |
Percentage threshold adjusted consolidated operating cash flow | 40% |
Consolidated assets to unsecured consolidated liabilities ratio | 1.46 |
CMF Registration N912 10.10.2018 Series F | Maximum | |
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 | 1.51 |
Percentage threshold adjusted consolidated operating cash flow | 40% |
Consolidated assets to unsecured consolidated liabilities ratio | 1.46 |
CMF Registration N760 08202013 Series D and CMF Registration N760 04022014 Series E | Maximum | |
Disclosure of detailed information about borrowings | |
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 |
OTHER CURRENT AND NON-CURREN_17
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Leasing (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 52,997,001 | $ 367,302,080 | |
Other non-current financial liabilities | 1,044,325,833 | 904,802,058 | |
Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | [1] | 1,500,909 | 688,800 |
Other non-current financial liabilities | [1] | 13,403,691 | 13,366,211 |
Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | [1] | 9,926,283 | 7,100,579 |
Other non-current financial liabilities | [1] | 24,811,777 | 15,892,629 |
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 | 1,334,761 | 1,069,428 | |
Other non-current financial liabilities | $ 7,901,767 | $ 8,362,483 | |
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 | $ 518,253 | $ 121,291 | |
Other non-current financial liabilities | $ 4,197,397 | $ 995,283 | |
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 | $ 541,111 | $ 155,613 | |
Other non-current financial liabilities | $ 835,427 | ||
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 | $ 323,011 | 299,362 | |
Other non-current financial liabilities | $ 366,415 | $ 624,187 | |
Nominal interest rate | 3.50% | 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 | $ 65,807 | ||
Nominal interest rate | 8.10% | ||
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 | $ 318,556 | ||
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 | 124,735 | ||
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 | 160,994 | ||
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 | 80,753 | ||
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 | 1,016,205 | ||
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 | 393,518 | ||
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 | 380,117 | ||
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 | 242,258 | ||
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 | 1,508,279 | $ 1,208,453 | |
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 | 572,983 | 130,569 | |
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 | 351,697 | ||
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 | 298,867 | 292,445 | |
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Real Estate 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 57,105 | ||
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 | 1,704,356 | 1,365,552 | |
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 | 633,670 | 140,558 | |
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 | 316,738 | ||
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 | 34,834 | 270,586 | |
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 | 8,702 | ||
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 | 1,925,922 | 1,543,074 | |
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 | 700,981 | 151,311 | |
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 166,992 | ||
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 | 32,714 | 31,538 | |
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 | 2,176,292 | 1,743,674 | |
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 | 775,654 | 162,886 | |
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 | 29,618 | ||
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 | 586,918 | 2,501,730 | |
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 | 1,514,109 | 409,959 | |
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 | 354,873 | 497,308 | |
Other non-current financial liabilities | $ 1,744,792 | $ 1,691,327 | |
Nominal interest rate | 12% | 12% | |
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 | $ 805,124 | $ 622,574 | |
Other non-current financial liabilities | $ 5,257 | ||
Nominal interest rate | 50% | ||
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 | $ 136,139 | ||
Nominal interest rate | 50% | ||
Embotelladora del Atlantico S.A. | Real Estate 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 2,090,007 | ||
Nominal interest rate | 12% | ||
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 | $ 76,769 | $ 123,253 | |
Nominal interest rate | 12% | ||
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 | $ 88,718 | ||
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 | 349,588 | ||
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 | 19,369 | ||
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 | 266,155 | ||
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 | 455,536 | ||
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 | 57,400 | ||
Embotelladora del Atlantico S.A. | More than 1 year up to 2 years | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 473,164 | ||
Embotelladora del Atlantico S.A. | More than 1 year up to 2 years | Real Estate 50.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 3,505 | ||
Embotelladora del Atlantico S.A. | More than 1 year up to 2 years | Real Estate 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 391,171 | ||
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 | 236,582 | 842,297 | |
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 | 1,752 | ||
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 | 136,139 | ||
Embotelladora del Atlantico S.A. | More than 2 years up to 3 years | Real Estate 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 195,586 | ||
Embotelladora del Atlantico S.A. | More than 3 years up to 4 years | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 473,164 | ||
Embotelladora del Atlantico S.A. | More than 3 years up to 4 years | Real Estate 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 329,479 | ||
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 | 236,582 | 513,737 | |
Embotelladora del Atlantico S.A. | More than 4 years up to 5 years | Real Estate 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 164,740 | ||
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 | 325,300 | 335,293 | |
Embotelladora del Atlantico S.A. | More than 5 years | Real Estate 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,009,031 | ||
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 non-current financial liabilities | $ 769,982 | ||
Nominal interest rate | 12.16% | ||
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 | $ 769,982 | ||
Vital Jugos S.A. | De Lage Landen Chile S.A 5.49% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 626,747 | 588,820 | |
Other non-current financial liabilities | $ 166,326 | ||
Nominal interest rate | 5.49% | ||
Vital Jugos S.A. | Sig Combibloc Chile SPA. 39.22% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 123,697 | ||
Other non-current financial liabilities | $ 1,126,166 | ||
Nominal interest rate | 39.22% | ||
Vital Jugos S.A. | Up to 90 days | De Lage Landen Chile S.A 5.49% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 155,549 | ||
Vital Jugos S.A. | Up to 90 days | Sig Combibloc Chile SPA. 39.22% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 32,709 | ||
Vital Jugos S.A. | 90 days to 1 year | De Lage Landen Chile S.A 5.49% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 471,198 | ||
Vital Jugos S.A. | 90 days to 1 year | Sig Combibloc Chile SPA. 39.22% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 90,988 | ||
Vital Jugos S.A. | More than 1 year up to 2 years | De Lage Landen Chile S.A 5.49% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 166,326 | ||
Vital Jugos S.A. | More than 1 year up to 2 years | Sig Combibloc Chile SPA. 39.22% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 215,369 | ||
Vital Jugos S.A. | More than 2 years up to 3 years | Sig Combibloc Chile SPA. 39.22% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 107,685 | ||
Vital Jugos S.A. | More than 3 years up to 4 years | Sig Combibloc Chile SPA. 39.22% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 238,039 | ||
Vital Jugos S.A. | More than 4 years up to 5 years | Sig Combibloc Chile SPA. 39.22% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 119,019 | ||
Vital Jugos S.A. | More than 5 years | Sig Combibloc Chile SPA. 39.22% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 446,054 | ||
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 | 998,501 | ||
Nominal interest rate | 7.50% | ||
Vital Aguas S.A. | Coca Cola del Valle New Ventures S.A 11.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 998,501 | ||
Nominal interest rate | 11.24% | ||
Vital Aguas S.A. | Up to 90 days | Coca Cola del Valle New Ventures S.A 11.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 262,042 | ||
Vital Aguas S.A. | 90 days to 1 year | Coca Cola del Valle New Ventures S.A 11.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 736,459 | ||
Envases Central S.A. | Coca Cola del Valle New Ventures S.A 3.86% Effective Rate Lineal Amortization Obligation [Member] | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 603,428 | ||
Nominal interest rate | 3.86% | ||
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 | 602,887 | ||
Nominal interest rate | 5.56% | ||
Envases Central S.A. | Up to 90 days | Coca Cola del Valle New Ventures S.A 3.86% Effective Rate Lineal Amortization Obligation [Member] | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 603,428 | ||
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 | 128,214 | 118,883 | |
Other non-current financial liabilities | $ 76,519 | $ 195,393 | |
Nominal interest rate | 2.89% | 2.89% | |
Transportes Polar S.A. | Jungheinrich Rentalift SPA 4.11% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 325,105 | ||
Other non-current financial liabilities | $ 1,469,643 | ||
Nominal interest rate | 4.11% | ||
Transportes Polar S.A. | Importadora Tcnica Vignola SAIC 3.67% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 75,682 | ||
Other non-current financial liabilities | $ 114,721 | ||
Nominal interest rate | 3.67% | ||
Transportes Polar S.A. | Up to 90 days | Jungheinrich Rentalift SPA 4.11% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 82,787 | ||
Transportes Polar S.A. | Up to 90 days | Importadora Tcnica Vignola SAIC 3.67% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 20,389 | ||
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 | 128,214 | ||
Transportes Polar S.A. | 90 days to 1 year | Jungheinrich Rentalift SPA 4.11% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 242,318 | ||
Transportes Polar S.A. | 90 days to 1 year | Importadora Tcnica Vignola SAIC 3.67% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 55,293 | ||
Transportes Polar S.A. | More than 1 year up to 2 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 | 51,013 | ||
Transportes Polar S.A. | More than 1 year up to 2 years | Jungheinrich Rentalift SPA 4.11% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 484,434 | ||
Transportes Polar S.A. | More than 1 year up to 2 years | Importadora Tcnica Vignola SAIC 3.67% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 76,480 | ||
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 | 25,506 | $ 195,393 | |
Transportes Polar S.A. | More than 2 years up to 3 years | Jungheinrich Rentalift SPA 4.11% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 242,217 | ||
Transportes Polar S.A. | More than 2 years up to 3 years | Importadora Tcnica Vignola SAIC 3.67% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 38,241 | ||
Transportes Polar S.A. | More than 3 years up to 4 years | Jungheinrich Rentalift SPA 4.11% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 495,328 | ||
Transportes Polar S.A. | More than 4 years up to 5 years | Jungheinrich Rentalift SPA 4.11% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 247,664 | ||
Embotelladora Andina S.A. | Real Estate 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 254,035 | ||
Nominal interest rate | 12% | ||
Embotelladora Andina S.A. | Systems 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 46,315 | ||
Nominal interest rate | 12% | ||
Embotelladora Andina S.A. | Up to 90 days | Real Estate 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 78,364 | ||
Embotelladora Andina S.A. | 90 days to 1 year | Real Estate 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 175,671 | ||
Embotelladora Andina S.A. | More than 1 year up to 2 years | Systems 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 30,877 | ||
Embotelladora Andina S.A. | More than 2 years up to 3 years | Systems 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 15,438 | ||
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 | 309,440 | ||
Other non-current financial liabilities | $ 355,952 | ||
Nominal interest rate | 1% | 1% | |
Transportes Andina Refrescos Ltda. | Arrendamiento De Maquinaria SPAS 0.45% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 350,874 | ||
Other non-current financial liabilities | $ 60,339 | ||
Nominal interest rate | 0.45% | ||
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 | $ 177,802 | ||
Nominal interest rate | 0.08% | ||
Transportes Andina Refrescos Ltda. | Comercializadora Novaverde Limitada 0.45% Effective Rate Monthly Amortization Obligation [Member] | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 198,555 | ||
Nominal interest rate | 0.45% | ||
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 | $ 1,006,025 | 932,903 | |
Other non-current financial liabilities | $ 947,959 | $ 1,864,841 | |
Nominal interest rate | 0.24% | 0.24% | |
Transportes Andina Refrescos Ltda. | Jungheinrich Rentalift SPA 0.34% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 763,257 | ||
Other non-current financial liabilities | $ 3,310,018 | ||
Nominal interest rate | 0.34% | ||
Transportes Andina Refrescos Ltda. | Up to 90 days | Arrendamiento De Maquinaria SPAS 0.45% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 85,954 | ||
Transportes Andina Refrescos Ltda. | Up to 90 days | Comercializadora Novaverde Limitada 0.45% Effective Rate Monthly Amortization Obligation [Member] | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 118,598 | ||
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 | 248,800 | ||
Transportes Andina Refrescos Ltda. | Up to 90 days | Jungheinrich Rentalift SPA 0.34% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 187,889 | ||
Transportes Andina Refrescos Ltda. | 90 days to 1 year | Arrendamiento De Maquinaria SPAS 0.45% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 264,920 | ||
Transportes Andina Refrescos Ltda. | 90 days to 1 year | Comercializadora Novaverde Limitada 0.45% Effective Rate Monthly Amortization Obligation [Member] | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 79,957 | ||
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 | 757,225 | ||
Transportes Andina Refrescos Ltda. | 90 days to 1 year | Jungheinrich Rentalift SPA 0.34% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 575,368 | ||
Transportes Andina Refrescos Ltda. | More than 1 year up to 2 years | Arrendamiento De Maquinaria SPAS 0.45% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 40,226 | ||
Transportes Andina Refrescos Ltda. | More than 1 year up to 2 years | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 631,973 | ||
Transportes Andina Refrescos Ltda. | More than 1 year up to 2 years | Jungheinrich Rentalift SPA 0.34% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,082,507 | ||
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 | $ 355,952 | ||
Transportes Andina Refrescos Ltda. | More than 2 years up to 3 years | Arrendamiento De Maquinaria SPAS 0.45% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 20,113 | ||
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 | 315,986 | 1,864,841 | |
Transportes Andina Refrescos Ltda. | More than 2 years up to 3 years | Jungheinrich Rentalift SPA 0.34% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 541,253 | ||
Transportes Andina Refrescos Ltda. | More than 3 years up to 4 years | Jungheinrich Rentalift SPA 0.34% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,124,173 | ||
Transportes Andina Refrescos Ltda. | More than 4 years up to 5 years | Jungheinrich Rentalift SPA 0.34% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 562,085 | ||
Red de Transportes Comerciales S.A. | Inmobiliaria Ilog Avanza Park 2.48% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 518,261 | ||
Other non-current financial liabilities | $ 352,709 | ||
Nominal interest rate | 2.48% | ||
Red de Transportes Comerciales S.A. | Inmobiliaria Ilog Avanza Park 0.21% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 482,514 | ||
Other non-current financial liabilities | $ 831,235 | ||
Nominal interest rate | 0.21% | 0.21% | |
Red de Transportes Comerciales S.A. | Up to 90 days | Inmobiliaria Ilog Avanza Park 2.48% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 125,260 | ||
Red de Transportes Comerciales S.A. | 90 days to 1 year | Inmobiliaria Ilog Avanza Park 2.48% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 393,001 | ||
Red de Transportes Comerciales S.A. | More than 1 year up to 2 years | Inmobiliaria Ilog Avanza Park 2.48% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 235,140 | ||
Red de Transportes Comerciales S.A. | More than 2 years up to 3 years | Inmobiliaria Ilog Avanza Park 2.48% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 117,569 | ||
Red de Transportes Comerciales S.A. | More than 2 years up to 3 years | Inmobiliaria Ilog Avanza Park 0.21% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 831,235 | ||
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 debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
TRADE AND OTHER ACCOUNTS PAYA_3
TRADE AND OTHER ACCOUNTS PAYABLE (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
TRADE AND OTHER ACCOUNTS PAYABLE | ||
Current | $ 428,911,984 | $ 384,801,630 |
Non-current | 2,392,555 | 3,015,284 |
Trade accounts payable | 296,701,188 | 298,298,731 |
Withholding tax | 74,435,775 | 60,738,656 |
Others | 60,167,576 | 28,779,527 |
Total | $ 431,304,539 | $ 387,816,914 |
OTHER PROVISIONS, CURRENT AND_3
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other provisions, Current and Non current | |||
Other provisions, current | $ 1,314,106 | $ 1,591,644 | |
Other non-current provisions | 53,487,790 | 47,103,783 | |
Total | 54,801,896 | 48,695,427 | $ 57,412,406 |
Litigation | |||
Other provisions, Current and Non current | |||
Total | $ 54,801,896 | $ 48,695,427 |
OTHER PROVISIONS, CURRENT AND_4
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Details of Contingencies provisions (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other provisions, Current and Non current | |||
Balances | $ 54,801,896 | $ 48,695,427 | $ 57,412,406 |
Litigation | |||
Other provisions, Current and Non current | |||
Balances | 54,801,896 | 48,695,427 | |
Tax contingencies | |||
Other provisions, Current and Non current | |||
Balances | 29,637,064 | 27,339,444 | |
Labor contingencies | |||
Other provisions, Current and Non current | |||
Balances | 13,200,665 | 11,374,753 | |
Civil contingencies | |||
Other provisions, Current and Non current | |||
Balances | $ 11,964,167 | $ 9,981,230 |
OTHER PROVISIONS, CURRENT AND_5
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Movements | ||
Balance at the beginning of the year | $ 48,695,427 | $ 57,412,406 |
Additional provisions | 48,639 | |
Increase (decrease) in existing provisions | 6,635,882 | 6,359,467 |
Used provision (payments made charged to the provision) | (4,139,270) | (3,108,988) |
Reversal of unused provision | (15,654,522) | |
Increase (decrease) due to foreign exchange rate differences | 3,609,857 | 3,638,425 |
Balance at the end of the year | $ 54,801,896 | $ 48,695,427 |
OTHER NON-FINANCIAL LIABILITI_3
OTHER NON-FINANCIAL LIABILITIES (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
OTHER NON-FINANCIAL LIABILITIES | ||
Dividends payable, Current | $ 32,081,207 | $ 29,042,469 |
Others, Current | 10,291,953 | 13,251,991 |
Total, Current | 42,373,160 | 42,294,460 |
Others, Non-Current | 2,506,795 | 29,589,051 |
Total, Non-Current | $ 2,506,795 | $ 29,589,051 |
EQUITY - Series of shares (Deta
EQUITY - Series of shares (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 CLP ($) director shares | Dec. 31, 2022 CLP ($) 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% |
EQUITY - Dividend policy (Detai
EQUITY - Dividend policy (Details) - $ / shares | 1 Months Ended | 5 Months Ended | |||||||||||
Sep. 27, 2023 | Apr. 26, 2022 | Jan. 25, 2024 | Aug. 25, 2023 | May 26, 2023 | May 09, 2023 | Jan. 27, 2023 | Oct. 28, 2022 | Aug. 26, 2022 | Jan. 28, 2022 | Oct. 29, 2021 | May 28, 2021 | Aug. 31, 2021 | |
Series A | |||||||||||||
EQUITY | |||||||||||||
Interim dividend per share | $ 29 | $ 32 | $ 29 | $ 29 | $ 29 | $ 29 | $ 29 | $ 29 | |||||
Final dividend per share | $ 189 | $ 50 | $ 26 | ||||||||||
Additional dividend paid per share | $ 29 | $ 26 | |||||||||||
Series B Share | |||||||||||||
EQUITY | |||||||||||||
Interim dividend per share | $ 31.90 | $ 35.20 | $ 31.90 | $ 31.90 | $ 31.90 | $ 31.90 | $ 31.90 | $ 31.90 | |||||
Final dividend per share | $ 207.9 | $ 55 | $ 28.60 | ||||||||||
Additional dividend paid per share | $ 31.90 | $ 28.60 |
EQUITY - Reserves (Details)
EQUITY - Reserves (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2009 |
EQUITY | ||||
Polar acquisition | $ 421,701,520 | $ 421,701,520 | $ 421,701,520 | |
Foreign currency translation reserves | (556,832,899) | (495,483,366) | (441,580,088) | |
Cash flow hedge reserve | (24,064,386) | (62,344,501) | 50,603,698 | |
Reserve for employee benefit actuarial gains or losses | (6,013,183) | (7,776,316) | (4,885,926) | |
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 | $ (153,758,842) | $ (132,452,557) | $ 37,289,310 |
EQUITY - Foreign currency trans
EQUITY - Foreign currency translation reserves (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EQUITY | |||
Reserve of exchange differences on translation | $ (556,832,899) | $ (495,483,366) | $ (441,580,088) |
Movement in foreign currency translation reserve | (61,349,533) | (53,903,278) | 75,916,398 |
Brazil | |||
EQUITY | |||
Reserve of exchange differences on translation | (106,141,988) | (140,762,397) | (167,447,389) |
Movement in foreign currency translation reserve | 34,620,409 | 26,684,992 | 36,210,003 |
Argentina | |||
EQUITY | |||
Reserve of exchange differences on translation | (464,946,783) | (360,988,849) | (294,696,228) |
Movement in foreign currency translation reserve | (103,957,934) | (66,292,621) | (3,363,826) |
Paraguay | |||
EQUITY | |||
Reserve of exchange differences on translation | 14,255,872 | 6,267,880 | 20,563,529 |
Movement in foreign currency translation reserve | $ 7,987,992 | $ (14,295,649) | $ 43,070,221 |
EQUITY - Consolidated statement
EQUITY - Consolidated statements of comprehensive income (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow for hedge | |||
Gross Balance | $ 52,472,352 | $ (155,206,655) | $ 104,232,055 |
Tax | (14,183,004) | 42,276,806 | (28,944,992) |
Net Balance | 38,289,348 | (112,929,849) | 75,287,063 |
Exchange rate translation differences | |||
Gross Balance | (98,844,581) | (78,009,918) | 98,973,862 |
Tax | 37,650,601 | 23,777,899 | (22,103,267) |
Net Balance | (61,193,980) | (54,232,019) | 76,870,595 |
Benefit relate to defined benefit plans | |||
Gross Balance | 2,381,650 | (3,960,084) | (357,840) |
Tax | (643,045) | 1,069,223 | 96,617 |
Net Balance | 1,738,605 | (2,890,861) | (261,223) |
Total Comprehensive income | |||
Gross Balance | (43,990,579) | (237,176,657) | 202,848,077 |
Tax | 22,824,552 | 67,123,928 | (50,951,642) |
Other comprehensive income, total | $ (21,166,027) | $ (170,052,729) | $ 151,896,435 |
EQUITY - Movement of comprehens
EQUITY - Movement of comprehensive income and expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement of comprehensive income and loss | |||
Remeasurement of defined benefit plan | $ 2,381,650 | $ (3,960,084) | $ (357,840) |
Other comprehensive income, total | (21,166,027) | (170,052,729) | 151,896,435 |
Cash Flow hedge reserve | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | 52,393,210 | (155,007,121) | 102,529,128 |
Deferred taxes | (14,113,095) | 43,070,637 | (28,469,748) |
Reclassification to the result by function | 9,233 | (993,365) | 1,227,683 |
Other comprehensive income, total | 38,289,348 | (112,929,849) | 75,287,063 |
Equity attributable to owners of the parent | 38,280,115 | (112,948,199) | 75,323,231 |
Non-Controlling interests | 9,233 | 18,350 | (36,168) |
Reserves for exchange rate differences | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | (98,844,581) | (78,009,918) | 98,973,862 |
Deferred taxes | 37,650,601 | 23,777,899 | (22,103,267) |
Other comprehensive income, total | (61,193,980) | (54,232,019) | 76,870,595 |
Equity attributable to owners of the parent | (61,349,533) | (53,903,278) | 75,916,398 |
Non-Controlling interests | 155,553 | (328,741) | 954,197 |
Benefit related to defines benefit plans | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | 6,374,693 | (3,617,931) | 3,026,996 |
Deferred taxes | (1,721,167) | 976,841 | (817,289) |
Remeasurement of defined benefit plan | (2,914,921) | (249,771) | (2,470,930) |
Other comprehensive income, total | 1,738,605 | (2,890,861) | (261,223) |
Equity attributable to owners of the parent | 1,763,133 | (2,890,390) | (222,733) |
Non-Controlling interests | $ (24,528) | $ (471) | $ (38,490) |
EQUITY - Non-controlling intere
EQUITY - Non-controlling interests (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-controlling interests | |||
Shareholders equity attributable to non controlling interests | $ 34,694,887 | $ 28,142,508 | $ 25,269,755 |
Income attributable to non controlling interests | 3,070,077 | 2,961,345 | 2,333,518 |
Total current assets | 981,771,027 | 1,161,729,392 | 990,986,123 |
Total non-current assets | 1,939,749,862 | 1,848,971,215 | 1,955,120,524 |
Total current liabilities | 692,871,296 | 949,245,134 | 529,567,279 |
Total non-current liabilities | 1,307,664,179 | 1,178,052,821 | 1,315,125,809 |
Net sales | 2,618,437,052 | 2,656,878,395 | 2,216,732,593 |
Net income | $ 174,511,487 | $ 128,458,987 | $ 157,031,668 |
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 | $ 23,516 | $ 36,451 | $ 33,794 |
Income attributable to non controlling interests | 4,067 | 6,410 | 3,463 |
Total current assets | 79,240,262 | 132,214,927 | 107,589,399 |
Total non-current assets | 186,371,255 | 243,866,619 | 209,051,488 |
Total current liabilities | 105,077,757 | 138,653,369 | 98,942,717 |
Total non-current liabilities | 22,626,937 | 23,668,595 | 19,520,634 |
Net sales | 445,970,004 | 664,003,032 | 517,466,510 |
Net income | $ 23,848,440 | $ 37,589,788 | $ 20,307,709 |
Andina Empaques Argentina S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 0.0209% | 0.0209% | 0.0209% |
Shareholders equity attributable to non controlling interests | $ 2,735 | $ 4,346 | $ 3,761 |
Income attributable to non controlling interests | (243) | (5) | 326 |
Total current assets | 9,149,013 | 16,481,794 | 13,197,912 |
Total non-current assets | 9,397,856 | 11,897,459 | 11,865,984 |
Total current liabilities | 4,907,443 | 6,679,478 | 6,210,788 |
Total non-current liabilities | 561,677 | 915,427 | 868,253 |
Net sales | 22,146,635 | 37,915,166 | 30,750,914 |
Net income | $ (1,388,032) | $ (25,095) | $ 1,558,476 |
Paraguay Refrescos S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 2.1697% | 2.1697% | 2.1697% |
Shareholders equity attributable to non controlling interests | $ 6,421,855 | $ 6,177,360 | $ 6,331,726 |
Income attributable to non controlling interests | 1,023,763 | 988,416 | 885,010 |
Total current assets | 81,710,657 | 72,297,644 | 64,121,536 |
Total non-current assets | 277,112,895 | 269,314,097 | 279,148,198 |
Total current liabilities | 44,297,696 | 40,454,954 | 34,207,817 |
Total non-current liabilities | 18,552,180 | 16,451,513 | 17,242,154 |
Net sales | 223,840,648 | 212,339,131 | 169,216,180 |
Net income | 47,183,699 | 45,554,603 | 40,788,801 |
VJ S.A. | |||
Non-controlling interests | |||
Total current assets | 29,670,457 | 27,190,771 | 25,441,586 |
Total non-current assets | 19,914,658 | 19,346,711 | 16,832,859 |
Total current liabilities | 20,549,744 | 20,026,609 | 17,498,997 |
Total non-current liabilities | 1,839,580 | 1,228,226 | 1,756,730 |
Net sales | 80,683,367 | 85,067,864 | 64,513,412 |
Net income | $ 1,655,403 | $ 2,637,795 | $ 1,428,350 |
Vital S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 35% | 35% | 35% |
Shareholders equity attributable to non controlling interests | $ 9,518,527 | $ 8,848,927 | $ 8,056,551 |
Income attributable to non controlling interests | $ 579,391 | $ 923,228 | $ 499,923 |
Vital Aguas S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 33.50% | 33.50% | 33.50% |
Shareholders equity attributable to non controlling interests | $ 2,391,066 | $ 2,216,115 | $ 2,041,837 |
Income attributable to non controlling interests | 168,407 | 198,195 | 130,522 |
Total current assets | 7,064,594 | 7,326,742 | 5,575,990 |
Total non-current assets | 5,272,662 | 5,516,881 | 5,789,335 |
Total current liabilities | 5,061,919 | 6,073,685 | 4,934,841 |
Total non-current liabilities | 137,827 | 154,669 | 335,449 |
Net sales | 22,338,380 | 22,026,721 | 16,005,176 |
Net income | $ 502,706 | $ 591,626 | $ 389,619 |
Envases Central S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 40.73% | 40.73% | 40.73% |
Shareholders equity attributable to non controlling interests | $ 7,491,638 | $ 6,669,936 | $ 5,738,008 |
Income attributable to non controlling interests | 758,514 | 999,807 | 750,192 |
Total current assets | 20,446,648 | 22,918,372 | 17,976,170 |
Total non-current assets | 21,015,727 | 22,057,335 | 20,945,892 |
Total current liabilities | 16,775,490 | 21,712,326 | 20,091,524 |
Total non-current liabilities | 6,293,557 | 6,887,495 | 4,742,707 |
Net sales | 92,778,313 | 100,227,739 | 77,475,816 |
Net income | $ 1,862,293 | $ 2,454,710 | $ 1,841,867 |
Re-Ciclar S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 40% | 40% | 40% |
Shareholders equity attributable to non controlling interests | $ 8,845,550 | $ 4,189,373 | $ 3,064,078 |
Income attributable to non controlling interests | 536,178 | (154,706) | 64,082 |
Total current assets | 6,613,813 | 14,595,558 | 4,135,677 |
Total non-current assets | 26,500,107 | 5,626,492 | 3,560,269 |
Total current liabilities | 1,596,354 | 382,408 | 35,751 |
Total non-current liabilities | 9,403,691 | 9,366,211 | |
Net income | $ 1,340,445 | $ (386,764) | $ 160,195 |
EQUITY - Earnings per share (De
EQUITY - Earnings per share (Details) - CLP ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share | |||
Net income attributable to owners of the parent (CLP 000's) | $ 171,441,410 | $ 125,497,642 | $ 154,698,150 |
Weighted average number of shares | 946,570,604 | 946,570,604 | 946,570,604 |
Earnings per share, basic | $ 181.12 | $ 132.58 | $ 163.43 |
Earnings per share, diluted | $ 181.12 | $ 132.58 | $ 163.43 |
Series A | |||
Earnings per share | |||
Net income attributable to owners of the parent (CLP 000's) | $ 81,639,457 | $ 59,761,287 | $ 73,666,409 |
Weighted average number of shares | 473,289,301 | 473,289,301 | 473,289,301 |
Earnings per share, basic | $ 172.49 | $ 126.27 | $ 155.65 |
Earnings per share, diluted | $ 172.49 | $ 126.27 | $ 155.65 |
Series B Share | |||
Earnings per share | |||
Net income attributable to owners of the parent (CLP 000's) | $ 89,801,954 | $ 65,736,355 | $ 81,031,741 |
Weighted average number of shares | 473,281,303 | 473,281,303 | 473,281,303 |
Earnings per share, basic | $ 189.74 | $ 138.89 | $ 171.21 |
Earnings per share, diluted | $ 189.74 | $ 138.89 | $ 171.21 |
DERIVATIVE ASSETS AND LIABILI_3
DERIVATIVE ASSETS AND LIABILITIES (Details) CLF in Thousands, $ in Thousands, SFr in Millions, $ in Millions | Dec. 31, 2023 CLP ($) | Dec. 31, 2023 CLF | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CHF (SFr) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 CLF | Dec. 31, 2022 USD ($) |
Derivative Instrument US Bond Obligations | Cash flow hedges | UF | ||||||||
DERIVATIVE ASSETS AND LIABILITIES | ||||||||
Derivative financial liabilities held for hedging | CLF | CLF 8,911,035 | CLF 9,340,963 | ||||||
Derivative Instrument US Bond Obligations | Cash flow hedges | CLP | ||||||||
DERIVATIVE ASSETS AND LIABILITIES | ||||||||
Derivative financial assets held for hedging | $ 71,053,190 | $ 75,297,737 | ||||||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | ||||||||
DERIVATIVE ASSETS AND LIABILITIES | ||||||||
Derivative financial assets held for hedging | 52,449,925 | $ 112,175,058 | ||||||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | Second Contract | ||||||||
DERIVATIVE ASSETS AND LIABILITIES | ||||||||
Derivative financial liabilities held for hedging | $ 7,935,525 | $ 365 | ||||||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | BRL | ||||||||
DERIVATIVE ASSETS AND LIABILITIES | ||||||||
Hedged item, liabilities | SFr | SFr 170 | |||||||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | CLP | ||||||||
DERIVATIVE ASSETS AND LIABILITIES | ||||||||
Hedged item, liabilities | $ 300 | |||||||
Derivative Instrument Raw Material Purchases | Forward agreements | Fair value hedges | ||||||||
DERIVATIVE ASSETS AND LIABILITIES | ||||||||
Notional amount | $ 87.4 | $ 80.2 |
DERIVATIVE ASSETS AND LIABILI_4
DERIVATIVE ASSETS AND LIABILITIES - Fair Value (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CLP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CLP ($) | |
Fair value of financial assets and liabilities | |||
Financial assets, at fair value | $ 80,083,558 | $ 245,504,291 | |
International bond | $ 365 | ||
Financial liabilities, at fair value | 53,908,135 | 114,492,635 | |
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 | |
Level 2 | |||
Fair value of financial assets and liabilities | |||
Financial assets, at fair value | 80,083,558 | 245,504,291 | |
Financial liabilities, at fair value | 53,908,135 | 114,492,635 | |
Other current financial liabilities | |||
Fair value of financial assets and liabilities | |||
Financial liabilities, at fair value | 1,458,210 | 2,317,577 | |
Other current financial liabilities | Level 2 | |||
Fair value of financial assets and liabilities | |||
Financial liabilities, at fair value | 1,458,210 | 2,317,577 | |
Other non-current financial liabilities | |||
Fair value of financial assets and liabilities | |||
Financial liabilities, at fair value | 52,449,925 | 112,175,058 | |
Other non-current financial liabilities | Level 2 | |||
Fair value of financial assets and liabilities | |||
Financial liabilities, at fair value | 52,449,925 | 112,175,058 | |
Other current financial assets | |||
Fair value of financial assets and liabilities | |||
Financial assets, at fair value | 1,094,844 | 170,206,554 | |
Other current financial assets | Level 2 | |||
Fair value of financial assets and liabilities | |||
Financial assets, at fair value | 1,094,844 | 170,206,554 | |
Other non-current financial assets | |||
Fair value of financial assets and liabilities | |||
Financial assets, at fair value | 78,988,714 | 75,297,737 | |
Other non-current financial assets | Level 2 | |||
Fair value of financial assets and liabilities | |||
Financial assets, at fair value | $ 78,988,714 | $ 75,297,737 |
LITIGATION AND CONTINGENCIES -
LITIGATION AND CONTINGENCIES - Lawsuits and other legal actions (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 CLP ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 CLP ($) | |
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | R$ | R$ 124076338 | |||
Estimated amount of loss | R$ | 539,864,314 | |||
Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | $ 1,267,215 | $ 1,552,353 | ||
Tax contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Loss contingency damages sought | R$ | R$ 3445482207 | |||
Embotelladora del Atlantico S.A. | Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | 490,108 | 1,397,149 | ||
Time deposits to guaranty judicial liabilities | $ | 163,056 | |||
Rio De Janeiro Refrescos Ltda | Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | 52,997,682 | 45,706,634 | ||
Time deposits to guaranty judicial liabilities | $ | 25,845,561 | 23,260,412 | ||
Warranty insurance and bail letters | R$ | 1,935,447,459 | |||
Warranty insurance and bail letters commission percentage | 0.19% | |||
Rio De Janeiro Refrescos Ltda | Tax contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | R$ | R$ 960575248 | |||
Ex-Companhia De Bebidas Ipiranga | Tax contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Loss contingency damages sought | R$ | R$ 576058893 | |||
Paraguay Refrescos S.A. | Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | $ 46,891 | $ 39,291 |
LITIGATION AND CONTINGENCIES _2
LITIGATION AND CONTINGENCIES - Guarantees (Details) $ in Thousands | Dec. 31, 2023 CLP ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 CLP ($) |
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | R$ | R$ 124076338 | ||
Administradora Plaza Vespucio S.A. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | $ 169,150 | $ 98,170 | |
Cooperativa Agrcola Pisquera Elqui Limitada | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,125,595 | 1,056,320 | |
Mall Plaza | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 666,024 | 330,298 | |
Metro S.A. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 22,222 | 21,207 | |
Parque Arauco | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 299,464 | 142,901 | |
Lease Agreement | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 96,299 | 103,711 | |
Others | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 59,468 | 14,183 | |
Several Retail one | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 61,395 | ||
Several Retail two | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 693 | ||
Several Retail three | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 17,656 | 22,235 | |
Workers' claims | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 7,100,709 | 6,605,781 | |
Civil and tax claims | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 7,485,574 | 6,457,702 | |
Governmental entities | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 11,259,278 | 10,196,929 | |
Distribuidora Baraldo S.H. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 22 | 97 | |
Acuna Gomez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 33 | 145 | |
Nicanor Lopez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 23 | 104 | |
Municipalidad Bariloche | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 434 | 2,428 | |
Municipalidad San Antonio Oeste | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,395 | 10,664 | |
Municipalidad Carlos Casares | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 97 | 431 | |
Municipalidad Chivilcoy | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 14,979 | 66,697 | |
Granada Maximiliano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 195 | 870 | |
Municipalidad De Junin | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 94 | 139 | |
Almada Jorge | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 265 | 1,180 | |
Farias Matias Luis | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 541 | ||
Temas Industriales SA - Embargo General de Fondos | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 13,604 | 60,575 | |
DBC SA C CERVECERIA ARGENTINA SA ISEMBECK | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,441 | 10,870 | |
Coto Cicsa | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,139 | 1,932 | |
Cencosud | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 271 | 1,208 | |
Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 25,920 | 4,784 | |
Vicentin | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,074 | 125,683 | |
Marcus A. Pena | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 5,332 | 4,965 | |
Ana Maria Mazo | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,077 | 1,113 | |
Stefano Szwao Giacomelli | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,892 | ||
Labor procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,681,242 | 1,936,493 | |
Administrative procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 11,245,798 | 7,616,498 | |
Federal Government | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 223,415,663 | 186,607,491 | |
State Government | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 108,317,724 | 117,027,313 | |
Sorocaba Refrescos | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,623,490 | 3,280,603 | |
Others | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,369,766 | 3,423,715 | |
Aduana De Ezeiza One | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 658,369 | 3,791 | |
Aduana De Ezeiza Two | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | $ 3,886 | $ 880,984 |
FINANCIAL RISK MANAGEMENT - Int
FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) CLF in Thousands, SFr in Millions, $ in Millions, $ in Millions | Dec. 31, 2023 CLP ($) item | Dec. 31, 2023 USD ($) item | Dec. 31, 2023 CLF item | Sep. 20, 2023 CHF (SFr) |
Corporate bonds | ||||
Interest Rate Risk | ||||
Bonds issued | SFr | SFr 170 | |||
Interest rate risk | ||||
Interest Rate Risk | ||||
Number of Bonds | item | 6 | 6 | 6 | |
Financial Liabilities | CLF | CLF 14,610 | |||
Number of bonds redenominated | item | 5 | 5 | 5 | |
Interest rate risk | Fixed Rate Bond One | Fixed interest rate | Foreign | ||||
Interest Rate Risk | ||||
Current nominal amount | $ | $ 300 | |||
Bonds issued | $ | $ 170 |
FINANCIAL RISK MANAGEMENT - Cre
FINANCIAL RISK MANAGEMENT - Credit Risk (Details) client in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) 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% |
60 and 91 days | |
Credit risk | |
Accounts receivable provision percentage | 60% |
91 and 120 days | |
Credit risk | |
Accounts receivable provision percentage | 90% |
Accounts receivable disputed balance provision percentage | 40% |
120 days and over | |
Credit risk | |
Accounts receivable provision percentage | 100% |
120 and 170 days | |
Credit risk | |
Accounts receivable disputed balance provision percentage | 80% |
170 days and over | |
Credit risk | |
Accounts receivable disputed balance provision percentage | 100% |
FINANCIAL RISK MANAGEMENT - Pre
FINANCIAL RISK MANAGEMENT - Prepayments, Guarantees and Financial Investments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CLP ($) item | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2021 CLP ($) | |
Credit risk | ||||
Trade receivables | $ 255,710,925 | $ 242,695,755 | ||
Other Provisions | $ 54,801,896 | $ 48,695,427 | $ 57,412,406 | |
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, 2023 CLP ($) | Dec. 31, 2023 $ / $ | Dec. 31, 2023 $ / R$ | Dec. 31, 2023 $ / $ | Dec. 31, 2023 $ / CLF | Dec. 31, 2023 | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 $ / $ | Dec. 31, 2022 $ / R$ | Dec. 31, 2022 $ / $ | Dec. 31, 2022 $ / CLF | Dec. 31, 2021 CLP ($) | Dec. 31, 2020 CLP ($) | |
Exchange Rate Risk | |||||||||||||
Exchange rate variation at reporting date | 877.12 | 181.17 | 1.08 | 0.120 | 855.86 | 164.03 | 4.83 | 0.116 | |||||
Total assets | $ 2,921,520,889 | $ 3,010,700,607 | $ 2,946,106,647 | ||||||||||
Total liabilities | 2,000,535,475 | 2,127,297,955 | 1,844,693,088 | ||||||||||
Net investment | $ 920,985,414 | $ 883,402,652 | $ 1,101,413,559 | $ 831,560,591 | |||||||||
Brazil | |||||||||||||
Exchange Rate Risk | |||||||||||||
Appreciation (devaluation) of foreign currency against the domestic currency | (1.00%) | ||||||||||||
Argentina | |||||||||||||
Exchange Rate Risk | |||||||||||||
Appreciation (devaluation) of foreign currency against the domestic currency | (79.60%) | ||||||||||||
Paraguay | |||||||||||||
Exchange Rate Risk | |||||||||||||
Appreciation (devaluation) of foreign currency against the domestic currency | (6.90%) | ||||||||||||
Currency risk | USD | |||||||||||||
Exchange Rate Risk | |||||||||||||
Exchange rate variation at reporting date | 2.5 | ||||||||||||
Percentage of reasonably possible risk increase | 10% | ||||||||||||
Currency risk | Brazil | |||||||||||||
Exchange Rate Risk | |||||||||||||
Exchange rate variation at reporting date | 10.4 | ||||||||||||
Total assets | $ 927,776,536 | ||||||||||||
Total liabilities | 585,533,955 | ||||||||||||
Net investment | $ 342,242,581 | ||||||||||||
Share on income | 28.50% | ||||||||||||
Variation Impact on results for the period | $ (6,181,422) | ||||||||||||
Variation Impact on equity at closing | (35,380,729) | ||||||||||||
Currency risk | Argentina | |||||||||||||
Exchange Rate Risk | |||||||||||||
Exchange rate variation at reporting date | (77.5) | ||||||||||||
Total assets | 278,756,092 | ||||||||||||
Total liabilities | 130,843,061 | ||||||||||||
Net investment | $ 147,913,031 | ||||||||||||
Share on income | 17.50% | ||||||||||||
Variation Impact on results for the period | $ (716,469) | ||||||||||||
Variation Impact on equity at closing | (13,446,639) | ||||||||||||
Currency risk | Paraguay | |||||||||||||
Exchange Rate Risk | |||||||||||||
Exchange rate variation at reporting date | 3.4 | ||||||||||||
Total assets | 358,890,168 | ||||||||||||
Total liabilities | 62,849,876 | ||||||||||||
Net investment | $ 296,040,292 | ||||||||||||
Share on income | 8.50% | ||||||||||||
Variation Impact on results for the period | $ (4,289,427) | ||||||||||||
Variation Impact on equity at closing | $ (29,690,059) |
FINANCIAL RISK MANAGEMENT - For
FINANCIAL RISK MANAGEMENT - Foreign Currency Risk (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Currency risk | United States of America, Dollars | |
Net exposure of assets and liabilities in foreign currency | |
Percentage of US denominated financial liabilities with derivative cross currency swaps | 100% |
FINANCIAL RISK MANAGEMENT - Com
FINANCIAL RISK MANAGEMENT - Commodities risk (Details) - Commodity price risk | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Assets purchased or indexed to foreign currency exposure | |
Amount of risk exposure percentage | 35% |
Maximum | |
Assets purchased or indexed to foreign currency exposure | |
Amount of risk exposure percentage | 40% |
FINANCIAL RISK MANAGEMENT - Liq
FINANCIAL RISK MANAGEMENT - Liquidity Risk (Details) - Liquidity risk - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Maturity within one year | ||
Committed maturities for liability payments | ||
Bank debt | $ 1,500,909 | $ 741,228 |
Bonds payable | 50,498,809 | 340,767,980 |
Lease obligations | 9,322,855 | 7,100,579 |
Contractual obligations (1) | 37,520,505 | 127,611,501 |
Total | 98,843,078 | 476,221,288 |
More than 1 year up to 2 years | ||
Committed maturities for liability payments | ||
Bonds payable | 50,300,105 | 15,765,142 |
Lease obligations | 4,988,159 | 2,854,106 |
Contractual obligations (1) | 112,608,432 | 39,242,308 |
Total | 167,896,696 | 57,861,556 |
More than 2 years up to 3 years | ||
Committed maturities for liability payments | ||
Bank debt | 13,485,024 | 4,081,333 |
Bonds payable | 43,475,786 | 16,478,664 |
Lease obligations | 4,759,010 | 5,615,704 |
Contractual obligations (1) | 18,110,929 | 5,973,129 |
Total | 79,830,749 | 32,148,830 |
More than 3 years up to 4 years | ||
Committed maturities for liability payments | ||
Bonds payable | 36,651,452 | 10,915,215 |
Lease obligations | 2,689,598 | 6,887,353 |
Contractual obligations (1) | 18,094,401 | 5,339,005 |
Total | 57,435,451 | 23,141,573 |
More than 5 years | ||
Committed maturities for liability payments | ||
Bonds payable | 1,348,382,985 | 720,209,139 |
Lease obligations | 6,891,131 | 535,465 |
Contractual obligations (1) | 3,491,360 | 4,950,895 |
Total | $ 1,358,765,476 | $ 725,695,499 |
EXPENSES BY NATURE (Details)
EXPENSES BY NATURE (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EXPENSES BY NATURE | |||
Direct production costs | $ (1,346,516,486) | $ (1,388,536,599) | $ (1,192,363,804) |
Payroll and employee benefits | (378,482,113) | (376,196,521) | (301,522,420) |
Transportation and distribution | (211,998,332) | (224,190,549) | (174,253,526) |
Advertisement | (35,831,757) | (26,575,951) | (28,475,957) |
Depreciation and amortization | (112,771,324) | (119,365,431) | (104,775,303) |
Repairs and maintenance | (46,021,127) | (43,847,581) | (38,631,914) |
Other expenses | (129,478,810) | (133,021,583) | (84,272,085) |
Total | $ (2,261,099,949) | $ (2,311,734,215) | $ (1,924,295,009) |
OTHER INCOME (Details)
OTHER INCOME (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER INCOME | |||
Gain due to disposal of Property, plant and equipment | $ 754,338 | $ 79,650 | $ 480,401 |
Credit recovery in Brazil (1) | 1,856,762 | ||
Others | 556,151 | 561,108 | 857,477 |
Total | $ 1,310,489 | $ 2,497,520 | $ 1,337,878 |
OTHER EXPENSES BY FUNCTION (Det
OTHER EXPENSES BY FUNCTION (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER EXPENSES BY FUNCTION | |||
Contingencies and non-operating fees | $ (11,145,708) | $ 6,316,102 | $ (7,950,093) |
Tax on bank debits | (4,403,347) | (7,150,739) | (5,270,040) |
Write-offs, disposals and loss (gain) on sale of property, plant and equipment | (8,072,422) | (417,623) | |
Others | (2,820,106) | (51,694) | (1,574,034) |
Total | $ (26,441,583) | $ (886,331) | $ (15,211,790) |
FINANCIAL INCOME AND EXPENSES_2
FINANCIAL INCOME AND EXPENSES (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial income | |||
Interest income | $ 25,791,172 | $ 32,388,801 | $ 2,196,886 |
Ipiranga purchase warranty restatement | 47,032 | 39,509 | 11,290 |
From PIS credit and COFINS | 2,054,586 | 1,312,930 | |
Other financial income | 5,557,963 | 5,239,514 | 4,270,763 |
Total | 31,396,167 | 39,722,410 | 7,791,869 |
Financial expenses | |||
Bond interest | (53,148,503) | (51,863,601) | (48,624,062) |
Bank loan interest | (4,510,379) | (1,782,972) | (267,012) |
Lease interest | (2,616,945) | (2,092,868) | (1,816,506) |
Other financial costs | (5,012,525) | (3,808,512) | (2,284,876) |
Total | $ (65,288,352) | $ (59,547,953) | $ (52,992,456) |
OTHER (LOSSES) GAINS (Details)
OTHER (LOSSES) GAINS (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
OTHER (LOSSES) GAINS | ||
Other gains and losses | $ (15,909,117) | $ (24,983,899) |
Total | (15,909,117) | (24,983,899) |
water source | ||
OTHER (LOSSES) GAINS | ||
Gain (loss) recognised on measurement to fair value less costs | 9,750,769 | |
Embotelladora Andina S.A. | ||
OTHER (LOSSES) GAINS | ||
Loss due to assignment of loan to financial institution | $ 25,530,162 | $ 24,982,887 |
EXCHANGE DIFFERENCE (Details)
EXCHANGE DIFFERENCE (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EXCHANGE DIFFERENCE | |||
Generated by suppliers | $ (26,366,916) | $ (11,285,363) | $ (2,531,489) |
Generated by financial assets | 12,348,172 | 5,404,210 | (2,083,399) |
Generated by financial liabilities | (3,310,906) | (5,132,722) | (1,084,654) |
Other | 113,520 | (593,853) | 191,231 |
Total | $ (17,216,130) | $ (11,607,728) | $ (5,508,311) |
LOCAL AND FOREIGN CURRENCY - Cu
LOCAL AND FOREIGN CURRENCY - Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 303,683,683 | $ 291,681,987 | $ 304,312,020 | $ 309,530,699 |
Other current financial assets | 67,285,793 | 263,044,869 | ||
Other non-current financial assets | 19,311,851 | 26,957,000 | ||
Trade debtors and other accounts payable | 428,911,984 | 384,801,630 | ||
Accounts receivable related entities | 16,161,318 | 15,062,167 | ||
Inventory | 233,053,160 | 245,886,656 | ||
Current tax assets | 43,383,058 | 39,326,427 | ||
Total Current Assets | 981,771,027 | 1,161,729,392 | $ 990,986,123 | |
Trade accounts and other accounts receivable | 298,892,164 | 279,770,286 | ||
United States of America, Dollars | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 9,462,829 | 14,266,343 | ||
Other non-current financial assets | 174,579 | 847,149 | ||
Trade debtors and other accounts payable | 39,242,090 | 34,256,435 | ||
Current tax assets | 6,253,451 | |||
Total Current Assets | 19,402,661 | 16,581,343 | ||
Trade accounts and other accounts receivable | 3,511,802 | 1,467,851 | ||
EUR | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 437,604 | 870,613 | ||
Other non-current financial assets | 615,636 | 329,535 | ||
Trade debtors and other accounts payable | 5,582,992 | 4,047,286 | ||
Total Current Assets | 1,054,473 | 1,206,918 | ||
Trade accounts and other accounts receivable | 1,233 | 6,770 | ||
UF | ||||
CURRENT ASSETS | ||||
Other non-current financial assets | 1,196,729 | 517,748 | ||
Trade debtors and other accounts payable | 3,732,123 | 2,263,175 | ||
Total Current Assets | 2,226,867 | 567,217 | ||
Trade accounts and other accounts receivable | 1,030,138 | 49,469 | ||
CLP | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 140,758,085 | 138,205,025 | ||
Other current financial assets | 66,587,339 | 92,826,375 | ||
Other non-current financial assets | 6,353,138 | 12,478,839 | ||
Trade debtors and other accounts payable | 187,847,947 | 181,167,676 | ||
Accounts receivable related entities | 14,736,546 | 14,738,236 | ||
Inventory | 106,204,544 | 103,719,764 | ||
Current tax assets | 6,213,032 | 33,296,214 | ||
Total Current Assets | 523,247,794 | 550,707,848 | ||
Trade accounts and other accounts receivable | 182,395,110 | 155,443,395 | ||
BRL | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 96,214,729 | 69,923,621 | ||
Other current financial assets | 13,897 | 170,154,995 | ||
Other non-current financial assets | 3,213,978 | 2,382,575 | ||
Trade debtors and other accounts payable | 129,596,874 | 78,514,701 | ||
Accounts receivable related entities | 1,223,699 | 86,492 | ||
Inventory | 64,808,180 | 60,074,387 | ||
Current tax assets | 30,643,656 | 5,633,971 | ||
Total Current Assets | 276,111,516 | 383,107,731 | ||
Trade accounts and other accounts receivable | 79,993,377 | 74,851,690 | ||
ARS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 18,340,987 | 29,215,288 | ||
Other current financial assets | 684,557 | |||
Other non-current financial assets | 3,531,840 | 8,596,540 | ||
Trade debtors and other accounts payable | 45,129,973 | 69,945,679 | ||
Accounts receivable related entities | 237,439 | |||
Inventory | 38,277,180 | 62,655,300 | ||
Current tax assets | 272,919 | 396,242 | ||
Total Current Assets | 84,819,594 | 140,896,777 | ||
Trade accounts and other accounts receivable | 23,712,111 | 39,795,968 | ||
PYG | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 38,469,449 | 39,201,097 | ||
Other current financial assets | 63,499 | |||
Other non-current financial assets | 4,225,951 | 1,804,614 | ||
Trade debtors and other accounts payable | 17,779,985 | 14,606,678 | ||
Accounts receivable related entities | 201,073 | |||
Inventory | 23,763,256 | 19,437,205 | ||
Total Current Assets | 74,908,122 | 68,661,558 | ||
Trade accounts and other accounts receivable | $ 8,248,393 | $ 8,155,143 |
LOCAL AND FOREIGN CURRENCY - No
LOCAL AND FOREIGN CURRENCY - Non-Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
NON-CURRENT ASSETS | ||||
Other non-current financial assets | $ 93,316,339 | $ 94,852,711 | ||
Other non-current, non-financial assets | 59,412,482 | 59,672,266 | ||
Non-current accounts receivable | 371,401 | 539,920 | ||
Non-current account receivables | 108,021 | 109,318 | ||
Investments accounted for under the equity method | 91,799,267 | 92,344,598 | $ 91,489,194 | |
Intangible assets other than goodwill | 695,926,565 | 671,778,888 | 659,631,543 | |
Goodwill | 122,103,802 | 129,023,922 | 118,042,900 | $ 98,325,593 |
Property, plant and equipment | 872,388,811 | 798,221,259 | 716,379,127 | $ 605,576,545 |
Deferred tax assets | 4,323,174 | 2,428,333 | ||
Total Non-Current Assets | 1,939,749,862 | 1,848,971,215 | $ 1,955,120,524 | |
United States of America, Dollars | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 19,030,656 | |||
Other non-current, non-financial assets | 609,042 | 91,220 | ||
Intangible assets other than goodwill | 3,959,421 | |||
Total Non-Current Assets | 23,599,119 | 91,220 | ||
EUR | ||||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 2,429,848 | 3,146 | ||
Total Non-Current Assets | 2,429,848 | 3,146 | ||
UF | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 1,216,865 | 75,297,737 | ||
Other non-current, non-financial assets | 17,154 | |||
Non-current accounts receivable | 225,323 | 249,366 | ||
Property, plant and equipment | 11,316,009 | |||
Total Non-Current Assets | 12,775,351 | 75,547,103 | ||
CLP | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 53,832,722 | 3,317,778 | ||
Other non-current, non-financial assets | 55,397 | 483,530 | ||
Non-current accounts receivable | 51,752 | 233,773 | ||
Non-current account receivables | 108,021 | 109,318 | ||
Investments accounted for under the equity method | 49,790,788 | 53,869,966 | ||
Intangible assets other than goodwill | 312,908,478 | 312,981,971 | ||
Goodwill | 9,523,767 | 9,523,768 | ||
Property, plant and equipment | 353,146,598 | 303,797,013 | ||
Deferred tax assets | 2,592,024 | 2,428,333 | ||
Total Non-Current Assets | 782,009,547 | 686,745,450 | ||
BRL | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 7,935,524 | |||
Other non-current, non-financial assets | 55,660,553 | 55,060,849 | ||
Investments accounted for under the equity method | 42,008,479 | 38,474,632 | ||
Intangible assets other than goodwill | 195,313,156 | 177,173,694 | ||
Goodwill | 72,810,771 | 65,920,764 | ||
Property, plant and equipment | 277,936,537 | 229,486,365 | ||
Total Non-Current Assets | 651,665,020 | 566,116,304 | ||
ARS | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 11,300,572 | 16,237,196 | ||
Other non-current, non-financial assets | 1,338,592 | 2,367,042 | ||
Non-current accounts receivable | 136 | 56,781 | ||
Intangible assets other than goodwill | 5,269,949 | 9,075,200 | ||
Goodwill | 32,193,085 | 46,254,831 | ||
Property, plant and equipment | 140,055,748 | 177,219,624 | ||
Total Non-Current Assets | 190,158,082 | 251,153,893 | ||
PGY | ||||
NON-CURRENT ASSETS | ||||
Other non-current, non-financial assets | 1,731,744 | 1,669,625 | ||
Non-current accounts receivable | 94,190 | |||
Intangible assets other than goodwill | 178,475,561 | 172,548,023 | ||
Goodwill | 7,576,179 | 7,324,559 | ||
Property, plant and equipment | 87,504,071 | 87,715,111 | ||
Deferred tax assets | 1,731,150 | |||
Total Non-Current Assets | $ 277,112,895 | $ 269,314,099 |
LOCAL AND FOREIGN CURRENCY - _2
LOCAL AND FOREIGN CURRENCY - Current Liabilities (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current Liabilities | |||
Other current financial liabilities | $ 52,997,001 | $ 367,302,080 | |
Trade debtors and other accounts payable | 428,911,984 | 384,801,630 | |
Current accounts payable to related entities | 96,045,624 | 90,248,067 | |
Other provisions | 1,314,106 | 1,591,644 | |
Current tax liabilities | 13,411,621 | 14,615,447 | |
Employee benefits current provisions | 57,817,800 | 48,391,806 | |
Other non-financial liabilities | 42,373,160 | 42,294,460 | |
Total Current Liabilities | 692,871,296 | 949,245,134 | $ 529,567,279 |
Until 90 days | |||
Current Liabilities | |||
Other current financial liabilities | 16,062,851 | 13,431,339 | |
Trade debtors and other accounts payable | 404,557,957 | 369,548,991 | |
Current accounts payable to related entities | 96,045,624 | 90,248,067 | |
Other provisions | 127,229 | 1,319,935 | |
Current tax liabilities | 7,700,127 | 627,257 | |
Employee benefits current provisions | 47,674,090 | 45,482,776 | |
Other non-financial liabilities | 2,364,699 | 1,054,187 | |
Total Current Liabilities | 574,532,577 | 521,712,552 | |
More 90 days until 1 year | |||
Current Liabilities | |||
Other current financial liabilities | 36,934,150 | 353,870,741 | |
Trade debtors and other accounts payable | 24,354,027 | 15,252,639 | |
Other provisions | 1,186,877 | 271,709 | |
Current tax liabilities | 5,711,494 | 13,988,190 | |
Employee benefits current provisions | 10,143,710 | 2,909,030 | |
Other non-financial liabilities | 40,008,461 | 41,240,273 | |
Total Current Liabilities | 118,338,719 | 427,532,582 | |
United States of America, Dollars | |||
Current Liabilities | |||
Other current financial liabilities | 5,786,143 | 321,393,509 | |
Trade debtors and other accounts payable | 39,242,090 | 34,256,435 | |
Total Current Liabilities | 45,028,233 | 355,649,944 | |
United States of America, Dollars | Until 90 days | |||
Current Liabilities | |||
Other current financial liabilities | 342,000 | 249,660 | |
Trade debtors and other accounts payable | 37,085,189 | 34,223,389 | |
Total Current Liabilities | 37,427,189 | 34,473,049 | |
United States of America, Dollars | More 90 days until 1 year | |||
Current Liabilities | |||
Other current financial liabilities | 5,444,143 | 321,143,849 | |
Trade debtors and other accounts payable | 2,156,901 | 33,046 | |
Total Current Liabilities | 7,601,044 | 321,176,895 | |
EUR | |||
Current Liabilities | |||
Other current financial liabilities | 123,697 | ||
Trade debtors and other accounts payable | 5,582,992 | 4,047,286 | |
Total Current Liabilities | 5,706,689 | 4,047,286 | |
EUR | Until 90 days | |||
Current Liabilities | |||
Other current financial liabilities | 32,709 | ||
Trade debtors and other accounts payable | 5,285,606 | 3,148,088 | |
Total Current Liabilities | 5,318,315 | 3,148,088 | |
EUR | More 90 days until 1 year | |||
Current Liabilities | |||
Other current financial liabilities | 90,988 | ||
Trade debtors and other accounts payable | 297,386 | 899,198 | |
Total Current Liabilities | 388,374 | 899,198 | |
UF | |||
Current Liabilities | |||
Other current financial liabilities | 26,798,467 | 22,605,394 | |
Trade debtors and other accounts payable | 3,732,123 | 2,263,175 | |
Total Current Liabilities | 30,530,590 | 24,868,569 | |
UF | Until 90 days | |||
Current Liabilities | |||
Other current financial liabilities | 13,753,586 | 11,047,586 | |
Trade debtors and other accounts payable | 3,430,102 | 2,263,175 | |
Total Current Liabilities | 17,183,688 | 13,310,761 | |
UF | More 90 days until 1 year | |||
Current Liabilities | |||
Other current financial liabilities | 13,044,881 | 11,557,808 | |
Trade debtors and other accounts payable | 302,021 | ||
Total Current Liabilities | 13,346,902 | 11,557,808 | |
CLP | |||
Current Liabilities | |||
Other current financial liabilities | 12,284,639 | 15,109,970 | |
Trade debtors and other accounts payable | 187,847,947 | 181,167,676 | |
Current accounts payable to related entities | 39,175,392 | 44,298,074 | |
Other provisions | 1,267,214 | 1,552,353 | |
Current tax liabilities | 2,463,738 | 634,558 | |
Employee benefits current provisions | 14,636,827 | 9,168,232 | |
Other non-financial liabilities | 42,145,648 | 42,115,624 | |
Total Current Liabilities | 299,821,405 | 294,046,486 | |
CLP | Until 90 days | |||
Current Liabilities | |||
Other current financial liabilities | 899,930 | 893,612 | |
Trade debtors and other accounts payable | 166,250,228 | 166,847,281 | |
Current accounts payable to related entities | 39,175,392 | 44,298,074 | |
Other provisions | 127,229 | 1,319,935 | |
Current tax liabilities | 2,440,280 | 627,257 | |
Employee benefits current provisions | 5,769,075 | 8,115,837 | |
Other non-financial liabilities | 2,360,088 | 1,043,048 | |
Total Current Liabilities | 217,022,222 | 223,145,044 | |
CLP | More 90 days until 1 year | |||
Current Liabilities | |||
Other current financial liabilities | 11,384,709 | 14,216,358 | |
Trade debtors and other accounts payable | 21,597,719 | 14,320,395 | |
Other provisions | 1,139,985 | 232,418 | |
Current tax liabilities | 23,458 | 7,301 | |
Employee benefits current provisions | 8,867,752 | 1,052,395 | |
Other non-financial liabilities | 39,785,560 | 41,072,576 | |
Total Current Liabilities | 82,799,183 | 70,901,442 | |
BRL | |||
Current Liabilities | |||
Other current financial liabilities | 3,514,468 | 2,130,463 | |
Trade debtors and other accounts payable | 129,596,874 | 78,514,701 | |
Current accounts payable to related entities | 40,225,863 | 35,671,648 | |
Current tax liabilities | 5,259,847 | ||
Employee benefits current provisions | 28,791,559 | 19,586,150 | |
Total Current Liabilities | 207,388,611 | 135,902,962 | |
BRL | Until 90 days | |||
Current Liabilities | |||
Other current financial liabilities | 685,038 | 427,270 | |
Trade debtors and other accounts payable | 129,596,874 | 78,514,701 | |
Current accounts payable to related entities | 40,225,863 | 35,671,648 | |
Current tax liabilities | 5,259,847 | ||
Employee benefits current provisions | 28,791,559 | 19,586,150 | |
Total Current Liabilities | 204,559,181 | 134,199,769 | |
BRL | More 90 days until 1 year | |||
Current Liabilities | |||
Other current financial liabilities | 2,829,430 | 1,703,193 | |
Total Current Liabilities | 2,829,430 | 1,703,193 | |
ARS | |||
Current Liabilities | |||
Other current financial liabilities | 2,154,110 | 4,724,137 | |
Trade debtors and other accounts payable | 45,129,973 | 69,945,679 | |
Current accounts payable to related entities | 8,031,621 | 8,587,487 | |
Current tax liabilities | 4,143,057 | 13,479,571 | |
Employee benefits current provisions | 13,113,456 | 17,780,789 | |
Other non-financial liabilities | 4,611 | 11,139 | |
Total Current Liabilities | 72,576,828 | 114,528,802 | |
ARS | Until 90 days | |||
Current Liabilities | |||
Other current financial liabilities | 349,588 | 813,211 | |
Trade debtors and other accounts payable | 45,129,973 | 69,945,679 | |
Current accounts payable to related entities | 8,031,621 | 8,587,487 | |
Employee benefits current provisions | 13,113,456 | 17,780,789 | |
Other non-financial liabilities | 4,611 | 11,139 | |
Total Current Liabilities | 66,629,249 | 97,138,305 | |
ARS | More 90 days until 1 year | |||
Current Liabilities | |||
Other current financial liabilities | 1,804,522 | 3,910,926 | |
Current tax liabilities | 4,143,057 | 13,479,571 | |
Total Current Liabilities | 5,947,579 | 17,390,497 | |
PYG | |||
Current Liabilities | |||
Other current financial liabilities | 1,482,060 | 1,338,607 | |
Trade debtors and other accounts payable | 17,779,985 | 14,606,678 | |
Current accounts payable to related entities | 8,612,748 | 1,690,858 | |
Other provisions | 46,892 | 39,291 | |
Current tax liabilities | 1,544,979 | 501,318 | |
Employee benefits current provisions | 1,275,958 | 1,856,635 | |
Other non-financial liabilities | 222,901 | 167,697 | |
Total Current Liabilities | 30,965,523 | 20,201,084 | |
PYG | Until 90 days | |||
Current Liabilities | |||
Trade debtors and other accounts payable | 17,779,985 | 14,606,678 | |
Current accounts payable to related entities | 8,612,748 | 1,690,858 | |
Total Current Liabilities | 26,392,733 | 16,297,536 | |
PYG | More 90 days until 1 year | |||
Current Liabilities | |||
Other current financial liabilities | 1,482,060 | 1,338,607 | |
Other provisions | 46,892 | 39,291 | |
Current tax liabilities | 1,544,979 | 501,318 | |
Employee benefits current provisions | 1,275,958 | 1,856,635 | |
Other non-financial liabilities | 222,901 | 167,697 | |
Total Current Liabilities | 4,572,790 | $ 3,903,548 | |
CHF | |||
Current Liabilities | |||
Other current financial liabilities | 853,417 | ||
Total Current Liabilities | 853,417 | ||
CHF | More 90 days until 1 year | |||
Current Liabilities | |||
Other current financial liabilities | 853,417 | ||
Total Current Liabilities | $ 853,417 |
LOCAL AND FOREIGN CURRENCY - _3
LOCAL AND FOREIGN CURRENCY - Non-Current Liabilities (Details) - CLP ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
NON-CURRENT LIABILITIES | |||
Other financial liabilities | $ 1,044,325,833 | $ 904,802,058 | |
Trade accounts and other accounts payable | 2,392,555 | 3,015,284 | |
Non-current accounts payable related companies | 6,007,041 | 10,354,296 | |
Other non-current provisions | 53,487,790 | 47,103,783 | |
Deferred tax liabilities | 180,470,219 | 165,778,556 | |
Employee benefits non-current provisions | 18,473,946 | 17,409,793 | |
Other non-financial liabilities | 2,506,795 | 29,589,051 | |
Total Non-current liabilities | 1,307,664,179 | 1,178,052,821 | $ 1,315,125,809 |
More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 39,864,902 | 40,713,614 | |
Trade accounts and other accounts payable | 2,392,555 | 3,015,284 | |
Non-current accounts payable related companies | 6,007,041 | 10,354,296 | |
Other non-current provisions | 490,107 | 1,397,148 | |
Deferred tax liabilities | 113,608,651 | 26,966,210 | |
Employee benefits non-current provisions | 1,299,511 | ||
Total Non-current liabilities | 171,855,753 | 83,746,063 | |
More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 203,951,623 | 28,457,265 | |
Other non-current provisions | 52,997,683 | 45,706,635 | |
Deferred tax liabilities | 47,772,196 | 34,088,989 | |
Employee benefits non-current provisions | 249,254 | 60,560 | |
Other non-financial liabilities | 2,506,795 | 29,589,051 | |
Total Non-current liabilities | 307,477,551 | 137,902,500 | |
Over Five Years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 800,509,308 | 835,631,179 | |
Deferred tax liabilities | 19,089,372 | 104,723,357 | |
Employee benefits non-current provisions | 2,725,154 | 16,049,722 | |
Total Non-current liabilities | 828,330,875 | 956,404,258 | |
United States of America, Dollars | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 261,844,067 | 253,743,096 | |
Total Non-current liabilities | 261,844,067 | 253,743,096 | |
United States of America, Dollars | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 1,509,143 | 1,612,279 | |
Total Non-current liabilities | 1,509,143 | 1,612,279 | |
United States of America, Dollars | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 1,203,965 | 513,738 | |
Total Non-current liabilities | 1,203,965 | 513,738 | |
United States of America, Dollars | Over Five Years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 259,130,959 | 251,617,079 | |
Total Non-current liabilities | 259,130,959 | 251,617,079 | |
EUR | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 1,126,166 | ||
Total Non-current liabilities | 1,126,166 | ||
EUR | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 323,054 | ||
Total Non-current liabilities | 323,054 | ||
EUR | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 357,058 | ||
Total Non-current liabilities | 357,058 | ||
EUR | Over Five Years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 446,054 | ||
Total Non-current liabilities | 446,054 | ||
UF | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 531,337,039 | 520,200,005 | |
Total Non-current liabilities | 531,337,039 | 520,200,005 | |
UF | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 32,606,024 | 35,491,226 | |
Total Non-current liabilities | 32,606,024 | 35,491,226 | |
UF | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 12,349,672 | 15,781,426 | |
Total Non-current liabilities | 12,349,672 | 15,781,426 | |
UF | Over Five Years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 486,381,343 | 468,927,353 | |
Total Non-current liabilities | 486,381,343 | 468,927,353 | |
CLP | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 60,949,925 | 120,675,058 | |
Trade accounts and other accounts payable | 2,392,555 | 3,015,284 | |
Deferred tax liabilities | 96,033,323 | 94,551,830 | |
Employee benefits non-current provisions | 17,774,331 | 16,775,556 | |
Total Non-current liabilities | 177,150,134 | 235,017,728 | |
CLP | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Trade accounts and other accounts payable | 2,392,555 | 3,015,284 | |
Deferred tax liabilities | 94,801,758 | 5,617,287 | |
Employee benefits non-current provisions | 14,799,923 | 665,274 | |
Total Non-current liabilities | 111,994,236 | 9,297,845 | |
CLP | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 8,500,000 | 8,500,000 | |
Deferred tax liabilities | 38,945 | ||
Employee benefits non-current provisions | 249,254 | 60,560 | |
Total Non-current liabilities | 8,749,254 | 8,599,505 | |
CLP | Over Five Years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 52,449,925 | 112,175,058 | |
Deferred tax liabilities | 1,231,565 | 88,895,598 | |
Employee benefits non-current provisions | 2,725,154 | 16,049,722 | |
Total Non-current liabilities | 56,406,644 | 217,120,378 | |
BRL | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 13,301,006 | 10,047,760 | |
Non-current accounts payable related companies | 6,007,041 | 10,354,296 | |
Other non-current provisions | 52,997,683 | 45,706,635 | |
Deferred tax liabilities | 47,772,196 | 34,050,044 | |
Other non-financial liabilities | 2,506,795 | 29,589,051 | |
Total Non-current liabilities | 122,584,721 | 129,747,786 | |
BRL | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 5,421,424 | 3,473,970 | |
Non-current accounts payable related companies | 6,007,041 | 10,354,296 | |
Total Non-current liabilities | 11,428,465 | 13,828,266 | |
BRL | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 5,778,555 | 3,662,101 | |
Other non-current provisions | 52,997,683 | 45,706,635 | |
Deferred tax liabilities | 47,772,196 | 34,050,044 | |
Other non-financial liabilities | 2,506,795 | 29,589,051 | |
Total Non-current liabilities | 109,055,229 | 113,007,831 | |
BRL | Over Five Years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 2,101,027 | 2,911,689 | |
Total Non-current liabilities | 2,101,027 | 2,911,689 | |
ARS | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 5,257 | 136,139 | |
Other non-current provisions | 490,107 | 1,397,148 | |
Deferred tax liabilities | 18,806,893 | 21,348,923 | |
Employee benefits non-current provisions | 5,242 | 10,484 | |
Total Non-current liabilities | 19,307,499 | 22,892,694 | |
ARS | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 5,257 | 136,139 | |
Other non-current provisions | 490,107 | 1,397,148 | |
Deferred tax liabilities | 18,806,893 | 21,348,923 | |
Employee benefits non-current provisions | 5,242 | 10,484 | |
Total Non-current liabilities | 19,307,499 | 22,892,694 | |
PYG | |||
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | 17,857,807 | 15,827,759 | |
Employee benefits non-current provisions | 694,373 | 623,753 | |
Total Non-current liabilities | 18,552,180 | 16,451,512 | |
PYG | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Employee benefits non-current provisions | 694,373 | 623,753 | |
Total Non-current liabilities | 694,373 | 623,753 | |
PYG | Over Five Years | |||
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | 17,857,807 | 15,827,759 | |
Total Non-current liabilities | 17,857,807 | $ 15,827,759 | |
CHF | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 175,762,373 | ||
Total Non-current liabilities | 175,762,373 | ||
CHF | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other financial liabilities | 175,762,373 | ||
Total Non-current liabilities | $ 175,762,373 |